Registered charity number: 294378
THE BERNHARD HEUBERGER CHARITABLE TRUST REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
THE BERNHARD HEUBERGER CHARITABLE TRUST
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
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 2023
The Trustees present their report along with the financial statements of the Charity for the year ended 5 April 2023. 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 2023
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 28 grants totalling £200,510 were approved compared with 55 grants totalling £213,040 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 £47,810 (2022: £27,704). The investment income, together with donations of £50,000 (2022: £50,000), combined with the charities existing reserves, facilitated charitable grants of £200,510 (2022: £213,040) in addition to the management and administration costs of £11,519 (2022: £21,627).
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 2023 was £2,104,147.
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
THL BERNHARD HEL'.BERGER CHARITABLE TRiIST THE TRusfEES' ANNUAL REPORT FOR THE YEAR EYDED5APRIL 2(ILI The iN51ees are reswnSLble trtpanng the trust¢¢5 re% the financia] 4thtrmeni% i ¢ortlaLKt with aryliiabk Jaw aNI Un]Id K]"ngdom Amwniing Sland8 (Uniied Kingdom gcncially a¢ceNcd •¢¢ounting IUK GAAPI) The law atT)licablt iothaniies in F811 aThl Wa]es r¢qU the mi4iees io prepre financi siaiemeDis f¢)r eh finan¢iaJ )tat wknih Ei%¢ a tn a1 faw ¥icw o( th¢ 5ts1¢ 0(8ttairs 01 th¢ lhaniy and vf ILS IncL)mlll8 re%ouT¢es arHI Jpplicaiiofi of nl the chlY for that Fri4NI In w¢pn8 these finaKial siaiemen¢s. the ¥S¢S 4r¢ tty. le¢1 %uithble accLxJnung policie5 4rn1 apply cMsisl¢ndy: brve the Melhl5 and FnrKiple5 in the Chaniies SORP: 'rndke Judgments and cs1im•s •rt ye&MJDable and wudcnt: ie whether applicable ar¢ounurt8 stilardS havt ttcn followed 5ubJeth lthy maiuial departure5 di10c ond explwn¢d in the iiaiemenis: 'prLrwi finwKiaJ 51wm¢nts on the 8Obn8 corKcrn b41s njtss li is inappr(4maL¢ to presunK Ihat the ¥hdnly will wiliDue ÉD FJsineks. any lime ihc fIrrt¢741 p)s11ion of the chan'iy and cnabk them 10 ensure the financial itaiemenis cPIY ith th¢ Ch4nli¢5 Aei 2011 and the Chan"u¢s (A)UnlI ReFKrtsl Regulatsons 21M. Try are also r¢4w>nsibl¢ for safe8uardin8 the of the chan'ry ar#1 hence frw ukih8 r¢wnable the Preveniion ¢Jeieciion of Ira1 iNe8U14lJe%. Approv¢d by tht trustee5 alld on trir behr by.. D4Yld L Ik TnLglee Dte 29 J*nwiry 20
UHY Hacker Young LLP Quadrant House 4 ThoTnaS More Square London Elw IYW Hackeryoung Chailered Accountants IIYDEPENDEKf EXAMINERS, REPORT TO THE TRUSTEES OF THE BERNHARD HEUBERGER CHARITABLE TRUST FOR THE YEAR ENDED S APIUL 2023 I report to the trustees on my ¢xaminalion of the accounts of The Bernhard Heuberger Charitable Trust {"th¢ Trust") for the year ended 5 April 2023, which are set out on pages 5 to 12. Responsibilities and basis of report As the charity trustees of th¢ Trust you are responsible for the preparation of the accounts in a¢cordan¢e with the requirements of th¢ Charities Act 2011 ("the A¢t"). E report in respect of my examination of the Trustee's a¢counts carried out under section 145 of the 2011 Act and in canyin8 Out my examination I have followed all the applicable Directions given by the Charity Commission under s¢¢lion 145(5Xb) of the 2011 Act. Independent examiner's statemen¢ I have completed my examination. I confirni that no material matters have come to my attention in connection with th¢ ¢xamination giving me cause to believe that in any material respect-. l ) accounting records were not kept in respect of the Trust as r¢quir¢d by section 130 of th¢ Act. or 2) the account do not a¢¢ord with those records; or 3) the accounts do not ¢omply with the applicable requirements concerning the form and content of accounts set out in the Chariti¢s (Accounts and Reports} Regulations 2008 other than any requirement that the a¢counls 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 lo ¢nable a proper understanding of th¢ accounts to be r¢a¢h¢d. Vinod J Vadgatna UHY Hacker Young LLP Quadrant House 4 Thomas More Square London Elw IYW Date.. 31 January 2024
THE BERNHARD HEUBERGER CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023
| Notes | Unrestricted | Total funds | Unrestricted | Total funds | |
|---|---|---|---|---|---|
| funds 2023 | 2023 | funds 2022 | 2022 | ||
| Income and endowments from: | |||||
| Donations | 3 | 50,000 | 50,000 | 50,000 | 50,000 |
| Investments | 4 | 47,810 |
47,810 | 27,704 | 27,704 |
| ______ | ______ | ______ | ______ | ||
| Total | 97,810 | 97,810 | 77,704 | 77,704 | |
| ______ | ______ | ______ | ______ | ||
| Expenditure on: | |||||
| Charitable activities | 5 | (200,510) | (200,510) | (213,040) | (213,040) |
| Others | 6 | (11,519) | (11,519) | (21,627) | (21,627) |
| ______ | ______ | ______ | ______ | ||
| Total | (212,029) | (212,029) | (234,667) | (234,667) | |
| ______ | ______ | ______ | ______ | ||
| Net gains/ (losses) on investments | (2,231) | (2,231) | (34,177) | (34,177) | |
| ______ | ______ | ______ | ______ | ||
| Net surplus/ (deficit) | (116,450) | (116,450) | (191,140) | (191,140) | |
| Net movement in funds | (116,450) | (116,450) | (191,140) | (191,140) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 2,220,597 | 2,220,597 | 2,411,737 | 2,411,737 | |
| _ | _ | _ | _ | ||
| Total funds carried forward | 2,104,147 __ |
2,104,147 __ |
2,220,597 __ |
2,220,597 __ |
5
THF. BF.KNH.4RD HEUBERGER CHARABLE TRUST itALANCE SHEF.T AS AT 5 APRII. 2023 20 2022 Note Fixtd Akts Quthed InveSthts InNe5tments 1.913.467 1.987.9.18 Tothl Trlxed 1.913,467 1.937,Y38 CurrtDI tk.bii)T5 C&%h • b4Thk and in h•nd 10 213 IW.467 4,987 230,672 Tots] Currtnl Amets 196MO 235.659 credIrI. 4JllOUDts fdltnKdue wlthln one ytr 12 16.(KXII 3.tXYJI 19),680 231.659 Ne¢ awts 2.104.147 0,597 Funds UnreMncd fund5 ?.1.147 2.?20.597 The notes on pages 8 10 12 fonn part of these financial 51aiem¢MS. The fina[ sumeNs 1¢ approved by the B04rd of Tn 29 January 2024 1 si8n¢4 on its behdf by.. D#¥ld L Dt Trus¢¢e
THE BERNHARD HEUBERGER CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2023
| Notes | 2023 | 2022 | |
|---|---|---|---|
| £ | £ | ||
| Cash flows from operating activities | 14 | (114,477) | (157,236) |
| Cash flows from investing activities | |||
| Proceeds from sale of investments | 535,979 | 1,736,647 | |
| Purchase of investments | (461,707) | (1,427,383) | |
| __ | __ | ||
| Net cash provided by/ (used in) investing activities | 74,272 | 152,028 | |
| Change in cash and cash equivalents | (40,205) | 152,028 | |
| Cash and cash equivalents brought forward | 230,672 | 78,644 | |
| __ | _ | ||
| Cash and cash equivalents carried forward | 190,467 | 230,672 | |
| ======= | ======= |
7
THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
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 2023
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 | 2023 | 2022 |
|---|---|---|
| £ | £ | |
| 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 2023
| THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 |
THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 |
THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 |
THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 |
|---|---|---|---|
| _________________ | |||
| 4. | Investments | 2023 | 2022 |
| £ | £ | ||
| Quoted investment income | 47,695 | 27,700 | |
| Bank interest received | 115 | 4 | |
| __ | __ | ||
| 47,810 | 27,704 | ||
| ======= | ======= | ||
| 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 | 11,000 | ||
| Medical/health/sickness | 21,250 | ||
| General purposes | 168,260 | ||
| __ | |||
| Total | 200,510 | ||
| ======= | |||
| 6. | Other costs | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Quoted investments – portfolio charges | 13,497 | 14,745 | |
| Bank charges | 15 | 97 | |
| Independent examiner’s fees | 3,000 | 3,000 | |
| Materials purchased | - | - | |
| Exchange rate variances | (4,993) | 3,785 | |
| __ | __ | ||
| 11,519 | 21,627 | ||
| ======= | ======= |
7. Independent Examiner’s fees
The remuneration constituted independent examiner's fee of £3,000 inclusive of VAT (2022: £3,000 inclusive of VAT).
10
THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
| 8. | Quoted investments | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Market value of investments at start of the year | 1,987,938 | 2,331,379 | |
| Additions | 461,707 | 1,427,383 | |
| Disposals | (535,979) | (1,711,156) | |
| Net (loss)/ profit on revaluation | (199) | (59,668) | |
| __ | __ | ||
| Market value of investments at end of year | 1,913,467 | 1,987,938 | |
| ======= | ======= | ||
| 9. | Debtors | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Other Debtors | 6,213 | 4,987 | |
| __ | __ | ||
| 6,213 | 4,987 | ||
| ======= | ======= | ||
| 10. | Cash at bank | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Barclays Bank PLC | 52,381 | 52,776 | |
| Julius Baer Bank | 138,086 | 177,896 | |
| __ | __ | ||
| 190,467 | 230,672 | ||
| ======= | ======= | ||
| 11. | Creditors due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Accruals | 6,000 | 3,000 | |
| __ | __ | ||
| 6,000 | 3,000 | ||
| ======= | ======= |
11
THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
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
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Net movement in funds | (116,450) | (191,686) | |
| Losses/ (Gains) on investment | 199 | 34,177 | |
| Increase in debtors | (1,226) | 273 | |
| Increase in creditors | 3,000 | - | |
| _ | _ | ||
| Net cash used in operating activities | (114,477) | (157,236) | |
| ======= | ======= | ||
| 14. | Analysis of cash and cash equivalents | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Cash at bank | 190,467 | 230,672 | |
| _ | _ | ||
| Total cash and cash equivalents | 190,467 | 230,672 | |
| ======= | ======= |
12