Regigtered number: 03636078 Charity number: 107394S THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 'A42H953E4 1510412021 COMPANIES HOUSE Alo *34 VINTrfMS THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantse) CONTENTS Refgrenca and Admlnlslrall¥e Detasls olthe Company. its Trustees and Ad¥isws Trustsos, Report Inde￿ndent AudIt0￿. Report on the Financial Statements 10-12 onSol￿at8d Staternent of Flnartcial A¢tlvities 13 Consolldat8d Statemwt of Flnan¢lal Posltlon 14 Company Statement of Financlal Posltion 15 Consolidated Statement of Cash Flry 16 Notss to the Flnanclal Statements 17-41 ThE OOREEN BIRD FOUNDAnON (A Company Limited by Guarantee) REFERENCE AND ADMINISTRAMVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2020 Trnstse$ G. F. P￿, chainnan S. A. Coen, CEO, joint princip￿ and accwnting offKer of subsid>ary Irading College L. de Ab￿u. Joint pwincio of S￿)$KIlOry trading cdlege S. J. Alkins D. G. Hayes J. P. Errery N. Patel S. R. Wats0n-FoW￿ lappointed 21 Juty 20201 Company registered numb•r 03636078 Charity reglstofed number 1073945 Register•d office 1 Be¢Yford Rtrw London WC1R 48Z Company Secrètary S.C.R. Secretaries Ltd Chlef executive officer S. A. Coen Ind¥p•nd&nl auditor¥ Venthams Chartered Accountsnts Statutory Audrtor 51 Lincoln's Inn F L¢)ndon WC2A 3￿1 8ankors Bardays Bank ptc Bexkyheath Business Centre Kent Sollcltors Greenw(y>Js GRM LLP 1 Bedford Row London WC1R 4BZ Page 1 THE DOREEN BIRD FOUNDATION (A Company Limlted by Guaranteel TRUSTEES. REPORT FOR THE YEAR ENDED 31 JIJLY 2020 The Trustees presenl their annual rep)rt together wth the audited fiftan￿1 statements of the Company for the year 1 August 2019 to 31 July 2020. The Annual Report serves the purr*)5es of b)th a Trustees, report and directors. report under company L￿. These documents. together with the audrtorfs report. fomi the financial statements for the year. The Tnjstees ¢onfim that the Annual Report and fin*eial sL*emenls of the charitable company coffyty with I cuffenl stalulory Tequiremenls under the Companies Act 20C6, the requirements of the charitable Company's govefning documents and the proVis￿S of the Statement of Recommended Practice ISORPI applicable to haiilies preparing their accounts in ac￿rdance with the Financial Reporting Standard aPpI￿able in the UK and Republic of Ireland (FRS102} {effective 1 January 2015) as wded by Update Bulletins 1 and 2. The diTeetors of the Company a￿ rts Trustees for the purpose of charity I￿ throughout this report are collgctively referned lo as 'lhe Trustees-. The Doreen Bird Foundati¢)n is referred to ￿ this annual report and financial statements as 'lhe Companf, 'Ihe Charty. and Yhe FOUn¢JalM￿" The subsidiary company, The Doreen Bird Col*e of Perfoming Arts Limited is referred lo in this annual rep)rt and financial statements as co￿e. ar￿ 'lhe Subsidiaty,. The Charrty and the College together are referred lo as Ihe Group-. The DO￿en Bird Foundation is 8 limited ccrfnpany inccApor8ted on 22 September 1998 under the Companies Acts.and is also a wislered charrty. 11 is governed by its Memornndum and Art￿leS of Association. The company is limrted by guarantee and dces ncrt have a share capital. It is gxempl from using the wcid Limited in the name of the company. On 22 February 1999 Mrs D J Cook and Mr F E Ccok transferred their holdings of 900 8nd 100 shares fespeclively in the Doreen Bird College of Performing Arts Limited lo The DO￿en Bird F¢yJndation. These have been included in the financial statements at the estimated value al the dale of trart5fer. Mrs D J Cook dvj on 4 February 21J04. By her wll she left the chafity three propert￿ under 8 pemianent endowment subject lo the payment by the charty of the expenses of the estate including inheritance tsx. These were induded as langibje fixed assets but were sold in a prewous year and replaced by a further asset which was a¢qui￿d for and is being developed forthe pu￿ of the trade of the Subsidièry. Page 2 THE DOREEN BIRD FOUNDATION IA Company Llmlted by Guarantsel TrUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020 08JECTIVES AND ACTIVITIE5 a. Pollcles and oblectlves The objectives of the Charity are as folltrhs: To advance the ed￿tIOn of the pul￿1¢ in the sluty of perfomiing arts, dance. drama. singing and related subjects. . To prom)le the development ofeduc*b)n in the perf￿rnIng arts. To promote the deveb)pment of facihb.es for the te¥hing and performance of perfwning arts. dance, drama, singing and related subjects. In setting objectives and plannirvj for ￿tIV￿eS. the Trustees have given due consKleraIM￿ to general guidance published by the Charity commiss￿ relating to public benefft. induding the guidance 'Public benefrt.. running a charty IP82}'. b. Strategles achieving obioCtive5 To achieve its objectives the charty pTovNJes schoLarships. bursaries and awards to applunts to attend courses and provides Support to establish and maintain any ￿1￿. schwl, or education body where students may be educated in perforffling arts. dance. drama. singing arKI related subjects. c. Activitles undertaken to achleve Ob￿CtIveS The Company has provided support to students of the College by way of prowding bursaries and other financial support towards students. tull￿fi fees. Some of these bursaries were allocated from restr￿ed funds as the awarding of these funds confoms to thè restriCt￿nS plac&J w the58 funds when they were gNen to the company. The C¢)mpany recewes a rna[k￿ rent from the subswjiary fty the building prowded by the Company lo the College lor the purposes of the College's trade. The cosls incurred on the acqui&tion and refu¢oishmenl of the premises Mention￿ abovè have been erfher financed Irom the cash reserves of the subsidiary land Iherefote rdlecled in the balance on the intercompany aC￿Unt) or from bank loans granted by the Cornpan¥s banker or from the sale pr¢xeeds of the three properts'es bequeathed lo the Foundatson under the wll of the F¢wnder. Mrs. Cook. Page 3 THE DOREEN BIRD FOUNDATION IA Company Umited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2020 ACHIEVEMENTS AND PERFORMAN¢e a. Maln achlov•m•nts of the Company The Company has eonlinued to provide support to its trading subsidiary by way improvement of the site occupied by the SubsKliary and the proVis￿ft of bursaries for students. The SubsidBry pays a martel rent for Ihe propetywhich is used for the Se￿l¢ln9 of the bank loans that were taken out lo purchase and improve the sile. Kèy pgrforrnance indicato Th& CLynpany has not set any Key Perfomwce Indicators. c. Revlew of a¢tNities The resuks for the year are as set ¥1 the consolidated statement of ffinancial acttvities. The Subsidiary achieved a surplus for the year which wll be passed lo the Company as a Grft Aid donation in the followng year allowing the Company lo fund future charrtable eyndrture the develcyrnnl of the site for the Colkge. d. Fundraising activities and income generati¢ The charity underlokes no direct fund raising r￿e1¥&I inccthe from the ￿Ing of its premises to the subsidy. a conlribulitin from the Univefsity Sup￿ the actith of the trading subsidiary and from m5scellaneous donations. e. Investment polw and perfomance All funds are held for short tem us8 and are therefore maintained in bank current rnrts. FINANCIAL REVIEW . Going ¢onc•rn Impct of the coronavirng ICovld-191 pandemi The Company and the Sub$Kliary have continued to be affeded by the impact of the coronaviru5 ICovid-19) pandemic. Delails of this are sel out in the Principal Risks and Uncertanties Section below and in Notes 2.2 and 30. b. R•s•rv•s policy The Trustees have examined the charrws requirements for reseThes in the [￿ht of the main risks to the Charity. They have determined that gNen Ihe wnmitment lo assist the SubsKliary. it should maximise the level of ils . unrestricted funds in order to prov*Je thi5 assistance in the fLrture. Page 4 THE DOREEN BIRD FOUNDATION (A coM￿nY Linwt•d ty Guar*ntse) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENOEO 31 JULY 2020 c. PTSnclpal tsks and uncert•intl8s The Trustees have conS￿ere￿ the priwpal risks and uncertainties the Company and the Group are exposeil to. The sybsKliary is exposed lo a nLmber ol risks which are $pecrf￿ to the affairs of the subsidiary and these are disclosed in fvll in the subs￿￿￿$ accounts as ftllknws. Risk.. GoY•rnm•nt and local authorlty fund•ng The Cowe has ￿nSIderab￿ reltance on o)nthiued g0vemm￿l funding through the further and highèr educatX*n se¢tor fvnding b(¥Jies. In 2019r20 64% 12018119.. 64%) of The College's revenue w88 ullimatesy publicly funded and this level of requirement is exFeCted lo cortinue. The￿ are can be no assurance that government poli¢y or practice wll reffoin the sarrn or thal publi fvnding will continue at the same level$ or on the same terms. The is aware of several issues may ¥npa¢t on futu￿ fvrKJing: the tunding may ¢ease ertheT through the xlions of a change in Govemff*nt Policy, the perfomian¢e of the students ofthe College or a change in crrtell"a of ihe funding bodies which may mean the College no longer qualTrfies fof funding- the levels of fvnding may be reduced. The risk is mitigated in a number of ways".- funding 1$ dertved through a numt•r of direct and indirect contractual arrangements., by ensuring The col￿ge is rigor¢￿$ in delivering hBh qualty edu¢ation and training." considerable focus and investment is placed on mainta'ning and managirffJ key relationships with the various funding bodies". ensuring Ihe College is focused on those pl1￿ WIS continue lo benefit frcm public fundrng. regular dialogue with funding l)oJtes. Risk: Tultion f¢• policy Ministers have confimed that Ilre fee assumption remains al S￿. In line with the majorrty of other colleges. The College will seek to increase tuitKJn fees in accordance with the fee assumpti'ons. The risk for College is that demand falls off as fees increase and this reduces the income stfeam of from Ihese soufces. This will impact on the grovhh strategy of The College. The risk is mrtigated in a nunthr of way3.'- ensuring The Comege is fwrous rn deli¥Ering high qualty eduCatM￿ and Iraining, thus en$urirvJ value for money for students., close monitoring of the demand Icff as prices change.. increasing the number of full fee paying St4thnts such as ¢)verw$ $14thnts. Page 5 THE DOREEN BIRD FOUNDAMON IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020 Rlsk: Leglslatlon and health and safety In line wilh otheT Colleges and businesses. The C￿￿ge is exposed to the risk of aclnn by existing staff. students or members ol the public from the failure to operate the business in accordance with current legislation including that and safety matters. The is m(11gated in a number of ways.'- setting up a an<1 safety Sub-¢￿)mI1tee lo lodt at all asFects of heaih and safety.. appointh)ent of a head of faCilit￿S and addrtional premises supeNisors", engaging a specialised heatth and safety company lo carry out fomwl risk assgsswents on the assets of the College,. engaging a speciah'sed human resources Company lo ensure that all staff matters are in accordance with the relevant legislation.. ensuring UBI all stsff r￿e1Ve adequ*e training in health and safety matters. Rlsk: Impact ol the coronaviius (Covid-19) pandemic The Company and the SubsKliary have been affected by the Worl(￿￿e impact ol the pandemic caused by the coronavirus {CovKb19 p8ndem¢}. The Tr￿￿e#S war(1 this as a ygnfficanl risk 8nd therefo￿ disclose in Note 30 the risks that the company is currenlty exposed to and the fa¢lors th* they are taking lo mitig*e these risks. The trustees regard the risks that the subs￿￿ are expxJ5td to as beiry the major risk5 that the Company pjone and thg Group are exposad to. The majLV risks associated wlh the inpact ofthe coronavwts ICovKI-191 pan¥Jemic have be8n assessed as: possible drop in students and fee rncome fw other sources." an inabilty to use the companys premises for teaching purposes.. an impact on the enlWs suppty chain- an impact on the entys work for￿.. an impact on cash from ether kisses or changes of or payments schedu￿$ for sup￿￿er5. not knowing how long this srtualion will go ￿. The risks arg being mitsgated by detsiled planning and ￿ntingencY measures being put in place by the toard of directOTS and the senKJr management team of the Subsidiary. These indude.. use ofGo¥ernment fvnded sc1w￿ to finance empbyees plac&J on fvrlough.. revis￿n to detailed cash flows and budgets under various scenartos," dixussKJns with suppl*rs lo arrange pawnenl plans and to defeT plann&J capital exp8ndilure' where possible arranging for the wOrkf0￿e to off srte. The sU￿dIary ha5 thntffied three immedth key obiedives to reduce the impact and detrimental effects Coused by the impact of the virus.. protect the educat￿n and traning of the student bLty. rgwf( exceptional studenls for September 2020", protect the financial heatth of the organisalion to secure its fvture The soL￿d financial planning and measures Pbjt in by the management team of the subsidk?ry hav ertsured it is in a reasonable financial and OFeth"ng F*%rtion to coFe wrth the immediate effects of the pandem but it 1$ app￿cIated that longer tem planning consKlèrations are also ￿quIred. The impact of factors r8sukin9 from the VINS are Or￿Ing and not kncming hcm long this situation wll go on represents a material uncertainty. Boafd of Directors Set out their consideration5 regarding going concem in Note 2.2 P4e6 THE OOflEEN BIRD FOUNDATION (A Company Llmitgd by GuaRnt•el TRUSTEES. REPORT {coKfip4UEDI FOR THE YEAR ENDED 31 JULY 2020 STRUCTURE GOVERNANCE AND MANAGEMEKr a. Con$tslutlon The DoTeen Bird FoundatKJn is regtstered as a chaiilable ujmpany limited by guarantee and was set up by a Memorandum of AsscciatK¥n. b. M•thods of appolntment or elKtlon of T￿￿te¢S The management of the Cryany i8 the Tesponsbilty of the Trustees. The Trustees are electsd and cmpted under the terms of the Artides of A$s￿latI)n which st* that the number of tnJsl8es shajl not be Jèss than hvo bul shall not be subject to any maximum. The first trustees appointed under the Art￿1¢5 ol Association. TTU51ee5 are required lo retire by rotation at the Annual General Meeting and rf thé members do not fill the vacancy, the retiring tnjstee shall be deem&J reappointed unless the INslee ts unwilling to act or (( is resolved not to reapp￿nt the Irustee. Addthonal truslees are appointed by the Company by ordinary iesolulion ol the membeTS. The Trustees may appoint addrtiona trustees or fill a ¥￿a￿. The Foundation has ￿ *aff so all dectsion$ are made bythe Truslees. The Trustees seThiing in the year and since the end of ts yeor are set out on page 1 of these finanoal ststemenls. ¢. Policies adwed for the induction and training of Trustees No specthc polirie5 have been ￿￿ted for the inductK>n and training of Iruslees. d. Pay pollcy for key management p•tsonnel There are no key management personnel empw by the Company. The pay policy for the key management personnel employed by the trading subsKli8ry ts detemiined by the Board of Diredors of the subsidiary. e. Financial rlsk management The Trustees have assessed the major risks to which the Group and th8 Company are exposed, in particular Ihose rel*ed to the operations and finances of the Group arKI the Company, are satisfied that syslems and Pr￿luTeS arp in pW to mitsg* exFosure to the mw risks. PLANS FOR FUTURE PERIQDS The new site prowded for the trnding subs￿[ary has been fuuy c¢cupied by the subsidiary, bul thoTe is 8 continual and on going need lo look * expansKJn of this site. The Companls bankers ¢onlinue to provide additional support to undertake this expansion. This indudes the Company providing Ihe Subsidiary wrth modular buildings acquire(I by rwans of finarKe leases to be used a additional ¢JasycJf 0￿rt￿. Mat•rfal uncertainty related to golng ¢on¢em We draw attenlK)n to n¢)te$ 2.2 and 30 of the fKJarKial statements. w1j￿h sets out the Group and Companls con$ideralKJns on the impact of the c￿r￿a¥1￿$ (CovwJ-19) parKlemic. As slated in note 30 the impact of thèse fxtors are onwng and not knthvir¥J h(yw k)r¥J this srtuation vill go on represents a material uncertainty. The Oirectors have set out their asseSSrr￿nt of going concem in note 2.2 and ¢onsKJer that the goitYJ ¢oncem basis irt the preparation of the Financial Statements remains appropriate. The material uncertainty re9arding how long the situation will go on may cast significanl doubl on the cwpany's abilty lo continue as 8 gc4ng concern. Our ¢Jpinion is not medrf￿% in respect of this maiter Page 10 THE DOREEN BIRD FOUNDATION IA Company Limited by Guaranteg) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OOREEN BIRD FOUNDATIQN (CONTINUED Other inforrnation The Trustees a￿ responsible for the other infomwion. The other inf0M￿tIOn comprises the inf0m￿tIOn included in the Annual Report. other than the finan￿al statements and our Audrtors. Report thereon. Our opinKJn on the rinanoal statements does not cover the other inlomation and. excapt to the extent otherwise explthy ststed in Oul feport, Y* do not express any fomi of as$urance condusion thereon. In ￿nneCtIOn with our audit of the financial Ststeff￿nts, our responsibilty is to read the other infomialion and, in doing so, consider whether the other inform8lion Is materialty in¢onsi$lent with tho financial ststements or our knowledge obtained in the audit or otherwise appgars to be materialty rni551aled. If we identify such material inconsistencies or apparent material rni55tstemenls. we are requlred lo determine whether there is a material misstalemenl in the financial stalements or a material mi8ststement of the other informatKJn. 11. based on thg wort we Iwe performed, we condude that there is a m*erK41 misstatement of this other information. we are required to rgport that faca. We have nolhing lo report in Ihis regard. Opinion on other matter5 prescri1￿d by the Companies Act 2006 In our opinion. based on the vKrfk undertaken in the c￿lse of the audit.. the inlomation gNen in the Trustees, Report for the financial Jwr for the fina￿tal stalemenls are prepared is consistent wrth the finan¢hi1 ststertsnts. the Trustees. Report has been prepared in ￿ance with appiicabie legal wuirements. Matters on whlch are required to report lry excepllon In the light of our knowledge and understanding of the charrtable company arKt ils environment Obtain￿ in the CCMJTse of the audrt. we have not idenlthed material misststements in the Twstees, Rew)rt. We have nothing lo report in respect of the follNin9 mattets in relation to which Companies Act 2Cth requires us to report lo you if. in our opinion.. the parent tharit￿e ecmpany h8$ not kept adequate and suffiC￿nI acccwnting records, or retums adequate fGY our audit have not been [￿eived from branches not visited by us., or the paont charitable company financial sL*ments are not M) 8greernenl %vith the ￿0untir9 records and retums.. or certain disclosu￿ of Trustees, remurwatth specthed by law are not m*," or we have not received all the informaknn and explanations we require for our audit. Page 11 THE DOREEN BIRD FOUNDATION (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE DOREEN BIRD FOUNDATION {CONTINUED) Responsibllities of trustees As explained more fulty in the Trustees. Responsibilities Stalement. the Trustees (who are ￿50 the directors ol the charitable company for the purposes of company lawl are responsible for the p￿paralKIn of the financial Statements and for being satisfied that they give a Inje and fair view, and for such internal conlrol as the Trustees determine is necessary lo enable the prepafth.on of finaneial statemenls that are free from material misstatement. Nthelher due lo fraud or error. In preparing the finan￿81 stalemenls. the Trustees are fespons*)le for assessing the Group's and the parent charitable cornpanls ability to continue as a going concern. disclosing. as appli¢abte, matters related lo going concern and using the going concem basis of aceounling unless Ihe Trustees either intend to liquidate the Group or the parent ch￿rtable company or to cease (Werati￿$. or have no realislic 8Aemalive but lo do so. Audltors, responslbilities for the audit of the financlal statements Our obje¢tNes are to ¢)btain reasonable assurance about whether the financial slalements as a whole are free from material misslalement. whether due to fraud or error. and to issue an Auditors, Report that include5 our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audrt conducted in accordance with ISAS (VK} w￿1 always detect a material misstatement when il exists. Misslalemenls can arise from fraud or error and are considered material if. indivKlualty or in the aggregate. they could reasonably be expected lo influence Ihe economic decisions of users laken on Ihe basis of these f5nancial statements. A further description of our responsibilrties for the audit of Ihe financBI statements is located on the Financial Reporting Council's website *" www.frc.or ukjaudit we This description forms part of our Auditors. Report. Use of our report This report is made solety lo the charitable company's member5, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 20C6. Our audit work has been undertaken so that we mNJht slate lo the charitable companls member5 those matters we are required lo slate lo them in an Auditors. Report and for no other purpose. To the fullest extent pemi￿ed by Law, we do not accept or assume responsibilrty lo anyone other than the eharrtable company and rts members, a5 a body, for our audit work. for this report. or for the ¢Jpinions we have formed. Mark Taylor (Senior Statulory Audllor) for and on behalf of Venthams Chartered Accounlanls Stalulory Auditor 51 Lincoln's Inn Fields London WC2A 3NA 8 April 2021 Pagè12 THE t)OREEN BIRD FOUNDAnoN IA Company Limited by Guarantee> CONSOUDATED STATEMENf OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR EIIDED 31 JULY 2020 EndO￿nefit funds Rgstricted Unrestricted funds fitnds 2020 2020 Total funds 2020 Total fiinds 2019 Nole Incomè Charitable actiwlies Other trading actmties - subsidiary turnover Cxher investments 175.998 300 176298 189. 103 6,224.829 6,224829 5.995,077 75, 129 Total Incom• 175.998 6.225.523 6A01.521 6, 199,309 Expenditure on: Other tradin9 &tM"tEs subsiiliary expenses Charitable activities 6.578.456 101.409 5.578.456 187,233 5.543, 792 779,098 85,824 Total expendlture 85,824 6.679.865 5.765.689 5. 722.890 Net movement In funds 90.174 545.668 635,832 476,419 Reconchllatlon of funds: Total funds brought lo￿ard 1.755.035 737,929 1,eoo,617 4,093.581 3,617. 162 Total funds canied foNard 1,755.035 828.103 2.148.275 4,729.413 4,093.581 The Consdrda￿th Siatement of FinancBI Actiwties indudes 41 gains and Iwes rewjnised in the year. The notes on pages 17 to 41 fomi part of these ffinanoal ststwnents. Page 13 THE OOREEN BIRD FOUNDATION (A Company Limlled by GuaTantsel CONSOLIDATED STATEMENT OF FINANCIAL POSITION FQR THE YEAR ENDED 31 JULY 2020 2020 2019 Note Flxod assets Tan9ible 8s8ets 12 6.854.647 6,696, 108 6.854,647 6.696, 108 Current assets Stocks Debtors Cash al bank and in hand 15 16 22,856 103,151 1.064.796 24.249 109. 127 464. 177 1.190.803 597.553 Cr8drtors.' amounts falling due within one year 17 (843.169) (2,408.690) N•t ¢urr•nt assets 1 liabilities 347.634 (1,811. 137J Total assets 18ss curr•nt Ilabilities 7.202.281 4,884,971 Creditors.. amounts falling due after mc*e than one year 18 12.472.868) (791.390J Totsl net assets 4.729A13 4,093.581 Charlty funds Endowment funds Restricied funds Unrestricted funds 19 19 19 1,755.035 828.103 2,146.275 1, 755,035 737,929 1,600,617 Total fvnds 4.729.413 4,093.581 The Trustees acknowledge their responsibilities for ￿rnp￿.ng with the requirements of the Act wlh respect to accounting records and p￿pa of financial sktemenls. The fina ppr arKI au￿rI e by the Trustees and sKJned on their behaw by.. F.Pi {Chair of Trustees) Dale.. 6 April 2021 The n￿eS on pages 17 to 41 forn part ofthese financial stat￿￿￿. Page 14 THE DOREEN BIRD FOUNDATION {A Company Llrnited by Guarantee) OMPANY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 JULY 2020 2020 2019 FIX￿ asséts Tangible assets Investrnents 12 13 &690.454 70.000 5,456,904 70,000 5.760.454 5,526,904 urrgn¢ assets Debtors Cash al bank and in hand 16 94.690 468,249 418,499 16.030 $61939 434.529 Creditors.. arnounts falling due within o year 17 1318.183) (1,877, 160) Net current assets I liabllitleg 244.756 (7.442.631) Tolal assets less current Ilablllttes 6.005.210 4,084,273 Creditors. amounts falling due after more than one year 18 {2.472,8681 (T91,390) Total net aysets 3.532.342 3,292.883 Charity funds Endowment funds Restficted funds Unreslnded funds 19 19 19 1.755.035 864,867 911440 1.755.035 737.929 799.919 Total fvnds 3.532.342 3,292,883 The Trustees acknNledge their re5pon5ibililies lor comptying with the requ(rpJnenls of the Act with re5pe¢t lo accounting ￿cOrdS and p￿parats.0n of financ￿1 sktements. The financial s ments were and authovi5ed for issue by ￿ Trustees and spJne(l on their behalf by. Plne (Chair of Trustee51 Date.. 6 Apiil 2021 The notes on pages 17 to 41 I￿rn part of th858 financial slatem8rrts. Pagg15 THE DOREEN BIRD FOUNDATION (A Company limitod by Guaranteg) ONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENOED 31 JULY 2020 2020 2019 Cash flo￿ from operating a¢tivitieS Net cash use(1 in cper*'ng activi 707,263 Cash flows frorn Investlng actlvltles Purchase of tangsbje r￿d assels Addit￿n$ to investment properties 1157.9SS) (338,898) 1270.3141 {1.439,L￿j Net cash ￿5￿ ln investing activ•ti•s 1428.2691 11,777,967) Cash flows Irom fiTranclng adlvitlos Cash infflow$ from new borrovAng Repayments of borrowing5 excluding interest 2,1]00.000 11,871,480) 656,408 f181.049) Net PTovided by financlng acllvliles 128.520 475.359 Chang• in cash and ¢xh equiva￿ftts in the yoar Cash and cash equivalents al the begtnning olthe Jeaf 600,620 464.176 1595,345} 1,059,521 Cash and cash equivalents at the end of the year 1.064.796 464, 176 The notes on pages 17 to 41 fom) part ofthese financwl ststwnents Page 16 THE DOREEN BIRD FOUNDATION IA Company Limil•d by Guarante8} NOTES TO THE FINANCIAL STATEMEp¥rs FOR THE YEAR ENDEO 31 JULY 2020 GEnepal Information The Doreen Bwd Foundation is a wmpany limited by guarantee registered in England and Wales. registr*ion nurnber 03636078. The wistered office is 1 Bedf¢yO Road. London, WC1R 4BZ. The Doreen 8ird Foundation ts also a registered ehaiity with charity number 1073945. Accountlng polkles It Basls of preparation of financial statmnts The DcKeen Bird F(YJndat￿ meets the definrt￿n of a public benefft enlrty under FRS 102. The financtral statements have teen prepared in accordance with: the chsTrt￿ SORP IFRS 1021 -Aecounting and Reportrng by Charibes.. Statement of ReCom￿nded Practice appI￿1ft to charities preporing Iheir accounts in accordance wth the Financial Reporting Stand3Td applicab￿ in the UK and Republic of I￿￿nd IFRS 1021 the Financial R¥porting Standa(¢ *icabie tn the UK and Ropubltc of Ireland IFRS 102)" leffeclive 1 January 20191. - FRS 102 The Financial Rewting StarKlard AppI￿able in the UK and Republic of Ireland,. - The amendments to FRS 102 peffliitted from the Triennial Review 2017. . The C¢¥npanies Ad 20CE applic* to thar1￿￿ c(Anpanw. In the case of the Subshliary it has to prepare its accounls in accordan￿ with Ihe Staternent of Recommended Prnckn"ce." Accounting for Further and Hvjher Educatwjn 2019 Ilhe 2019 FE HE SORPI and the asxtiated College Accounts Dirthin for 2019 to 2020. Assets and liabilrtw ￿ initially reccgnised al hi%torKal ￿$1 or transactK)n Thra1￿ unl8S$ Otheryise slated in the relevant aceounting The Consolidated Stalemenl of Financial ACtiVrt￿ ISOFAI and ConsolK4ated Statement of Financial Posi¢p)n consolidate the linancial $t*ements of the G[oL￿ and rts subsidiary undertakirKJ. The results of the subsidiary are consdidated on a line by line basis. The Gr¢wp has taken advantage of the exomption akmed under seCt￿Tr 408 of the Companies Act 20CE and ttas not presented ts trwn Statemerrt ol Financial A¢tivrties in these financial Slatemenl5. Page ?7 THE DOREEN BIRD FOUNDATION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Accounting Wicie$ (Conllnuedl 2.2 Going ¢on¢em The a¢tivthes of the Company and the SubSKI￿ry, tcgether the factors bkely to afle¢t th&r future devek)pment and perfoman¢e are set in the Trustees, Report. The financial posrtion of the Company and the group. its cashfiow. liquidity and borrow1￿$ a￿ presented in the Financial Statemerts arKI &Compan￿n9 ncles. As noted in Note 30 and 3150 the principal risks and uncertainb.es secbon of the DIre¢to￿, Report, The c￿PanY and the SubsKJiary have been impacted by the effects of the coronavirus ICovid-191 pandemic. The effects of the pandemic are w￿e ranging and cannot be detemined with accura￿ as the pandemic is ongoing al the d*e of approval of the financial Statements. and not knchvin9 how long thi5 SitualTon will go on represents a material uncertainty. The Trustees ￿ve considered in detail the effect5 of the imp&ts on the Company and the Group of the coronavirus ICovid-191 outbreak and, taking into account a perictya exceeding 12 months from the date of approval of these financial statements, the Trustees have a reasonable expettation that it has adequate resources to conts.nue in cyeralional existence for the foreseeable future, and for this ￿0$On wll ¢￿tinUe to •Jopt the g)ing concem basis rn the preparalion ol its Financial Statements. 13 Income All income of the hO￿ing company 1$ recognised once the Company has entit￿ment lo the inc¢)me, il is probable that the income will be received and the arrM)unt of income receivable can be meaSU￿d liabty. The poltaes adopted forthfj recognition ol irwne by the Subsidrary are as Idl(Avs:_ Rov8nu8 grant lundlng . Recurrent grants frcffi Funding CourKts and bcrfJ*s a￿ recconised in line vnth the lalesl esttmates of the grant fe¢eivable ￿ an academi¢ yeaT. Non-recurrent grants from Funding Councils or other bod*s received in resp￿ of the acquisition or construction ol fixed a$5ets are treated as tjeferred capital grants and am0￿"Sed in line wrth depreciatK)n over the life of the assets. No recurrent grants ftom Funding Counuls or other r8ceNed in respect of revenue expenditure are recognised in the sa￿£ peric¥J that the eypendrture is incurred. Grants receNed before th& expenditure has been incuried are sho*n in rJedrtors. Fee Income and btsts•fties Tuilion Fees and EdLJ&*ion Contracts represent amtsjnis receivable from sludents, parents, L¢xal Educatton Authoritye$ and SFlyatron at the Balan￿ Sheet date as a result of a past event, it is probable that a transfer of econom￿ benefft will be required in settlement, and the amounl of the settlement can be estimated ￿11abty. Liabilities are ￿niSed at the wn¢wnl that the CThny anticipate5 rt wll pay to settle the debt or the ￿ount il has rKeived as ad￿ce￿ pa￿nents for the goods or services rt must p￿￿e. A is rewnised in the Sub$KIr￿ lo the exlent of any unused h￿￿aY pay entit￿ment which is accnjed at the Balanca Sheet date and carned fO￿ard lo futu￿ pericmys. This is measured al the undiscounted s3Lgry of the lulure hd]day entitlement so accrued * the Balance Sheet date. 2.12 Flnancial Instruments The Group only has finanryal assets and financk41 Itabilities of a kind that qualfy as basic financial in$trument5. 8asic financ￿( instruments are initi.alty reco3nised at trans8ctK)n value and subsequentjy measured at their setU¢m￿t value with the ex¢epts"on of bank b)an$ which are subsequenlly measured at 8morti5ed cost U5￿g the effec(Ne Interest fTEthoa. 2.13 Flnanceloases and hlre pur¢h Assels obtained ut￿r hire purchase contrxts arwj ffinance leasos are Capilalised as tangibl8 fixed asset& Finance leases are those where substantialty au of the beneffts and risks of cwneTrhTJ are assumed by the Group. oblffjat￿nS undei svch 89reements are included in ¢￿￿or$, net of the finance charge albcated to fvture per￿s. The finance of the rental payment is charged to the Consolthled Statement of Finanrial A￿Mt￿5 so as to prcmJU￿ a con5tsnl pericrfjic rale of charge on the nel obligation outstanding in wh peric¥J. 2.14 Operatlng leases Rentsls paid urnjer operating leases a￿ chaoed to the Consolhlat&￿ Statement of Finarttal Actbvities on a $trawJht line basis over the kase term. 2.15 Penslons The sLtbSid￿ry operate5 a defined c(￿tribUtIon plan for its empbyees. A defined ttJntributKJn plan is pension pL3n under wh￿h a Company pays fixed contributions into a separate entsty. Once the contribut￿n$ have been pabj the Company has no fvrther payment obligatN)ns. The contributions are recogntsed as an expense in the Statement of Financial ActNilies when they fall due. Amounts not paid are shthvn in accruals as a liability in the consol￿ated Slalemenl ol Financial Position. The asse15 of the pfan are ￿ld separatety from the Conwany in indepondently administered funds. Page 22 THE DOREEN BIRD FOUNOATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Accounting pollcies Icontinued) 2.18 Fund accounting UnrestrKted funds are available for use at the disC￿lOn of the Trustees in furtherance of the yon8ral obiecb.ves ofthe Group and whith have nol been desgnated for other p￿￿oSeS. Designated funds comprise unrestn"¢ted fvnds that have been set aside by the Truslees lor particular purposes. The aim and use of each des+Jnated fund is set out in the notes lo the finanu81 staternents. Restricted funds are furKls which are lo be used in &Cordar￿e with 5pecffic ￿$trIC￿OnS imposed by donors or which have been raised by the Group for particular PUfTM)ses. The ￿tS ol raising and administerir¥J such funds are chargejj against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial stalemerts. Endovrnent fun(Is represent the v*ue of assets giftgj lo the charity by lis founder either as gifts lo the chty or as le9acie5. Inveslm8nl inuTh8. gains and losses are allo¢ated to the appropriate fund. Pagg 23 THE DOREEN BIRD FOUNDATION (A Company Limited by Guarantsa) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 JULY 2020 Critical a¢counting estlmats5 and ar•as of Judg•m•nt Eslirnales and judgements a￿ continyally waluated and afe based on historical experpence and other factors. including expecl*KJn$ of future events that are believed lo be reasonable under the circumslancgs. Critul accourrting ests"mate5 and assvrpptions". The Company and its subsrdiary make estimates and assumptions conceming the future. The resulting aceounling estimates and assumptions wll, by definition, seldom equal the relaled actual results. The estim*es and assumptic￿S that have a $KJnfficant risk of ￿Using a materral adjustment to the carrying amounts of assets and liabilrtY&s wrthin the next financ￿1 year a￿ d￿sSed bel¢)w. Tanglble Ilxed assets olthe subsidiary Certain cla%8es of tangible fixed assets of the Subsidiary were revalued during a previous year at estimated market value as assessed by the directrys in consuttalkjn with members of staff and exteTnal suppliers. Tangib)g fixed assets are deprecioled over their us8ful lives tthng into awunt rgsidual values. where appropr￿. The adual fves of the assets and ￿5￿1Val values are assessed annualty and may vary depending ¢)n a number of fa¢tors. In re-assessing asset lives. factors such as le¢hnol¢yJical innovation and MainteTran￿ programmes a￿ taken into accourrt. Reshlual value assessments consKler i$$ve5 su¢h a$ fLrtufe market ¢ondits"ons. the remaining lrfe of the asset and projected dispos81 values. The direclors of the Subsidiary have consldereil whether there a￿ indicators of impaimient of the Group's tangible assets. Factors taken into consideration in reaching such a deusion include the econtynic viability and expected future financial perf0mW￿ of the asset. Loasos Managemenl determine whether leases entered into by the Company or the College as a lessee are ¢Jpefaling or finance leases. These dec1sK￿S depend on an assessment ofwhelher the risks and rewards of rywnership have been transferred from the lessor to the lessee on a lease by lease basis. Crili¢al aws of judgement.. Impact of the toronavirus (Covi&19) pandemic on the acbvfties of the Company and Subsldlary The Tlustees of the C¢ynpany and the dTrredors ol the Subsidiary have consKlered the uncertainty ari5in9 from the ¢thinaviru$ (Cov￿-19) pandemic has ￿curred durin9 th8 fina￿1?1 year buk is Continuing up to the d*e on Wh￿ these financial stslemenls are approved. The risks that the Company and the Subsidiary are exposed to and the steps taken to miligate them a￿ sel in the Tnjstees. Report and in Notes 2.2 and 30 The Subsidiary is aware that dve lo the pandemi¢ it was ncrt able to pro¥pJe a full level of teaching facilities lo the students during the year and 1$ intending to offer the students who studied in the ye3T 8 series of C*¢h Up Classes. An estsmale of the cost5 of provhtting the classes lo such students has been maLle and included as an accrual in these accounis. Page 24 ThE DOREEN BIRD FOUNDATION (A Company Limited by Gu•rant•8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Income from tharftable a¢tlvltles- holdlng ¢ompany only Restrlcted Unrestrlcted funds funds 2020 2020 Total fund8 2020 Support of the performing arts 175.998 30D 176.298 Restricted un￿striCted funds funds 2019 2019 Total funds 2019 Support ofthe perfomiing arts ta6,￿5 2,298 189, 103 Income from other tTadlng actlvlties Income from non charltable tsadlng •ctSvities Unrestrlcted funds 2020 Total funds 2020 Income of the subshliary- of a charitable nature as the sUp￿Y of eduealK)n in the perfomiing arts but as the Subsidiary is r￿lt a eharrtable entsty this is Ireate(J as trading ITr￿￿ 6.224,829 6.224.829 un￿s￿le￿ed funds 2019 Totsl fijnds 2019 Income of the 5ubsKliary- of a Charitab￿ nature as the suppty of education in the perfomiing arts but as Ihe Subsh*kary is not a charitable enlty this is treated as tradiThJ incon &995,077 5.995,077 Page 25 THE DOREEN BIRD FOUNDATION (A Company Limlted by Guarantsè NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Govèrn•nce costs . holdlng company onty Endowment funds 2020 Total funds 2020 Auditors. remuneration Auditors, non audit costs Legal costs Bank char9es 4.5 4.5C 3.767 241 4,500 3.767 241 Total 2020 13,008 13.008 Endowment funds 2019 Total funds 2019 Audrtors, remuneration Auditors, non audit costs Leg81 costs Bank charges 2.4C(I 2.400 3.822 246 2.4 2,40) 3,822 246 Total 2019 8.868 8.868 Page 26 THE DOREEN BIRD FOUNDAnoN (A Company Umited by Guarnntse> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Investment Income- holding company only Unrostrictsd funds 2D20 Total funds 2020 Rent81 income 394 Endowment Unrestricled funds funds 2019 2019 To181 fun(ts 2019 Rental income Profrt C￿ sale of Bithbed( and Clarence Crescent 3,879 3,879 11,250 11,250 rol* 2019 11.2 3.879 15, 129 Analysis of •xpenditurn on charltable aCtiV￿e5 - holding ¢ornpany onfy Summary by fund typ• Restricted Unrestrirted funds funds 2020 2020 Totsl funds 2020 Support ol the perfonning arts Interest on bank lJans Govemance costs Intefest on finar￿e lease S.163 24,053 77.356 29.216 77,356 80.661 80,661 Total 2020 85,824 101,409 187.233 Page 27 THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Analysls of 8xpenditure on charltable activitles- holding company only Icontlnued) Summary by fund type Icontlnued) Restricted Unffpslrided funds funds 2019 2019 Tot81 funds 2019 Support of the performing arts Interest on bank loans Interest on finance lease 6.170 36,49Q 975 42,660 86,975 49,463 49.463 Total 2019 5&633 123,465 179.098 Auditor6. remunerntio 2020 2019 Fees payable to the C￿panIS auditor forthe a￿lIt ofthe Companls annual accounts 3.900 2,4 Fees payable to the Companys auditor in resped of.. non-audil services not inclu¢Jed above 2,400 10. Trustees. remuneratlon and expenses t)uring the year. or rn0￿ Trustees has been paid remuneratN)n from an employment 88 EmplOyee￿DI1e¢I0fS of the Subsidiary.The value of this remuner81ion and other benefits was as follows.. 2020 2019 S. A. Ccen Remuneration Pensw)n contribLrtions paid Remunerabon Pension contributMs paid 121.138 21,230 11)0,758 19,779 119, 788 10,960 96,546 9, 168 L. de Abreu During the year ended 31 July 2020. Trustee expenses have been incurred (2019- £NIL). Page 28 ThE DOREEN BIRD FOUNDATION (A Company Limlted by Guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 11. Employee and slaff detsils Group 2020 Group 2019 The staff costs incurred by the subsldiary ¥Are as follows: Wages and salaries ial securty costs Conlrib(rtion to defined ¢(￿lrIbUtion pensN?n scherr 3,687.016 320.060 203,883 3,557,812 306, 722 163.814 4,210.959 4.028,348 The avtt4e number of persons empbpj by the Company during the sear was as folk>ws.' Group 2020 Gr￿p Company 2019 2020 No. Company 2019 No. Directors of the sUbS￿lary Other key management personnel Te￿hIng Staff Non teaching staff Nonknexecutive diTectOfS of both The Foundation and The C￿lege Non executive dYectOT5 of The F¢)untstion 62 31 61 32 104 104 The number of empbyees whose employee beneffts {eX￿￿j1ro employer penS￿n costs) exceeded £60.C(K) was.. Group 2020 Group 2019 No. In the band £50,001 - £60,￿) In the band £60.001 - £70.CO) In the band £90,001 - £100.Crf)O In the band £110,001- £120,000 In the band £120,c4)1- £130.000 The￿ were no oth8r stsff members of the Subsidiwy ttho received annual enN*Jmenls 01 £60,000 or more. Page 29 THE t)OREEN BIRD FOUNDATION (A Company Limfted ty Guarnntee) NOTES TO THE FINANCIAL STATÉMENTS FOR THE YEAR ENDED 31 JULY 2020 12. Tanglble Ilxed assets Group Long-lerrn asehold property Short4erm lea$ehold property Plant and machinery Total Cost or valuatgon Al 1 August 2019 Addi(ions Di$posal$ SA56.904 270.314 1.185,794 99,647 1,165,964 58.308 122,4121 7.798,662 428,269 122,4121 Al 31 Juty 2020 5.727.218 1.285.441 1,191,860 8.204.519 Depreciation Al 1 August 2019 Charge for Ihe year On disp05als 425.521 36.721 67T.033 186.282 (12,4491 1.102.5S4 259.787 112,449} 36.764 At 31 Juty 2020 36.764 462,242 850.866 1.349,872 N•t ljook valu• Al 31 Juty 2020 5.690A54 823.199 340.994 6.854.647 At 31 July 2019 5.456.904 760,273 478,931 6,696, 108 Company Long-term l•asehold property Cost or valuatlon At 1 August 2019 Additions 5,456.904 270.314 Al 31 Juty 2020 5.727.218 Page 30 THE DOREEN BIRD FOUNDATION (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 12. Tanglbl• fixed assets (continued) Company (continued) Long-term leasehold prO￿rty D•preclation Charge for the year 36.764 At 31 Juty 2020 36,764 Net book value At 31 Juty 2020 5.690.454 At31 Juty2019 5.456,904 The carr￿fig amount of a propety, whth the Group rerrts lo another group entity when il has chosen lo acwunt for such proFerties usirwj the ￿st r￿•Je1 is £5,696.454 (2019- £5.456,904J. Included in Long lem leasehold proFerty of the Company and the group 15 an amount of £1.023,368 12019- £1.055.623) in respect of assets held untjer finance leases. 13. Flx8d asset Investsnents Inv¢stm•nts in subsidiary eompanles Company Cost or valuallon At 7 August 2019 70,000 At 31 Juty 2020 70.01)0 Page 31 THE DOREEN BIRD FOUNDATION (A Company Llmlted by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 14. Prlnclpal subsldlarfes The following was a subsidiary undertaking of the Company. Namg Company TrUM￿r Regtstsred offlce or prin¢ipal Principal adivity place of busine55 The Doreen Bird C(Alege of Perfomiing Arts Limited 03088287 1 Bedtord Rthv. Lorthn. WCR1 Performing Arts College Class of Holding Included in consolidation Ordinary 100% Yes The financtral resutts of the subsidiary for the wwe: Name Incomg Expènditure Prof￿(Lo$S) for the year Not tssets The t)oreen Bird College of Perfom?ing 6.224.829 Arts Limited S.828.436 396,373 1,267,071 IS. Stoc Group 2020 Group 2019 Goods for resale of the subsidiary 22.856 24,249 18. Dobtors Group 2020 Group Company 2019 2020 Company 2019 Due wlthln one year Trade deblo Amounts owed by group undertakings Other debtors Prepaymenls and accrued incow 14.151 25. 159 1,499 417,Ct 94.690 13.012 75.988 18.449 6&519 103.151 109, 127 94,690 418,499 Pa9e 32 THE DOREEN BIRD FOUNDATION (A Company Limited by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 17. Crodltor&: Amounts falling duft within one yw Group 2020 Group Company 2019 2020 Company 2019 Bwk loans Trade creditors Other ta￿￿10n and social secunty Obligations under finance lease¥ Other creditLYS Accruals 8rn1 defer￿ income 153.691 80,627 111.622 159.690 69.204 268.335 1,717,924 112, 138 98, 766 148,415 60,967 270.480 153,891 1, 71T,924 159.690 148.415 4.802 10,821 843.169 2,408, 690 318,183 1,877, 160 Included in Accruals and deferred income of the Group is £40.445 f2019 £151, 101) representing deferred income recwved in advance by the $ubsKlk4ry company which falls to be included as incom8 in the subwuent perictrj.. The bank loans are secured by a fixed tharge ¢)¥er the k)ng temi leas8h￿d property of the holjing company and by a guarantee giwi by the Subsidiary. Tho obli9alions under finance leases are secure by a charge ovw the assets concemed and a 9uarantee the SLthidiary for the total of the obloalions. 18. Credltors". Amounts falllng due after morg thon one year Group 2020 Gr￿p 2019 Company 2020 Company 2019 Bank loans Obligat￿an$ under fina[￿ leases 2.116.172 356.696 275.tX)4 516.386 2.116,172 356.696 275,004 576.386 2.472.868 791,390 2.472,868 791.390 The bank loans are secured by a fixed charge over the hyu lemi leaseh¢)kl prcperty of the hokling company and by a guarantee given by the SubsNJiary. The obligations urKler finance feases are sewre by a charge over the assets ￿n¢eMed and a guarantee from the Subsidiary the IcAal of the obligat￿nS. Pagg 33 THE DOREEN BIRD FOUNDATION (A Company Limit￿ by Gu•rantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 19. Statement of fvndg ststement offunds- current year Balance at 1 August 2019 Transfers Balance at Inlout 31 July 2020 Income Expendlture Unrestricted fund5 Cxher unrestricted re5eryes- belanc& on profrt and 105S account and rntained eamings ReValuat￿n reserve of the subsidrary 1.458.298 6.22&523 (5.679.866) 94.783 2.098.739 142.319 194.7831 47.536 1.600.617 6.225.523 (&679.865) 2.146.275 Endowrnenl funds Endovmient Funds- all funds 1.755.035 1.755.035 Restricted funds ConditK)nal donations ma Road Site 9.703 728.226 15,163) 180.6611 17S.998 823,$63 737.929 175.998 185.8241 828,103 Total of funds 4.093.581 6.401.S21 15.765.689) 4,729,413 Page 34 THE DOREEN BIRD FOUNDATION IA cOm￿nY Llmltsd by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 19. Stattment ol fvnds l¢onllnued Statetnent of funds- prlor year Balanc% al l Augusl 2018 Transfers Balan￿ 81 i￿1 31 July 2019 I￿e Expendilurp Unr•strid•d fvnds Other unrestncted r8s8Nes- balance on profrt and 10s5 account and retained eamrys Revaluation resgrve of the subsNJiary 1.086.359 6.C(11,254 (&667.257) 37,942 1,458,298 180.261 (3T.942J 142,319 1.2e6.620 6.C4)1.254 15.667,257) 1.600.617 Endowment lunds Endo•bTnent Funds- all funds 1. 743.785 11,2S) 1,755.035 Restricted funds CondrtK)nal donations Alma Ro&J Site 14,7T9 591.978 (6, 170) (49.463) 9. 703 728.226 185. 711 ,757 186,805 155,6331 737.929 Totsl of funds 3.617. 162 6. 199,309 (4722.890) 4,093,581 Page 35 THE DOREEN BIRD FOUNDATFON IA Cofflpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 20. Summary offunds Summary of funds- curr•nt year Balance at 1 August 2019 Transfers Balancg at Inlout 31 July 2020 Income Exp•ndSturg General funds Endowment funds Restricted funds 1.600.617 1,755.035 737.929 6,225.523 15.679.865) 2,146,275 1,755.03S 828.103 175,998 185,8241 4.093,581 6,401.521 15.765,6891 4,729.413 Summary of funds- pvlor year Balanc6 al I Augusl 2018 Transfet5 8alance 81 I￿0￿1 31 July 2019 Inccmne Expenditure General funds Endowment funds Restricted frJnd$ 1,266,620 1.743. 785 e4)6, 757 6.(X)1,254 f&667.257) 11.2x1 186,805 1,6LXI,617 1,755,035 737,929 (55,633J 3.617, 162 6, 199.309 (&722,890J 4,093.581 The end(vrtnent fiJnds represent the of a55ets gifted lo the chanty by rts f￿jnder ei(her as grfts lo the charity or as legaaes. The founder and her husband grfted their shares in the subsidiary company lo the charity and these shares have been included at a valuation * the date of the gfft. Under the teTm$ of the wll ol the l*e Mrs Doreen Cc¥)k (nee Bird) who died on 4th Febwary 2004 the D¢Teen Bird Foundation was the residue of the estate of Mrs Cook. 5ubj.ect to payment by the Foundation of any debts. funeral and testsmenlary expenses. legacies and all laxes incjvding taxes on any le9acies to other benefiuaries given free of tax. The resid￿ of the esl*e included three fieehold properties which we induded at their probate valuali¢n but these have rv•V been sold and a new repla¢emenl propety purchased which now fom$ part of the pemwient end(y*ment. Th• reslricled funds dassrfwj as -cond￿'onal donations- represent fuTrds with restrict￿n5 on their use p*ed by the dor￿r$ and a￿ held bythe Ho*Jing Company. The ￿anCe is represented a5 follows.. - £1,273 (2019 - £4.486) in resp8cI of a conditK)nal dOr￿tIOn from the Bexley Music Centre Charilablo Tnjst that was maje on the conditw that the fvTrJs will be used to enable that trust'5 charitable obseGti"ves of the advarKemenl of MUS￿ educatM)n and performing arts in the 8exley London Borough to ¢￿tinue. - È3.267 (2019 - £5,21T) in respect of funds rnis&J in ojnnection a crealKJn of a student hard$hip fijnd for students of the subsidiary. The restri￿ed funds clasyfied as Atma Ro*J site rep￿sent fvnds rni*J directty in conn8clioTr with the project lo xquire arKI develop a site fof the trading sub$￿18ry. P•Je 36 THE DOREEN BIRD FOUNDATION IA Company Limit•d by GuaRnts¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 JULY 2020 21. Analy$i$ of nel assets between funds Anatysis of net assets bet4*en fund5- ￿rrent perlod Endowment Restrfcted Unrestricted funds funds fund$ 2020 2020 2020 Total funds 2020 Tangible fixed assets Current assets Creditors due within year Cfeditofs due in nvye than one year 1.755.03S 1.339.949 3.759.663 6,854,647 1,786.263 1.190,803 1159,690) 1683.4791 1843.189) 1356,696) 12,116,172> (2.472,8S81 Total 1,755,035 828,103 2,146.275 4.729,413 Analysls of net assets between ￿nds. prior perlod Enthm*nl Restiicled UnrnstncÉ&d funds funds funGIs 2019 2019 2019 Totsl ltsnds 2019 Tangible fixed assets Current assets Credrtors due within one year Credrtors due in more than one year 1.755.035 1.393,027 3,S48,1]46 6.696. 108 9,703 587,850 59T,553 (148,415) (2,260,275) (2.408,690J {516,386) 1275,004> (791,39OJ Total 1.755.035 737.929 1,600.617 4.093,58f Reconciliation of net movemert in funds to net u$h Ilow fffom op•raling activities Group 2020 Group 2019 Net income for Ihe peri¢>J las per Slatemenl ot Fin￿￿la1 A#Mb8$1 635,832 476,419 AdJu$trnents lor. Deprerjation and k>sses on dhsp)sal DeC￿8$ellIn¢re0Se) in stocks Decrease in debto Incfeaspjldeuease) in C￿rt0 263,730 1,393 5.977 (12.5631 208.839 {22,341J 36,983 1.363 Net cash pmvlded by opeTrting acti¥itSes 894.369 70T,263 Page 37 THE DOREEN BIRD FOUNDATtON IA Company Limited by Guarnntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Anatys55 of cash and cash oquivahnts Group 2020 Group 2019 Cash in h*d 1.064,796 464. 176 Total cash and ¢ash •qui¥alents 1,064.796 464. 176 Anatysis of changes In net dobt At 1 August 2019 Cash flov* At 34 July 2020 Cash at bank and in hand Debt due within 1 year Debt due after l year Finance bases 464.177 600.619 1,064.796 {1.717,9241 1,5S4.233 1153.6911 (275.1)041 11.841.168) (2,116,172) 1664.8011 148.415 1516,3861 12.193.552) 472.099 {1,721.4S31 25. Conting￿1 liabllllles Val￿A￿ded Tax IVAT) Position oflhe subsK1iary The subsidiary company. The Doreen Bird College of Perfoffliing Arts Limited, is not currently registered lor VAT as the directors of that company have been of the opinion that the taxable lumovef of the College is beltr* that which requi￿$ VAT regi5tT81ion. The m8iority of rts turnover arisgs from the supplies of edu￿tIOn lo ils sludents or from $upplw ¢iosety linked lo the suppty of educatK)n both of which are exempl income forVAT pU￿s. In coming lo this condusion, the dI￿lorS have rdied on a deusion of the UK lax tribunals and the European Courts which have wled that this type of incm would not be taxable in an unconnected case nceming the VAT liability of certain supplw wh￿h are closely related to education. HMRC have iSsL￿d guidance on the appjthtion of tth"s deasion aThJ the College is of the ¢91n￿ffl that rf the gU￿an￿ is applied lo ￿rtain asffts of rts income these items of incoTr* would not fom taxable income and the remaining amounts of taxable income wouhl not be suffjcienl for VAT regislralitsn io be required. the opinion is not confirmed, the College may be required to retrospeclively re9isler lor VAT and account for tsx on supplies of nonoxempl income fr¢yn the date that rt should have been registered for VAT. 15 not possible lo quanlrfy the Fhxsrble liatjilty whth may air3e and as the final Il￿￿6￿1 has not been issued. amount has been provided for in these accounts for any Fotential liakn"lty. Page 38 THE DOREEN BIRD FOUNDATION IA Company Limlled by Guaranteg) 140TES TO THE FINANCIAL STATEME14TS FOR THE YEAR ENDED 31 JULY 2020 26. Capltsl comml¢ments The group and the company has commitments eontracted for but not provided in these financial $latements in ￿Spect of tctsl pawnenl$ sMr 8 7 year peric*J for a Jease agreement entered into by thè parent company on 21 January 2020 to provide a moJukr buikling to be used by the subsmdiary company. Payments under thk8 lease commencÈJ in D￿ernber 2020. Group 2020 Grrwp 2019 Company 2020 Company 2019 Contracted for but not PTOVId￿ in these financial s&￿•M•nts Total amount payable over the perThJ of the lease 1.233,295 1,233.295 27. Operallng lease commltments At 31 Juty 2020 the GroLP and the Company had commitments to make futurè minimum lease paymgn15 under norh-cancellable operating knes as fOlkA￿.. Group 2020 Group 2019 Not Jaler than 1 year Later than l yearand not later than 5 yea Later than 5 years 37.546 99.719 42,674 132,659 8.291 137.265 183,624 The following lease pa￿ts been rets>Jnised as an gxp8nse in the S&kn8nl of Finan¢kg1 A¢tNlties'. Group 2020 Gmup 2019 Operating lease rentals Changes in lease pa￿￿ents *ising from covi[￿19 related rent concessi￿5 36.746 17,658 28. Finance lease commlbngnts As menlpmed in Note 26 abové. the Company has errtered into a finance lease on 31 January 2020 10 provide a modular bu1￿1n9 to be used by the Svbsidiary. The payTnenls required to be made by the Company have been gauaranteed by way of an ndeminty from the Subsidary. Page 39 THE OOREEN BIRD FOUNDATION (A Company Llmltsd by Guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Related party transadions lo the natu￿ of the Charitls operatKJns and ts nature of its sub$￿￿?ry College's Operat￿n$ antj the Trustees being drawn in part from k¢al prNale and publ￿ seclor organisab'ons. il is inevilable that transactions wll lake p*e with organisations in which a Truslee may have an inleresl. All transactions with such organis*ion$ are conducted at aFm's length a￿[ in accordance with the Char￿$ and the College's financial regukts.ons and procurement prctedures. Tfansacti¢)ns and balances wlth the sub51di•ry. The Dofe•n Blrd Colle9• ol Performlng Art8 Llmltsd I'yho College") During the year fent of £250,fJXS (2019. £2￿.((￿7) thBS paKI by the College. in respect of properties fjwned by the Found*ion which ￿ rKcupied by the Col$&¥ for the purpose ol its trade. This rent is eliminated on ￿n$￿I￿a￿on. The College made a Gift Aid donation to the F¢￿ndal￿Tr during the year of £Nil (2019.. £65,725) in respect of the amount of The col￿e'S taxab￿ profrt for the prev*yJs year. The current yeaT'S taxable profits of £372,787 (2019.. £Nd) will be paKI in the next year. The Doreen Bird F¢yJndatKJn has agreed to provNJe 5UPPOrt to the Coltege by way of financing certain students, tuiti¢Y) fees by w8y ol funding bursar*s for those students. The butsaries tha￿ed for the year (including amounts charged to restricted funds) amounted lo £16,210 (2019.. £29, T92J. The Doreen Bird Foundolw has warded prizes lo the b8$1 performiThJ students of the College for the year. These prvzes are paid by the Foundation directty lo the students ￿ncerned. The prize$ awarded for the year amounted to £Nil (2019.. £2.GOJ). The College owes the Found*ion £*.889 (2019." £411.￿￿1) in respect of the inter-company current account and this arnovnt is included in debtors. These amounts are eliminated on consdid*ion. The ams)unts ch¥ed are unsecured. interest free. have no fixed date of repayment and are repayable on deman¢J. The Doreen Bird College of Perfomiing Arts Lirnited has gwen an untrfertaking of £2,400,000 12019.. £2,400,OOOJ to guarantee borr(Mings taken out by The Doreen Bird Foundation. Thi3 is secured by fixed and f108ting charges over the assets ol The Dc*een Bird Cdlege of Perfoming Arts Limit￿. The Doreen Bird College of Perfomiing Arts Limrted has also given an indemnty in respect of the lolal paymenls due Lbnder finance lease agreements that The Doreen Bwd Foundatton ha5 taken out (see note 281. Pa98 40 THE DOREEN BIRD FOUNOAnON IA Company Limitèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 3Q. Post balance sh•et events and th* impad of th? cor¢)navints {Covid-19) pandemlc Impact olthe coronavlrus ICovid-19) pandemk The Company and the SubSid￿ry cont.nue to be affected by the worfth¥Kle impact of the pandemic ￿USed by the coronavirus ICovid-19). At the year end the r))ronaviriJs ICovid-191 had been identified as a worfthide threat and accor¢Jingly the impact of any factors resutting from the viws up to the date of these aC￿nIS are ¢￿Sidered in these acwints. Th8 impact of these factors are contt"nuing post year end and the uncert&nty of not knowing how loNJ this situatDn w￿1 go on represents 8 fr￿t￿la1 uncertainty. The major risks as8￿¢01ed wth the ￿7paCt of the con)nawrus ICovMY-19) have been assessed as.. a possible ¢Jrcp in students and fee inecffie from other sources an in8bility to use the companys premises for teathing purrx)ses an impact on the enttys supply chain an impact on the enltys work force an impact on cash from e(¢her losses or changes of in¢cAne or payments schedules for suppliers not knowing how W this sthjathjn wll go on. The risks are being mitigated by detathl planning and contingency measures bein9 put in *ce by the Board of Directots and the senior management t&wn. These include". use of Government funded schemes to finance eryloyees placed on furlough revision to detailed cash and budgets uThJer various scenams discuss1￿$ Wrth suppliers to arrange payment plans and to defer P￿nned •al expendrture wthere possible arranging for Ihe worklo￿e to WOTk ¢)ff site. The Cdlege has three Immedh￿e arKI key obieLtNes to reduee the wnpact and detrimental effects caused by the impact of the virus.. prOt￿t the edu&knn and training of the student continuing lo recrurt exeeptional students protect the financral healih ol the Lyganisation to secure its future.. Other evenls There wer8 no other post balance sheet events vknith affecl the figures disclosed in the accounts or which require disc105ure. 31. Controlling party In the opinion of the dire¢tcrfs, there is no ultinate D)ntrolling paty as the company is limited by 9uaranlee. Page 41