Canonstates Limited - Charities report

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 2019

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

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
NUMBER

01933551 (England and Wales)

REGISTERED CHARITY
NUMBER

296751

INDEPENDENT EXAMINER

Sugarwhite Meyer Accountants Ltd

First Floor

94 Stamford Hill

London

N16 6XS

BANKERS

Barclays Bank plc

1 Churchill Place

London

E14 5HP

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 2019. 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 increased over the previous year. Grantmaking

was reduced, leaving a surplus 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 £849,889 with free reserves being £31,950.

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 Companies Act 2006

relating to small companies.

Approved by order of the board of trustees on 28 October 2020 and signed on its behalf by:

Mr L H Bondi - Trustee

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 2019.

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:

1.	accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	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

4.

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

28 October 2020

2019

2018

Unrestricted

Total

fund

funds

Notes

£

INCOME AND ENDOWMENTS FROM

Other trading activities

2

44

Investment income

3

34,726

29,067

Total

34,770

29,111

EXPENDITURE ON

Raising funds

4

6,049

12,611

Charitable activities

5

Charitable activities

5,189

41,715

Total

11,238

54,326

NET INCOME/(EXPENDITURE)

23,532

(25,215

)

RECONCILIATION OF FUNDS

Total funds brought forward

826,357

851,572

TOTAL FUNDS CARRIED FORWARD

849,889

826,357

2019

2018

Total

funds

Notes

£

FIXED ASSETS

Tangible assets

11

287

338

Investments

12

1,000

Investment property

13

765,000

766,287

766,338

CURRENT ASSETS

Debtors

14

51,652

53,722

Cash at bank

35,936

10,251

87,588

63,973

CREDITORS

Amounts falling due within one year

15

(3,986

)

(3,954

)

NET CURRENT ASSETS

83,602

60,019

TOTAL ASSETS LESS CURRENT
LIABILITIES

849,889

826,357

NET ASSETS

849,889

826,357

FUNDS

Unrestricted funds:

General fund

849,889

826,357

TOTAL FUNDS

849,889

826,357

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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.

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
28 October 2020 and were signed on its behalf by:

Mr L H Bondi - Trustee

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.

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

2019

2018

Unrestricted

Total

funds

£

Dividends received

44

3.	INVESTMENT INCOME

2019

2018

Unrestricted

Total

funds

£

Rents received

34,714

29,067

Deposit account interest

12

-

34,726

29,067

4.	RAISING FUNDS

Investment management costs

2019

2018

Unrestricted

Total

funds

£

Management fees & commissions

-

1,052

Rates

-

124

Service charges

1,451

1,442

Insurance

1,975

1,579

Property repairs

2,572

7,004

Professional fees

-

1,350

Depreciation

51

60

6,049

12,611

5.	CHARITABLE ACTIVITIES COSTS

Grant

funding of

activities

Support

(see note

costs (see

6)

note 7)

Totals

£

Charitable activities

3,230

1,959

5,189

6.	GRANTS PAYABLE

2019

2018

£

Charitable activities

3,230

39,130

The total grants paid to institutions during the year was as follows:

2019

2018

£

Advancement of education

3,000

5,600

Relief of poverty

-

21,800

Advancement of religion

230

11,730

3,230

39,130

Friends of Be'er Yaakov

3,000

Others

230

3,230

7.	SUPPORT COSTS

Governance

Other

costs

Totals

£

Charitable activities

374

1,585

1,959

Support costs, included in the above, are as follows:

Other

2019

2018

Charitable

Total

activities

£

Sundries

374

604

Governance costs

2019

2018

Charitable

Total

activities

£

Independent examiner's fee

480

Independent examiner's other fees

720

General expenses

385

181

Professional fees

-

600

1,585

1,981

8.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2019

2018

£

Depreciation - owned assets

51

60

9.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2019 nor for

the year ended 31 December 2018.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2019 nor for the year ended

31 December 2018.

10.	AVERAGE NUMBER OF EMPLOYEES

The average number of employees in the year was 0.

11.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2019 and
31 December 2019

3,342

DEPRECIATION

At 1 January 2019

3,004

Charge for year

51

At 31 December 2019

3,055

NET BOOK VALUE

At 31 December 2019

287

At 31 December 2018

338

12.	FIXED ASSET INVESTMENTS

Listed

investments

£

MARKET VALUE

At 1 January 2019 and
31 December 2019

1,000

NET BOOK VALUE

At 31 December 2019

1,000

At 31 December 2018

1,000

There were no investment assets outside the UK.

13.	INVESTMENT PROPERTY

£

FAIR VALUE

At 1 January 2019

and 31 December 2019

765,000

NET BOOK VALUE

At 31 December 2019

765,000

At 31 December 2018

765,000

14.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

Trade debtors

1,652

3,722

Other debtors

50,000

51,652

53,722

15.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

Trade creditors

2,666

3,834

Accruals and deferred income

1,320

120

3,986

3,954

16.	RELATED PARTY DISCLOSURES

As at the balance sheet date the charity was owed £50,000 (2018: £50,000) by The Itzchok Meyer

Cymerman Trust Ltd, a charitable company under common control of the trustees/directors.

Canonstates Limited - Charities report - 20.2

Canonstates Limited - Charities report - 20.2