**CHARITY REGISTRATION NUMBER: 1191572** **Bird Song Trust** **Annual Report and Financial Statements** **For the year ended 5 April 2025** **Bird Song Trust** ## **Annual Report and Financial Statements** ## **Year ended 5 April 2025** ||**Page**| |---|---| |Trustees' annual report|**1**| |Independent auditor's report to the members|**7**| |Statement of financial activities|**9**| |Statement of financial position|**10**| |Statement of cash flows|**11**| |Notes to the annual report and financial statements|**12**| **Bird Song Trust** **Trustees' Annual Report** ## **Year ended 5 April 2025** The trustees present their report and the Annual Report and Financial Statements of the charity for the year ended 5 April 2025. |**A. Reference and administrative details**||| |---|---|---| |**Registered charity name**|Bird Song Trust|| |**Charity registration number**|1191572|| |**Principal office**|2nd Floor|| ||30 Churchill Place|| ||London|| ||E14 5RE|| |**The trustees**||| ||Jeremy Arnold|| ||Carien Pot-Mees|| ||Wiet Pot|| ||Alexander Pronk|| ||Evert Greup|| ||Victorine Pot|(Appointed 18 June 2024)| |**Key management personnel**|Bex White|| |**Auditor**|Gibson Booth|| ||Chartered Accountants & Statutory Auditors|| ||New Court|| ||Abbey Road North|| ||Shepley|| ||Huddersfield|| ||HD8 8BJ|| |**Bankers**|C. Hoare & Co.|| ||32 Lowndes Street|| ||London|| ||SW1X 9HZ|| ||J.P. Morgan SE|| ||60 Victoria Embankment|| ||London|| ||EC4M 7AN|| |**Solicitors**|Withers LLP|| ||16 Old Bailey|| ||London|| ||EC4M 7EG|| ||Loyens Loeff|| ||Blaak 31|| ||3011 GA Rotterdam|| ||Netherlands|| ## **B. Structure, governance and management** Bird Song Trust is a charitable trust and a registered charity, number 1191572. Its governing document is a Trust Deed dated 21 September 2020, which was updated in March 2023 and varied in September 2024. Bird Song Trust is administered and managed by its trustees, and the quorum for meetings of the trustees is two trustees. The power of appointing new trustees is vested in all trustees. New trustees are inducted by the Chair and the Director, and receive an induction in the general duties of a trustee of a charity registered in England and Wales, and in their specific duties at Bird Song Trust. Decisions on small grants (sub £10,000) are delegated to a sub-committee of three trustees which reports to the main board on a quarterly basis. The trustees make decisions on the allocation of grants, and oversee the strategy and governance of the Trust. They have delegated the day-to-day running of the charity to a Director who is employed part-time. There were two members of staff employed by Bird Song Trust in the year to 5 April 2025 (1.5 FTE). The remuneration of the Trust's staff is set by reference to benchmarking data from other grant making charities, and no staff receive performance-related pay. **1** **Bird Song Trust** **Trustees' Annual Report** _**(continued)**_ ## **Year ended 5 April 2025** ## **C. Objectives and activities** ## **Legal purpose** The objects of Bird Song Trust are: _'the trustees shall hold the capital and income of the Trust Fund upon trust to apply the income, and all or such part or parts of the capital, at such time or times and in such manner to, or for the benefit of, such exclusively charitable objects and purposes in any part of the world as the Trustees may in their discretion think fit, including but not limited to:_ _(a) the advancement of education and health through the development of treatments and therapeutic interventions for eating disorders, including anorexia nervosa; and_ _(b) the advancement of education and learning through scholarship in relation to early Judeo-Christian art and culture and its impact on European society'._ ## **Aims** The trustees have prepared a four-year high-level strategic plan, outlining their position on Bird Song Trust's contribution to advancing its charitable objects until 2027-28. The main activity of Bird Song Trust is grant making, and the trustees aim to develop the size, quality and impact of the Trust's grant making year-on-year. ## **Grant making policy** The trustees have drawn up a comprehensive Grant Making Policy with input from the Trust's legal advisors, which was most recently reviewed in December 2024. The policy outlines in detail how the trust determines the appropriate application process and conditions for grants, including additional requirements where grants are made to overseas partners. It outlines the three main grant priorities, which are: - supporting medical research, specifically in relation to the medical condition anorexia nervosa with a view to developing the science of treating the condition; - providing better treatment for people affected by anorexia nervosa through supporting those organisations that provide treatment or train health professionals in relation to the condition; and - supporting organisations in the United Kingdom that address deprivation through supporting and strengthening families, tackling homelessness and equipping young people. The Trustees acknowledge that research is not, in itself, a charitable aim or activity. To be charitable, research carried out or funded by the Charity must both fall within its aims and powers and be carried out for the public benefit. ## **Statement of public benefit** The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives. ## **Activities** During the financial year, the trustees continued to develop the Trust's operations to facilitate its grant making aims. Activities included the hiring of a second staff member, commissioning a website, and scoping requirements for an office. The trustees took advice from its legal advisors and worked with an external strategy consultant in further development of its grant making strategy. With respect to its main activity, the Trust made grants totalling £1,103,812 in furtherance of the charity's objects. These grants were made to 16 organisations (listed in note 11, below), in the following categories: **2** **Bird Song Trust** **Trustees' Annual Report** _**(continued)**_ ## **Year ended 5 April 2025** ## **Grant making by category** £ Eating Disorders - Services 379,682 Eating Disorders - Research 194,579 Society - Housing 265,881 Society - Research 137,450 Society - Food 65,000 Society - Youth 35,770 Society - Christianity 25,450 -------------------1,103,812 =============== **3** **Bird Song Trust** **Trustees' Annual Report** _**(continued)**_ ## **Year ended 5 April 2025** ## **D. Achievements and performance** The trustees set out to increase the size of the Trust's grants programme, to improve the quality of the programme, and to achieve impact in the Trust's priority areas. ## **Size of grant making programme** Grant making increased tenfold between 2023/24 and 2024/25, and has reached approximately 40% of the target level. Grant making by year and progress towards target ||**23/24 Actual**|**24/25 Actual**|**25/26 Planned**|**26/27 Planned**| |---|---|---|---|---| ||£|£|£|£| |Deprivation|62,500|529,551|850,000|850,000| |ED Research|46,994|194,579|350,000|850,000| |ED Services|–|379,682|1,050,000|1,000,000| ||----------------|--------------------|---------------------|---------------------| |Total grants|109,494|1,103,812|2,250,000|2,700,000| ||============|===============|================|================| The trustees are satisfied with progress towards the 2027-28 goal of distributing £2.5-3m in grants. ## **Quality of grant making programme** During the financial year, the Trust received uniformly positive feedback from grantees on their experience of engaging with the Trust. The trustees are satisfied with progress on developing the quality of the grant making programme, especially regarding the diversification of the grantees and types of projects funded. The provision of match funding enabled grantees to catalyse an additional £50,000 from other sources. ## **Impact of grant making programme** ## **Eating disorders** Much of the Trust's involvement in research into eating disorders is expected to have longer-term impact, and none of the funded projects were due to complete in the financial year 2024/25. Nonetheless, the trustees were encouraged by the interim progress reported by a study funded through a grant to MQ Mental Health Research, examining ARFID. The lead researcher, Dr Zeynep Nas, presented initial findings at the London Eating Disorders Conference, and the project is on track for completion. Turning to services for people experiencing eating disorders and those who care for them, the trustees were pleased to be able to assist with a grant towards Beat's helpline in the UK. The well-rated helpline has been made available for individuals with eating disorders (EDs), offering them a space where they feel listened to and supported. The helpline directs individuals to additional resources for further help. According to feedback, 100% of users would recommend Beats' helpline to a friend, and 93% rated the information and support as good or excellent. The largest grant to a single organisation was made to Stichting Kiem in the Netherlands, and the first quarter of this grant occurred in the financial year in question. Stichting Kiem enhanced the effectiveness of its training and reached 120 parents through the EHBE program, 700 pupils via its school initiative, and trained 104 professionals. The foundation launched a new training program for experts with lived experience to support drop-in centres, complete with a membership and pricing plan. Currently, 20 trainers and 13 volunteers are active, with an additional 6 trainers and 4 volunteers in onboarding. A post on the impact of eating disorders on family members reached nearly 7,000 views and 41 shares organically. Social media engagement also grew, with a 5% increase in both LinkedIn (to 1,734 followers) and Instagram (to 970 followers), while the website attracted 13,000 visitors in Q1. The 'Kiem Community' was launched for parents. ## **UK society** Organisations in the Trust's portfolio of grantees carry out very different activities, ranging from high-volume advice provision to deeply individual support for people experiencing homelessness. The impact of such projects is not directly comparable, so the performance of each grantee is assessed individually against their application and their Theory of Change. Among the highlights for the year in question were the provision of new beds for a night shelter in East London, the provision of counselling for 23 women who have experienced sexual exploitation, and the exceeding of targets for a Refugee Lodgings Project. The Trust contributed towards several pieces of research and campaigning activity through the Centre for Social Justice and the Care Not Killing Alliance. During 2024/25, the Centre for Social Justice released a report we contributed funding for in the previous financial year, examining the state of the nation with respect to Mental Health, an issue of particular concern for Bird Song Trust. The report represented the perspectives of 750 grassroots charities, and the trust has made a further grant to to take forward issues raised in the initial report with respect to gender and disadvantage. **4** **Bird Song Trust** **Trustees' Annual Report** _**(continued)**_ ## **Year ended 5 April 2025** ## **E. Financial review** At the period end, Bird Song Trust had unrestricted funds totalling £69,879,753. During the year, income of £1,656,686 was received, there was expenditure totalling £1,350,903 and a loss on investments of £480,948. ## **Reserves policy** The trustees have considered the Trust's required level of resources in light of the main risks to the organisation, its assets, and its commitments. The Trust's assets are more than adequate to meet the Trust's grant-making programme for the next 12 months. The trustees seek to balance good stewardship of the Trust's funds through investment in longer-term instruments with the requirement to have cash available to meet operating costs and to make grants. The trustees expect that grant-making and the operation of the Trust will usually be funded from investment income and the growth of the Trust's investments, however, the trustees retain the flexibility to draw down on the assets of the Trust to maintain grant-making levels in years when market conditions are less favourable. The trustees have resolved to retain 6-12 months of expected operating costs in cash or high-grade Money Market Funds offering daily liquidity. The Trust will ensure that the liquidity profile of its investments is such that it can meet committed grants on the intended payment date either through investment income or by drawing down from the Trust's assets. Further, the Trust will hold at least GBP 1M in cash and/or investments that can be realised and their proceeds available within 5 business days. The trustees review the Trust's reserves policy annually, and when there is a material change in risks to the Trust. ## **Investment policy and performance** The trustees have drawn up a comprehensive Investment Policy with input from the Trust's legal advisors, which was most recently reviewed in March 2025. The Trust holds shares which were gifted to the Charity with the intention that they would be retained to generate sufficient income annually so as to support the Charity's grant-making activities and operations on a long-term basis. The Shares are not held by the Charity as permanent endowment. The Trustees may, if they consider it appropriate, sell all or any of the Shares if doing so is in the Charity's best interests, for example to allow the Charity to undertake grant-making activity in response to urgent issues or an international crisis. However, it is the Trustees' current policy to preserve the capital value of the Shares as far as reasonably possible, so as to ensure the Charity's financial health and ability to make grants long into the future is safeguarded. The Charity has not appointed an independent investment manager in relation to its investment assets (including the Shares) because of the substantial investment expertise already held amongst the Trustees. However, the trustees will continue to monitor the Charity's investment position carefully, and if the situation changes and they believe an investment manager should be appointed in the best interest of the Charity, they will adjust and update this policy accordingly. The Charity's investment assets (including the Shares) will be invested in accordance with the following investment strategy:(a) The approach will aim for a real return of 3-4% by taking diversified equity risk and thereby accepting a degree of volatility. Given the volatility in international markets in the financial year, the trustees were satisfied with the performance of the investments and have not made any major changes. The Trust's grant making and its operational expenses were more than fully covered by dividend, although this is not required by the terms of the Trust, and the trustees have discretion to realise all or part of the Trust's capital to meet the charity's objectives. The trustees review the Trust's investments and the performance of the portfolio regularly to ensure alignment with the plans for the Trust's grant making. ## **F. Plans for future periods** In future years, the trustees will continue to advance the charity's objects for the public benefit through continued development of the size, quality and impact grant making programme. ## **G. Trustees' responsibilities statement** The trustees are responsible for preparing the trustees' report and the Annual Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare Annual Report and Financial Statements for each 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, of the charity for that period. **5** **Bird Song Trust** **Trustees' Annual Report** _**(continued)**_ ## **Year ended 5 April 2025** In preparing these Annual Report and Financial Statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the applicable Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - prepare the Annual Report and 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 adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the Annual Report and Financial Statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, 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. The trustees' annual report was approved on **...........................** ... and signed on behalf of the board of trustees by: Jeremy Arnold Trustee **6** **Bird Song Trust** ## **Independent Auditor's Report to the Members of Bird Song Trust** ## **Year ended 5 April 2025** ## **Opinion** We have audited the Annual Report and Financial Statements of Bird Song Trust (the 'charity') for the year ended 5 April 2025 which comprise the statement of financial activities, statement of financial position, statement 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the Annual Report and Financial Statements: - give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the annual report and financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the Annual Report and Financial Statements in the UK, including the FRC’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 Annual Report and Financial Statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the Annual Report and Financial Statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the Annual Report and Financial Statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report, other than the Annual Report and Financial Statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the Annual Report and Financial Statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the Annual Report and Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Annual Report and Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the Annual Report and Financial Statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: - the information given in the trustees' report is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. **7** ## **Bird Song Trust** **Independent Auditor's Report to the Members of Bird Song Trust** _**(continued)**_ ## **Year ended 5 April 2025** ## **Responsibilities of trustees** As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the Annual Report and Financial Statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of Annual Report and Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Annual Report and Financial Statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the annual report and financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when 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 with 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. Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Charities Act 2011. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, and determined that the principal risks were related to management bias through manipulation of accounting estimates or posting inappropriate journal entries. Audit procedures performed by the engagement team included: - discussions with management including consideration of known or suspected instances of non-compliance with laws, regulation and fraud; - challenging assumptions and judgements made by management in their significant accounting estimates; - testing of non-purchase and sales ledger bank transactions; Because of the inherent limitations of an audit, there is a risk that we will fail to detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. ## Alistair Russell (Oct 27, 2025, 8:21am) Gibson Booth Chartered Accountants & Statutory Auditors New Court Abbey Road North Shepley Huddersfield 27 Oct 2025 HD8 8BJ Gibson Booth is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. **8** **Bird Song Trust** ## **Statement of Financial Activities** ## **Year ended 5 April 2025** |||2025||2024| |---|---|---|---|---| |||Unrestricted funds|Total funds|Total funds| ||**Note**|**£**|**£**|£| |**Income and endowments**||||| |Donations and legacies|**4**|352|352|17,070,288| |Investment income|**5**|1,656,334|1,656,334|897,238| |||----------------------------------|----------------------------------|--------------------------------------| |**Total income**||1,656,686|1,656,686|17,967,526| |||==================================|==================================|======================================| |**Expenditure**||||| |Expenditure on raising funds:||||| |Costs of raising donations and legacies|**6**|–|–|(20,726)| |Investment management costs|**7**|(14,259)|(14,259)|(1,579)| |Expenditure on charitable activities|**8,9,10,11**|(1,336,644)|(1,336,644)|(169,930)| |||----------------------------------|----------------------------------|--------------------------------------| |**Total expenditure**||(1,350,903)|(1,350,903)|(192,235)| |||==================================|==================================|======================================| |Net (losses)/gains on investments|**12**|(480,948)|(480,948)|4,141,803| |||----------------------------------|----------------------------------|--------------------------------------| |**Net (expenditure)/income and net movement in funds**||(175,165)|(175,165)|21,917,094| |||==================================|==================================|======================================| |**Reconciliation of funds**||||| |Total funds brought forward||70,054,918|70,054,918|48,137,824| |||--------------------------------------|--------------------------------------|--------------------------------------| |**Total funds carried forward**||69,879,753|69,879,753|70,054,918| |||======================================|======================================|======================================| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. **The notes on pages 12 to 18 form part of these Annual Report and Financial Statements.** **9** **Bird Song Trust** ## **Statement of Financial Position** ## **5 April 2025** |||2025|2024| |---|---|---|---| ||**Note**|£|£| |**Fixed assets**|||| |Tangible fixed assets|**17**|3,760|1,649| |Investments|**18**|69,566,274|69,919,507| |||--------------------------------------|--------------------------------------| |||69,570,034|69,921,156| |**Current assets**|||| |Debtors|**19**|146,827|133,528| |Cash at bank and in hand||336,031|5,034| |||---------------------------|---------------------------| |||482,858|138,562| |**Creditors: amounts falling due within one year**|**20**|173,139|4,800| |||---------------------------|---------------------------| |**Net current assets**||309,719|133,762| |||--------------------------------------|--------------------------------------| |**Total assets less current liabilities**||69,879,753|70,054,918| |||--------------------------------------|--------------------------------------| |**Net assets**||69,879,753|70,054,918| |||======================================|======================================| |**Funds of the charity**|||| |Unrestricted funds||69,879,753|70,054,918| |||--------------------------------------|--------------------------------------| |**Total charity funds**|**22**|69,879,753|70,054,918| |||======================================|======================================| |||30/09/25|| These Annual Report and Financial Statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by: Jeremy Arnold Trustee **The notes on pages 12 to 18 form part of these Annual Report and Financial Statements.** **10** **Bird Song Trust** ## **Statement of Cash Flows** ## **Year ended 5 April 2025** ||2025|2024| |---|---|---| ||£|£| |**Cash flows from operating activities**||| |Net (expenditure)/income|(175,165)|21,917,094| |_Adjustments for:_||| |Depreciation of tangible fixed assets|(99)|825| |Net (losses)/gains on investments|480,948|(4,141,803)| |Dividends, interest and rents from investments|(1,653,109)|(889,676)| |Other interest receivable and similar income|(3,225)|(7,562)| |Interest payable and similar charges|25|–| |Accrued expenses/(income)|134,291|(10,618)| |Non cash donation|–|(17,070,288)| |Loss on foreign exchange differences|13,317|20,726| |_Changes in:_||| |Trade and other debtors|(145,992)|–| |Trade and other creditors|166,741|–| ||----------------------------------|--------------------------------------| |Cash generated from operations|(1,182,268)|(181,302)| |Interest paid|(25)|–| |Interest received|3,225|7,562| ||----------------------------------|---------------------------| |Net cash used in operating activities|(1,179,068)|(173,740)| ||==================================|===========================| |**Cash flows from investing activities**||| |Dividends, interest and rents from investments|1,653,109|889,676| |Purchase of tangible assets|(2,012)|(2,474)| |Purchases of other investments|(2,212,534)|(784,165)| |Proceeds from sale of other investments|2,071,502|73,721| ||----------------------------------|---------------------------| |Net cash from investing activities|1,510,065|176,758| ||==================================|===========================| |**Net increase in cash and cash equivalents**|330,997|3,018| |**Cash and cash equivalents at beginning of year**|5,034|2,016| ||---------------------------|-------------------| |**Cash and cash equivalents at end of year**|336,031|5,034| ||===========================|===================| **The notes on pages 12 to 18 form part of these Annual Report and Financial Statements.** **11** **Bird Song Trust** **Notes to the Annual Report and Financial Statements** ## **Year ended 5 April 2025** ## **1. General information** The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 2nd Floor, 30 Churchill Place, London, E14 5RE. The principal activity of the charity during the year was making grants to further its charitable objects. The charity changed its name from Vogelgezang Charitable Trust to Bird Song Trust on 27 September 2024. ## **2. Statement of compliance** These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 Issues in October 2019, (FRS 102) (Charities SORP 2019 (FRS 102)), the Charities Act 2011 and UK GAAP. ## **3. Accounting policies** ## **Basis of preparation** The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the charity and rounded to the nearest £. ## **Going concern** There are no material uncertainties about the charity's ability to continue. ## **Judgements and key sources of estimation uncertainty** The preparation of the financial statements did not require management to make any significant judgements, estimates or assumptions. ## **Foreign currencies** Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities. ## **Fund accounting** Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. ## **Incoming resources** All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. ## **Resources expended** All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. Charitable donations are payments made to third parties in the furtherance of the charitable objects of the charity. Single or multi-year donations are accounted for when either the recipient has a reasonable expectation that they will receive a donation and the trustees have agreed to pay the donation without condition, or the recipient has a reasonable expectation that they will receive a donation and any condition attaching to the donation is outside the control of the charity. Where donations are payable after more than one year and the effect is material, a discount rate based on the appropriate UK government bonds is applied. The unwinding of this discount rate is shown as a finance cost and is included within support costs. Governance costs comprise costs for the running of the charity itself as an organisation. **12** **Bird Song Trust** **Notes to the Annual Report and Financial Statements** _**(continued)**_ ## **Year ended 5 April 2025** ## **3. Accounting policies** _**(continued)**_ ## **Tangible assets** Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. ## **Depreciation** Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: - Computer Equipment 20% straight line ## **Investments** Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. ## **Financial instruments** A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. 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 cash or other consideration expected to be paid or received and not discounted. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. ## **Defined contribution plans** Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. ## **4. Donations and legacies** |||Unrestricted Funds|Total Funds 2025|Unrestricted Funds|Total Funds 2024| |---|---|---|---|---|---| |||£|£|£|£| ||**Donations**||||| ||Donations|352|352|17,070,288|17,070,288| |||===========|===========|======================================|======================================| |**5.**|**Investment income**||||| |||Unrestricted Funds|Total Funds 2025|Unrestricted Funds|Total Funds 2024| |||£|£|£|£| ||Overseas dividend income|1,615,698|1,615,698|866,130|866,130| ||Overseas interest receivable|37,411|37,411|23,546|23,546| ||Bank interest receivable|3,225|3,225|114|114| ||Other interest receivable|–|–|7,448|7,448| |||----------------------------------|----------------------------------|---------------------------|---------------------------| |||1,656,334|1,656,334|897,238|897,238| |||==================================|==================================|===========================|===========================| The other interest receivable was earned on the late payment of a gift aid receipt. **13** **Bird Song Trust** **Notes to the Annual Report and Financial Statements** _**(continued)**_ ## **Year ended 5 April 2025** |**6.**|**Costs of raising donations and legacies**||||| |---|---|---|---|---|---| |||Unrestricted Funds|Total Funds 2025|Unrestricted Funds|Total Funds 2024| |||£|£|£|£| ||Foreign exchange loss on donations|–|–|20,726|20,726| |||===========|===========|=======================|=======================| |**7.**|**Investment management costs**||||| |||Unrestricted Funds|Total Funds 2025|Unrestricted Funds|Total Funds 2024| |||£|£|£|£| ||Portfolio management|14,259|14,259|1,579|1,579| |||=======================|=======================|===================|===================| |**8.**|**Expenditure on charitable activities by fund type**||||| |||Unrestricted Funds|Total Funds 2025|Unrestricted Funds|Total Funds 2024| |||£|£|£|£| ||Charitable donations|1,103,812|1,103,812|109,494|109,494| ||Support costs|232,832|232,832|60,436|60,436| |||----------------------------------|----------------------------------|---------------------------|---------------------------| |||1,336,644|1,336,644|169,930|169,930| |||==================================|==================================|===========================|===========================| |**9.**|**Expenditure on charitable activities by activity type**||||| |||Grant funding of|||| |||activities|Support costs|Total funds 2025|Total fund 2024| |||£|£|£|£| ||Charitable donations|1,103,812|86,387|1,190,199|121,512| ||Governance costs|–|146,445|146,445|48,418| |||----------------------------------|---------------------------|----------------------------------|---------------------------| |||1,103,812|232,832|1,336,644|169,930| |||==================================|===========================|==================================|===========================| |**10.**|**Analysis of support costs**||||| ||||Grant funding|Total 2025|Total 2024| ||||£|£|£| ||Staff costs||50,657|50,657|10,697| ||General office||12,346|12,346|496| ||Governance costs||146,449|146,449|48,418| ||Depreciation||(99)|(99)|825| ||Foreign exchange movement||23,479|23,479|–| ||||---------------------------|---------------------------|-----------------------| ||||232,832|232,832|60,436| ||||===========================|===========================|=======================| ## **11. Analysis of grants** Unrestricted general funds are available for use at the discretion of the Trustees in the furtherance of the general charitable objectives. **14** **Notes to the Annual Report and Financial Statements** _**(continued)**_ ## **Bird Song Trust** ## **Year ended 5 April 2025** ## **11. Analysis of grants** _**(continued)**_ |||||2025|2024| |---|---|---|---|---|---| |||||£|£| ||**Grants to institutions**||||| ||Beat|||150,000|–| ||Canaan Project|||35,770|–| ||Care Not Killing Alliance|||9,950|–| ||Centre for Social Justice|||125,000|62,500| ||Growth Ltd|||124,115|–| ||Hammersmith and Fulham Foodbank|||65,000|–| ||Housing Justice|||94,266|–| ||Little Sisters of the Poor (St. Anne's)|||10,000|–| ||Medical Research Foundation|||78,650|–| ||MQ Mental Health Research|||115,929|46,994| ||New Asian Friendship Centre|||7,950|–| ||New Philanthropy Capital|||2,500|–| ||Orchards|||37,500|–| ||St Martin's In The Fields|||10,000|–| ||Stichting Kiem|||229,682|–| ||The Oratory|||7,500|–| |||||----------------------------------|---------------------------| |||||1,103,812|109,494| |||||----------------------------------|---------------------------| ||Total grants|||1,103,812|109,494| |||||==================================|===========================| |**12.**|**Net (losses)/gains on investments**||||| |||Unrestricted Funds|Total Funds 2025|Unrestricted Funds|Total Funds 2024| |||£|£|£|£| ||Unrealised (losses)/gains|(474,398)|(474,398)|4,121,251|4,121,251| ||Realised (losses)/gains|(6,550)|(6,550)|20,552|20,552| |||---------------------------|---------------------------|----------------------------------|----------------------------------| |||(480,948)|(480,948)|4,141,803|4,141,803| |||===========================|===========================|==================================|==================================| |**13.**|**Net (expenditure)/income**||||| ||Net (expenditure)/income is stated after charging/(crediting):||||| |||||2025|2024| |||||£|£| ||Depreciation of tangible fixed assets|||(99)|825| ||Foreign exchange differences|||23,480|20,726| |||||=======================|=======================| |**14.**|**Auditors remuneration**||||| |||||2025|2024| |||||£|£| ||Fees payable for the audit of the annual report and financial statements|||5,280|4,800| |||||===================|===================| |**15.**|**Staff costs**||||| ||The total staff costs and employee benefits for|the reporting period are analysed as follows:|||| |||||2025|2024| |||||£|£| ||Wages and salaries|||47,168|10,697| ||Social security costs|||37|–| ||Employer contributions to pension plans|||3,452|–| |||||-----------------------|-----------------------| |||||50,657|10,697| |||||=======================|=======================| The average head count of employees during the year was 1 (2024: 1). **15** **Bird Song Trust** **Notes to the Annual Report and Financial Statements** _**(continued)**_ ## **Year ended 5 April 2025** ## **15. Staff costs** _**(continued)**_ No employee received employee benefits of more than £60,000 during the year (2024: Nil). ## **Key Management Personnel** Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £46,853 (2024:£10,697). ## **16. Trustee remuneration and expenses** No remuneration or other benefits from employment with the charity or a related entity were received by the trustees ## **17. Tangible fixed assets** ||Computer|| |---|---|---| ||equipment|Total| ||£|£| |**Cost**||| |At 6 April 2024|2,474|2,474| |Additions|2,012|2,012| ||-------------------|-------------------| |**At 5 April 2025**|4,486|4,486| ||===================|===================| |**Depreciation**||| |At 6 April 2024|825|825| |Charge for the year|(99)|(99)| ||-------------------|-------------------| |**At 5 April 2025**|726|726| ||===================|===================| |**Carrying amount**||| |**At 5 April 2025**|3,760|3,760| ||===================|===================| |At 5 April 2024|1,649|1,649| ||===================|===================| |**Investments**||| |||Listed investments| |||£| |**Cost or valuation**||| |At 6 April 2024||69,919,507| |Additions||2,212,534| |Disposals||(2,071,503)| |Fair value movements||(480,947)| |Other movements||(13,317)| |||--------------------------------------| |**At 5 April 2025**||69,566,274| |||======================================| |**Impairment**||| |**At 6 April 2024 and 5 April 2025**||| |**Carrying amount**||| |**At 5 April 2025**||69,566,274| |||======================================| |At 5 April 2024||69,919,507| |||======================================| |All investments shown above are held at valuation.||| ## **18. Investments** ## **Financial assets held at fair value** The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date. The investment portfolio is a reflection of the donation in kind to the trust. Over time the trustees will adapt the portfolio to the specific situation in relation to the cash flow needs arising from planned donations according to the aims and objectives of the trust. **16** **Bird Song Trust** **Notes to the Annual Report and Financial Statements** _**(continued)**_ ## **Year ended 5 April 2025** |**18.**|**Investments****_(continued)_**||| |---|---|---|---| ||Investments at fair value compromise:||| |||2025|2024| |||£|£| ||Securities|69,566,274|69,919,507| |||======================================|======================================| |**19.**|**Debtors**||| |||2025|2024| |||£|£| ||Prepayments and accrued income|835|133,528| ||Other debtors|145,992|–| |||---------------------------|---------------------------| |||146,827|133,528| |||===========================|===========================| |**20.**|**Creditors: amounts falling due within one year**||| |||2025|2024| |||£|£| ||Trade creditors|163,826|–| ||Accruals and deferred income|6,398|4,800| ||Social security and other taxes|2,915|–| |||---------------------------|-------------------| |||173,139|4,800| |||===========================|===================| |**21.**|**Pensions and other post retirement benefits**||| ## **Defined contribution plans** The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £3,452 (2024: £Nil). ## **22. Analysis of charitable funds** **Unrestricted funds** At 6 April 2024 Income Expenditure Gains and losses At 5 April 2025 £ £ £ £ £ General funds 70,054,918 1,656,686 (1,350,903) (480,948) 69,879,753 ====================================== ================================== ================================== =========================== ====================================== At 6 April 2023 Income Expenditure Gains and losses At 5 April 2024 £ £ £ £ £ General funds 48,137,824 17,967,526 (192,235) 4,141,803 70,054,918 ====================================== ====================================== =========================== ================================== ====================================== **17** **Bird Song Trust** **Notes to the Annual Report and Financial Statements** _**(continued)**_ ## **Year ended 5 April 2025** ## **23. Analysis of net assets between funds** |||||Unrestricted Funds|Total Funds 2025| |---|---|---|---|---|---| |||||£|£| ||Tangible fixed assets|||3,760|3,760| ||Investments|||69,566,274|69,566,274| ||Current assets|||482,858|482,858| ||Creditors less than 1 year|||(173,139)|(173,139)| |||||--------------------------------------|--------------------------------------| ||**Net assets**|||69,879,753|69,879,753| |||||======================================|======================================| |||||Unrestricted Funds|Total Funds 2024| |||||£|£| ||Tangible fixed assets|||1,649|1,649| ||Investments|||69,919,507|69,919,507| ||Current assets|||138,562|138,562| ||Creditors less than 1 year|||(4,800)|(4,800)| |||||--------------------------------------|--------------------------------------| ||**Net assets**|||70,054,918|70,054,918| |||||======================================|======================================| |**24.**|**Analysis of changes in net debt**||||| |||At 6|Apr 2024|Cash flows|**At 5 Apr 2025**| ||||£|£|£| ||Cash at bank and in hand||5,034|330,997|336,031| ||||===================|===========================|===========================| ## **25. Other financial commitments** The charity has pledged the following grants payable if the conditions attached to the grants are met: 2026 £1,178,343 2027 £42,140 These grants have not been provided for in the financial statements. ## **26. Related parties** During the year the trustees, Wiet Pot and Carien Pot-Mees, donated £347 (2024: £17,070,288) to the Charitable Trust. During the year the trust made grant payments of £229,682 (2024: £nil) to Stichting Kiem, a charity in which Carien Pot-Mees is a trustee. During the year the charity received accountancy services of £nil (2024: £4,460) from Masman Bosman (Wolkers), a firm where (former trustee) Rick Wolkers is a partner. **18**