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2024-04-05-accounts

Draft Financial Statements

Charity registration number 1087863

THE FREDERICK & PHYLLIS CANN CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

Draft Financial Statements THE FREDERICK & PHYLLIS CANN CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees P R Saunderson
K G Panter
D E Sharp
I P James
G R Evans
C L Thomas (Appointed 8 July 2024)
Charity number 1087863
Independent examiner Moore
Oakley House
Headway Business Park
3 Saxon Way West
Corby
Northamptonshire
NN18 9EZ
Solicitors HCR Hewitsons
Lancaster House
Nunn Mills Road
Northampton
NN1 5GE
Investment advisors Brewin Dolphin Limited
12 Smithfield Street
London
EC1A 9BD

Draft Financial Statements THE FREDERICK & PHYLLIS CANN CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1
Independent examiner's report 2
Statement of financial activities 3
Balance sheet 4
Notes to the financial statements 5 - 11

Draft Financial Statements THE FREDERICK & PHYLLIS CANN CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024

The trustees present their annual report and financial statements for the year ended 5 April 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 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)" (effective 1 January 2019).

Objectives and activities and public benefit

The charitable objectives of the trust are quite clearly defined and fall in to three main areas:

The trust deed names seven specific charities as charitable objects, and such other charitable object or objects in any part of the world as the trustees shall in their absolute discretion think fit to support or establish.

During the year the trust has made numerous donations within the sectors and objects outlined above, and the trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charities Commission.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Financial review

Investment policy and summary for the year

The charity's funds are managed by its investment advisors. The trustees have instructed that the funds are to be held so as to maximise the total return through a suitable balance of income and capital growth. The advisors have acted in line with their aims as to how this policy should be best achieved.

Investment carrying values in the balance sheet have decreased in the year. The trustees have been able to meet all charitable requests out of income received and prior year accumulations.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The trustees who served during the year and up to the date of signature of the financial statements were:

P R Saunderson K G Panter D E Sharp I P James M J Percival (retired 20 November 2023) G R Evans C L Thomas (appointed 8 July 2024)

The trustees' report was approved by the Board of Trustees.

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

Trustee

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

Draft Financial Statements THE FREDERICK & PHYLLIS CANN CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE FREDERICK & PHYLLIS CANN CHARITABLE TRUST

I report to the trustees on my examination of the financial statements of The Frederick & Phyllis Cann Charitable Trust (the charity) for the year ended 5 April 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

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 financial statements to be reached.

Oakley House Headway Business Park 3 Saxon Way West Corby Northamptonshire NN18 9EZ

Dated: .........................

Draft Financial Statements THE FREDERICK & PHYLLIS CANN CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2024

**Unrestricted ** Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Investments 2 60,564 59,890
Expenditure on:
Raising funds 3 12,815 16,318
Charitable activities 4 & 5 64,717 55,225
Total expenditure 77,532 71,543
Net gains/(losses) on investments 284,464 (219,934)
Net income/(expenditure) for the year/
Net movement in funds 267,496 (231,587)
Fund balances at 6 April 2023 2,636,285 2,867,872
Fund balances at 5 April 2024 2,903,781 2,636,285

The statement of financial activities includes all gains and losses recognised in the year.

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

Draft Financial Statements THE FREDERICK & PHYLLIS CANN CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2024

Notes
Fixed assets
Investments
7
Current assets
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due within
one year
9
Net current assets
Total assets less current liabilities
The funds of the charity
Unrestricted funds
10		 2024
£
£
2,860,398
5,595
39,378
44,973
(1,590)
43,383
2,903,781
2,903,781
2,903,781		 2023
£
£
2,602,167
8,603
27,105
35,708
(1,590)
34,118
2,636,285
2,636,285
2,636,285		 2023
£
£
2,602,167
8,603
27,105
35,708
(1,590)
34,118
2,636,285
2,636,285
2,636,285
2,636,285
2,636,285
2,636,285

The financial statements were approved by the trustees on .........................

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

Trustee

Draft Financial Statements THE FREDERICK & PHYLLIS CANN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

Charity information

The Frederick and Phyllis Cann Trust is a registered charity in England and Wales.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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. 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.

Draft Financial Statements THE FREDERICK & PHYLLIS CANN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

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.

Draft Financial Statements THE FREDERICK & PHYLLIS CANN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

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 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 60,518 59,675
Interest receivable 46 215
60,564 59,890

3 Raising funds

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Investment management fees 12,815 16,318
12,815 16,318

Draft Financial Statements THE FREDERICK & PHYLLIS CANN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

4 Charitable activities

Charitable
Charitable
expenditure expenditure
2024 2023
£ £
Accomodation Concern - 1,500
Beds and Northants MS Centre - 3,000
Brainwave 2,000 -
Caring and Sharing Trust 1,000 -
Cauldwell Children 1,500 -
Child Brain Injury 2,000 -
CICRA - 1,000
Circus Starr 1,000 -
Crackerjacks Children's Trust - 750
Crohn's and Colitis 1,500 -
Daventry Contact 1,500 -
Dogs for Good 2,000 -
Donkey Sanctuary 2,000 -
Dreams Come True - 2,000
ERIC - 1,000
En-Fold - 1,500
Eve 3,000 -
Give It Your Max 1,000 -
Handicapped Children's Action Group 1,000 -
Happy Days 1,000 -
Helen & Douglas House - 2,000
Huntingdon's disease - 2,000
Joss Searchlight - 2,000
Lennox Children's Cancer Fund - 2,000
Listening Books - 3,000
Meningitis Now - 1,500
MNDA 2,000 -
NMPAT 5,000 5,000
Nene Valley Care Trust 2,000 -
New Life - 1,000
On Course Foundation - 800
PDSA - 2,500
Pitsford Scout Group 5,000 3,000
Place to Bee 2,000 -
React 1,000 -
RNLI 5,000 -
Sense 3,000 -
Serve - 2,000
Sick Children's Trust - 2,000
Souster Youth Trust 2,000 -
Spencer Contact 1,000 -
Strongbones Children's Trust 1,500 -
Sullivan's Heroes - 1,500
Tall Ships 2,000 -
Teenage Cancer Trust 3,000 -
The Misssion to Seafarers - 1,000

Draft Financial Statements THE FREDERICK & PHYLLIS CANN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

4 Charitable activities (Continued)
UK Veterans Hearing Foundation 2,000 -
Warwickshire & Northamptonshire Air Ambulance - 2,000
Whizz Kids - 3,000
Willow Foundation 1,000 -
World Horse Welfare - 2,000
58,000 49,050

5 Governance costs

Support
costs
Governance
costs
£
£
Secretarial fees
-
4,994
Accountancy
-
1,590
Bank charges
-
83
Sundry expenses
-
50
-
6,717
Analysed between
Charitable activities
-
6,717		 2024
Support
costs
Governance
costs
£
£
£
4,994
-
4,552
1,590
-
1,530
83
-
93
50
-
-
6,717
-
6,175
6,717
-
6,175		 2023
£
4,552
1,530
93
-
6,175
6,175

6 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Draft Financial Statements THE FREDERICK & PHYLLIS CANN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

7 Fixed asset investments

Cost or valuation
At 6 April 2023
Additions
Valuation changes
Disposals
At 5 April 2024
Carrying amount
At 05 April 2024
At 05 April 2023
8
Debtors
Amounts falling due within one year:
Trade debtors
9
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 Listed
investments
£
2,602,167
783,277
284,464
(809,510)
2,860,398
2,860,398
2,602,167
2024
2023
£
£
5,595
8,603
2024
2023
£
£
-
60
1,590
1,530
1,590
1,590

Draft Financial Statements THE FREDERICK & PHYLLIS CANN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

10 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.

General funds
Previous year:
General funds		 At 6 April
2023
Incoming
resources
Resources
expended
Gains and
losses
£
£
£
£
2,636,285
60,564
(77,532)
284,464
At 6 April
2022
Incoming
resources
Resources
expended
Gains and
losses
£
£
£
£
2,867,872
59,890
(71,543)
(219,934)		 At 5 April
2024
£
2,903,781
At 5 April
2023
£
2,636,285