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2022-04-05-accounts

Draft Financial Statements at 03 February 2023 at 15:51:16

Charity registration number 293243

THE CANONBURY TOWER CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

Draft Financial Statements at 03 February 2023 at 15:51:16 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

Draft Financial Statements at 03 February 2023 at 15:51:16 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 Rathbones 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

Draft Financial Statements at 03 February 2023 at 15:51:16 THE CANONBURY TOWER CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2022

The trustees present their annual report and financial statements for the year ended 5 April 2022.

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 their investment in Sarasin Endowment Fund and Sarasin Income & Reserves Fund performed adequately 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 £33,824 (£45,057 in 2021) and £164,921 (£58,819 in 2021) being committed to charitable activities of which £1,503 (£1,501 in 2021) relates to support and governance costs. There was an unrealised gain of £2,370 (gain £39,264 in 2021) and a realised gain of £2,080 (£0 in 2021) on investments resulting in net inflow of funds of £126,647 (outflow £25,502 in 2021).

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 Canonbury Tower Charitable Trust was established on 28 November 1985. The trust is governed by a trust deed.

Draft Financial Statements at 03 February 2023 at 15:51:16 THE CANONBURY TOWER CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

The Trust is governed by two 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.

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

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

Marquess of Northampton

Trustee Dated: .........................

Draft Financial Statements at 03 February 2023 at 15:51:16 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 2022 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 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.

......................................................................... Dated: ......................... Mr James Hurrell ACA Rathbones Trust Company Limited 8 Finsbury Circus London EC2M 7AZ UK

Draft Financial Statements at 03 February 2023 at 15:51:16 THE CANONBURY TOWER CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2022

2022
Notes
£
Income
Donations and legacies
3
28,000
Investments
4
5,824
Total income
33,824
Expenditure
Charitable activities
5
164,921
Net gains/(losses) on investments
9
4,450
Net movement in funds
(126,647)
Fund balances at 6 April 2021
793,811
Fund balances at 5 April 2022
667,164		 2021
£
38,000
7,057
45,057
58,819
39,264
25,502
768,309
793,811

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 at 03 February 2023 at 15:51:16 THE CANONBURY TOWER CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2022

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 (liabilities)/assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2022
£
-
9,192
9,192
(16,365)		 £
486,822
187,515
674,337
(7,173)
667,164
667,164
667,164		 2021
£
451
36,588
37,039
(14,888)		 £
519,419
252,241
771,660
22,151
793,811
793,811
793,811

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

.............................. Marquess of Northampton Trustee

Draft Financial Statements at 03 February 2023 at 15:51:16 THE CANONBURY TOWER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

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 their 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.

Draft Financial Statements at 03 February 2023 at 15:51:16 THE CANONBURY TOWER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

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

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.

Draft Financial Statements at 03 February 2023 at 15:51:16 THE CANONBURY TOWER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

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)		 2022
£
28,000
2022
£
5,816
8
5,824
2022
£
32,597
11,705
10,242
108,874
163,418
3
1,500
164,921		 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

6 Support costs

Bank charges
Accountancy		 Support
costs
Governance
costs
£
£
3
-
-
1,500
3
1,500		 2022
£
3
1,500
1,503		 2021 Basis of allocation
£
1
1,500 Governance
1,501

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the the charity during the year.

Draft Financial Statements at 03 February 2023 at 15:51:16 THE CANONBURY TOWER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

8 Employees

There were no employees during the year or in the previous year.

9 Net gains on investments

Revaluation of investments
Gain/(loss) on sale of investments
Tangible fixed assets
Cost
At 6 April 2021 & 5 April 2022
Depreciation and impairment
At 6 April 2021
Depreciation charged in the year
At 5 April 2022
Carrying amount
At 5 April 2022
At 5 April 2021		 2022
2021
£
£
2,370
39,264
2,080
-
4,450
39,264
Leashold improvements
£
982,141
462,722
32,597
495,319
486,822
519,419		 2021
£
39,264
-
39,264
462,722
32,597
495,319
486,822
519,419

10 Tangible fixed assets

11 Fixed asset investments

Listed
investments
Cash in
portfolio
£
Cost or valuation
At 6 April 2021
235,520
16,721
Valuation changes
2,370
-
Realised gain
2,080
-
Cash available to invest
-
6,219
Disposals
(75,395)
-
At 5 April 2022
164,575
22,940		 Total
£
252,241
2,370
2,080
6,219
(75,395)
187,515

Draft Financial Statements at 03 February 2023 at 15:51:16 THE CANONBURY TOWER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

11
Fixed asset investments
Listed investments
Cash in investment portfolio
Historic cost of investments
12
Debtors
Amounts falling due within one year:
Other debtors
13
Creditors: amounts falling due within one year
Other creditors
14
Related party transactions		 (Continued)
2022
2021
£
£
164,575
235,520
22,940
16,721
187,515
252,241
143,737
209,660
2022
2021
£
£
-
451
2022
2021
£
£
16,365
14,888		 (Continued)
2022
2021
£
£
164,575
235,520
22,940
16,721
187,515
252,241
143,737
209,660
2022
2021
£
£
-
451
2022
2021
£
£
16,365
14,888
252,241
209,660
2021
£
451
2021
£
14,888

During the year the trust received a donation from The Compton Charitable Trust of £28,000 (2021 - £38,000), a charity which Lord Northampton is one of the trustees.