**Registered charity number: 294378** 

**THE BERNHARD HEUBERGER CHARITABLE TRUST REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** 




**THE BERNHARD HEUBERGER CHARITABLE TRUST** 

## **REPORT AND FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 5 APRIL 2024** 

## **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 2024** 

The Trustees present their report along with the financial statements of the Charity for the year ended 5 April 2024.  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 2024** 

## _**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 24 grants totalling £124,410 were approved compared with 28 grants totalling £200,510 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 £48,330 (2023: £47,810). The investment income, together with donations of £50,000 (2023: £50,000), combined with the charities existing reserves, facilitated charitable grants of £124,410 (2023: £200,510) in addition to the management and administration costs of £24,680 (2023: £11,519). 

## _**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 2024 was £2,193,089. 

## _**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 BERNTrL4RD HEUBERGER CIIARITABLE TRUST
THE TRU&TEES' ANNUAL REPORT
FOR THE YEAR ENDED S APIUL 2024
Trustee5' res￿L￿bIlItIeS In ¢0 the $tst¢Dk￿ts
The Irustres are respjnsible fw rttpann8 the tru5tres' ￿n¥*i retxm arml the financia] Ststn￿￿t5 in
e()rdw bsith 4ppiicabk law •Thl Untrcd Acco¢uJiing Swthds IUTrti¢d Kin8dom 8cn¢raily
a¢¢eM¢d (UK GAAPII.
The law appli¢*bk io¢h•riii¢s in EnglaNJ INI Waks wires the io r*epare finan¢i•J siaiemen15 for
e¥h firlanci￿ ycar wlu.ch give a fair view ol the of ¥(fairs of thc clwiiy of in¢ortung
refi)urr¢s and applicaiion of le￿U[ce$ of the chawiry frff Ihu prrid. In pYrpwin8 thc&¢ financial sw¢menis.
the truskes requi￿1 10:
le¢1 5uitsbl¢ Hccwnung wlicies s￿1 then I￿Y them consisten￿Y',
•ob&¢ryt the meth￿￿* and FrI￿pIeS in Iht Chuiiies SORP;
*mukc judwcnts arwj tsiimaies th*t are rtwo*ble and prudcmL
•51alt whether Ipplicable accouniithg have been folloThrd 5ubi¢a to Any matttill depanures
di5cluye¢J und explaiJ)cd thr fmarKial sw¢m¢niS;
repare ￿ finan¢ial swements ott the w.ng bAsis unless it is inappr(yi•o ￿ wcsume thc
Lhariiy will turttirtue its
The trus*c5 af¢ TUP)Dsiblc fw keeF1￿ XCTrJDtiD8 reayds th* dticl¢xe with rc45onabl¢ xcwacy al
y lime Ihc finonci4J p)siiion ol the chan.iy enable them io ¢D5ur¢ that the rtnancial $th￿MentS comply
with Ihe Chan"1i￿ Aa 2011 & the Chan"ues (Aixwllts and R¢guiations I￿8. Try ￿$0
Te.siM>nsible safeguarding the 4$5ets of the chariry and for thkin8 reawMNe *¢ps for the
preveniion I￿j deixiion of Ir4LKI aThJ th iThc8ulariu¢5.
APr￿val by si8Mirm their beh￿f by:
DAvld L Demb
Trth51¢¢
Date 17 Stp¢ember 2014

UHY Hacker Yoyng LLP
Quadrant Houge
4 Thorna5 hA0￿ Square
London Elw IYW
Hackeryoung
Chartered A(countant5
INDEPENDENT E￿INERS, REPORT TO THE TRUSTEES
OF THE BERNHARD HEUBERGER CHAIUTABLE TRUST
FOR THE YEAR ENDED 5 APRIL 2024
I report lo the In)slees on my examination of the accounts of The Bernhard Heuberger Charitable Trust ('*he
Trust") for the year ended 5 April 2024, which are set oui on pagcs 5 to 12.
Responsibilities and basis of report
A5 the Charity tNst¢es of the Trust you are reswnsible for the preparation of the accounts in accordance
with the requirements of the Charities Act 2011 {'tth¢ Act,).
I report in respect of my examination of the Trustee's accounts carried out under section 145 of the 2011
Act and in carying out rny examination I have followed all the applicable Directions givcn by the Chan"ty
Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have ¢OTnpleted my examination. I confirni that no material matters have come to my attention in
connection with the examination giving n]c cause to believe that in any material respect..
l) accounting records wer¢ not k￿t in respect of thc Trust as rcquircd by section 130 of the Act., or
2) the account do not a¢¢ord with thos¢ records. or
3) the accounts do not comply with the applicable requirements conceming the fomi and content of
accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any
requirement that the accounts give a'true and fair view" which is not a matter considered as part of
an independent examination.
I have no concems and have come across no other matters in connection with the examination to which
attention should be dra￿1 in this report in ordcr to enable a proper understanding of the accounts to be
reached.
Vinod J
ama
UHY Hacker Young LLP
Quadrant House
4 Thomas More Square
London Elw IYW
Date: 23 September 2024

## **THE BERNHARD HEUBERGER CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024** 

||**Notes**|**Unrestricted**|**Total funds**|**Unrestricted**|**Total funds**|
|---|---|---|---|---|---|
|||**funds 2024**|**2024**|**funds 2023**|**2023**|
|**Income and endowments from:**||||||
|Donations|3|50,000|50,000|50,000|50,000|
|Investments|4|48,330<br>|48,330|47,810|47,810|
|||______|______|______|______|
|**Total**||98,330|98,330|97,810|97,810|
|||______|______|______|______|
|**Expenditure on:**||||||
|Charitable activities|5|(124,410)|(124,410)|(200,510)|(200,510)|
|Others|6|(24,680)|(24,680)|(11,519)|(11,519)|
|||______|______|______|______|
|**Total**||(149,090)|(149,090)|(212,029)|(212,029)|
|||______|______|______|______|
|Net gains/ (losses) on investments||139,702|139,702|(2,231)|(2,231)|
|||______|______|______|______|
|**Net surplus/ (deficit)**||88,942|88,942|(116,450)|(116,450)|
|**Net movement in funds**||88,942|88,942|(116,450)|(116,450)|
|Reconciliation of funds||||||
|**Total funds brought forward**||2,104,147|2,104,147|2,220,597|2,220,597|
|||_______|_______|_______|_______|
|**Total funds carried forward**||2,193,089<br>________|2,193,089<br>________|2,104,147<br>________|2,104,147<br>________|



5 



THE BF.RNHARD HEUBERGER CHARITABLETRUST
BALANCF. SFIEET
AS AT S APRIL 2024
2024
20
N•¢t
QU￿¢d investmeNS
1053.169
1.913,467
Tol4) Fl%td Assets
1053.169
1.913.467
CurreDI ￿ell
Lkb14)rs
C￿￿ at bthk in hBnd
6.213
19),467
10
140.437
Currtht A55ets
146.685
196.
Crtdltor5: amounts
IlbAn one ytar
12
(&7&1)
(6.Iml
139.920
IY).680
NetA
1193,(W9
2,104.147
Funds
1193.
2.104.147
The on pagu 8 to 12 fonn tArt Old￿ 51*mcrt5.
The rJnaKI￿ $thLe￿nts aFvrofftl by the Br#rd OrTnJ￿ee5 on 17 2024 were s18t￿l on
its bch8J(by."
Dgvld L Dem
Tntstte

**THE BERNHARD HEUBERGER CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2024** 

||**Notes**|**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
|**Cash flows from operating activities**|13|(50,030)|(114,477)|
|**Cash flows from investing activities**||||
|Proceeds from sale of investments||-|535,979|
|Purchase of investments||-|(461,707)|
|||________|________|
|**Net cash provided by/ (used in) investing activities**||-|74,272|
|**Change in cash and cash equivalents**||(50,030)|(40,205)|
|Cash and cash equivalents brought forward||190,467|230,672|
|||________|_______|
|**Cash and cash equivalents carried forward**||140,437|190,467|
|||=======|=======|



7 



**THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** 

## **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 funds, 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 2024** 

## **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**|**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|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 2024** 

|**THE BERNHARD HEUBERGER CHARITABLE TRUST**<br>**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 5 APRIL 2024**|**THE BERNHARD HEUBERGER CHARITABLE TRUST**<br>**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 5 APRIL 2024**|**THE BERNHARD HEUBERGER CHARITABLE TRUST**<br>**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 5 APRIL 2024**|**THE BERNHARD HEUBERGER CHARITABLE TRUST**<br>**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 5 APRIL 2024**|
|---|---|---|---|
|_______________________________________________________________________________________________||||
|**4.**|**Investments**|**2024**|**2023**|
|||**£**|**£**|
||Quoted investment income|47,179|47,695|
||Bank interest received|1,151|115|
|||________|________|
|||48,330|47,810|
|||=======|=======|
|**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||6,000|
|Medical/health/sickness||11,600|
|General purposes||106,810|
|||________|
|**Total**||**124,410**|
|||=======|
|**Other costs**|||
||**2024**|**2023**|
||**£**|**£**|
|Quoted investments – portfolio charges|12,436|13,497|
|Bank charges|211|15|
|Independent examiner’s fees|3,765|3,000|
|Exchange rate variances|8,268|(4,993)|
||________|________|
||24,680|21,627|
||=======|=======|



**6. Other costs** 

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

The remuneration constituted independent examiner's fee of £3,765 inclusive of VAT (2023: £3,000 inclusive of VAT). 

10 



**THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** 

## **8. Quoted investments** 

|**8.**|**Quoted investments**|||
|---|---|---|---|
|||**2024**|**2023**|
|||**£**|**£**|
||Market value of investments at start of the year|1,913,467|1,987,938|
||Additions|-|461,707|
||Disposals|-|(535,979)|
||Net (loss)/ profit on revaluation|139,702|(199)|
|||________|________|
||Market value of investments at end of year|2,053,169|1,913,467|
|||=======|=======|
|**9.**|**Debtors**|||
|||**2024**|**2023**|
|||**£**|**£**|
||Other Debtors|6,248|6,213|
|||________|________|
|||6,248|6,213|
|||=======|=======|
|**10.**|**Cash at bank**|||
|||**2024**|**2023**|
|||**£**|**£**|
||Barclays Bank PLC|226,108|52,381|
||Julius Baer Bank|(85,671)|138,086|
|||________|________|
|||140,437|190,467|
|||=======|=======|
|**11.**|**Creditors due within one year**|||
|||**2024**|**2023**|
|||**£**|**£**|
||Accruals|6,765|6,000|
|||________|________|
|||6,765|6,000|
|||=======|=======|



11 



**THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** 

## **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** 

|||**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
||Net movement in funds|88,942|(116,450)|
||Losses/ (Gains) on investment|(139,702)|199|
||Increase in debtors|(35)|(1,226)|
||Increase in creditors|765|3,000|
|||_______|_______|
||Net cash used in operating activities|(50,030)|(157,236)|
|||=======|=======|
|**14.**|**Analysis of cash and cash equivalents**|||
|||**2024**|**2023**|
|||**£**|**£**|
||Cash at bank|140,437|190,467|
|||_______|_______|
||**Total cash and cash equivalents**|140,437|190,467|
|||=======|=======|



12