REGISTERED CHARrrY NUMBER: 205896 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 FOR THE DAVID ISAACS FUND Berringers LLP Chartered Accounlants and Registered Auditors Lygon House 50 Li)ndon Road Bromley Kent BR1 3RA
THE DAVID ISAACS FUND CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 30 SEPTEMBER 2023 Page Reference and Admlnlstratlve Detalls Report of the Trustees Rgport of the Independent Audllors ststomgnt of Flnanclal Actlvltle8 Balance She•t Noteg to the Flnan¢ial Slat•rnents 10 10 13 D8tall8d Statomgnt of Financlal Actlvltle8 14
THE DAVID ISAACS FUND REFERENCE AND ADMINISTRATIVE DAlLs FOR THE YEAR ENDED 30 SEPTEMBER 2023 TRUSTEES G P Branston {SIgned 611212023) D Brennan K Hammond S Holdham T Ikram A Jacobs (resHJned 711212022) V Lloyd {Vice President) J Newton (resigned 611212023) N Rimmer (resigned 711212022) D Sandhu A Sweet N Tempia IPresidenl) Dr Fwilcox D Wright (resigned 6112120231 S Heponslall (Tesigned 611212023) HRai L Ciecio'ra R W Johnson (resvjned 611212023) M Jabbitt T Gothey (resigned 711212022) P Goldspring A Pilling D Benjamin B Clarke S Deonarin8 (resigned 6112120231 N Minhas P Donegan M Oliver S Tumock (appointed 7112120221 N McLean (appointed 711W20221 S Kumar {appoinled 711212022) L Corrin lappoinled 7112120221 J Law lappoinled 611212023) M Bone {appointed 611212023) L McDonagh (appointed 611212023) C Jackson (appointed 6112120231 N Abdul-sayed {appoinled 6112120231 PRINCIPAL ADDRESS Unit 8 Twislelon Court Priory Hill Dartford Kent DA12EN REGISTERED CHARITY NUMBER 205896 INDEPENDENT AUDITORS Berringers LLP Chartered Accountants and Registered Auditors Lygon House 50 London Road Bromley Kent BR13RA Page 1
THE DAVID ISAACS FUND REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2023 BROKERS Barcfays Weailh 1 Churchill Place London E14 5HP BANKERS CAF Bank Ltd 25 Klngs Hill Avenue King5 Hill Wesl Malling Kent ME19 4JQ Pag8 2
THE DAVID ISAACS FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEP4lBER 2023 The Iruslees present their report wth the financial statements of the charity for the year ended 30 September 2023. The Iruslees have adopled the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to ¢harities preparing their accounts in a¢cordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 2019). OBJECTIVES AND ACTivrriES objectiv and alms The object of the charity is the relief of persons who are in need. hardship or distress who shall come to the attenlion of a District Judge or Coroner presiding at a Grealer London or City of London Magistrates Court or Coroners Court. Publi¢ bonrf The Iru$tees have had regard to Charity Commission guidance on public benefrt and consider thal the objectives. aims and achievements of the charity des¢ribed in the report enable il lo meet its duty to the Charity Commission as per section 17 of the Charitie$ A¢t 2011 and to the benefit of the public. Granl making policy Applications for grants are considered and approved by District Judges presiding in the Inner London area. When approved. the applications are aulhorised by the Secretary and paid. for the benefit of the applkanl, by the Treasurer. Grant applications in excess of £400 have lo be considered additionally by the President, Vice PSident and another trustee, who, f(K this purpose, are a duly etecled sub-committee, before payment 15 made. ACHIEVEMENT AND PERFORMANCE Ravi&w of actlvltles and achievements During the year income from investments amounted to £99,656 {2022 £92,055)- This was applied firstly lo meet administration expenses amounting lo £33,530 12022 £33,578) and then applied to grants lo indNiduals amounting to £92,439 {2022 £73,897) paid to beneficiaries. Grants lotalling £4,325 (2022 £6,348) were returned to the Fund as the money was no longer required. Grants paid to other charities tolalled £25.00012022: £15,000). The def1t of £46,998 (2022 deficit £23,906) has been added to the balances held in the Fund. Investments held by the Fund have been induded at the market value at 30 September 2023. During the year, investment disposals have realised 2 gain of £742 {2022 £1,360) over the market value at the beginning of the year and the remaining investments held at 30 September 2023 have given rise to a net surplus of £77,346 12022 defi¢it of £304,2441- The Trustees remain satisfied that the Fund has sufficient assets to meet ils objectives, as laid dosffi in the Rules, for the foreseeable future. Investment powers. policy and pèrforniance The investment strategy is set i)ul by the Injstees. on the basis that the primary objectNe Is a ba18nced portfolio subject lo a medium degree of rfsk and takes into account the expected demand for funds and the requirement lo maintain an adequate balance beeen capital growth and income. The trustees have chosen not to adopt fomal ethir21 investment pollcles. FINANCIAL REVIEW Reser¥es Th& Charity cannot expend the Pemianenl Endomnenl Fund, bul may apply the income from that fund to meet adrninistralion costs and lo fulfil the objects of the charity. The Generd Fund is available in it5 entirety to meet adminislr2tlon costs and the objects of the charity. Going COnM The trustees consider the charity a going concem and the accounts have been prepared on that basis. FUTURE PLANS The trustees will continue to consider grant applications for individuals brought lo the attention of District Judges or Coroners presiding in the Greater London area. Where surplus funds are available, the trustees will also consider applications from other charilies whose objectwes are similar lo those of ThÈ David lsaacs Fund. Page 3
THE DAVID ISAACS FUND REPORT OF THE TRUSTEES FOR THE YEAR ENOED 30 SEPTEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The David Isaacs Fund. a reglstered charity is consliluted under the will of David Isaacs and governed by a scheme approved by the Charity comM6ssn on 19th November 2002. Organl8atlonal structure Under the scheme approved by the Charity Commission on 19th Novemb8r 2002, the trustee$ are Dislricl Judges or Coroners presiding al Greater London or City of London Magistrates Court or Coroners Court that have applied lo be members of the David Isaac5 Fund. Trustees are elected al th& Annual General Meeting by the members and serve in office for one year. Rlsk managemont The trustees have examined the malor strategic business and operational risks that the charity faces and confirm that system5 have been established lo enable regular reports lo be produced so that the n5$ary steps can be tak8n to lessen these rlsks. STATEMENT OF TRUSTEES, RESPONSIBILrriES The Iruslees are responsible for preparing the Report of the Tnjstees and the financial slatemenl$ in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law appllcabl8 to charities in England and Wales, the Charities Act 2011, Charity {Accounlg and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the charity and of the incomlng resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial 8tstements, the trustees are required lo select suitable accounting policies and then apply them consislenlly.. observe the methods and principles in the Charity SORP,. make judgements and estimates that are reasonable and prudent.. prepare the financial statements on the going cortern basis unless it is inappropriate to presume that the charity will continue in business. Thfj Iruslees are responsible for keeping proper accounllng re¢ords lch disclose wllh reasonable accuracy at any time the financial position of the charity and lo enable them to ensure that the financial slalemenls ¢omply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of th8 trust deed. They are also resF)onsible for safeguardlng the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board of trustees on ...... .... - and signed on its behalf by-. N Templa- Trustee Page 4
REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF THE DAVID ISAACS FUND Oplnlon We have audited the financial statements of The David Isaacs Fund (the 'chariVI for the year ended 30 September 2023 which comprise the Statement of Financial Activities, the Balan¢e Sheet and notes lo the financial statements, including a summary of significant accounting policies. financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards (United Kingdom Generally kcepled AuntIng Practice). In our oplnion the financial statements.. give a true and fair view of the state of the tharitls affairs as at 30 September 2023 and of its in¢oming resources and application of resources, for the year then ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Ba$ls for oplnlon W8 conducted our audit in accordance with International Standards on Auditing IUKI (ISAS (UKII and applicable law. Our responsibilities under those slandards are further descTibed in the Audilors, responsibllities for the audit of the financial slalements section of our report. We are independent of the charity in accordance wllh the ethical requirements that are relevant to our audit of the financial statements in the UK. includlng the FRC'S Ethi1 Standard, and we have fUilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suFficienl and appropriate to provlde a basis for our opinion. Concluslons relatln9 to golng concern In auditing the financial statements, we have concluded that the trustees. use of the going Concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identrfied any material uncertainties relating to events or conditions thal. indwidually or collectively, may ca$t signrficanl doubt on the charivs ability to continue as a going ncern for a pertod of at least twelv8 months from when Ihe financial statements are authorised for issue. Ouf responsibililies and the responsibilities of the INstees with respect to going conrn are described in the relevant sections of this report. Other informatlon The trustees are responsible for the other infom)alion. The other infomiation comprises the Informatlon induded in the Annual Report, other Ihan the financial slalements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other inforniation and. except lo the extent otherwise eXpl1Y slated in our report, we do not express any form of assurance C£*nclusion Ihereon. In connection with our audit of the financial stalemenls, our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent wilh the financial statements or our knedge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the w)rk we have perfornied, we conclude that there is a material misstatement of thls other infomiation, we are required to report that fact. We have nothing to report in this regard. Matters on whieh w• ar• requlred to report by gxcèptlon We have nothing to report in respect of the following matters where the Charities (Accounts and Rep(wt5> Regulation$ 2008 requires us lo report lo you if, in our opinb)n'. the infomiation given in the Report of the Trustees is inconsistent In any material respect with the financial stalemenls,. or sufficient accounting records have not been kept,. or the financial ststemenls are not in agreement with the accounting records and retums,. or we have not received all the information and explanations we require for our audit. Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE DAVIDISAACS FUND Responslbllltl88 of trusteos As explained more fully in the Stslement of Trustees, Responsibilities, the trustees are responslble for the preparation of the finan¢ial $tatemenls which give a true and fair view, and for such Intemal control as the trustees delem)ine is necessary lo enable the preparation of financial slalements that are free frimm material missta18menl, whether due lo fraud or error. In preparing the finan¢ial statements, the trustees are responsible for assessing the ¢haritYs ability lo continue as a going concern, disdosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees eith intend lo liquidate the charity or lo Cease operations, or have no realistic allemalive bul to do $0. Auditors. responslblliti•s for th• audit of the financial statements We have been appointed as auditors under Section 145 of the Charities Act 2011 and report in aGwrdan¢e with the Act and relevant regulatson$ made or haviThJ effect Ihereunder. Our objectives are lo obtain reasonable assurance about whethei the financial ststements as a whole are free from material misstatement. vthelher due to fraud or error, and lo issue a Report of the Independent Auditors that includes OLtr opinion. Reasonable assuran is a high level of assurance, bul is not a guarantee that an audit conducted in accordan¢e with ISAS (UK) will always detect a material misstatement when it exists. Misslatemenls 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. The extent lo which our procedures are capable of detecting irregularits'es, including fraud is detailed below= In idenlfying and assesslng rfsks of materlal misstalement in respect of irregulartties. including fraud and eOr, we considered the following: - the nature of the industry, control environment and business performance.. - results of our enquiries to management about their own assessment of the risks of fraud and error.. - the matters discussed among the audit engagement team regarding how and where fraud may occur in the finanGial stslemenls and any potential indicators of fraud. Our procedures lo respond to risk indude the fcAlowing.' reviewng the financial statement disclosures and lesling to supporting do¢umentalion,' perfoming analytical procedures lo identify any unusual or unexpected areas that may indicate risks of material misstatement due to fraud or error., addressing th& risk of fraud and error through management override of conlrols, testing the appropriateness of journals. assessing ether the judgements made in making accounting estimates are indicative of a potential bias,. and evaluating the business rationale of any significant transactions that are unusual or outside Ihe normal course of business. A further description of our responsibilities for the audit of the financial statements is Ioc21ed on the Financial Reporting Council's website al www.frc.org.ukJaudilorsresponsibililies. This description forms part of our Report of the Indep8ndenl Auditors. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ThE DAVID ISAACS FUND Use of our r•port This report is made solely to the charitys trustees. as a body. in accordance with Part 4 of the Charities {Accounts and Reports) Regulatlons 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to stsle lo them in an auditors, report and for no other purpose. To the fulle51 extent permitted by law. we do not accept or assume responsibilrty lo anyone other than the charity and the charivs trustees a5 a body. for our audit work. for this feport, or for the opinions we have formed. erringers LLP Charted Accountants and Regislered Auditors Lygon House 50 London Road Bromley Kent BR1 3RA Date.. Page 7
THE DAVID ISAACS FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEFfEMBER 2023 3019123 Total nds 3019122 Totsl fvnds unre$trf¢ Endowment fund fvnd Notes INCOME AND ENDOWMENTS FROM Investment income 99,656 92,055 EXPENDrruRE ON Raising funds 9.358 9,358 9,726 Charitable actlvltles Grants payable 113,114 113,114 82,369 Other 24,172 24,172 23,866 Total resourc éxponded 146.644 146,644 115,961 Net incomingloutgolng resources Before other recognlsed galns and loss•s 146,988) (46,988) (23.906) Realised Unrealised 156 16,125 742 76.604 1,360 {305,6041 60,479 Net movement In funds (30,7071 61.065 30,358 (328,1501 Total funds brought forward 680.359 2,432,880 3,113.239 3.441,389 TOTAL FUNDS CARRIED FORWARD 649,652 2,493,945 3 143,597 3,113,239 The not8s fom7 part ofth8se finanaal statsm6nts Page 8
THE DAVID ISAACS FU14D BALANCE SHEEr 30 SEPTEMBER 2023 3019123 Total ffijnds 3019122 Total fvnds unrest1K Endowmgnt fvryj fvnd Notes FIXED ASss Investments 655,144 2,457,767 3,112,911 3.043.698 CURRENT ASSETS Cash at bank 10.453 36,21 S 89,477 CREDITORS Amounts falling due within one year {15.982) 115,982) 119.936) NET CURRENT ASSETS 5,5291 36,215 30,686 69.541 TOTAL ASSEfs LESS CURRENT LIABILITIES 649,615 2,493,982 3,143,597 3,113,239 NEf ASSErs 649,615 2.493.982 3.143,597 3,113,239 FUNDS Unrestricted funds Endowment fund$ 649.615 2,493.982 680,359 2,432,880 TOTAL FUNDS 3.143.597 3,113,239 The financial stslements were approved by the Board of Trustees and aulhorised for issue on nd were signed on its behalf by. N Templa- Tnjslee V Lloyd- Trus E Ciuda- Treasurer The notes fonn part ofthos& ffinanoal statements PwJ8 9
THE DAVID ISAACS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financial statements of the charity, which is a public benefit enlily under FRS 102, have been pr6pared in accordance with the Charities SORP IFRS 102} 'Accounling 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 102) (effective 1 January 20191,, Financial Reporting Standard 102 The Financial Reporting Standard applicable In the UK and Republi¢ of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical Cost convention, with the exception of inveslmenls which are included at market value, as modrf*d by the revaluation of certain assets. INCOMING RESOURCES Grants. induding grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are receivable. Income from investments is included in the year in which is recewable, wholly In the general fund. RESOURCES EXPENDED Charitable activities consist of grants payable and are accrued when authorised. Expenditure is included on an ac¢rua15 basis. Costs of generating funds comprise those costs directly attributable to managing the Investment portfolio and raising investment income aThJ they are split on the same basis as the historic value of the investmenls. Support costs include those Incurred in the governanc8 of the Charity and its assets and all late lo the charitable activities. Grants offered subject to conditions whlch have not been mel at the year end date 8re noted as a commitment but not accrued as expendllure. TAXATION The charity is exempl from tax on its charitable a¢tivitle$. FUNDS Unrestricted funds comprise those furKls that the Trustees are flee lo use in accordance th the haritsble objects. The Permanent Endowment fund repre5enls Ihose assets that musl be held pem)anenlly by the charity, principally investments. Income arising on the Permanent Endowment fund can be used in accordance with the objects of the chartiy os unrestricted. Any capital gains or losses arising on the investments form part of the specffjic fund. Investment management charges and leg81 advti relating to the fund are charged against the specFfic fund at the agreed ratio. INVESTMENTS Fixe(l asset investments are stated al mid market value al the balance sheet dale. All the inveslments are UK listed. INVESTMENT INCOME 3019123 3019122 Other fLxed asset invest- Fll Deposit account interest 98,837 819 91,914 141 99.656 92,055 Pag8 10 continued...
THE DAVID ISAACS FUND NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnuod FOR THE YEAR ENDED 30 SEPTEMBER 2023 GRANTS PAYABLE 3019123 3019122 Grants payable 113,114 82,369 Charities Clothing Fumilure Other household equipment TTr)Is Tuition other grants 25,000 9.672 15,512 9,754 10.145 47.050 306 117.439 15,000 11,274 22,638 11,278 2,838 24,630 88,897 Deduct gran15 returned 113.114 82,369 Grants payable to ChitiO$ Changing Tun8S Bede Hous8 Association Prison Advice and Care Trusl The Roundhouse The Penelope Project Prisoners Advice ServKe 4.000 5.000 6.000 5,000 7,500 5,000 2,500 25 000 Grants payable lo individuals 92.439 73,897 OTHER RESOURCES EXPENDED Cost of Generating Funds Charitabl¢ tivitlos Support Costs 2023 Investment managemenl Grants payable Secretarial ¢o$ts Insurance Accountancy fees Audit fees Interest and charges 9.358 9,358 117,439 10,618 450 7200 5690 214 150,969 117,439 10.618 450 7.200 5.690 214 24,172 9.358 117.439 Deduct grants retumed 113114 Cost of Goneratlng Funds Charltable Actlvltles Support Costs 2022 Investment management Grants payable Secretarial costs Insurance Accountancy fees Audit fees Interest and charges 9,726 9.726 88.897 10.697 450 7.200 5.320 88,897 10.697 450 7,200 5.320 9.726 88.897 23,866 122,489 Deduct grants returned PwJg 11 conlbnued...
THE DAVID ISAACS FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023 STAFF COSTS The average number of part lime members of staff was one 12022 - one part time member of staff) who was employed almost entirely on dealing th grant appli¢alions. Wages and salaries linduding expenses) £10,618 {2022 £10,697> Trustees received no remuneration {2022 £NIL) and were not reimbursed for any of their 8xpense5 in the year12022 £NILI. No employee received emoluments of over £60.000 during the year12022 NIL). There were no Key Management employees during the year (2022 NIL). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES UnrestriLtsd lund Endo¥wnent fvnd Total funds INCOME AND ENOOWMENTS FROM Investment income 92.055 92,055 EXPENDuRE ON Raising funds 9.726 9.726 Charitable activities Grants payable 82,369 82,369 Olher 23.866 23,866 Total 115,961 115,961 Nel gainslllossesl on investments 64,043) 240,201 304,244) NEf INCOMEI(EXPENDITURE) {87,9491 1240.2011 {328.150) RECONCILIATION OF FUNDS Total funds brought forward 768,308 2,673,081 3,441.389 TOTAL FUNDS CARRIED FORWARD 680,359 2 432 880 3113239 Page 12 conlinued...
THE DAVID ISAACS FUND NOTES TO THE FINANCIAL STATEMENTS- continuod FOR THE YEAR ENDED 30 SEPTEMBER 2023 FIXED ASSET INVESTMENTS Pemianenl Endowment Fund General Fund Listed Inv8slments MARKEf VALUE At 1 October 2022 Additions Disposals al markel value Realised gain on disposal 2,403,123 640,575 3,043,698 16,421) 11,712) 156 18,133> 742 Unrealised gainllloss) on revaluation 76,604 AI 30 September 2023 3,112911 There were no investment assets outside the UK. Investments which Gonstiluted more than 5% of the total inveslment holding, are as follows: Bardays Charity R Distribution £3,112.911 1000 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3019123 3019122 Bank loans and overdrafts (see note 111 Other credilors 7.612 8,095 11,841 19,936 LOANS An analysis of the malurty of loans is given below.. 3019123 3019122 Amounts falling due within one year on demaThJ'. Bank overdrafts 7,612 8,095 10. RELATED PAR DISCLOSURES There were no related party transactions for the year ended 30 September 2023. Pag¢ 13