**REGISTERED CHARITY NUMBER: 1118578**
## **SHADOW BIRD TRUST**
**REPORT OF THE TRUSTEES AND**
**FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
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 2024**
||**Page**||
|---|---|---|
|**Reference and Administrative Details**|1||
|**Report of the Trustees**|2 to|3|
|**Independent Examiner's Report**|4||
|**Statement of Financial Activities**|5||
|**Balance Sheet**|6||
|**Notes to the Financial Statements**|7 to|11|
## **SHADOW BIRD TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024**
**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
Page 1
## **SHADOW BIRD TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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**
The trustees are satisfied with the results for the year. There was an increase in income and reduction in grantmaking, resulting in a deficit for the year before any gains on investments. Surplus after gains on investments was £25,623.
## **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 £815,943 (2023 - £790,320), free reserves were £129,736 (2023 - £52,085).
## **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.
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Page 2
## **SHADOW BIRD TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued**
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 27 March 2025 and signed on its behalf by:
Mr S Dankowitz - Trustee
Page 3
## **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 2024.
## **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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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
27 March 2025
Page 4
## **SHADOW BIRD TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
|**Notes**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
**Total**
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
4
Grantmaking
Support
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**2024**
**Unrestricted**
**fund**
**£**
20,129
44,730
64,859
14,871
55,455
2,305
72,631
33,395
25,623
790,320
815,943|**2023**
**Total**
**funds**
**£**
11,500
36,924
48,424
13,433
267,953
2,684
284,070
-
(235,646)
1,025,966
790,320|
|---|---|---|
The notes form part of these financial statements
Page 5
## **SHADOW BIRD TRUST**
## **BALANCE SHEET 31 MARCH 2024**
|**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**|**2024**
**Total**
**funds**
**£**
658,652
27,555
132,016
159,571
(2,280)
157,291
815,943
-
815,943
815,943
815,943|**2023**
**Total**
**funds**
**£**
779,102
11,845
62,045
73,890
(9,960)
63,930
843,032
(52,712)
790,320
790,320
790,320|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 27 March 2025 and were signed on its behalf by:
Mr S Dankowitz - Trustee
The notes form part of these financial statements
Page 6
**SHADOW BIRD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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**
There are no material uncertainties about the charity's ability to continue.
## **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.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Page 7
## **SHADOW BIRD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **1. ACCOUNTING POLICIES - continued**
## **Financial instruments**
Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted.
## **2. INVESTMENT INCOME**
## **3.**
|**INVESTMENT INCOME**|||
|---|---|---|
|Rents received
**RAISING FUNDS**
**Investment management costs**
Portfolio management
Administrative expenses
Insurance
Rates
Property repairs
Interest payable and similar charges|**2024**
**£**
44,730
**2024**
**£**
5,226
548
980
1,317
5,057
1,743
14,871|**2023**
**£**
36,924|
|||**2023**
**£**
4,230
1,414
1,358
9
4,272
2,150|
|||13,433|
## **4. CHARITABLE ACTIVITIES COSTS**
|**Grant**
**funding of**
**activities**
**(see note**
**5)**
**£**
Grantmaking
55,455
Support
-
55,455
**5.**
**GRANTS PAYABLE**
Grantmaking
The total grants paid to institutions during the year was as follows:
Relief of poverty
Advancement of education
Advancement of religion
Social welfare
Medical|**Support**
**costs (see**
**note 6)**
**£**
-
2,305
2,305
**2024**
**£**
55,455
**2024**
**£**
21,735
10,620
6,980
16,000
120
55,455|**Totals**
**£**
55,455
2,305
57,760
**2023**
**£**
267,953|**Totals**
**£**
55,455
2,305|
|---|---|---|---|
||||57,760|
|||**2023**
**£**
92,353
24,140
139,650
11,700
110||
|||267,953||
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## **SHADOW BIRD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **5. GRANTS PAYABLE - continued**
||Chevras Mo'oz Ladol||6,135||
|---|---|---|---|---|
||Shir Chesed Beis Yisroel||6,000||
||Live & Learn||6,000||
||Others under £6,000||37,320||
||||55,455||
|**6.**|**SUPPORT COSTS**||||
||||**Governance**||
|||**Finance**|**costs**|**Totals**|
|||**£**|**£**|**£**|
||Support|25|2,280|2,305|
||Support costs, included in the above, are as follows:||||
||**Finance**||||
||||**2024**|**2023**|
|||||**Total**|
||||**Support**|**activities**|
||||**£**|**£**|
||Bank charges||25|50|
||**Governance costs**||||
||||**2024**|**2023**|
|||||**Total**|
||||**Support**|**activities**|
||||**£**|**£**|
||Independent examiner's fee||1,140|1,140|
||Independent examiner's other fees||1,140|1,140|
||General expenses||-|354|
||||2,280|2,634|
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Page 9
## **SHADOW BIRD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **8. INVESTMENT PROPERTY**
|**FAIR VALUE**
At 1 April 2023
Additions
Disposals
At 31 March 2024
**NET BOOK VALUE**
At 31 March 2024
At 31 March 2023|**£**
779,102
104,550
(225,000)|
|---|---|
||658,652|
||658,652|
||779,102|
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|**2024**
**£**
27,555
**2024**
**£**
-
2,280
2,280
**2024**
**£**
-
**2024**
**£**
-
-
-|**2023**
**£**
11,845|**2023**
**£**
11,845|
|---|---|---|---|
|||**2023**
**£**
5,400
4,560
9,960
**2023**
**£**
52,712|**2023**
**£**
5,400
4,560|
||||9,960|
|||**2023**
**£**
5,400||
|||5,400||
|||16,200||
Page 10
## **SHADOW BIRD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **12. LOANS - continued**
|**LOANS - continued**||||
|---|---|---|---|
||**2024**||**2023**|
||**£**||**£**|
|Amounts falling due in more than five years:||||
|Repayable by instalments:||||
|Bank loans more 5 yr by instal||-|31,112|
## **13. RELATED PARTY DISCLOSURES**
Included in other debtors is a loan to S Perlsetin-Dankowitz, a trustee. The loan is secured and the amount outstanding at the balance sheet date was £27,555 (2023 - £11,845).
Page 11