Charity registration number 1091870 (England and Wales)
THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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 YEAR ENDED 31 AUGUST 2025
The trustees present their annual report and financial statements for the year 1 September 2024 to 31 August 2025.
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 2024-2025, we continued to receive funding for our additional scholarships including £37,630 for the Marks Scholarship, which is open to students embarking on a postgraduate degree programme, and £114,835 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, we were notified of a very substantial bequest of £700,000; the Adi & Isca Salzberger-Wittenberg Legacy, to establish a fund to help young people from asylum-seeking backgrounds who are ineligible for UK Student Finance and who are pursuing their first undergraduate degree or equivalent professional qualification. £50,001 was received during the year, and the balance was received shortly after the year end. The Wittenberg scholarships will initially be focussed on the field of engineering.
At the end of the financial year, the charity was supporting scholars across 6 funds (Westheimer 1, Moser 3, Marks 3, Emanuel 6, Goodman 2 and Wittenberg 0). Alongside this, the charity has provided further small grants this year of £5,900 to young asylum seekers for a variety of purposes.
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 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 both 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, alongside Paola Churchill who manages the day-to-day administration.
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THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
Financial review
In this financial year the charity had income totalling £254,444 (2024: £228,359) and expenditure totalling £284,438 (2024: £300,408). The investments portfolio performed well this year with a total gain of £18,245 (2024: £41,097). This resulted in an overall deficit for the year of £11,749 (2024: £30,952).
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 2025, the reserves stand at £969,354 (2024: £981,103) of which £50,055 (2024: £50,045) were unrestricted and £919,299 (2024: £931,058) 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 year 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.
The Trustees of the Charity meet three or four times per year to decide on policy and to award individual grants.
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THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
The trustees' report was approved by the Board of Trustees.
..............................
Baroness Neuberger DBE Trustee
Date: 24 June 2026
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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 31 August 2025.
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
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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.
Emma Houghton FCCA Sedulo London Limited
Office 605 Albert House 256 - 260 Albert House London EC1V 9DD United Kingdom
Date: 26 June 2026
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THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 AUGUST 2025
| Unrestricted funds 2025 Notes £ Income from: Donations and legacies 2 31,564 Investments 3 - Total income 31,564 Expenditure on: Raising funds 4 - Charitable activities 5 31,554 Total expenditure 31,554 Net gains on investments 10 - Net income/(expenditure) and movement in funds 10 Reconciliation of funds: Fund balances at 1 September 2024 50,045 Fund balances at 31 August 2025 50,055 |
Restricted funds 2025 £ 202,466 20,414 222,880 4,134 248,750 252,884 18,245 (11,759) 931,058 919,299 |
Total Unrestricted funds 2025 2024 £ £ 234,030 51,357 20,414 - 254,444 51,357 4,134 - 280,304 43,981 284,438 43,981 18,245 - (11,749) 7,376 981,103 42,669 969,354 50,045 |
Restricted funds 2024 £ 152,753 24,249 177,002 5,299 251,128 256,427 41,097 (38,328) 969,386 931,058 |
Total 2024 £ 204,110 24,249 228,359 5,299 295,109 300,408 41,097 (30,952) 1,012,055 981,103 |
|---|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST
BALANCE SHEET
AS AT 31 AUGUST 2025
| Notes Fixed assets Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities The funds of the charity Restricted income funds 15 Unrestricted funds 16 |
2025 £ 2,705 146,809 149,514 (9,604) |
£ 829,444 139,910 969,354 919,299 50,055 969,354 |
2024 £ 2,875 262,119 264,994 (23,784) |
£ 739,893 241,210 |
|---|---|---|---|---|
| 981,103 | ||||
| 931,058 50,045 |
||||
| 981,103 |
The financial statements were approved by the trustees on 24 June 2026
..............................
Baroness Neuberger DBE
Trustee
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THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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 prior year 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 Basis of preparation
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.
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THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
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.
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THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
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 | |||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |
| £ | £ | £ | £ | £ | £ | |
| Donations and gifts | 31,564 | 202,466 | 234,030 | 51,357 | 152,753 | 204,110 |
3 Income from investments
| Restricted | Restricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Income from listed investments | 6,576 | 7,757 |
| Interest receivable | 13,838 | 16,492 |
| 20,414 | 24,249 | |
| Expenditure on raising funds | ||
| Restricted | Restricted | |
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Investment management | 4,134 | 5,299 |
4 Expenditure on raising funds
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THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
5 Expenditure on charitable activities
| Education | Education | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Direct costs | |||
| Grant funding of activities (see note 6) | 229,835 | 236,225 | |
| Share of support and governance costs (see note 7) | |||
| Support | 48,219 | 54,384 | |
| Governance | 2,250 | 4,500 | |
| 280,304 | 295,109 | ||
| Analysis by fund | |||
| Unrestricted funds | 31,554 | 43,981 | |
| Restricted funds | 248,750 | 251,128 | |
| 280,304 | 295,109 | ||
| 6 | Grants payable | ||
| Education | Education | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Grants to individuals | 229,835 | 236,225 |
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
| Support costs allocated to activities | ||
|---|---|---|
| Administrative costs Governance costs Analysed between: Education |
2025 £ 48,219 2,250 50,469 50,469 |
2024 £ 54,384 4,500 |
| 58,884 | ||
| 58,884 |
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THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
| Support costs allocated to activities Governance costs comprise: Accountancy Legal and professional |
(Continued) 2025 2024 £ £ 2,250 2,700 - 1,800 2,250 4,500 |
(Continued) 2025 2024 £ £ 2,250 2,700 - 1,800 2,250 4,500 |
|---|---|---|
| 4,500 |
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 year.
9 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
10 Gains and losses on investments
| Restricted | Restricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | 19,319 | 40,243 |
| Sale of investments | (1,074) | 854 |
| 18,245 | 41,097 |
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
12 Fixed asset investments
| Listed investments Cash in portfolio £ £ Cost or valuation At 1 September 2024 479,635 260,258 Additions 44,365 - Valuation changes 18,245 - Movement in cash - 76,493 Disposals (49,552) - At 31 August 2025 492,693 336,751 Carrying amount At 31 August 2025 492,693 336,751 At 31 August 2024 479,635 260,258 13 Debtors 2025 Amounts falling due within one year: £ Prepayments and accrued income 2,705 14 Creditors: amounts falling due within one year 2025 £ Other creditors - Accruals and deferred income 9,604 9,604 |
Total £ 739,893 44,365 18,245 76,493 (49,552) 829,444 829,444 739,893 2024 £ 2,875 2024 £ 1,800 21,984 23,784 |
|---|---|
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THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
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 1 September | Incoming | Resources Gains |
and losses | At 31 August | |
|---|---|---|---|---|---|
| 2024 | resources | expended | 2025 | ||
| £ | £ | £ | £ | £ | |
| Westheimer Trust | 694,641 | 20,414 | (26,969) | 18,245 | 706,331 |
| Marks Scholars | - | 37,630 | (20,178) | - | 17,452 |
| Emanuel Scholars | 6,290 | 114,835 | (112,635) | - | 8,490 |
| Goodman Scholars | 184,571 | - | (53,312) | - | 131,259 |
| Moser Scholars | 45,556 | - | (39,790) | - | 5,766 |
| Wittenberg | - | 50,001 | - | - | 50,001 |
| 931,058 | 222,880 | (252,884) | 18,245 | 919,299 | |
| Previous period: | At 1 September | Incoming | Resources Gains |
and losses | At 31 August |
| 2023 | 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 |
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THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
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.
Wittenberg Scholarship - The Adi & Isca Wittenberg Scholarship is open to young people from asylum-seeking backgrounds who are ineligible for UK Student Finance and who are pursuing their first undergraduate degree or equivalent professional qualification. This year, the award is dedicated to those pursuing degrees in the field of engineering.
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 1 September | Incoming | Resources | At 31 August | |
|---|---|---|---|---|
| 2024 | resources | expended | 2025 | |
| £ | £ | £ | £ | |
| General funds | 50,045 | 31,564 | (31,554) | 50,055 |
| Previous period: | At 1 September | Incoming | Resources | At 31 August |
| 2023 | resources | expended | 2024 | |
| £ | £ | £ | £ | |
| General funds | 42,669 | 51,357 | (43,981) | 50,045 |
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THE WALTER AND LIESEL SCHWAB CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
17 Analysis of net assets between funds
| Unrestricted Restricted funds funds 2025 2025 £ £ At 31 August 2025: Investments - 829,444 Current assets/(liabilities) 50,055 89,855 50,055 919,299 Unrestricted Restricted funds funds 2024 2024 £ £ At 31 August 2024: Investments - 739,893 Current assets/(liabilities) 50,045 191,165 50,045 931,058 |
Total 2025 £ 829,444 139,910 |
|---|---|
| 969,354 | |
| Total 2024 £ 739,893 241,210 |
|
| 981,103 |
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 (2024: £Nil).
The donations received from the trustee Baroness Julia Neuberger £Nil (2024: £200) and from Neuberger Family £Nil (2024: £Nil) during the year.
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