Canonstates Limited - Charities report - 18.1

Canonstates Limited - Charities report - 18.1

CANONSTATES LIMITED - Company Information

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IRIS Accounts Production v18.3.0.590 Other Company accounts True False Pounds 1.1.17 31.12.17 31.12.17 FY Mr I Heitner Mr I Heitner FRS 102 Independent examiner Large and medium-sized companies regime for accounts Full Charities SORP True True True True False True False False iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure019335512016-12-31019335512017-12-31019335512017-01-012017-12-31019335512015-12-31019335512016-01-012016-12-31019335512016-12-3101933551ns0:CharitableCompanyLimitedByGuarantee2017-01-012017-12-3101933551ns15:PoundSterling2017-01-012017-12-3101933551ns0:Trustee62017-01-012017-12-3101933551ns11:FRS1022017-01-012017-12-3101933551ns11:IndependentExaminationCharity2017-01-012017-12-3101933551ns11:LargeMedium-sizedCompaniesRegimeForAccounts2017-01-012017-12-3101933551ns11:FullAccounts2017-01-012017-12-3101933551ns11:CharitiesSORP2017-01-012017-12-3101933551ns16:EnglandWales2017-01-012017-12-3101933551ns0:Activity82017-01-012017-12-3101933551ns0:Activity82016-01-012016-12-3101933551ns10:WithinOneYear2017-12-3101933551ns10:WithinOneYear2016-12-310193355112017-01-012017-12-3101933551ns10:FurnitureFittingsToolsEquipment2017-01-012017-12-310193355132017-01-012017-12-310193355112017-01-012017-12-310193355112016-01-012016-12-3101933551ns10:OwnedAssets2017-01-012017-12-3101933551ns10:OwnedAssets2016-01-012016-12-3101933551ns10:FurnitureFittings2016-12-3101933551ns10:FurnitureFittings2017-01-012017-12-3101933551ns10:FurnitureFittings2017-12-3101933551ns10:FurnitureFittings2016-12-3101933551ns10:ListedExchangeTradedns10:AdditionsToInvestments2017-12-31
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 2017
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 2017










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 11

CANONSTATES LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 DECEMBER 2017




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
Leicester
LE87 2BB

Page 1
CANONSTATES LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2017
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 2017. 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 2015).

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 object by grantmaking.
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.

FINANCIAL REVIEW
Financial position
The trustees are satisfied with the results of the year. Income increased substantially due to the legacy of a
late trustee's loan account. Grantmaking was increased accordingly.Free reserves at the year end were
£85,174.

Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities
of the charity.

Going concern
There are no material uncertainties about the charity's ability to continue.

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 10 October 2018 and signed on its behalf by:



Mr I Heitner - 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 2017.

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


10 October 2018
Page 3
CANONSTATES LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2017
2017 2016

Unrestricted
fund		 Total
funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 115,441 -
Other trading activities 3 44 -
Investment income 4 31,062 43,708
Total 146,547 43,708

EXPENDITURE ON
Raising funds 5 5,055 8,638
Charitable activities 6
Charitable activities 89,303 16,337
Total 94,358 24,975
Net gains/(losses) on investments - 465,000
NET INCOME 52,189 483,733
RECONCILIATION OF FUNDS

Total funds brought forward 799,383 315,650
TOTAL FUNDS CARRIED FORWARD 851,572 799,383
The notes form part of these financial statements
Page 4
CANONSTATES LIMITED (REGISTERED NUMBER: 01933551)
BALANCE SHEET
AT 31 DECEMBER 2017
2017 2016

Unrestricted
fund		 Total
funds
Notes £    £   
FIXED ASSETS
Tangible assets 11 398 469
Investments
Investments 12 1,000 -
Investment property 13 765,000 765,000
766,398 765,469

CURRENT ASSETS
Debtors 14 53,861 126,243
Cash at bank 36,646 26,719
90,507 152,962

CREDITORS
Amounts falling due within one year 15 (5,333 ) (119,048 )

NET CURRENT ASSETS 85,174 33,914
TOTAL ASSETS LESS CURRENT
LIABILITIES

851,572
799,383
NET ASSETS 851,572 799,383
FUNDS
Unrestricted funds 851,572 799,383
TOTAL FUNDS 851,572 799,383
The notes form part of these financial statements
Page 5
CANONSTATES LIMITED (REGISTERED NUMBER: 01933551)
BALANCE SHEET - CONTINUED
AT 31 DECEMBER 2017
The charitable company is entitled to exemption from audit under
Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended
31 December 2017 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 special provisions of Part 15 of the
Companies Act 2006 relating to charitable small companies.

The financial statements were approved by the Board of Trustees on 10 October 2018 and were signed on its behalf by:




Mr I Heitner -Trustee
The notes form part of these financial statements
Page 6
CANONSTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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 2015)', 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 2017
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.

2. DONATIONS AND LEGACIES

2017 2016
Unrestricted Total
funds funds
£    £   
Donations 1,000 -
Legacies 114,441 -
115,441 -

3. OTHER TRADING ACTIVITIES

2017 2016
Unrestricted Total
funds funds
£    £   
Dividends received 44 -

4. INVESTMENT INCOME

2017 2016
Unrestricted Total
funds funds
£    £   
Rents received 31,062 31,454
Lease extension premium - 12,250
Deposit account interest - 4
31,062 43,708

5. RAISING FUNDS

Investment management costs

2017 2016
Unrestricted Total
funds funds
£    £   
Management fees 1,956 1,613
Insurance 1,529 1,400
Property repairs 1,499 4,396
Professional fees - 1,146
Depreciation 71 83
5,055 8,638


Page 8
CANONSTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2017
6. CHARITABLE ACTIVITIES COSTS



Grant
funding of
activities
Support
costs

Totals
(See note 7) (See note 8)
£    £    £   
Charitable activities 87,730 1,573 89,303

7. GRANTS PAYABLE

2017 2016
£    £   
Charitable activities 87,730 15,000

The total grants paid to institutions during the year was as follows:
2017 2016
£    £   
Jewish Education 80,000 5,000
Relief of poverty 6,000 10,000
Advancement of religion 1,730 -
87,730 15,000

Russian Immigrant Aid Fund 43,000
Ichud Mosdos Gur 33,000
Others Under £6,000 11,730
87,730

8. SUPPORT COSTS



Other		 Governance
costs
Totals
£    £    £   
Charitable activities 371 1,202 1,573

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

Other
2017 2016

Charitable
activities		 Total
activities
£    £   
Sundries 371 199

Page 9
CANONSTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2017
8. SUPPORT COSTS - continued

Governance costs
2017 2016

Charitable
activities		 Total
activities
£    £   
Independent examiner's fee 420 360
Independent examiner's other fees 660 480
General expenses 122 298
1,202 1,138


9. NET INCOME/(EXPENDITURE)

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

2017 2016
£    £   
Depreciation - owned assets 71 83

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2017 nor for
the year ended 31 December 2016.

Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2017 nor for the year ended
31 December 2016.

11. TANGIBLE FIXED ASSETS

Fixtures and
fittings
£   
COST
At 1 January 2017 and 31 December 2017 3,342
DEPRECIATION
At 1 January 2017 2,873
Charge for year 71
At 31 December 2017 2,944
NET BOOK VALUE
At 31 December 2017 398
At 31 December 2016 469
Page 10
CANONSTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2017
12. FIXED ASSET INVESTMENTS


Listed
investments
£   
MARKET VALUE
Additions 1,000
NET BOOK VALUE
At 31 December 2017 1,000
At 31 December 2016 -

There were no investment assets outside the UK.

13. INVESTMENT PROPERTY

£   
MARKET VALUE
At 1 January 2017 and 31 December 2017 765,000
NET BOOK VALUE
At 31 December 2017 765,000
At 31 December 2016 765,000

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017 2016
£    £   
Trade debtors 3,861 3,243
IMC Trust Ltd 50,000 123,000
53,861 126,243

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017 2016
£    £   
Trade creditors 45 46
Rent deposits 3,368 3,368
Service charge account - 353
Other creditors - 114,441
Accruals and deferred income 1,920 840
5,333 119,048

16. RELATED PARTY DISCLOSURES

As at the balance sheet date the charity was owed £50,000 (2017 - £123,000) by The Itzchok Meyer
Cymerman Trust Ltd a charitable company under common control of the trustees/directors.

Page 11