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,.
otsse￿e 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 galnslll0￿eSI 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