REGISTERED COMPANY NUMBER: 01933551 (England and Wales) REGISTERED CHARITY NUMBER: 296751
CANONSTATES LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
CANONSTATES LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| Page | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Report of the Trustees | 2 | |
| Independent Examiner's Report | 3 | |
| Statement of Financial Activities | 4 | |
| Balance Sheet | 5 to | 6 |
| Notes to the Financial Statements | 7 to | 12 |
CANONSTATES LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2021
TRUSTEES
TRUSTEES Mr L H Bondi Mrs H F Bondi Mrs S Cymerman Mr M D Cymerman Mrs S Heitner Mr I Heitner COMPANY SECRETARY Mrs H F Bondi REGISTERED OFFICE 479 Holloway Road London N7 6LE REGISTERED COMPANY 01933551 (England and Wales) NUMBER REGISTERED CHARITY 296751 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS Barclays Bank plc 1 Churchill Place London E14 5HP
Page 1
CANONSTATES LIMITED (REGISTERED NUMBER: 01933551)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of 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).
Reference and administrative information
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objects for public benefit
The objects of the charity are the advancement of religion in accordance with Orthodox Jewish Faith, the relief of poverty and such other purposes as are recognised by English Law as charitable. The charity carries out its objects by grantmaking.
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees are satisfied with the results of the year. Income was in line with the previous year. The trustees reduced grantmaking to leave a urplus for the year..
FINANCIAL REVIEW
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity .Reserves at the year end were £856,693 (2020 - £847,797) with free reserves being £39,801 (20 20 - £30,68).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity is constituted as limited company and is governed by its Memorandum and Articles of Association dated 25July 1985.
Organisational structure
The power to appoint new trustees is vested in the continuing board. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
Risk management
The trustees have reviewed the major risks that the charity faces and confirm that they have established systems to mitigate them.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 27 October 2022 and signed on its behalf by:
Mr L H Bondi - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CANONSTATES LIMITED
Independent examiner's report to the trustees of Canonstates Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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 accounts to be reached.
E Meyer FCA BSc Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
27 October 2022
Page 3
CANONSTATES LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021
| 2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Other trading activities 2 - Investment income 3 35,832 Total 35,832 EXPENDITURE ON Raising funds 4 7,042 Charitable activities 5 Charitable activities 19,894 Total 26,936 NET INCOME/(EXPENDITURE) 8,896 RECONCILIATION OF FUNDS Total funds brought forward 847,797 TOTAL FUNDS CARRIED FORWARD 856,693 |
2020 Total funds £ 737 35,861 36,598 9,280 29,410 38,690 (2,092) 849,889 847,797 |
|---|---|
The notes form part of these financial statements
Page 4
CANONSTATES LIMITED (REGISTERED NUMBER: 01933551)
BALANCE SHEET 31 DECEMBER 2021
| Notes FIXED ASSETS Tangible assets 11 Investments Investments 12 Investment property 13 CURRENT ASSETS Debtors 14 Cash at bank CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds: General fund TOTAL FUNDS |
2021 Total funds £ 207 1,000 765,000 766,207 50,685 43,899 94,584 (4,098) 90,486 856,693 856,693 856,693 856,693 |
2020 Total funds £ 244 1,000 765,000 766,244 50,869 34,708 85,577 (4,024) 81,553 847,797 847,797 847,797 847,797 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
CANONSTATES LIMITED (REGISTERED NUMBER: 01933551)
BALANCE SHEET - continued 31 DECEMBER 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 27 October 2022 and were signed on its behalf by:
Mr L H Bondi - Trustee
The notes form part of these financial statements
Page 6
CANONSTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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. The estimates and underlying assumptions are reviewed on an ongoing basis.
The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
Income
All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Income from investments is included in the year in which it is receivable.
Income received by way of donations is accounted for when received.
Expenditure
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Grants are only recognised in the accounts when paid.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 15% on reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date any changes are transferred to the Statement of Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Page 7
CANONSTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES - continued
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at the amount receivable or payable.
Going concern
There are no material uncertainties about the charity's ability to continue.
2. OTHER TRADING ACTIVITIES
| 2021 Unrestricted funds £ Dividends received - 3. INVESTMENT INCOME 2021 Unrestricted funds £ Rents received 35,830 Deposit account interest 2 35,832 4. RAISING FUNDS Investment management costs 2021 Unrestricted funds £ Service charges 776 Insurance 1,704 Property repairs 4,525 Professional fees - Depreciation 37 7,042 |
2020 Total funds £ 737 2020 Total funds £ 35,841 20 |
2020 Total funds £ 737 2020 Total funds £ 35,841 20 |
|---|---|---|
| 35,861 | ||
| 2020 Total funds £ 4,070 1,941 2,976 250 43 9,280 |
||
| 9,280 |
Page 8
CANONSTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
5. CHARITABLE ACTIVITIES COSTS
| 5. | CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|---|
| Grant | ||||
| funding of | ||||
| activities | Support | |||
| (see note | costs (see | |||
| 6) | note 7) | Totals | ||
| £ | £ | £ | ||
| Charitable activities | 18,000 | 1,894 | 19,894 | |
| 6. | GRANTS PAYABLE | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Charitable activities | 18,000 | 27,460 | ||
| The total grants paid to institutions during the year was as follows: | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Advancement of education | 3,000 | 5,000 | ||
| Relief of poverty | 3,000 | 10,000 | ||
| Advancement of religion | 12,000 | 12,460 | ||
| 18,000 | 27,460 | |||
| Russian Immigrant Aid Fund Ltd | 12,000 | |||
| Others under £4,000 | 6,000 | |||
| 18,000 | ||||
| 7. | SUPPORT COSTS | |||
| Governance | ||||
| Other | costs | Totals | ||
| £ | £ | £ | ||
| Charitable activities | 183 | 1,711 | 1,894 | |
| Support costs, included in the above, are as follows: | ||||
| Other | ||||
| 2021 | 2020 | |||
| Charitable | Total | |||
| activities | activities | |||
| £ | £ | |||
| Sundries | 183 | 299 |
Page 9
CANONSTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
7. SUPPORT COSTS - continued Governance costs
| SUPPORT COSTS - continued Governance costs |
||
|---|---|---|
| 2021 | 2020 | |
| Charitable | Total | |
| activities | activities | |
| £ | £ | |
| Independent examiner's fee | 480 | 480 |
| Independent examiner's other fees | 720 | 720 |
| General expenses | 511 | 451 |
| 1,711 | 1,651 | |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 2021 | 2020 | |
| £ | £ | |
| Depreciation - owned assets | 37 | 43 |
8. NET INCOME/(EXPENDITURE)
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
10. AVERAGE NUMBER OF EMPLOYEES
The average number of employees in the year was Nil (2020 - Nil).
11. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Fixtures | |
| and | |
| fittings | |
| £ | |
| COST | |
| At 1 January 2021 and | |
| 31 December 2021 | 3,342 |
| DEPRECIATION | |
| At 1 January 2021 | 3,098 |
| Charge for year | 37 |
| At 31 December 2021 | 3,135 |
| NET BOOK VALUE | |
| At 31 December 2021 | 207 |
| At 31 December 2020 | 244 |
Page 10
CANONSTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
12. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 January 2021 and | |
| 31 December 2021 | 1,000 |
| NET BOOK VALUE | |
| At 31 December 2021 | 1,000 |
| At 31 December 2020 | 1,000 |
| There were no investment assets outside the UK. | |
| INVESTMENT PROPERTY | |
| £ | |
| FAIR VALUE | |
| At 1 January 2021 | |
| and 31 December 2021 | 765,000 |
| NET BOOK VALUE | |
| At 31 December 2021 | 765,000 |
| At 31 December 2020 | 765,000 |
13. INVESTMENT PROPERTY
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same or similar locations.
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Other debtors |
2021 £ 685 50,000 50,685 |
2020 £ 869 50,000 |
|---|---|---|
| 50,869 |
Page 11
CANONSTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Trade creditors Other creditors Accruals and deferred income |
2021 £ 2,668 230 1,200 4,098 |
2020 £ 2,667 - 1,357 |
| 4,024 |
16. RELATED PARTY DISCLOSURES
As at the balance sheet date the charity was owed £50,000 (2020 - £50,000) by The Itzchok Meyer Cymerman Trust Ltd, a charitable company under common control of the trustees/directors. A donation of £12,000 was made to a charity which has two trustees in common with Cannonstates Ltd.
Page 12