CHARITY NUMBER: 1072769

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


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


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


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

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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

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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


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


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


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.

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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

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CHARITY NUMBER: 1072769

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