**Charity Registration No. 1091870**
**THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 1 MAY 2022**
## **THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Baroness Neuberger DBE||
|---|---|---|
||Professor Anthony Neuberger||
||Sheila Spalding||
||Dr Katie Petty-Saphon||
||Lady Brittan DBE||
||Dr Rebecca Murray||
||Baroness Sally Hamwee|(Appointed 24 May 2022)|
|**Charity number**|1091870||
|**Principal address**|SW Trust||
||PO Box 12327||
||Colchester||
||CO6 4XE||
|**Independent examiner**|Andrew Rich||
||c/o HW Fisher LLP||
||Chartered Accountants||
||Acre House||
||11-15 William Road||
||London||
||NW1 3ER||
|**Bankers**|National Westminster Bank Plc||
||Head Office||
||41 Lothbury||
||London||
||EC2 2BP||
|**Solicitors**|Payne Hicks Beach LLP||
||10 New Square||
||Lincoln's Inn||
||London||
||WC2A 3Q||
## **THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 13|
## **THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 1 MAY 2022**_
The trustees present their report and financial statements for the year ended 1 May 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
## **Objectives and activities**
The charity's objects, as set out in its Declaration of Trust, are to assist young refugees and asylum seekers in accessing education and to give awards to young refugees and asylum seekers for exceptional effort and achievements within their schools and colleges. There has been no change in these during the year. The trustees have paid due regard to the guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The Charity's policy is to give funding to individuals to access education where there are no adequate alternative sources of funding. We also provide support and advice to individuals we fund. We foster partnerships with other agencies that offer services to asylum seekers so as to ensure that the grants are administered as effectively and efficiently as possible.
## **Achievements and performance**
The Charity initiated its Westheimer scholarship programme in 2015, providing scholarships, covering both fees and maintenance, to enable talented and deserving young asylum seekers, who have no recourse to public funds, to go to university and get the qualifications that will enable them to live good and productive lives.
The charity has also welcomed funding for additional named scholarships which are administered in parallel with the Westheimer scholarships. In 2017/18 we instituted the Brittan scholarship, for students at either Masters or Undergraduate level who have no more than a further two years to study. This scholarship is in memory of Lord (Leon) Brittan who was himself the child of an immigrant and asylum-seeking family, and who had huge sympathy for people seeking an education. The scholarship is available for students in International Law, International Aid and International Business. In 2018/19, we awarded the first Marks scholarship supported by the Marks Family Charitable Trust.
At the end of the financial year, the charity was supporting seventeen scholars (11 Westheimer, 1 Brittan and 5 Marks), including 5 scholarships which were awarded during the year (1 Westheimer, 1 Brittan and 3 Marks). Since its inception, the Charity has given thirty two scholarships in total, with the first scholars graduating in the summer of 2018.
Alongside this, the charity has provided many small grants, typically of up to £2000, to young asylum seekers, which can be lifechanging.
The Charity is conscious of the importance of providing help and advice as well as grants to support students who face many tough challenges. We therefore work closely with Refugee Education UK (REUK) who provide advice on education issues and more general personal support for many of our scholars and grantees. They also provide considerable help in administering and publicising our grants and scholarships.
The charity is actively seeking further partnerships and named scholarships to increase the numbers of scholarships and grants available to asylum seekers who are prevented from accessing public funds and who are unlikely to find other sources of funding for their education elsewhere. Additional scholarships were awarded in 22/23, to be reported in next year’s annual report, and more families, largely those who have a refugee background themselves, are showing an interest in funding scholarships. The costs of providing full scholarships are substantial, but several universities have shown themselves to be sympathetic and have also provided assistance in conjunction with the charity.
## **Public Benefit**
The Trustees have complied with their duty in section 17 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission.
- 1 -
ER AND LIESEL SCHWAB CHARITABLE TRUST
TRUSTEES, REPORT (CONnNUED)
FOR THE YEAR ENDED I MAY2022
In thls financlal year the Charrty made a deficrt £1.?46 12021.. defidt of E91.2461. At l May 2022. the reserves stand
É999,51112021.. £1.191.2581 where£43.20512021.. £38.4201 ts unre5trtctedand £956.30712021.. £1,152,838) Is rettrftted.
12021.. Intrease In value by£84.1881.
IJK the year the Charlty ljouth E53.344 12021.. Q5.2221 of In¥wtments. In¥*strnents h*d Irvea5e In value ty £11947
The Charlty Is seekln8 to 8rK4 bulld up ft5 w*estrthd r•r*s to en•e It to c•mpknent and enh•nce the Imp•rt of
restrlrted lund5J and depltythem •5 effecd¥etyas pble.
The Charrty re¢elved a lezary ol É1.3 mtllloTr from the est•te of tste llse Johann• Westhelmer, was establlshed as
restfjcted ftjnd th1Th the Chaitty on 18 Ortober 2ffj6. The Tiusrees. Is to miftage the fund $0 th•t It c•n provlde
tohtfnued support to asylum seekers o*r the Tredlurn term. We hat awwded 21 We5thelmer schoJarshlp5 ind plan to offer t
or three mwt peryear depend(0 tht qu•lltyofapplf(ants thÈ finanoal reswrces ofthe lund.
Th• assets of the th4irty are IrNested liqukl flnarKlal se¢urlUes that offer MrnM eyperted return subJ•rt to •n èttePts¢
ltyel IrISk, taklnA ac¢ovnt olihe d+fferfn¥tlmthtytsons olthe restricted and unrvstrfrted fund5.
Identlfi¢d.
The Trustees r•8ulaily r•¥l•w th• major fa¢ln¥ the th•rfty a ¥iew to prodi* plan5 10 mltlM• rls*s that •r•
The trust••s hw• adapted an Investment strnte8y lor the fimdsof th•th•thyth•t fo¢uses on total r•turn, that lools for
apltsi growrh v41th medlum rtsk, Ivfth an 354t allocatlon spllt rou¢htyequ41fy bet**eTr bonds •nd équltles. èvoldln8 excessfv•
anns mantstsctur* and sales, aftd tob4fto.
eX{Ur•S to anyone corporate name ar sector. Th• ethl¢al ffuideltne5 Irthde th••¥tydarKe, $0 Far as prJrtk•l. of Investments Ih
•XP05vre to the m•lor rlsks.
The trustees h•¥Y assessed the mor5 towhkh thttharttyts exposed, and •res•tlsfitd th•t Str*ems •Ke In place to mttlDte
The Walterand L*esel Schwab Charltabje was to •sslst SWn8 reliws aYMI asyfurn seekets •e¢ewry
educatlon. The Ch•rtty's Dedarnwon ofTrust *as exe¢uted on 6 Deembef 2&)1.
The trustees who 5eryed durlw the ye•r•Trd up tothedth ofknre Oft ftnaftd•lst•terTrems w¢ie.'
Baroness Neuber8erD8E
Professor Anth•nyNeuberyer
Sheila Spaldin¥
Dr Katle Petty-S•phon
Ladv erittan D8E
Dr Rebecca Murrty
Baroness Sally Ham*e
I1wted 24 May20211
rnJ5tees are $elert2d from those who knew W4tef •nd i*selSthwab and ltse Westhelmtr, plus experts lft the fleld. The charlty
11 cohtlnue to appolnt newoutsjde ¢ru#ees Wfth relewnt kntyAed8e and e¥periefice. New Trustees ha¥e to be apwo¥td
current Trustees. Trustee5. Other than the founder5 aftdshtila Spaldln& * • represehtstt%*of those who knew Ilsè Westhelmtr.
arè appolnted lor no lon8erthan three three rterni$.
Th1 Trurtees oftho Charltym•et three Vrj1 ttfttes PeraT to decldeoTh pplkyand to3 Indkndual8rdnE&
Th* trustees, repvrt approved tythe kn ofTrustee&
•ron•5s 14wb•ryor DBE
Trustee
Dated..
## **THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST**
I report to the trustees on my examination of the financial statements of The Walter and Liesel Schwab Charitable Trust (the charity) for the year ended 1 May 2022.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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 financial statements to be reached.
Andrew Rich
Andrew Rich
c/o HW Fisher LLP Chartered Accountants Acre House London NW1 3ER
01 Mar 2023 Dated: .........................
- 3 -
## **THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 1 MAY 2022**_
|**Unrestricted**
**funds**
**2022**
**Notes**
**£**
**Income from:**
Donations and legacies
**3**
31,542
Investments
**4**
-
**Total income**
31,542
**Expenditure on:**
Investment management
costs
-
Charitable activities
**5**
26,757
**Total resources expended**
26,757
Net gains/(losses) on
investments
**10**
-
**Net incoming/(outgoing)**
**resources before transfers**
4,785
**Net movement in funds**
4,785
Fund balances at 2 May
2021
38,420
**Fund balances at 1 May**
**2022**
43,205|**Restricted**
**funds**
**2022**
**£**
50,780
17,916
68,696
6,178
278,722
284,900
19,673
(196,531)
(196,531)
1,152,838
956,307|**Total**
Unrestricted
funds
**2022**
2021
**£**
**£**
82,322
43,460
17,916
-
100,238
43,460
6,178
-
305,479
38,825
311,657
38,825
19,673
-
(191,746)
4,635
(191,746)
4,635
1,191,258
33,785
999,512
38,420|Restricted
funds
2021
**£**
27,830
24,805
52,635
7,085
289,368
296,453
147,937
(95,881)
(95,881)
1,248,719
1,152,838|Total
2021
**£**
71,290
24,805
96,095
7,085
328,193
335,278
147,937
(91,246)
(91,246)
1,282,504
1,191,258|
|---|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST
BALANCE SHEET
ASATI MAY2022
Investments
Oebkn5
Cash at bank and In hand
7412
711J79
39.880
229.081
CrndltsrL'imowrt• f*ltsydv•p*lthln y••r
491,778
268.961
112.6561
Netcurrent assets
491.778
112.3991
Toial •M•ts Irr•t•b1IIEI•l
156,305
479.379
999,512
com• fvfi
Restrlcted funds
Unrestrirted lunds
1,191.258
9S6,307
43.205
1,151,838
38,420
999.51?
The flhin¢lil sta¢ernents were•pprty*d bvth Trustees on...-........_.........
1.191.258
8aroness Neub•r8erD8E
**THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 1 MAY 2022**_
## **1 Accounting policies**
## **Charity information**
The Walter and Liesel Schwab Charitable Trust is constituted under a Declaration of Trust dated on 6 December 2001 and is a registered charity (registration number 1091870). The charity meets the definition of a public benefit entity under FRS 102.
## **1.1 Accounting convention**
The accounts have been prepared in accordance with the charity's Declaration of Trust, the Charities Act 2011 and “Accounting 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 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention and include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Incoming resources**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received by our investment advisor of the investment portfolio.
- 6 -
## **THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 1 MAY 2022**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Resources expended**
Liabilities are recognised as expenditure once there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is classified under the charity's principal projects. Expenditure is included on an accruals basis.
Costs of raising funds are those costs incurred in managing the Trust's investment portfolio.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside of the control of the charity.
Support costs comprise of costs for the running of the charity itself as an organisation and compliance with statutory requirements.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.
## **1.6 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.8 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Apart from fixed asset investments, the Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The trustees do not believe there to be any judgements or estimates critical to the financial statements.
- 7 -
## **THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 1 MAY 2022**_
## **3 Donations and legacies**
||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|
||**funds**|**funds**||funds|funds||
||**2022**|**2022**|**2022**|2021|2021|2021|
||**£**|**£**|**£**|£|£|£|
|Donations and gifts|31,542|50,780|82,322|43,460|27,830|71,290|
## **4 Investments**
||**Restricted**|Restricted|
|---|---|---|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|Income from listed investments|15,307|17,113|
|Interest receivable|2,609|7,692|
||17,916|24,805|
All investment income in 2021 and 2022 was restricted.
## **5 Charitable activities**
|Grant funding of activities (see note 6)
Share of support costs (see note 7)
Share of governance costs (see note 7)
**Analysis by fund**
Unrestricted funds
Restricted funds|**2022**
**£**
261,237
36,736
7,506
305,479
26,757
278,722
305,479|2021
£
283,701
37,625
6,867|
|---|---|---|
|||328,193|
|||38,825
289,368|
|||328,193|
- 8 -
## **THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 1 MAY 2022**_
## **6 Grants payable**
||**Education**|Education|
|---|---|---|
||**2022**|2021|
||**£**|£|
|Grants to individuals|261,237|283,701|
||261,237|283,701|
The grants paid comprises of amounts to Westheimer and Marks scholars, in addition to payments to other individuals.
-
## **7 Support costs**
|**Support costs**
**Governance**
**costs**
**£**
**£**
Admininistrative costs
36,736
-
Independent examination
-
7,506
36,736
7,506
Analysed between
Charitable activities
36,736
7,506|**2022**
Support costs
Governance
costs
**£**
£
£
36,736
37,625
-
7,506
-
6,867
44,242
37,625
6,867
44,242
37,625
6,867|2021
£
37,625
6,867|
|---|---|---|
|||44,492|
|||44,492|
Governance costs include payments to the independent examiners of £7,506 (2021: £6,867).
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration during the year. None of the trustees incurred expenses during current or previous year.
## **9 Employees**
There were no employees during the current or previous year.
- 9 -
## **THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 1 MAY 2022**_
## **10 Net gains/(losses) on investments**
||**Restricted**|Restricted|
|---|---|---|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|Revaluation of investments|18,947|84,498|
|Gain/(loss) on sale of investments|726|63,439|
||19,673|147,937|
- 10 -
## **THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 1 MAY 2022**_
|**11**
**Fixed asset investments**
**Listed**
**investments**
**Cash in**
**portfolio**
**£**
**£**
**Cost or valuation**
At 2 May 2021
701,168
10,711
Additions
53,344
(53,344)
Valuation changes
18,947
-
Management fees
-
(6,261)
Dividend and interest income
-
17,916
Disposals
(65,924)
66,650
At 1 May 2022
707,535
35,672
**Carrying amount**
At 01 May 2022
707,535
35,672
At 01 May 2021
701,168
10,711
**12**
**Financial instruments**
**2022**
**£**
**Carrying amount of financial assets**
Debt instruments measured at amortised cost
39,880
Equity instruments measured at fair value
743,207
**Carrying amount of financial liabilities**
Measured at amortised cost
12,656
**13**
**Debtors**
**2022**
**Amounts falling due within one year:**
**£**
Other debtors
39,880
**14**
**Creditors: amounts falling due within one year**
**2022**
**£**
Accruals
12,656|**Total**
**£**
711,879
-
18,947
(6,261)
17,916
726
743,207
743,207
711,879
**2021**
**£**
-
711,879
12,399
**2021**
**£**
-
**2021**
**£**
12,399|
|---|---|
- 11 -
## **THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 1 MAY 2022**_
## **15 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|
Westheimer Trust
Brittan scholars
Marks scholars|**Balance at**
**2 May 2020**
**£**
1,256,661
-
(7,942)
1,248,719|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Investments**
**gains/losses**
**£**
**£**
**£**
24,805
(278,114)
147,937
-
-
-
27,830
(18,339)
-
52,635
(296,453)
147,937|**Balance at**
**2 May 2021**
**£**
1,151,289
-
1,549
1,152,838|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Investments**
**gains/losses**
**£**
**£**
**£**
21,816
(238,020)
19,673
7,000
(7,000)
-
39,880
(39,880)
-
68,696
(284,900)
19,673|**Balance at**
**1 May 2022**
**£**
954,758
-
1,549|
|---|---|---|---|---|---|
||||||956,307|
**Westheimer Trust** - The restricted fund represents the estate of the late Ilse Johanna Westheimer, which was established as The Ilse and Frieda Westheimer Charitable Trust on 18 October 2006. This fund is to be used for the advancement of education of asylum seekers or refugees, particularly in the areas of health and social care, or for such other charitable purposes as the trustees in their absolute discretion from time to time think fit.
**Brittan Scholarship** - The Brittan scholarship is open to students at either Masters or Undergraduate level who have no more than two years further to study. This scholarship is in memory of Lord Leon Brittan who was himself the child of an immigrant and asylum seeking family, and who had huge sympathy for people seeking an education. The scholarship is available for students of the following subjects: International Law, International Aid and International Business. The amount awarded covers tuition fees (at home rates between £9,000 - £12,000) and a small maintenance grant (maximum £5,000) lasts for up to two years. Applicants who have an asylum seeking background are encouraged to apply.
**Marks Scholarship** - The Marks scholarship supported by the Marks Family Charitable Trust is open to students embarking on a three year humanities degree programme at Undergraduate level, or a postgraduate Masters degree in Humanities. Only candidates with proven excellent academic record/achievement are considered. The scholarship covers ‘home’ tuition fees (up to £9,500 per year). Applicants need to demonstrate that they can cover their living costs whilst at university. The scholarship is awarded to students who have an asylum seeking background and people who are not eligible for student finance are prioritised.
Investment gains/losses comprise realised gains/losses on disposal of investments and unrealised gains/losses on revaluation.
- 12 -
## **THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 1 MAY 2022**_
|**16**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**2022**
**£**
Fund balances at 1 May
2022 are represented by:
Investments
-
Current assets/(liabilities)
43,205
43,205|**Restricted**
**funds**
**2022**
**£**
743,207
213,100
956,307|**Total**
Unrestricted
funds
**2022**
2021
**£**
£
743,207
-
256,305
38,420
999,512
38,420|Restricted
funds
2021
£
711,879
440,959
1,152,838|Total
2021
£
711,879
479,379|
|---|---|---|---|---|
|||||1,191,258|
## **17 Related party transactions**
Baroness Julia Neuberger, one of the trustee, was a trustee in Van Lee till previous year. The donations received without conditions in the year from a Van Lee amounted to £10,917 (2021: £21,458).
- 13 -