The Malcolm Isaac Charitable Trust
Charity registration number: 1064591
Report and unaudited financial statements For the year ended 5 April 2025
The Malcolm Isaac Charitable Trust
Contents
| Page | |
|---|---|
| Report of the Trustees | 1 - 4 |
| Report of the Independent Examiner | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 13 |
Charity Registration No. 1064591
The Malcolm Isaac Charitable Trust
Trustees’ report for the year ended 5 April 2025
The Trustees present their report and accounts for the year ended 5 April 2025. 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)
The Principal Office of the charity is: Onslow House, Onslow Street, Guildford, GU1 4TL
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 £100. 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 Simon Treherne and Andrew Bays, who served as Trustees from 5 October 2016 and 23 February 2018 respectively. Margaret Lowe and Susan Fielder were both appointed trustees during the year on 13 January 2025. 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.
The Trustees have the following powers under the Trust Deed:
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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.
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to deposit or invest funds in any manner after taking advice on investing the funds from a suitably qualified financial expert.
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The Malcolm Isaac Charitable Trust
Trustees’ report for the year ended 5 April 2025
- 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 keeps the skill requirements for the trustee body under review. New Trustees would be appointed if a current Trustee resigns. Trustees are appointed by the existing trustees as a properly convened meeting.
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 being able to hold adequate funds to meet current liabilities 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 the Hampshire Air Ambulance and Rosemary Foundation in January 2025.
During the year, a Nuffield Scholarship grant commitment of £100,000 was reversed. This was a historic commitment that will no longer fall due.
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The Malcolm Isaac Charitable Trust
Trustees’ report for the year ended 5 April 2025
Financial review
Revenue received in the year comprised investment income received on the monies invested and cash held.
As at 5 April 2025 the total funds held for the charity amounted to £1,737,165 (2024: £1,734,732). This includes investment income of £61,791 (2024: investment income of £61,090).
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.
Over 12 months from April 2024 to April 2025, the portfolio returned -2.42% vs the benchmark of -2.98%. We use the ARC (Asset Risk Consultants) Private Client Indices as our new primary benchmark. This benchmark gives us an insight into the actual returns generated by over 100 wealth managers, including Evelyn Partners, allowing us to review performance against our peers. The beginning of April was marred by Donald Trumps ‘Liberation Day’ tariffs, whereby the US applied large tariffs to some of its biggest trading partners. These tariffs fuelled geopolitical uncertainty and further inflation fears which caused markets, and ergo portfolios, to sell off massively.
We managed to protect the portfolios performance relative to the benchmark due to strong investments in fixed interest and alternative assets. These investments include but are not limited to; UK and US sovereign debt, short-dated corporate bonds, a plethora of hedge funds, as well as real asset investments such as infrastructure and property. These types of investments provide a low-to-negative correlation with equity markets, diversifying the portfolio and bestowing a degree of protection in times of volatility. Our robust weightings to equities in other western countries such as the UK, Europe and Japan also aided performance as investors looked away from US markets in the face of Donald Trumps ever-changing mind on US economic policy.
Markets have returned to calm waters since April and most major global stock indices are up double digits on the year. A diversified portfolio such as the Charitable Trust has benefitted greatly from this, and planned future changes are few. We are content with the current asset allocation. The UK has performed well for the aforementioned reasons, so we will explore the idea of taking some profits here and adding further to the US, as we still believe this is a better market for long term growth.
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.
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The Malcolm Isaac Charitable Trust
Trustees’ report for the year ended 5 April 2025
Plans for future periods
In addition to the commitments stated in ‘achievements and performance’ 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 their intention to hold the trust funds indefinitely.
Public benefit
The principles of public benefit, as defined by the Charity Commission, have been noted by the Trustees. The Trustees confirm having given regard to the Charity Commission’s guidance and state their belief that the aims of the trust are to provide identifiable benefits to the public.
Trustees’ responsibilities in relation to the financial statements
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
The law applicable to Charities in England and Wales requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgments and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ensure that the financial statements comply with the Charities 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees Report was approved on 05/02/2026
and signed on their behalf by Margaret Lowe, trustee.
Margaret Lowe
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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 2025 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 with 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 145(5)(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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Susan Kumar
Susan Kumar ACA Holden Granat LLP
Springfield House 23 Oatlands Drive Weybridge Surrey KT13 9LZ
Date: 05/02/2026
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The Malcolm Isaac Charitable Trust
Statement of financial activities for the year ended 5 April 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| Funds | Funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| INCOME | |||
| Investment income | 3 | 61,791 | 61,090 |
| Total income | 61,791 | 61,090 | |
| EXPENDITURE | |||
| Cost of raising funds: | |||
| Investment management costs | 13,112 | 12,511 | |
| Expenditure on charitable activities | 4 | 5,095 | 226,428 |
| Total expenditure | 18,207 | 238,939 | |
| Net expenditure and net movement | |||
| in funds before gains and losses on | |||
| investments | 43,584 | (177,849) | |
| Net (losses)/gains on investments | 7 | (41,151) | 99,128 |
| Net movement in funds | 2,433 | (78,721) | |
| Total funds brought forward | 1,734,732 | 1,813,453 | |
| Total funds carried forward | 11 | 1,737,165 | 1,734,732 |
The notes on pages 8 to 13 form part of the accounts.
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The Malcolm Isaac Charitable Trust
Balance sheet
| Notes Fixed assets Investments 7 Current assets: Debtors 8 Cash 9 Total current assets Liabilities Creditors falling due within one year 10 Total current assets less current liabilities Creditors falling due after more than one year 10 Net current liabilities Net assets The funds of the charity: Unrestricted Trust Fund Total charity funds 11 |
2025 2024 £ £ 2,092,108 2,175,880 441 441 17,455 56,105 17,896 56,546 52,839 147,694 (34,943) (91,148) 320,000 350,000 (354,943) (441,148) 1,737,165 1,734,732 1,737,165 1,734,732 1,737,165 1,734,732 |
|---|---|
The notes at pages 8 to 13 to form part of these accounts.
Approved by the Trustees on 05/02/2026
and signed on their behalf by Margaret Lowe, trustee.
Margaret Lowe
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The Malcolm Isaac Charitable Trust
Notes to the accounts for the year ended 5 April 2025
1 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.
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The Malcolm Isaac Charitable Trust
Notes to the accounts for the year ended 5 April 2025
Investments
Investments are stated at market value at balance sheet date. Realised gains and losses 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 of gains or losses.
Unrealised gains and losses 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 soon 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.
2 Legal status of the trust
The Charity is governed by a trust deed dated 1 August 1996 and is constituted as a charitable trust.
| 3 Investment income Investment income on investments held |
2025 £ 61,791 61,791 |
2024 £ 61,090 61,090 |
|---|---|---|
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The Malcolm Isaac Charitable Trust
Notes to the accounts for the year ended 5 April 2025
| 4 Expenditure on charitable activities Independent examiner Grants (note 5) Accountancy fees Legal fees 5 Grants to institutions approved in the year At 6 April 2024, approved grants unpaid Grants approved in the year Air Ambulance Rowans Hospice Rosemary Foundation St Swithun’s School Nuffield Scholarships Grants paid in the year At 5 April 2025, approved grants unpaid Grants falling due for payment within one year Grants falling due for payment after one year |
2025 £ 1,428 - 3,595 72 5,095 2025 £ 480,000 50,000 - 50,000 - (100,000) (130,000) 350,000 30,000 320,000 350,000 |
2024 £ 923 218,015 7,418 72 226,428 2024 £ 480,000 50,000 50,000 - 118,015 - (218,015) 480,000 130,000 350,000 480,000 |
|---|---|---|
6 Staff costs and numbers
There were no employees of the charity in the year to 5 April 2025 (2024 – none).
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The Malcolm Isaac Charitable Trust
Notes to the accounts for the year ended 5 April 2025
| 7 | Investments at market value | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Balance brought forward | 2,175,880 | 2,250,513 | |
| Additions | 202,220 | 343,409 | |
| Disposals | (244,841) | (517,170) |
|
| Change in market value in the year | (41,151) | 99,128 |
|
| Balance carried down | 2,092,108 | 2,175,880 | |
| £ | £ | ||
| Proceeds from sale of investments | 244,841 | 517,170 | |
| Disposals at cost | (239,198) | (404,395) | |
| Realised gains | 5,643 | 112,775 | |
| Gain/(loss) on investment assets: | |||
| £ | £ | ||
| Unrealised gains/(losses) | (46,794) | (13,647) | |
| Realised gains/(losses) | 5,643 | 112,775 | |
| (41,151) | 99,128 | ||
| 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 | 109,694 | 114,717 | |
| Findlay Park Funds PLC | 132,610 | 146,883 | |
| JP Morgan Asset Management UK Ltd | 138,667 | 137,995 | |
| Brown Advisory Funds | 100,949 | 120,320 | |
| Guinness Asset Management | 110,180 | 114,987 | |
| Invesco Markets III PLC | 132,401 | 139,069 | |
| Analysis of investments by category of holding: | |||
| £ | £ | ||
| Fixed interest | 385,005 | 378,560 | |
| Alternative Investments | 284,297 | 294,741 | |
| Equities | 1,422,806 | 1,502,579 | |
| 2,092,108 | 2,175,880 |
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The Malcolm Isaac Charitable Trust
Notes to the accounts for the year ended 5 April 2025
| 7 | Investments at market value (continued) | ||
|---|---|---|---|
| Analysis of investments by location: | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Investments held in the UK | 994,084 | 1,144,790 | |
| Investments held outside the UK | 1,098,024 | 1,031,090 | |
| 2,092,108 | 2,175,880 | ||
| 8 | Debtors | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Due within one year | |||
| Income tax repayment | 441 |
441 | |
| 441 |
441 | ||
| 9 | Cash held | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Evelyn Partners Investment Management | |||
| Investment Account | 2,376 | 26,089 | |
| Dividend Account | 15,079 | 30,016 | |
| 17,455 | 56,105 | ||
| 10 | Creditors: | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts falling due within one year: | |||
| Grants | 30,000 | 130,000 | |
| Accountancy | 16,738 | 13,143 | |
| Independent Examiner’s fee | 2,856 | 1,428 | |
| Investment Management fee | 3,245 | 3,123 | |
| 52,839 | 147,694 | ||
| Creditors falling due after more than one year: | |||
| Grants | 320,000 | 350,000 |
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The Malcolm Isaac Charitable Trust
Notes to the accounts for the year ended 5 April 2025 (cont.)
11 Net assets of the funds of the charity
| Unrestricted funds | Fixed assets £ 2,092,108 2,092,108 |
Net current liabilities £ (354,943) (354,943) |
Fund balance £ 1,737,165 1,737,165 |
|---|---|---|---|
12 Related party transactions and Trustees’ remuneration and expenses
No member of the Board of Trustees received any remuneration for his/her services or reimbursed expenses during the year end 5 April 2025 (2024: 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.
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