s&w
The Malcolm Isaac Charitable Trust
Report and financial statements
For the year ended 5 April 2024

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

The Malcolm Isaac Charitable Trust
Trustees, report for the year ended 5 April 2024
The Trustees present their report and accounts for the year ended 5 April 2024. The accounts
have been prepared in accordance with the Deed of Trust and the recommendations of the
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 102) (effective 1 January 2019).
Reference and Administrative information
The following are trustees of the charity:
M J Isaac {deceased 17 September 2024)
S G Treherne (appointed 5 October 2016)
A C Bays (appointed 23 February 2018)
S M Fielder (appointed 13 January 2025)
M M Lowe (appointed 13 January 2025)
Chairman
M Jlsaac (deceased 17 September 2024)
The Principal Office of the charity is:
OnsLow House, Onslow Street, Guildford. GU14TL
Charity Number . 1064591
Structure, governance and management
The Trust is an unincorporated Trust, 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 £11JJ. The deed was 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 Isaac, appointed under the Trust Deed, and Simon Treherne
and Andrew Bays, who served as Trustee5 from 5 October 2016 and 23 February 2018 respectively.
The power of appointing new Trustees of the Charity is vested in the settlor during his lifetime.
The minimum number of Trustees is three individuals.
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 of votes cast at a meeting or by a
resolution signed by the Trustees.
Every Trustee has one vote at the meeting except the
chairman who has a second or casting vote.
The Trustees have the following power5 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 purposes as the Trustees shall think fit, in any part of the world.
to deposit or invest funds in any manner after taking advice on investing the funds from
a suitably qualified financial expert.

The Malcolm Isaac Charitable Trust
Trustees, report for the year ended 5 April 2024
to employ agents to transact any business on their behalf, provided that the Trustees
exercise reasonable supervision of any person or corporation employed by them, and that
all actions exercised by advisors on behalf of the Trustees are reported to them as soon
as possible.
The Board k￿pS the skill requirements for the trustee body under review. New Trustees would
be appointed if a current Trustee resigns.
Risk management
The Trustees have considered the major risks to which the Charity is exposed. They have
reviewed the risks and established systems and procedures to manage those risks.
The Trustees consider belng able to hold adequate funds to meet current ITabilities as constituting
the Charity's major risk. The Trustees consider that they hold adequate funds to meet current
liabilities. They have reviewed their procedures for the assessment of risk management and
consider that they have proper procedures in place.
Objectives and activities
The objects of the Charity are for the Trustees to apply the income and capital of the trust for
such charitable purposes as they shall see fit in any part of the world with a particular interest
in supporting medical and horticultural projects in the local area.
Achievements and performance
During the year, the trustees made discretionary payments of £50,000 to Hampshire Air
Ambulance in November 2023.
The Trustees made payments totaling £639,882 during the year towards their commitment of a
£1 million donation to St Swithun's School. The Trustees confirm this donation M￿t5 the public
benefit requirement rules.

The Malcolm Isaac Charitable Trust
Trustees, report for the year ended 5 April 2024
Financial review
Revenue received in the year comprised investment income received on the monies invested and
cash held.
As at 5 April 2024 the total funds held for the charity amounted to £1,734,732 {2023: £1,813,453).
This includes investment income of £61,090 {2023: investment income of £57,884).
Investment policy and performance
The Trustees. investment advisors submit quarterly investment reports which are reviewed at
Trustees, meetings. The investment advisors have been directed to seek a medium risk
approach with a balance of income and capital growth. The ultimate objective, being to
achieve a good level of income, rising above inflation over the medium to long-term, whilst
preserving the capital.
During the year ending 5 April 2024 the portfolio returned 7.09% whilst the comparator Strategy
5 index returned 11 .94%. By asset allocation, we outperformed the benchmark in fixed interest
due to timely investments around interest rate decisions, we also outperformed in UK equities.
However, we underperformed in overseas equities, which makes up a large part of the equity
allocation, and alternatives. The underperformance in overseas equites can be attributed to
our underweight exposure to North American equities over the period, which experienced
strong gains driven by Al excitement and the markets shift in preference from value to growth
stocks. Our position in BH Macro, a hedge fund which returned -13.98% made up the bulk of the
big underperformance in alternatives compared to the benchmark.
2023 was a difficult year for markets, high inflation data and the subsequent interest rate hikes
dampened spirits across the globe. Between April and November most equity market5 made
small gains if any at all. Only North America and Japan had any meaningful returns in the
months leading up to November, with Japan's gains largely coming from a very weak Yen. It IS
only from November onwards, due to fresh hopes that inflation was cooling, and we could
finally begin to see interest rate cuts, that markets began to experience robust gains. However,
these gains were short lived, as we entered the new year it soon became apparent that interest
rate cuts were further along the road than initially thought. This returned markets back to
their stagnant State until April. Once again, the only markets that Pushed through the
stagnation were North America and Japan, driven by Al fervour and a weak currency
respectively. The portfolio, being underweight these areas, did not manage to capture as much
of the return.
Looking forward, we have recently made changes to the portfolio, drawing down UK equitie5
and increasing the overseas equities exposure, most notably in North America. We have also
switched out of the lack lustre hedge fund, BH Macro, investing the proceeds into our more
preferred alternatives. With central banks now beginning to cut rates, our greater exposure to
North American equities and the Al theme clearly here to stay, we are optimistic for the rest of
2024 and into 2025.
Reserves policy
It is the intention of the Trustees to maintain the capital of the trust so as to provide a continuing,
and hopefully increasing, 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
confidence.

The Malcolm Isaac Charitable Trust
Trustees. report for the year ended 5 April 2024
Plans for future perlods
In addition to the commitments stated in 'achievements and perforrnance, above, the Trustees
have stated during the year that it is their intention to make charitable donations in the future
from trust funds and it is not the7r Fntention to hold the trust funds indefinitely. The Trustees
have considered the irnpact of covid-19 on the actlvity of the Trust and have concluded that the Tnjst
11 be able to continue to operate as planned for the foreseeable future. It is likely that the impact
of the pandemic will increase the needs of some charities and this may result in Increased grant
expendlture In the future.
Publlc beneflt
The princlples of public benefit, as defined by the Charity Commisslon, have been noted by
Trustees. The Trustees confirm having given regard to the Charity Commlssion's guidance and
state thelr bellef that the aims of the trust are to provtde Identiflable beneflts to the public.
Trustees, responslbllltles In relatlon to the flnanclal statement5
The Trustees are responsible for preparing the Trustees, Report and the financial statements in
accordance wlth appllcable law and regulations.
The law appllcable to CharStles In England and Wales requires the Trustee5 to prepare flnancial
statements for each financial year in accordance with United Kingdom Generally Accepted
Accounting Practlce Iunlted Klngdom Accountlng Standards and applicable regulations). Under
that law the trustees must not approve the flnancial statements unless they are satisfied that
they 87ve a true and fair view of the state of affalrs of the charity and of the Incomlng resources
and appllcatlon of resources of the charlty for that period.
In prepar5ng these financial statements, the trustees are required to:
Select suitable account7ng policies and then apply them conslstently;
Observe the methods and principles in the Charlties SORP;
Make Judgments and estimates that are reasonable and prudent.
State whether applicable accounting standards have been followed, subject to any
departures dlsclosed and explained In the financlal statements; and
Prepare the flnanclal statements on the golng concern basfs unless It Is Inapproprtate to
presume that the Charity will continue in operation.
The Trustees are respons1ble for keeplng accountlng records which dlsclose with reasonable
accuracy the financial position of the Charity and which enable them to ensure that the financial
statements comply with the Charitles Act 2011, the Charity (Accounts and Reports) Regulations
2008 and the provisions of the Trust Deed. The Trustees are responsible for safeguarding the
assets of the Charlty and hence for taklng reasonable steps for the prevention and detection of
fraud and other irregularities.
The Trustees Report was approved on 2 &. og Jf
and slgned on thelr behalf by Margaret Lowe, tntstee.

The Malcolm Isaac Charitable Trust
Independent examiner's report
I report to the charity trustees on my examination of the accounts of the charity for the year ended
5 April 2024 which are set out on pages 6 to 13.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance wth
the requirements of the Charities Act 2011 ('the Act,).
I report in respect of my examination of the charity's accounts carried out under section 145 of the
Act and in carrying out my examination I have followed all the applicable Directions given by the
Charity Commission under section 14515)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in
connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 130 of the Act. or
the accounts do not accord wth those records" or
the accounts do not comply with the applicable req￿rernents conceming the fomi and content of
accounts set out in the Charities (Accounts and Reports) Reaulations 2￿8 other than any
requirement that the accounts give a 'tnE and fair vie*V' which is not a matter considered as part
of an independent examination.
I hove no concerns and have come across no other matters in connection with the exomination to
which attention should be drawn in this report in order to enable a proper understandins of the
accounts to be reached.
Signed:
Susan Kumar ACA
Holden Granat LLP
Springfield House
23 Oatlands Drive
Weybridge
Surrey
KT13 9LZ
Date: 26 August 2025

The Malcolm Isaac Charitable Trust
Statement of financial activities for the year ended 5 April 2024
Unrestricted
Funds
2024
Unrestricted
Funds
2023
Notes
INCOME
Donations
Investment income
Interest on tax repayment
Income tax repayment
Total income
61,090
57,884
61,090
57,884
EXPENDITURE
Cost of raising funds:
Investment management COSts
12,511
13,164
Expenditure on charitable activities
Total expenditure
226,428
238,939
154,908
168,072
Net expenditure and net movement
in funds before gains and losses on
investments
(177,849}
(110,188)
Net gains/(losses) on investment
Net movement in funds
99,128
(78,721)
(195,381)
{305,569)
Total funds brought forward
1,813,453
2,119,022
Total funds carried forward
1,734,732
1,813,453
The notes on pages 8 to 13 form part of the accounts.

The Malcolm Isaac Charitable Trust
Balance sheet
2024
2023
Notes
Flxed assets
Investments
2,175,880
2,250,513
Current assets:
Debtor5
Cash
441
56,105
56,546
441
66,573
67,014
Total current assets
Llabllltles
Creditors falling due withln one year
10
147,694
154,074
Total current assets les5 current Ilabllltle5
(91.148)
187,060)
Credltors falling due after more than one year
10
350,000
350,000
Net current Ilabllltles
(441,148
(437,0601
Net a55ets
1,734,732
1,813,453
The funds of the charlty:
Unrestrlcted Trust Fund
1,734,732
1,813,453
Total charlty funds
11
1,734,732
1,813,453
The rK)tes at pages 8 to 13 to forni part of these accounts.
Approved by the Trustees on
and 51gned on thelr behalf by Margaret Lowe, trustee.

The Malcolm Isaac Charitable Trust
Notes to the accounts for the year ended 5 April 2024
Accounting policies
The principal accounting policies are summarised below.
Basis of preparation
The accounts have been prepared in accordance with The Financial Reporting Standard
applicable in the UK and Republic of Ireland {"FRS 102"), and with the Statement of
Recommended Practice applicable to charities preparing their financial statements 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.
Exemption
The charity has taken advantage of the following disclosure exemption in preparing these
financial statements, as permitted by the FRS 102.
the requirements of Section 7 Statement of Cash Flows.
Fund accounting
The funds held are unrestricted funds which are available for use at the discretion of the
trustees in furtherance of the general objectives of the trust and which have not been
designated for other purposes.
Going concern
The trustees are confident that the charity will 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 Activities when the trust
is legally entitled to the income and the amount can be quantified with reasonable
accuracy.
Income tax recoverable in relation to investment income is recognised at the time the
investment income is receivable.
Resources expended
All expenditure is accounted 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 consistent
with the use of the resources.

The Malcolm Isaac Charitable Trust
Notes to the accounts for the year ended 5 April 2024
Investments
Investments are stated at market value at balance Sheet date. Realised gains and 105ses
on investments, calculated on the difference betW￿n the sale proceeds and their cost are
credited or charged to the Statement of Financial Activities {SOFA) in the year of gains or
losses.
Unrealised gains and I055es representing the movement in the market values during the
year are credited or charged to the SOFA in the year of gains or losses.
Liabilities
Liabilities are recognised on the balance sheet as s￿n 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 status of the trust
The Charity is governed by a trust deed dated 1 August 1996 and is constituted as a
charitable trust.
Investment income
2024
2023
Interest on deposits
Investment income on investments held
61,090
57,884
61,090
57,884

The Malcolm Isaac Charitable Trust
Notes to the accounts for the year ended 5 April 2024
Expenditure on charitable activities
2024
2023
Independent examiner
923
1,080
Grants (note 5)
218,015
146,000
Accountancy fees
7,418
6,640
Legal fees
72
1,188
226,428
154,908
Grants to institutions approved in the year
2024
2023
At 6 April 2023, 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 Chester Memorial Trust Co Ltd
St Swithun's School
480,000
510,000
50,000
50,000
50,000
50,000
40,000
6,000
118,015
Grants paid in the year
{218,015)
{176,000)
At 5 April 2024, approved grants unpaid
480,000
480,000
Grants falling due for payment within one year
130,000
130,000
Grants falling due for payment after one year
350,000
350,000
480,000
480,000
Staff costs and numbers
There were no employee5 of the charity in the year to 5 April 2024 (2023 - none).
10

The Malcolm Isaac Charitable Trust
Notes to the accounts for the year ended 5 April 2024
Investments at market value
2024
2023
Balance brought forward
Additions
Disposals
Change in market value in the year
2,250,513
343,409
{517,170)
99,128
2,594,119
503,469
(651,694)
{195,381)
Balance carried down
2,175,880
2,250,513
Proceeds from sale of investments
Disposals at cost
517,170
{404,395)
651,694
{542,259)
Realised surplus
112,775
109,435
Gain/(loss) on investment assets:
Unrealised gains/ (losses)
Realised gains/(losses)
(13,647)
112,775
{304,816)
109,435
99,128
{195,381)
All investments are held to provide an investment return.
During the year the following investments exceeded 5% of the total investment value:
First Sentier Investors
Findlay Park Funds PLC
JP Morgan Asset Management UK Ltd
Brown Advisory Funds
Analysis of investments by category of holding:
114,717
146,883
137,995
120,320
109,603
134,422
137,389
106,946
Fixed interest
Alternative Investments
Equities
378,560
294,741
1,502,579
214,480
439,731
1,596,302
2.175,880
2,250,513
11

The Malcolm Isaac Charitable Trust
Notes to the accounts for the year ended 5 April 2024
Investments at market value (continued)
Analysis of investments by location:
2024
2023
Investments held in the UK
Investments held outside the UK
1,144,790
1,031,090
1,232,890
1,017,623
2,175,880
2,250,513
Debtors
2024
2023
Due within one year
Income tax repayment
441
441
441
441
Cash held
2024
2023
Evelyn Partners Investment Management
Investment Account
Dividend Account
26,089
30,016
39,149
27,424
56,105
66,573
10 Creditors:
2024
2023
Amounts falling due within one year:
Grants
Accountancy
Independent Examiner's fee
Investment Management fee
130,000
13,143
1,428
3,123
130,000
17,449
3,240
3,385
147,694
154,074
Creditors falling due after more than one year:
Grants
350,000
350,000
12

The Malcolm Isaac Charitable Trust
Notes to the accounts for the year ended 5 April 2024 (cont.)
11 Net assets of the funds of the charity
Net
current
liabilities
Fixed
assets
Fund
balance
Unrestricted funds
2,175,880
(441,148)
1,734,732
2,175.880
(441,148)
1,734,732
12 Related party transactions and Trustees, remuneration and expenses
No member of the Board of Trustee5 received any remuneration for his/her services or
reimbursed expenses during the year end 5 April 2024 (2023: none).
13 Taxation
As a charity, the Trust is exempt from tax on income and gains falling within section 524
to 536 Income Taxes Act 2007 or S256 of the Taxation of Chargeable Gains Act 1992 to the
extent that these are applied to its charitable objects. No tax charges have arisen in the
charity.
13