Charity registration number 1080818
Company registration number 03913783 (England and Wales)
THE CANNON CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
THE CANNON CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr R T Tauber
Mrs J Tauber
Secretary
Mr I Hoffman
Charity number
1080818
Company number
03913783
Principal address
Unit 2a Berol House
25 Ashley Road
London
N17 9LJ
Registered office
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Independent examiner
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
THE CANNON CHARITABLE TRUST
CONTENTS
Page
Trustees report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Statement of cash flows
6
Notes to the financial statements
7 - 13
THE CANNON CHARITABLE TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 January 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.

Objectives and activities

The main objective of the charity is to promote, encourage and provide finance for religious education and social welfare both in the United Kingdom and worldwide. These objectives are achieved by heightening the public awareness of and the payment of grants to participating organisations.

Public benefit

The trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

 

All of the activities that are undertaken by the charity are for the advancement of the objectives and are outlined fully above.

Grant making policy

The charity is funded by donations and gives out grants in line with the above objectives. Grants made during the year to institutions are as detailed in the accounts. The application of the funds is by way of grants to either institutions or individuals and is almost always to institutions. In deciding who they support the Trustees consider the financial need and track record of the applicant.

Volunteers

With the exception of the time given by the governors, the charity did not require the use of volunteers during the year.

Achievements and performance
Significant activities and achievements against objectives

The principal activity of the charity during the year was the provision of financial support to institutions and organisations providing religious education and social welfare services.

 

The charity's incoming resources, totalling £667,751, comprise of voluntary contributions of £371,600 from companies and individuals in the United Kingdom, and loan interest receivable of £296,151.

 

During the year the charity's investments suffered an exchange rate loss of £30.

 

The charity's expended resources, totalling £676,879, included £674,236 of donations to institutions and organisations providing religious education and social welfare services.

Financial review

Funding for the trust was received principally from companies controlled by Mr R Tauber and donations from Mr and Mrs Tauber (governors of the trust).

Reserves policy

During the year, incoming resources decreased by £3,232,650 to £371,600. Total funds carried forward are £2,566,104 in an unrestricted fund to preserve continuity of operations in the event of adverse circumstances.

THE CANNON CHARITABLE TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Major risks

The Cannon Charitable Trust has adopted a reserves policy which it believes will ensure the ability of the charity to meet its obligations in the event of closure or other adverse circumstances.

 

The Board of Governors continually assesses the major strategic business and operational risks which the charity faces and have confirmed that systems have been established to enable regular reports to be made so that necessary steps can be taken to lessen these risks. Regular review meetings of the General Manager and the governors help manage and mitigate the risks the charity faces, which mainly concern the continuity and the quality of heightening public awareness of organisations supported by the charity.

Plans for future periods

The Trustees aim to continue to ensure the charity carries out its objectives to the highest possible standards.

Structure, governance and management

The charity was incorporated on 26th January 2000 and registered as a charity on 9th May 2000.

 

The charity is a company having no share capital and is limited by guarantee. The governing document is the Memorandum and Articles of Association, as amended by special resolution on 9th May 2000.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr R T Tauber
Mrs J Tauber
Recruitment and appointment of trustees

The governors may elect new members to the Board and renew membership on an annual basis. One third of the members of the Board shall retire each year and be eligible for re-election.

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

 

Funds held as custodian trustee

There were no funds held as custodian trustees on behalf of others.

The Trustees report was approved by the Board of Trustees.

Mr R T Tauber
Trustee
29 October 2024
THE CANNON CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE CANNON CHARITABLE TRUST
- 3 -

I report on the financial statements of the charity for the year ended 31 January 2024, which are set out on pages 4 to 13.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of The Cannon Charitable Trust for the purposes of company law, are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) nor under Part 16 of the Companies Act 2006, and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination being a qualified member of the Institute of Chartered Accountants in England and Wales.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

(i)

examine the financial statements under section 145 of the 2011 Act;

(ii)
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
(iii)
to state whether particular matters have come to my attention.
Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 386 of the Companies Act 2006; and

(ii)

to prepare financial statements which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Jason Selig BA ACA CTA DChA
Lopian Gross Barnett & Co
Chartered Accountants
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Dated: .........................
THE CANNON CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
3
371,600
3,604,250
Investments
4
296,151
140,117
Total income
667,751
3,744,367
Charitable activities
5
674,236
1,223,729
Other expenditure
9
2,613
9,108
Total expenditure
676,849
1,232,837
Net losses on investments
10
(30)
(421)
Net income/(expenditure) and movement in funds
(9,128)
2,511,109
Reconciliation of funds:
Fund balances at 1 February 2023
2,575,232
64,123
Fund balances at 31 January 2024
2,566,104
2,575,232

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE CANNON CHARITABLE TRUST
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
285
315
Current assets
Debtors
13
2,500,000
2,500,100
Cash at bank and in hand
76,619
85,017
2,576,619
2,585,117
Creditors: amounts falling due within one year
14
(10,800)
(10,200)
Net current assets
2,565,819
2,574,917
Total assets less current liabilities
2,566,104
2,575,232
Net assets excluding pension liability
2,566,104
2,575,232
The funds of the charity
Unrestricted funds
2,566,104
2,575,232
2,566,104
2,575,232

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 29 October 2024
Mr R T Tauber
Trustee
Company registration number 03913783 (England and Wales)
THE CANNON CHARITABLE TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
18
(304,649)
(141,837)
Investing activities
Repayment of investment loans and receivables
100
1,600
Investment income received
296,151
140,117
Net cash generated from investing activities
296,251
141,717
Net cash used in financing activities
-
-
Net decrease in cash and cash equivalents
(8,398)
(120)
Cash and cash equivalents at beginning of year
85,017
85,137
Cash and cash equivalents at end of year
76,619
85,017
THE CANNON CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
1
Accounting policies
Charity information

The Cannon Charitable Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 1st Floor, Cloister House, Riverside, New Bailey Street, Manchester, M3 5FS.

1.1
Accounting convention

The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5
Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

THE CANNON CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 8 -

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

THE CANNON CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
371,600
3,604,250
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
296,151
140,117
5
Charitable activities
Charitable activities
Charitable activities
2024
2023
£
£
Grant funding of activities (see note 6)
673,960
1,223,515
Share of governance costs
276
214
674,236
1,223,729
THE CANNON CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
6
Grants payable
Charitable activities
Charitable activities
2024
2023
£
£
Grants to institutions:
Other
673,960
1,223,515

Material grants were made to the following institutions:

 

BC Trust - £28,000

Care All Limited - £15,000

Chasdei Sholom - £20,000

CMZ Ltd - £20,000

Friends of Beis Chinuch Lebonos Trust - £30,000

Friends of Beis Sorah Schneirer - £20,000

Friends of Mercaz Hatorah Belz Macnivke - £50,000

Mifal Hachesed Vehatzedokoh - £60,000

One Heart - Lev Echod - £15,000

Reb Shayale's Tzeduke - £20,000

Shir Chesed Beis Yisroel - £30,000

Tchabe Kollel Limited - £25,000

United Talmudical Association - £30,000

Wlodowa Charity & Rehabilitation Trust - £85,000

7
Trustees

None of the trustees (or any persons connected with them) received any remuneration or reimbursed expenses during the year.

8
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration, benefits or expenses were more than £60,000.
THE CANNON CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
9
Other
Unrestricted
Unrestricted
funds
funds
2024
2023

Auditor's remuneration

-
6,500

Exchange rate gains and losses

33
(72)

Accountancy fees

2,100
1,380
Sundry
480
1,300
2,613
9,108
10
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2024
2023
Gains/(losses) arising on:
£
£
Revaluation of investments
-
(421)
Foreign exchange gain / (loss) on investments
(30)
-
(30)
(421)

The foreign exchange loss on investments of £30 is held within Unrestricted funds.

11
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 February 2023
315
Exchange rate gain / (loss)
(30)
At 31 January 2024
285
Carrying amount
At 31 January 2024
285
At 31 January 2023
315
THE CANNON CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,500,000
2,500,100
14
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
10,800
10,200
15
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 February 2023
Incoming resources
Resources expended
Gains and losses
At 31 January 2024
£
£
£
£
£
General funds
2,575,232
667,751
(676,849)
(30)
2,566,104
Previous year:
At 1 February 2022
Incoming resources
Resources expended
Gains and losses
At 31 January 2023
£
£
£
£
£
General funds
64,123
3,744,367
(1,232,837)
(421)
2,575,232
16
Related party transactions

At 31 January 2024, the Charity had a loan of £2,500,000 issued to CSJ Investments Ltd. Mr Tauber, a trustee of the Charity, is a director and shareholder of CSJ Investments Ltd. Loan interest is chargeable at 7% above the Bank of England base rate.

Of the total donations received by the Charity during the year, £358,000 were received from related parties. These donations were received without any attached conditions.

17
Analysis of changes in net funds

The charity had no material debt during the year.

THE CANNON CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
18
Cash generated from operations
2024
2023
£
£
(Deficit)/surpus for the year
(9,128)
2,511,109
Adjustments for:
Investment income recognised in statement of financial activities
(296,151)
(140,117)
Foreign exchange differences
30
-
Fair value gains and losses on investments
-
421
Movements in working capital:
(Increase) in debtors
-
(2,500,000)
Increase/(decrease) in creditors
600
(13,250)
Cash absorbed by operations
(304,649)
(141,837)
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