REGISTERED COMPANY NUMBER: 01933551 (England and Wales)

REGISTERED CHARITY NUMBER: 296751

CANONSTATES LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Reference and Administrative Details

1

Report of the Trustees

2

Independent Examiner's Report

3

Statement of Financial Activities

4

Balance Sheet

5

to

6

Notes to the Financial Statements

7

to

11

TRUSTEES

Mr L H Bondi

Mrs H F Bondi

Mrs S Cymerman

Mr M D Cymerman

Mrs S Heitner

Mr I Heitner

COMPANY SECRETARY

Mrs H F Bondi

REGISTERED OFFICE

479 Holloway Road

London

N7 6LE

REGISTERED COMPANY NUMBER

01933551 (England and Wales)

REGISTERED CHARITY NUMBER

296751

INDEPENDENT EXAMINER

Sugarwhite Meyer Accountants Ltd

First Floor

94 Stamford Hill

London

N16 6XS

BANKERS

Barclays Bank plc

1 Churchill Place

London

E14 5HP

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 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

Objects for public benefit

The objects of the charity are the advancement of religion in accordance with Orthodox Jewish Faith, the relief of poverty and such other purposes as are recognised by English Law as charitable. The charity carries out its objects by grantmaking.

The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The trustees are pleased with the results of the year. There was an increase in both income and expenditure, the charity being left with a surplus for the year.

FINANCIAL REVIEW

Reserves policy

The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity .Reserves at the year end were £821,129 (2023 - £833,6749) with free reserves being £55,129 (2023 - £67,674).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The charity is constituted as limited company and is governed by its Memorandum and Articles of Association dated 25July 1985.

Organisational structure

The power to appoint new trustees is vested in the continuing board. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.

Risk management

The trustees have reviewed the major risks that the charity faces and confirm that they have established systems to mitigate them.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 4 September 2025 and signed on its behalf by:

Mr L H Bondi - Trustee

Independent examiner's report to the trustees of Canonstates Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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

4 September 2025

2024

2023

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Investment income

2

44,415

40,337

EXPENDITURE ON

Raising funds

3

7,129

12,150

Charitable activities

4

Grantmaking

47,400

11,000

Support

2,431

1,553

Total

56,960

24,703

NET INCOME/(EXPENDITURE)

(12,545

)

15,634

RECONCILIATION OF FUNDS

Total funds brought forward

833,674

818,040

TOTAL FUNDS CARRIED FORWARD

821,129

833,674

2024

2023

Total

Total

funds

funds

Notes

£

£

FIXED ASSETS

Investments

Investments

9

1,000

1,000

Investment property

10

765,000

765,000

766,000

766,000

CURRENT ASSETS

Debtors

11

57,500

59,536

Prepayments and accrued income

492

-

Cash at bank

2,182

10,760

60,174

70,296

CREDITORS

Amounts falling due within one year

12

(5,045

)

(2,622

)

NET CURRENT ASSETS

55,129

67,674

TOTAL ASSETS LESS CURRENT LIABILITIES

821,129

833,674

NET ASSETS

821,129

833,674

FUNDS

Unrestricted funds:

General fund

821,129

833,674

TOTAL FUNDS

821,129

833,674

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 4 September 2025 and were signed on its behalf by:

Mr L H Bondi - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

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. The 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 included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Income from investments is included in the year in which it is receivable.

Income received by way of donations is accounted for when received.

Expenditure

Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.

Grants are only recognised in the accounts when paid.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date any changes are

transferred to the Statement of Financial Activities.

Taxation

The charity is exempt from corporation 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 recognised at the amount receivable or payable.

Going concern

There are no material uncertainties about the charity's ability to continue.

2.	INVESTMENT INCOME

2024

2023

Unrestricted

Total

funds

funds

£

£

Rents received

44,413

40,337

Deposit account interest

2

-

44,415

40,337

3.	RAISING FUNDS

Investment management costs

2024

2023

Unrestricted

Total

funds

funds

£

£

Management fees & commissions

-

585

Service charges

1,345

1,344

Insurance

2,023

1,898

Property repairs

3,761

8,147

Depreciation

-

176

7,129

12,150

4.	CHARITABLE ACTIVITIES COSTS

Grant

funding of

activities

Support

(see note

costs (see

5)

note 6)

Totals

£

£

£

Grantmaking

47,400

-

47,400

Support

-

2,431

2,431

47,400

2,431

49,831

5.	GRANTS PAYABLE

2024

2023

£

£

Grantmaking

47,400

11,000

The total grants paid to institutions during the year was as follows:

2024

2023

£

£

Advancement of education

10,100

3,000

Relief of poverty

15,500

5,000

Advancement of religion

21,800

3,000

47,400

11,000

Itzchok Meyer Cymerman Trust Ltd

20,000

Amud Hatzdoko Trust

7,500

Dencommon Ltd

4,000

Other under £4,000

15,900

47,400

6.	SUPPORT COSTS

Governance

Other

costs

Totals

£

£

£

Support

126

2,305

2,431

Support costs, included in the above, are as follows:

Other

2024

2023

Total

Support

activities

£

£

Sundries

126

196

Governance costs

2024

2023

Total

Support

activities

£

£

Independent examiner's fee

480

480

Independent examiner's other fees

960

720

General expenses

865

157

2,305

1,357

7.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

8.	AVERAGE NUMBER OF EMPLOYEES

The average number of employees in the year was Nil (2023 - Nil).

9.	FIXED ASSET INVESTMENTS

Listed

investments

£

MARKET VALUE

At 1 January 2024 and 31 December 2024

1,000

NET BOOK VALUE

At 31 December 2024

1,000

At 31 December 2023

1,000

There were no investment assets outside the UK.

10.	INVESTMENT PROPERTY

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

765,000

NET BOOK VALUE

At 31 December 2024

765,000

At 31 December 2023

765,000

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.

11.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

2,036

Other debtors

57,500

57,500

57,500

59,536

12.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

3,605

2,622

Accruals and deferred income

1,440

-

5,045

2,622

13.	RELATED PARTY DISCLOSURES

As at the balance sheet date the charity was owed £57,500 (2023 - £57,500) by The Itzchok Meyer Cymerman Trust Ltd, a charitable company under common control of the trustees/directors. The charity made donations to Adenfirst Ltd, Dencommon Ltd and The Itzchok Meyer Cymerman Trust Ltd, charitable companies under common control of the trustees/directors.