Charity registration number 1080818 Company registratlon number 03913783 (England and Walas) 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 Socrolary Mr l Hofftnan Charity number 1080818 Company number 03913783 Principal address Unlt 2a Berol House 25Ashl8y Road London N17 gLJ Reglstered office 1 st Floor, Cloister House Riverside New Bailey Street Manchest6r M3 5FS Independent examiner Lopian Gross Bamell & Co 1 st Floor, Cloister House Riverside New Balley Street Manchest6r M3 5FS THE CANNON CHARITABLE TRUST CONTENTS Page Trus188s r8port Independent examinerfs report stalement of financial activities Balance sheet Statement of cash flows Notes to the financial slalements 7-13 THE CANNON CHARITABLE TRUST TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JANUARY 2024 The trustees presenl their annual report and financial staternenls for the year ended 31 January 2024. The accounts have bean prepared in accordance with the accounting policies s8t oul in note 1 to the accounts and comply with the charity's Memorandum and Articles ofAssociation, the Companies Act 2006 and the Statement of Recommended Practice, Accounting and Reporting by Charities issued in March 2005, Objectives and actlvltles The maln oblective of the charity is to promote, encourage and provide finance for religious education and social welfare both in the United Kingdom and worl(knide. These objectives are achieved by heightening the public awareness of and the payment of grants ID participating organi8ation6. Public b8nefit The truslees ¢onfirm thal they have wmplied wlth the duty in section 4 of the Charities Act 201110 have due regard to guidance issued by the Charity Commission in deciding whal aclivilies the charity should undertake. All of the activities Ihal are undertaken by the ¢harily are for Ihe advancement of the objectivas and ara outlined fully above. Grant making policy The charity is funded by donations and gives out grants in line with the above obleolives. Grants made during the year lo inslilutions are as detalled in the a¢¢ounts. The application of the funds Is by way of grants to either institutions or individuals and is almosl always to institutions. In deciding who they support the TNstees consider th6 financial need and track record of the applicant. Volunteers th the exception of thg lime given by the govemors, the charity did nol requir8 the use of volunteers during the year. Achievements and performance SigniliGant acfivitles and achiev8mentS 8g&inst objectives The principal activity of tha charity during the year was the provision of financial support to institutions and organisations providing religious education and social welfare services, The charity's inwming 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 yoar the charity's investments suffered an exchange rate loss of £30. The charity's expended resources, lotalling £676,879, included £874,236 of donations to institutions and organisations providing religious education and social welfare se￿Ices. Financial roview Funding for the trust was received principally from companies controlled by Mr R Tauber and donations from Mr and Mrs Tauber (govemors ofthe Irust). R&seN&s policy During the year, incoming resources decreased by £3,232,650 to £371,600. Total funds carried forward are £2,568,104 in an unrestricted fund to pr8serve continuity of operations in the event of adverse circumstances. THE CANNON CHARITABLE TRUST TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 ajor Asks The Cannon Charllable Tru51 ha5 adopted a reserves poll¢y which It belleves wlll ensure the ablllly of the charity to meet its Obligations in the event of Closure or other adverse ¢ir¢umstan¢es. The Board of Governors ¢ontlnually assesses thè major strategic business and operalional risks which the charity faces and have ￿nfIrmed that systems have been established lo enable regular reports lo bg made so that necessary slep$ ¢an be taken lo lessen Ihese risks. Regular review meetings of the General Manager and the govemors help manage and mitigate the risks the charity faces, which mainly concern the continuity and the quality of heightening public awareness of organlsallons supported by the charity. Plan8 for future periods The Trustees aim to continue to ensure the charity carries out its objactives to the highest possibla standards. Structure, governance and management Th8 charity was incorporat8d on 26th January 2000 and registered as a charity on 9th May 2000. The charity is a company having no share capilal and Is limited by guarantee. The governlng document is the Memorandum and Articles ofAssociation, as amended by special resolullon on 9th May 2000, The trustees, who are also the directors for the purpose of company law, and who served during th@ year and up lo the dale of signature of the financial statements were.. Mr R TTauber Mrs J Tauber ReGruitmgnt and appointment of trustoes The govemors may elect new memb8rs to the Board and renew m8mb&rship on an annual basis. One third of the members of the Board shall retire éach year and b8 81igibl8 for r6-818Ction. The company'8 current policy concerning the payment of trade creditors is to follow the CBI'S Prornpt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1 DU). The Gompany's currenl policy concerning the payment of trade creditors is to.. settle Ihe terms of paymenl with suppliers when agreeing the terms of each transaction., ensure that suppliers are made aware of th8 terms of payment by inclusion of the relevant terms in contr8cI8- and pay in accordance with the company's contractual and other legal obligatlons. Funds held as ¢ustodlan trustee There were no funds held as custodian trustees on behalf of others. The Truste s report was approved by the Board of Trustees. Mr Trustee 29 102024 THE CANNON CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CANNON CHARITABLE TRUST I report on the financial statgments of the charity for the year ended 31 January 2024, which are set out on pages 4t013. Respectlve responslbllltles of trustees and examlner The charity's trLJStees, who are also the directors of The Cannon Charitable Trusl for the purposes of company law, are responsibl& for tha preparation of the accounts. The trustaes consider that an audit is not requirad for this year under section 144(2> of the Charllies Act 2011 (the 2011 Act) nor under Part 16 of th8 Compani8s Act 2006, and that an independenl examination is needed. The charity's gross income exceeded £250,000 and l am qualified to undertake the examination being a qualified mernber of the Institute of Chartered Accountants in England and VVal8S. Havlng satisfied myself that the Charlty Is not 8ubje¢t to audit under company law and is eligible for independent 6xaminalion, it is my responsibility to,, examine the financial statements under section 145 of the 2011 Acl., {ii) to follow the procedures lald down in the general Directions given by the Charfty Commlssion under section 145{5)Ib) of the 2011 Ad., and {ilil to stat8 wh81her particular mallers have corne to my attention. Basls of Independent examinerfs report My examination was catTied out in accordarn￿ wtth the general Directions given by the Charily Commission. An examination includes a review of the accounting records kept by the charity and a carmparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosur88 in the financial statements, and seeking explanations from you as Irustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is giv8n as to whether Ihe financial statements present a 'true and fair view, and the r8POrt is limited to those matters set out in the next stalament. Independent examinerfs statement In connection with my examination, no matter has (x)m8 to my attention.. (a} which gives me reasonable Cause to believe that in any material respect the requlrements.. (il to keep a¢¢ountlng records in accordance with section 386 ofthe CompaniesAd 2006., and {ii) to prepare financial slatements which accord with the ac(x)unting re(x)rds, comply wilh Ihe accounting requirements Of section 396 of the Companies Act 2006 and with the methods and principl8s of the Statement of Recommended Practice.. Accounting and Reporting by Charities; have not been met or Ib) 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 BAACA CTA DChA Lopian Gross Bametl & Co Chartered Accountants 1 st Floor, Cloister House Riverside New Bailey Streat Manchester M3 5FS Dated.. 30 102024 THE CANNON CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY2024 Unrestrlcted Unrestrlded funds funds 2024 2023 Notes Income from: Donatlons and legacies Investm8nts 371,800 29e,151 3,604,250 14D,117 Total Income 667,751 3,744,367 Charitable activities Other expenditure 674,236 2,613 1,223,729 9.108 Total expenditure 676.849 1,232,837 Net losses on inv8slm8nls 10 <301 {421) Net Incomellexpendlturel and movement In funds {9,1281 2,511,109 Reconciliation offunds: Fund balances at 1 February 2023 2,575,232 64,123 Fund balances at 31 January 2024 2,586,104 2,575,232 The slatem&nt of financial activities includes all gains and losses r6cognised in th8 year. All income and expenditure d@rive from continuing activities. THE CANNON CHARITABLE TRUST BALANCE SHEET AS AT 31 JANUARY2024 2024 2023 Notes Flxed assets Investments 12 285 315 Current assets Debtors Cash at bank and in hand 13 2,500,000 76,819 2,500,100 85,017 2,576,619 2,585,117 Credltors: amounts falling du¢ withln one year 14 {10,800> 110,2001 Net currgnt assets 2,585,819 2,574,917 Toial assets less Current Ilabllltles 2,566,104 2,575,232 Net assets oxcluding pension liability 2,566,104 2,575,232 The funds of the charlty Unrestricted funds 2,586,104 2,575,232 2,566,104 2.575,232 The company is entitled lo Ihe exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the y@ar ended 31 January 2024. The directors acknowledge their responsibilities for complying with Ihe requirements of the Companies A¢1 2006 with r8spect lo accounting records and the preparation of financial statements. The members have not required the company to obtain an audrt of ils financial statements for the y8ar in qu6Stion in accordance with sedion 478. These financtal statements have been prepared in accordance with tha provisions applicable lo companies subject to the small companies regime. The financial statements were approved by the trustees on 29 10 2024 MrR TTauber Trustee Company registration number 03913783 (England and Wales) THE CANNON CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY2024 2024 2023 Notes Cash flows from Opera￿n9 a¢￿VItIeS Cash absorbed by operalions 18 (304,649) {141,837) Investing actlvllles Repayment of investment loans and receivab18S Invastment income received 100 296,151 1,800 140,117 Ngt cash genorated from investing actlvitios 296,251 141,717 Net cash used In flnanclng actlvltles Net decrease In cash and cash equivalonts {8,398) (12Ql Cash and cash equivalents at beginning of year 85,017 85,137 Cash and cash equivalents at end olyear 76,619 85,017 THE CANNON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY2024 Accountlng pollcles Charity information The Cannon Charitable Trust is a privat8 company limited by guaranteè Inco￿Orated in England and Wales. The registered office 1$ 1 sl Floor, Cloister Hous8, Riverside, N8w Bailey Street, Manchester, M3 5FS. 1.1 Accounting convention The accounts have b6en pr8pared in accordance with the charity's goveming document, the Companies Act 2006 and "Accounting and R8porting by Charities.. Slal&mant of Recommended Pracli¢e applicable to charitles preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republ1¢ of Ireland (FRS 102)° (as amended for accounting periods commencing from 1 January 2016). The charily is a Public Ben8fft Entity as d8fin8d by FRS 102. The financial slatemenls are prepared in sterling, which is the fundonal curren¢y Of Ihe ¢harlly. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under Ihe historical cost convention, modrfied to include the revaluation of freehold properties and to include Investmenl propertles and certain financial instrument5 at fair value. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, Ihe trustees have a reasonable expectation that the charity has adequate resources to continue in operational existenc& for th6 for8s8eable future. Thus the tnjstees (x)ntinue to adopt the going concern basis of accounting in preparing the financial stat8m8nts. 1.3 Charitable funds Unrestricted funds are available for use at th@ discretion of th8 trustees in furtheranca of their charitable objectives. Restricted funds are subject to SP8cific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are Sel 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 harity. 1.4 Incoming resources Income is recognised when the charity is legally entitled to tt afler any performance ¢onditions have been met, the amounts can be rneasured reliably, and il is probable that income will be received. Cash donations are raccgnised on receipt. Other donations are recognlsed once the charity has been notified of the donation, unless performance conditions require deferral of Ihe amount. Income tax recoverable in relation ID donations received under Gift Aid or deeds of covenant is recognised at th8 time of the donation. Legacies are re¢ognised on receipt or otheTwise if the charity has been notified of an impending distribution, tha amount is known, and recaipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.5 Resources expended Expendilure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third party, it is probable Ihat 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 JANUARY2024 A¢¢ountlng pollcles (Continued) Expenditure is classified by activity. The costs of each activity are made up of the total of direcl costs and shared ¢ost$, including support ¢ost8 involved in undertaking ea¢h activity Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs which ¢onlribut& to more than one activity and support costs which are not attributable lo a Single activity are apportioned between those aclivilies on a basis consistent with the use of resources. Central staff costs are allocaled on the basis of time spent, and d8pr&cialion charges are allo¢aled on the portion of the a$set'$ use. 1.6 Flxed assgt investmonts Fixed asset inv8slm8nts are initially measured at transaction pric8 8xcluding transaction costs, and are subsequently measured at fair value al each reporting date. Changes in fair value are recognlsed in nel incomel(expenditurel for the year. Transaction cos16 are expensed as incurred. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of thre8 months or less, and bank overdrafts. Bank ov8rdrafts ar8 shown within borrowings in current liabilities. 1.8 Financial instruments The charity has 818c18d to apply th8 provisions of S8Ction 11 'Basic Financial Instruments, and Section 12 'Other Financial InslNments Issues, of FRS 102 to all of Its finan¢lal Inslruments. Financial inslruments are recognis8d in the charily's balance sheet when the charity becomes party to the contractual provisions of th8 instrument. Financial a5sels and liabililies are offset, with the net amounts presented in the financial statements, when there is a legally enforcsabl6 right to set off the recognised amounts and there is an intention to settle on a net basis or to r8alis@ the 2SS@t and settl8 the liability simultaneously. Basic linancial 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 amorlised cost using the effective interest method unless the arrangement conslitule5 a financing transaction, where the Iransactlon is measured at tha present value af the future rec6ipls discounted at a market rate of interest. Financial assels classified as recaivable within one year are not amortis&d. Basic flnancial liabilities Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangemenl constitutes a financing transaclion, where Ihe debt inslrument is measured at the present value of the future payments discounled at a market rale of interest. Financial liabilities classlfied as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rate m@thod, Tradg creditors are obligations lo 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 paymenl is due wilhin one year or less. If nol, they are presented as non-currenl liabilities, Trade creditors are re¢ognised Initially al transaction price and subsequently m8asured at amortised cost using the effectivg 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 JANUARY2024 Crltl¢al accounilng eS￿MateS and Judgements In the appll¢ation of Ihe ¢hariYs accountlng policies, the trustees are required to make ludgemenls, estimates and assumptions about the carrying amount of assets and liabilltles thal are not readlly apparent from other sources. The estimates and associated assumptions are ba3ed on hi8torf¢al experience and other factors thal ar8 considered to be relevant. Actual resul18 may differ from these estimates. The estlmates and undertying assumptions are revlewed on an ongoing basls. Revislons to accounting estlmates are recognised in the period in which the estimate Is revlsed where the revision affects only thal period, or in the period of the revi8ion and future periods where the revision affect8 both current and future period$. In¢ome from donatlons and legacles Unre8trictod Unrestrictod funds funds 2024 2023 Donations and gifts 371,600 3,604,250 Income from investments Unr•strictsd Unrestrictod funds funds 2024 2023 Interest receivable 2g6,151 140,117 Charitablè actlvltles Charitable Charitable activities activities 2024 2023 Grant fvnding of activities (see note 6) Share of govemance costs 673,960 1,223,515 276 214 674,236 1,223,729 THE CANNON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y2024 Grant6 payable Charltablo activities 2024 Charitable activities 2023 Grants to institutions.. Other 673,960 1,223,515 Material grants were made to the following institutions: BC Trust- £28,OQO Care All Limited - £15,000 Chasdei Sholom- £20,000 CMZ Ltd - £20,000 Friends of Bels Chinuch Lebonos Trust- £30.000 Friends cf Bels Sorah S¢hnelrer- £20,000 Friends of M8rcaz Hatorah Bel2 Macnivke- £50,000 Mifal Haches&d V8halzedokoh - £60,000 One Heart- Lev Echod- £15,000 Reb Shayale's Tzeduke- £20,000 Shir Ch8sed Bels Yisroal - £3Q,000 Tchab@ Ko1181 Limited - £25,000 United TalmudicalAssociation- £30,000 odowa Charity & Rehabilitation Trust - £85.000 Trustses None of Ihe trustees (or any persons connected with them} received any remuneration or reimbursed expenses during the year. Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Total There were no employees whose annual remuneration, benefits or expenses were more than £60,000. 10- THE CANNON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Other Unro$tri¢tod Unro$tri¢ted funds funds 2024 2023 Auditor's remuneration Ex¢hange rate galns and losses Accountancy fe8S Sundry 6,5QO (72) 1,380 1,3QO 33 2,100 480 2.613 9,108 10 Gains and losses on investments Unre8trfcted Unrestrlcted funds funds 2024 2023 Gainsl{losses) arising on.. Revaluallon of Investments Foreign exchange gain l {loss> on investments <421} {30) 130) (421} The foreign exchange loss on investments of £30 is held within Unrestrl¢ted funds. 11 Taxation The charity is 8xempt from taxation on its activities because all its incorne is applied for charitable purposes. 12 Fixed asset investments Listed investments Cost OT valuatlon At 1 February 2023 Exchange rate gain J (loss) 315 (30) At 31 January 2024 285 Carrying amount At 31 January 2024 285 At 31 January 2023 315 11 THE CANNON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 13 Debtorg 2024 2023 Amounts falling due wlthln one year: Other debtors 2,500,OOQ 2,500,100 14 Credltors: amounts falllng due wlthln one year 2024 2023 Accrua15 and deferred incom@ 10,800 10,200 15 Unrestrlctod funds The unrestricted fund5 of Ihe charily comprise the unexpended balances of donations and grants which ar8 not subject to specific wnditions by donors and grantors as to how they may be used. These include designated funds which hav8 b88n s8t aside out of unrestricted funds by th8 trustees for specific purposes. At 1 February 2023 Incomlng Resources regources expended Galns and At 31 January losses 2024 General funds 2,575,232 687,751 (676.8491 {30} 2,566,104 Previou5 year: At 1 February 2022 Incomlng Resources resourcos expended Gains and At 31 January los$es 2023 General funds 64,123 3,744,367 (1,232,83n (421) 2,575.232 16 Related party transa¢tlons At 31 January 2024, the Charity had a loan of £2,500,000 issued to CSJ Inveslments Ltd. Mr Tauber, a trustee of the Charily, is a director and shareholder of CSJ Investments Ltd. Loan interest is chargeable al 70A above the Bank of England base rate. Of the total donations received by the Charity during th6 y8ar, £358,ODO were rec8ived from relaled parties, These donations were recelved without any allached conditions. 17 Analysis of changes In net funds The charity had no material debt during the year. 12- THE CANNON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 18 Cash generatgd from operaOons 2024 2023