**Charity Registration No. 293243**
# **THE CANONBURY TOWER CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2021**
## **THE CANONBURY TOWER CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Legal and Administrative Information|1|
|Trustees' report|2 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the accounts|7 - 11|
**THE CANONBURY TOWER CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Marquess of Northampton M Henderson **Charity number** 293243 **Registered office** Compton Wynates Tysoe Warwickshire CV35 OUD **Independent examiner** Mr James Hurrell Rathbone Trust Company Limited 8 Finsbury Circus London UK EC2M 7AZ **Bankers** National Westminster Bank Plc 41 Drapery Northampton NN1 2EY **Investment advisors** Sarasin and Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU
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## **THE CANONBURY TOWER CHARITABLE TRUST**
## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 5 APRIL 2021**_
The trustees present their annual report and financial statements for the year ended 5 April 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the the charity's 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 the charity's objects are are the refurbishment and promotion of the building constituted by Canonbury Tower and 6/9 Canonbury Place. There has been no change in these during the year.
## **Public Benefit**
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the the charity should undertake.
## **Grant Making Policies**
The charity will consider applications for funding provided these fall within the stated objectives of the charity. No specific format of applications has been set out.
## **Achievements and performance**
## **Investment performance**
The trustees investment powers are governed by the trust deed. The trustees consider that the ir investment in Sarasin Endowment Fund and Sarasin Income & Reserves Fund performed adequate ly during the year when compared against the wider market and inline with their investment objective, which is to maximise current income whilst preserving principal and liquidity. The trustees will continue to keep the trust’s investment policy under review.
## **Financial review**
Total incoming resources were £45,057 (£35,340 in 2020) and £58,819 (£64,592 in 2020) being committed to charitable activities of which £1,501 (£1,560 in 2020) relates to support and governance costs. There was an unrealised gain of £39,264 (loss £13,404 in 2020) and a realised loss of £0 (£0 in 2020) on investments resulting in net inflow of funds of £25,502 (outflow £42,656 in 2020).
The level of income from the trust’s funds managed by Sarasin & Partners LLP had been as expected, based on the nature of the investment asset held.
## **Reserves**
The trustees have agreed that a maximum figure for reserves can vary from year to year, with changes in Trust priorities and levels of commitment to new projects. The trust’s fixed assets, which consist entirely of investments and deposits, continue to produce income for grant purposes. The financial position of the trust is such that all future plans and commitments can be carried out, and the trust will be able to fulfil its charitable obligations.
## **Risks**
The trustees has assessed the major risks to which the the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Future Plans**
The trust aims in the future to maintain its current objectives for the foreseeable future.
## **Structure, governance and management**
The C anonbury Tower Charitable Trust was established on 2 8 November 1985 . The trust is governed by a trust deed.
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## **THE CANONBURY TOWER CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
The Trust is governed by t wo Trustees. No new Trustees were appointed during the year, nor did any Trustee leave the Board.
The trustees who served during the year were:
Marquess of Northampton
M Henderson
New trustees are appointed by the settlor, The 7th Marquess of Northampton, and are invited to serve for as long as they feel they can commit. In recruiting, choosing and appointing new trustees, the trustees seek to ensure that the board as a whole contains a suitable balance of experience, expertise, and knowledge of the trust’s area of benefit.
## **Decision making structure**
The trustees meet as required to discuss trust matters, and to consider applications for grants.
## **Statement of trustees' responsibilities**
The trustees are responsible for preparing the Trustees' 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 and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the the charity and of the incoming resources and application of resources of the the charity for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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 sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' r eport was approved by the Board of Trustees.
............................................
**Marquess of Northampton** Trustee Dated: .........................
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## **THE CANONBURY TOWER CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE CANONBURY TOWER CHARITABLE TRUST**
I report to the trustees on my examination of the financial statements of The Canonbury Tower Charitable Trust (‘the charity’) for the year ended 5 April 2021 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.
This report is made solely to the Charity’s Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
## **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 Act’).
I report in respect of my examination of the charity’s financial statements 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.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- (i) accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- (ii) the financial statements do not accord with those records; or
- (iii) 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.
......................................................................... Mr James Hurrell ACA Rathbone Trust Company Limited 8 Finsbury Circus London EC2M 7AZ UK
Dated: .........................
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## **THE CANONBURY TOWER CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 5 APRIL 2021**_
|**Notes**
**Income**
Donations and legacies
**3**
Investments
**4**
**Total income**
**Expenditure**
Charitable activities
**5**
Net gains/(losses) on investments
**9**
**Net movement in funds**
Fund balances at 6 April 2020
**Fund balances at 5 April 2021**|**2021**
**£**
38,000
7,057
45,057
58,819
39,264
25,502
768,309
793,811|**2020**
**£**
28,000
7,340
35,340
64,592
(13,404)
(42,656)
810,965
768,309|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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## **THE CANONBURY TOWER CHARITABLE TRUST**
## **BALANCE SHEET**
## _**AS AT 5 APRIL 2021**_
|**Notes**
**Fixed assets**
Tangible assets
**10**
Investments
**11**
**Current assets**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**13**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds|**2021**
**£**
451
36,588
37,039
(14,888)|**£**
519,419
252,241
771,660
22,151
793,811
793,811
793,811|**2020**
**£**
-
20,995
20,995
(10,622)|**£**
552,016
205,920
757,936
10,373
768,309
768,309
768,309|
|---|---|---|---|---|
The financial statements were approved by the Trustees on .........................
.............................. Marquess of Northampton **Trustee**
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**THE CANONBURY TOWER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **1 Accounting policies**
## **Charity information**
The Canonbury Tower Charitable Trust is an unicorporated charity.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with ‘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) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
Assets and liabilities are initially recognised as historical cost or transaction value unless otherwise stated in the relevant policy note.
The financial statements have been prepared to give a ‘true and fair’ view and 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 ‘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) (Second Edition)’rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
## **1.2 Going concern**
The trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives Trustees confidence the charity remains a going concern for the foreseeable future.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
## **1.4 Incoming resources**
Investment income is accounted for on an accruals basis in the period to which it relates.
Donations received by the charity include the related gift aid credit where applicable. Donations are accounted for when any conditions for receipt have been met and there is reasonable assurance of receipt.
## **1.5 Debtors**
Debtors are receivable at the i r expected settlement amount.
## **1.6 Cash and cash equivalents**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account .
## **1.7 Creditors**
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.
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## **THE CANONBURY TOWER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **1 Accounting policies**
## **(Continued)**
## **1.8 Resources expended**
Management and administration costs comprise those costs incurred in running the charity. They have been apportioned on the basis of time spent between charitable activities, cost of raising funds and governance costs.
Governance costs consist of those costs associated with the overall running of the charity and meeting statutory and regulatory requirements.
## **1.9 Tangible fixed assets**
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Leasehold improvements - over the period of the lease
## **1.10 Financial instruments**
Basic financial assets, which include fixed assets, trade and other receivables 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.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/ (expenditure), except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
The trustees do not invest in any complex financial instruments.
## **1.11 Investments**
Fixed assets investments represent listed investments which are stated at market valuation, where market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Financial Activities.
## **2 Critical accounting estimates and judgements**
In the application of the 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.
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## **THE CANONBURY TOWER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **3 Donations and legacies**
|Donations and gifts
**4**
**Investments**
Income from listed investments
Interest receivable
**5**
**Charitable activities**
Depreciation and impairment
Lighting, heating and telephone
Insurance
Repairs and maintenance
Share of support costs (see note 6)
Share of governance costs (see note 6)|**2021**
**£**
38,000
**2021**
**£**
7,041
16
7,057
**2021**
**£**
32,597
3,563
9,627
11,531
57,318
1
1,500
58,819|**2020**
**£**
28,000
**2020**
**£**
7,298
42
7,340
**2020**
**£**
32,597
5,538
9,487
15,410
63,032
60
1,500
64,592|
|---|---|---|
## **6 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Bank charges
1
-
Accountancy
-
1,500
1
1,500|**2021**
**£**
1
1,500
1,501|**2020 Basis of allocation**
**£**
60
1,500 Governance
1,560|
|---|---|---|
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## **THE CANONBURY TOWER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the the charity during the year.
## **8 Employees**
There were no employees during the year or in the previous year.
## **9 Net gains on investments**
|Revaluation of investments
**10**
**Tangible fixed assets**
**Cost**
At 6 April 2020 & 5 April 2021
**Depreciation and impairment**
At 6 April 2020
Depreciation charged in the year
At 5 April 2021
**Carrying amount**
At 5 April 2021
At 5 April 2020|**2021**
**2020**
**£**
**£**
39,264
(13,404)
**Leashold improvements**
**£**
982,141
430,125
32,597
462,722
519,419
552,016|
|---|---|
## **11 Fixed asset investments**
|**Listed**
**investments**
**Cash in**
**portfolio**
**£**
**Cost or valuation**
At 6 April 2020
196,256
9,664
Valuation changes
39,264
-
Cash available to invest
-
7,057
At 5 April 2021
235,520
16,721|**Total**
**£**
205,920
39,264
7,057
252,241|
|---|---|
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## **THE CANONBURY TOWER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **11 Fixed asset investments**
## **(Continued)**
## **Investments representing more than 5% of the portfolios total market value (excluding cash):**
||**Investment**
|**Units Market Value**|**% of Total Market**|**% of Total Market**|
|---|---|---|---|---|
|||**£**|
|**Value**|
||Sarasin Endowment A|160,000 190,240
||80.8 %|
||Sarasin Income & Reserves A|40,000 45,280
||19.2 %|
||||**2021**|**2020**|
||||**£**|**£**|
||Listed investments||235,520|196,256|
||Cash in investment portfolio||16,721|9,664|
||||252,241|205,920|
||Historic cost of investments||209,660|209,660|
|**12**|**Debtors**||||
||||**2021**|**2020**|
||**Amounts falling due within one year:**||**£**|**£**|
||Other debtors||451|-|
|**13**|**Creditors: amounts falling due within one year**||||
||||**2021**|**2020**|
||||**£**|**£**|
||Other creditors||14,888|10,622|
## **14 Related party transactions**
During the year the trust received a donation from The Compton Charitable Trust of £38,000 (2020 - £28,000), a charity which Lord Northampton is one of the trustees.
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