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. RespO￿lbIlItieS 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 hOnou￿d 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 con￿r￿
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 a￿Urance
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 con￿rn 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 a￿lIt 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 d￿W 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 InStan￿S 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 Pro￿dureS 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 fOn￿ard
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 serVI￿S 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 cO￿tructIve 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 tra￿aCtIOn 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, Prof￿s1onal 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 c￿dItorS
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 In￿me/(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,C￿2,921
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.C￿0
24