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The Malcolm Isaac Charitable Trust
Report and financial statements
For the year ended 5 April 2023

The Malcolm Isaac Charitable Trust
Contents
Page
Report of the Trustees
Report of the Independent Examinei-
Statement of financial activities
Balance sheet
Notes to the financial statements
8. 13
Charity Registration No. 1064591

The Malcolm Isaac Charitable Trust
Ti'usl'ees. report for the year ended 5 April 2023
The Trustees present their report and accounts for the year ended 5 April 2023. The accounts
have been prepared in accordance with the Deed of Trust and the recommendations ot the
Statement of Recommended Practice applicable to charitie5 preparing their accounts in
accordance with the Financial Reporiing standard applicable In the UK and Republlc uf Irelitiid
IFRS 1021 leffective 1 J3nuary 201 YI.
Reference and Admlnlstrative informatlon
I he followtng are trustees of the chaNIy'.
J Isaac
S G Treherne lappointed 5 October 20161
A C Bays (appointed 23 February 20181
Chairman
M J Isaac
The Principal Offlce of the charity is..
Onslow House, Onslow Street, Guildford, GU1 4TL
Charlty Numbér . 1064591
Structure. governance and manaqement
The Trust is an unincorporated TrusL, constituted under a Trust Deed dated 1 August 1996 and Is
a registered charity, number 1064591. The Trust was established by the settlor, Malcolm John
Isaac with the sum of £11JO. The deed wa5 Subsequently varied by a Deed of Variation dated 18
August 1997 and Supplemental Trust deeds dated 11 May 2009 and 12 June 2009.
The current Trustees are Malcolm 15aac, appointed under the Trust Deed, and Simon Treherne
nd Andrew Bays, who served as Trustees from 5 October 2016 and 23 February 2015 respectively.
The power of appointing ncw Trustccs of thc Charity is verted in the settlor during his lifetimé.
The minimum number of Trustees is three indivlduals.
The Trustees are required to hold at least one meeting a year. A quorum at a meeting of the
Trustees is two Trustees. Decisions are made on a majority ol votes cast at a meeting or by a
resolution signed by thc Trustee-.
Every Trustee has one vote at the meeting except the
chairman who has a second or casting vote.
The Trustees have the following powers under the Trust Deed..
to apply income as it arises, as well as the whole or part of the capital of the Trust Fund,
for such charitable purpose5 a5 the Trustees shall think fit, In any part of the world.
to dep051t or invest funds in any manner after taking advicè on investing the funds from
a suitably qualified financial expert.

The Malcolm Isaac Charitable Trust
Tru5tees' report for the year ended 5 April 2023
tn pmplny aoents to tranqart any hii&inp%s t)n thpir hphAlf. prnvidpd that thp TriigtppÉ
exercise reasonable supervision of any person or corporation employed by them, and that
all actions exercised by advisors on behall ot the Trustees are reported to them as soon
as possible.
The Board keeps the skill requirements for the trustee body under review. New Trustee5 would
be appointed if a current Trustee resigns.
Risk management
The Trustees have considered the major ri5k5 to which the Charity is exposed. They have
reviewed the risk% and established systems and procedures to manage those risks.
The Trustees consider being able to hold adequate tunds to meet current liabilities as constituting
the Charity's major risk. Thè Trugtèés considèr that they hold 3dequatè funds to meet current
liabilitie5. They have reviewed their prucedure5 fur the a55e55tnenl of risk managen)ent and
consider that they have proper procedures in place.
Objectives and actlVTties
The objects of the Charity are for the Trustees to apply the Income and capltal of the trust for
such charttable purposes as they shall see fit in any part of the world with a particular interest
in supwrting medical and horticultural projects in the local area.
AchTevements and performance
During the year, the trustees made discretionary payments of £50,000 to Hampshlre Alr
Ambulance in May 2022.
The Twstees made payments totaling £521,867 during the year towards their commitment of a
£1 million doiiation to St Swlthun's School. The Trustees conflrm thls donation meet5 the public
benefit requirement rules.

The Malcolm Isaac Charitable Trust
Trustees, report for the year ended 5 April 2023
Flnancial revlew
Revenue received in the year comprispd invo<tmpnt inr.nme received on the monies invested and
cash held.
As at 5 April 2023 the total funds held for the charity amounted to £1,813,45312022., £2,119,022).
This includes Investment incoffle of £57,88412022: investment Income of £54,446),
Investment pollcy and performance
The Trustees, investment advisors submit quarterly investment reports which are reviewed at
Trustees. meeilngs. The Inve5ttnent ddvisur5 IidV¥ bevii dii"ected io seek a medium risk
approach with a halanrp nf inr.nme and capital growth. The ultimate objective, being to
achleve a good level of income, rising above inflation over the medium to lono.term, whilst
preserving the capital.
Durlng Ihe year ended 5 April 2023 Lli¥ yui Lfolio I"eturiied 16.0))% whilst the comparator C2
indpx rptiimpd -.?_?.R%. This was larÉely due to the benchmarks inherent bias towards UK
equities whlch has 33.75% invested into the UK market and last year saw renewed interest in
the UK market due to cheaper valuations and high oil prices which benefited cutnmodity firms
that represent a large proportion of the UK index. In contrast the portfolio is underweight UK
equltie5, WILII LUI IviIL weigliLiiig of 2J%. We firtnly believe that as the UK repre3ent3 only 4%
of worldwide GDP and £iven that the political situation in the UK appears fragmented, coupled
with a cost of living crisis, high inflation and terms of Brexit still to negotlate, the investment
outlook and future return from the UK economy appear weaker in comparison to global
market5.
Economies have now opened up since the pandemic lockdowns however the unforeseen
Ukrainian crisis haJ lcd to highcr levelv of inflation and a rising interest ratè environment. This
has negatively impacted all major asset classe5 a5 rates directly price equity and fixed income
cash flows. As a result valuations of assets have come under pressure as rates have risen across
most major market economies, compressing margins, reducing profitability and thereby
reducing company valuations. Markets had made a good recovery at the start of 2023 however a
'mini-banking' cri*1• has added further stress to markets and investors are now treading with
caution as we look to the next few quarters to see if corporate profitability holds up and if the
US, UK and Eurozone will enter a technical recession.
Going foNards we are optimistic that inflation levels and interest rdtes wlll ease and Ihai the
long term investment case of beating inflation is still intact as rateg normalise and normal
economic market conditions resume. Markets may underwhelm throughout the rest of the year
however broadly speaking we are confident that in 2024 growth will return to the market.
Reserves pollcy
It IS the intention of the Trustees to maintain the capltal of the trust 50 as to provide a continulng,
and hnpg.fully incre35ine, stream of income in the short and medium terms. The Trustees
consider the Charity's finances are in a strong position and enable the future to be faced with
contidence.

The Malcolm Isaac Charitable Trust
Trustees, report for the year ended 5 April 2023
Plans far future perlods
In addition to the commitments stated in 'achievements and perfomiance, above, the Trustees
have sthted during the year that it is their intention to make charitable donations in the future
from trust funds and it is not their intention to hold the trust funds Indefinitely. The Trustees
have considered the imp3Ct of covid-19 on the activity of the Trust and have concludod that thg TriiEt
will be able to continue to operate as planned for the foreseeable future. It is likely that the impacl
of the pandemic will increase the needs of some charities and this may result in increased grant
expenditure in the future.
Piihllr. hpneflt
The principles of public benefit. as defined by the Charity Commission, have been noted by
Trustees. The Trustees confirm having given regard to the Charity Commission's guidance and
State Lheir bvlief Llii1L Llie aiins of tlie tl"U5t are to provide identifiable benefits to the public.
Trustees. responslb111tles In relation to the flnanclal statements
The Trustees are responsible for preparing the Trustees, Report and the financial statements in
accordance with applicable law and regulailons.
Tlie law applicable to Charfties in Ingland and Wales requires the Trustees to prcparc financial
statements for each financial year in accordance with United Kingdom Generally Accepted
Accounting Practice Iunited Kingdom Accounting Standards and applicable regulationsl- Under
that law the trustees must not approve the financial statements unless they are sat15fied that
they give 3 true and fair view of the stste of affairs of the charity and of the incoming resources
and application of resources of the charity for that pcriod.
In preparing these financial statements, the trustees are required to:
Select suitable accounting policie5 and then apply them consistently.
Ob5eive Llie IiieLlivds diid pi"iiiciple5 111 the Chèrlties SORP,.
Make jiidgments and estimates that are reasonable and prudent.
State whether applicable accounting standards have been followed, subject to any
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 operatlon,
The Tru5teei (ire ie5puiislble foi" keepiiig accounting records which dlsclose with rea50nablc
ar.r.iJracy the financial position of the Charity and which enable them to ensure that the financial
statements comply with the Charitie5 Act 2011, the Charity IAccounts and Reports) Regulations
2008 and the provisions of the Trust Deed. The Trustee5 are responsible for safeguarding the
assets of the Charity and hence for taking reasanable steps for the prevention and detection of
ridud diid otlier ii-iegulai-ities.
The Trustees Report was approved on
14 March 2024
aiid signed on their behalf by Malcolm l$a)c, tnjstee.

The Malcolm Isaac Charitable Trust
Independent examiner'5 report
I report to the charity trustees on my examination of the accounts of the charlty for the year ended
April 2U2J which are set out on pages 6 to 13.
Responsfbllltl¢s and basfs of report
As the charity's trustee5 you are responsible for the preparation of the account5 in accordancc with
the requlrements of the Charftles Act 2011 I'rhe Act'l.
I report In respect of my examlnation of the eharity's accountg carrlcd out undcr section 145 of the
Act and in carrying out my examination I have followed all the app11cable Directions given by the
Charity Commission under section 14515llbl of the Act.
Independent examlner'5 Statement
I have completed my examination. I confirm that no tnaterial matters have come to my attention in
connection with the examination giving me cause to believe thal in any material respect..
accountine rÉrords were not kept in respect of the charity as reouired by sLKtion 130 of the Act,. or
2. the acc¢JJnts do not accord with those records,. or
Llie dLLuuiILs (lu IIUL LLKiiyly wiLlI Llie dvyIiLdLl¥ Ivquii-tiiiviiLs LLYILeii iii Ig Ll Iv for-ni dl)d coiiLeiiL or
accounts set out in the Charilie5 (Accounts and Reports) R￿ulationS 2(K)8 other than any
requiran¢nt that th¢ accoLJnts give a 'true and fair view, vhich is not 3 matter considered as part
of an independent examinati￿.
I hove no concerns and hove come ocr05s no other motters In connectlon with the exominGtFon to
whlch attentlon should be drown In thls report In order to enoble a proper understondlng of the
occountS to be reoched.
Signed..
5u5aii Kuinar ACA
Holden Granat LLP
Springfield House
23 Oatlands Drlve
Weybridge
Surrey
KT13 9LZ
Date.. 14 March 2024

The Malcolm Isaac Charitable Trust
Statement of financial activities for the year ended 5 April 2023
Unrestricted
Funds
2023
Unrestricted
Funds
2022
Notes
INCOME
Donation5
57,8fM
54,446
Interest on tax repayment
Income tax repayment
Total income
57,884
54,446
EXPENDITURE
Cost of raising funds:
Investment management costs
13,164
17,338
Expenditure on charftable activitie5
Total expenditure
154,908
168,072
178,416
195,754
Net expenditure and net movement
in funds before gains and losses on
investments
1110,1881
1141,3081
Net galnsjllossesl on investment
Net movèmènt In funds
1195,3811
1705,5691
101,648
{39,66ai
Total funds brought forward
2,119,022
2,158,682
Total fund5 rarripd frtrwxrd
11
1,813,453
2,119,022
The notes on pages 8 to 13 form part of the accounts.

The Malcolm Isaac Charitable Trust
Balance sheet
2023
2022
Notes
Flxèd assèts
Investments
2,250,513
2,594,119
Current assets:
Dcbtors
Cash
441
66,573
67.014
441
52,190
52.631
Total current a55et5
Liabilities
Creditors falling due within one year
10
154,074
147,728
Total current a55et5 less current liabTlitie5
{87,0601
195,0971
Creditors falling due after more than one year
10
350,000
380,000
Net current liabilitles
{437,0601
1475,0971
Net assets
1,813,453
2,119,022
I he tunds ol the charity:
Unreslricted Trust Fund
1,813,453
2,119,022
Total charlty funds
l.Rl?,441
2.119.n22
The notes at page5 8 to 13 to form part of these accounts.
Approved by the Trustees on
14 March 2024
and signed on their behalf by Malcolm Isaac. trustee.

The Malcolm Isaac Charitable Trust
Notes to the account5 for the year ended 5 April 2023
Accountlng pollcles
The principal accounting policTes are summarised below.
Basis of preparation
The accounts have been prepared in accordance with The Financial Report7ng Standard
applicable in the UK and Republic of Ireland I'FRS 102,1, and with the Statement of
ReLuiiiiiiviiiJed PidiLiLV dvvIiLdbl¥ Lo illai-ilies pi-epai-iiig tlieir fiiiancial 5tatemeiits in
accordance with FRS 102 issued in 2014 and revised in 2019. The financial statements are
also prepared in accordance with the Charities Act 2011.
The charity is a public benefit entity as defined by FRS 102.
Exemptlon
The charity has taken advantage of the following disclosure exemption in preparing these
financial 5tatement5, as permitted by the FRS 102.
the requirements of Section 7 Statement of Cash Flows.
Fund accountin8
The funds held are unrestricted funds which are available for use at the discretion ol the
trustees In furtherance of the general objectives of the trust and which have not been
designated for other purposes.
Golng concern
The trustees are confident that the charity wlll continue to be a going concern and the
financial Statements have been prepared on this basis.
Incoming resources
All Incoming resources are Included in the Statement of Financial Activltles when the trust
is legally entitled to the income and the amount can be quantified with reasonable
accuracy.
IIiLUill¥ Ldx r tiuverable iii ielatioii to investment income is recognlsed at the tlme the
investment income is receivable.
Resources expended
All expenditure is Bccounted for on an accruals basis and has been included under expense
categories that aggregate all costs for allocation to activities. Where costs cannot be
directly attributed to particular activities, they have been allocated on a basis conslstent
th the use of the resources.

The Malcolm Isaac Charitable Trust
Notes to the accounts for the year ended 5 April 2023
Investments
Investm@nts are stated at market vallie at balancp shept date. Rpalispd oain% and In<Ég<
on investments, calculated on the difference between the sale proceeds and their cost are
credited or charged to the Statement of Financial Activities (SOFA) in the year ot gains or
losses.
Unrpali5od vains and 10sse& reprpsentinu the mnvgmpnt in thp mArkpt vAliip.s diiring thp.
year are credited or charged to the SOFA In the year of galns or losses.
Liabilitiès
Li2hilitipq are rg.c.ngnised nn the balance sheet as SODn as a constructive obligation resulting
from a past event can be reliably measured. Current liabilities represent those liabilities
which are expected to be settled within the next 12 months from the balance sheet date.
Legal 5tatU5 of the tfU5t
The Charity 15 governed by a trust deed dated l August 1996 and is constituted as a
charitable trust.
Investment Income
2023
2022
InteiE5t on dep051t5
Inve5tmcnt income on investments held
57,884
54,446
57.884
54,446

The Malcolm15aac Charitable Trust
Notes to the accounts for the year ended 5 April 2023
Expendlture on charltable actlvltles
2013
2022
Independent examiner
1,080
1,080
Grants (note 51
146.000
167,950
Accountancy fees
6,640
5,840
Legal fees
1,188
3,546
154.908
178.416
Grants to instltvtions approved In the year
2023
2022
At 6 April 2022, approved grants unpaid
Provision for grants in earlier year no longer required
Grants approved in the year
Air Ambulance
Rowans Hospice
Rosemary Foundation
R P Chcstcr Mcmorial Trust Co Ltd
St Swithun's School
510,000
983,917
50,000
50,000
40,000
6,000
50,000
40,000
77,950
Grants paid in the year
1176,0001
1641,8671
At 5 April 2023, approved grants unpaid
480,000
510,000
Grants falling due for payment within one year
130,000
130.000
Grants falling due for payment after one year
350,000
380,000
480,000
510,000
Staff costs and nuwnber5
There were no employees of the charity in the year to 5 April 2023 12022 - none).
10

The Malcolm Isaac Charitable Trust
Notes to the accounts for the year ended 5 Aprll 2023
Investments at market value
2023
2022
Balance brought fonvard
Addition5
Disposals
Change in market value in the year
2.594,1fg
503,469
1651,6941
1195,3811
?.,97Q.A62
107,317
1594, 5081
101,648
Balance carried down
2,250,513
2,594,119
Proceeds from sale of investment5
Disposals at cost
651,694
1542,2591
594, 508
1414,9101
Reali5ed siJrrJlii%
109.435
179.598
Gainllloss) on Tnvestment assets:
Unrealised gainslllosscs)
Reali5ed qainslllossesl
1304,8161
109,435
177,9501
179,598
1195,3811
101,648
All investments are held to provlde an investment return.
During the year the following investments exceeded 5% of the total investment value:
Guinness Asset Management Funds PLC
Findlay Park Funds PLC
JP Morgan Asset Management UK Ltd
AnalysTS of Investments by category of holdlng:
124,248
134,422
137,389
123,527
138,886
137,288
Fixed interest
Alternative Investments
Equitie5
214,480
439,731
1,596,302
280,711
492,243
1,821,105
2,250,513
2,594,119
11

The Malcolm Isaac Charitable Trust
Notes to the accounts for the year ended 5 April 2023
Investments at markct value <continuedl
Analysis of investmènts by location..
2023
2022
Investments held in the UK
Investments held outslde the UK
1,232,890
1,017,623
1.420,105
1,174,014
?,?4n.51.3
2,594,119
Debtors
2022
2021
Due within one year
Income lax repayrnent
441
441
441
441
Cash held
2023
2022
Smith & Williamson Investment Management
Investment Account
Divideiiij ALLUUlIt
39,149
27,424
35,510
16,680
66,573
52,190
10 Creditors:
2023
2022
Amounts falllng due wlth1n one year:
Grant5
Accountancy
Independent Examiner's fee
Investment Management fee
130,000
17,449
3,240
3,385
130,000
10,809
2,160
4,759
154,074
147,728
Creditors falllng duo after more than one yèar:
Grant5
350,000
380,000
12

The Malcolm Isaac Charitable Trust
Notes to the accounts for the year ended 5 Aprll 2023 (cont.)
11 Nel as5et5 of the fund5 of the charity
Net
currgnt
liabllltles
Fixèd
assets
Fund
balance
Unrestrfcted funds
2,250,513
1437,0601
1,813,453
2,250,513
1437,0601
1,813,453
12 Related party transactlons and Trustoos, remuneratlon and expens•g
No memhÈr af the Board of Trustees received any remuneratTon for his/her 5ervlces or
reimbursed expenses during the year end 5 April 202312022: none).
13 Taxation
As a charity, the Trust is cxempt from tax on income and gains falling within section 524
to SJ6 Income "i axes Act 2007 or S256 of Ihe Taxatlon of Chargeable Galn5 Act 1992 Lv Llie
extent that these are applTed to its charitable objects. Nn tax charges have arisen in the
charity.
13