The J Isaacs Charitable Trust Trustees, Annual Report and Financial statements for the year ended 31 March 2025 Registered Charity No: 1059865
The J Isaacs Charitable Trust Year ended 31 March 2025 Contents Page No Trustees. report 14 Statement of Tru5tÈes' Responsibilities and Trustees, Approval Independent auditors, report to the Trustees Statement of Financial Actlvltles io Balance Sheet li Statement of Cash Flows 12 Notes to the Financlal Statements 13-23
The J Isaacs Charitable Trust Reference and administrative information Year ended 31 March 2025 Trustees Sir Jeremylsaacs, CBE Joanne Isaacs Helen Eastlck Vincent Isaacs (Deceased September 20241 Jack Louis Isaacs Ellie Maya Zakay Bankers HSBC Prlvate Bank (UK) Limlted 8 Cork Street, London, WIS 3U Audltors Saffery LLP 10 Welllngton Place Leeds LSI 4AP Registered Offlce Mutual House 70 Conduit Street London WIS 2GF Registered Charlty Number 1059865
The J Isaacs Charitable Trust Trustees, Report {Continued} Year ended 31 March 2025 Report of the Trustees for the year ended 31 March 2025 The Tru5tee5 present their annual report together with the financial statement5 for the year ended 31 March 2025. The financial Statements have been prepared In accordance with the accounting policies set out In Note I to the financial statements and comply with the Charity's Trust deed, the Charities Act 2011 and Accountlng and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their flnancial statement5 in accordance with the Financlal Reporting Standard 102 applicable in the UK and Republic of Ireland published In October 2019. Mlsslon statement We focus our grants and investments on improvlng health and well-belng, building community and breakin8 cycles of disadvantage. Objectlves and activltles for publlc benefit The oblectlves of the Charity are set out In the Charivs trust deed and are summarlsed as follows: The Charity Strlves to support causes that are in connectlon wlth the following: Care for children Educatlon Wellbelng for the elderly Tolerance in our community Healthcare Our ob'ectlves- Our objectlves are set to reflect our community aims. Each year our Trustees revlew our objectives and activities to ensure continued support to those charities In our focused areas. The Trustee5 recognise thelr dutie5 under the Charlties Act 2011 and have referred to the Charity Commlssion's guidance on public benefit when reviewing the Charity's actlvitles and compiling thls report. Strate 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 support the needs in our communlty and to ensure 800d growth in it5 capital investment5. Use of volunteers- The Charity is dependent on the voluntary work of theTrustees In administering its fund5. Asthls work has no readily ascertalnable value this is not recognised in the financlal Statements.
The J Isaacs Charitable Trust Trustees, Report (Continued) Year ended 31 March 2025 Achlevements and performance The Trust has continued to fulfil Its main objectives by: Supporting charities involved in children's palliative care, improving healthcare services, resplte, and research, including Noah's Ark Children's H05pice. Supporting charities offering education programmes for famille5 in crises, Ilnked to the cost- of-living crisis. Continuing support to charitie5 that provide support and care for the vulnerable and elderly. Supporting charities that provide security, a55i5tance, 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, thls is discussed verbally at Trustee meetlngs. How our activitie5 deliver publlc beneflt: Grant makin8 The Charity supports a wide range of activities by way of fundlng made available in pursuance of Its charltable aims. The Charity receives many applications from a diverse range of charities, the Trustees review these applicatlons against the Charity's supported causes and considers what value a donation would add to the organi5ation in questlon. The actlvltles supported provlde benefit to a wide selectlon of the communlty. In addltion, in determinin8 the objectives for the year and planning the activities as set out in thi5 report, the Trustees have considered the Charity Commission's guidance on public benefit includin8 the guidance on grant makln8. Flnanclal revlew Performance in the ear During the year, the Charity received income totalling £725,196 12024: £492,430). Donations and grants of £264,37812024'. £300,229) were made during the year. Net gain5 on Investments totalled £6.303,619 12024: £1,602,633 net gain). The overall surplus in the year was £6,663,645 12024: 1,680,299). There were no restricted funds in the current or prior year. Reserves The Trustees have decided to support a number of charities and charltable purposes by making lon8- term commitments to them which will be honoured over several years. In addition, the Charlty continues to look for Investments that would yleld positlve returns for the Charity and therefore allow It to increase the number of charities it 5UPPOrts. 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 whlch appear to be unnecessarily cautlOU5. or excessive in relation to particular project5. The Tru5tee5 are currently
The J Isaacs Charitable Trust Trustees, Report (Continued) Year ended 31 March 2025 undertaking a review of the ongoing donation strategy wlth a view to establishing a long term programme for the Charitv. In calculating the Charitls reserves, fixed asset investments are excluded from free reserves, these are held long-term to support the charitws objectives by generatlng income and returns through capital growth. This leaves free reserves, at 31 March 2025 of £4,717,52712024.' £1,103,713). The Trustees believe this provides adequate free reserves to cover operating costs and future commitments. Princi al fundin sources The Charity has a sl8nificant Investment portfolio which generates returns. Investment income for the vear amounted to £665,38112024'. £492,430), andthe netgain on investment5 was £6,303,619 {2024: £1,602,633). The Charity review5 a 5ignlficant number of requests for donations in order to determine those which meet with its objectlves and evaluates investments when opportunities arise in order to determine those which provlde secure returns. inci The Trustees have not Identlfied any slgnlficant risks associated with the activities of the Charity. The performance of the investments has been identified as a moderate rlsk. However, the Trustees consider that the Charity has dlversified their range of investments to appropriately mltigate this risk. Furthermore, the reseNes are at an appropriate level to adequately cover commitments as they stand. undraisin 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 fundralsing re8ulator. The Charity relies on fundraising from the founders. Investment powersi poll¢y and performance The Trustees have the power at their absolute discretlon to the extent that the Trustees shall have the same power5 in all respect as if they were absolute owner5 beneficially entitled. No speclfic policy is followed other than to earn the market rate of return on monie5 invested. The Trustees conslder how Investments are performing at each Trustee meetlng. The year end value of the Investment portfolio is stated in the notes to these flnancial statements. Plans for future perlods The Charity plans to continue to support a number of existing charities as detailed In the commitments table in the notes to these financial statements (Note 191. In addition, the Charity will consider donating to a new charitable cause if the Trustees agree as to the benefit 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, lookln8 to build on those going forward to develop a portfollo of income generating assets.
The J Isaacs Charitable Trust Trustees, Report (Continued) Year ended 31 March 2025 Structure. government and management The J15aacs Charitable Trust 15 constituted as a charitable trust registered wlth 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 Tru5tee5 by agreement make the decision concerning charities supported and any donations made. The above criteria is a guide to these donatlons but donations are not restricted to this criteria. Recruitment remuneration and a ointment f Trustees: There shall be at least three Trustees. Future Trustees shall be appointed by a resolution of the Trustee5. If for any reason Trustees cannot be appointed in accordance with the fore8oln8 provislons, the statutory power of appointing new or additional Trustees shall be exercisable. Induction and trainln of Trustees: Following appolntment, new Trustees are introduced to thelr new role and given copies of the Trust deed and a 8uide to the pollcles and procedures adopted by our Charlty. A number of publications from the Charity Commission are also provided including the guidance on charltie5 and public benefit. Trustee5 are aware that it15 their responsibility to keep abreast of developments in relation to the governance of Charities under the Charitles Act 2011. Rlsk man ement: In the opinion of the Trustees, the Charity Is not exposed to any major risks. Exposure to market fluctuations is con51dered a moderate risk but the Charlty continues to manage thls by holding a dlverslfied portfollo In real estate, artwork and equities.
The J Isaacs Charitable Trust Statement of Trustees, Responsibilities and Trustees, Approval Year ended 31 March 2025 Statement of Trustees, responslbllltles The Trustees are re5pon5ible for preparing the Trustees, Annual Report and the financlal statements in accordance wlth 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 fair view 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: select sultable accounting policies and then apply them consistently,. otssee the methods and principles in the Charities SORP IFRS1021; make judgements and estlmates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financlal statements; and prepare the financlal statements on the going concern basis unless It Is Inappropriate to presume that the Charity will contlnue In buslness. The Trustee5 are responsible for keeping proper accountlng records that disclose wlth reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financlal statements comply with the Charlties Act 2011 applicable accounting regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularlties. The Trustees are responsible for the maintenance and integrity of the Charity and financla informatlon Included on the Charlty's webslte. Legislation In the United Kingdom governlng the preparation and di5semlnation of financial statements may differ from legislation in other Jurlsdlctlons. This report was approved by the Trustees on. 17.1.:1. lo2L , Trustee Sir Jeremy Isaacs, CBE Trustee Helen Eastick
The J Isaacs Charitable Trust (The Charity,) Independent auditors, report to the Trustees Year ended 31 March 2025 Independent audltors. report to the Trustees Oplnlon We have audited the financial statements of The J Isaacs Charltable Trust for the year ended 31 March 2025 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 preparatlon is applicable law and United Kingdom Accounting Standards, intludlng Financial Reportin8 Standard 102, the Financial Reportlng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practlcel. In our opinion the flnancial statements: 81ve a true and fair view of the state of the Charlty's affair5 a5 at 31 March 2025 and of its incoming resources and applicatlon of resources for the year then ended,. have been properly prepared In accordance with United Kln8dom Generally Accepted Accounting Prattice; and have been prepared In accordance with the requlrements of the Charltles Act 2011. Basls for oplnlon We conducted our audlt In accordance with International Standard5 on Auditlng IUKI IISAS IUKII and applicable law. Our responslbilities under those standards are further descrlbed in the Audltor's 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 responslbllltles in accordance with these requlrements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In audltlng the flnancial statements, we have concluded that the Trustees, use of the golng concern basi5 of accountin8 in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not Identified any materlal uncertainties relatlng to events or condltion5 that, indlvidually or collectively, may cast 5igniflcant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statement5 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.
The J Isaacs Charitable Trust ('The Charity,) Independent auditors, report to the Trustees {Continued) Year ended 31 March 2025 Other inforniatlon The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise expllcitly stated in our report, we do not express any form of assurance concluslon thereon. Our responsibility is to read the other information and, in dolng so, consider whether the other information Is materially inconsistent wlth 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 incons15tencies or apparent material misstatements, we are required to determine whether thls gives rlse to a material mi5Statement In the financial statements themselves. If, based on the work we have performed, we conclude that there Is a materlal mlsstatement of thls other Information; we are required to report that fact. We have nothing to report In thls regard. Matters on whlch we are requlred to report by exceptlon We have nothln8 to report in respect of the followlng matters in relatlon to which the Charltles {Accounts and Report51 Regulations 2008 require us to report to you if, in our opinlon: the information given in the Trustees, Annual Report is inconslstent In any material respect with the financial statements; or the Charity has not kept sufficient accountlng records. or the financlal 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. Responslbllltles of Trustees As explalned more fully in the Trustees, Responsibilities Statement set out on pa8e 5, the Trustees are responsible for the preparatlon of the flnancial 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 statemerbts that are free from material misstatement, whether due to fraud or error. In preparing the flnanclal statements, the Trustees are responsible for assessing the Charity's ability to continue as a 80ing 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 50. Audltors, re5ponsibilitles for the audlt of the flnanclal Statements We have been appointed a5 auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.
The J Isaacs Charitable Trust (The Charity,) Independent auditors, report to the Trustees (Continued) Year ended 31 March 2025 Our objectives are to obtaln reasonable assurance about whether the flnancial 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 conducted in accordance with ISAS {UKI 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 responsibilitie5, Outlined above. to detect material misstatements in respect of irregularities, including fraud. The specific procedure5 for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and ossesslng rlsks reloted to Irregulorities.. We a55e55ed the su5ceptlblllty of the Charity's financial statements to material misstatement and how fraud might occur, including through discussions wlth the Trustees, d15cussions withln our audit team planning meetin& updating our record of internal controls and ensuring these controls operated as Intended. We evaluated possible incentives and opportunltie5 for fraudulent manipulation of the financial Statements. We identifled laws and regulations that are of signiflcance in the context of the Charity by discussion5 wlth Trustees and updating our understanding of the sector In which the Charlty operates. Laws and regulations of direct signlficance in the context of the Charity include the Charities Art 2011, the Charities {Account5 and Reports} Regulations 2008 and guidance issued by the 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 item5 includin8 a review of financlal statement disclosures. We reviewed the Charity's records of breaches of laws and regulations, minutes of meetlngs and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the Charity's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the kev areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whetherthey were aware of any instantes of non-compliance wlth laws and regulations or knowledge of any actual, suspected, or alleged fraud. We addressed the rlsk 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 gave rise to a possible indication of management bias. At the completion stage of the audit. the engagement partner's review included 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 transactions reflected in the financial statements. the le55 likely we would become aware of it. Also, the risk of not detecting a material
The J Isaacs Charitable Trust (The Charity,) Independent auditors, report to the Trustees {Continued) Year ended 31 March 2025 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 responsibillties is available on the Financial Reporting Councll's website at: www.frc.or auditorsres onsibilities. This description forms part of our auditols report. Use of our report This report is made solely ta the Charity's Trustees, as a body, In accordance wlth Part 4 of the Charities {Accounts and Reports) Regulation5 2008. Our audit work has been undertaken so that we mlght state to the Trustee5 those matters we are requlred 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 tharb the Charity and the Trustees as a body& for our audlt work, for thls report, or for the opinion5 we have formed. Saffery LLP Statutory Auditors 10 Wellln8ton Place Leeds LSI 4AP Date: 28 January 2026 Saffery LLP is eligible to act as an auditor In terms of sectlon 1212 of the Companles Act 2006
The J Isaacs Charitable Trust Statement of Financial Activities Year ended 31 March 2021 Unrestricted funds Restricted funds Totsl funds 2025 Total funds 2024 Note Income from: Donations Investments Total Income 59,815 665,381 725.196 59,815 665.381 725,196 492,430 492.430 Expendlture on: Charitable actlvltles Cost of raising funds Total expendlture 305,046 60,124 365,170 305,046 60.124 365.170 323,359 91,405 414,764 Net income prior to gains and losses on investments 360,026 360,026 77,666 Net gains on Investments 16 6,303,619 6,303,619 1,602,633 Net Income 6,663,645 6,663,645 1,680,299 Transfers between funds Net movement in funds 6,663,645 6,663,645 1.680,299 Reconclllatlon of funds Total funds brought forward 17 16,582,655 16,582,655 14,902,356 Total funds carrled forward 17 23,246,300 23,246,300 16,$82,655 The notes on pages 13 to 23 form an integral part of these financlal statements. 10
The J Isaacs Charitable Trust Balance Sheet as at 31 March 2025 Note 2025 2024 Flxed assets Investments 18,528,773 15,478,942 Total fixed assets 18,528,773 15,478,942 Current assets Debtors Cash at bank and in hand io 177,365 4,742,329 177,729 1,065,118 Total current asset$ 4,919.694 1,242,847 Creditors: Amounts falling due wlthln one year li 1202,1671 1139,134) Net current assets 4,717,527 1,103,713 Total assets less current Ilabllltles 23,246,300 16,582,655 Net assets 23.246,300 16.582,655 Funds of the Charlty: Unrestrlrted funds 17 23,246,31JO 16,582,655 Restrlcted funds 17 23,246,300 16,582,655 The financial statements were approved by the Trustees on their behalf bv: Qo2 and signed on Sir Jeremy15aacs, CBE Trustee Helen Eastick Trustee The note5 on page5 13 to 23 form an integral part of these financial statements. 11
The J Isaacs Charitable Trust Statement of Cash Flows Year ended 31 March 2025 Note 2025 2024 Cash flows from operatlng activities Net cash used in operating actlvities 15 (241,9571 (381,6601 Cash flows from Investlng actlvftles Purchase of Investments Proceeds on sale of investments Investment Income Interest received Net cash generated by lrniestlng acthiltles 1384,830) 3,641,061 541,580 123.800 3,921,611 159,307) 686,965 450,247 42,183 1,120,088 Cash Inflows/{outflows1 from borrowing Net ¢ash generated by finan¢ln8 actlvltles 860.0001 1860,0001 ChanBe In cash and tash equlvalents in the year Cash and cash equivalent5 at the beglnning of the year Change in cash and cash equivalents due to the exchange rate movements 3,679,654 1121,5721 1,065,118 12,4431 1,192,394 {5,7041 Cash and cash equivalents at the end of the year 4.742.329 1,065.118 12
The J Isaacs Charitable Trust Notes to the Financial Statements Year ended 31 March 2025 Accountlng Policies Basls of preparation and assessment of goln8 concern The financlal statements have been prepared under the historical cost convention with item5 recognised at cost or transaction value unless otherwise stated in the relevant notelsl to these financial statements. The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011, 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (issued in October 2019}" and the Flnancial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. The J Isaacs Charitable Trust meet5 the definition of a public benefit entity under FRS 102. The Trustees consider that there are no material uncertainties about the Charitws ability to contlnue as going concern. The most slgnificant areas of adjustment and key assumptions that affect items in the financial statements are in relation to the estimation of the liability from multi-year general commitments {see Note 19 for more Information) and the levels of investment return and the performance {5ee the Investment policy and performance and rlsk mana8ement sectlons of the Trustees Annual Report for more informatlon on how thls Is managed). Funds structure The Charity's sources of finance are segregated between restricted and unrestricted fund5. Restricted funds are funds such that the use of which is limited by donor imposed conditlons. There are currently no restricted funds held by the Charity. 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 designated funds where the Trustee5, at their discretion, have set aside resources for a specific purpose. Further details of each fund are disc105ed in Note 17. Income recognltlon 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 when receivable. Donated assets are included at the value to the Charity where this can be quantified and a third party is bearing the c05t. The value of the services provided by volunteers has not been included In these amounts, except where the services 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 involved can be quantified. 13
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2025 Actountlng policies (continued) Expenditure reco8nltlon Llabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expendlture 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 agalnst the cate80ry of resources expended for whlch it was Incurred. Allocatlon 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 Constltutlonal and statutory requirements of the Charlty, and Include its audit fees and costs linked to the strategic management of the Charity including Tru5tee5' expenses together wlth an apportionment of overhead and support costs as shown in Note 6. Governance and support costs relatlng to charltable activities have been apportloned based on number of donations. The allocation of support and governance c05tS 15 analysed In Note 7. Cost of ralslng funds The costs of generating funds conslst of Investment management costs and certain legal fees. Charltable activltles Costs of charltable activities Include donations made, governance costs and apportlonment of support costs as shown In Note 6, Forel8n Transartlons Monetary assets and Ilablllties in foreign currencies are translated into sterling at the rates of exchange ruling at the Balance Sheet date. Transactions In forel8n currencies are translated into sterling at the rate of exchange rulin8 at the date of transaction. Exchange differences are charged to the Statement of Financial Activities to arrive at the total funds balance. 14
The J Isaacs Charitable Trust Notes to the Financial Statements {Continued) Year ended 31 March 2025 Accountlng pollcies (continued) Realised gains and1055es All gain5 and1055es are taken to the Statement of Financial Activlties as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carryin8 value if acquired Subsequent to the first day the financial year. Unrealised gain5 and losses are calculated a5 the difference between the fair value at the year end and thelr carrying value. Reali5ed and unrealised investment gains and losses are combined in the Statement of Financial Activities. Investments Fixed Asset Investments are stated at market value whlch is at cost less provision for Increase or diminution in value. Where there are no readily ascertainable market values investment assets are stated at cost less impairment. Where a fair value has been previously obtained but no falr 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 Flnancial Activities. Debtors Short term debtors are measured at transaction prlce, less any Impairment. Cash and cash equlvalents Cash is represented by cash in hand and deposits wlth financlal institutions repayable without penalty on notice of not more than 24 hours. Cash equlvalents are highly liquid investments that mature in no more than three months from the date of acquisitlon and that are readily convertible to known amounts of cash with insignlficant rlsk of change in value. Flnanclal Instruments The Charlty only enters into baslc financial instruments transactlons that result in the reco8nition of financial assets and liabilitle5 like trade and other debtors and creditors, loans from banks and other third partie5, loans to related parties and investments in non puttable ordinary shares. Financial assets and liabilitie5 are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recoBnlsed amount5 and there is an intention to settle on a net basis or to realise the a55et and settle the Ilability simultaneouslv. Credltors Short term creditors are measured at the transaction price. 15
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2025 Related party transactlons The Charity he5d investments with a carrying value of £2,174.96012024- £1,264,644) in JRJ Partner 2 LP and £7,107.969 (2024-. £4,193.8351 In JRJ Investor l LP. Slr Jeremy Isaacs, CBE, one of the Charitvs Trustees, has participating interests in the Ilmited partnerships. During the year, the Charity received donatlons of £59,815 including gift ald from Mrjeremy Isaacs12024: £nil). Within thefinancial statements is income recelvablefrom Slrjeremy Isaacs, CBE forthe Charity's artwork, included following professional advlce. The current year value of this within rental income is £25,0Th) (2024: £25,000). Slr Jeremy Isaacs, CBE also pays all insurance and security cost5 in relation to renting this paintlng. Comparatfve SOFA Unrestrlcled funds Restricted funds Total funds 2024 Income from: Investments Total Income 492,430 492A30 492,430 492.430 Expendlture on: Charitable activities Investment management costs Total expendlture 323,359 91,405 414,764 323,359 91,405 414,764 Net income prlor to 8alns and losses on investments 77,666 77,666 Net galn5111055es) on investments 1,602,633 1,602,633 Net Income 1,680,299 1.680,299 Transfers between funds Net movement In funds 1,680.299 1,680,299 Reconcillatlon of funds Total funds brought forward 14,902.356 14,902,356 Total funds carrled forward 16.582,655 16.582.655 16
The J Isaacs Charita ble Trust Notes to the Financial Statements (Continued) Year ended 31 March 2025 4 Donations 2025 2024 Donations received from Trustees In 2025, all of the donations were unrestricted. 59,815 Investment income 2025 2024 Investment Income Loan Interest received Bank interest received Total 541,581 450,247 2.621 39.562 492,430 123,800 665,381 Analysls of charltable expendlture The Charity undertakes its charltable actlvltles through donatlons to institutlons In furtherance of Its oblectives. Donations to Institutlons Support and governance Costs {note 7} Total 2025 Total 2024 Funded from unrestrlcted funds: Care for children Education Tolerance In our community Healthcare Adhoc/other' 37,925 65,000 75,OCrf) 33,020 53,433 5,834 9,999 11,537 5,079 8,219 43,759 74,999 86,537 38,099 61,652 107,704 80,379 32,311 32,311 70,654 Total 264,378 40,668 305,046 323,359 Ad hoclother expendlture relates to one-off or Irre8ular donations made in furtherance of the Charity's objectives which, due to their nature or scale, are not readily attrlbutable to the other charltable activity headings. These amounts primarily represent mlscellaneous grants made in response to specific needs or opportunities arlsing during the year. Included In donations are amounts above £30,000 pald to the followlng charitable causes: 2025 2024 Noah's Ark Children'5 Hospice lunrestricted} Community Security Trust lunrestricted} University of Haifa (unrestricted) 27.425 75.000 loo,000 30,000 39,538 169,538 102,425 17
The J Isaacs Charita ble Trust Notes to the Financial Statements (Continued) Year ended 31 March 2025 Allocatlon of governance and support costs Support costs 2025 2024 Office costs Bank charges Total 1,712 96 1,808 893 152 1,045 Governance costs 2025 2024 Audit and accountancy Other professlonal fees Total 19,660 19,200 38,860 17,374 4,711 22,085 The total governance and support cost attributable to charltable expendlture is attributed pro rata to the number of donatlons awarded a5 shown In the table below. 20Z5 2024 Care for chlldren Education Tolerance in our community Healthcare Adhoc/other Total allocated 5,834 9,999 11,537 5,079 8,219 40,668 7,704 5,750 2,311 2,311 5,054 23.130 Internal accountancy and administratlon tasks are completed by two individuals wlthln the Charlty. Thls represents around 50 hours of work per year. The c05t to the Charity of. these hours Is £Nil (2024: £Nil). The servlces provlded are minimal and the Charity is unable to measure the value of the services provided rellably and therefore no income Is recognised in respect of these gift of services. Cost of ralslng fund5 2025 2024 Interest on the bank loan Property service charges Total 22,259 69,146 91,405 60,124 60.124 18
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2025 Fixed asset Investments Investments at carrylng value: 2025 2024 Flne Art Investment property Private equity funds - UK Prlvate equity fund5 - non-UK Total 1,500,000 2,500.000 6,000,000 6,000,000 10,312,119 6,487,670 716.654 491,272 18,528,773 15,478,942 Fine Art is included at fair value. During the year, the Trustees reviewed the basis on which tlne art is valued and determined that mid-auction price provides a more approprlate estimate of fair value, reflecting prevailing market practice for comparable works. Accordingly, the carrying value has been updated to the most recent mld-auction valuation. The flne art was last valued In May 2023 by an Internationally renowned auctioneer. The carrying value at 31 March 202515 £1,500,00012024: £2,500,000). The orl8inal cost oftheflne art was £2,221,71412024: £2,221,714). The Trustees have sought advlce from professional property consultants, and consider the open market value of the properties to be £6,000,00012024: £6,000,000) at the balance Sheet date. Investments of £9,282,92912024.' £5,458,480) have been valued based on the CharltV'5 proportionate share of the net assets of the underlying company. Investments of £1,745,84412024'. £1,520,462) have been valued at cost less impalrment or, at deemed cost where a fair value has been previously obtained but no falr value Is available at the balance sheet date. All the Charity's investments are non-li5ted and are held to provlde Investment returns for the Charity. 2025 2024 Valuation as at 31 March 2024 and 31 March 2023 Surplus of valuation over cost Cost as at 31 March 2024 and 31 March 2023 15,478,942 14,571.,7931 10,907,149 14,498,264 12,963,457) 11,534,807 Movements during the year.. Additions Transfer Disposals/Redemptions Cost as at 31 March 2025 and 31 March 2024 384,830 59,307 1678,8881 10,613,091 1686,9651 10,907,149 Surplus of valuation over cost 7,915,682 4,571,793 Valuation 35 at 31 March 2025 and 31 March 2024 18,528,773 15.478.942 19
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2025 Flxed asset investments (continued) Investments held at the year end In excess of £l.000.000 Z025 2024 JRJ Investor l Limited Partnership JRJ Partner 2 Limited Partnership Iproov Limited Fine art Investment property Total 7,107,969 2,174,960 1,029,190 1,500,000 6,000,000 17,812,119 4,193,835 1,264,644 1,029,190 2,500,OC(I 6,000,000 14,987,669 10 Debtors 2025 2024 Other debtors Prepayments and accrued income Total 106,738 70.627 177,365 91.509 86,220 177,729 Other debtors include5 £106,73812024: £91,509) due after more than one year. 11 Credltors: Amount5 fallin8 due wlthln one year 2025 2024 Trade creditors Accruals and deferred Income Other credltors Total 19,200 173,592 9,375 202.167 129,534 9,600 139.134 Deferred Income Z025 Deferred Income at l April 2024 Resources deferred in year Amount released from prior year Deferred Income at 31 March 2025 96,893 98,023 196,8931 98,023 The deferred income relate5 to rental Income from the investment propertv. 20
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2025 12 Financial instruments 2025 2024 Flnanclal a55ets Flnanci31 assets measured at amortised cosvdeemed cost Financlal assets measured at fair value 1,582.378 17,055,132 18,635,510 1,611.971 13,958,480 15,570,451 2025 2024 Flnanclal Ilabllltles Flnancial Ilabllities measured at amortised cost 75,568 75,568 32,641 32,641 Flnancial asset5 measured at amortised cost comprlse investments stated at cost/deemed cost and short term debtors. Flnancial assets measured at fair value comprlse investments stated at falr value. Flnanclal liabilities measured at amortlsed cost comprise other short term credltors. 13 Analysls of stsff costs and remuneratlon of key management personnel The average number of employees during the year was nil12024- nill. The total employment benefit5 of the key management personnel and Trustee were £nil12024: £nlll. 14 Audltors remuneratlon The audltor's remuneratlon can be analysed as follows: 2025 2024 Audit Total 19,660 19.660 17,374 17,374 21
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2025 15 Reconciliation of net Income/(expenditUfe) to net cash flow from operating activltles 2025 2024 Net movement in funds 6,663,645 1,680,299 Adjustments for: Interest recelved Investment income Net falr value movements Decreaselllncreasel in debtors IDecrease)/lncrease in creditors 1123,8001 142,1831 1541,5801 1450,2471 16,303,619) {1,602,6331 364 102,830 63,033 169,7261 Net cash used In operatln8 actlvftles {241,957) 381,6601 16 Net galnslll0eSI on Investments 2025 2024 Forel8n exchange gains/llosses) on conversion Forel8n exchange galnslllosses) on cash balances Net realised and unrealised Ilossesll gains on fair value movements 12,4431 (12,9381 6,318,700 15,704) 18,9441 1,617,281 6,303,619 1,602,633 17 Analysls of Charltable funds As l Aprll 2024 Income Expendlture Investment 8alnsl (losses) Transfers 31 March 2025 Restricted funds Unrestricted funds 16,582,655 725,196 1365,1701 6,303,619 23,246,300 16.582.655 725,196 1365,1701 6,303,619 23,246300 22
The J Isaacs Charitable Trust Notes to the Financial Statements (Continued) Year ended 31 March 2025 18 Analysis of net assets between funds Fund balances at 31 March 2025 are represented bv: Unre5trlcted funds Restricted funds Total funds Flxed Assets Current Assets Current Liabilities Total net assets 18,528,773 4,919,694 {202,1671 23,246,300 18,528,773 4,919,694 1202,167} 23,246,300 Comparative information in respect of the preceding period is as follows: Unrestrlcted funds Restrlcted funds Totsl funds Fixed Assets Current Assets Current Liabllities Total net assets 15,478,942 1,242,847 {139.1341 16,582,655 15,478,942 1,242.847 {139,1341 16.582,655 19 General commitments As at 31 March 2025 there are pledges to variou5 charlties which the Trustees intend to honour over the next five years, which are summarised below: Orl8lnal commitment Commltment as at l Aprll 2024 Donatlons pald durln8 the year Commltment as at 31 March 2025 Actlvlties In relatlon to: JLC Jewish Leadership Foundation West London Synagogue Mesila UK Abraham Effect £30,000 £20,000 {io,000} £10,000 £30,(J)O £30,000 £45,CK)O £20,000 £20,000 iio,000} iio,000) 115,000) £10,000 £10,000 £30,000 2025 2024 Payable in less than l year Payable in 2-5 years 45.CK)O 15,000 30.000 30,000 60.000 60.000 23