Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 Registsred number.. 03636078 Charity number: 1073945 THE DOREEN BIRD FOUNDATION IA Company Llmlted by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 VINTHAMS
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) CONTENTS Page Rofvron¢o and admlnl$tratlve dots11$ of the Charlty. Its Tru$ts•$ and advi$•rs Trustsg$' rgport Independent auditors. r8port on tho financial statem•nts 10-13 Consolldated statoment of financlal activltles 14 Consolldated statoment of financlal posltlon Company 8tatsm•nt of flnanclal po8ltlon 16 Con$olldat•d stat•m•nt of cash Ilo 17 Notes to the financlal 8tatsm*nts
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023 Trustees G. F. Pine. chaimlan S. A. Coen, CEO. joint principal (until 31 August 20221 and accounting officer of subsidiary trading college L. de Abreu, Principal (from 01 September 20221. joint principal lunlil 31 Augu51 20221 ol subsidiary trading colleoe S. J. Alkins J. P. Emery N. Patel S. R. Watson-FovAer P. Catterall {appoinled 10 January 20231 Company r¢glst•r•d numbor 036078 Charity rogistor•d numbor 1073945 Roglstored office Monkstone House Cty Roa¢J Peterborough PE1 1JE Chb•f •x•cutl¥• officor S. A. Coen Independent audltorJ Venlhams Chartered Accountsnts Statutory Auditor Summit House 12 Red Lion Square London WC1R 4QH Bankor# Barclays Bank ple Bexleyheath Busine$$ Centre Kent Soll¢ltors Greenwoods Legal LLP Monkstone House Cty Road Peterborough PE1 1JE Page 1
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2023 The Trustees present their annual report together with the audited financial stslemenls of the Charity for the year 1 August 2022 10 31 July 2023. The Annual Report seNes the purposes of both a Trustees, port and a directors. report under company law. These documents. together wth the auditor's report, form the financial ststements for the year. The Trustees confirm that the Annual Report and financial stslements of the charitable company comply with the current 51alutory requirernents under the Companies Act 2006. the requirements of the charitable company's goveming documents and the provisions of the Slatemenl of Recommended Practice ISORPI applicable lo Charities preparing their accounts in accordance wth the Finanaal Reports'ng Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 2015) as amended by Update Bulletins 1 and 2. The director5 01 the Company are ts Trustees for the purpose of charity law and throughout Ihiy report are collectivety referred to as'the Trustees". The Doreen Bird Foundation is referred lo in this annual report and financial statements as 'lhe Charty" the Company" and 'lhe Foundation" The subsidiary company, The Doreen Bird College of Petforming Arts Limited is referred to in this annual report and financial statements as "the College" and 'lhe Subsidiary" The Charity and the College together are referred lo as'the Group" The Doreen Bird Foundation is a limrted company incorporated on 22 September 1998 under the Companies Acts.and is also a reglstered chanty. The company is limrted by guarantee and does not have a Share capital.11 is exempt from using the word Llmiled In the name of the company. On 22 February 1999 Mrs D J Cook and Mr F E Cook transferred their holdings of 900 and 100 shares respectively in the Doreen Bird College of Performing Arts Limited to The Doreen Bird Foundats'on. These have been included in the financial slalement5 al the estimated value al the date of transfer. Mrs D J Cook died on 4 Febwary 2004. By her wll she left the charity three properties under a permanent endowment subject to the payment by the Charity ol the expenses of the estsle including inheritance lax. These were included as tangible fixed assets but were sold in a previous year and replaced by a further asset which was acquired for and is being developed lor the purposes of the trade of the Subsidiary. Page 2
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 OBJECTIVES AND ACTNITIES a. Policies and objectives As stated in the A'¢le$ of As$13b0n, the Charitls objects are reslrided specifically, in each case for the public benefit. to.. advance the education ol the public in the study of performing arts. dance. drama, singing and related subjects." to promote the fjevelopmenl of ed(ats.0n in the perfonning arts of dance and drama, signing and related subjects in college'$, Schools and other educational estsblishments.. and. promote the development of facilities for the leaching arKI performance of perfoming arts, dance. drama. singing and related subjects. In setting objectives and planning for activities. the Tnjstees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity IP821'. b. Strateglas for achievlng obJ•ctlves To achieve ils objectives the Charity provides scholarships. bursaries and awards lo applicants to attend courses and provides support lo establish an¢J maintain any college. sch¢)ol. or education body where students may be educated in performing arts, dance. drama, $inging and related subjects. ¢. Actlvltlos undertaken to a¢hleve obJe¢tlv•s The Charty has provided support to students of the College by way of providing bursaries and other financial Support towards students, tuition fees. Some of these bursaries were allocated from reslncled funds a5 the awarding of these funds confoms to the restn"cbons F4aced on these funds vthen they were given lo the company. The Charity receives a market renl from the subsidiary for the buihjing provided by the Chanty to the College for the purposes of the College's trade. The costs incurred on the acquisition an(J refurbishment of the new pmiseS mentioned above have been either finan¢ed from the cash reserves of the Subsidiary land therefore reflected in the balance on the inler¢ompany a¢countl or from bank loans granted by the Charity's banker or from the sale proceeds of the three proPee$ bequeathed to the Charity under the TrMII of the Founder, Mrs. Cook. Page 3
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 ACHIEVEMENTS AND PERFORMANCE a. Main achievements of the Charity The Charity has continued to provide support to its trading subsidiary by way improvement of the site occupied by the Subsidiary and the provision of bursaries for students. The Subsidiary pays a market rent for the property which is used for the servicing of the bank loans that were taken OLrt to purchase and improve the site. b. Koy p•rfomianc• Indl¢atoYs The Charity has not set any Key Performance Indicators. c. R8viaw of activiti8S The results for the year are as sel out in the consolidated statement of financial aclivrties. The Subsidiary achieved a surplus for the year vthich wll be passe¢J lo the Charity as a Gift Aid donation in the lollwng year allowing the Charity to fund future rts charitable expenditure and the development of the site for the College. d. Fundralslng a¢tlvltlo6 and Incomo generatlon The Charity undertakes no direct fund raising but received income from the letting of its premises to the subsidy. a ctsnlribulion from the University who support the actsvits.es of the trading subsidiary and from miscellaneous donations. g. Invastmant pollcy and p•rlomianc All funds are helfj for short term use and are thefore mainlaine<l in bank current accounts. FINANCIAL REVIEW a. R8s•rvo8 poIIcy The Trustees have examined the Charity's qUIrementS for reserves in the light of the main risks to the Charity. They have delemiined that given the commitment to assist the Subsidiary. rt should maximise the level of ils unrestricted funds in order to provide this assistance in the future. Page 4
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 b. Principal risks and uncertaintie$ The Trustees have considered the principal risks and uncertainties the Charity and the Group are exposed to. The subsidiary is exposed to a number of risks which are specific lo the affairs of the Subsidiary and these are disclosed in full In the Subsidiary's accoun15 as follow5.- IntrOducOn The College has well developed strategies for managing risk and strives to embed risk management in all that il does. Risk management processes are designed to protect The College'5 asse15, reputation and financial slabilty. The Board of Director5 and relevant su1COmMitteeS have undertaken further work during the year including developing the system of inlemal control. induding financial. operab.onal and risk management which is designed to protect The College's assets and reputstson. A risk register is maintained which is revieN%ed by the Directors. The risk register identifies the key risks, the likelihood of those risks occurring, their polents.al impact on The College and the actions being taken to reduce and mitigate the risks. Risks are priorilised using a consistent $coring system. The Board of Directors undertakes a comprehensive review of the risks to which The College is exposed. Some of this review is undertaken by sub-committees ol the Board, including the Financial and General Purposes Committee and the Health and Safety Committee. The Board of Directors identifies systems and procedures. induding specific preventsble actions should miligale any potential impact on The College. The inlemal controls are then implemented and the subsequent year's appraisal wll review their effectiveness and progress against risk miligalion actions. In addition lo the annual review, the Board of Directors wll also consider any risks which may arise as a result of a new area of work being undertaken by The College. Thi$ 1$ supported by a risk management training programme to raise awareness of risk throughout The College. Rlsk: Tultlon l•• pollcy Ministers have confirmed that the fee assumpts'on remains at 50%. In line with the majority of other colleges, The College will seek to increase tuition fees in accordance with the fee assumptions. The risk for The College is that demand falls off as fees increase and this reduces Ihe income stream of from these sources. This will impact on the growth strategy of The College. The risk is miligaled in a number of y$=. Ensuring The College is rigorous in deh'vering high quality education and training, thus ensuring value for money for 51udenls. Close monitoring of the demand for courses as wces change. Increasing the number of fvll fee paying studenls such as overseas students. Riyk: Govemment and local authority funding The College has Considerable reliance on ¢onb"nued govemment fvnding through the further and higher education sector funding bodies. In 2022123 77% 12021122.. 78%> of The College's revenue was ultimately publicly funded and this level of requirement is expected to contsnue. There can be no assurance that government policy or practice will remain the same or Ihat public fvnding will continue at the same levels or on the same terms. Page 5
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 The College is aware of several issues vthith may impact on fvture funding- The fundin9 may cease erther through the actions of a change in Govemment Policy, the performance of the students of The College or a change in criteria of the fvnding bodies which may mean The College no longer qualifies for lunding., The levels of funding may be reduced The risk is mits'gated in a number of aYS..- Funding 15 derived through a number of direct and indirect tradUal arrangements. By ensuring The College is rigorous in delivering high quality education and training. Considerable focus and investment is plawl ¢)n maintaining and managing key relationships wth the various funding bodies. Ensuring The College focuses on those priority sectors which wll contsnue lo benefit from public funding. Regular dialogue vAlh funding bodies. Rlsk: L8glslatlon and hoalth and safety In line wlh other Colleges and bu5ine55es, The College is exposed to the risk of action by existing staff, students or members of the public from the failure lo operate the business in accordance th current legislation including that covering health and safety matters. The risk is mitl9aled in a number of ways... Setting up a health and safety $utrrcommittee lo look at all aspects of health and safety. Appointment of an operatn$ Manager and addrtional premises supeNisors. Engaging a specialised health and safety company to carry out fomial risk assessments on the assets of The College. Engaging a specialised human resources company lo ensure that all staff matters are in accordance wf(h the relevant legislatson. Ensuring that all staff receive adequate training in healih and safety matters. STRUCTURE GOVERNANCE AND MANAGEMENT *. Constitution The Doreen Bird Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. On 7 December 2021 the Charity adopted new Articles ol Association designed to reflect modern practices and procedures. Page 6
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 STRUCTURE GOVERNANCE AND MANAGEMENT (continued) b. Mèthods of appointsnont or •18ction of Trustsos The management of the Charty is the Te5ponsibilty of the Trustees. The Trustees are elected under the temis of the Articles of Associabon which slate that the number of trustees shall not be less than three but shall not be subject to any maximum. The first trustees were appointed under the Artides of Association and subsequent trustees may be appointed to be a Trustee by a resolution of the Trustees. The usual term of office for a Trustee shall be three years at the end of which they shall reb're but are elwible for reappointment by the Trustees for up to a further two term5, each of three years. On appointment as a Trustee the individual becomes a member of the Chanty. The Charity has no staff so all des1OnS are made by the Trustees. The Trustees yerving in thè year and since the end of the year are get out on pagè 1 of thèse financial stslements. . Polic188 adoptsd for the induction and traSning of Truste09 No specrfic policies have been adopleil for the inducts'on and training of Iruslees. d. Pay pollcy for kèy managèm•nt por*onn There are no key management personnel employed directly by the Charity. The pay Policy for the key management personnel employed by the trading subsidiary 1$ detemiined by the Board of Directors of the subsidiary. •. Flnanclal rlsk managgmfjnl The Trustees have assessed the major risks to which the Group and the Charity are exposed, in particular those related lo the operations and finances of the Group and the Charrty. and are satisfied that systems and procedures are in place to mrtigale exposure to the major ri$k$. PLANS FOR FUTURE PERIODS The new site provided for the trading subsidiary has now been fvlty occupied by the Subsidiary, but there is a continual and on going need to look at expansion of this sile. The Charity's bankers conts'nue lo provide additional support lo undertake thi5 expansion. This include5 the Charity providing the Subsidiary with modular buildings acquired by means of finance leases lo be used a addib'onal classrooms. TRUSTEES. LIABIUTY The trustees of the Charity are are required to become members of the Charity and guarantee to Contribute an amount not exceedin9 £10 to the assets of the Charity in Ihe event of winding up. Page 7
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Statement of Tru$teey' respon$ibilitie$ The Trustees (who are also the directors of the Charity for Ihe purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance wth applicable law and United Kingdom Accountsng Standard5 Iunited Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees musl not approve the financial statement5 unless they are satisfied that they give a true and fair view of the slate of affairs of the Group and the Charity and of their incoming resources and applicab.on of resources, including their income and expendrture, for that period. In preparing these financial statements. the TnJstee$ are required lo.. select suitable accounting policies and then apply them consistenuy.. observe the methods and principles of the Charities SORP IFRS 1021.. make judgements and accountsng estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any matèrial departures disclosed and explaine(l in the financial statements". prepare the financial Slalements on the going coneem basis unless il is inappropriate lo presume that the Group wll ¢onlinue in business. The Tru51ees are Tesponsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose %wth reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply wlh the Companies Act 2008. They are also responsible for safeguarding the assets of the Group and ihe Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITORS Each of the persons who are Tnjstees at the time vthen this Trustees. Report is approved has confirmed Ihal.. so far as that Trustee is awa. the is no levant audit infomalion of which the charitable group's auditors are unaware, and that Trustee has tsken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audrt information and to establish that the charrtable group's auditors are aware of that information. AUDITORS The auditors, Venthams, have indicated their wllingness to continue in office. The designated Trustees will propose a motion reappointing the auditor5 al a meeb.ng of the Trustees. Page 8
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Approved by order of the members of the board of Trustees and signed on their behalf by.. G. F. Pine Direclorllruslee and chair Dale Directorltruslee 20 December 2023 20 December 2023 Page 9
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE DOREEN BIRD FOUNDATION Opinion We have audited the financial ststements of The Doreen Bird Foundation (the 'parent charitable COTnpany'l and ils subsidiaries Ithe 'group'l for the year ended 31 July 2023 which comprise the Consolidated Statement of Financial Activities, the Con501idaled Statement of Financial Position. the Company Slalemenl of Financial Position. the Consolidated Stslement of Cash Flows and the relate(1 notes. induding a summary of significant a¢¢ounting policies. The finanual reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounts'ng Practicel. In our opinion the financial $tstements'. give a true and fair view of the state of the Group's and of the parent charitable company's affairs as al 31 July 2023 and of the Group's incoming resources and application of resource5, including Ils income and expenditure for the year then ended, have been properfy prepared in aordance United Kingdom Generally Accepted Accounb'ng Practice.. and have been prepared in accordance wth the requiremenls of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance wlh Inlemalional Slandarils on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are fvrther described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance wth the ethical requirements that are relevant to our audit of the finanaal statements in the United Kingdom, including the Finanual RertIng Counthl's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe that the audit ewdence we have obtained is suffici&nt and appropriate lo provide a basis for our opinion. Concluyion$ r•lating to going c¢)n¢orn In auditing the finanaal statements, we have concluded that the Trustees. use ol the going concern basis of Iccounling in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have nol identtfied any material uncertainties relating lo events or conditions that, individualty or collectively, may cast signfficant doubt on the Group's or the parent charitable company's ability to continue as a going concem for a period of al least tsvelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees vAlh respect to going concem are described in the relevant sections of this report. Page 10
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE DOREEN BIRD FOUNDATION ICONTINUEDI Other Infomiatlon The other information comprises the information induded in the Annual Report other than the financial 51alements and our Auditors, Report Ihereon. The Tru5tee5 are responsible for the other infomialion contained within the Annual Report. Our opinion on the financial slalemenls does not cover the other Inftsrmation and, except lo the exient othemse explicrtly slated in our report. we do not express any form of assurance ¢on¢lusion thereon. Our responsibility is to read the other infomation and, in doing so, consider whether the other inforrnation is materially inconsistent wth the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If ¥ identify such material incon51Stencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo 3 material misslalemenl In the financial slalemenls themselves. If. baseil on the work have perfomied, we conclude that there is a material misslalemenl of this other inlomiatson, %%e are reqUId to pOrt that fact. We have nothing to report in this regard. Opinlon on othor matters prescr5bed by the Compani•s Act 2006 In our opinlon, based on the work undertaken in the course of the audit.. the information given in the Trustees. Report for the financial year for vthich the financial stslementg are prepared is consistent wth the financial Slatemenls. the Trustees, Report has been prepared in accordance applicable legal rèquirements. Mattor• on whSch wo are requlred to report by •xceptlon In the light of our knO%edge and understanding of the Charitable eompany and ils environment obtained in the course of the audrt. we have not identified material misslalemenls in the Trustees, Report. We have nothing lo report in respect of the following matters in relat to %thich Companies Act 2006 requires us lo report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not Vi511ed by us,. or the parent charitable company financial statements are not in agreement with the accounting records and relums.. or certain disclosures of Trustees, mneration specified by law are not made." or we have not received all the informatson and explanations we require for our audit. Re$pon$ibilitie$ of trustees As explained more fully in the Trustees. Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purpose5 of company lawl are responsible for the preparatson of the financial statement5 and for being sa115fied that they give a true and fair wew. and for such internal control as the Trustees delemiine is necessary lo enable Ihe preparalion of financial stslements that are free from material misstatement, whether due to fraud or error. In preparing the fin8nci81 st8tewnents. the Trustee$ are responsible for assessing the Group'$ and the parent charitsble company's ability to ¢onbnue as a going ¢oncem. disclosing. as appli¢able. matters related lo going concern and using the going concern basis of accountsng unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic altemative but to do so. Page 11
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE DOREEN BIRD FOUNDATION ICONTINUEDI Audltors. r•sponslbllltl•s for tho audlt of th• financial $tatsm•nts Our objectives are to obtain reasonable assurance about ether the financial statements as a whole are free from material mi5Stalement. whether due to fraud or error, and to Issue an Audilor5' Report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audrt conducted In a¢¢ordan¢e with ISAS IUKI VAII atways detect a material misststement when rt exists. Misstalemenls can arise from traud or error and are considered material if, individualty of in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, induding fraud, are instsnces of non-compliance wlh laws and regulations. We design procedures in line with our responsibilibes, outlined above, to detect material misststements in respect of irregularities. including fraud. The extent lo vthich our procedures are ¢apabbe of dele¢ting ifregularrtie$, including fraud 1$ detailed below.. Our approach to identifying and assessing the risks of material misslatemenl in SpeCt of irregularities. including fraud and non-compliance with laws and re9ulalions. was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills lo idenlfy or recognise non<ompliance wlh applicable law$ and regulations.. we identified the laws and regulats.ons applicable lo the company through discussions with direclorg and other management, and from our commercial knoge and experience of the sector that the Company operates in.. we focused on specific laws and regulations vthich nSIdered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006. taxats'on legislation and data protection, employment. and health and safety legislatson,, identi'fied laws and regulations were communicated wlhin the audit team regularly and the team remained alert lo instsnceg of nOrcomplIance throughout the audrt. We assessed the susceptibility of the company's financial slatemenls to malerial misstatement, including obtsining an understsnt1ing of how fraud might occur. by.. enquiry of management. those charged wth govemance and the entity's solicitors around actual and potential litigation and daims., enquiry of entty staff in tax and compliance functions to identify any instances of nonwcompliance with laws and regulation., reviewing minutes of meetings of those charged with governance; reviewng financial slalemenl disdo$u$ and testing to supporting t1Umentation to assess Compliance with applicable laws and regulations. To address the risk of fraud through management bias and override of conlrols, we.. performed analytical pr¢Jcedures to identsfy any unusual or unexpected relationships., tested joumal entries to identify unusual tsansacbons". assessed whelherjudgemenls and a55umpb.ons made in determining any accounting estimates., Page 12
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE DOREEN BIRD FOUNDATION ICONTINUEDI invests"gateiJ the rationale behind signthcanl or unusual transactions. In response to the risk of irregularities and non-¢ompliance Mth laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underfying supw)rting documentstion.. reading the minutes of meetings of those charge(J govemance., enquiring of management as lo actual arKI polenb.al lib"gats"on and daim$,' reviewng correspondence with HMRC and other relevant regulators and the company's legal advisors. Because ol the inherent limitations of an audit. there is a nsk that we will not delecl all irregularities. including those leading to a material misslalemenl in the financial statements or non-compliance wrth regulation. This risk increases the more that compliance wth a law or regulation is removed from the events and transactions reflected in the financial ststements, as V wll be less likely to become aware of instances of non-compliance. The risk 15 also greater regarding irregularities occurring due to fraud rather than error, as fraud involves Intentional concealment, forgery, collusi¢)n, omission or misrepresentslion. A further description of our responsibilities for the aLKlit of the financial statements is located on the Financial Reporb'n9 Council's website at.. WVhV.frc.or .ukJauditorsres This descripb'on forms part of our Auditors, Report. Uso of our r•port This report is made solely lo the charitable company's members. as a body. in accordance wrth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale lo the charitable ompany's members those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent perniitted by law, do not accept or assume responsibility to anyone other than the charitable company and its members. as a body. for our audit work, for this report, or for the opinions we have formed. Mark Taylor (Senior ststutory auditor) for and on behalf of Ventham$ Chartered Accountants Statutory Auditor Summit House 12 Red Lion Square London WC1R4QH Dale. 2111212023 Page 13
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2023 EnOThent funds 2023 Restricted Unrestricted funds fundy 2023 2023 Total funds 2023 Total funds 2022 Note Incomo Charitable aclivibes Other trading activities subsidiary turnover Interest receivable 2,289 2,289 207,517 5.905,826 197 5.905,826 197 5,332.082 Total incom8 5,908,312 S,908,312 5,539,599 Exp•ndltur• on: Expenses of the Subsidiary excluding rent paid - excluded on consolidation 5.495.199 5.495,199 4,840,068 Charitable aclivrties.. Grants lo support the performing arts Interest on finance leases and deprecation on the related assetg Governance costs Interest on bank loan$ S.441 5,441 17,512 82.512 82,512 7,500 101,292 29,269 7.500 127,849 127,849 73,207 Total oxpondlture 82.512 5.63S,989 5.718,501 5,061,348 Net income for the year (net movement In funds) 182.512) 272,323 189,811 478,251 Re¢on¢iliation of fund$: Funds brought forward Net income for the year Inel movement in lundsl 1,755,035 1,015,616 3,027,271 5.797,922 5,319,671 (82.512) 272,323 189,811 478,251 Funds ¢arrl¢d for¥Ydrd 1,755.035 933.104 3.299,594 5.987,733 5, 797.922 The Consolidated ststement of financial acti¥eS indudes all gains and losses recognised in the year. Page 14
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 JULY 2023 2023 2022 Mote Flx•d assèts Tangible assets 12 7,985,809 7,957,567 7,985.809 7,957,56T Currènt a$$ots Stocks Debtors Cash al bank and in hand 15 16 IS,410 161.849 769.224 17,727 130, 196 819,492 946.483 967,475 Creditors.. amounts falling due wlhin one year 17 1979,0301 (1,061,242) Not current assets I Ilabilities {32,$471 (93,827) Totsl a8s•ts l•ss curront Ilabllltl•s 7.953.262 7,863, 740 Creditors,. amounts falling due after mo than one year 18 11,965,$291 (2,065.818) Total net ass•ts S,987,733 5, 797.922 Charlty funds Endowment funds Reslricled funds Unrestricted funds 19 19 19 1,755,035 933,104 3,299,594 1, 755,035 1,015,676 3,027,27q Total funds 5,987,733 5, 797,922 The Trustees acknOedge their responsibilities for complying wlh the requirements of the Act with respect lo accounting records and preparation of financial ststements. ThUgla1 slalemenls were approved and authorised for issue by the Trustees and signed on their behalf by.. G. F. Pine Director and Chair Dale. 20 December 2023 S. A. Coen Dire¢tor 20 oecember 2023 Page 15
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 JULY 2023 2023 2022 Mote Flx•d assèts Tangible assets Inve51ment5 12 6,873,407 70.000 6,854,531 70,000 13 6.943.407 6,924,531 Curr•nt assets Debtors Cash al bank and in hand 16 1.011 343.238 61,053 446,052 344.249 507, 705 Creditors.. amounts falling due wlhin one year 17 1321,3461 (585,890) Not current assets I Ilabilities 22,903 (78, 785) Totsl a8s•ts l•ss curront Ilabllltl•s 6,966.310 6,845, 746 Creditors,. amounts falling due after mo than one year 18 11,965,$291 (2,065.818) Total net ass•ts S,000,781 4, 779.928 Charlty funds Endowment funds Reslricled funds Unrestricted funds 19 19 19 1,755,035 933,104 2,312,842 1, 755,035 1,015,676 2,009,277 Total funds 5,000,781 4, 779,928 The Charity5 nel movement in funds for the year was £220,853 {2022- £555,218). The Trustees acknOedge their responsibilities for complying wth the quirementS of the Act wlh respe¢t lo a¢¢ounling records and pparatIon of financial stslements. The financial statements were approved and authorised for issue b the Trustees and signed on their behalf by.. DoEuS*d G. F. Pino Director and chair Date.. 20 December 2023 S. A. Coen Director 20 December 2023 Page 16
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023 2023 2022 Cash flov•% Irom 0rating a¢tlviti•s Net cash used in operating activits'es {see note 221 521,610 542, 795 Cash flows from Invosn9 a¢tivltl•s Purchase of tangible fixed assets Additions to investment properties {150.3021 {59.1431 (103, 129) (61,850) N•t cash u8od In Inv•stlng actbvitl•# {209.4451 1164.9791 Cash flow from financing actlvStS0s Cash inflows from new borrowing Repayments ol borrobmngs excluding interest 200,000 1562.4331 (362.275? Not cash u8•d In flnanclng actlvltl 1362,4331 1362.21 Sl Chango In cash and cash equSvalents In tho year Cash and cash equivalents al the beginning of the year 150.2681 819.492 15.601 803.891 Cash and cash equlvalents •t th• ond of the lf (see nots 231 769,224 819.492 Page 17
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 General infomiation The Doreen Bird FourKlabon is a company limited by guarantee registered in England and Wales, registratson number 03636078. The wiSted office is Monkstone House, Crty Road, Peterborough. PE1 1JE. The Doreen Bird Foundation is also a registered charity with charity number 1073945. The Doreen Bird Foundats"on meets the definrtion of a public benefft entity under FRS 102. Accounting pollcles 2.1 84$ls of proparatlon of financlal ststemonts The financial statements have been prepared in accLJrdancE With.. the Charities SORP IFRS 1021 "Accountsng and Reporting by Charities.. Statement of Recommended Practice applicable to charitses preparing their accounts in accordance with the Financial Reporting Stsndard applicatrAe in the UK and Republic of Ireland IFRS 1021 the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. FRS 102 'The Financial Reporting Stsndard Applicable in the UK and Republic of Ireland,. - The amendmenls lo FRS 102 pemiitied trom the Triennial Review 2017. - The Companies Act 2006 applicable to charitable companies. In the case of the Subsidiary rt has lo prepare its accounts in accordance wth the Stslemenl of Recommended Practice." Accounting for Further and Higher Education 2019 Ilhe 2019 FE HE SORPI. the associated College A¢¢ounls DI¢t10n for 2022 10 2023 and the associated Office for Students AontS Direction 2019.41. Assets and liabilities are inrtialty recognised al historical cost or transaction value unless othèrwisè stated in the relevant accounting pdicy. The Consolidated Ststement of Financial Activilies ISOFAI and Con$olidaled Statement of Financial Position consolidate the financial statements ol the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Group has tsken at1vantage of the exemptson allowed under section 408 of the Companies Act 2006 and has not presented rts own Slalemenl of Financial Activtb"es in these financial slalemenls. The Company has also taken advanlage of the provisions in FRS 102 Section 1.11 and has not presented its individual statement of cash flows. Page 18
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies (continued) 2.2 Going concem The activities of the Company and the Subsidiary, together wth the factors likely lo affect their future development and performance are set Olrt in the Trustees. Report. The financial position of the Company and the group. its cashllow. liquidty and borrowngs are presented in the Financial Statements and accompanying notes. Taking into account a period exceeding 12 months from the dale of approval of these financial slalemenls, the Trustees have a reasonable expectation that il has adequate resources lo continue in operational eyislence for the foreseeable future, and for this reason will continue lo adopt the going concern basis in the preparation of ts Financi Statements. 2.3 Income All income of the holding MpanY is recognised once the Charity has enlillemenl lo the income, il is probable that the income will be received and the amount of Income receivable can be measured reliably. The policie$ adopted for the recognth'on of income by the Subsidiary are as follows.'- Revenu• grant fiindlng Recurrent grants from Funding Councils and other bo<lies afe recognised in line wlh the lalesl estimates of the grant receivable for an ademiC year. Non-recurrent grants from Funding Councils or other bodies received in respect of the acquisition or construction of fixed assets are treated as deferred capital grants and amortised in line wrth depreciation over the life of the assets. Non- recurrent grants Irom Funding Councils or other bodies received in respe¢t of revenue èxpenditure are recognised in the same penod that the expendrture is incurred. Grants received before the eXPendrtU has been incurred are shown in crei1ilors. F•e Income and bursartes Tuition Fees and Educab"¢)n Contracts represent amounts receivable from students, parents, Local Education Aulhonb'es and Sponsors in respect of lurtion fees for the year under consideration. The cost of providing bursaries and funding from the Company's ovm funds is excluded from luilion fees. 8ursaries met by other pa'eS are included as Tuition Fees. Agency arrnngements The College acts as an agent in the collection and payment of certain discretionary support fvnds and any other arrangements. Related payments received from the funding bodies and subsequent di$bursement$ to Students are excluded from the inwme and expendrture of the College. Page 19
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies (continued) 2.4 Expgnditura Expenditure is recogni5ed once there 15 a legal OT constructive obligation lo transfer economic benefit lo a third party. il is probable that a Iransler of economic benefits will be required in settlement and the amount of the obligation Can be measureil reliably. Expenditure is dassified by aclivily. The ¢osls of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each acb'vity. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs which contnbute lo more than one activity and support costs which are not attributable lo a single activity are apportioned between those 3clivilies on a basis consistent with the use of resources. Expenditure on charitable activities is incurred on direcdy undertaking the a¢livf(ie$ vthi¢h further the Group's objective$. as well a$ any 8sWc supwt costs. Expenditure is accounted for under the accruals concept wlh the additson of Value Added Tax as neither the Company nor the Subsidiary are fegislered for Value Added Tax. 2.5 Govgmmgnt grants Grants are accounted under the accruals model as perniitted by FRS 102. Gran15 relating 10 expendrture on tangible fixed assets are Credited lo profil or loss al the same rale as the deprecialitsn on the assets lo vknich the grant relates. The deferred element of grants is included in creditors a8 deferred income. Grants of a revenue nature are reco9nised in the Consolidated Statement of Financial Activities in the same period as the related expenditure. Page 20
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies (continued) 2.6 Tangible fixed assets and dgpreciation Tangible fixed assets costing £100 or more per individual item are capilali5ed in both the Company and the Subsidiary and recognised Yh)en fvtV economic benefits are probable and the cost tsr value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognrtion, under the revaluation model. tangible fixed assets whose fair value can be measured reliably shall be carried al a revalued amount. being their fair value al the date of revaluab.on less any subsequent accumulated depreciation and subsequent accumulated Impalmnt losses. Following the reorganisation of the subsidiary college into one site in 2016, a detailed review of Fixed Assets was carried out by the subsidiary and a policy was adopted of revaluing those assets which existed at the transfer to a new site al their market value al the dale of the transfer. Additions subsequent 1¢ the transler lo the new sile. and the costs involved with the creatson of Fixed Assets within the new srte are shown at cost. Revaluab"ons are made with sufficient regularity lo ensure that the carrying amount does not differ malerialty from that vthich would be delemiined using fair valu& al the end of the reports'ng date. Gains and losse5 on revaluation are recognised in the consolidated statement of finanrAal aclivilies. with a separate revaluation reserve being shown in the Stslement of Funds note. Properties rented lo olher group enlilies are accounted for under the cost model an¢J are stsled al historic cost less accumulated depre¢iation and any aUMUlated impaimient losses. Assets in the course of construction are inclLKled at costs incurred to date. Depreciation on these assets is not charged until they are brought into use. At each reporting date the Charty assesses whether there is any indication of impairment. If such indication exists, the rewverable amount of the asset 1$ detemiined to be the higher of its lair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceed5 the recoverable amount. Page 21
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies (continued) 2.6 Tangible fixed assets and dgpreciation {continued} Depreciation is charged so as to allocate the cost of tangible fixed as5els less their residual value over their eslimaled useful lives. using both the straight line and reducing balance melhtsds. DepreatIon is provided on the following basis.. Long-term leasehold property Modular buildings being erected on the long- temi leasehold property are depreciated over the expected life of the buildings tsf 80 years. In the direclo¢s opinion the remainder of the long-temi leasehold property of the holding Company has an expected residual value at least equal to the c051s as work is being undertaken lo improve and extend the sile and therefore no depreciation Is cUrrenY being prowded on this. Over the temi of the lease l$ub$idiary gnlyl ImpTovements to leasehold premises Costumes and props M¢lor vehicles Fixtures, fittin9s and equipment Computer & IT equipment musi1 inslnJmenl$ 20% Reducing balance method (subsidiary only) 20% Reducing balance method (subsidiary only) 20% Reducing balance method (subsidiary only) 20% Re¢Jucing balance method (subsidiary only) 20% Reducing balance method l$ubsidiary only) The assets, residual values, useful lives and depreaation methods are reviewed, and adjusted prospeth'vely if appropriate, or rf there is an indicatn of a significant change since the last reporting date. Gains and losses on disposals are detennined by comparing the PrOd$ with the carryng amount and are recognised in the consolidated statement of financial activities. 2.7 Invtstmènts Investments in subsidiaries are valued at cost less provision for impairment. 2.8 stocks Stocks of the Subsidiary are valued at the lower of cost and selling price less Selling cos15 after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs. 2.9 Debtors and prnpaym•nts Trade and other debtors are Tecognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid. Page 22
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies (continued) 2.10 Cash and cash 1¥a•9nts Cash 15 represented by cash in hand and deposits wlh financial in51rtulions repayable wlhout penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature In no more than three months from the date of acquisition and that are readily converb'ble to known amounts of cash wth insignificant risk of change in value. In the Slalement of Cash Flows, cash and cash equivalents are shown nel of bank overdrafts that are repayable on demand and fom an integral part of the Companys cash management. 2.11 Llabllltlos and provlslons Liabilities are recognised when there is an obligation at the Balance Sheet date as a result ol a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be eslimaled reliably. Liabilities are fecognised * the amount that Ihe Charity anlicipates il wll pay to settle the debt or the amount il has received a$ advanced payments for the goods or services it musl provide. A liability Is recognised in the Subsidiary to ihe exient of any unused holiday pay enlillemenl which is accrued at the Balance Sheet dale and Carried forward lo future periods. This Is measured al the undiscounled salary cost of the futu holiday enliuemenl so accwed al the Balance Sheet dale. 2.12 Flnan¢l•l In¥trum•nts The Group only has financial assets and financA41 liabilitie5 of a kind that qualify as basic financial instruments. Basic financial Instruments are Initially recognised al transaction value and Subsequently measure<l at their settlement value wth the exception of bank loans which are subsequently measured al amortised cost using the effeclive interest method. 2.13 Flnanc• l•ases and hlrn purchase Assets obtained under hire purchase contracts and finance leases are capilalised as tangible fixed assets. Finance leases are those where substantsally all of the benefits and risk$ of ownership are assumed by the Group. Obligatsons under such agreements are included in creditors, net of the finance charge allocated lo future periods. The finance element of the rental payment Is charged lo the consolidated slalemenl of financial activities so as lo produce a constant periodic rale of charge on the nel obligation outstanding in each period. 2.14 Op8ratlng 1gaso$ Rentals paid under operating leases are charged to the consolidated Statement of financial activities on a straight line basis over the lease term. Page 23
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies (continued) 2.15 Pgnsions The Subsidiary operates a defined contnbub.on plan for ils employee5. A defined contribution plan is a pension plan under which a Company pays fixe(1 conlnbutions into a separate enlily. Once the ¢onlribubons have been paid the Company has no ftjrther payment obligations. The contributions are recognised as an expense in the Statement of Financial Activities when they fall due. Amount5 not paid are shown in accruals as a liability in the Consolidated Statement of Financial Posrtion. The assets of the plan are held separately from the Company in independently administered fvnds. 2.16 Fund accounting Unre51TlCted funds are available for use al the diSCretn of the Trustees in furtherance of the general objectives of the Group and vA)ich have not been designated for other purposes. Restricted funds are funds vthich are to be used in accordance wth specific restrictions imposed by donors or thich have been raised by the Group for particular purpose$. The costs of raising and administering such fvnds are charged against the specific fund. The aim and use of each restricted bjnd is sel out in the notes lo the financial statements. Endowment fvnds present the value of assets gffted lo the charity by ils founder erther as gifts lo the charity or as legacies. Investment income, gains and losses are allocated lo the appropriate fund. Judgments In applylng accountlng pollcl•s and key sources of estlmatlon un¢ertalnty E$timate$ and judgements are conbnually evaluated and are based on historical experience and other factors, including expectatsons of future events that are believed to be reasonable under the circumstances. Critical accounting eslimales and assumptions- The Charity make$ estimate$ and as$umptson$ conceming the future. The re$ulb'ng aUntIng estimates and assumptions will, by definition, seldom equal the related actual results. The eslimates and assumptions that have a significant risk of causing a matenal adjustment lo the carrying amounts of a5set5 and liabilities wthin the next financial year are discussed in Note 4 below. Page 24
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Critical accounting estimates and areas of judgemenl Estim8les and judgements are ¢onts"nually evaluated and are based on historical experience and other factors, including expectations of luture events that a believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Charity and ils subsidiary make estimate5 arKI assumpts.ons conceming the future. The resulb.ng accounting estimate5 and assumptions will. by definition. seldom equal the related actual results. The estimates and assumptsons that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities wthin the next finanual year are di$¢u$$ed below. Tangible fixed assets of the subsidiary Certain classes of tangible fixed assets of the subsidiary were revalued during a previous year al estimated market value as assessed by the directors in consultation with members of staff and exlemal suppliers. Tangible fixed assets are depreciated over their usefiJl lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number ol factors. In re•asse55ing asset live5, factory such as technological innovation and maintenance programmes are taken Inlo account. Residual value assessments consider issues such as lulure market conditsons. the remaining Ille of the asset and projecte11 disposal values. The directors of the subsidiary have considered whether there are indicators of impairment of the Group's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial perfomance of the asset. L•a8•8 Management deterniine whether leases entered into by the Company or the subsidiary as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks Ind rewards of ownership have been Iranslerred from the lessor to the lessee on a lease by lease basis. Page 25
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Income from charitable activities - holding company onty Unrestrl¢t funds 2023 Total funds 2023 Support of the perfomiing arts 2,289 2.289 RestlFCted Unrestiyct8d funds funds 2022 2022 Total funds 2022 Support of the perfomiing arts 207, 161 356 207,517 In previous years that The Universty of Greenwch has agreed to provide support for the capital project lo develop the properties used lor the provision of courses for students thich are validated by The University. The University has provided this support by a reduction in the UCAS tariff that rt charges the subsidiary college in SpeCt of students on applicable courses for Yéhich the tariff is charged. This abalemenl has previously been reflected as an addition to the reslrided fvnds of The Foundation, bul rt is now agreed that this abatement wll nol be passed to The Foundation. Income Irom oth•r trading actlviti•J Income from non charltable tradlng acllvltl Unrestricted fund$ 2023 Total funds 2023 Income of the subsidiary- of a charrtable nature as the supply of education in the performing arts bul as the subsidiary is not a charitsble enb.ty thi5 15 treated as trading income 5.905,826 5,905,826 Unrestricled runds 2022 Total runds 2022 Income of the subsidiary- of a charitable nature as the suppty of education in the performing arts but as the subsidiary is not a charitable entity this is treated as trading income 5,332,082 5,332,082 Page 26
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Governance costs - holding company only Unrestrl¢t funds 2023 Total funds 2023 Auditors, remuneration Auditors, non audit costs Legal co$t$ Fundraising c051$ 3,000 600 3,864 36 3.000 600 3,864 36 Total 2023 7,500 7,SOO Restticted Unrestricled funds funds 2022 2022 Total funds 2022 Auditors, remuneration Auditors, non audit costs Legal costs Fundraising cos1$ 4,800 4,800 2,173 216 4,800 4,800 2,173 17,496 17,280 Tol812022 17,280 11,989 29,269 Page 27
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Analysis of expenditure on charitable activities - holding company only Summary by fund type RtrIct&d Unr8strict8d funds funds 2023 2023 Total 2023 Support of the perfomiing arts induding governance cost$ Interest on bank loans Interest on finance leases and depreeats.on on the lated assets 12,941 127,849 12,941 127.849 82.512 82.S12 Total 2023 82,512 140,790 223.302 Rest17Ct8d Un$triC18d funds funds 2022 2022 Total 2022 Support of the perfoming arts induding govemance costs Interest on bank loans Interest on finance leases and deprecation on the related assets 19,094 27,68T 73,207 46, 787 73,207 101,292 101,292 Total 2022 120.386 100.894 221.280 Page 28
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Auditors. remuneration 2023 2022 Fees payable to The Chantys auditor for the audit of The Charity's annual accounts 3.000 4,800 Fees payable lo The Chantys audrtor in SpeCt of". non-audit services not included above 600 4,800 10. Employ•e and staff details Group 2023 Group 2022 Th• stsff costs Incurr•d by th• subs5dlary as lollows: Wa9es and salaries Social security cosls Contribution to defined conlribLrtion pension schemes 3,465,938 308,350 180,288 3, 105,451 278.084 154, 710 3,954,576 3,538,245 Thè average number of pern$ employed by the Charity during the year was as follows.. Group 2023 No. Group 2022 No. Charfty 2023 No. Charrfy 2022 No. Directors of the subsidiary Other key management personnel Teaching staff Non teaching staff Non-execulive directors ol both The Foundats'on and the subsidiary Non executive directors of The Foundation 112 55 175 7T6 Page 29
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 10. Employee and staff details (continued) The number of employees whose employee benefits lexduding employer pension ¢oslsl exceeded £80,000 was: Group 2023 No. Group 2022 No. In the band £60,001- £65,000 In the band £80,001- £90,000 In the band £100.001- £105.000 In the band £110.001 - £115.000 In the band £115,001 to £120,000 There were no other staff members of the subsidiary te1Ved 8nnu81 emoluments of £60,000 or more. 11. Tru8t••s' rnmunoratlon and •xpnse¥ During the year, one or more Trustees has been paid Muneration from an employment as employeesldirectors of the sub&diary. The value of this remuneration and other benefits was as follows.. 2023 2022 S. A. Coen Remuneration Pension contributions paid Remuneratson Pension contributions paid 89.483 16,877 112,751 19,042 118,000 15,979 100,300 13,882 L. de Abreu During the year, retiremenl benefits were acwing lo 2 Trustees (2022 - 2) in respect of defined contribution pension schemes. During the year ended 31 July 2023, no Trustee expenses have been incurred (2022- £NIL). Page 30
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 12. Tangible fixed assets Group Long-tern) Short-tern) Costumes, Plant, leasehold leasehold props and Motor equipment property property instruments vohl¢les and fixturès Total Cost or valuation Al 1 August 2022 Additions Disposals 6.965.963 1.364.685 59,143 7.514 259,631 3,562 39.184 612.257 9,241.720 139.226 209.445 173,72S} 173,7251 Al 31 Juty 2023 7.025.106 1.372.199 263.193 39.184 677.758 9,377.440 Dopreclatlon AI 1 August 2022 Charge for the year On disposal$ 111.432 40.267 539.159 40.601 181.739 18,501 27.867 2.263 423.956 1,284.153 64.367 165.999 158,5211 158,S211 Al 31 Juty 2023 151.699 $79.760 200.240 30.130 429.802 1,391.631 Not book value Al 31 Juty 2023 6.873,407 792,439 62,953 9.0S4 247.956 7,985,809 Al 31 July 2022 6.854.531 825.526 77.892 11,317 188.301 7,957,567 Page 31
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 12. Tangible fixed assets Icontinuedl Charity Long4erni leasehold propgrty Cost or valuation At 1 August 2022 Addrtions 6,965,963 59.143 Al 31 Juty 2023 7,02S,106 Doprfrclatlon Al 1 August 2022 Charge for the year 111,432 40.267 Al 31 Juty 2023 151.699 Not book valuè Al 31 Juty 2023 6,873,407 Al 31 July 2022 6,854.531 Follow'ng the reorganisation of the subsidiary college to one site in 2016, a detailed review of Fixed Assets was carTied out and because of difficutties in identifying individual assets, a policy was adopted of induding all assets al a revalued amount at their eslimaled market value at the dale of the transfer to the new srte. The revaluation was carried out by the staff of the subsidiary in consullalitsn wrth external contractors and the revaluatson amount was approve(I by the Board of Directors. Additions subsequent to the transfer to Ihe new site. and the costs involved with the creation of fixed assets wthin the new site are shown at cost. 11 was not practical or possible lo identrfy the original costs of the assets which were transferred to the new site, or to identify the specific assets vthich were scrapped or which no longer exist. Any exercise to attempt to idents'fy these assets would involve undue cost and effort at thal time. Accordingly no details are disclosed conceming the amounts which VDuld have been induded under the historical cost convention. The carrying amount of a propety. vhich is rented to another group entity %then il has ¢hosen lo account for such properties using the cost model is £6,873,407 (2022- £6,854,531). Included in long-lerm leasehdd property of the company and the group 15 an amount of £1,979,509 12022." £2,014, 700) in respect of the net book value of certain assets held under finance leases. Page 32
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 13. Fixed asset investments Invo$tm•nts in subsidiary Companlés Charlty Cost or valuation Al 1 August 2022 70.000 Al 31 Juty 2023 70,000 14. Prlnclpal 8ub8idiaries The following was a subsidiary undertaking of the Chanty.. Namo Company nUMr Roglslored office or prfnclpal Prlnclpal actlvlty plac• of busin88$ The Doreen 8ird College of Perfoming Arts Limited 03088287 Monkstone House, Cty Road, Peterborough, PE1 1JE Perfomiin9 Arts College Class of haros Holdlng Includéd In consolldatlon Ordinary 100% Yes The financial results of the subsidiary for the year were.. Namè Income Expenditurn ProfiUILossl excluding for the year Gift Aid before Glft payment Ald paymant Nèt a$$•ts The Doreen Bird College of Perfoming Arts Limf(ed 5.906.023 5.795.199 110,824 1,056.951 15. Stocks Group 2023 Group 2022 Good5 for resale of the subsidiary 15,410 17,72T Page 33
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 16. Debtors Group 2023 Gmup 2022 Charlty 2023 Charrfy 2022 Due wlthln on• year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 71.329 14,506 1,011 61,053 18.S90 71,930 10,890 104,800 161,849 130, 196 1,011 61,053 17. Cr•dStor8: Amounts falling du• w5thin one year Group 2023 Gmup 2022 Charlty 2023 Charity 2022 Bank loans Trade creditors Other tsxalion and so¢ial security Obligations under finance leases Other creditors Accruals and deferred income 235,056 223,775 5,159 80.290 85.605 349,14S 318,530 104.5TI 109,414 258.960 90,252 179.515 235.056 318,530 80,290 258,960 6.000 8,400 979,030 1.061,242 321.346 585,890 The bank loans are SecUd by a ffixed charge over the long lem) leasehold propety of the holding company and by a guarantee given by the subsi¢Jiary. The obligations under finance leases are secure by a charge over the assets concemed and a guarantee from the subsidiary for the total of the obligations. Page 34
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 18. Creditors: Amounts falling due after more than one year Group 2023 Gmup 2022 Charlty 2023 Charrfy 2022 Bank loans Obligations under finance leases 1.655.145 310,384 1.675, 145 390,673 1,655.145 310.384 1,675, 145 390,673 1.965,S29 2.065,818 1,965,529 2,065,818 The bank loans are secured by a fixed charge over the long tenn leasehold propety of the holding company and by a guarantee given by the Subsidiary. The obligations under finance leases are secure by a charge over the assets concemed and a guarantee from the subsidiary for Ihe lotsl of the obligali¢)ns. Page 35
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 19. Statement of funds Consolidated statsment of funds - current ye*r Balanco at 1 August 2022 Balanc8 at Incoma Expanditur8 31 July 2023 Unrostrlctod funds General Funds- all funds 2,993,103 34,168 5,908,312 15,640.7421 3,260.873 4.753 38.921 Revaluation reserve of the subsidiary 3.027.271 5.908.312 15,635.9891 3,299.594 EndowTnent funds Endowment Funds - all fvnds 1,755,035 1,755.035 R•strfct•d funds Alma Road Sile 1.015,616 {82,S121 933.104 Total of funds 5,797,922 5,908,312 15,718,501) 5,987,733 Page 36
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 19. Statement of funds {continuedl Consolidated statsment of funds - prior yr Balance at l August 2021 Transfers 8alance at in/oul 31 July 2022 Income Expenditu Unr•$trl¢ted funds General Funds- all fvnds Revaluation reserve of the subsidiary 2,595,686 5.332,438 (4,940,962) 5,941 2,993, 103 40.709 (5.941? 34, 168 2,635, 795 5,332,438 (4,940.962) 3,027,271 Endowment funds Endowment Fund$ - all funds 1.755,035 1, 755,035 R•8trlct•d fund• Conditional donations Alma Road Sile 1,814 927,027 (1.814) (118,572) 207, 161 1,015,616 928.841 207. 167 (120.386) 1,015,616 Totsl of funds 5.319.677 5.539,599 (5.061.348) 5, 797,922 Page 37
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 20. Summary offunds Consolidated summary of funds - curTent year Balanco at 1 August 2022 Balanc8 at Incoma Expanditur8 31 July 2023 General funds Endow7nent funds Restricted fvnds 3.027,271 1,755,035 1.015,616 5.908.312 15,635.9891 3,299,594 1,755,03S 933,104 {82.5121 5.797,922 5,908,312 15,718.5011 5,987.733 Coniolldated summary of fund8 - prlor y•ar Balance al l August 2021 Transfers 8alan¢a at in/out 31 July 2022 Income Expenditure General funds Endow7nent funds Restricted fiJnds 2.635. 795 1,755,035 928,841 5.332,438 (4.940.962) 3,027,271 1, 755,035 1,015,616 207, 161 (120.386) 5.319,677 5.539,599 (5.061.348) 5, 797,922 The endowment funds present the value of assets gifted lo the charity by ils founder either as gifts lo the charity or as legacies. The foun¢Jer and her husband gifted their shares in the subsidiary company lo the charity and these shares have been included at a valuab'on at the dale of the gift. Under the terms of the will of the late Mrs Doreen Cook (nee Bird) who died on 4th February 2004 the Doreen Bird Foundats'on was left the residue of the estate of Mrs Cook. subject to payment by the Foundation of any deb15. funeral and testamentary expenses, legacie5 and all taxes including taxes on any legacies lo other beneficianes given free of tsx. The residue of the eslale Included three freehold properties which were included al their probate valuabon bul these have now been sold and a new placement property purthased which n¢)w lomis part of the pemianenl endowment. The restricted fijnds classified as -conditional donab'ons" represent frJnds with restrith'ons on their use placed by the donors and are held by The Charity. The restrided funds classified as Alma Road site present funds raised diredy in connection vrth the project to acquire and develop a site for the trading subsidiary. Page 38
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 21. Analysis of net assets betwn fijnds Analysis of net assets betYen funds- current year Endov47nont R8strict8d Unr8strict8d funds funds funds 2023 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due wthin one year Creditors due in more than one year 1.755.035 1,323,777 4.906.997 7,985.809 946,483 946,483 {80,2901 1898,7401 1979.0301 {310,3831 11.655,1461 11,965.529 Total 1.755,035 933,104 3,299,594 S,987,733 Analys1$ of n•t a8$tts funds- prlor yèar Endowmenl funds 2022 Restiycl8d UnrBslricl8d funds funds 2022 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due vmthin one year Creditors due in more than one year 1,755,035 1.665,249 4,537,283 7,957,567 967.415 967.415 (258,960) (802,282) (1,061,242) (390.673) (1,675, 745) (2,065,818) Total 1.755.035 1.015.616 3,027,271 5, 797.922 22. Roconciliation of net movoment in funds to not cash flow from opfrrating activities Group 2023 Group 2022 Net income for the year {as per Statement of Financial Aclivth'esl 189,811 478.251 Adjustments for: Depreciats'on and losses on disposal Decrease in stocks Increase in debtors In¢reaselldecrea$el in creditors 181,203 2.317 {31.6531 179.932 146.359 3, 766 (58.940? (26.641) Net cash provided by operating activities 521.610 542, 795 Page 39
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 23. Analysis of cash and cash equivalents Group 2023 Group 2022 Cash in hand 769.224 819,492 Total cash and cash 8quival•nts 769,224 819,492 24. Analysis of chang89 in net debt At 1 August 2022 Cash flow At31 July 2023 Cash al bank and in hand Debt due within 1 year Debt due after 1 year Finance lelses 819,492 1318,5301 11,675,145) {649.6331 {50,2681 83,474 20,000 258.959 769.224 1235,0561 11,655,145) 1390.6741 11,823,816) 312,165 11,511,651) 25. Penslon commltmonts The subsidiary operates a defined contn"bub"on pension scheme. The assets of the scheme are held separately from those of the subsidiary in an independenuy administered fund. The pension Cost charge presents conlribub'ons payable by the subsidiary lo the fvnd and amounted lo £180,288 (2022.. £154. 710). Contributions totaling £30,441 12022.. £37.338) were payable to the fund at the balance Sheet date and are included in crediiors. 26. Operating leas• ¢ommltments At 31 July 2023 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operatsng leases as follows.. Group 2023 Group 2022 Not later than l year Later than 1 year and not later than 5 years 24.720 24, 720 24, T20 24.720 49,440 Page 40
Docusign Envdope ID.. 3721100A.CFEC4ABC.B82HB64652433C6 THE DOREEN BIRD FOUNDATIOM IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 27. Relatsd party transactions Owng lo the nature of The Charity's operations and the nature of ils subsidiary ¢ollege'$ operations and the Trustees being drawn in part from local private and public sector organisab'ons, it is inevitable that transactions may take place wth ofganisatsons in which a Trustee may have an interest. All transactions th such organisations are conducted at arm's length and in accordance with The Charity's and the subsidiaW5 financial regulatsons and procurement procedures. Transactlons and balan¢•s wlth the subsldlary. Th• Dornen Blrd College of P•rformlng Arts Limit8d I'Th8 Collège") During the year rent of £300,000 (2022.. £300.C4X)J was paid by The College. in respect of properties owned by The Foundation vthi¢h are occupied by The College for the purpose of ils trade. This rent is eliminated on consolidation. The College made a Gift Aid donatron to The Foundation during the year of £141,866 (2022.. £268,981) in respect of the amount ol The College's taxable profit for the previous year. The current year's taxable profits of £25,337 12022.. £141.866) will be paKI in the next year. This amount is eliminated on eonsolidalion. The Foundation has aged to provide support lo The College by way of financing certain Students, tuition fees by way of funding bursaries for those $ludenls. The bufsaries awarded lor the year (including amounts charged to restricted funds) amounted to £4,500 (2022.. £11,512). The Foundation has awarded Development Awards lo the students of The College. These awards are paid by The Foundation directly to the students concemed. The awards awarded for the year amounted 10 £891 (2022. £4.000). The College owes The Foundabon £1,011 12022.. £61,053) in respect of the inter-company current account and this amount Is induded in creditors due wthin one year. The amounts owed are unsecured, interest free, have no fixed date of repayment and are repayable on demand. These amounts are ellminaled on consolidation. The College has given an undertaking of £2.400.000 (2022." £2.400.000) to guarantee borrowings taken out by The Foundation. This is secured by fixed and floating charges over the assets of The College. The College ha5 also given an indemnity in respect of the total payments due under finance lease agreernent5 that The Foundation.. Post balance $hwt events There were no other Post balance sheet events lch affecl the figures disclosed in the accounts or which require di5c105ure. 29. Controlling party In the opinion of the directors, there is no uliimate controlling paty as The Charity is limited by guarantee. Page 41