THE JACOBS CHARITABLE TRUST (Registered Charily Number: 264942) TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 r RAWLINSON & HUNTER
THE JACOBS CHARITABLE TRUST TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 CONTENTS Page Trustees, Annual Report Independent Auditor's Report ststement of Financial Activities (including Incom8 and Expenditure Account) Balance Sheet 10 Statement of Cash Flows Notes to the Financial Statements 12-16
Page 1 THE JACOBS CHARITABLE TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED S APRIL 2025 The trustees submit their report and independently audited financial statements of The Jacobs Charitable Trust {"the Trust" or'lhe Charity.) for the year ended 5 April 2025. These have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charily's Trust Deed and applicable law. The financial statements comply wilh the Charities Act 2011 an(J where relevant, the Charities Act 2022. the Charity's Trust Deed dated 14 November 1972 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 issued in October 2019 ('Charities SORP FRS 102.). REFERENCE AND ADMINISTRATIVE DETAILS The Jacobs Charitable Trust (registered charity number 264942>, is based and administered in the United Kingdom. Th8 r8gist8r8d address is clo Taylor Wessing LLP. 5 New Street Square, London. EC4A 3TW. The names of the Irustees who served during the year and conlinue lo serve at the date of this report are: Richard Benjamin Grosse Andrew Denys Hine Independent Auditor Rawlinson & Hunter Audit LLP Eighth Floor, 6 New Street Square, New Fetter Lane, London. EC4A 3AQ Accountants: Rawlinson & Hunter LLP Eighth Floor, 6 New Slreet Square. New Fetter Lane, London, EC4A 3AQ Investment Manager: Canaccord Wealth 88 Wood St, Barbican. Lonéon EC2V 7QR Principle Bankers: Coutts 440 Strand, London WC2R OQS Solicitors: Taylor Wessing LLP 5 New Street Square, London, EC4A 3TW
Page 2 THE JACOBS CHARITABLE TRUST TRUSTEES, ANNUAL REPORT (contlnued FOR THE YEAR ENDED 5 APRIL 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT The Jacobs Charitable Trust is constituted under a Trust Deed dated 14 November 1972 by the settlor, Lord Jacobs. It is a registered charity no. 264942. The management of the Charity is conducted solely by the trusteas. The Irustees, investment PDwers are unrestricted. There is to be a minimum of two trustees at any one time. The trustees formally meet al least twice a year. All trustees give their time freely and no trust8e receiv8d remuneration in the year. The power to appoint additional trustees or remove existing Irustees is vesled in a majority, for the time being, of the trustees. Where there is a requirement for new truslees, these would be identified and appointed by the remaining trustees. Trustees Induction and Tralnlng Should new trustees be appointed an induction process would be carried out. other trustee training is undertaken as and when appropriate. All IrLJslees are kepl infomied at meetings of their duties and obligations under the law in addition to their proper conduct. All trustees are aware of their le981 obligations under Charities Act 2011 and, where relevanl, the Charities Act 2022. Trustees, Responslbllltles Statement The trustees are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the truslees to prepare financial stalemenls for each financial period which give a true and fair view of the slate of affairs of the Charity and of the incoming resources and applicalion of resources of the Charity for that period. In preparing these financi81 statements, the trustees are required to.. select suitable accounting poii¢ie¥ and then apply them coiisistently., observe the methods and principles in the Charities SORP FRS 102- make judgements and estimates that are reasonable and prudent., slate whethèr applicable United Kingdom accounting standards have been followed, subject to anv material departures disclosed and exDlained in the financial statements.. and prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonabl8 accuracy al any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and where relevant, Ihe Charities Act 2022. the Charily (Accoiints and Reportsj Regulations 2000 and the provisions of the I i ust Deed. They are also responsible for safeguarding the assets of the Charity 8nd hence for taking reasonabl8 steps for th8 prevention and detection of fraud and other irregularities. Disclosure of information to Auditor In so far as Ihe trustees are aware.. thére is no relévant audit information of which the Charity's auditor is unaware; and the Iruslees have taken all steps thal they ought lo have taken lo make themselves aware of any relevant audit infomiation and to establish that the auditor is aware of that infomiation.
Page 3 THE JACOBS CHARITABLE TRUST TRUSTEES, ANNUAL REPORT {contlnued) FOR THE YEAR ENDED 5 APRIL 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Internal Controls The trustees have overall responsibility for ensuring that the Charity has appropriate systerns of intemal controls. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial position of the Charity. The trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable slep5 towards the prevention and detection of fraud. The system ol internal controls is designed to provide reasonable, but not absolute, assurance against material misstatèment or loss. Risk Managemenl and Govemance A risk assessment has been undertaken which comprises.. an annual review of the risks the Charity may face,. Ihe establishment of systems and procedures to miligale those risks., and the implemenlation of procedures designed lo minimise any potential impact on the Charity should those risks materialise. This continuing process will identify risk areas to which the Trust is vulnerable and highlighl any necessary safegL¢ards that will need lo be put in place. No major risks were identified at the date of these financial statements. In addition. the Iruslees have taken due consideration of Good Governance A Code for the Voluntary and Community Sector, ensuring Ihat the seven main principles of the Code are adhered to. These are.. Organisational purpose., -eaderS,1p., Integrity., Decision-making, risk and control- Board effectiveness; -qua5ity, diversity and inclusion- and Openness and accessibility. The trustees recognise that good governance plays an essential part in securing the future ol the Charity and confirm that the said main principles of the Code are followed by them in leading, directing and managing the Charity.
Page 4 THE JACOBS CHARITABLE TRUST TRUSTEES, ANNUAL REPORT {continued} FOR THE YEAR ENDED 5 APRIL 2025 OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The objectives of the Charity are lo carry out suth legally charitab18 purposes and in such manner in all respects as the truslees may in iheir absolute discretion think fit. Grant Making Policy The Trust makes charitable donations to various organisations as they Gonsider appropriate for the objectives of the Charity. Statement of Public Benefit In meeting the objectives the trustees have given careful consideration to the Charity Commission's general guidance on public benefit and judge that all donations made meet this guidance. The trustees are aware of the Charity Commission guidance on Public Benefit and confirm Ihal they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to it. They consider that the infomiation which follows in this annual report about the Trust's aims, activities and achievements in the areas of interest that the Trust supports, demonstrates the benefit lo its beneficiaries and through them to the public. ACHIEVEMENTS AND PERFORMANCE Charitable Activities The Trust received distributions from the estate of Lord Jacobs in the period to 5 April 2025. The trustees made twelve donations during the year lo eleven organisations as set out in the notes lo the accounts, tolalling £289,T50 (2024.. one donation tofalling £22,483). The trustees have adopted the approach of making charitable donations to various UK based charities, in line with the charities which Lord Jacobs supported in his lifetime. The trustees have decided lo focus the donations to UK charities engaged in the education sector, particularly relating lo Holocaust education and combatting anti-semilism. The Iruslees hav8 SUPPOrted °Changing Perspectives-, a charitable am of UK Jewish Film and as well as expanding their operational aclivities, it has agreed to fund four short educational films. The trustees will look for opportunities to further support this sector whilsl still making donations lo othér UK based charities. FINANCIAL REVIEW The Charity received income totalling £1,066,915 during the year (2024.. £1,581,238} which comprised inveslment portfolio income. bank interest and distributions from the estate of Lord Jacobs. The trustees have the power to make any investment which they see fil. The trustees consider it prudenl to rétain all funds in cash bul have placed funds in fixed term deposits with maturities of less than a year. During the year the Trustees ip,vesled £1,000,000 with Canaccord Wealth. The purpose of the investment was to protect the capital value of the Irusl against inflation whilsl providing a modest income stream to further the charitable objects. During the year investment income of £17,865 was recognised whilst the Trust paid £8.893 to acquire accrued interest. The portfolio realis8d capital gains of £247 on inveslment sales and appreciated £1,778. The trustees are salisfied with the perfomance.
Page 5 THE JACOBS CHARITABLE TRUST TRUSTEES, ANNUAL REPORT Icontlnued) FOR THE YEAR ENDED 5 APRIL 2025 FINANCIAL REVIEW (continued Charitable activitie5 for the year lotalled £304,350 12024.. £40.1061 and cotnprise grants of £289,750 12024: £22.483} and support costs of £14,600 {2024.' £17,623). Support costs include governance costs (principally audit and statutory compliance costs) and relate lo the administration of the Charity. Reserves Policy The truslees have examined the Charity's requirements for resources in light of the main risks to Ihe organisation and have no outstanding commitments or cash demands that are not adequately covered by existing resources. The net assets of the Charity are regarded as free reserves and the available funds at 5 April 2025 will be retained to make grants in accordance with the Charity's charitable objects and any policies. The trustees consider that the freely expendable funds are appropriate and adequate t8king into account plans for granls to be awarded in the future and therefore have at present not designated any specific reserves. However, the trustees will keep this under constant review. In future years a SP8cific reseeS policy will be adopted. The balance held as unrestricted funds as at 5 April 2025 was £2,225,234 (2024.. £1,461,077} PLANS FOR THE FUTURE The legal proceedings relevant to the Estate of Lord Jacobs wer8 complet@d during the year to 5 April 2024 and Ihe Administrator of the Estate is in the process of finalising the estate administration. Interirn distributions from the Estate totalling £2,565.865 {2025.' £1.000,000, 2024.. £1,565.865) have been received by the trustees, and it is anticipated that a residual distribution will be received once the adminislration of the Estate has been concluded. The trustees intend to utilise funds from th8 Estate to provide grants to other charities similar to Ihose supported by the Charity during the lifelime of Lord Jacobs but retaining flexibility as to the liming and scale of grant aking. Approved by the trustees and signed on their behalf by= 27 January 2026 Date Trustee
Page 6 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE THE JACOBS CHARITABLE TRUST Opinion We have audited the financial statements of The Jacobs Charitable Trust 1.the Charity.) for the year ended 5 April 2025 which comprise Ihe Statement of Financial Activities (including Income and Expenditure), Balance Shget, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in th8 UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statemenls.. give a true and fair view of Ihe state of the Charity's affairs as al 5 April 2025 and of ils incoming resources and application of resources. including its income and expenditure, for the year then ended,. have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Charities Act 2011 and where applicable, the Charities Act 2022. Basis for opinlon We conducted our audit in accordance wilh International Standard5 on Auditing IUKI (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independenl of Ihe Charity in accordance wilh the 6thical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Councils Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe Ihat the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In audiling the financial slalements, we have concluded that Ihe trustees, use of the going concem basis of accountin9 in the preparation of the financial slatemènts is appropriate. Base(S on the work we 11ave perforrned. we nave not identified any maierial uncertainiSes reiatlng 10 events or conditions that, individually or collectively, may cast significanl doubt on the Charity's ability lo continue as a going concern for a period of at least twelve months from when the financial slalements are authorised for issue. Our responsibilities and Ihe responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustèes are responsible for the other information. The other information comprises the information included in the Trustees, Annijal Repnrt and Financial Statp.ments, other than the financial 8lalemenls and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assuran conclusion Ihereon. In connection wrth our audil of the financial statements. our responsibility 15 to read the other information and. in doing so, consider whether the other information is materially inconsistent with the fi'nancial statements or our knowledge obtained in the course of lh& audil or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a materi81 misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomation, we are required to report that fact. We hav8 nothing to report in this regard.
Page 7 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE THE JACOBS CHARITABLE TRUST (continued) Ilatters on which we are required lo report by exception We have nothing lo report in respect of the following matters in relation to which the Charities {Accounts an(f Reports) Regulations 2008 require us lo report to you if, in our opinion: the information given in Trustees, Annual Report is inconsistent in any material respect with the Financial Statements., or sufficient accounting records have not béen kept., or the financial statements are not in agreement with the accounting records., or we have nol received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities slat8menl sel out on page 2. the trustées ar responsible for the preparation of financial statements and for being satisfied that they give a tru8 and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, th8 truslees are responsible for assessing the Charity's abilily to continue as a going concem, disclosing, as applicable. matters related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or lo cease operats'ons, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Chariiies Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whelher the financial statements as 8 whole are free from material misstatement, whether due lo fraud or error. and lo issue an auditor's report that includes our opinion. Reasonablè assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considerèd 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 inslanc8s of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, includino fraud_ The e.xle.nl lo whic.h oiir procediirpg are. c.apable of de.te.c.ling irr8giil?ri118* including fraud, is detailed below. Our assessment of the susceptibility of the Charity's financial slalements to material misstatement, including how fraud might occur, is considered to be low. This conclusion was reached after the consideration of the following.. dLla tro the relatiiiely Si,ple business w,od81 a-. d low mber of t..aSa- -lioYv within the nlar','ty t4er- are comparatively few unexpècted fluctuation5 in Ihe reported results and balances and any such unexpected items would be specifically enquired into by us., and there are a number of individuals which comprise 'management' and therefore there is no single individual who is likely to be able lo override controls to effecl a fraud.
Page 8 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE THE JACOBS CHARITABLE TRUST (continued We designed our audit procedures to respond to identified audit risks. including non-compliance with laws and regulations lirregularities} that are material lo Ihe financial ststements. Some of the specific procedures performed to detect irregularities, including fraud, are detailed below.. the review of control accounts and jourrbal entries for large, unusual or un8Lrthorised entries., the analytical review of the detailed slatement of financial activities for variances that are either unexpected or considered not to be in accordance with our understanding of the charitable activities during the year,. obtaining and reviewing for completeness 8 list of entities and persons considered to be related parties las defined by Financial Reporting Standard 102) and reviewing ihe ledgers of the Charity for previously unreported related party transactions-, review of transactions and journals for any indication of fraud or management ovèrride or bias.. and review of Irustees. meeting minutes for unrecord8d transactions. Because of the inhèrent limitations of an audit. there is a risk that we will not deted all irrggulariti85, including those leading to a Material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slalements, as we will be less likely to become aware of instances of non-compliance. Thé risk is also greater regarding irregularities occurring due to fraud ralher than error, as fraud involves intentional concealment, forgery, collusion. omission or misrepresentalion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of this report This report is made solely to the Charity's trustees, as a body, in accordance wilh Part 4 of Ihe Charities (Accouiils and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's trustees those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fu118St extenl permitled by Saw, we do not accept or assume responsibility to anyone other than the Charrty and the Charity's trustees as a body, for our audit work. for this report, or for the opinions we have formed. Rawlip,sop, Jt. Hunter Audil LLP SlatLJtory Auditor and Chartered Accountants Eighlh Floor, 6 New Street Square London, EC4A 3AQ Date: R8wlinsoN> snd Hunt8r Audif LLP is 8lipib16 forappDinlm8nl 8S 8udilor of th8 Ch8ri1yby wrtue otits 1lIttY for 8Plta5 8uditorofa company under SecIn 1212 of Ihp Comp4ni0s AGI 2006.
Page 9 THE JACOBS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES (ir•cluding Income and Expenditure) FOR THE YEAR ENDED 5 APRIL 2025 Note 2025 2024 Income from: Donations and Legaci8S Investments 1,000,000 66.915 1,565,865 15,373 Total income 1,066,915 1,581,238 Expendlture on: Charilable Activilies Raising funds 304,350 373 40,106 Total expendlture 304,723 40,106 Net gains on investments 2,025 Net income 764,217 1,541,132 Reconciliation of funds: Total funds brought forward 1,461,017 (80,115} Total funds carried forward £ 2,225,234 £ 1,461,017 There are no recognised gains or losses other than those included in Ihe statement of financial activities. All incoming resources and resources expended derive from continuing activrties. The notes on pages 12 to 16 form part of the financial statements
Page 10 THE JACOBS CHARITABLE TRUST BALANCE SHEET AT 5 APRIL 2025 Note 2025 2024 Fixed assets: Inveslmenls 1,002,149 Current assets.. Debtors Cash al bank 8.986 1,255,451 1,487,770 Total current assets 1,264,437 1.487.770 Liabilities: Creditors.. amounts falling due within one year (41,352} (26,753) Net current assets 1,223,085 1,461,017 Total net assets £ 2,225.234 £ 1.461,017 Tho funds of the charity: Unrestricted funds 2,225,234 1,461,017 Total charity funds £ 2,225,234 £ 1,461,017 The Finap.cial Statements wero approved and authorised for issup. hy thp. truslpes 3.nd were signed below by: 27 January 2026 Trustee Date The noles on pages 12 to 16 form part of the financial statements
Page11 THE JACOBS CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025 2025 2024 Net Cash Flow from Operating Activities Nel incoming resources Less.. Investment income Gains on investments Increaselldecrease) in creditors 'Increase in debtors 764,217 166,9151 (2,0251 14.599 {8,9861 1,541,132 115,3731 (202,119) Net cash Inflow from in operating activities 700,890 1,323,640 Cash flows from investing activities Investment income Purchase of investments Proceeds from sale of investments 66,915 (1,086,820) 100,000 15,373 Net cash {outflowllinflow from investing activltles (919,905) 15,373 Net (decreasellincrease In cash forthe year £ (219,0151 £ 1,339,013 Reconclllation of net Gash flow to movement in net funds Net cash resources at beginning of year (Decreasellincrease in cash 1,487.770 (219,0151 148,757 1,339,013 Net cash resourcès at 5 Aprll £1,268,755 £1,487,770 Analysls of net funds: Cash al Bank Cash with investment manager 1,255,451 13,304 1,487,770 £ 1,268,755 £ 1,487,770 The noles on pages 12 10 16 form part of the financial statements
Page 12 THE JACOBS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 ACCOUNTING POLICIES The Jacobs Charitabla Trust ("the Trust" or "the Charity"}. registered charity number 264942. is based and administered in the Unitèd Kingdom. The registered address is clo Taylor Wessing LLP, 5 New Street Square, London, EC4A 3TW. The nature of the Charity's operations and principal aclivities are set out in Ihe Trustees, Annual Report. The financial slatements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and RepLsblic of Ireland IFRS 102) I'charilies SORP FRS 102.1 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, and where relevant, the Charities Act 2022, and UK Generally Accepted Accounling Practice. The Trust constitutes a public benefit entity as defined by Charities SORP FRS 102. The financial statements are presenled in sterling which is the functional currency of thè Charity. The significant accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consistently applied to all years presented unless otherwise staled. Status of Funds The entire resources of the funds are unrestricled and the trustees have complete discretion for their use in pursuance of the Charity's objectives. Income recognition Donations and legacy income is recognised once the Charf(y has an entillemenl to the income, it is probable that the income will be r8C8ived and th8 amount of income receivable can be raliably measured. Voluntary inGome and government grants derived from donalions and grants, including donations under Gift Aid witk, the associated tax knredits are accounted for in the period in which th6 iar%ty is entitled to their receipt. Investment income derived from interest on income bearing deposrt accounts is recorded as and when rec.pive.d. Exp8ndituro recognition All expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation committing the trustees to the èxpenditure, it is probable thal settlement will be required and the amount of the obligation can be reliably measured. Governance costs are those costs associated with the governan arrangements of the Charity and relate to the general running of Ihe Charity. They include costs associated with slalutory and regulatory requirements, including the costs of the audit. Financial instruments The Charity only has financial assets snd financial liabilities of a kind that qualify as basic financial inslruments. Basic financial instruments are recognised at transaction value, èxcept where selllement is delayed, in which case the transaction is recognised at the present value of the settlement amount.
Page 13 THE JACOBS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 ACCOUNTING POLICIES (continued) Flxed Asset Investrnents Investments are included at Closing mid-market value at the Balance Sheet date. Realised gains and losses on investments are recognised on dispos81 of investments and 8ny unrealised gain or loss on revaluation is taken to the Statement of Financial Activities. The determination of any gains and losses is calculated by reference to the market value of such assets at the beginning of the accounting period. Taxation The Charity is nol subject to any taxes on its charitable activities. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Debtors and creditors receivable I payable within one year Debtors and creditors with no staled interest rale and receivable or payable within one yeai are recorded at transaction price. Any losses arising from impairment are recognised as èxpenditure. Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are within borrowing in current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of any bank overdrafts. Going concern Th8 financial stat8ments have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The current uncertainty in the global economy arising from 9eopolitical -tsnflict* have increased financial pressure on charities. The trustees h8ve however considered the contingency plans in place, the level of funds held and the expected level of income and expenditure for twelve months from the date of signing of these financial statements. The trustees are satisfied the forecast income and reseNes are sufficient to cover all of the budgeted expenditure lo be able to continue as a going concern. The trustees therefore consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate. Judgements and key sources of estimated uncertainty The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions in certain circumstances thal effect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. The trustees do not consider there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities al the year end.
Page 14 THE JACOBS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Page 2025 2024 INCOME FROM DONATIONS AND LEGACIES Distributions from the Estate of Lord Jacobs 1.000,000 1.565,865 £ 1,000,000 £ 1,5e5,865 INCOME FROM INVESTMENTS Bank and deposil interest Investment portfolio income Accrued income allowances 57,943 17,865 18,893) 15,373 66,915 £ 15,373 EXPENDITURE ON CHARITABLE ACTIVITIES Grants awarded UK Jewish Film (Charity No 10729141 Prism the Gift Fund (Charity No 10996821 Israel Philharmonic Orchestra Foundation UK (Charity No 1168735} Salmon Youth Centre (Charity No 278979} Jewish Community Secondary School Trust (Charity No 1107705) The National Holocaust Cenlre {Charity No 509022) BFAMI {Charily No 1171510) Campaign Against Antisemitism {Charity No 1163790) Holocaust Educational Ti [Charit. No 109L8SL j Mavar (Charity No 1156754) The Greenaway Foundation (Charity No 11878171 69,750 50,000 22,483 40,000 30,000 25,000 20,000 20.000 10.000 10.000 5.000 289.750 22,483 Support costs Audit fees Accountsncy fe8s Legal fees Bank charges 9,800 4,800 7,000 3,600 6,900 123 14,600 17.623 Total charltable activity £ 304,350 £ 40,106
Page 15 THE JACOBS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Page 2025 2024 COST OF RAISING FUNDS Investment cust(Kly fees 373 FIXED ASSET INVESTMENTS InvgStment$ and cash held under management comprise: Canaccord Wealth Investments Cash held on portfolio used in investing activities 988,845 13,304 Total Investment Assets 10 £ 1,002,149 Canaccord Wealth Investmenls Market value al 6 April 2024 Additions at cost Disposal at carrying value Nel investmenl gain 1,086,820 1100,000) 2,025 Market value at 5 April 2025 988,845 Net gains on investment assets Nel iealised gains on sales Net unrealised gains on revaluation 247 1.778 2,025 DEBTOR Accrued incorne 8.986 £ CASH AT BANK Coutts current account Coutts deposit accounts 5,451 1,250,000 7,770 1,480,000 10 £ 1,255,451 £ 1.487.770
Page 16 THE JACOBS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Page 2025 2024 CREDITORS- amounts falling due within one year Audit fees DLse to the Estate of Lord Jacobs AccoL¢ntsncy fees Taylor Wessing fees 16.800 9,252 8,400 6,900 7.000 8,952 3,901 6,900 10 £ 41,352 £ 26,753 10. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS Andrew Hine is a consultant of Taylor Wessing LLP, the Charity's solicitors. Taylor Wessing was owed £6,900 by the Charity, which remained outstanding as at 5 April 2025 (2024.. £6,900) 11. ULTIMATE CONTROLLING PARTY The ultimate controlling party are the trustees. There are no employees other Ihan the trustees. The Key management personnel of the Charity comprise the Irustees, none of whom received any remuneration during the perioé. 2025 2024 12. FINANCIAL INSTRUMENTS The carry amounts of the Charity s financial instrumenls are as follows.. inancial assgts Measured al fair value through SOFA.. Fixèd asset quoted investmènts - Cash under managemenl Cash al bank and in hand - Debtors 15 15 15 15 988,845 13,304 1,255,451 8,986 1,487,770 Financial liabilities Measured at amortised cost Creditors due within one year 16 £ 41,352 £ 26,753