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← Cannon Charitable Trust

2025-01-31-accounts

Charity registration number 1080818 (England and Wales) Company registration number 03913783

THE CANNON CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

THE CANNON CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr R T Tauber
Mrs J Tauber
Secretary Mr I Hoffman
Charity number (England and Wales) 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 2025

The trustees present their annual report and financial statements for the year ended 31 January 2025.

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 £616,744, comprise of voluntary contributions of £313,200 from companies and individuals in the United Kingdom, and loan interest receivable of £303,544.

During the year the charity's investments suffered an exchange rate loss of £85.

The charity's expended resources, totalling £607,239, included £602,150 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 £58,400 to £313,200. Total funds carried forward are £2,575,524 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 2025

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

Date: .............................................

THE CANNON CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE CANNON CHARITABLE TRUST

I report on the financial statements of the charity for the year ended 31 January 2025, 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:

Basis of independent examiner's report

Independent examiner's statement

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

Daniel Rubinstein FCA 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 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Donations and legacies 3 313,200 371,600
Investments 4 303,544 296,151
Total income 616,744 667,751
Charitable activities 5 602,463 674,236
Other expenditure 9 4,776 2,613
Total expenditure 607,239 676,849
Net losses on investments 10 (85) (30)
Net income/(expenditure) and movement in funds 9,420 (9,128)
Reconciliation of funds:
Fund balances at 1 February 2024 2,566,104 2,575,232
Fund balances at 31 January 2025 2,575,524 2,566,104

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 2025

Notes
Fixed assets
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
The funds of the charity
Unrestricted funds
15		 2025
£
£
200
2,502,500
77,324
2,579,824
(4,500)
2,575,324
2,575,524
2,575,524
2,575,524		 2024
£
£
285
2,500,000
76,619
2,576,619
(10,800)
2,565,819
2,566,104
2,566,104
2,566,104		 2024
£
£
285
2,500,000
76,619
2,576,619
(10,800)
2,565,819
2,566,104
2,566,104
2,566,104
2,566,104
2,566,104
2,566,104

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 2025.

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 .........................

.............................. 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 2025

Notes
Cash flows from operating activities
Cash absorbed by operations
18
Investing activities
Repayment of investment loans and
receivables
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
£
(302,839)
-
303,544
303,544
-
705
76,619
77,324		 2024
£
£
(304,649)
100
296,151
296,251
-
(8,398)
85,017
76,619

THE CANNON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

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 Income

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.

Loan interest income is recognised on an accruals basis using the effective interest rate method, which allocates interest income over the period to which it relates based on the principal amount outstanding and the applicable interest rate. Income is recognised only when recovery of the amount is probable and can be measured reliably.

THE CANNON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

1 Accounting policies

(Continued)

1.5 Expenditure

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.

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.

THE CANNON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

1 Accounting policies

(Continued)

Derecognition of financial liabilities

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

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
2025 2024
£ £
Donations and gifts 313,200 371,600

4 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 303,544 296,151

5 Charitable activities

Charitable Charitable
activities activities
2025 2024
£ £
Grant funding of activities (see note 6) 602,150 673,960
Share of governance costs 313 276
602,463 674,236

THE CANNON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

6 Grants payable

Charitable Charitable
activities activities
2025 2024
£ £
Grants to institutions:
Other 602,150 673,960
Material grants were made to the following institutions:
Beis Aharon TT Activity Centre - £30,000
The Beis Ruchel DSatmer Charitable Trust - £16,800
C.M.A. Community Nursery Ltd - £35,000
Care All Limited - £20,000
Chevras Machzikei Mesifta - £27,500
Edupoor Limited - £15,000
Friends of Beis Chinuch Lebonos Trust - £50,000
Friends of Beis Sorah Schneirer - £53,000
Friends of Mercaz Hatorah Belz Macnivka - £25,000
Fundd - £21,000
Mifal Hachesed Vehatzedokoh - £67,000
One Heart - Lev Echod - £15,000
United Talmudical Association - £21,250
Wlodowa Charity & Rehabilitation Trust - £45,000
Yad Vochessed Association Limited - £32,000

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:

2025 2024
Number Number
Total - -

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 2025

9 Other

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2025 2024
Exchange rate gains and losses (24) 33
Accountancy fees 4,250 2,100
Sundry 550 480
4,776 2,613

10 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Foreign exchange gain / (loss) on investments (85) (30)

The foreign exchange loss on investments of £85 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 2024 285
Exchange rate gain / (loss) (85)
At 31 January 2025 200
Carrying amount
At 31 January 2025 200
At 31 January 2024 285

THE CANNON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

13 Debtors

Amounts falling due within one year:
Other debtors
14
Creditors: amounts falling due within one year
Accruals and deferred income		 2025
£
2,502,500
2025
£
4,500		 2024
£
2,500,000
2024
£
10,800

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 Incoming Resources Gains and At 31 January
2024 resources expended losses 2025
£ £ £ £ £
General funds 2,566,104 616,744 (607,239) (85) 2,575,524
Previous year: At 1 February Incoming Resources Gains and At 31 January
2023 resources expended losses 2024
£ £ £ £ £
General funds 2,575,232 667,751 (676,849) (30) 2,566,104

16 Related party transactions

At 31 January 2025, the Charity had a loan of £2,500,000 (2024: £2,500,000) issued to CSJ Investments Ltd. Mr Tauber, a trustee of the Charity, is a director and shareholder of CSJ Investments Ltd. The loan is unsecured and interest is chargeable at 7% above the Bank of England base rate. During the year, loan interest of £302,483 (2024: £295,445) was paid.

All of the donations received by the Charity during the year 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 2025

18 Cash generated from operations 2025 2024
£ £
Surplus/(deficit) for the year 9,420 (9,128)
Adjustments for:
Investment income recognised in statement of financial activities (303,544) (296,151)
Foreign exchange differences 85 30
Movements in working capital:
(Increase) in debtors (2,500) -
(Decrease)/increase in creditors (6,300) 600
Cash absorbed by operations (302,839) (304,649)