Docusign Envelope ID." 58248E6&3E7fAgOC-B24￿8BS772c7255 Registered number: 03636078 Charity number: 1073945 THE DOREEN BIRD FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 VINTwfys Docusign Envelope ID." 58248E6&3E7fAgOC-B24￿8BS772c7255 THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charity. its Trustees and Advisers Trustees, Report Independent Auditors. Report on the Financial Statements 10-13 Consolidated Statement of Financial Activities 14 Consolidated statement of financial position 15 Company statement of financial position 16 Consolidated ststement of cash flows 17 Notes to the Financial Statements 18-41 Docusign Envelope ID." 58248E6&3E7fAgOC-B24￿8BS772c7255 THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Trustees G. F. Pine, Chair {appointed 26 February 2009) S. A. Coen, Chief Executive Officer and Accounting Officer of subsidiary trading college (appointed 26 February 20091 L. de Abreu. Principal and Artistic Director of subsidiary trading college (appointed 26 February 2009) S. J. Atkins (appointed 30 October 2015) J. P. Emery (appointed 27 January 2016) N. Patel (appointed 11 October 2016) S. R. Watson-Fowler (appointed 21 July 2020, resigned 1 October 2024) P. P. Catterall (appointed 24 February 2023) Company registered number 03636078 Charity registered number 1073945 Registered office CIO Greenwoods Legal LLP Monkstone House 30 City Road Peterborough PE1 1JE Chief eXeC￿1ve officer S. A. Coen Independent auditors Venthams Chartered Accountants Statutory Auditor Summit House 12 Red Lion Square London WC1R 4QH Bankers Barclays Bank plc Bexleyheath Business Centre Kent Solicitors Greenwoods Legal LLP Monkstone House 30 City Road Peterborough PE1 1JE Page 1 Docusign Envelope ID." 58248E6&3E7fAgOC-B24￿8BS772c7255 THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual report together wth the audited financial statements of the Charity for the year 1 August 2023 to 31 July 2024. The Annual Report serves the purposes of both a Trustees, report and directors, report under company law. These documents, together V￿th the auditorfs report, fomi the financial statements for the year. The Trustees confim) that the Annual Report and financial statements of the charitable company comply with the current statutory requirements under the Companies Act 2006, the requirements of the charitable company's governing documents and the provisions of the Statement of Recommended Practice {SORP} applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) (effective 1 January 2015) as amended by Update Bulletins 1 and 2. The directors of the Company are its Trustees for the purpose of chanty law and throughout this report are ollectively referred to as "the Trustees". The Doreen Bird Foundation is referred to in this annual report and financial statements as 'lhe Charity" the Company" and 'Yhe Foundation" The subsidiary company, The Doreen Bird College of Performing Arts Limited is referred to in this annual report and financial statements as "the College" and "the Subsidiarl,. The Charity and the College together are referred to as "the Group" The Doreen Bird Foundation is a limited company incorporated on 22 September 1998 under the Companies Acts.and is also a registered charity. The company is limited by guarantee and does not have a share capital. It is exempt from using the word Limited 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 Foundation. These have been included in the financial statements at the esb'mated value at the date of transfer. Mrs D J Cook died on 4 February 2004. By her will she left the charity three properties under a permanent endowTnent subject to the payment by the Charity of the expenses of the estate including inheritance tax. 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 for the purposes of the trade ofthe Subsidiary. Page 2 Docusign Envelope ID." 58248E6&3E7fAgOC-B24￿8BS772c7255 THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 OBJECTIVES AND ACTIVITIES Policies and objectives As stated in the Articles of Association. the Charity's objects are restricted specifically, in each case for the public benefit. to= advance the education of the public in the study of performing arts. dance. drama. singing and related subjects., to promote the development of education in the perfomiing arts of dance and drama, signing and related subjects in college's, schools and other educational establishments., and. promote the development of facilities for the teaching and perfomance of performing arts, dance, drama, singing and related subjects. In setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity IPB2)'. b. Strategies for achieving objectives To achieve its objectives the Charity provides scholarships, bursaries and awards to applicants to attend courses and provides support to establish and maintain any college. school. or educats'on body ￿ere students may be educated in perfomiing arts, dance, drama, singing and related subjects. c. Activities undertaken to achieve objectives The Charity 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 restricted funds as the awarding of these funds confomis to the restrictions placed on these funds when they were given to the company. The Charity receives a market rent from the subsidiary for the building provided by the Charity to the College for the purposes of the College's trade. The costs incurred on the acquisition and refurbishment of the new premises mentioned above have been either financed from the cash reserves of the Subsidiary (and therefore reflected in the balance on the intercompany account) or from bank loans granted by the Charity's banker or from the sale proceeds of the three properties bequeathed to the Charity under the will ofthe Founder, Mrs. Cook. Page 3 Docusign Envelope ID." 58248E6&3E7fAgOC-B24￿8BS772c7255 THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 ACHIEVEMENTS AND PERFORMANCE . 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 V￿re taken out to purchase and improve the site. b. Key perforniance indicators The Charity has not set any Key Perfomiance Indicators. c. Review of activities The results for the year are as set out in the consolidated statement of financial activities. The Subsidiary achieved a surplus for the year which wll be passed to the Charity as a Gift Aid donation in the following year allowng the Charity to fvnd future its charitsble expenditure and the development of the site for the College. d. Fundraising activities and income generation The Charity undertakes no direct fund raising but received income from the letting of its premises to the subsidy, a contribution from the University support the activities of the trading subsidiary and from miscellaneous donations. e. Investment policy and perfomiance All funds are held for short temi use and are therefore maintained in bank current accounts. FINANCIAL REVIEW a. Reserves policy The Trustees have examined the Charity's requirements for reserves in the light of the main risks to the Charity. They have determined that given the commitment to assist the Subsidiary, it should maximise the level of its unrestricted funds in order to provide this assistsnce in the fvture. Page 4 Docusign Envelope ID." 58248E6&3E7fAgOC-B24￿8BS772c7255 THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 b. Principal risks and uncertainties 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 to the affairs of the Subsidiary and these are disclosed in full in the subsidiary's accounts as follows'.- Introduction The College has well developed strategies for managing risk and strives to embed risk management in all that it does. Risk management processes are designed to protect The College's assets, reputation and financial stability. The Board of Directors and relevant Su￿coMMitteeS have undertaken further work during the year including developing the system of intemal control, including financial, operational and risk management which is designed to protect The College's assets and reputation. A risk register is maintained which is reviewed by the Directors. The risk register identifies the key risks, the likelihood of those risks occU￿lng, their potential impact on The College and the actions being taken to reduce and mitigate the risks. Risks are prioritised using a consistent scoring 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 sulFcommittees ofthe Board. including the Financial and General Purposes Committee and the Health and Safety Committee. The Board of Directors identifies systems and Pro￿dures, including specific preventable actions which should mitigate any potential impact on The College. The intemal controls are then implemented and the subsequent year's appraisal wll review their effectiveness and progress against risk mitigation actions. In addition to the annual review, the Board of Directors will also consider any risks which may arise as a result of a new area of work being undertaken by The College. This is supported by a risk management training programme to raise awareness of risk throughout The College. Risk: Tuition fee policy Ministers have confimied that the fee assumption remains at 50%. In line wrth the majority of other colleges, The College will seek to increase tuition fees in accordance wth the fee assumptions. The risk for The College is that demand falls off as fees increase and this reduces the income stream of from these sources. This will impact on the growth strategy of The College. The risk is mitigated in a number of ways'.- Ensuring The College is rigorous in delivering high quality education and training, thus ensuring value for money for students. Close monitoring of the demand for courses as prices change. Increasing the number of full fee paying students such as overseas students. Risk: Government and local authority funding The College has considerable reliance on continued govemment funding through the further and higher education sector funding bodies. In 2023124 80% {2022123'. 770A) of The College's revenue was ultimately publicly funded and this level of requirement is expected to continue. There can be no assurance that government policy or practice will remain the same or that public funding will continue at the same levels or on the same terms. Page 5 Docusign Envelope ID." 58248E6&3E7fAgOC-B24￿8BS772c7255 THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 The College is aware of several issues which may impact on future funding.. The funding may cease either through the actions of a change in Govemment Policy, the perfom)ance of the students of The College or a change in criteria of the fvnding bodies which may mean The College no longer qualifies for funding- The levels of fvnding may be reduced The risk is mitigated in a number of ways'.- Funding is derived through a number of direct and indirect contractual arrangements. By ensuring The College is rigorous in delivering high quality education and training. Considerable focus and investment is placed on maintaining and managing key relationships with the various funding bodies. Ensuring The College focuses on those priority sectors which will continue to benefit from public funding. Regular dialogue with funding bodies. Risk: Legislation and health and safety In line with other Colleges and businesses. The College is exposed to the risk of action by existing staff, students or members of the public from the failure to operate the business in accordance with current legislation including that covering health and safety matters. The risk is mitigated in a number of ways'.- Setting up a health and safety sub-committee to look at all aspects of health and safety. Appointment of an Operations Manager and additional premises supervisors. Engaging a specialised health and safety company to cary out fomial risk assessments on the assets of The College. Engaging a specialised human reSoUr￿S company to ensure that all staff matters are in accordance with the relevant legislation. Ensuring that all staff receive adequate training in health and safety matters. STRUCTURE GOVERNANCE AND MANAGEMENT a. Constitution The Doreen Bird Foundation is registered as a charitsble company limited by guarantee and was set up by a Memorandum of Association. On 7 December 2021 the Charity adopted new Articles ofAssociation designed to reflect modem practices and procedures. Page 6 Docusign Envelope ID." 58248E6&3E7fAgOC-B24￿8BS772c7255 THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 STRUCTURE GOVERNANCE AND MANAGEMENT (continued) b. Methods of appointrnent or election of Trustees The management of the Charity is the responsibility of the Trustees. The Trustees are elected under the terms of the Articles of Association which state 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 Articles 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 retire but are eligible for reappointment by the Trustees for up to a further two terms, each of three years. On appointment as a Trustee the individual becomes a member ofthe Charity. The Charity has no staff so all decisions are made by the Trustees. The Trustees serving in the year and since the end of the year are set OLrt on page 1 of these financial statements. c. Policies adopted for the induction and training of Trustees No specific policies have been adopted for the induction and training of trustees. d. Pay policy for key management personnel There are no key management personnel employed directly by the Charity. The pay policy for the key management personnel employed by the trading subsidiary is detem)ined by the Board of Directors of the subsidiary. e. Financial risk management The Trustees have assessed the major risks to which the Group and the Charity are exposed, in particular those related to the operations and finances of the Group and the Charity. and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. PLANS FOR FUTURE PERIODS The new site provided for the trading subsidiary has now been fully occupied by the Subsidiary, but there is a continual and on going need to look at expansion of this site. The Charity's bankers continue to provide additional support to undertake this expansion. This includes the Charity providing the Subsidiary with modular buildings acquired by means of finance leases to be used a additional classrooms. TRUSTEES. LIABILITY The trustees of the Charity are are required to become members of the Charity and guarantee to contribute an amount not ex￿edIng £10 to the assets of the Chanty in the event of winding up. Page 7 Docusign Envelope ID." 58248E6&3E7fAgOC-B24￿8BS772c7255 THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 ststement of Trustees. responsibilities The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure. for that period. In preparing these financial statements. the Trustees are required to= select suitable accounting policies and then apply them consistently.. obseNe the methods and principles of the Charities SORP (FRS 102)., make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards {FRS 102) have been followed. subject to any material departures disclosed and explained in the financial ststements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Group wll continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the 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 Trustees at the time vthen this Trustees, Report is approved has confimed that.. so far as that Trustee is aware, there is no relevant audit infomiation of which the charitable group's auditors are unaware. and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information. AUDITORS The auditors, Venthams, have indicated their V￿llIngneSS to continue in office. The designated Trustees wll propose a motion reappointing the auditors at a meeting of the Trustees. Page 8 Docusign Envelope ID." 58248E6&3E7fAgOC-B24￿8BS772c7255 THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Approved by order of the members of the board of Trustees and signed on their beha￿ by: SwJThed br. SryTrEd br. G. F. Pine Directorltrustee and chair Date.. 16 December 2024 S. A. Coen Directorrtrustee 16 December 2024 Page 9 Docusign Envelope ID." 58248E6&3E7fAgOC-B24￿8BS772c7255 THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE DOREEN BIRD FOUNDATION Opinion We have audited the financial statements of The Doreen Bird Foundation (the 'parent charitable company,) and its subsidiaries (the 'group'l for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Statement of Financial Position. the Company Statement of Financial Position, the Consolidated Ststement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial 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 Accounting Practice). In our opinion the financial statements= give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 July 2024 and of the Group's incoming reSoUr￿S and application of resources. including its income and expenditure for the year then ended., have been propedy prepared in accordance United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance Intemational Standards on Auditing {UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or onditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concem for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Page 10 Docusign Envelope ID." 58248E6&3E7fAgOC-B24￿8BS772c7255 THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE DOREEN BIRD FOUNDATION (CONTINUED) Other infomiation The other infomation comprises the infomiation induded in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial ststements does not cover the other information and, except to the extent Othe￿Se explicitly stated in our report. do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other infom)ation is materially inconsistent the financial statements or our knowledge obtained in the course ofthe audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance wth applicable legal requirements. Matters on which we are required to report by exception In the light of our knO%￿edge and understanding of the charitsble company and its environment obtsined in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to 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 visited by us., or the parent charitable company financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the InfO￿atIOn and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees detem)ine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operation5, or have no realistic altemative but to do so. Page11 Docusign Envelope ID." 58248E6&3E7fAgOC-B24￿8BS772c7255 THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE DOREEN BIRD FOUNDATION (CONTINUED) Auditors. responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about vthether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS (UK) will always detect a material misstatement vthen it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wth our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experien￿ of the sector that the Company operates in- we focused on specific laws and regulations vthich we considered may have a direct material effect on the financial ststements or the operations of the company. including the Companies Act 2006. taxation legislation and data protection, employment, and health and safety legislation- identified laws and regulations V￿re communicated V￿thin the audit team regularly and the team remained alert to instances of non (1,295,644} (1,383,222) (216,080} (1,527,489) (1,743,569) Total 1.755.035 870,783 3,454,031 6,079.849 Analysis of net assets betW￿n funds - prior period Endowment funds 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets 1, 755,035 1,323, 777 4,906,997 7, 985, 809 946,483 946, 483 (80,290) (898, 740) (979, 030) (310,383) (1, 655, 146) (1, 965, 529) Creditors due wthin one year Creditors due in more than one year Total 1, 755,035 933, 104 3, 299, 594 5,987, 733 22. Reconciliation of net movement in funds to net cash flow from operating activities Group 2024 Gmup 2023 Net income for the period (as per Statement of Financial Activities) 92,116 189,811 Adjustments for: Depreciation and losses on disposal Decrease in stocks 161,866 5,245 6,643 390,859 181,203 2,317 (31,653) 179, 932 Decreasellincrease) in debtors Increase in creditors Net cash provided by operating activities 656,729 521,610 Page 39 Docusign Envelope ID." 58248E6&3E7fAgOC-B24￿8BS772c7255 THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 23. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 1,123,126 769, 224 Total cash and cash equivalents 1.123,126 769, 224 24. Analysis of changes in net debt At 1 August 2023 Cash flows At 31 July 2024 Cash at bank and in hand 769,224 (235,056) 11,655,145) (390,674) 353,902 1,123,126 16,045) (241,101) 127,656 (1,527,489) 87,016 (303,658) Debt due within 1 year Debt due after 1 year Finance leases 11,511,651) 562,529 (949,122) 25. Pension commitments The subsidiary operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the subsidiary in an independently administered fund. The pension cost charge represents contributions payable by the subsidiary to the fund and amounted to £193,650 (2023.- £180,288). Contributions totaling £34.615 (2023.. £30,441J were payable to the fund at the balance sheet date and are included in creditors. 26. Operating lease commitments At 31 July 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancelable operating leases as follows- Group 2024 Group 2023 Not later than 1 year 24, 720 Page 40 Docusign Envelope ID." 58248E6&3E7fAgOC-B24￿8BS772c7255 THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 27. Related party transactions Owing to the nature of The Charity's operations and the nature of its subsidiary college's operations and the Trustees being drawn in part from local private and public sector organisations, it is inevitable that transactions may take place with organisations in which a Trustee may have an interest. All transactions th such organisations are conducted at arm's length and in accordance wth The Charity's and the subsidiary's financial regulations and procurement procedures. Transactions and balances with the subsidiary. The Doreen Bird College of Perforniing Arts Limited {"The College") During the year rent of £300,000 (2023." £300,000) was paid by The College, in respect of properties owned by The Foundation which are occupied by The College for the purpose of its trade. This rent is eliminated on consolidation. The College made a Gift Aid donation to The Foundation during the year of £38,186 (2023.. £141,886) in respect of the amount of The College's taxable profit for the previous year.This amount is eliminated on consolidation.The current year's expected taxable profits of £77,182 (2023.- £38: 186) will be received in the next year. The Foundation has agreed to provide support to The College by VRY of financing certain students, tuition fees by way of funding bursaries for those students and providing "hardship funding" for certain students of the College. The bursaries and funding awarded for the year amounted to £6,210 (2023.. £3,341). The Foundation has awarded Development Avrfards to the students of The College. These awards are paid by The Foundation directly to the students concemed. The awards awarded for the year amounted to £2,000 (2023. £3,341). The College owes the Foundation £14,888 (2023.. £1,011) in respect of the inter-company current account and this amount is included in debtors. The amounts owed are unsecured, interest free, have no fixed date of repayment and are repayable on demand. These amounts are eliminated on consolidation. The College has given an undertaking of £2,400,000 (2023.. £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 has also given an indemnity in respect of the totsl payments due under finance lease agreements that The Foundation. 28. Post balance sheet events There were no other post balance sheet events which affect the figures disclosed in the accounts or which require disclosure. 29. Controlling party In the opinion of the directors, there is no ultimate controlling paty as The Charity is limited by guarantee. Page 41