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← The Walter And Liesel Schwab Charitable Trust

2024-08-31-accounts

Charity registration number 1091870 (England and Wales)

THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Professor A J Neuberger
Baroness Neuberger DBE
Dr K M Petty-Saphon
Baroness S Hamwee
Dr R E Murray
Lady D A Brittan DBE
S R Spalding
Charity number (England and Wales) 1091870
Registered office S W Trust
PO Box 12327
CO6 4XE
Independent examiner Sedulo London Limited
Office 605 Albert House
256 - 260 Old Street
London
United Kingdom
EC1V 9DD
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 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 15

THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE PERIOD ENDED 31 AUGUST 2024

The trustees present their annual report and financial statements for the 16 month period 2 May 2023 to 31 August 2024.

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 governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

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.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Significant activities and achievements against objectives

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, fulfilling their potential.

The charity also welcomed funding for additional named scholarships, which are administered in parallel with the Westheimer scholarships. In 2023-2024, we continued to receive funding for our additional scholarships including £20,753 for the Marks Scholarship, which is open to students embarking on a postgraduate degree programme, and £62,000 for the Emanuel Scholarship, which is funded by the Jusaca Charitable Trust and is open to individuals from an asylum-seeking background who wish to study for their first undergraduate degree.

During the year, a new scholarship programme was created for the Claus and Mary Moser Scholarship to give students from an asylum seeking background an opportunity to pursue a degree in engineering or accounting. An amount of £70,000 was received to fund three scholars.

At the end of the financial year, the charity was supporting a total of 16 scholars (Westheimer 4, Marks 2, Emanuel 4, Goodman 3 and Moser 3). Alongside this, the charity has provided further small grants this year, typically up to £2,000, to young asylum seekers for a variety of purposes, which can be life changing for them.

The charity is in discussion with other possible future funders of scholarships for asylum seekers, and is delighted that considerable interest has been shown by possible donors. The need has not diminished, and the numbers of routes to funding for those who are asylum seekers with no recourse to public funds has not grown. The charity is therefore determined to help as many young asylum seekers as it can to access university but the charity is also very conscious of the importance of providing help and advice as well as grants to support students who face many tough challenges in their lives. 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 WALTER AND LIESEL SCHWAB CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024

Financial review

In this financial year the charity had income totalling £228,359 (2023: £385,774) and expenditure totalling £300,408 (2023: £346,881). The investments portfolio performed well this year with a total gain of £41,097 compared to a loss in 2023 of £26,350. This resulted in an overall deficit for the year of £30,952 (2023: surplus of £12,543).

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. The charity is seeking to maintain and build up its unrestricted reserves to enable it to complement and enhance the impact of restricted funds, and deploy them as effectively as possible.

At 31 August 2024, the reserves stand at £981,103 (2023: £1,012,055) of which £50,045 (2023: £42,669) were unrestricted and £931,058 (2023: £969,386) were restricted.

Investment policy

The trustees have adopted an investment strategy for the funds of the charity that focuses on total return, and that looks for capital growth with medium risk, with an asset allocation split roughly equally between bonds and equities, avoiding excessive exposures to any one corporate name or sector. The ethical guidelines include the avoidance, so far as practical, of investments in arms manufacture and sales, and tobacco.

The assets of the charity are invested in liquid financial securities that offer maximum expected return subject to an acceptable level of risk, taking account of the differing time horizons of the restricted and unrestricted funds.

Structure, governance and management

The Walter and Liesel Schwab Charitable Trust was established to assist young refugees and asylum seekers in accessing education. The Charity's Declaration of Trust was executed on 6 December 2001.

The trustees who served during the period and up to the date of signature of the financial statements were: Professor A J Neuberger Baroness Neuberger DBE Dr K M Petty-Saphon Baroness S Hamwee Dr R E Murray Lady D A Brittan DBE S R Spalding

Recruitment and appointment of trustees

Trustees are selected from those who knew Walter and Liesel Schwab and llse Westheimer, plus experts in the field. The charity will continue to appoint new outside trustees with relevant knowledge and experience. New Trustees have to be approved by current Trustees. Trustees, other than the founders and Sheila Spalding, as a representative of those who knew llse Westheimer, are appointed for no longer than three three year terms.

The Trustees of the Charity meet three or four times per year to decide on policy and to award individual grants.

THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024

The trustees' report was approved by the Board of Trustees.

.............................. Baroness Neuberger DBE Trustee

Date: 30 May 2025

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 period ended 31 August 2024.

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.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the 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) 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 the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

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:

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.

Emma Houghton FCCA Sedulo London Limited

Office 605 Albert House 256 - 260 Albert House London EC1V 9DD United Kingdom

Date: 30 May 2025

THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 31 AUGUST 2024

Unrestricted
funds
2024
Notes
£
Income from:
Donations and legacies
2
51,357
Investments
3
-
Total income
51,357
Expenditure on:
Raising funds
4
-
Charitable activities
5
43,981
Total expenditure
43,981
Net gains/(losses) on
investments
10
-
Net income/(expenditure)
7,376
Transfers between funds
-
Net movement in funds
7,376
Reconciliation of funds:
Fund balances at 2 May 2023
42,669
Fund balances at 31 August 2024
50,045		 Restricted
funds
2024
£
152,753
24,249
177,002
5,299
251,128
256,427
41,097
(38,328)
-
(38,328)
969,386
931,058		 Total
Unrestricted
funds
2024
2023
£
£
204,110
25,986
24,249
-
228,359
25,986
5,299
-
295,109
23,522
300,408
23,522
41,097
-
(30,952)
2,464
-
(3,000)
(30,952)
(536)
1,012,055
43,205
981,103
42,669		 Restricted
funds
2023
£
342,987
16,801
359,788
3,954
319,405
323,359
(26,350)
10,079
3,000
13,079
956,307
969,386		 Total
2023
£
368,973
16,801
385,774
3,954
342,927
346,881
(26,350)
12,543
-
12,543
999,512
1,012,055

The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.

THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST

BALANCE SHEET

AS AT 31 AUGUST 2024

2024 2023
Notes £ £ £ £
Fixed assets
Investments 12 739,893 829,524
Current assets
Debtors 13 2,875 19,942
Cash at bank and in hand 262,119 201,376
264,994 221,318
Creditors: amounts falling due within one year 14 (23,784) (38,787)
Net current assets 241,210 182,531
Total assets less current liabilities 981,103 1,012,055
The funds of the charity
Restricted income funds 15 931,058 969,386
Unrestricted funds 16 50,045 42,669
981,103 1,012,055

The financial statements were approved by the trustees on 30 May 2025

.............................. Baroness Neuberger DBE Trustee

THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

1 Accounting policies

Charity information

The Walter and Liesel Schwab Charitable Trust is constituted under a Declaration of Trust dated 6 December 2001 and is a registered charity (registration number 1091870) in England and Wales.

1.1 Reporting period

The annual financial statements are presented for a period longer than one year (16 months) as the trustees felt it was more appropriate to report based on the academic year as funding relates to education. Therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". 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 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. The principal accounting policies adopted are set out below.

1.3 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.

1.4 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 or grantors 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.

1.5 Income

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. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

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.

1.6 Expenditure

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.

1.7 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.

1.8 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.

1.9 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.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Income from donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Donations and gifts 51,357 152,753 204,110 25,986 342,987 368,973

3 Income from investments

Restricted Restricted
funds funds
2024 2023
£ £
Income from listed investments 7,757 11,975
Interest receivable 16,492 4,826
24,249 16,801

4 Expenditure on raising funds

Restricted Restricted
funds funds
2024 2023
£ £
Investment management 5,299 3,954

THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 AUGUST 2024

5 Expenditure on charitable activities

Education Education
2024 2023
£ £
Direct costs
Grant funding of activities (see note 6) 236,225 298,841
Share of support and governance costs (see note 7)
Support 54,384 36,467
Governance 4,500 7,619
295,109 342,927
Analysis by fund
Unrestricted funds 43,981 23,522
Restricted funds 251,128 319,405
295,109 342,927
6 Grants payable
Education Education
2024 2023
£ £
Grants to individuals 236,225 298,841
The grants paid comprises of amounts to Westheimer, Marks, Emanuel, Moser and Goodman Scholars, in addition to
payments to other individuals.
-
7 Support costs allocated to activities
2024 2023
£ £
Administrative costs 54,384 36,467
Governance costs 4,500 7,619
58,884 44,086
Analysed between:
Education 58,884 44,086

The grants paid comprises of amounts to Westheimer, Marks, Emanuel, Moser and Goodman Scholars, in addition to payments to other individuals.

THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 AUGUST 2024

Support costs allocated to activities
Governance costs comprise:
Accountancy
Legal and professional		 (Continued)
2024
2023
£
£
2,700
7,619
1,800
-
4,500
7,619		 (Continued)
2024
2023
£
£
2,700
7,619
1,800
-
4,500
7,619
7,619

7 Support costs allocated to activities

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.

9 Employees

The average monthly number of employees during the period was:

2024 2023
Number Number

Total - -

10 Gains and losses on investments

Restricted Restricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments 40,243 (17,007)
Sale of investments 854 (9,343)
41,097 (26,350)

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 AUGUST 2024

12 Fixed asset investments

Listed
Cash in portfolio
Cash in portfolio		 Total
investments
£ £ £
Cost or valuation
At 2 May 2023 484,445 345,079 829,524
Additions 110,662 (110,662) -
Valuation changes 40,243 - 40,243
Management fees - (4,977) (4,977)
Dividends and interest income - 24,249 24,249
Disposals (155,715) 156,569 854
Funds withdrawn - (150,000) (150,000)
At 31 August 2024 479,635 260,258 739,893
Carrying amount
At 31 August 2024 479,635 260,258 739,893
At 01 May 2023 484,445 345,079 829,524
13 Debtors
2024 2023
Amounts falling due within one year: £ £
Prepayments and accrued income 2,875 19,942
14 Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors - 21,402
Other creditors 1,800 1,827
Accruals and deferred income 21,984 15,558
23,784 38,787

THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2024

15 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 2 May 2023 Incoming Resources TransfersGains and losses At 31 August
resources expended 2024
£ £ £ £ £ £
Westheimer Trust 713,763 24,249 (84,468) - 41,097 694,641
Marks Scholars - 20,753 (20,753) - - -
Emanuel Scholars 15,487 62,000 (71,197) - - 6,290
Goodman
Scholars 240,136 - (55,565) - - 184,571
Moser Scholars - 70,000 (24,444) - - 45,556
969,386 177,002 (256,427) - 41,097 931,058
Previous year: At 2 May 2022 Incoming Resources TransfersGains and losses At 1 May 2023
resources expended
£ £ £ £ £ £
Westheimer Trust 954,758 16,801 (231,446) - (26,350) 713,763
Brittan Scholars - - (3,000) 3,000 - -
Marks Scholars 1,549 25,503 (27,052) - - -
Emanuel Scholars - 53,530 (38,043) - - 15,487
Goodman
Scholars - 263,954 (23,818) - - 240,136
956,307 359,788 (323,359) 3,000 (26,350) 969,386

THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 AUGUST 2024

15 Restricted funds

(Continued)

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.

Marks Scholarship – The Marks Scholarship supported by the Marks Family Charitable Trust, is open to students embarking on a postgraduate degree programme (Masters or Doctorate). Candidates must be able to demonstrate how their chosen degree will make a valuable contribution to society. Only candidates with proven academic excellence will be considered.

Goodman Scholarship – The Jane Goodman Scholarship celebrates the life of Dr Jane Goodman, who was an eminent paediatric dentist. The Scholarships supports young people to study for a first degree in Dentistry or associated studies in the dental field. It has supported three scholars since 2022.

Emanuel Scholarship – The Emanuel scholarship is funded by the Jusaca Charitable Trust and is named in honour of Ralph Emanuel, a generous philanthropist throughout his life, whose support for refugees started when his parents in Brighton (UK) offered hospitality to many German Jews who were fleeing the Nazis. The Jusaca Charitable Trust is open to individuals from an asylum-seeking background who wish to study for their first undergraduate degree with a clear humanitarian purpose.

Moser Scholarship - The Claus and Mary Moser Scholarship aims to give a student from an asylum seeking background an opportunity to pursue their education with an undergraduate degree or equivalent professional qualification in engineering or accounting.

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 2 May 2023 Incoming Resources Transfers At 31 August
resources expended 2024
£ £ £ £ £
General funds 42,669 51,357 (43,981) - 50,045
Previous year: At 2 May 2022 Incoming Resources Transfers At 1 May 2023
resources expended
£ £ £ £ £
General funds 43,205 25,986 (23,522) (3,000) 42,669

THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 AUGUST 2024

17 Analysis of net assets between funds

Unrestricted
funds
2024
£
At 31 August 2024:
Investments
-
Current assets/(liabilities)
50,045
50,045
Unrestricted
funds
2023
£
At 1 May 2023:
Investments
-
Current assets/(liabilities)
42,669
42,669		 Restricted
funds
2024
£
739,893
191,165
931,058
Restricted
funds
2023
£
829,524
139,862
969,386		 Total
2024
£
739,893
241,210
981,103
Total
2023
£
829,524
182,531
1,012,055

18 Related party transactions

The trustee Baroness Sally Hamwee is also a trustee in "The Jane Goodman Charitable Trust". The donations received during the year from The Jane Goodman Charitable Trust for Goodman Scholarships are £Nil (2023: £263,594).

The donations received from the trustee Baroness Julia Neuberger £200 (2023: £3,700) and from Neuberger Family £Nil (2023: £1,030) during the year.