Registered charity number: 294378
THE BERNHARD HEUBERGER CHARITABLE TRUST
REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
THE BERNHARD HEUBERGER CHARITABLE TRUST
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
INDEX
| Page | |
|---|---|
| Trustees’ report | 1 - 3 |
| Independent Examiner’s report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Cash flow statement | 7 |
| Notes to the financial statements | 8-12 |
THE BERNHARD HEUBERGER CHARITABLE TRUST
THE TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2021
The Trustees present their report along with the financial statements of the Charity for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the Charity’s Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities.
Reference and administrative information
Charity Number: 294378
Principal Office
2, Hartfield Close, Elstree Borehamwood WD6 3JD
Trustees:
Stephen Nigel Heuberger David L Demby
Independent Examiner
Vinod J Vadgama FCCA, 4 Thomas More Square, London E1W 1YW
Bankers
Barclays Bank Plc, 126 Station Road, Edgware, Middlesex, HA8 7RY
Structure, Governance and Management
The trust is an unincorporated body, constituted under a trust deed dated 8 April 1986 and is a registered charity, number 294378. The trust was established by an initial gift of £500 from Bernhard Heuberger. The trust does not actively fundraise and seeks to continue the philanthropic work desired by the donor through the careful stewardship of its existing resources.
The power of appointing new or additional trustees was exercisable by the settlor Bernhard Heuberger during his lifetime and thereafter by the trustees. The trustees meet at such intervals as they consider appropriate.
The charity has no employees to assist in the running of the charity. The trustees are involved in the daily administration.
The trustees meet on an ad hoc basis to agree on the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance.
Risk Management
The Trustees have reviewed the major and financial risks that impact on the work of the Trust. The systems that have been established enable the Trustees to review and take necessary steps to lessen these risks.
1
THE BERNHARD HEUBERGER CHARITABLE TRUST
THE TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2021
Objectives and Activities
The object of the trust is to apply the capital and income of the trust fund for such charitable purposes as the trustees in their absolute discretion think fit. The policies adopted by the trustees in achieving these aims are to make grants to suitable organisations themselves charitable in nature.
Public benefit
The Trustees have complied with Section 17(5) of the 2011 Charities Act, having due regard for the Charity Commission’s guidance on the public benefit when renewing the trust’s aim and objectives, when setting the grant making policy and in making awards.
Grant Making Policy
The trustees consider all grant applications on an individual basis and will make donations to approved applications, when funds are available. The trustees tend to meet at irregular intervals during the year to approve recommendations for the various charitable donations made and to discuss the running of the charity's affairs.
Achievement and Performance
During the year 77 grants totalling £403,690 were approved compared with 84 grants totalling £434,745 in the previous year. The trustees consider that these represent an appropriate exercise of their discretionary powers. The performances of the investments in the year were satisfactory and the bank interest income was consistent with the previous year.
Financial Review
The trust is reliant on the income from its investments, the income from which was £42,638 (2020: £75,341). The investment income, together with donations of £50,000 (2020: £50,000), combined with the charities existing reserves, facilitated charitable grants of £403,690 (2020: £434,745) in addition to the management and administration costs of £72,000 (2020: £20,986).
Investment Policy and Performance
There are no restrictions on the Trust’s power to invest and the Trustees have not adopted an ethical investment policy. Investment performance during the year was considered satisfactory.
Reserves Policy
The trustees' aim is to maintain free reserves in unrestricted funds at a level that will provide sufficient funds to respond to applications for grants and ensure that there are sufficient funds available to cover support and governance costs. The actual level of reserves at 5th April 2021 was £2,411,737.
Plans for the Future
The Trustees have no immediate plans to modify or radically change any of the objects, activities or policies described above.
2
THE BEK%HARD HEUBERCER CHARITABLE TRUST THE TRUSTEES. ANINUAL REPORT FOR THE YE,IR E"DED 5APIUL 2021 Trustrfs, Tuwnsibilitiu ID rtltloo to thr fiDeil stAneDts The tsustrts are r¢4X)nble for pw>arin8 tru5tre5' r¢p)rt thc finarK1 sthtrments in Ordance with opplicabk E&w and unit Kin8dom A¢unting StaThJarth (UniieAI Kingdorn 8enerally 4rcepied accountirtg pra¢ii¢e (UK GAAPII. The law applicable ckniiies in Enlfid INI Wiles rti4llir¢s the thtsiee5 Prep•Te fJnarial st8fftnis for each financial year which yve g mte and fair view of the stste of aif•iTS of the chari¢y and pf IL% incoming resources and awlie41ioTh of tesowces of th¢ chty ffx that Pen0 In preplnng finpn¢id 4Aments. Ihe mJsiee5 Are required w.. selcci 5Uitable aCcrn8 wlicies and then IY them wn5isl¢ntty: 'ob5erve the methots and wnctples in the Chariiie5 SORP: 'rnakc judgments and e51ima5 rr&son•bl¢ wwj vdk •stsie whether applicable accounting sthndarth have betm fojlowrf subje¢t to rnllieri departUTts disclosed and exp18illtd in the financi ststrmcn 'prepar¢ the firLancial s¢atements on the Boing concern b1515 unJes5 li li inapprcyrith w presume the hariry will io The Inlet5 dTt TC5JJonsibl¢ for k¢¢pin8 wopeT a¢¢OWiin8 re¢or&s that dis¢los¢ with T¢wJbl¢ any lim¢ the financial p)siuon of thc clwiry and ¢nabl¢ them w ensure thlli thc fin4fKial 518lcm¢nis comply Ih the ChAriites Act 2011 and the Chvities IAEc4JuDts R¢port51 Re411 2(K)8. Thry are also respL¥)5ibl¢ for uf¢8usrdiTh8 the assets of the chwity and hence for Mkin8 reasonable Sieps for the PTevenuon 4nd det¢¢tion of fra1 othEf iTTe8uritIts. Approv¢d by the ¢nwe¢s $i8Ded on their brhlllf lry.. DAvld I, Dem Truittt D•t¢ 28 J4Au•ry 2022
UHY ker Young LLP Qu8drènt Hoiise 4 fhoTnas More Square Lolid EIW IYW Hackeryoung Chartefed Accountants INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES OF THE BERNHARD HEUBERGER CHARtTABLE TRUST FOR THE YEAR ENDED 5 APRIL 2021 I report to the trustees on my examination of the accounts of The Bernhard Heuberger Charitable Trust ("the Trust") for the year ended 5 April 2021. which are set out on pages 5 to 12. Responslbillties and basis of rewrt As the charity trustees of the Trust you are restM)nsible for the preparation of the accounts in ordanCe with the requirements of the Charities Act 2011 ('*he Act"). I report in respect of my exarnination of the Trustee's accounts carried out under section 145 of the 2011 Act and in canying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5Xb) of the 2011 Act. Independent examiner's s¢atemenl I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material resp¢cl= l ) accounting records were not kept in respect of the Tt as required by Section 130 of the Act" or 2) the account do not accord with those records" or 3) the accounts do not comply with the applicable requirements concerning the form and content of account5 set out in the Charities (Accounts and Reports) Rcgulations 2008 other than any requirement that the accounts give a'xrue and fair view" which is not a matter Consider &s 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 rert in order to enable a proper understanding of the accounts to be reached. Vinod J Vadgama UHY Hacker Young LLP Quadrant House 4 Thomas More Square London Elw IYW Dale". a l January 2022
THE BERNHARD HEUBERGER CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Notes | Unrestricted | Total funds | Unrestricted | Total funds | |
|---|---|---|---|---|---|
| funds 2021 | 2021 | funds 2020 | 2020 | ||
| Income and endowments from: | |||||
| Donations | 3 | 50,000 | 50,000 | 50,000 | 50,000 |
| Investments | 4 | 42,638 |
42,638 | 75,341 | 75,341 |
| ______ | ______ | ______ | ______ | ||
| Total | 92,638 |
92,638 | 125,341 | 125,341 | |
| ______ | ______ | ______ | ______ | ||
| Expenditure on: | |||||
| Charitable activities | 5 | (403,690) | (403,690) | (434,745) | (434,745) |
| Others | 6 | (72,000) |
(72,000) | (20,986) | (20,986) |
| ______ | ______ | ______ | ______ | ||
| Total | (475,690) |
(475,690) | (455,731) | (455,731) | |
| ______ | ______ | ______ | ______ | ||
| Net gains/ (losses) on investments | 129,894 |
129,894 | (73,120) | (73,120) | |
| ______ | ______ | ______ | ______ | ||
| Net surplus/ (deficit) | (253,158) | (253,158) | (403,510) | (403,510) | |
| Net movement in funds | (253,158) | (253,158) | (403,510) | (403,510) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 2,664,895 |
2,664,895 | 3,068,405 | 3,068,405 | |
| _ | _ | _ | _ | ||
| Total funds carried forward | 2,411,737 __ |
2,411,737 __ |
2,664,895 __ |
2,664,895 __ |
5
THb BFRPIHARD HEUBERGERCHARIT.4BI.ETRL.ST BALANCE SHLET A% IIT 5 APRIL 21121 2021 2020 Flxed Ass¢ts Quoitd Inv¢slments 2J31J79 1.920.549 Total FIX Asw 2J31J79 1.926,549 Current asseti D¢biors Csjsh Bt bank and in haTrJ io 4.714 78.644 8.097 733249 TotAI Current Ass¢tJ 83.358 741.346 CrtdltOT5: •nJoun15 f•llltyg due thln ont )'eAr 12 I3.0) 80.358 738.346 liel ¥sJ¢t$ 1411.737 2.664.¥95 bund5 LnrLsincted fimds 2.411.737 2.064.895 Thc nDies on pagc5 8 10 12 rM pan of thr6c financial ststemcnts. The financial st•m¢n¢s were approved by the Bwd ofTn4*e5 Ots 28 J•nuary 2022 and were 5ibned i1$ lJJ•id I,Di Tru51e¢
THE BERNHARD HEUBERGER CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2021
| Notes | 2021 | 2020 | |
|---|---|---|---|
| £ | £ | ||
| Cash flows from operating activities | 14 | (379,669) | (336,027) |
| Cash flows from investing activities | |||
| Proceeds from sale of investments | 1,475,300 | 1,547,053 | |
| Purchase of investments | (1,750,236) | (791,076) | |
| __ | __ | ||
| Net cash provided by/ (used in) investing activities | (654,605) | 755,977 | |
| Change in cash and cash equivalents | (654,605) | 419,950 | |
| Cash and cash equivalents brought forward | 733,249 | 313,299 | |
| __ | _ | ||
| Cash and cash equivalents carried forward | 78,644 | 733,249 | |
| ======= | ======= |
7
THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with 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 (Charities SORP – FRS 102) (effective 1 January 2015), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
b) Fund accounting
All funds of the trust are held as unrestricted fund and the trustees have the power to distribute income as they see fit in accordance with the overall objectives of the trust.
c) Incoming resources
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Entitlement to a legacy is recognised when probate has been granted and the executors have established that there are sufficient funds to honour the will request and any conditions attached have been met.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally 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 of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
d) Resources expended and irrecoverable VAT
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. The grants are accounted for where either the Trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the Trust.
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
8
THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
e) Charitable activities
Costs of charitable activities include grants made.
f) Other costs
Other costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These include costs related to independent examination and legal fees.
g) Investment Property
No depreciation has been provided on the charity's investment property as it has been included in the accounts by the trustees at market value.
h) Foreign Currency
Transactions in foreign currencies are translated into sterling at the rates of exchange current at the date of the transactions. Foreign currency monetary assets and liabilities in the balance sheet are translated into sterling at the rates of exchange ruling at the end of the year. Resulting exchange gains and losses are taken to the Statement of Financial Activities.
i) Gains and losses on investments
Realised gains and losses on investments are calculated as the difference between sale proceeds and opening market value (or purchase cost if acquired in the year). Unrealised gains and losses on investments are calculated as the difference between the closing mid-market value at the year end and opening mid-market value (or purchase cost if acquired in the year).
Realised and unrealised gains and losses on investments are not separated in the statement of financial activities and are taken to the statement of financial activities as they arise.
k) Quoted investments Investments are included at their market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
2. Trustees' remuneration
No trustee or any person connected with a trustee has received or is due to receive any remuneration for the year directly or indirectly from the charity's funds.
No trustee has been reimbursed for expenses during the year.
3.
| Donations and legacies | 2021 | 2020 |
|---|---|---|
| £ | £ | |
| Donations | 50,000 | 50,000 |
| __ | __ | |
| 50,000 | 50,000 | |
| ======= | ======= |
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THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
| THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 |
THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 |
THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 |
THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 |
|---|---|---|---|
| _________________ | |||
| 4. | Investments | 2021 | 2020 |
| £ | £ | ||
| Quoted investment income | 42,477 | 74,746 | |
| Bank interest received | 161 | 595 | |
| __ | __ | ||
| 42,638 | 75,341 | ||
| ======= | ======= |
5. Analysis of charitable expenditure
The charity undertook no direct charitable activities but awarded grants to a number of institutions during the year in furtherance of its charitable activities. No support costs were incurred in the delivery of these grants.
| delivery of these grants. | ||
|---|---|---|
| Grants | ||
| Payable | ||
| Education/training | 52,050 | |
| Medical/health/sickness | 108,800 | |
| General purposes | 242,840 | |
| __ | ||
| Total | 403,690 | |
| ======= | ||
| Other costs | ||
| 2021 | 2020 | |
| £ | £ | |
| Quoted investments – portfolio charges | 15,927 | 17,725 |
| Bank charges | 73 | 261 |
| Independent examiner’s fees | 3,000 | 3,000 |
| Materials purchased | 53,000 | - |
| __ | __ | |
| 72,000 | 20,986 | |
| ======= | ======= |
6. Other costs
7. Independent Examiner’s fees
The remuneration constituted independent examiner's fee of £3,000 inclusive of VAT (2020: £3,000 inclusive of VAT).
10
THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
| 8. | Quoted investments | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Market value of investments at start of the year | 1,926,549 | 2,755,646 | |
| Additions | 1,750,236 | 791,076 | |
| Disposals | (1,466,401) | (1,408,825) | |
| Net (loss)/ profit on revaluation | 120,995 | (211,348) | |
| __ | __ | ||
| Market value of investments at end of year | 2,331,379 | 1,926,549 | |
| ======= | ======= | ||
| 9. | Investments | 2021 | 2020 |
| £ | £ | ||
| Cost | |||
| Opening balance at start of year | - | - | |
| Revaluation in the year | - | - | |
| Disposal in the year | - | - | |
| __ | __ | ||
| Closing balance at end of year | - | - | |
| ======= | ======= | ||
| 10. | Debtors | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Other Debtors | 4,714 | 8,097 | |
| __ | __ | ||
| 4,741 | 8,097 | ||
| ======= | ======= | ||
| 11. | Cash at bank | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Barclays Bank PLC | 18,812 | 128,340 | |
| Julius Bar | 59,832 | 604,909 | |
| __ | __ | ||
| 78,644 | 733,249 | ||
| ======= | ======= |
11
THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
| 12. | Creditors due within one year | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Accruals | 3,000 | 3,000 | |
| __ | __ | ||
| 3,000 | 3,000 | ||
| ======= | ======= |
13. Employees
There were no employees during the year. The daily administration of the charity is carried out by the trustees.
14. Reconciliation of net movements in funds to net cash flow from operating activities
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Net movement in funds | (253,158) | (403,510) | |
| Losses/ (Gains) on investment | (129,894) | 73,120 | |
| Increase in debtors | 3,383 | (5,637) | |
| _ | _ | ||
| Net cash used in operating activities | (379,669) | (336,027) | |
| ======= | ======= | ||
| 15. | Analysis of cash and cash equivalents | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Cash at bank | 78,644 | 733,249 | |
| _ | _ | ||
| Total cash and cash equivalents | 78,644 | 733,249 | |
| ======= | ======= |
12