**Registered charity number: 294378** 

**THE BERNHARD HEUBERGER CHARITABLE TRUST REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022** 




**THE BERNHARD HEUBERGER CHARITABLE TRUST** 

## **REPORT AND FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 5 APRIL 2022** 

## **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 2022** 

The Trustees present their report along with the financial statements of the Charity for the year ended 5 April 2022.  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 2022** 

## _**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 55 grants totalling £213,040 were approved compared with 77 grants totalling £403,690 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 £27,704 (2021: £42,638). The investment income, together with donations of £50,000 (2021: £50,000), combined with the charities existing reserves, facilitated charitable grants of £213,040 (2021: £403,690) in addition to the management and administration costs of  £21,627 (2021: £72,000). 

## _**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 2022 was £2,220,597. 

## _**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 



I-HE IIF.RYII,IRD IIEL BLRC.ER CH,IRI'I'..IBLE I'RLI%I-
TIIE TRLSTEES',I%Nkn,IL RF.PORT
FOR THL I'F...IR E%DF.D.Th,IPRIL 2022
TnLsttts' re5pons.ibililies in rtillion to th¢ futhnrial S￿￿￿r￿ts
IThL I￿51¢e& T¢%P)n4hble (i?r r￿epi￿1bg Ihe InJ%iees at￿￿al rerrfjrt Ilnd the IinJn¢iaJ %ldiefflLnl% in
at¢nrd4incc ￿,1¢h applicahlc Ill￿" ttrtd UniiLMI Kingkn Accouniing Standards (Unilcd Kin8dom gLnL'rally
aLLeoeJ aLiouniing praillLe ILIK GAAP))
Th¢ law. applKable io chariii¢s in Englawj aNJ Wale$ ihe tws*ts to prtPiLre financiol vJl¢men14 for
each fin1￿claI yL'dr which gI￿t a and (Jir ii¢w i?f ik 4th1e ol J((airs of Lharily and o( Ll% inc(kmifi8
rL'm)U￿r￿ and dppliiaiii)th (if rEwurnr% i)f lh¢ ihariiy Ii)T ￿niX1. In prepann8 thcsc linanL1￿ ilJlLmcnl.4.
thc Jrc required io:
*%LleLI %uil)ble QCCOUnlinB ￿lIcI¢S ikn apply Ihcm LofL%isienlly:
•nb4crYc thc meihrKl% Jnd trinciple8 in ihe ChaTiiie4 SORP:
mdki Judgmenis and e%iimaie% rcawnable and pjwdtni:
•%lJi1 wheiher appliiable ￿L￿￿￿ting %widards" have been followol. subicEI 10 dcpaniires
di4cIi)%Ld cAploinL'd in Ihc fina￿1¥] Maienk*tits'.
'prL'Part' lh¢ fhnonLiaJ slalcrnenL% ￿ the going Co￿¢M b&41$ unlw li 15 inappyopnale 10 pre%umc lh￿1 the
ihanly ￿111 eoniinu¢ in bu%inc45.
The irusl¢e¥ ar¢ Tt$p)n8ible for kcrping accounitng rteor%L% thai diselo%r with r¢asonahlc I￿racY ai
Jny lim¢ Ihe findnLi￿l w)siiii)n i)f the ihaniy dn¢J enahlc ihtm lo that lh¢ financidl 41ai¢m¢ni4 L(Imply
wjih Ihc Chariiiei A¢r 2UI l and IhL' Chariiie5 (A¢coun15 and RcgulariorLs 21X)X. Thi'y ￿ al40
r¢%pon%iblL Ii>T sat¢biuar(ling th¢ ol the Lh*ily h¢n¢Y for iakingp rcawnable lur lh¢
prevethiion and deieciim of frnud aThJ ￿her iTTe8ulwiiies.
AppT4)ved by the a￿1 si8ttd on their beh4lf by..
Duvtd L Demby
Trustet
D*t¥ 24 Jxnwlry 20LI

Hackeryoung
UHY Hack•r Y4)ung LLP
Quadrani Pk)use
4 Thorna5 More Squa
London EIW IYW
thartered kwuntants
ILWEPENDENT EXAMINERS. REpoifT TO THE TRUSTELS
OF THE BERNHARD HEUBERGER CHARITABLE TRUST
FOR THE YEAR EI4DED 5 APRIL 21122
I report ￿ the ITUStees on my exati)ination of th¢ accounts of The Bernhard Heuiwer Charithble Tn￿1 ("the
Trust") for the ye4r ellded 5 April 2022, which are Set out on page$ 5 ￿ 12.
Respowibilities and basls of rtN)rt
As the charity ttustees of the Tn￿1 you are respowible for the 1xwa￿l0rt of the Accounts ID ac￿rdance
with th¢ requirements of th ChaTities ￿t 2011 ('the Acn.
I r¢port in respect of my exa[ni￿on of the Th18tee's ac¢ounts cattl￿1 out under section 145 of the 2011
Act and in carrying out my examination I have followed all the applicable Directions ￿'Ven by the Charity
Commission under Section 145(5)(b) of the 2011 Act.
Independent examiner's ststement
I have completed my examinthon. I corth that JK> ffjat¢rial matters have come w my attenuon in
connection with the ¢xaminatiOD 8iViti8 tne cause to be]i¢vc that in any Ma￿1￿ tespecL
l) accounting Tecords were n(rt kern in of the Tnjst as required by section 130 of the Act; or
2) the ￿Count do not aeeord with those records" or
3) th¢ ￿counts do not comply with the appIl￿b]e requirements concerning the forni and content of
accounts set wr in the Charities (Accounts and R¢pons) Regulations 2(K)8 other than any
requirement that the ￿COunt8 give a'ttrue and fair view" which 1$ not a mattrr considered as part of
An indepeDdeoi examination.
I have no concerns and have come across no other matters in W￿￿ction with the examin￿10￿ to which
attention should be drawn ID this repirt in cx&r to eI￿le a pn)per under5taoding of accounts to be
r¢a¢hed.
Vinod J Vadg
UHY Hacker Youn8 LLP
Quadrant House
4 Thomas More Squg
London Elw IYW
Date: 25 January 2013

## **THE BERNHARD HEUBERGER CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022** 

||**Notes**|**Unrestricted**|**Total funds**|**Unrestricted**|**Total funds**|
|---|---|---|---|---|---|
|||**funds 2022**|**2022**|**funds 2021**|**2021**|
|**Income and endowments from:**||||||
|Donations|3|50,000|50,000|50,000|50,000|
|Investments|4|27,704<br>|27,704|42,638|42,638|
|||______|______|______|______|
|**Total**||77,704|77,704|92,638|92,638|
|||______|______|______|______|
|**Expenditure on:**||||||
|Charitable activities|5|(213,040)|(213,040)|(403,690)|(403,690)|
|Others|6|(21,627)|(21,627)|(72,000)|(72,000)|
|||______|______|______|______|
|**Total**||(234,667)|(234,667)|(475,690)|(475,690)|
|||______|______|______|______|
|Net gains/ (losses) on investments||(34,177)|(34,177)|129,894|129,894|
|||______|______|______|______|
|**Net surplus/ (deficit)**||(191,140)|(191,140)|(253,158)|(253,158)|
|**Net movement in funds**||(191,140)|(191,140)|(253,158)|(253,158)|
|Reconciliation of funds||||||
|**Total funds brought forward**||2,411,737|2,411,737|2,664,895|2,664,895|
|||_______|_______|_______|_______|
|**Total funds carried forward**||2,220,597<br>________|2,220,597<br>________|2,411,737<br>________|2,411,737<br>________|



5 



I'MTr. BF.R%II,IRD HF.I.'BERGER C￿￿RI7.,1BLE l-Kl'S'r
A%,IT 4.IPRIL 2022
21122
2021
T40¢¢
Quoied invc8irneMs
l.Y¥7.9311
2.-331.-17Y
Totgl Flxed
1.987.938
2.3.11.37()
Currcnl
t)cbior
Co4h ai bank in hand
io
4.987
230.672
4.714
711.(a4
Total Cuf￿nI Awts
235.6551
¥3.358
Credit¢brs.' amounL% f4lllnE d
ithln nnt we&r
12
IJ.(KK))
13.(ml
232.659
110.35X
Nel
2.220.597
.411.737
Funds
LnT¥%lri¢*d
2.220.597
?.411.7.17
Th¢ no*s on 8 10 12 fi*m part ofthese financi￿ s￿ements.
The financial 5th*m¢nts wcrc approv¢d by Board o(Twu5tres on 24 Janvary ?￿93 arwj wcre signed on IL%
behalt'hy..
Davld L Demby
Tr￿trt

**THE BERNHARD HEUBERGER CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2022** 

||**Notes**|**2022**|**2021**|
|---|---|---|---|
|||**£**|**£**|
|**Cash flows from operating activities**|14|(157,236)|(379,669)|
|**Cash flows from investing activities**||||
|Proceeds from sale of investments||1,736,647|1,475,300|
|Purchase of investments||(1,427,383)|(1,750,236)|
|||________|________|
|**Net cash provided by/ (used in) investing activities**||152,028|(654,605)|
|**Change in cash and cash equivalents**||152,028|(654,605)|
|Cash and cash equivalents brought forward||78,644|733,249|
|||________|_______|
|**Cash and cash equivalents carried forward**||230,672|78,644|
|||=======|=======|



7 



**THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022** 

## **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 2022** 

## **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**|**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Donations|50,000|50,000|
||________|________|
||50,000|50,000|
||=======|=======|



9 



## **THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022** 

|**THE BERNHARD HEUBERGER CHARITABLE TRUST**<br>**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 5 APRIL 2022**|**THE BERNHARD HEUBERGER CHARITABLE TRUST**<br>**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 5 APRIL 2022**|**THE BERNHARD HEUBERGER CHARITABLE TRUST**<br>**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 5 APRIL 2022**|**THE BERNHARD HEUBERGER CHARITABLE TRUST**<br>**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 5 APRIL 2022**|
|---|---|---|---|
|_______________________________________________________________________________________________||||
|**4.**|**Investments**|**2022**|**2021**|
|||**£**|**£**|
||Quoted investment income|27,700|42,477|
||Bank interest received|4|161|
|||________|________|
|||27,704|42,638|
|||=======|=======|
|**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.|||
||||**Grants**|
||||**Payable**|
||Education/training||28,130|
||Medical/health/sickness||11,100|
||General purposes||173,810|
||||________|
||**Total**||**213,040**|
||||=======|
|**6.**|**Other costs**|||
|||**2022**|**2021**|
|||**£**|**£**|
||Quoted investments – portfolio charges|14,745|15,927|
||Bank charges|97|73|
||Independent examiner’s fees|3,000|3,000|
||Materials purchased|-|53,000|
||Exchange rate variances|3,785|-|
|||________|________|
|||21,627|72,000|
|||=======|=======|



## **7. Independent Examiner’s fees** 

The remuneration constituted independent examiner's fee of £3,000 inclusive of VAT (2021: £3,000 inclusive of VAT). 

10 



## **THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022** 

|**8.**|**Quoted investments**|||
|---|---|---|---|
|||**2022**|**2021**|
|||**£**|**£**|
||Market value of investments at start of the year|2,331,379|1,926,549|
||Additions|1,427,383|1,750,236|
||Disposals|(1,711,156)|(1,466,401)|
||Net (loss)/ profit on revaluation|(59,668)|120,995|
|||________|________|
||Market value of investments at end of year|1,987,938|2,331,379|
|||=======|=======|
|**9.**|**Debtors**|||
|||**2022**|**2021**|
|||**£**|**£**|
||Other Debtors|4,987|4,714|
|||________|________|
|||4,987|4,741|
|||=======|=======|
|**10.**|**Cash at bank**|||
|||**2022**|**2021**|
|||**£**|**£**|
||Barclays Bank PLC|52,776|18,812|
||Julius Baer Bank|177,896|59,832|
|||________|________|
|||230,672|78,644|
|||=======|=======|
|**11.**|**Creditors due within one year**|||
|||**2022**|**2021**|
|||**£**|**£**|
||Accruals|3,000|3,000|
|||________|________|
|||3,000|3,000|
|||=======|=======|



11 



**THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022** 

## **12. Employees** 

There were no employees during the year.  The daily administration of the charity is carried out by the trustees. 

## **13. Reconciliation of net movements in funds to net cash flow from operating activities** 

|||**2022**|**2021**|
|---|---|---|---|
|||**£**|**£**|
||Net movement in funds|(191,686)|(253,158)|
||Losses/ (Gains) on investment|34,177|(129,894)|
||Increase in debtors|273|3,383|
|||_______|_______|
||Net cash used in operating activities|(157,236)|(379,669)|
|||=======|=======|
|**14.**|**Analysis of cash and cash equivalents**|||
|||**2022**|**2021**|
|||**£**|**£**|
||Cash at bank|230,672|78,644|
|||_______|_______|
||**Total cash and cash equivalents**|**230,672**|78,644|
|||=======|=======|



12