Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Trustees, Annual Report and Financial statements for the year ended 31 March 2024 Registered Charity No.. 1059865
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Year ended 31 March 2024 Contents Page No Trustees, report Statement of Trustees, Responsibilities and Trustees, Approval Independent auditors. report to the Trustees Statement of Financial Activities io Balance Sheet li Statement of Cash Flows 12 Notes to the Financial Statements 13-24
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Reference and administrative information Year ended 31 March 2024 Trustees Jeremy Isaacs Joanne Isaacs Helen Eastick Vincent Isaacs (Deceased September 20241 Jack Louis Isaacs Ellie Maya Zakay Bankers HSBC Private Bank {UK) Limited 8 Cork Street. London, WIS 3LJ Auditors 5affery LLP 10 Wellington Place Leeds LS14AP Registered Office Mutual House 70 Conduit Street London WIS 2GF Registered Charity Number 1059865
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Trustees, Report Year ended 31 March 2024 Report of the Trustees for the year ended 31 March 2024 The Trustees presenttheir annual reporttogether with the financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in Note I to the accounts and comply with the Charitys Trust deed, the Charities Act 2011 and Accounting and Reporting by Charitie5- Statement of Recommended Practice applicable to Charitie5 preparing their accounts in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland published in October 2019. Objectives and activities for public benefit The objectives of the Charity are set out in the Charit¢s trust deed and are summarised as follows: The Charity strives to support causes that are in connection with the following- Care for children Education Wellbeing for the elderly Tolerance in our community Healthcare Our ob-ectives: Our objectives are set to reflect our community aims. Each year our Trustees review our objectives and activities to ensure continued support to those charities in our focused areas. The Trustees recognise their duties under the Charities Act 2011 and have referred to the Charity Commission's guidance on public benefit when reviewing the Charity's activities and compiling this report. Strate les- We want to build the Trust through intelligent investments to secure capital for the future. The Trustees continue to have a long-term strategy to supportthe needs in our community and to ensure good growth in its capital investments. Use of volunteers- The Charity is dependent on thevoluntary work of the Trustees in administering its funds. Asthis work has no tangible value this Is not recognised in the financial statements.
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Trustees, Report (Continued) Year ended 31 March 2024 Achievements and performance The Trust ha5 continued to fulfil its main objective5 by- Supporting charities involved in children's palliative care, improving healthcare services. respite, and research, includinE Noah's Ark Children's Hospice. Supporting charities offering education programmes for families in crises. linked to the cost- of-living crisis. Continuing support to charities that provide support and care for the vulnerable and elderly. Supporting charities that provide security, assistance. and tolerance in the community. Supporting charities and projects working towards the treatment of and care for cancer patients. The Trustees review donations and grants made throughout the year and constantly monitor this against their community aims, this is discussed verbally at trustee meetings. How our activities deliver public benefit: Grant making The Charity supports a wide range of activities by way of funding made available in pursuance of it5 charitable aims. The Charity receives many applications from a diverse range of charities, the Trustees review these applications against the charity's supported causes and considers what value a donation would add to the organisation in question. The activities supported provide benefit to a wide selection of the community. In addition, in determining the objectives for the year and planning the activities as set out in this report. the Trustees have considered the Charity Commission's guidance on public benefit including the guidance on grant making. Financial review Performance in the ear During the year, the charity received income totalling £492.430 12023: £424.9181. Donations and grants of £300,229 12023: £833,924) were made during the year, of which £nil 12023.. £428,440) related to restricted funds. Net gains on investments totalled £1,602.63312023: £299.971 net gain). The overall surplus in the year was £1,680,299 {2023: deficit of £228.5841 of which £1,680,299 surplus 12023- £199,856 surplus) related to unrestricted funds. Reserves The Trustees have decided to support a number of charities and charitable purposes by making long- term commitments to them which will be honoured over several years for exa mple educational scholarships, building projects and long-term research programmes. In addition, the charity continues to look for investments that would yield positive returns for the charity and therefore allow it to increase the number of charities it supports. The Trustees therefore consider it prudent to hold a level of reserves to make these investments POS5ible.
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Trustees, Report (Continued) Year ended 31 March 2024 The Trustees keep the level of reserves under regular review and would release any reserves which appear to be unnecessarily cautious. or excessive in relation to particular projects. The trustees are currently undertaking a review of ongoing donation Strategy with a view to establishing a long term programme for the trust. In calculating the Charivs reserves. the Trustees have deducted from the total of unrestricted funds of the Charity the value offixed asset investments. as shown in the accounts. This leaves free reseNes. at 31 March 2024 of £1.103.71312023- £404,092). The Trustees believe this provides adequate free reserves to cover operating costs and fvture commitments. Princi al fundin sources The Charity also has a significant investment portfolio which generates returns. The income received during the year from investments was £492,430 {2023: £424,918) and net gain on investments of £1,602,63312023'. £299.971 net gain). The Charity reviews a significant number of requests for donations in order to determine those which meet with its objectives and evaluates investments when opportunities arise in order to determine those which provide secure returns. Princi al risks The Trustees have not identified any significant risks associated with the activities of the Charity. The performance of the investments has been identified as a moderate risk. However, the Trustees consider that the Charity has diversified their range of investments to appropriately mitigate this risk. Furthermore, the reserves are atan appropriate level to adequately covercommitments as they stand. Fundraisin activities The Charity does not seek to fundraise externally and does not run any external fundraising campaigns or publicity- They are not registered with the fundraising regulator. The Charity relies on fundraising from the founders as detailed above. Investment powers. policy and performance The Trustees have the power at their absolute discretion to the extent that the Trustees shall have the same powers in all respect as if they were absolute owners beneficially entitled. No specific policy is followed otherthan to earn the market rate of return on monies invested. The Trustees consider how investments are performing at each trustee meeting. The year end value of the investment portfolio is stated in the notes to these accounts. Plans for future periods The Charity plans to continue tosupport a numberof existingcharities as detailed in the commitments table in the notes to these accounts (Note 181. In addition, the Charity will consider donating to a new charitable cause if the Trustees agree as to the benefrt of the donation and the relevance regarding the aims of the Charity. The Charity will continue to support its work through a series of investments. looking to build on those going forwards to develop a portfolio of income generating a55ets.
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Trustees, Report (Continued) Year ended 31 March 2024 Structurei government and management The J Isaacs Charitable Trust is constituted as a charitable trust registered with the Charity Commission in December 1996 under Charity number 1059865. It is governed by a deed of trust last updated on 23 October 1996. The Charity Trustees are responsible for the general control and management of the Charity- The Trustees by agreement make the decision concerning charities supported and any donations made. The above criteria is a guide to these donations but donations are not restricted to this criteria. Recruitment remuneration and a ointment of Trustees- There shall be at least three Trustees. Future Trustees shall be appointed by a resolution of the Trustees. If for any reason Trustees cannot be appointed in accordance with the foregoing provisions, the statutory power of appointing new or additional Trustees shall be exercisable. Induction and trainin of Tru5tees'. Following appointment. new Trustees are introduced to their new role and given copies of the trust deed and a guide to the policies and procedure adopted by our Charity. A number of publications from the Charity Commission are also provided including the guidance on charities and public benefit. Trustees are aware that it is their responsibility to keep abreast of developments in relation to the governance of Charities underthe Charities Att 2011. Risk mana ement: 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 continues to manage this by holding a diversified portfolio in real estate. artwork and equities.
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Statement of Trustees, Responsibilities and Trustees, Approval Year ended 31 March 2024 Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to Charities in England and Wales. requires the Trustees to prepare financial statements for each financial year which give a true and fairview of the state of affairs of the Charity and of its incoming resources and application of resources of the Charity for that period. In preparing these financial statements. the Trustees are required to- selett suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP IFRS102}; make judgements and estimates that are reasonable and prudent: state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements: and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable ccuracy at any time the financial position of the Charity and enable them to ensure that the financial 5tatement5 comply with the Charities Act 2011 applicable accounting regulation5 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of fin3nci31 statements may differ from legislation in other jurisdictions. 30 lanuary 2025 This report was approved by the Trustees on ........................ Swjned by.. 5BE7F832F9464B4 Trustee Jeremy Isaacs Du5jned by.. ÉILTh bsh(L 7F B6F4CDAE14GG... Helen Eastick
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Independent auditors. report to the Trustees Year ended 31 March 2024 Independent auditors, report to the Trustees Opinion We have audited the financial statements of Thej Isaacs Charitable Trust for the year ended 31 March 2024 which comprise Statement of Financial Activities. Balance Sheet, Statement of Cashflows, and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generalty Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the ChariW5 affair5 as at 31 March 2024 and of its incoming resources and application of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Charities Att 2011. Basis for opinion We conducted our audit in accordance wwth International Standards on Auditing IUK} IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity'5 ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Independent auditors. report to the Trustees (Continued) Year ended 31 March 2024 Other information The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information,. we are required to report that fart. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports} Regulations 2C(J8 require us to report to you if, in our opinion- the information given in the Trustees. Annual Report is inconsistent in any material respect with the financial statements- or the charity has not kept sufFicient accounting records; or the financial statements are not in agreement with the accounting records and returns: or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Trustees. Responsibilities Statement set out on page 5. the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the charit¢s ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Independent auditors. report to the Trustees (Continued) Year ended 31 March 2024 Auditor< responsibilities for the audit of the finanual statements We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act. Our objettives are to obtain reasonable assurance aboLrt whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit condurted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specrfic procedures for this engagement and the extent to which these are capable of detetting irregularities, including fraud are detailed below. Identifying and assessing risks related to irregularities: We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might occur, including through discussions with the Trustees. discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with Trustees and updating our understanding of the sector in which the charity operates. Laws and regulations of direct significance in the context of the charity include the Charities Act 2011. the Charities (Accounts and Reports) Regulations 2008 and guidance issued bythe Charity Commission for England and Wales. Audit response to risks identified- We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material mi5Statements arising. We discussed the charity's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. Duringthe planning meeting with the audit team. the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whethertheywere aware of any instances of non-compliance with laws and regulations or knowledge of any actual. suspected. or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates Eave rise to a possible indication of management bias. At the completion stage of the audit. the engagement partnerfs review included
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Independent auditors. report to the Trustees (Continued) Year ended 31 March 2024 ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transattions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting 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 responsibilities is available on the Financial Reporting Council's website at.. www.frc.or .uk auditorsres onsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charity's Trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the Trustees as a body, for our audit work, for this report, or for the opinions we have formed. S.(WI LLe Saffery LLP Statutory Auditors 10 Wellington Place Leeds LSI 4AP Date: 30 January 2025 Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Statement of Financial Activities Year ended 31 March 2024 Unrestricted funds Restricted funds Total funds 2024 Total funds 2023 Note Income from: Investments Total income 492,430 492,430 492,430 492,430 424,918 424,918 Expenditure on: Charitable activities Investment management costs Total expenditure 323.359 323.359 852,516 91,405 414.764 91,405 414,764 100,957 953,473 Net income/llossesl prior to gains and1055es on investments 77.666 77,666 1528,5551 Net gains on investments 15 1.602.633 1.602,633 299,971 Net incomel{expenditure) 1,680.299 1,680,299 (228,584) Transfers between funds Net movement in funds 1,680.299 1,680,299 (228,584) Reconciliation of funds Total funds brought forward 16 14.902,356 14,902,356 15,130,940 Total funds carried forward 16 16,582,655 16,582,655 14,902,356 The notes on pages 13 to 24 form an integral part of these financial statements. 10
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Balance Sheet as at 31 March 2024 Note 2024 2023 Fixed assets Investments 15,478,942 14,498,264 Total fixed assets 15,478.942 14,498,264 Current assets Debtors Cash at bank and in hand 177,729 1.065.118 280,558 1,192,394 Total current assets 1.242.847 1,472,952 Creditors- Amounts falling due within one year io 1139,1341 1208,8601 Net current assets 1,103,713 1,264,092 Total assets less current liabilities 16.582,655 15,762,356 Creditors- Amounts falling due after one year io 1860,CQOI Net assets 16,582,655 14,902,356 Funds of the Charity: Unrestrirted funds 16 16,582,655 14,902,356 Restricted funds 16 16,582,655 14,902,356 30 January 2025 The financial statements were approved by the Trustees on their behalf by- and signed on Sign•d by. 5BE7F832F9464B4... Jeremy Isaacs Trustee 7FFB6F4CDfvE14C¢... Helen Eastick Trustee The notes on pages 13 to 24 form an integral part of these financial statements.
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Statement of Cash Flows Year ended 31 March 2024 Note 2024 2023 Cash flows from operating activities Net cash used in operating activities 14 1381,660) 1813,004) Cash flows from investing activities Purchase of investments Proceeds on Sale Investment income Interest received Net cash generated by investing activities {59,3071 686.965 450,247 42,183 1.120,088 399.414 25,503 424,917 Cash inflowslloufflowsl from borrowing Net cash generated by financing activities {860,0001 (860,000) 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 1121,5721 {388.0871 1,192,394 15,7041 1,523,750 56,731 Cash and cash equivalents at the end of the year 1.065,118 1,192,394 12
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Notes to the Financial Statements Year ended 31 March 2024 Accounting Policies Basis of preparation and assessnient of 8oin8 concern The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notelsl to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I January 20191 as amended by Bulletin l issued by the Charities Commission - {Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The J Isaacs Charitable Trust meet the definition of a public benefit entity under FRS 102. The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. The most significant areas of adjustment and key assumptions that affect items in the accounts are in relation to the estimation of the liability from multi-year general commitments (see Note 18 for more information) and the levels of investment return and the performance (see the investment policy and performance and risk management sections of the Trustees Annual Report for more information on how this is managed). Funds strurture The Trusts source of finance are segregated between restritted and unrestricted funds. Restricted funds are funds such that the use of which is limited by donor imposed conditions. There are currently no unrestrirted funds held by the Charity. Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objectives. Unrestricted funds include designated funds where the Trustees, at their discretion. have set aside resources for a specific purpose. Further details of each fund are disclosed in Note 17. Income recognition Income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable. Donated assets are included at the value to the Charity Financial Activities when receivable. Donated assets are included at the value to the Charity where this can be quantified and a third party is bearing the cost. The value of the services provided by volunteers has not been included in these amounts, except where the seNices provided are in the nature of professional services where a fee would otherwise be charged, in which case the donated service is valued at their chargeable rate. Income from investments is included in the year in which it Is receivable. Legacies are included when the Charity is advised by the personal representative of an estate that payment will be made or properly transferred and the amount invofved can be quantified.
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Notes to the Financial Statements {Continued) Year ended 31 March 2024 Accounting policies {continued) Expenditure recognition Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Irrecoverable VAT Irrecoverable VAT is charged against the category of resources expended for which it was 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 with meeting the constitutional and statutory requirements of the Charity. and include its audit fees and costs linked to the strategic management of the Charity including Trustee expense5 together with an apportionment of oveihead and support costs as shown in Note 5. Governance and support costs relating to charitable activities have been apportioned based on number of donations. The allocation of support and governance costs is analysed in Note 6. Cost of raising funds The costs of generating funds consist of investment management costs and certain legal fees. Charitable activities Costs of charitable attivities include donations made. governance costs and apportionment of support costs as shown in Note 5. Foreign Transactions Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are charged to the Statement of Financial Activities to arrive at the total funds balance. 14
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Notes to the Financial Statements {Continued) Year ended 31 March 2024 Accounting policies (continued) Realised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value if acquired subsequent to the first day the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Investments Fixed Asset Investments are stated at market value which 15 at cost less provision for increase or diminution in value. Where there are no readily ascertainable market values I nvestment assets are stated at cost less impairment. Where a fair value has been previously obtained but no fair value is available at the balance sheet date, the carrying amount at the last date the asset was reliably measured is used as its deemed cost. Unrealised and realised gains and losses on investments are recognised on the Statement of Financial Activities. Debtors Short term debtors are measured at transaction price, less any impairment. Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Financial Instruments The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties. loans to related parties and investments in non puttable ordinary shares. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Creditors Short term creditors are measured at the transaction price.
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Notes to the Financial Statements {Continued) Year ended 31 March 2024 Related party transartions and Trustees. remuneration The Charity held investment5 Wlth a carrying value of £1,264,64412023'. £1,048,044) in JRJ Partner 2 LP and £4,193,83512023- £3,477,149) in JRJ Investor l LP. Mr Jeremy Isaacs has participating interests in the limited partnerships. Within the accounts is income receivable from Mr Jeremy Isaacs for the Charity's artwork. included following professional advice. The prior year and current year income was paid during the current year. The current year value of this within rental income is £25,00012023: £25.0001. Mr Jeremy Isaacs also pays all insurance and security costs in relation to renting this painting. 16
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Notes to the Financial Statements {Continued) Year ended 31 March 2024 Comparative SOFA Unre5trirted funds Restricted funds Total funds 2023 Income from: Investments Total income 424,918 424.918 424,918 424.918 Expenditure on: Charitable activities Investment management costs Total expenditure 424.076 100.957 525,033 428,440 852,516 100,957 953,473 428,440 Net Ilossesl/income prior to gains and losses on investments {1,115) {428.440) {528,5551 Net gains/llossesl on investments 299.971 299.971 Net incomel{expenditure) 199,856 (428,440) (228,584} Transfers between funds 121.169) 21.169 Net movement in funds 178,687 (407,271) (228,584} Reconciliation of funds Total funds brought forward 14.723,669 407,271 15,130,940 Total funds carried forward 14.902,356 14,902,356 17
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Notes to the Financial Statements {Continued) Year ended 31 March 2024 Investment income 2024 2023 Investment income Loan interest received Bank interest received Total 450,247 2.621 39.562 492,430 399.414 1.598 23.906 424,918 Analysis of charitable expenditure The Charity undertakes its charitable activities through donations to institutions in furtherance of its objectives. Donations activity Support and governance Costs Inote 6) Total 2024 Total 2023 Funded from unrestricted funds: Care for children Education Tolerance in our community Healthcare Adhoclother loo.000 74,629 30,000 30,000 65,6(K) 7.704 5.750 2.311 2.311 5.054 107,704 80.379 32.311 32.311 70,654 88,897 28,762 74,255 180,043 52,119 Funded from restricted funds- Healthcare Total 428,440 852,516 300,229 23,130 323,359 Included in donations are amounts above £30,tJ)O paid to the following charitable causes- 2024 2023 United Jewish15rael Appeal {unre5trictedl Noah's Ark Children's Hospice {unrestrictedl RSBC lunrestricted} AWIS {unrestrictedl Community Security Trust lunrestrictedl University of Haifa lunrestrictedl H J Stringer Irestricted} 48,990 107,750 50,000 49,834 loo.000 20,600 30,000 39.538 428,440 685,014 190,138 18
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Notes to the Financial Statements {Continued) Year ended 31 March 2024 Allocation of govemance and support costs Support Costs 2024 2023 Office costs Bank charges Total 893 178 152 1,045 11331 45 Governance costs 2024 2023 Audit and accountancy Other professional fees Total 17.374 4,711 22,085 17.210 1,337 18,547 The total governance and support cost attributable to charitable expenditure is attributed pro rata to the number of donations awarded as shown in the table below. The Trustees have decided to meet all governance costs from unrestricted funds. 2024 2023 Care for children Education Tolerance in our community Healthcare Adhoc/other Total allocated 7,704 5,750 2,311 2,311 5.054 23,130 3.897 1,261 3.255 7,893 2.286 18,592 Internal accountanry and administration tasks are completed by two individuals within the trust. This represents around 50 hours of work per year. The cost to the trust of these hour5 is £Nil12023- £Nill. The service5 provided are minimal and the charity is unable to measure the value of the services provided reliably and therefore no income is recognised in respect of these gift of services. Investment Costs 2024 2023 Interest on the bank loan Property service charges Total 22.259 69,146 91,405 36.845 64.112 100,957 19
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Notes to the Financial Statements {Continued) Year ended 31 March 2024 Fixed asset investments Investments at carrying value- 2024 2023 Fine Art Investment property Private equity funds- UK Private equity funds- non-UK Total 2.500.000 2,500,000 6,000,000 6,000,000 6,487,670 5,554,385 491,272 443,879 15,478,942 14.498,264 Fine Art is included at a market valuation of £2,500,0 and c05t £2,221,71412023- £2,500,000 and cost £2,221,714) it was valued in May 2023 by Sothebrfs. an internationally renowned auctioneer. The Trustees have sought advice from Belcor professional property consultants, and consider the open market value of the properties to be £6,000,00012023: £6.OCKJ.OCM)l at the balance sheet date. Investments of £5.458,48012023.. £4,525,194) have been valued based on the charity's proportionate share of the net assets of the underlying company. Investments of £1,520.46212023: £1.473.0701 have been valued at cost less impairment or. at deemed cost where a fair value has been previously obtained but no fair value is available at the balance sheet date. All the Charity's investments are non-listed and are held to provide investment returns for the Charity. 2024 2023 Valuation as at 31 March 2023 and 31 March 2022 Surplus of valuation over cost Cost as at 31 March 2023 and 31 March 2022 14,498,264 12,963,457) 11,534,807 14,255,024 12,720,217) 11,534.807 Movements during the year: Additions Transfer Disposals/Redemptions Cost as at 31 March 2024 and 31 March 2023 59.307 1686,9651 10,907,149 11,534,807 Surplus of valuation over cost 4,571,793 2,963,457 Valuation as at 31 March 2024 and 31 March 2023 15,478.942 14,498.264 20
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Notes to the Financial Statements {Continued) Year ended 31 March 2024 Fixed asset investments {continued) Investments held at the year end in excess of £l,000,( 2024 2023 JFU Investor l Limited Partnership JRJ Partner 2 LP Iproov Limited Fine art Investment property Total 4,193.835 1,264,644 1,029,190 2,500,0(X) 6,000,0(XJ 14,987,669 3,477.149 1,048,044 1,029.190 2,500,000 6,000,000 14,054,383 Debtors 2024 2023 Other debtors Prepayments and accrued income Total 91,509 86.220 177,729 160,636 119,922 280,558 Other debtors includes £91,50912023: £87.5101 due after more than one year. 10 Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income Other creditors Total 129,534 9,600 139,134 199,060 9,8C() 208,860 Creditors: Amounts falling due after one year 2024 2023 Bank Loan Total 860,000 860,000 The Handelsbanken loan was fully repaid as of 25, August 2023. 21
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Notes to the Financial Statements {Continued) Year ended 31 March 2024 10 Creditors: Amounts falling due within one year (continued) Deferred Income 2024 Deferred Income at l April 2023 Resources deferred in year Amount released from prior year Deferred Income at 31 March 2024 96,857 96,893 196,8571 96,893 The deferred income relates to rental income from the investment property. 11 Financial instruments 2024 2023 Financial assets Financial assets measured at amortised cost/deemed cost Financial assets measured at fair value 1.611,971 13,958,480 15.570.451 1,633,706 13,025,194 14,658,900 2024 2023 Financial liabilities Financial liabilities measured at amortised cost 32,641 32.641 962,203 962,203 Financial assets measured at amortised cost comprise investments stated at cost/deemed cost and short term debtors. Financial assets measured at fair value comprise investments stated at fair value. Financial liabilities measured at amortised cost comprise other short term creditors. 12 Analysis of stsff costs and remuneration of key management personnel The average number of employees during the year was nil12023: nil}. The total employment benefits of the key management personnel and Trustee were £nil12023: £nill. There are no employees with benefit in excess of £60.00012023= £nill. 13 Auditors remuneration The auditorfs remuneration can be analysed as follows: 2024 2023 Audit Total 17.374 17,374 17,210 17,210 22
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Notes to the Financial Statements {Continued) Year ended 31 March 2024 14 Reconciliation of net income/(expenditure) to net cash flow from operating artivities 2024 2023 Net movement in funds 1,680,299 1228,5841 Adjustments for: Interest received Investment income Net fair value movements Decrease/llncreasel in debtors IDecreasel/lncrease in creditors 142,1831 1450,2471 {1,602,6331 102,830 169.7261 125,5031 1399,4141 1299,9711 104,438 36,030 Net cash used in operating artivities 1381,660) (813,01)4) 15 Net gains/(losses) on investments 2024 2023 Foreign exchange gains/llossesl on conversion Foreign exchange gains/llossesl on cash balances Net realised and unrealised Ilosses)/ gains on fair value movements 15,704) 18,9441 1.617,281 248,905 56,731 15.6651 1.602,633 299,971 16 Analysis of charitable funds As l April 2023 Income Expenditure Investment gains/ (losses) Transfers 31 March 2024 Restricted funds Unrestricted funds 14.902.356 492.430 {414.764} 1,602.633 16,582,655 14,902,356 492.430 {414.764) 1,602,633 16,582,655 23
Docusign Envelope ID.. B71 EFB9>31 D159-AcD&DDA5C267E2EF The J Isaacs Charitable Trust Notes to the Financial Statements {Continued) Year ended 31 March 2024 17 Analysis of net assets between funds Fund balances at 31 March 2024 are represented by- Unrestrirted funds Restrirted funds Total funds Fixed Assets Current Assets Current Liabilitie5 Non-current Liabilities Total net assets 15,478,942 1.242,847 1139,134) 15,478,942 1,242.847 1139, 1341 16,582,655 16,582,655 Comparative information in respett of the preceding period is as follows: Unrestrirted funds Restrirted funds Total funds Fixed Assets Current Assets Current Liabilities Non-current Liabilities Total net assets 14,498,264 1,472,952 1208,860} 1860,000} I4.2.356 14,498,264 1,472,952 1208,8601 1860,0001 14,902,356 18 General commitments As at 31 March 2024 there are pledges to various charities which the Trustees intend to honour over the next five years, which are summari5ed below- Original commitment Commitment brought forward Commitment carried forward <lyr
lyr Activities in relation to: CST 3 Year Pledge120211 Noah's Ark JLC Jewish Leadership Foundation West London Synagogue Mesila UK £90.000 £300.0¢)0 £30.000 £30,000 £iOO,CKM) £20,000 £10,000 £10,000 £30,000 £30.000 £20,000 £20,CM)O £10,000 £10,000 £10,000 £10,000 24