Charity registration number 1184140
THE CANBRICK CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE CANBRICK CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | S J Brickell Canonaco |
|---|---|
| M Canonaco | |
| L F Veroner | |
| Charity number | 1184140 |
| Registered office | Globe House |
| Eclipse Park | |
| Sittingbourne Road | |
| Maidstone | |
| Kent | |
| ME14 3EN | |
| Independent examiner | M Wilkes FCA |
| Azets Audit Services | |
| Globe House | |
| Eclipse Park | |
| Sittingbourne Road | |
| Maidstone | |
| Kent | |
| ME14 3EN | |
| Bankers | Metro Bank PLC |
| One Southampton Row | |
| London | |
| WC1B 5HA | |
| Coutts | |
| 440 Strand | |
| London | |
| United Kingdom | |
| WC2R 0QS | |
| Investment advisors | J Stern & Co |
| 4 Carlton Gardens | |
| London | |
| SW1Y 5AA |
THE CANBRICK CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 15 |
THE CANBRICK CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their report and the independently examined financial statements of the Charity for the year ended 31 December 2022.
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 trust deed, 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
The objective of the Charity is to advance such charitable purposes as the Trustees see fit, in particular, but not limited to advancing the education, health, social development and environmental awareness of children and young people in the UK and abroad for the public benefit by making grants.
Public benefit statement
In managing the Charity’s activities and finances during 2022, the Trustees were aware of, and had due regard to, the Charity Commission’s guidance on public benefit.
Achievements and performance
In the previous accounting period to 31 December 2021 the Charity received donations amounting to £702,083.
The charity awarded six grants in 2022 with a total value of £239,684 (2021: £23,904): a one-off donation to UNICEF to aid child refugees from the ongoing conflict in Ukraine; a grant to a UK reading and education charity which was the first tranche in a three year funding commitment; a grant to co-finance a media initiative produced by young immigrants in Italy; a grant to fund the construction of a Technical Centre in Cameroon which will provide formal training and official qualifications for young people which should enable them to find work and break the cycle of poverty and unemployment; and two grants to fund an English language course and the commitment to fund two years of education for a displaced Ukranian student.
Financial review and funds policy
During the year ended 31 December 2022, the Charity received £5 of other donations. However, £29,971 (2021: £15,646) of investment income was received, resulting in total income of £29,976 (2021: £717,729). The Trustees drew down £200,000 from the Charity's investment portfolio to support their funding programme in 2022. During the year, the Trustees approved and committed grants totalling £239,684 (2021: £23,904) of which £153,659 (2021: £23,904) were paid by 31 December 2022. Total expenditure for the year was £261,832 (2021: £47,012), and after recognising net losses on investments of £184,186 (2021: gains £185,020) and foreign exchange gains of £19,936 (2021: losses £2,242), the Charity recorded net expenditure of £396,106 (2021: income £853,495) for the year, and its resultant net assets at 31 December 2022 amounted to £1,613,851 (2021: £2,009,957).
The investments of the Charity continue to be managed by J Stern & Co during the year and comprise part of the Charity's unrestricted designated funds and are a source of future income streams to fund charitable activities.
The Trustees’ current intention is to:
(i) maintain unrestricted funds at levels which are considered sufficient to continue to generate investment income to fund approved grant applications, having regard to unforeseen volatility in investment market values; and
(ii) keep general unrestricted funds (or "free reserves" i.e. the net balance of day-to-day funds available to the Charity), at levels which will enable them to cover at least a year’s worth of estimated fixed and variable costs. At 31 December 2022, general unrestricted funds were equivalent to the Charity's net current assets less long term liabilities, of £19,271 (2021: £65,470), which the Trustees considered in line with their policy intentions.
Furthermore, the Trustees consider that the Charity's total unrestricted funds of £1,613,851 (which comprise Designated Funds of £1,594,580 and General Unrestricted Funds of £19,271) are sufficient to support their anticipated grant making expenditure in the following 12 months (including any unforeseen urgent charitable applications).
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THE CANBRICK CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Risk assessment The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to rlliligale any such exposure. Plans for future periods The Trustees have awarded grants lo three new charities in the first six months of 2023 as well as continuing to fund tranches of previously agreed donations. These include.. a one-off donation lo UNICEF lo aid children affected by the earthquake in Turkey and Syria,. a grant to a UK reading and education charity which is the second tranche in a three year funding comrllilrllenl., and grants lo two charities wncemed with supporting disabled children and young people. The Trustees will continue to identify suitable charitie5 for grant awards which meet the Charity's specific objectives and aclivilies. The Charity has invested in a conservative investment portfolio, capable of providing stable asset growth over the next 5-10 years. The portfolio continues to be monitored closely by the Trustees in conjunction with J Stern & Co, the Charills Investment advisors and managers. Structure, governance and management The Charity is registered with the Charity Commission in England and Wales, Charity number 1184140. It is established under a Trust Deed dated 30 August 2018 and registered with the Charity Commission on 27 June 2019. The Trustees who served during the year and up to the date of signature of the financial statements were.. S J Brickell Canonaco M C8nona L F Veroner In accordance with the Trust Deed, the must al least three Trustees. S J Brickell Canonaco and M Canonaco both hold office for life, L F Veroner holds office for five years. All future Trustees will serve for 8 period of three years, al which point they may be re-appointed. The Trustees rlleel at least twi a year to control and monitor the performance of the Charity. This report was approved by the Board on 17 October 2023 and signed on its behalf by.. riGkell Canona¢o Trusteè
THE CANBRICK CHARITABLE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022
Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE CANBRICK CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CANBRICK CHARITABLE TRUST
I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2022 which are set out on pages 5 to 15.
Responsibilities and basis of report
As the Charity’s Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 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 that in any material respect:
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1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
M Wilkes FCA Azets Audit Services
Globe House Eclipse Park Sittingbourne Road Maidstone Kent ME14 3EN
Dated: 25 October 2023
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THE CANBRICK CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations | 3 | 5 | 702,083 |
| Investment income | 4 | 29,971 | 15,646 |
| Total income | 29,976 | 717,729 | |
| Expenditure on: | |||
| Raising funds | 5 | 15,623 | 13,085 |
| Charitable activities | 6 | 239,684 | 23,904 |
| Other expenses | 9 | 6,525 | 10,023 |
| Total expenditure | 261,832 | 47,012 | |
| Net income before gains/(losses) on investments | (231,856) | 670,717 | |
| Net gains/(losses) on investments | 10 | (184,186) | 185,020 |
| Net (outgoing)/incoming resources | (416,042) | 855,737 | |
| Other recognised gains and losses | 11 | 19,936 | (2,242) |
| Net movement in funds | (396,106) | 853,495 | |
| Fund balances at 1 January 2022 | 2,009,957 | 1,156,462 | |
| Fund balances at 31 December 2022 | 1,613,851 | 2,009,957 |
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THE CANBRICK CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Notes Flxed assèts Investments 12 1,594,580 1,944,487 Current assets Debtors Cash al bank and in hand 8,689 102,427 74,849 111,116 74,849 Creditors- amounts falling due within one year 14 155,4351 19,3791 Net current assets 55,681 65,470 Total assets less current liabilities 1,650,261 2,009,957 Creditors- amounts falling due after more than one year 136,4101 Net assets 1,613,851 2,009,957 Income funds Unreslricled funds Designated funds General unrestricted funds 16 1,594,580 19,271 1,944,487 65,470 1,613,851 2,009,957 1,613,851 2,009,957 The financial stslemenls were approved by the Trustees on 17 October 2023 rickell Canonaco Trustee
THE CANBRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
General information
The Canbrick Charitable Trust (the ‘Charity’) is registered as a charity with the Charity Commission in England and Wales, Charity number 1184140. The address of the registered office is given on the Legal and Administrative Information page of these financial statements.
The Charity became registered with the Charity Commission in England and Wales on 27 June 2019.
The objective of the Charity is to advance such charitable purposes as the Trustees see fit, in particular, but not limited to, advancing the education, health, social development and environmental awareness of children and young people in the UK and abroad for the public benefit by making grants.
1.1 Accounting convention
The Charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with the 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 the Republic of Ireland (FRS102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011 and UK Generally Accepted Practice.
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 £1.
The financial statements have been prepared on an accruals and going concern basis under the historical cost convention, modified to include investments 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 Funds
The funds held by the Charity are unrestricted funds which can be used in accordance with the charitable objectives at the discretion of the Trustees.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
1.4 Income recognition
Income is included in the Statement of Financial Activities when the Charity becomes unconditionally entitled to the income, the Trustees are certain they will receive the income, and the monetary value of the income can be measured reliably.
1.5 Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. It is categorised under the following headings:
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Expenditure to raise funds for charitable purposes; or
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Other expenditure (on Charitable activities)
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grant expenditure is recognised when awarded to the recipient. The expense is included on an accruals basis in the year in which a legal or constructive obligation to pay the grant arises.
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THE CANBRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
1.6 Taxation
The Charity is an exempt charity for taxation purposes within the meaning of schedule 3 of the Charities Act 2011.
1.7 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.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.9 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.
1.10 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net incoming/(outgoing) resources for the period.
2 Judgements and key sources of estimation uncertainty
Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
No judgements or key assumptions were made in the preparation of the accounts.
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THE CANBRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
3 Donations
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Donations | - | 702,078 |
| Other | 5 | 5 |
All income from donations was attributable to unrestricted funds.
4 Investment income
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Income from listed investments | 29,966 | 15,554 |
| Interest receivable | 5 | 92 |
| 29,971 | 15,646 |
5 Raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Investment management fees | 15,623 | 13,085 |
6 Charitable activities
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Grant funding of activities (see note | 7) | 239,684 | 23,904 |
All of the above costs were attributable to unrestricted funds.
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THE CANBRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
7 Grants payable
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Grants to institutions (5 grants): | ||
| Read for Good | 30,000 | 3,000 |
| Families Outside | - | 3,000 |
| LAD ONLUS (Italy) | - | 8,904 |
| Sense | - | 5,000 |
| School-Home Support | - | 3,000 |
| Worth School (Food Bank initiative for St. Vincent de Paul Charity) | - | 1,000 |
| Giunchiglia - 11 Aps | 6,675 | - |
| UNICEF | 5,000 | - |
| Procure Des Missions | 116,800 | - |
| Worth School Bursary Fund | 79,230 | - |
| 237,705 | 23,904 | |
| Grants to individuals (1 grant) | 1,979 | - |
| 239,684 | 23,904 | |
| Included in other creditors are grants payable amounting to £49,615 due within one year, and | £36,410 due | |
| after more than one year. | ||
| Commitment at 1 January 2022 | - | - |
| Approved in year | 239,684 | 23,904 |
| Paid in year | (153,659) | (23,904) |
| Commitment at 31 December 2022 | 86,025 | - |
8 Trustees’ and key management personnel remuneration and expenses
None of the Trustees received nor waived any remuneration from the Charity.
None of the Trustees were reimbursed for any expenses.
The Charity has no employees (2021: none).
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THE CANBRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
9 Other expenses (Charitable activities)
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| Administration fees | - | 4,219 |
| Independent examination fees | 3,000 | 2,226 |
| Sundry expenses | 226 | 96 |
| Bank charges | 259 | 160 |
| Accountancy fees | 3,014 | 2,934 |
| Legal fees | 26 | 388 |
| 6,525 | 10,023 |
10 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Unrealised (losses)/ gains on fixed asset investments | (184,383) | 194,249 |
| Gain/(loss) on sale of investments | 197 | (9,229) |
| (184,186) | 185,020 | |
| Other gains or losses | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Foreign exchange gains/(losses) | 19,936 | (2,242) |
11 Other gains or losses
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THE CANBRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
12 Fixed asset investments
| Listed investments £ Cost or valuation At 1 January 2022 1,254,428 Additions 386,976 Valuation changes (184,186) Foreign exchange gains/(losses) - Net cash movements - Disposals (122,180) At 31 December 2022 1,335,038 Carrying amount At 31 December 2022 1,335,038 At 31 December 2021 1,254,428 |
Cash in portfolio 690,059 - - 19,936 (450,453) - 259,542 259,542 690,059 |
Total £ 1,944,487 386,976 (184,186) 19,936 (450,453) (122,180) |
|---|---|---|
| 1,594,580 | ||
| 1,594,580 | ||
| 1,944,487 |
The following investments comprised more than 5% of the charity's overall investment portfolio by value (including cash) at 31 December 2022:
Bio Pharma Credit - £85,499 Cash - £259,542
| Investments at fair value comprise: Equities & Equity Funds Alternative Assets Cash & Equivalents 13 Debtors Amounts falling due within one year: Other debtors Prepayments |
2022 £ 989,952 345,086 259,542 1,594,580 2022 £ 8,095 594 8,689 |
2021 £ 1,141,845 112,583 690,059 |
|---|---|---|
| 1,944,487 | ||
| 2021 £ - - |
||
| - |
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THE CANBRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
| 14 Creditors: amounts falling due within one year Other creditors - grants payable Accrued expenses 15 Creditors: amounts falling due after more than one year Other creditors - grants payable |
2022 £ 49,615 5,820 55,435 2022 £ 36,410 |
2021 £ - 9,379 |
|---|---|---|
| 9,379 | ||
| 2021 £ - |
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THE CANBRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
16 Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
| Movement in funds | Movement in funds | Movement in funds | Movement in funds | Movement in funds | Movement in funds | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Balance at | New | Designations | Revaluations, | Balance at |
New | Designations | Revaluations, | Balance at | ||
| 1 | January 2021 | designations | released | gains and | 1 January 2022 |
designations | released | gains and | 31 December | |
| losses | losses | 2022 | ||||||||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||
| Investment fund | 1,109,240 | 665,554 | (13,085) | 182,778 | 1,944,487 | 29,971 | (215,628) | (164,250) | 1,594,580 | |
| 1,109,240 | 665,554 | (13,085) | 182,778 | 1,944,487 | 29,971 | (215,628) | (164,250) | 1,594,580 |
Investment fund - these funds are invested to maximise total return and generate net income.
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THE CANBRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
17 Financial commitments, guarantees and contingent liabilities
As at 31 December 2022 the Trustees have committed to a grant of up to a maximum of £7,095 to Sunshine Wishes Children’s Charity to assist in the purchase of a mini-bus. Due to current economic conditions Sunshine Wishes Children’s Charity has been unable to source a suitable vehicle, but it is the Trustees’ intention to support this purchase as and when a suitable minibus becomes available.
18 Related party transactions
During the year the Charity received £nil (2021: £702,078 ($1,000,000)) from Canson Limited.
During the year Canbrick Limited paid expenses totalling £516 (2021: £nil) on behalf of the Charity. At the year end all amounts had been repaid.
M Canonaco is a director and shareholder of Canson Limited and a shareholder of Canbrick Limited. S Canonaco is a director and shareholder of Canbrick Limited.
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