The Jlsaacs Charitable Trust Trustees, Annual Report and Financial statements for the year ended 31 March 2022 Reglstered Charlty No.. 1059865 The J Isaacs Charitable Trust Year ended 31 March 2022 Contents P￿e No Trustees, report 14 Statement of Trustees. Responslbllftles and Trustees, Approval Independent audltors, report to the Trustees statement of Flnanclal ActIv￿leS io Balance Sheet li Statement of Cash Fl¢)ws 12 Notes to the Flnancbal Ststements 13-24 The J Isaacs Charitable Trust Reference and administrative information Year ended 31 March 2022 Trustees Jeremy Isaacs Joanne lsaacs Helen Eastlck Vlncent Isaacs Jack Louis Isaacs IAppointed 26 March 20221 Ellle Maya Isaacs IAppolnted 26 March 20221 8anker5 HSBC Private Bank IUKI Limited 8 Cork Street. London, WIS 3U Audltors Saffery Champness LLP Mltre House North Park Road Harro8ate HGI 5RX Reglstered Offlce Mutual House 70 Condult Street London WIS 2GF Reglstered Charlty Number 1059865 The J Isaacs Charitable Trust Trustees, Report Year ended 31 March 2022 Report of the Trusteesfor the year eThd￿ 31 Marth 2022 The Tru5tee5 p￿sent their annual report together with the financial statements for the year ended 31 March 2022. The financial statements have been prepared in accordance wlth the accountlng policies set out In Note I to the accounts and comply wrth the Charitys Trust deed, the Charities Art 2011 and Accountlng and Reportlng by Charitles: Statement of Recommended Practice applicable to Charltles preparing their accounts In accordance with the Flnanclal Reportlng Standird 102 appllcable In the UK and Republic of Ireland publlshed In October 2019. Oblectlv•s and •rtSvttks for publ1¢ beneflt The obSectSves of the Charbty are set out In the Charws trust deed and are summarlsed as follows: The CharTrty strTrves to support causes that are In connection wlth the followlng.. Care for chlldren Educatlon Wellbelng for the elder Tolerance In our communlty Healthcare ur Our oblectlves are set to reflect our communlty alms. Each year our Trustees revlew our oblectNe5 and activltles to ensure contlnved 5UPPOrt to those charltles in our focused areas. The Trustees recogn15e thelr dutles under the Charltles Act 2011 and have referred to the Chailty Commlsslon's 8uldance on publlc benefft when revlewlnE the Charlty's actlvltles and compiling thls report. We want to bulld the Trust through Intelligent Investments to Secure capltal for the future. The Trustees contlnue to have a long-term strate8y to support the need5 In our community and to ensiire good growth in its capltal investments. se of volunteers.. The Charitv Is dependent on the voluntary work of the Trustee5 In admlnlsterlng Its funds. As thls work has no tangbble value thls is not recognlsed In the financial statements. The J Isaacs Charitable Trust Trustees, Report (Continued) Year ended 31 March 2022 Achlevements and perfovmanEe The Trust has contlnued to fulnl Its maln objectives by.. Worklng to provide scholarship5 for Medlcal Students. Supporting projects which provide securrty, ass15tance and tolerance In the communSty. Supporting ch3rltles and projects worklng towards the treatment of and care for cancer patients. Supportlng charitles that work towards carlnB for chlldren, Improving healthcare servlces, re5plte and research, Includlng Noah's Ark Children's Hosplce. The Trustees revlew donatlons and grants made throughout the year and constantly monltor thbs a8alnst thelr communtty alms, thls Is dlscussed verbally at trustee meetlngs. How our act￿ltIeS dellver publlc beneflt.. Grant maklng The chorlty supports a wlde range of actlvltles by way of fundlng made avallable pursuance of Its charltable alms. The Charlty receives many application5 from a dlverse range of charltles, the Trustees revlew these appllcatlons a8alnst the charlty's supported cavses and conslder5 what value a donatlon would add to the or8anisatlon In questlon. The aclfvltles supported provlde beneflt to a wide selecllon of the communlty. In addltlon, In determlnlng the oblectlve5 for the year and plannln8 the art￿ltIeS as Set out In thls report. the Trustees have consldered the Charity Commisslon's gu￿anCe on publlc benefit including the guidance on Brant maklng. Flnanclal re¥lew Durlng the year, the charlty recelved Income totalling £438,113 12021.. £860,379), the decrease is malnly due to a slgnSflcant decrease In donatlons and gift ald belng received In the year. Donations and grants of £455.203 12021.. £409,159) were made durlng the year, of whlch £17,584 12021: £24,925) related to restrlcted funds. Net galns on investments totalled £854,49712021.' £36.377 net Ios51, of whlch 8alns of £20,280 12021: losse5 of £46,3801 related to forelgn exchange gaSns on restricted funds. The overall surplu5 in the year was £723,44412021'. surplus of £339,162) of whlch £720.74812021,. £410,467) related to unrestrlrted fund5. Reserv The Trustees have decided to support a number of charltles and charitsble purposes by maklng long- term commltments to them which wlll be honoured over Several years for example educatlonal scholarshlps. building projects and long-term research programmes. The J Isaacs Charitable Trust Trustees, Report (Continued) Year ended 31 March 2022 In addrtion, the charity ￿ntInueS to look for investment5 that would yield positive returns for the charity and therefore allow It to increase the number of char￿leS it supports. The Trustees therefore consider It prudent to hold a level of reserves to make these Investments possible. The Trustees keep the level of reserves under regular review and would release any reserves which appear to be unnecessèrlly tautious, or eKcesslve in relation to particular projects. In calculatln8 the Charltvs reserves, the Trustees have deducted from the total of unrestricted funds of the Charitythe value of fixed asset Investments, as shown In the accounts. Thls leaves free reSe￿e5. without conslderln8 the lon8-term bank loan of £860.000. at 31 March 2022 of £468,643 12021.. £1,269,420). Whlle not at their target level the Trustees believe this provide5 adequate free reserve5 to cover operating costs and future commltments. Included wlthin funds Is a restrlrted balance of £407.271, thls balance ts restrltted to one cause Isee note 171. urc The Charlty receives donatlons from Mr and Mrs Jlsaacs. who are Trustees of The I Isaacs Charltable Trust, this year being a total of £14,00212021'. £559,989). The Charlty also has a slgnlflcant Investment portfollo whlch generates returns. The Income recebved durlng the year from Investment5 was £424,11112021.' £300,390) and net galns on Investments of £854,49712021: £36,377 net lossl. The Charity revlews a slgnrflcant nurnber of requests for donatlons In orderto detemilne those whlch meet wlth Its obJectlve5 and evaluates Investments when opportunltles arlse Sn order to determine those whlch provide secure returns. The Trustee5 have not Identlffted any slgnlficant rlsks assoclated wlth the activbtles of the Charlty. The performance of the Investment5 has been Identlfied as a moderate rlsk. However, the Trustees consider that the Charlty has dlverslfied thelr range of Investment5 to approprlately mltlgate th15 rlsk. Furthermore, the reserves are at an approprlate level to adequately cover commitments asthey 5tind. Fundralsln The Charity does not seekto fundraise externally and does not run any external fundralslng campal8ns or publlclty. They are not reglstered wlth the fundralsln8 regulator. The Charlty rèlles on fvndraising from the founders as detailed above. In¥estmtnt powersi pollcy and perlomian¢e The Trustees have the power attheir ab501ute dlscrellon to the extent thatthe Trustees shall have the same powers In 311 respect as If they were absolute owner5 benefi'cialty entitled. No 5pecrfic policy is followed other than to earn the market rate of return on monie5 invested. The Trustees con51der how investments are performln8 at each trustee meeting. The year end value of the Investment portfolio Ls stated In the notes to these accounts. The J Isaacs Charitable Trust Trustees, Report (Continued) Year ended 31 March 2022 Plans for future perlods The Charty plans to contlnue to SUPPOrt a number of exlstlng charitles as detalled in the commitments table in the notes to these accounts (Note 191. In additlon. the Charoty wlll conslder donatlng to a new charltable cause if the Trustees agree as to the beneftt of the donation and the relevance regarding the aims of the Charlty. The Charlty will contbnue to support Ils work through a serles of investment5, looklng lo build on those going forwards to develop a partfolio of income generatlng assets. Strurturèi 8overnment and management The Jlsaacs Charltable Trust Is constituted as o charttable trust re8lStered wlth the CharStyCommlsslon In December 1996 under Charity number IOS9865. It Is governed by a deed of trust last updated on 23 October 1996. The Charity Trustees are re5pon51ble for the general control and mana8ement of the Charlty. The Trustees by agreement make the declslon ¢oncernin8 charilies supported and any donations made. The above crlterla is a gulde to these donatlons but donatlons are nol restrlrted to thls crlterla. Re nt remun There shall be at least three Trustees. fT Future Tru5tee5 shall be appolnted by a resolutlon of the Trustees, If for any re350n Trustees cannot be appolnted In accordance with the foregoing provision5, the statutory power of appolntlng new or addltlonal Trustees shall be exerc15able. Indu Followlng appolntment, new Trustees are Introduced to thelr new role and 8iven coples of the trust deed and a gulde to the policies and procedure adopted by our Charlty. A number of publlcatlons from the Charlty Commlsslon are also provided Includlng the guldance on charltles and publlc beneflt. Trustees are aware that it is their responsibillty to keep abreast of developments In relation to the governance of Charltles under the Charltles Ad 2011. In the oplnlon of the Trvstees. the Charily Is not exposed to any major risks. Exposure to market fluctuatlons is considered a moderate risk but the charlty contlnues to manage thls by holding a dlverslfled portfollo In real estate, artwork and equltles. The J Isaacs Charitable Trust Statement of Trustees, Responsibilities and Trustees, Approval Year ended 31 March 2022 Statement of Tru5tees' responslbilltles The Trustees are responsible for preparing the Trustees, Annual Report and the financlal statements In accoidance wlth appllcable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law appllcable to Charities in England and Wales, requires the Trustees to prepare financlal statements for each financial year which give a true and falr vlew of the State of affalrs of the Charlty and of its incoming resources and appllcation of resources of the Chartty for that perlod. In preparlng these financial statements, the Trustees are required to.. select sultable accounllng pollcles and then apply them con5i5tentlyi observe the methods and prlnclples In the Charities SORP IFRS1021,' make judgements and estSmates that are reasonable and prudent; state whether appllcable accountlng standards have been followed, subject to any material departures dis¢10sed and explalned In the fbnanclal statements. and prepare the flnanclal statements on the Bolng concern ba5b5 unless It Is Inapproprlate to presume that the Charity wlll contlnue In bu51ness. The Trustees are responslble for keeplng proper accountlng records that dlsclose wlth reasonable accuracy at any time the financlal posltlon of the chaI￿V and enable them to ensure that the fsnanclal statements comply wlth the Charltle5 Act 2011 appllcable accountlng regulatlons and the provlslons of the trust deed. They are also responsible for safeguafdlng the 355et5 of the Charity and hence for taking reasonable steps for the preventlon and delectlon of fraud and other Irregularltles. The Trustee5 who were in office on the date of approval of these flnanclal statements have conflrmed, as far as they are aware, that there is no relevant audSt Informatlon of whlch ihe audltor Is unaware. Each of the Trustees has conflrmed that they have thken all the steps that they ought to hive taken as Trustees in order to make themselves aware of any relevant audlt Informètlon and to estab115h that It has been CDmmunlcated to the audltor. 31[fJi.LioZ3 Thls report was approved by the Trustees on ..... Trustee Jeremy Isa3C5 Trustee Helen Eastlck YtZd4"cL The J Isaacs Charitable Trust Independent auditors, report to the Trustees Year ended 31 March 2022 Independent audltors, report to the Trurtees Opinion We have audoted the flnancial statements of Thejlsaacs Charltable Trust for the year ended 31 March 2022 which comprlse Statement of Flnancial Artivities, Balance Sheet, Statement of Cashflows, and notes to the financlal statement5, Includlng a summary of signlficant accounting politles. The financial reporting framework that has been applled In thelr preparatlon Is appllcable law and Unlted Klngdom Accountin8 Standards, Including Financial Reportin8 StaThdard 102, the Financial Reportlng Standard appllcable In the UK and AepublS¢ of Ireland Iunlted Kin8dom Generally Accepted Accounting Practice). In our opSnlon the flnanclal stalements: glve a true and falr vlew of the state of the Charftrfs affalr5 as at 31 March 2022 and of its Incomlng resources and application of resources for the year then ended. have been properly prepared In accordance wlth Unlted Kln8dom Generally Accepted Accounting Practice; and have been prepared In accordance wlth the requlrements of the Charltles Act 2011. B•515 lor oplnlon We conducted our audlt In accordance wlth Internatlonal Standard5 on Audltlng IUKI IISAS IUKII and appllcable law. Our responslbllltles under those standards are further descrlbed in the Audltorfs responslbllltles for the audlt of the financlal 5t3tements sectlon of our report. We are Independent of the charlty In accordance wlth the ethlcal requirements that are felevant to our audit of the flnanclal Statements in the UK, including the FRC'S Ethlcal Standard, and we have fulfllled our other ethical responslbllltles in accordance wlth these requirements. We believe that the audr( evldence we have obtalned15 5ufflclent and approprlate to provlde a bas15 for our oplnion. Condu51ons relatlng to qolng cijncern In auditSnB the financial statements. we have concluded that the Tru5tees' use of the golnB concern bas15 of accounting In the preparatlon of the financlal statemenls 15 approprlate. Based on the work we have performed, we have not Identffied any material uncertalntles relating to events or condlllons that, indlvldually or collectively, may cast slgnificant doubt on the charlty's ability to contlnue as a 80ing concern for a perlod of at least twefve months from when the financial statements are authorbed for issue. Our responslbilitie5 and the responsibilitie5 of the Trustees with respect to golng concern are descrlbed In the relevant sections of thls report. The J Isaacs Charitable Trust Independent auditors, report to the Trustees (Continued) Year ended 31 March 2022 Other Informatlon The Trustees are responslble for the other Informatlon. The other Information comprlses the Information included In the annual report, other than the financial statements and our audito¢5 report thereon. Our opinion on the flnanclal statements does not coverthe other informallon and, except to the extent othetwtse expl1c1t￿ sLited In our report. we do not express any form of assurance conclusion thereon. Our responslblllty Is to read the other Informatlon and, in doin8 $0, consider whether the other informatlon Is materially inconsistent with the financlal statements or our knowledge obtalned in the course of the aud￿ or otherwlse appears to be Mater131￿ misstated. If we Sdentlfy such materlal Inconslstencles or apparent materlal mlsstatements, we are requlred to determlne whether thls glves rlse to a materlal m155tatement In the flnanclal statements themselve5. If, based on the work we have performed. we conclude that there Is è materlal mlsstatement of thls other Information,. we are requlred to report that fact. We have nothlng to report In thls regard. M•tters on whlch we are requlr•d to report by exceptlon We have nothing to report In respect of the followlng malters In relatlon to whlch the Charltles (Accounts and Reportsl Regulatlons 2008 requlre us to report to you Sf, In our opinlon.. the Informatlon glven In the Trustees, Annual Report Is Inconslslent In any materlal respect wlth the financlal statements; or the charlty has not kept syfflclent accountlng records; or the flnanclal statements are not In agreement with the accountln8 records and returns. or we have not recelved all the Informatlon and explanotlons we require for our audlt. Responslbillt1•5 of Trustees As explalned more fulty In the Trustees, Responslbllltles Statement set out on page 5, the Trustees are responsible for the preparatlon of the flnanclal statements and for belng satlsfled thatthey glve a true and falr vlew, and for such Internol control as the Trustees determine is necessary to enable the preparation of financlal statements that are free from material fflis5tatement, whether due io fraud or error. In preparing the flnanclal siatements, the Trustees are responsible for assessing the charlty's abllbty to continue as a golng concern, discloslng, as appllcable, matters related to going concern and u5inB the going concern basis of accounting unless the Trustee5 either intend to liquldate the charity or to cease operations, or have no reallstic amernatlve but to do so. The J Isaacs Charitable Trust Independent auditors, report to the Trustees {Contlnued Year ended 31 March 2022 Audltor< re5pon51bllltles fr>r the audit of the flnancial statsments We have been apptsinted as auditors under the Charltles Act 2011 and report In accordance wlth regulations made under that Act. Our oblectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from materlal mlsstatement, whether due to fraud or error, and to Issue an auditors, report that includes our oplnlon. Reasonable assurance 15 0 hlgh level of assurance, but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will alway5 detect a materlal mlsstatement when It exists. Mi55tatement5 can arlse from fraud or error and are consldered material If, Indlvidually or in the aggregate, they could reasonab￿ be experted to influence the economlc declslons ot users taken on the basls of these hnanclal statements. Irregularitles, Includlng fraud, are instances of non-compllance wlth laws and regulatlons. We deslgn procedures In Ilne wlth our re5ponslbllltle5, Qutllned above, to detect material m155tatements in respect of irregularities, Including fraud. The speclflc procedures for th15 enga8ement and the extent to whlch these are capable of detettlnB Irregularities, Including fraud are detalled below. Identifying and assessing risks related to Irre8ularltles'. We assessed the susceptlblllty of the Charlty's flnancial statements to material migstatement and how fraud ml8ht occur. Includlrtg through discusslons wlth the Trustees, dlscussions wlthln our audit team plannln8 meetlng, updating our record of internal controls and ensurlng these controls operated as Intended. We evaluated pos51ble incentlves and opportunitles for fraudulent manlpulation of the financial statement5. We Identlfied laws and regulatlon5 that are of slgnlflcance In the context of the charlty by dlscusslons wlth Trustees and updatlng our understanding of the sector In whlch the charlty operates. Laws and regulatlons of dlrect significance In the context of the charity intlude the Charltles Act 2011, the Charltles (Accounts and Reports) Re8ulatlon$ 2008 and guidance issued by the Charity Comrnission for England and Wales. Audlt response to rlsks Identlfled,. We considered the extent of compliance w￿h these laws and regulatlons as part of our audlt procedures on the related financial statement items including a review of flnanclal statement disc105ures. We reviewed the charlty's records of breaches of laws and re8ulatlons, mlnute5 of meetlngs and correspondence with relevant authorities to Identlfy potentlal material mlsstatement5 arlsing. We dlscussed the charlws pollcles and procedures for Compl1an￿ with laws and re8ulations wlth members of management responsible fvr compllance. During the plannin8 meeting with the èudlt team, the engagement partner drew attentlon to the key areas which might Involve non-compliance with laws and regulations or fraud. We enqulred of management whether they were awaie of any Instances of non-compliance with law5 and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testlng the appropriatene55 of journal entries and Identlfying any slgnificant transartlons that were unusual or outside the normal course of bu51ness. We assessed whether judgernents made in makTrng accounting estimates gave rise to a possible Indlcation of management blas. At the completion stage of the audit, the en8agement partner's review included The J Isaacs Charitable Trust Independent auditors, report to the Trustees (Continued) Year ended 31 March 2022 nsurin8 that the team had appr(Jached thelr work wRh approprlate profe551onal sceptlclsm and thus the capacity to Ident￿ non%ompllance with laws and regulatlons and fraud. There are inherent limltatlons In the audlt procedvres descrlbed above and the further removed non- compllance wlth laws and regulatlons Is from the events and transactions reflected in the flnancial statements, the less likely we would become aware of it. Also, the risk of not detectln8 a materlal mlsstatement due to fraud Ss hl8her than the rlsk of not detectlng one resultlng from error, as fraud may involve deliberate concealment by, for example, forgery or intentlonèl misrepresentations, or throu8h colluslon. A further descrlption of our responslbllltles Is avallable on the Flnanclal Reportlng Councll's webslte at: www.frc.or audi rsres onslbilltie& Thls descrlptlon forms part of our audbtor'5 report. Use of our report Thls report Is made solely to the charlvs TnJ5tee5. as a body* In accordante wfth Part 4 of the Charltles IAttounts and Reports) Regulatlons 2008. Our audlt work has been undertaken so that we mlght state to the Trustees those matters we are required to state to thern In an audltor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibiijty to anyone other than the charlty and the Trustees as a body, for our audrt work, for thls report, or for the oplnlons we have formed. LLP Saffery Champness LLP StatutDry Auditors Mltre House North Park Road Harrogate North Yorkshire HG15RX Date: 31 January 2023 Saffery Champne55 LLP is eligible to art as an auditor in terms of section 1212 of the Companles Act 2006 The J Isaacs Charitable Trust Statement of Financial Activities Year ended 31 March 2022 Unrestricled funds Restrlrted funds Total funds 2022 Total funds 2021 Note Income from: Charltable actlvlties Investments Total Inc(xne 14,002 424,111 438.113 14,CK)2 424,111 438.113 559,989 300,390 860.379 Expendlture on: Charitable activities Investment management costs Tot•1 expendlturn 474,957 17,584 492,541 425,515 76,625 551,582 76,625 569.166 59,325 484,840 17,584 Net Ilossesl/lncome prlor to gains and losses on Investments 1113,4691 117,5841 1131,0531 375,539 Nel galnslllossesl on Investments 16 834,217 20.280 854,497 136,3771 Net Income 720,748 2,696 723,444 339,162 Transfers between funds Net rn￿eMent In lunds 720,748 2,696 723,444 339,162 Recondllatlon of fvnds Total funds brought fomard 14,W2.921 404,575 14,407,496 14,068,334 Total funds carrled ton￿rd 14.723,669 407,271 15,130,940 14,407,496 The notes on pages 13 to 24 form an Integral part of these financlal statements. 10 The J Isaacs Charitable Trust Balance Sheet as at 31 March 2022 Note 2022 2021 Fixed a5￿ts Investments 14,255,024 12,733.500 Total fix•d assèts 14,255,024 12,733,5(X) Current assets Debtors Cash at bank and in hand io 384,996 1,523,750 320.415 1,498,194 Total current assets 1,90&746 1,818,609 Credrtors: Amounts falllng due wlthln one year li 1172,8301 1144,6131 Net current assets 1,735,916 1,673,996 Tolal assets less current Ilabllllles 15,990,940 14,407,496 Credltors: Amounts falllng due after one year li (860,0￿} Net assets IS,130,940 14,407.496 Funds of the Charfty: Vnrestrlcted funds 17 14,723,669 14,002,921 Rutrfrted funds 17 407,271 404,575 15,130,940 14,407,496 The financial statements were approved by the Trustees on thelr behalf by.. and $18ned on Jeremy Isaacs Trustee Trustee The notes on pages 13 to 24 form an Integral part of these flnanclal statements. 11 The J Isaacs Charitable Trust Statement of Cash Flows Year ended 31 March 2022 Note 2022 2021 Cash I1￿￿ from oper¥tlni acthiSlles Net cash used In operatln8 actlvftles 15 1520,6641 11440311 Cash flws from Invertlng •rti¥ltles Purchase of Investments Proceeds on sale of Inveslments Redemptlons Investment Income Interest recelved Net cash 8enerJted by Investln8 •Ctlviiles 1898,6071 192,9521 46,157 154,470 295,503 4,887 408,065 135,657 409,752 14,359 1338,8391 Cash Snflows from new borrowlng Net cash generated by financln8 actlvltles 860,OCLI 860,IXJO Change In cash and cash qulvalents In the year Cash and cash equlvalents at the be8lnnin8 of the year Change in cash and cash equlvalent5 due to the exchange rate movements 497 264,034 1,498,194 25,059 1.268,615 134,4551 Cash and c•sh equlvJlents atthe end of the year 1,523,750 1.498,194 12 The J Isaacs Charitable Trust Notes to the Financial Statements Year ended 31 March 2022 Accountln8 Pollcles Basls of preparatlon and ¥ssessment of golng concern The accounts Ifinanclal statements) have been prepared under the historlcal cost convention wlth Items recognised at cost or transartlon value unless otherwise stated in the relevant notelsl to these accounts. The flnanclal statements have been prepared In accordance whh the Statement of Recommended Practice.. Accountlng and Reportlng by Charities preparlng their accounts In accordance with the Flnanclal Reporting Standard applicable In the UK and Republlt of Ireland IFRS 1021 leffectlve I January 20191 as amended by Bulletln Ilssued by the Charlties Commlsslon (Charities SORP IFRS 10211, the Financlal Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charltles Act 2011. The J lsaacs Charttable Trust meel the deflnhion of a publlc beneflt entlty under FRS 102. The Trustees conslder that there are no materlal uncertalntles about the Trust's ablllty to contlnue a5 a going concern. The most signiflcant areas of adlustrnent and key assumptlons that affect Item5 In the accounts are In relatlon to the estlmatlon of the Ilabl1￿V from multl-year general commitments Isee Note 19 for more Information) and the leve15 of investment return and the performance Isee the Investment pollcy and performance and rlsk management secllons of the Trustees Annual Report for more Informatlon on how thls Is manaBedl. Funds structure The Trusts source of finance are segregated between reslrlcted and unre5trlcted funds. Restrlcted funds are funds such that the use of which Is limlted by donor Imposed condltlons. Unrestrlcted Income funds comprise those funds which the Trustees are free to use for any purpose In furtherance of the charitable objectlves. Unrestricted funds Include deslgnated funds where the Trustees, at thelr dlscretlon, have set aslde resource5 for a speclflc purpose. Further detalls of each fvnd are dlsclosed in Note 17. Income reco8nltSon Income Is rece￿ed by way of donations and gifts and is included In full in the Statement of Financial Activities when re¢eivable. Donated assets are included at the value to the Charity Flnanclal Actwltle5 when recelvable. Donated assets are Included at the value to the Charity where this can be quantified and a thlrd party is bearing the c05t. The value of the servSce5 provlded by volunteers has not been included in these amounts, except where the servlces provlded are In the nature of professlonal services where a fee would otherwlse be charged. in which case the donated service 15 valued at thelr chargeable rate. Income from Investments Is Included in the year in which it is receivable. Legacies are included when the Charity is advlsed by the personal representatlve of an estate that payment will be made or properly transferred and the amount invofved can be quantrfied. 13 The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2022 Accountln8 pgllcles Icontlnued) Expenditure re¢ognltian Llabilities are recognlsed as resources expended a5 soon as there Is a legal or constructive obligation commltting the Charity to the expendittjre. All expenditure Is accounted for on an accw3ls ￿SIS and has been classtfied under headlngs that aggregate all costs related to the category. Irrecoverable VAT Irrecoverable VAT Is charged a8alnst the category of resources expended for whlch It was Incurred. Alloutlon ol support •nd govern#nce costs Support costs have been allO￿ted between governance costs and other sUPPOrt costs. Governance costs Included those costs associated wlth meetlng the con5tftutlonal and statutory requlrements of the Charlty, and Include Its audit fees and costs linked to the strategic management of the Charity Includlng Trustee expenses together wlth an apportlonment of overhead and sUPPOrt costs 5 Shown In Note 6, Governance and support costs relatlng to ¢har5table actlvltles have been apportloned based on number of donatlons. The allocatlon of support and governance costs 15 analysed In Note 7. Cost of rnlsln8 fvnds The costs of 8eneratSng funds conslst of Investment mana8ement costs and certaln legal fees. Ch•rftable actl¥ltle$ Costs of charltable actlvltle5 include donatlons made, 8overnance costs and apportlonment of support costs as shown In Note 6. Forelin Transactlon$ Monetary asset5 and liabilitie5 in forei8n currencies are translated Into sterllng at the rates of exchange ruling at the balance sheet date. Transactions In foreign currencles are translated into sterling at the rate of exchange ruling at the date of transactlon. Exchange differences are charged io the Statement of Flnancial Activitles to arrlve at the total funds balance. 14 The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2022 Accounting policles Icondnuedl Reallsed 8aln$ and losses All galns and105se5 are taken to the Statement of Flnantial Activf(ies as thty arise. Realised galns and losse5 on Investments are calculated a5 the dlfference between sales proceeds and thelr opening carrylng value If acqulred subsequent to the flrst day the flnanclal year. Unrea115ed gains and losses are calculated as the dsfference between the falr value at the year end and thelr carryin8 value. Reallsed and unreallsed Investment galns and losses are comblned In the Statement of Financlal ActNltle5. lThvestments Flxed Asset Investments are stated at market value whlch Is at cost les5 provlslon for Increase or dlmlnutlon In value. Where there are no readlly ascertalnable market values Investment assets are stated at cost less Impalrment. Where a falr value has been prevlously obtained but no falr value 15 avallable at the balance sheet date, the carrying amount at the last date the asset was rellab MeasU￿d Is used as its deemed cost. Unreallsed and realbsed galns and losses on Investments are recognlsed on the Statement of Flnanclal ActNltles. Debiors Short term debtor5 are meaSU￿d at transactlon prlce, less any Impalrment. Cash and cash •gulv#lents Cash Is represented by cish In hand and deposlts wlth flnanclal Instltutlons repayable wlthout penalty on notlce of not MO￿ thon 24 hours. Cash equivilent5 are hl8hly liquid investments that mature in no more than three months from the date of acqulsltion and that are readlly convertlble to known amounts of cash wlth Inslgnlficant rlsk of change In value. Flnanclal Instrum•fiti The Charlty only enters Into baslc financial instruments transactlons that result In the recognltlon of flnanclal assets and Ilabillties Ilke trade and other debtors and credltors. loans from banks and other thlid partles, loan5 to related partles and Investments in non pultable ordinary share5. Flnanclal assets and Ilabllbtles are offset and the net amount reported In the Balance Sheet when there Is an enforceable right to set off the reco8nised amounts and there is an Intentlon to settle on a net bas15 or to iealise the asset and settle the liablllty slmultaneously. Credltors Short term credltors are measured at the transaction prl¢e. 15 The J Isaacs Charitable Trust Notes to the Financial Statements (Contlnued) Year ended 31 March 2022 Related party transactlons and Trustees, remuneratlon The Charity held investments wlth a caryln8 value of £812,72312021.' £719,394) in JRJ Portner 2 LP and £2,695.69712021'. £2,387,912) in JRI Investor l LP. Mr Jeremy Isaacs has participating interests In the Ilmlted partnerships. Included within current assets Is an amount of £nil12021: £25,0(X)l. In the prior year thls represented Income receivable from Mr Jeremy15aacs for charl1￿5 artwork followlng professional advlce. Mr Jeremy lsaacs also pays all insurance and security Costs In relation to renting thls painting. The prlor year and current year Income was pald durlng the current year. The current year value of this withln rental Income Is £25,00012021.. £25.0001. DurlnB the year aggregate donatlons recelved from Trustees totalled £14,00212021.. £559.9891. Durlng the year £nll In donatlons was recelved from Marex Flnanclal Llmlted. In 2019 $1.5m was recelved (sterling equlvalent of £1,164,103), from thelr fundra151ng event 8roklngforHope for experlmental cancer treatment In the US and related expenses. The remalnlng balance15 5tlll held as restrlcted funds wlthln the Charlty, 5peclflcally forthls purpose. Mr Jeremy Isaacs Is a non-executlve director of Mare¥. Durlng the year donatlon5 of £107,75012021'. £nill were made to Noah's Ark Chlldren's Hosplce. There Is also a commltment of £2￿,000[201I., £3(M),DOOI after the year end. Mr Jeremy Isaacs was a Trustee of thls Charrty durlng the flnancial year. 16 The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2022 Cornparatl¥e SOFA Unrestrlrted funds Restrlcted funds Totsl fvnds 2021 Income from: Charltable actSvltles Investments Totsl Income 559,989 300,390 860,379 559,989 3CQ,390 860.379 Expendlture on: Charitable activities Investment management costs Totsl expendlture 400,590 59,325 459,915 24.925 425,515 59,325 484,840 24.925 Net Income prlor to galns and losses on Investments 4O).464 124,9251 375,539 Net105ses on Investments 10,CQ3 146,3801 136,3771 Nel {expendlturell Income 410,467 171.305} 339,162 Transfers between funds Net mTr4emeTht In funds 410.467 {71,305 339,162 Re Credltors: Amounts falllng due after one year 2022 2021 Bank Loan Total 860,000 860.000 The Handelsbanken loan has an Interest charge of 2% above base rate. It Is repayable in October 2026. The loan Is secured agalnst speclfic properties. 2022 Deferred Incorne at l April 2021 Resource5 deferred in year Amount released from prlor year Deferred Income at 31 March 2022 53,843 92,745 153,843 92,745 The deferred income relates to rental income from the Inveslment property. 21 The J Isaacs Charitable Trust Notes to the Financial Statements {Continuedl Year ended 31 March 2022 12 Flnanclal Instruments 2022 2021 Flnanclal assets Financlal assets measured at amortised costldeemed c05t Financlal assets measured at fair value 1,658,633 12,808,420 14,467,053 4,847,020 8,154,920 13.Wl,940 2022 2021 Fln•nclal Il•bllltles Flnanclal liabilrtles measured at amortlsed cost 930,302 930,302 70.967 70,967 Flnanclal assets measured at amort15ed cost comprlse Investments stated at C05Vdeemed cost ind short term debtors. Flnanclal assets measured at falr value comprlse Investments stated at falr value. Flnanclal Ilabllltles measured at amortlsed c05t comprlse other short term creditors. 13 An*lysls of staff cost5 and remunerat1(￿ of key management perwnnel The avera8e number of employees durln8 the year was nil12021.' nlll. The total employment benefSts of the key management personnel and Trustee were £nil12021,' £nlll. There are no employees w￿h benefit in excess of £60,00012021.' £nlll. 14 Audltor$ remuner4tlon The audftorfs remuneratlon can be ana￿se￿ as follows.. 2022 2021 Audlt Tax Total 15,450 12,300 2,982 15.Z82 15.450 22 The J Isaacs Charitable Trust Notes to the Financlal Statements (Continued) Year ended 31 March 2022 15 Reconclllatlon of net Incomellexpendlturel to net cash Ilow from operatlng actmtles 2022 2021 Net movement In funds 723.444 339.162 Adlustmenls for: Interest recelved Investment Income Net falrvalue movements Dlsposal of investments Ilncrea5ellDecrease In debtors IncreasellDecreasel in credrtors 114,3591 1409,7521 1854.4971 68,640 162,3571 28,217 14,8871 1295,5031 36,377 1197,6981 121,4821 Net ￿$h used In operatln8 acllvltles 520,6641 1144,031 16 Net galn511lossesl on Investments 2022 2021 Forel8n exchange gaSns11105sesl on converslon ForelEn exchan8e galnslllossesl on cash balances Foreign exchange galn5 on debtor5 balances Net reallsed and unreallsed Balns on falr value movement5 172,733 25,059 2,225 654,480 854A97 1363,8421 134,4551 361,920 36.377 17 Analysls of ch•rltable funds As l Aprll 2021 In¢ome Expendlture Inveslment galnsl Ilosse51 31 March 2022 Restrlcted fund5 Unrestrlcted fund5 404,575 14,002,921 117,5841 1551,5821 20,280 834,217 407,271 14,723,669 438,113 14.407,496 438,113 569.1661 854.497 15,130,940 The restricted funds balance relates to a donètion received from Marex Financlal Llmlted during the year ended 2019 and wa5 raised from thelr event 8rokingfor Hope for funding of a speclfic cllnlcal trlal and related expenses. £17,584 of the balance has been spent in the year12021.' £24,925). 23 The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2022 18 Analysls of net ossets between fvnds Fund balances at 31 March 2022 are represented by.. Unrestrlrted funds Restrkted funds Totsl funds Flxed Assets Current Assets Current Llabilities Non-current Llabllltles 14,255,024 1,501,475 1172,8301 1860,C(M)I 14,255.024 1,908,746 1172,8301 1860,0001 407,271 Total net issets 14,723,669 407,271 15,130,940 Comparatfve Informatlon In respert of the precedlng perlod Is as follows.. Unrestrlcted lunds Restrlcted lunds Tol•l fvnds Fixed Assets Current Asset5 Current Liabilltles 12,733,5(Y) 1,414,034 1144,6131 12,733,500 1,818,609 1144,6131 404,575 Totsl net •5S•ti 14,002,921 404,575 14,407 496 19 Gener•1 commltments As at 31 March 2022 there are pled8es to varlous charltle5 whlch the Trustees Intend to honour over the next flve years, which are summarlsed below.. Orlwnal c(hnmltm•nt Cornrnitment Commltment brou8ht carTled forward forward lyr Actlvftles In relatlon to: CST 3 Year Pledge120211 Medlcal School Scholarshlps Hope's fund Grlef Encounter Noah's Ark Noa Girls Langdon JLC Royal Soclety for Bllnd Children £90,000 £195,960 £60,000 £97,800 £60,000 £48,900 £30,(i10 £48,900 £30,000 £1,164,103 £60,￿0 £31Y],000 £30,¢XKI £30,000 £45,000 £IDD,c￿0 £404.575 £20,000 £300,000 £20,C(rtI £20,( £30,LVXI £407,271 £407,271 £200,IXID £io,(x)o £10,000 £15,000 £50,000 £ioo,fy)o Éioo,000 £10,000 £10,000 £15,0(Kl £50,0(N) 24