The J Isaacs Charitable Trust Trustees, Annual Report and Financial statements for the year ended 31 March 2021 Registered Charity No.. 1059865
The J Isaacs Charitable Trust Year ended 31 March 2021 Contènts Page No Trustees, report Statement of Trustees. RespOlbIlItieS and Trustees. Approval Independent auditors, report to the Trustees Statement of Flnanclal Actlvltles io Balance Sheet li statement of Cash Flows Notes to the Financial Statements 13-24
The J Isaacs Charitable Trust Reference and administrative information Year ended 31 March 2021 Trustees Jeremy Isaacs Joanne Isaacs Helen Eastick Vincent Isaacs Bankers HSBC Private Bank {UKI Limlted 8 Cork Street, London, WIS 3U Auditor5 Saffery Champness LLP Mltre House North Park Road Harrogate HG15RX Reglstered Office Mutual House 70 Condult Street London WIS 2GF Reglstered Charity Number 1059865
The J Isaacs Charitable Trust Trustees, Report Year ended 31 March 2021 Report of the Trustees for the year ended 31 March 2021 The Tru5tee5 present their annual report together with the financial statement5 for the year ended 31 March 2021. The financial 5tstements have been prepared in accordance with the accounting policies set out in Note I to the accounts and comply wlth the Charittys Trust deed, the Charities Act 2011 and Accounting and Reportlng by Charities.. Statement of Recommended Practice applicable to Charities preparlng thelr accounts In accordance wlth the Financial Reportln8 Standard 102 applicable in the UK and Republlc of Ireland publlshed In October 2019. Oblertlves and actlvltles for publlc benefit The objectives of the Charity are set out in the Charitvs trust deed and are summarised as follDWS.' The Charlty strives to support causes that are In connectlon with the followin8- Care for children Education Wellbeing forthe elderty Tolerance In our communlty Health¢ore Our ob'ectwes: Our oblectlves are set to reflect our communSty alms. Each year our Trustees revlew our oblectlves and activities to ensure continued support to those charitie5 in our focused are35. The TrL*5tees recognlse their dutles under the Charitles Act 2011 and have referred to the Charity CommlssSon's Buidance on public benefit when reviewing the Chartty's activities and compiling this report. Strate We want to build the Trust through Intelllgent Investments to secure capital for the future. The Trustees continue to have a long-term strategy to support the needs In our communlty and to ensure good growlh ID its capital investments. se of volunteers: The Charity is dependent on the voluntary work of the Trustees In administerlng its funds. As this work has no tangible value this is not recognised in the financial statements.
The J Isaacs Charitable Trust Trustees, Report (Continued) Year ended 31 March 2021 Achievements and performance The Trust has continued to fulfil its main objective5 by: Working to provlde scholarships for Medlcal Students. Supportin8 prolect5 which provide securityi as51Stance and tolerance in the communSty. Supporting charities and projects working towards the treatment of and care for cancer patients. Supporting charities that work towards caring for children, improvlng healthcare services, respSte and research, Including Noah's Ark Children'5 H05plce. The trustees review donatlon5 and 8rants made throughout the year and constantly monitor this a8ainst thelr communlty aSms, thls Is dlscu5sed verbally at trustee meetings. How our activities deliver public benefit: Grant maklng The Charity supports a wide range of activities by way of fundlnB made available in puJ5uance of Its charitable alms. The Charlty receSves many applications from a dlverse range trf charities, the trustees review these applications against the charity's supported causes and considers what value a donation would add to the organSsatSon in questlon. The activrtres supptsrted provide benèfit to a wide selection of the communlty. In addltion, In determining the objectlves for the year and planning the activities as set out In this report, the Trustees have considered the Charlty Commlsslon's gUIdan on public benefit includin8 the 8uidance on grant makins. Finantial review Performance in the ear During the year, the charity received ir)come totalling £860,379 12020.. £494,957), the Increase Is mainly due to a slgnlf5cant increase in donations and glft ald belng reteived in the year. Donatlons and grant5 of £409,15912020-. £908,033) were made during the year, of which £24,92512020: £118,281) relatedto restrlrted funds. Net10s5 on investments totalled £36,37712020,. £41,341 net gainl, of which losses of £46,38012020.. £11,2491 related to foreign exchange gains on restricted funds. The Overall surplus In the year was £339,16212020.. deficit of £470,624) of whlch £410,46712020.. £363,5921 related to unrestricted nds. Re5eive5 olic The Irustees have decided to support a number of charities and charitable purposes by making long- term commitments to them which will be hOnoud over several years for example educational seholarshlps, bulldlng projects and long-term research programmes. In view of the uncertainty of trust income over fLftureyears, the trustees preferto set aside sums which will enable them to support chosen charities and purp05e5 over the period of the commitments.
The J Isaacs Charitable Trust Trustees, Report (Continued) Year ended 31 March 2021 In addltlon, the charlty contlnues to look for Investments that would yleld positlve returns for the charlty and therefore allow It to Increase the number of charities it supports. The trustees therefore consider It prudent to hold a level of reserve5 to make ihese investments possible. The trustees keep the level of reserves under regular revlew and would release any reseyves whlch appear to be unnecessarily cautious, or excessive in relation to particular projects. The trustees currently consider it prudent to hold at least £lm In reserves for these purposes, however they may look to increase this dependent on investment outlook. In calculatlng the CharltVs reseNes, the Trustees have deducted from the total of unrestrlcted fund5 of the Charity the value of fixed asset investments, as shown in the account5. This leave5 free re5eTves at 31 March 2021 of £1,269,42012020: £749,356). The Trustees believe this provides adequate free reserve5 to cover operating c05t5 and future commitments. Included within funds Is a restricted balance of £404,575, this balance is restricted to one cause Isee note 171. Princi al fundin sources The Charity receives donations from Mr and Mrs J Isaacs, who are Trustees of The J Isaacs Charitable Trust, this year being a total of £559.98912020- £63,2071. The Charity a150 has a significant investment portfolio which generates returns. The income received during the year from Investments was £300,39012020.' £431,7501 and net1055es on investments of £36,37712020.' £41,341 net Bain). The Charity reviews a significant nLtmber of requests for donations in order to determine those which meet wlth Its oblectlves and evaluate5 Investments when opportunities arise in order to determine those which provide secure returns. Princi al rlsks The trustees have not identified any slgnificant rlsks associated with the activlties of the Charity. The performance of the investments has been identifled as a moderate rlsk. However, the trustees consider that the Charity has diversified their range of investments to appropriately mitigate this risk. Furthermore, the reserves are at an appropriatè level to adoquately cover commitments as they stand. Fundralsln activities The Charity does not seekto fundraise externally and doe5 not run ariy external fundraising campaigns or publlclty. The Charity relies on fundraising from the founders as detailed above. Investment powers* pollcy and performance The Trustee5 have the power at their absolute dlscretlon to the extent that the Trustees shall have the same powers In all respect a5 if they were absolute owners beneficlally entitled. No spetiflc pollcy is followed other than to earn the market rate of relurn on monies invested. The Trustees consider how investments are performing at each trustee meeting. The year end value of the investment portfollo 15 stated In the notes to these accounts.
The J Isaacs Charitable Trust Trustees, Report (Continued) Year ended 31 March 2021 Plans for future periods The Charity plans to contlnue tosupport a number of exlsting charltles as rletalled Ilk the commitments table in the notes to these accounts INote 191. In addition, the Cha¥ity wlll conslder donating to a new charltable cause If the Trustee5 agree as to the benefSt of the donation and the relevance regardlng the aims of the Charity. The Charity will continue to 5UPPOrt Its work through a series of investments, looklng to bulld on those going forwards to develop a portfolio of income generatin8 assets. Structurei government and management The J Isaacs Charitable Trust is constituted as a charitable trust registered with the charity Commlssion ih December 1996 under Charity number 1059865. It is governed by a deed of trust last updated on 23 Ortober 1996. The Charity Trustees are respDnslble for the general control and management of the Chaiity. The Trustees by agreement make the declslon concerning charities 5UPPOrted and any donatlons made. The above crlterla is a guide to these donations but donatlons are not restricted to thls criteria. Recrultment remun tion and a ointment of Trustees.. There shall be at least three Trustees. Futuye Trustees shall be appointed by a resolutlon of the Trustees. If for any reason Trustees cannot be appointed in accordance wlth the foregoing provisions, the statutory power of appointinB new or additlonal Trnstees shall be exercisable. Induction and trainin of T¥u5tees- Following appoSntment, new Trustees are intri)duced to their new role and given copies of thè trust dèèd and a guide to the pollcies and procedure adopted by our Charity. A number of publications from the Charity Commission are also provlded Including the guidante on charities and public benefit. Trustees are aware that It Is their respon51blllty to keep abreast of developments in relatlon to the governance of Charities under the Charities Aet 2011. Risk mana ernent: In the opinion of the Trustees, the Charity is not exposed to any major risks. Exposure to market fluctuations is considered a moderate risk but the charity contirbues to manage this by holding dlversified portfolio in real estate, artwork and eqLtitles.
The J Isaacs Charitable Trust Statement of Trustees, Responsibilities and Trustees, Approval Year ended 31 March 2021 ststement of Trustees, responsibilities The Trustees are responsible for preparlng the Trusteeg, Ahnual Report and the flnancial statement5 in accordance with applicable law and United Kinedom Accounting Standard5 Iunited Kingdom Generally Accepted AccountSng Practlcel. The law appllcable to Charities in England and Wales, requires the Trustees to prepare flnanclal statements for each flnancial year which give a true and fair view of the state of affairs of the Charity and of its in¢oming resources and applicatlon of resources of the Charlty forthat period. In preparing these flnanclal statements, the Trustees are reqLiired to: select suitable accounting policies and then apply them consistentW,' obsewe the methods and prlnciples in the Charities 50RP IFR51021,' make judgements and estlmates that are reasonable and prudent,, State whether applicable accounting standards have been followed, subject to any materlal departure5 disclosed and explalned in the financial statements- and prepare the financial statements on the going concern bas15 unless it Is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose wlth reasonable accuracy at any time the flnanclal positlon of the Charity and enable them to ensure that the flnanclal slatements comply with the Charit12s Act 2011 and the provlslons of the trust deed. They are also responsible for safeguardlng the assets of the Charity and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities, The Trustees who were In office on the date of approval of these financial statements have confirmed, as far as they are aware, that there15 no relevant audit information of which the auditor is unaware. Each of the Trustees ha5 confirmed that they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit informatlon and to establish that It has been communicated to the auditor. 31 Jan to¥T This report was approved by the Trustees on .-.....-................ Trustee Jeremy Isaacs Trustee Helen Eastlck •£4dL-
The J Isaacs Charitable Trust Independent auditors, report to the Trustees Year ended 31 March 2021 Independent audltors, report to the Trustees Oplnlon We have audited the financial statements of The J Isaacs Charitable Trust forthe year ended 31 March 2021 whlch comprise Statement of Financial Actlvitle5, Balance Sheet, Statement of Cashflow5. and note5 to the financlal statements, including a summary of signlflcant accounting policSes. The flnancial reporting framework that has been applSed In their preparation Is appllcable law and United Kingdom Accounting Standards, Including Financial Reportlng Standard 102, the Financial Reporting Standard applicable in the UK and RepublSc of Ireland (United Kingdom Generalty Accepted Accountlng Practlcel. In our oplnlon the financial statements: give a true and fair vlew of the state of the Charlty's affalr5 as at 31 March 2021 and of it5 incoming resource5 and appllcatlon of resource5 for the year then ended,. have been properly prepared in accordance with United Kingdom Generally A¢pted Accounling Practlce,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinion We conducted our audit in actordance with International standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities Ltnder those slandard5 are further descrlbed in the Audltorfs re5ponsibilitie5 for the audit of the financial statetnents sectlon of our report. We are Independent of the charlty In accordance with the ethlcal requirement5 that are relevant to our audit of the flnancial statements in the UK, including the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requiremevbts. We belleve that the audit evldence we have obtalned 15 sufFitlent and appropriate to provlde a basis for our opinion. Conclusiohs relatlng to golng concern In auditlng the financial staternents, we have concluded that the trustees, use of the going conr basls of accountlng in the preparation of the flnancial statements is appropriate. Based on the work we have performed, we have not identSfSed any material uncertalntles relating to events or conditions that, individually or collecllvely, may cast slgnlflcant doubt on the charity's abllity lo continue as a going concern for a period of at least twelve months from when the flnancial statement5 are authorised for issue. Our responsibilitles and the responsibilities of thetruste@s wlth respectto Eolngconcern are descrlbed in the relevant sections of this report.
The J Isaacs Charitable Trust Independent auditors, report to the Trustees (Continued) Year ended 31 March 2021 Other information The trustees are responslble for the other infomiatlon. The other information comprises the information included in the annual report, otherthanthe financial statements and our auditor's report thereon. Our oplnlon on the financial 5tatement5 does not cover the other Informatlon and, except to the extent otherwise explicitly stated in our report, we do not express any form of aUrance conclusion thereon. Our responsibility IS to read the other informatlon and, In doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtalned in the course of the audit or otherwlse appears to be materially misstated. If we identify such material inconsistencie5 or apparent rnaterial misstatements, we are required to determine whether this gives rlse to a materlal misstatement in the financial Statements themselves. If, based on the work we have performed, we conclude that there Is a material misstatement of thi5 Other Information; we are required to report that fact. We have nothing to report in th55 regard, Matters on whlch we are requlred to report by exception We have nothing to report in respect of the following matters In relatlDn to whlch the Charities (Account5 and Reports) Regulations 2008 require u5 to report lo you if, in our opinion,. the information given in the Trustees, Annual Report is Incon5i5tent in any material respect with the financlal statements: or the charity has not kept sufficient accountlng records,. or the financSal statements are not in agreement with the accounting records and returns; or we have not received all the Informatlon and explanations we require for our audit. Responsibllltles of Trustees As explainerj more fully in the Trustees, Responsibilitie5 Statement set out ot) page 5, the trustees gre responsible for the preparation of the financial statements and for belng satlsfled that they give a true and fair view, and for such internal control as the trustees determine 15 necessary to enable the preparatlon of financial 5tatement5 that are free from materlal mlsstatement, whether due to fraud or error. In preparing the flnancial Statements, the trustees are responslble for assesslng the charity's ability to continue as a going concern. dlsclosln& as applicable, matters related to going concern and using the golng conrn basis of accounting unless the trustees either intend to liquidate the charlty Dr to cease Dperations, or have no reallstlc alternative but to do so.
The J Isaacs Charitable Trust Independent auditors, report to the Trustees (Continued) Year ended 31 March 2021 Audltors, responslbilities for the alIt of the financlal statements We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulat10115 made under that Act. Our objective5 are to obtaln reasonable assuravbce about whetherthe fSnancial stbtements as a whole are free from materlal misstatement, whether due to fraud Dr error, and to Issue an auditors. report that includes our opinion. Reasonable assurance a hlgh level of assurahce, but is not a gltarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement whèn it exlsts. Misstatements can arise from fraud or error and are considered materSal if, individually or in the aggregate, they could reasonab be expected to influence the economic decislons of users taken on the basis of these fir)ancial statements. Irregularities, including fraud, are instance5 of non-compliance wlth laws and regulation5. We design p¥ocedures in line with our responslbllitles, outlined abDve, to detect material misstatements in respect of irregularltle5, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, Including fraud are detailed below. Identifying and assessing risks related io irregularitles: We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might occur, includlng through discusslons with the trustees, discussions Within our audit team plannlng meeting, updating our record of internal controls and ensuring these controls operated intended. We evaluated possible incentives and opportunities for fraudulent manipulation Df the flnancial statements. We identlfied laws and regulatlons that are of significance in the context of the charity by dlscussions with trustees and updallnE our understanding of the sector in which the charity operates. Laws and regulatlons of direct slgnificance in the corbtext of the charlty Include the Charities Act 2011, the Charlties (Accounts and Reports) Regulations 2008 and guidance issued bythe CharSty Commis5iOll for England and Wales. Audit response to rlsks Identified.. We consSdered the extent of compliance with these laws and regulations as part of our audlt procedures on the related financial statemenl items including a review of financial statement disclosures. We reviewed the charitls records of breaches of laws and regulations, minutes of meetlngs and correspondence wlth relevant authorities to identify potential material mlsstatemÈnts arising. We dlscussed the charity's pollcies and procedures for compliance with laws and regulatlons with members of management responsible for compliance. Durlng the planning meetlng with the audlt team, the engagement partner dW attention to the key areas which might involve non-compllance wlth laws and regulalion5 or fraud. We enquired of management whetherthey were aware of any InStanS of non-compllance with law5 and regulatlons or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testin8 the approprlateness of journal entries and Identlfying any significant transactions that were unusual or outside the normal course of bu5ine55. We assessed whether judgements made in making accounting estlmates gave rise to a possible indication of managèment bias. At the completion staEe of the audlt, the engagement partnerfs revlew Included
The J Isaacs Charitable Trust Independent auditors, report to the Trustees (Continued} Year ended 31 March 2021 ensurlng that the team had approached their work with appropriate professional sceptlclsm and thus the capacity to Identify non-compliance with laws and regulations and fraud. There are inherent Ilmltatlons in the audit ProdureS descrlbed above and the further removed non- compliance with laws and regulatlons Is from the events and transactions reflected In the financial statement5, the less Ilkely we would become aware of it. Also, the risk of not detecting a materlal mlsstatement due to fraud is higher than the risk of not detectin one resulting from error, as fraud may involve deliberate concealment by* for example, forgery or intentional misrepresentations, or through collusion. A further description of our responslbllitles Ss available on the Financial Reportlng Councll's website at.. www.frc.or .uk auditorsres onsibilities. Thi5 description forms part of our auditorfs report. Use of our report This report is made solely to the charity'5 trustees, as a body, In accordance with Part 4 of the Charities (Accounts and Reports) Regulatlons 2008. Our audit wo¥k has been undertaken so that we might state to the trustèès those matters we are required to state to them in an auditorfs port and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibS1ity to anyone other than the charity and the trustees as a bodyi for our audit work, for this report, or for the oplnlons we have formed. S,&tJ] CJKW ' Saffery Champness LLP Statutory Auditors Mitre House North Park Road Harrogaie North Yorkshire HGI 5RX Date.. 31 January 2022 Saffery Champness LLP Is ellglble to act as an auditor in terms of sectlon 1212 of the Companies Act 2006
The J Isaacs Charitable Trust Statement of Financial Activities Year ended 31 March 2021 Unrestrlcted funds Restricted Total funds funds 2021 Total funds 2020 Note Income Irom: Charitable activltSes Investments Total Income 559,989 3(K),390 860,379 559,989 300,390 860,379 63,207 431,750 494,957 Empendituye on: Charitable activitles Investment management costs Total expenditure 400,590 24,925 425,515 937,901 59,325 459,915 59,325 484.840 69,021 1.006,922 24,925 Net income/llossesl prior to gains and losses on Investments 400,464 124,9251 375.539 1511,9651 Net Ilossesllgalns on investments 16 10,003 146,3801 136,377} 41,341 Net income/{lossesl 410.467 171,3051 339,162 1470,624) Transfers between fund5 Net movement in funds 410,467 71,3051 339.162 1470,6241 Reconclliation of funds Total funds brought fOnard 13,592,454 475,880 14,068,334 14,538,958 Total funds carried forward 14,002,921 404,575 14,407,496 14,068.334 The notes on pages 13 to 24 form an integral part of these financial statements. 10
The J Isaacs Charitable Trust Balance Sheet as at 31 March 2021 Note 2021 2020 Fixed assets Investment5 12,733.5tKJ 12,843,098 Total flxed assets 12,733,500 12,843,098 Current agsets Debtors Cash at bank and in hand io 320,415 1,498,194 122,717 1,268,615 Total current assets 1.818,609 1,391,332 Creditors.. Amounts falling due within one year li 1144.6131 1166,0961 Net current assets L673,996 1,225,236 Total assets le55 curreM Ilabillties 14,407,496 14,068,3a4 Net assets 14,407,496 14.068,334 Fund5 of the Charlty: Unrestrlcted funds 17 14,002,921 13,592,454 Restrlcted funds 17 404,575 475,880 14,407,496 14,068,334 2rfland signed on The financial statements were approved by the Trustees on ..3.1.::...J.AtyA5V.J... .. their behalf by.. Jeremy Isaacs Trustee Helen Eastick Trustee The notes on pages 13 to 24 form an integral part of these financlal statements.
The J Isaacs Charitable Trust Statement of Cash Flows Yearended 31 March 2021 Note 2021 2020 Cash flows from operatln8 artlvltles Net cash used in operating actbViti@s 15 1144,0311 (898,4691 Cash fli>ws from Investing actlvlties Purchase of investmenls Proceeds on sale of investments Redemptions Investment income Interest received Net cash generated by Investlng actlvitles 192,9521 46,157 154,470 295,503 4,887 408,065 74.501 417,924 12,826 505.251 Change in cash and cash equivalents In the year Cash and cash equivalents at the beginning of the year Change In cash and cash equivalents due to the exchange rate movements 264,034 1393,2181 1,268,615 134,4551 1,637.059 24,774 Cash and cash equlvalents at the end of the year 1,498,194 1,268,615 12
The J Isaacs Charitable Trust Notes to the Financial Statements Year ended 31 March 2021 Accountlng Pollcles Basls of preparatlon and assessment of golng concern The accounts Ifinanclal statements) have been prepared underihe historical cost conventlon with Items recognised at cost or tran5actlon value unless otherwlse stated In the relevant notelsl to these account5. The flnancial statement5 have been prepared in accordance wlth the Statement of Recommended Practice: Accounting and Reporilng by Charltles preparing their accounts In accordance wlth the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectlve I January 20191 as amended by Bulletln l issued by the Charities Commisslon ICharitie5 SORP IFRS 10211, the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charltles Art 2011. The J Isaacs Charitable Trust meet the definition of a publlc benefit entity under FRS 102. The Trustees consider that there are no mateflal uncertainlies about the Trust's ability to continue a5 golng concern. The most slgnificant areas of adjustment and key assumptions that affect item5 in the accounts are in relation to the estimation of the liability from rnulti-year general commitments (see Note 19 for more information) and the levels of investment return and the performance (see the investment policy and performance and ¥isk management sectiOll5 of the Trustees Annual Report for more information oh how this is managed). Funds structure The Trusts source of finan are segr@gated between restricted and unrestricted funds. Restrlrted funds are funds such that the use of whlch Is Ilmlted by donor imposed conditions. Unrestricted Income funds CDmprise those funds which the Trustees are freè to use for any purpose In furtherance of the charltable objectives. Unrestricied funds include deslEnated funds where the Trustees, at their dlscretion, have set aside resourtes for a spocific purpose. Further details of each fund are dtsclosed in Note 17. Income recognition Income is received by way of donations and glfts and 15 included in full In the Statement of Firbancial Activltles when receivable. Donated asset5 are incltsded at the value to the Charity Financlal Activities when receivable. Donated assets are Included at the value to the Charlty where this can be quantified and a third party is bearlng the cost. The value of the serVIS provided by volunteers has not been included In ihese amounts, except where the services provlded are in the nature Df professlonal services where a fee would otherwise be charged, in which case the donated service is valued at thelr chargeablè rate. Income from Investment5 15 included in the year In which it is CeIVable. Legacles are included when the Charity is advised by the personal representatlve of an estate that payment wlll be made or properly transferred and the amount involved can be quantified. 13
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2021 Accounting policies Ic¢>ntinuedl Expendlture recognltion Liabilities are retognised os resources expended as soon a5 there Is a legal or cOtructIve obligation comynlttlng the Charity to the expenditure. All expendlture is accounted for on an accruals basis and has been cla55rfied under headings that aggregate all costs related to the eategory. Irrecoverable VAT Irrecoverable VAT Is charged agalnst the tategory of resources expended for which it wa5 incurred. Allocation of support and governance costs Support costs have been allocated between governance costs and other support costs. Governance costs included those costs associated wlth meeting the constltutlon81 and statutory requirements of the Charity, and include its audit fees and costs linked to the strètegic management of the Charlty including Trustee expens together with an apportionment of overhead and support costs as showrb in Note 6. Governance and support costs relatlng to charitable activitles have been apportioned based on number of donations. The allocation of Support and governance costs is analysed in Note 7. C05t of raising funds The costs of generating funds cons15t of Investment management COSts and certaln legal fees. Charitable activities Costs of charitable activitles include donations made, governance costs and apportionment of sUPPOrt costs as shown in Note 6. Foreign Transartlons Monetary assets and Ilabilitles In foreign currencSes are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterlSng at the rate of exchange ruling at the date of transaction. Exchange differences are char8ed to the Statement of FSnancial Activities to arrive at the total funds balance. 14
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2021 Attounting policles Icontlnuedl Reallsed gains and losses All gains and105ses are taken to the Statement of Financial Activitles as they arise. Reallsed gaSns anil losses on investments are calculated as the dlfference between sales proceeds and their openlng carrying value if acquired subsequent to the first day the flnancial year. Unrealised galns and losses are calculated as the difference between the falr value at the year end and thelr carrying value. Realised and unreallsed Snvestment gains and losses are comblned in the Statement of Flnancial Activitles. Investments Fixed Asset Investments are stated at market value which is at cost less provision for increase or dlminution Sn value. Where there are no readily ascertainable market valuès for Investment assets are stated at cost less impairment. Where a fair value has been previously obtalned but no fair value is available at the balance sheet date, the carrylng amount at the last date the asset was rellably measured Is used as Its deemed cost. Unrealised and realised galns and losse5 on investments are recoEnised on the Statement of Flnèncioj Activities. Debtors Short term debtor5 are measured at transactlon price, less any impalrment. Cash and cash equivalenls Cash is represented by cash In hand and deposits with flnanclal institutions repayable wlthout penalty on notice of not more than 24 hours. Cash equivalents are highly liquld investments that Matu In no more than three months from the date of acquisltlon and that are readily convertlble to known amounts of cash wlth Insignificant rlsk of change in value. Financial Inslruments The Charity only enters into basic financial Instruments transactTrons that result in the reeognltlon of financial a55ets and liabilities like trade and other debtors and creditors, loans from banks and other thlrd partles, loans to related parties and investments in non puttable ordinary shares. Financial assets and liabilities are offset and the net amount reported In the Balanco Sheet when there is an enforceable rlght to set off the recognlsed amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability slmultaneouslv. Credltors Short term credltors are measured at the traaCtIOn price. 15
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2021 Related party transactlons and Trustees, remuneration The Charity held Investments wlth a carrying value of £719,39412020'. £742,152) in JRI Partfier 2 LP and £2,387,91212020.. £2,462,604) in JRI Investor l LP. Mr jeremy Isaacs has participatlll8 Interest5 in the limite(I partnership5. Included within current assets 15 an amount of £25,OOD12020: £nill. Thls represents current year income receivable from Mr Jeremy 15aacs for Charlty's artwork following professlonal advice. Mr Jeremy Isaacs also pays all Insurance and securlty C05t5 In relation to rentingthls paintin8. The current yearvalue of this within rental income is £25,00012020: £25,000). During the year aggregate donations received from trustees totalled £559,98912020: £63,207). During the year £nil in donatlons was recelved from Marex Flnancial Limited. In 2019 $1.5m was received (sterling equivalent of £1,164,103), frDm their fundraising event 8rokingfor Hope for experimental cancer treatment in the US and related expenses. This moneyls Still held as restricted funds wlthin the charitv, specifically for this purpose. Mr Jeremy15aacs1s a non-executive director of Marèx. During the year donatlons of £nil12020: £586,938) were made lo Noah's Ark Children's Hosplce. There is also a commitment of £300,00012020.' £288,564) afterthe year end. Mr Jeremy Isaacs is a Trustee of th55 Charitv. 16
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2021 Comparatlve SOFA Unrestricted funds Restricted funds Total funds 2020 Intome from. Charitable actlvities Investments Total income 63,207 431,750 494,957 63,207 431,750 494,957 Expendlture on: Charltable actlvlties Investment management costs Total expenditure 819,620 69,021 888,641 118,281 937,901 69,021 1,006,922 118,281 Met income prior to gains and losses on investments 1393,6841 1118,281 1511,9651 Net105ses on investments 30,092 11,249 41,341 Net lexpenditurell Income 1363,5921 1107,0321 1470,6241 Transfers between fijnds Net movement in funds 1363,5921 1107,0321 1470,6241 Reconciliation of lunds Total funds brought forward 13,956,046 582,912 14,538,958 Total funds cairied forward 13,592,454 475.880 14,068,334 17
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2021 Income from charitable actlvltles 2021 2020 Donations received from trustees 559,989 In 2021, £nS1 of donations12020- £nill were attributable to restritted funds. 63,207 Investment Income 2021 2020 Investment income Bank interest recelved Total 295,503 4,887 300,390 418,924 12,826 431,750 Analysi5 of eharltable expendlture The Charity undertakes Its charitable activities through donations to Institutlons in furtherance of its objectives. Donatlons actlvltv Support and governance Costs (note 71 Total 2021 Total 2020 Funded from unrestricted funds-. Care for children Education Wellbelng for the elderlv Tolerance in our communltv Healthcare Adhoclother 152,000 48,990 6,076 1,958 158,076 50,948 632,066 51,634 25.822 102,874 3,891 3,333 85.618 30,219 67.407 3,423 2,204 2,695 89,041 32,423 70,102 Funded from restricted funds- Healthcare Total 24.925 409,159 24,925 425,515 118,281 937,901 16,356 During the year travel costs were reimbursed for nil 12020.. 11 trustee to vlsit char¢tie5 of £nll12020: £1,9691. These were included In support Costs. Included In donotions are amounts above £30,000 pald to the following charitsble causes.. 2021 2020 Unlted Jewish Israel Appeal Noah's Ark Children's Hospice Hope'5 Fund Pollcy Exchange CST Kisharon Academy 48,990 48,990 586,938 118,281 50,000 30,000 24,925 60,000 loo,000 233,915 834,209 18
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2021 Allocatlon of govèrnance and support costs Support costs 2021 2020 Travel costs Offlce costs Bank charges 1,969 38 248 168 416 290 2,297 Governance costs 2021 2020 Audlt and accountancv other professional fees Support costs Total 15,282 18,762 7,660 1,149 27,571 658 15,940 The total governance and 5UPPOrt cost attributable to charitable expenditure Is attrlbuted pro rata to the number of donations awarded as shown in the table below. The trustees have decided to meet all governance costs from unrestrlcled funds. 2021 2020 Care for children Education Wellbeing for the elderly Tolerance in our community Healthcare Adhoc/other Total allocated 6.076 1.958 20,128 1.644 822 3,276 3,891 107 29,868 3,423 2,204 2,695 16,356 Investment Costs 2021 2020 Cost of maintaining fine art Investment fees Property setvice charges Total 120,0001 114 79.211 59,325 5,(X)O 64,021 69,021 19
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2021 Flxed asset investments Investments at carrying value.. 2021 2020 Fine Art Investment property Private equity funds- UK Private equity fund5- non-UK Totsl 2,50D,000 2,500,000 5,654,920 5,650,000 4,136,496 4,233.946 442.084 459,152 12,733,500 12,843,098 Flne Art is included at a market valtjation of £2,500,000 and cost £2,221,71412020.. £2,500,000 and cost £2,221,714) it was valued in March 2020 by Sotheby's, an Internationally renowned auctioneer. The Trustees have sought advicefrom Belchak Corin & Co, Profs1onal property consultants, and consider the open market value of the propertie5 to be £5,650,00012020: £5,650,000) at the balance sheet date. Fvrther tosts of £4,920 relate to property improvements in the year. Investments of £3,107,307 12020.. £3,262,457) have been valued based on the charity's proportionate Share of the net assets of the underlying company. The remainder of the Investments, £1,471,273 12020: £4,635,3981 have been valued at COSt less Impairment or, at deemed cost where a fair value has been previously obtalned bul no fair value is avallable at the balance Sheet date. All of the Charitls investmènts are non-listèd and are held to provide Investment returns for the Charltv. 2021 202Q Cost as at 31 March 2020 and 31 March 2019 Surplus of valuation over cost Cost as at 31 March 2020 and 31 March 2019 12,843,098 1932,898 11,910,200 12,901,032 1944,6841 11,956,348 Movements durln8 the year: Additions Transfer DisposalslRedemptlons Cost a5 at 31 March 2021 and 31 March 2020 92,952 11,162,655) 10.840,497 146,1481 11,910,200 Surplus of valuatlon over c05t 1,893,003 932,898 Valuatlon as at 31 March 2021 and 31 March 2020 12,733,500 12,843.098 20
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2021 Flxed asset investments Icontinuedl Investments held at the year end in eKess of £l,QOO.000 2021 2020 JRJ Invèstor l Limited Partnership Iproov Limlted Fine art Investment property Totsl 2,387,912 1.029,190 2,500,000 5,654,920 11,572,022 2,462,604 1,029,190 2,500,000 5,650,000 11,641,794 10 Debtors 2021 2020 Trade debtors Other debtors Prepayments and accrued income Total 60,0(X) 228,440 31,975 320,415 78,970 43,747 122,717 Other debtors Includes £83,44012020'. £78,970) due after more than one year. 11 cdItorS 2021 2020 Accruals and deferred income Other taxation and soclal security Other credltors Total 124,409 99,978 5,000 61,118 166,096 20,204 144,613 2020 Deferred Income at l April 2020 Resources deferred in year Amount released from prior year Deferied Income at 31 March 2021 46,000 53,843 146,0001 53.843 The deferred Income relates to rental income from the inv&strnent property. 21
The J Isaacs Charitable Trust Notes to the Financial Statements {Continued) Year ended 31 March 2021 12 Financial Instruments 2021 2020 Flnanclal assets Financlal assets measured at amortlsed cost/deerned cost Financlal assets measured at falr value 4,871,940 8,150,000 13.021,940 4,714,368 8,207,700 12,922,068 2021 2020 Financlal liabllltles Financlal1Sabilities measured at amortised cost 144,614 144,614 166,096 166,096 Financial assets measured at amortised cost comprSse Investments stated at costldeemed cost and short term debtors. Financial assets measured at fair value comprise Investments stated at fair value. Financlal Ilabillties measured at amortised cost comprise other short term creditors. 13 Analysis of staff costs and remuneratlon Of key management personnel The average number of employees during the year was nll12020: nill. The total evnployment benefits of the key management personnel and Trustee were £nll12020- £nlll. There are no employee5 Wlth benefit in excess of £60,00012020: £nill. 14 Audltors remuneration The auditor's remuneratlon can be analysed as follows: 2021 2020 Audlt Tax Total 12,3(K) 2,982 15,282 16.422 2,340 18.762 22
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2021 15 Reconclllation of net Inme/(expendlturej to n8t cash flow from operating activltles 2021 2020 Net movement in fund5 339,162 1470,6241 Adjustments for: Interest received Investment income Net fair value movements Increa5ellDecrease in debtors IDecreasel in c(litorS 14,8871 129S,5031 36,377 1197,6981 121,482 112,8261 1417,9241 141,3411 53,132 18,886 Net cash used in operatlng actlvltles 1144,0311 1898,469) 16 Net gainsll105se5) on Investments 2021 2020 Foreign exchange Ilossesllgains on conversion Foreign exchange Ilossesl/gains on cash balances Net realised and unrealised gains/l1055esl on fair value movements 1363,8421 134,4551 361,920 194,390 24,774 1177,8231 136.3771 41,341 17 Analysls of charitable funds As l Aprll 2020 Income Expenditure Investment gainsl (losses) 31 March 2021 Restrlcted funds Unrestrlcted funds 475,880 13,592,454 124,9251 1459,9151 146,3801 10,003 404,575 I4,C2,921 860,379 14.068,334 860,379 1484,8401 136,377) 14,407,496 The restricted fund5 balance relates to a donatiOFb received from Marex Flnancial Llmited during the year ending 2019 and was raised from their event Brokingfor Hope for funding of a speclflc clinical trial and related expenses. £24,925 of the balance has been spent in the year12020: £118,281). 23
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2021 18 Analysis of net assets between funds Fund balances at 31 March 2021 are represented by; Unrestrl¢ted funds Restrlcted fund$ Totsl funds Flxed Assets Current Assets Current LiabS1itles 12,733,51)0 1,414,034 1144,6131 12,733,500 1,818,609 1144,6131 404,575 Total net assets 14,002,921 404,575 14.407,496 Comparatlve Information in respect of the preceding period is as follows: Unrestricted funds Restricted funds Total funds Flxed Assets Current Asset5 Current LiabS1itles 12,843,098 915,452 1166,0961 12,843,098 1,391,332 1166,0961 475,880 Total net a55ets 13,592,454 475.880 14.068.334 19 General commitments As at 31 March 2021 there are pledges to varlous charities which the Trustees intend to honour over the next five years, which are summarised below: Original Commitment Commitment brought forward Commltment carried forward <lyr
lyr Activities In relation to: AWIS UK-The Impact Stholar5hip Program Xisharon New School JW3 Young Professionals CST 3 Year Pledge120181 CST 3 Year Pledge120211 Medlcal School Scholarshlps Hope's fund Grief Encounter Noah's Ark Israel Brltlsh Alllance IDC Noa Girls Langdon JLC £13,D25 £3,439 £300,000 £60,000 £90,000 £90,000 £195,960 £ioo,000 £20,000 £30,000 £60,000 97,800 £60,000 £48,900 £146,970 £48,900 £1,164,103 £60,000 £300,000 £25,OtK) £25,IXX) £30,0 £30,000 £45,000 £475,880 £40,000 £404,575 £20,000 £300,000 £404,575 £20,000 £100,000 £200,000 £25,000 £25,000 £20,0(K) £20,0(K) £30,OCM) £10,000 £10,000 £15,000 £10,000 £io.Ix)o £I5.C0 24