REGISTERED CHARITY NUMBER: 1118578
SHADOW BIRD TRUST
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
SHADOW BIRD TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Report of the Trustees | 2 | |
| Independent Examiner's Report | 3 | |
| Statement of Financial Activities | 4 | |
| Balance Sheet | 5 | |
| Notes to the Financial Statements | 6 to | 10 |
SHADOW BIRD TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021
TRUSTEES Mr S Dankowitz Mrs C Dankowitz Mr S Friedlander Mr J Pomerantz PRINCIPAL ADDRESS 37 Castlewood Road London N16 6DL REGISTERED CHARITY 1118578 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS Barclays Bank plc Kingsland Branch POB 3628 London E8 2JT
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SHADOW BIRD TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Reference and administrative information
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The object of the charity is that the trustees shall hold the capital and income of the trust fund upon trust for those charities the trustees shall determine, provided that those charities are registered with the Charity Commission for England and Wales.
The trustees confirm that they have given due regard to the Charity Commission's guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Donations tripled this year with investment income a the same level as previous. The trustees increased grantmaking. There was a reduction in grantmaking to leave a surplus for the year
.
FINANCIAL REVIEW
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £1,003,977 ( 2020 - £985,815), free reserves were £21,166 (2019 - £42,969).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity was constituted by Deed of Trust (Deed of Variation) dated 18 January 2007.
Organisational structure
The power to appoint new trustees is vested in the board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
Risk review
The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.
Approved by order of the board of trustees on 15 February 2022 and signed on its behalf by:
Mr S Dankowitz - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHADOW BIRD TRUST
Independent examiner's report to the trustees of Shadow Bird Trust
I report to the charity trustees on my examination of the accounts of Shadow Bird Trust (the Trust) for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
E Meyer FCA BSc Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
15 February 2022
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SHADOW BIRD TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities 4 Charitable activities Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2021 Unrestricted fund £ 37,019 54,863 91,882 16,928 56,792 73,720 - 18,162 985,815 1,003,977 |
2020 Total funds £ 11,000 55,463 |
|---|---|---|
| 66,463 19,350 74,664 |
||
| 94,014 241,494 |
||
| 213,943 771,872 |
||
| 985,815 |
The notes form part of these financial statements
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SHADOW BIRD TRUST
BALANCE SHEET 31 MARCH 2021
| Notes FIXED ASSETS Investment property 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS |
2021 Total funds £ 550,000 496,370 28,686 525,056 (7,520) 517,536 1,067,536 (63,559) 1,003,977 1,003,977 1,003,977 |
2020 Total funds £ 550,000 462,342 50,585 512,927 (7,616) 505,311 1,055,311 (69,496) 985,815 985,815 985,815 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 15 February 2022 and were signed on its behalf by:
Mr S Dankowitz - Trustee
The notes form part of these financial statements
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SHADOW BIRD TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Going concern
The outbreak of the COVID-19 during 2020 has presented the charity with some challenges regarding investment income which the trustees believe will continue over the next few months. These risks are beyond the control of the charity and represents uncertainty to the revenue of the charity in the next 12 months and the valuation of its assets which cannot presently be quantified
The trustees are able to control the charity's activities, and the trustees therefore believe the charity will continue as a going concern.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.
The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Investment income
Income from investments is included in the year in which it is receivable
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred and includes irrecoverable VAT, which is reported as part of the expenditure to which it relates.
Raising funds comprise investment management costs relating to the investment properties.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Investment property
Investment properties are shown at fair value. Any surplus or deficit arising is transferred to the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments.
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SHADOW BIRD TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES - continued
Financial instruments
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted.
2. INVESTMENT INCOME
| Rents received Loan Interest 3. RAISING FUNDS Investment management costs Portfolio management Insurance Property repairs Interest payable and similar charges |
2021 £ 30,863 24,000 54,863 2021 £ 4,201 1,035 10,541 1,151 16,928 |
2020 £ 31,463 24,000 |
|---|---|---|
| 55,463 | ||
| 2020 £ 4,155 4,156 9,295 1,744 |
||
| 19,350 |
4. CHARITABLE ACTIVITIES COSTS
5.
| CHARITABLE ACTIVITIES COSTS | |
|---|---|
| Grant funding of activities Support (see note costs (see 5) note 6) £ £ Charitable activities 54,578 2,214 GRANTS PAYABLE 2021 £ Charitable activities 54,578 The total grants paid to institutions during the year was as follows: 2021 £ Relief of poverty 4,820 Advancement of education 20,591 General Purpose 12,000 Advancement of religion 16,122 Social welfare - Medical 130 53,663 |
Totals £ 56,792 |
| 2020 £ 71,904 |
|
| 2020 £ 22,003 20,726 - 17,385 11,790 - |
|
| 71,904 |
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SHADOW BIRD TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
5. GRANTS PAYABLE - continued
| Friends of Wiznitz Ltd | 19,000 | |
|---|---|---|
| Friends of Shekel Hakodesh Ltd | 6,000 | |
| Other under £5,000 | 28,663 | |
| 53,663 | ||
| The total grants paid to individuals during the year was as follows: | ||
| 2021 | 2020 | |
| £ | £ | |
| Relief of poverty | 915 | - |
| SUPPORT COSTS | ||
| Governance | ||
| costs | ||
| £ | ||
| Charitable activities | 2,214 | |
| Support costs, included in the above, are as follows: | ||
| 2021 | 2020 | |
| Charitable | Total | |
| activities | activities | |
| £ | £ | |
| Independent examiner's fee | 960 | 960 |
| Independent examiner - other fees | 960 | 1,380 |
| General expenses | 294 | 420 |
| 2,214 | 2,760 |
6. SUPPORT COSTS
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
8. INVESTMENT PROPERTY
| FAIR VALUE At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
£ 550,000 |
|---|---|
| 550,000 | |
| 550,000 |
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SHADOW BIRD TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
8. INVESTMENT PROPERTY - continued
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same or similar locations.
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Amounts owed by trustees 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 12) Other creditors 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 12) 12. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal |
2021 £ 496,370 2021 £ 5,600 1,920 7,520 2021 £ 63,559 2021 £ 5,600 5,600 16,800 41,159 |
2020 £ 462,342 |
2020 £ 462,342 |
2020 £ 462,342 |
|---|---|---|---|---|
| 2020 £ 5,275 2,341 7,616 2020 £ 69,496 |
2020 £ 5,275 2,341 |
|||
| 7,616 | ||||
| 2020 £ 5,275 |
||||
| 5,275 | ||||
| 15,825 | ||||
| 48,396 |
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SHADOW BIRD TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
13. SECURED DEBTS
The following secured debts are included within creditors:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Bank loans | 69,159 | 74,771 |
The bank loans are secured by legal charges over the charity's investment properties.
14. RELATED PARTY DISCLOSURES
Included in other debtors is a loan to S Perlsetin-Dankowitz, a trustee. The loan is secured and a commercial rate of interest is charged. Interest charged in the year was £24,000 (2020: £24,000) and the amount outstanding at the balance sheet date was £496,370 (2020: £462,342).
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