charity number: 1072769
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REGISTERED CHARITY NUMBER: 1072769
Report of the Trustees andUnaudited Financial Statements for the Year Ended 5 April 2020
for
M R Cannon 1998 Charitable Trust
Wills Bingley LimitedChartered Accountants
St Denys House22 East Hill
St. AustellComwall
PL25 4TR
M R Cannon 1998 Charitable Trust
Contents of the Financial Statementsfor the Year Ended 5 April 2020
Page
Report of the Trustees
Independent Examiner's Report
Statement of Financial Activities
Balance Sheet
Cash Flow Statement
Notes to the Cash Flow Statement
Notes to the Financial Statements
Detailed Statement of Financial Activities
1 to 2
8 to 12
13
M R Cannon 1998 Charitable Trust
Report of the Trusteesfor the Year Ended 5 April 2020
The trustees present their report with the financial statements of the charity for the year ended 5 April 2020. Thetrustees have adopted the provisions of Accounting and Reporting by Charities: Statement of RecommendedPractice applicable to charities preparing their accounts in accordance with the Financial Reporting Standardapplicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
Objectives and activitiesThe objectives of the Charity are general charitable purposes to the benefit of the general public.
The Trustees have no specNc grant making criteria.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's generalguidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities.
Achievement and performanceA list of the grants made during the year, totalling f13,710 is set out in notes 3 to the financial statements.
During the year the trustees have supported various local and national charitable organisations, as well as anumber of other local causes.
The trustees regard the level of grants made as satisfactory.
Financial reviewThe Trust's main asset is a freehold property at 36 St Andrew's Hill, London EC4. While the Trustees consideredit a sound investment, it was decided after the year end to sell the property to allow the Trust to support therestoration and subsequent operation of Sherbome House, a grade 1 listed Georgian building in Sherbome,Dorset. Hence, it has been revalued at its sale price and is now referred to in the accounts as a current asset.
The Trustees consider it prudent that unrestricted funds should be sufficient to cover any long-term commitmentsmade (to the extent not specNcally covered by restricted funds) plus approximately six months of generalcharitable expenditure.
The Trustees have decided to set a level of reserves at f25,000. The level of reserves will be monitored andreviewed by the Trustees on an annual basis.
Future plansUnfortunately, the Paddock Project, which the Trust had previously supported, was an early victim of the COVIDpandemic and so will not be proceeding.
However, the Trustees have agreed to support the restoration and subsequent operation of Sherbome House,a grade 1 listed Georgian building in Sherbome, Dorset. The building is owned by Sherborne House Trust 2018and discussions regarding the scope of the restoration and an extension to the building are ongoing betweenthat Trust, Dorset Council and Historic England. If planning consent can be obtained on acceptable terms, it islikely that this project will subsume much of the Trust's financial resources over the next 3-5 years and its abilityto make grants to individuals or bodies will be much reduced.
The Trustees do not consider unsolicited requests for assistance.
Structure, governance and managementGoverning documentThe charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Page 1
49R Cannon 1999Charltsbls Trust
Reporf af ttts Tnetaefor the Year akrded 5APN 2020
Struchrre, governance and rnsrw gamestThs IH R Cannon-tggtt Charitabte Trust is.consbtuted under a trust deed dated 11th Septwnber 1998 and is e
chsrity number $N27$k
.Trustees who have senred during lhe year snd since the year end ere set out below. Tha eccaastton Of
trust states that 1he riumber of tiustsesshalt not be mors than sbr. The power of apnotntment of new trustees is
vested wilh tha seNor or byresotu5on ofthe meebng of trustees. The Trustees meet periodicsNy to assess grant
apptfcattcni and donations snr made on s nrgutar bastK
The Charity intends to make grants to organlsattorw and individuals inane with its~objects. During
the year, the Charity made grants of 913,110.
The Trustees have ~the malar ~businem and opeation risks which the charity faces and
conlirm that systems hsva been established to enable regular reports to be produced so that the~steps can be'taken to lessen these risks.
Rafwanceand adndnlstrathre detsgs .
ttegtstsnrd Charlty ~PttncfpA address
Vfsstbury Court
On Trym
SAT.CannonC 'd'kllitchelt
tndspsndent sxsmtnefP. ASinffh FCCA
' ' — SKDenys ttouse' '22 gwdHttt
by order of the board of trustees on 11 February 2021 snd signed on tts behalf by:
C $ frfrtchett
inde pendent Examinefs Report to the Trustees ofM R Cannon 1998Charltatde Trust
independentexaminer's report to the trustarm of M R Cannon 'f998 Charitable TrtistI report to the charity trustees orr my examination of the accounts of the M R Cannon 1998Charitable Trust(the Tmst)'for the year ended 5Aprii 2020.
Responsibilities and basis of reportAs the charity ttusfees of the Trust you are responsible for the preparation of tlie accounts in accordance withthe requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145of the Act and in
carrying out my examinaUon I have followed all applicable Directions given by the Charity Commission undersection 145(5)(b) of the Act.
independent examiner's statementI have completed my examination. ,l confirm that nc material matters have come to my attention in connection
the examination giving me cause to belkrve that in any material respect
1,2.3.
accounting records were not kept in respect of the Trust as required by section 130 of the Acq orthe accourjts do not accord with those records; orthe accounts do not comply with the applicable requirements concerning the form and content ofaccounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirementthat the accounts give a true and fair view which is not a matter considered as part of an independentexamination.
I have no concerns and have come across no other matters in connection with the examination to whichattenhen shoukt be dravm in this report in order to enable a proper understanding of the accounts to bereached.
P A Smith FCCAV/ills Bingiey LimitedChartered Ac'countantsStDenysHouse22 East I-Ql
St. AustellComwallPL25 4TR
Date;11 February 2021
Page 3
M R Cannon 1998 Charitable Trust
Statement of Financial Activitiesfor the Year Ended 5 April 2020
Notes
5/4/20Unrestricted
fundf
5/4/19Total
fundsf
Income and endowments from
Investment income 107,030 89 092
Total 107,030 89,092
Expenditure onCharitable activitiesGrants to IndividualsGrants to Institutions
Other
Total
13,710
1 032
14,742
12,967122,131
1,068
136,166
Net gains/(losses) on investments
Net income/(expenditure)
Reconciliation of funds
Total funds brought forward
143,257
235,545 (47,074)
4,081,449 4, 128,523
Total funds carried forward 4,318,994 4,081,449
The notes form part of these financial statements
Page 4
Il R Cannon 1998Chart table Trust
28
29 Ot58
4,100,000188 OM
4,318,044
42,926
OrOM
125,?56
(1,080) (1,050)-
4318984 134MO
4,316,994 4,081,449
. — ttat assets:. ' 4 318984 4 M1 449
~4X 994 ~4'I 449
4318994. 4M1 449
Wiethrrndal statsrnents wereapprovedby the Board of Trustees on11 ~2021 and were signed on its
behatfby:
Hl R Cannon 1998 Charitable Trust
Cash Flow Statementfor the Year Ended 5 April 2020
NotesCash flows from operating activities:Cash generated from operations
Net cash provided by (used in) operatingactivities
5/4/20f
105,258
105,258
5/4/19F
~36,106)
~36,106)
Cash flows from investing activities:Interest received 132
Net cash provided by (used in) Investingactivities 132
Change in cash and cash equivalents in thereporting periodCash and cash equivalents at the beginningof the reporting period
Cash and cash equivalents at the end of thereporting period
105,258
82,830
188,088
(35,974)
118,804
82,830
The notes form part of these financial statements
Page 6
IN R Cannon 1998 Charitable Trust
Notes to the Cash Flow Statementfor the Year Ended 5 April 2020
Reconciliation of net income/(expenditure) to net cash flow from operating activities5/4/20
F5/4/199
Net income/(expenditure) for the reporting period (as per thestatement of financial activities)Adjustments for:Interest receivedGain on Property RevaluationDecrease in debtorsIncrease in creditors
235,545
(143,257)12,970
(47,074)
(132)
11,04060
Net cash provided by (used in) operating activities 105,258 36 106
Analysis of changes in net funds
Net cashCash at bank
Liquid resourcesCurrent asset investments
At 6/4/19
82,830
Cash flow At 5/4/208
105,258 188,088
4, 100,000 4, 100,000
Total 82 83D 4, 285.258 4.288 DDD
Page 7
M R Cannon 1998 Charitable Trust
Notes to the Financial Statementsfor the Year Ended 5 April 2020
1. Accounting policies
Basis of preparing the financial statementsThe financial statements of the charity, which is a public benefit entity under FRS 102, have beenprepared 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 withthe 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 theUK and Republic of Ireland' and the Charities Act 2011.The financial statements have been preparedunder the historical cost convention, as modified by the revaluation of certain assets.
IncomeAll income is recognised in the Statement of Financial Activities once the charity has entitlement to thefunds, it is probable that the income will be received and the amount can be measured reliably.
ExpenditureLiabilities are recognised as expenditure as soon as there is a legal or constructive obligation committingthe charity to that expenditure, it is probable that a transfer of economic benefits will be required in
settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for onan accruals basis and has been classtfied under headings that aggregate all cost related to the category.Where costs cannot be directly attributed to particular headings they have been allocated to activities ona basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as acommitment but not accrued as expenditure.
Tangible fixed assetsFixed Assets previously stated at cost, which in the opinion of the Trustees was at least market value,have been revalued to sale price during the following year and reclassified as current assets.
TaxationThe charity is exempt from tax on its charitable activities.
Fund accountingUnrestricted funds can be used in accordance with the charitable objectives at the discretion of thetrustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity.Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes,
Further explanation of the nature and purpose of each fund is included in the notes to the financialstatements.
Investment income
Rents receivedDeposit account interest
5/4/20 5/4/1 9f
107,030 88,960132
107,030 89,092
Page 8
IN R Cannon 1998 Charitable Trust
Notes to the Financial Statements - continuedfor the Year Ended 6 April 2020
3. Grants payable
Grants to IndividualsGrants to Institutions
5/4/20f
13,710
13 710
5/4/19f
12,967~122 131
135,098
Institutional Grants Paid comprised:
Royal Yacht Squadron Isle of Wight FoundationMiddleton in Teasdale PC Local Play ParkMiddleton Lunch ClubFriends of Middleton Lunch ClubCotherstone Lunch ClubAssociation of Teasdale Day ClubsSherbome Chamber of CommerceDavid Nott FoundationWeldmar Hospice CareMiddleton in Teesdale Silver BandThe Brain Tumour CharityParkinson UKBritish Heart Foundation
10,00050050050050050040025020010010010060
4. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 5 April 2020 nor for the yearended 5 April 2019.
Trustees' expensesThere were no trustees' expenses paid for the year ended 5 April 2020 nor for the year ended5 April 2019.
6. Comparatives for the statement of financial activities
Income and endowments from
Investment income
Total
Unrestrictedfund
f
99 992
89,092
Expenditure onCharitable activitiesGrants to IndividualsGrants to Institutions
Other
12,967122,131
1,068
Page 9
M R Cannon 1998 Charitable Trust
Notes to the Financial Statements - continuedfor the Year Ended 5 April 2020
5. Comparatlves for the statement of financial activities - continuedUnrestricted
fund8
Total 136,166
Net income/(expenditure)
Reconciliation of funds
Total funds brought forward
(47,074)
4, 128,523
Total funds carried forward 4,081,449
8. Tangible fixed assets
Cost or valuationAt 6 April 2019RevaluationsReclassification
At 5 April 2020
Freeholdproperty
3,956,743143,257
~4.100,DDO
Net book valueAt 5 April 2020
At 5 April 2019 3,956,743
The Freehold Property has been revalued to its agreed sale value on disposal following the end of theyear.
Since the Freehold Property has been sold without replacement within 12 months of the Balance Sheetdate it has been reclassified as a current asset.
Debtors: amounts falling due within one year
Other debtors
5/4/20f
29,956
5/4/19
42, 926
Page 10
M R Cannon 1998 Charitable Trust
Notes to the Financial Statements - cont/nuedfor the Year Ended 5 April 2020
8. Current asset investments
Freehold Property
5/4/20 5/4/1 9
4, 100,000
9. Creditors: amounts falling due within one year
Other creditors
5/4/20
1,050
5/4/19
~1050
10. Movement in funds
Netmovement
At 6/4/19 in funds6 8
At 5/4/206
Unrestricted fundsGeneral fund 4,081,449 235,545 4,315,994
TOTAL FUNDS 4,081,449 235 545 4,318,994
Net movement in funds, included in the above are as follows:
Incomingresources
F
Resources Gains andexpended losses
6
Movementin funds
6Unrestricted fundsGeneral fund 107,030 (14,742) 143,257 235,545
TOTAL FUNDS 107,030 ~14,742 ~143 257 ~235 545
Comparatives for movement in fundsNet
movementAt 6/4/18 in funds At 5/4/19
Unrestricted FundsGeneral fund 4, 128,523 (47,074) 4,081,449
TOTALFUNDS 4, 128,523 ~47,074I 4.081,449
Page 11
M R Cannon 1998 Charitable Trust
Notes to the Financial Statements - continuedfor the Year Ended 5April 2020
10. Movement in funds - continued
Comparative net movement in funds, included in the above are as follows:
Incomingres our'cas
Resourcesexpended
Movementin funds
EUnrestricted fundsGeneral fund 89,092 (136,166) (47,074)
TOTAL FUNDS 89,092 ~136,166 ~47,074
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted fundsGeneral fund
TOTAL FUNDS
At 8/4/1 8
4, 128,523
4, 128,523
Netmovement
in funds At 5/4/20
188,471 4,316,994
188,471 4,316,994
A current year 12 months and prior year 12 months combined net movement in funds, included in theabove are as follows:
Incomingresources
5
Resourcesexpended
Gains andlosses
5
Movementin funds
ZUnrestricted fundsGeneral fund
TOTAL FUNDS
11. Related party disclosures
~196 122
~196 122
150,908 143,257
~150 908 ~143 257
~188 471
188,471
There were no related party transactions for the year ended 5 April 2020.
Page 12
M R Cannon 1998 Charitable Trust
Detailed Statement of Financial Activitiesfor the Year Ended 6 April 2020
5/4/20 5/4/19
Income and endowments
Investment incomeRents receivedDeposit account interest
107,030 88,960132
107,030 89,092
Total incoming resources 107,030 89,092
Expenditure
Charitable activitiesGrants to institutionsGrants to individuals
13,710 122,13112 967
13,710 135,098
Support costsManagementAccountancyFinanceBank charges
Total resources expended
1,020
12
14,742
1,068
136,166
Net income/(expenditure) 92,288 ~47,074)
This page does not form part of the statutory financial statements
Page 13
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