Registered eharity number: 294378 THE BERNHARD HEUBERGER CHARITABLE TRUST REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 UHY
THE BERNHARD HEUBERGER CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 INDEX Page Trustees, rert Independent Examiner's report Statement of financial activities Balance sheet Cash flow statement Notes to th¢ finan¢ial statements 8-12
THE BERNHARD HEUBERGER CHARITABLE TRUST THE TRUSTEES, ANINUAL REPORT FOR THE YEAR ENDED 5 APRIL 2025 Thc Trustces prescnt their report along with thc financial statement5 of the Charity for the yvdr ended 5 April 2025. Thc financial statements have b¢en prepared in accordancc with the accounting policies set out on page 8 and comply with thc Charity's Trust Deed, the Charities Act 2011 and the Statement of R¢¢ommcnd¢d Prarti¢¢.' Accounting and Reporting by Charitics. Reference and adm¥nislMlive informulion Charity Number." 294378 Principal Office 2, Hartfield Close, Elstree Borehamwood WD6 3JD Trustees: Siq>hen Nigel Heuberg¢r David L D¢mby Independent Examirter Vinod J Vadgama FCCA, 4 Thomas More Square, London Elw IYW Bankers Barclays Bank Plc, 126 Station Road, Edgware, Middl¢s¢x, HA8 7RY Sirueiure, Governonce ondMuAagement The trust is an unincorporated body, constituted under a trust deed dated 8 April 1986 and is a registered charity, number 294378. The inLSt was established by an initial gift of £500 from Bernhard Heubeiger. 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 exereisable by the settlor Bernhard Heuberger during his lifetime and thereafter by the trustees. The trustees meet at such intervals as they ¢onsider appropriate. The charity has no employees to assist in the running of the charity. The trnste¢s 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, in¢lllding ¢onsid¢ration of grant making, investm¢nL r¢s¢rves and risk managem¢nt policies and p¢rforniance. R¥sk MdndgemÉAr The Trustecs hav¢ r¢viewed the tnnjor and financial risks that impact on the work of the Trust. The systems rh81 have been established ¢nabl¢ th¢ Trust¢¢s lo review and 18k¢ nessary steps to l¢sscn thcge risks.
THE BERNHARD HEUBERGER CHARITABLE TRUST THE TRUSTEES, NNuAL REPORT FOR THE YEAR ENDED S APRIL 2025 Objectives andAetivities The object of the trust is to apply thc capital and income of the tntst fund for such charitable purposes as th¢ trustees in their absolute discietion think fit. Thc policies adopted by the trust¢¢s in achieving these aims are to niake grants to suitable oigani58tions themselves charitable in nature Phblic befil Th¢ Trustees have complied with Section 17(5) of the 2011 Charities Act, having due rcgard for the Charity Commission's guidance on th¢ public bcnefit when renewing the trust's aim and objectives, when setting the grant Making policy and in making awards. GrqMI Making Policy Th¢ trustces consider all grant applications on an individual basis and will make donations io approvcd appli¢alions, when funds are available. The trustees lend to mcet at irrcgular intervals during the ycar to approve r¢¢oTnmendations for the various charitable donations madc and to discuss the running of the charity's affairs. AehievÉmenl und Perforniance During the year 39 grants totalling £408,347 were approved compar¢d with 24 grants totalling £124,410 in the previous y¢ar. The trustees consider that thes¢ repr¢s¢nt an appropriate exercise of thcir discretionary pow¢rs. The pcrformances of the investments in the year were satisfactory and the bank interest income was ¢onsistent with the previous year. Financial Review Th¢ trust is reliant on the income from ils investments. the income from whi¢h was £40,290 (2024.. £48.330). The investment income, together with donations of £50,000 (2024.. £50,000), combined with the charities existing reserves, facilitai¢d ¢haritabl¢ grants of £408,347 12024.. £124,410) in addition to the management and administration costs of £18,690 (2024.. £24.680). Investheni Policy and Performanee There are no restrictions on the Trust's power to invest and the Trustees have not adopted an ethical Iriv¢5tmcnt policy. Investment performanc¢ during the year was considered satisfaciory. Reserves Policy Th¢ trust¢e5' aim is to maintain free re5erve5 in unrestricted funds at a level that will provide sufficient funds to respond to applications for grants and ¢nsure that there are sufficient funds available to cover support and govcrnance costs. The actual level of reserves ai 5th April 2025 was £1,909,728. Plansfor the Future The Trustees have no immediate plans to m<dify or radically change any of the objects. activities or policies described above.
THE BEKNH.4RD HELIBERGER CIIAIUTABLE I'RUST THF. TRI',STF.ES' ANNIIAL RF.PORT FOR I IIE I L,IR ENDLD 4,IPIiIL 2025 Truslt¢i' Te5ponslbUl¢l In reliloD Its ihe flnAntllll ¥lxtewenlJ The intslec$ arr rcsponsible for prcpJrin8 ihe m151ces' Dnnual rcp)rl atid the flnancial 5¢Jtcments in accordanc¢ 7th )ppliitsblL IJIN and Uniied Kinbdom Ac£ounliiig Siiindii Tds Iuniicd Kingdom gcncnlly ccepied occounring praclice IUK G.4API). Thc lam. applicable Io Lliariiics in England and Il'ul¢$ requires th¢ wsi¢¢s iv prcpur¢ financiJl slalem¢llts for each financial j'cor isliich gii'L a truc and luir of tlii slai¢ of ulTairs of thc ¥hariry and of LLS io£oming resourc¢s and ypplicaiion of rcsources of ilie ¢harity for thut pert¢yl. In prepanng Ihese finjnctal sia(em¢ncs. Ilie tDJsiee5 are required io.. •5¢1ccl suitsblc uccounting policies and then apply them ¢onsi$tenily; •obscrve the m¢ihod$ and priNciplL¥ in ihe Chariiies SORP: •maL"c judgtnents and csumaies Dn. reasonablc pNdcni; slalc wlJcih¢r llpplicuble ttccounling &L1ndards Iiovc tcn lollowcd subjcci lo any matcrial dtparturn disclosed and eTpluin¢d in Ihc fTntLnciJl stllicmcnts. "picpare IhL financial slal¥ni¢nls on Ihe goijig concem btssis unless il is inappropriaic (o presumc thjt the hanty will eoniinuc In busine.8S. I'lic Thstccs arL reS$1b1¢ for ke¢ping propcr accounting records thai disclose with rcasonable accuracy a( any Ilmc the financial position ofihc chariLy und cnable ihem io ensurc thai the financi 5toicmcn15 comply "ith ihe Chtiriiies Act ?01 l and the Churilics (Accounls and Reports) Regulalions ry8 They Lre also responsible for sdf¥gutsrd]'ng the asbets of tkne chanly and htnce for iakn'ng TeasonJble sl¢ps for the prcvcniion and dctcclion of fraud and other irrcgularitiey. Approvd the trusices si¢d on tlietr behalf by.. DAvld L Dem Trust¢e ihte 21 Miy 2025
UHY IJHY H•ck•rYwn4 LLP Q¥adrafTrt Hou39 4Thomas Mor* Squarg London EIWIYW INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES OF THE BERNHARD HEUBERGER CHARITABLE TRUST FOR THE YEAR ENDED S APRIL 2025 report to the trustees on my examiiiation of the a¢¢ounts of The Bernhard Heuberger Charitable Trust ("the TnJst"} for the year ended 5 April 2025, wliich ar¢ set out on page5 5 to 12. Responsibilities and basis of repor¢ As the charity trusiees of ihe Trust you are responsible for ihe preparation of the accounts in accordance with the requirements of th¢ Charities Aci 2011 {"the Act"). I report in respect of my examination of the Trustee's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by ihe Charity Commission under section 14515Kb) of the 201 l Act. Independent examiner'5 Statement I have completed my examination. I confirm that no rnaterial matters have come to my attention in connection with the examination giving me cause to b¢lieve that in any material respect.. l) accounting records were not kept in respect of th¢ TTUSI a5 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 reqiiirements con¢erning the forni and content of accounts set out in the Charities (Accounts aiid Report5) Regulatioiis 2008 other ihan any requireinent that the accounts give a.true and fair view" which is not a matter considered as part of independent examination. I have no coii¢erns arhd have come across no other matters in connection with the examiiiation to which attention should be drawn in this report in order to enable a proper understanding of th¢ account5 to be reached. Vinod J Vadgama UHY Ha¢ker Young LLP Quadranr House 4 Thomas More Square London Elw IYW Date.. 27 May 2025
THE BERNHARD HEUBERGER CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 Notes Unrestricted funds 2025 Total funds 2025 Unrestricted Total funds funds 2024 2024 Income and endowments from: Donations 50.000 40.290 50.000 40,290 50,000 48.330 So,0 48.330 Invesrtnents Totgl 90.290 90,290 98.330 98.330 Expenditure on: Charitable activities (408,347) (408,347) (124,4101 (124.410) Others (18,690) (18,6901 124,680) (24,680) Total {427,037) {427,037) (149,090) (149,090) Net gainsl (losses) on investments 53,386 53,386 139,702 139,702 Net Surplu (deficit) {283,361) (283,361) 88,942 88,942 Net movement in funds (283,361) {283,361) 88,942 88,942 Reconciliation of funds Total fund5 brought forward 2,193,089 2,193,089 2,104,147 2,104,147 Total funds carried forw%rd 1,909,728 1,909,728 2,193,089 2,193,089
THE BERNTL4RD HEUBERGER CHARITABLE TRUST BALANCE SIIEET AS AT 5 APRIL 21125 2025 2024 Not¢ Flsed Assets Quoted invcsttncnis 1,836.044 2.053.169 TotAI Flxed Assets 1,836.044 2.053,169 Current 4Met$ tkbiors Cash al bankand in haDd 3,048 74.286 6248 140.437 10 TO1 Current Asgets 77J34 146.685 Crcdltors: Trunts falllng due wlthln one year 12 {3.650) (6.765) 73.684 139.920 Net assets 1.909.728 2.193.089 Funds Unrestticted futtdq 1.909,7?8 • 193.089 The nole5 on pages 8 to 12 fomi part of these finan¢ial stLtem¢nts. The financial 5taternents were approved by the Bthvd of TnJsie¢s on ? l Maj 7075 au41 ivere signed (m its behalf by.. Dayld L Dem Trnjtee
THE BERNHARD HEUBERGER CHAIUTABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED S APRIL 2025 Notes 2025 2024 Cash floiys from operating activities 13 (378,774) {50,0301 Cash flows from investing activitie5 Proceeds from sale of investments Purchase of investments 312,623 Net cash provided by/ (used in) investing activitie5 312,623 Change in cash and cash equivalents {66,151) (50,030) CAsh and ¢a5h ¢quival¢nt5 brought fonvard 140,437 190,467 Cash and cash equivalents carried forTrv#rd 74,286 140,437
THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Accounting policies a} Basis of preparation The financial st2t¢m¢nts have been prepaied in accordancc with Accounting and Reporting by Charities.. Statement of Recommcnded Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in rhe UK and Republic of Ireland Icharities SORP FRS 102) (effective l January 2015), The Financial Reporting Standard applicable in ihe UK and Republic of Ireland (FRS102) and the Charitics Act 2011. The financial statements are prcparcd in sterling. which is the functional Currency of the company. Monetary amounts in thes¢ financial stat¢ments are rounded to the n¢ar¢st £. b) Fund accounting All funds of ihe trust ar¢ h¢ld as unrcstricted funds, and the trustees havc thc power to distribute income as they see fit in accordancc with th¢ overall objectives of the irust. e) lTrcoming resources All income is recognised once the charity has entitlement to th¢ in¢orn¢, it is probable that the income will be received and the amount of Income receivable can be measurcd reliably. DonatiOTiS rccognised when the Trust has been notified in writing of both th¢ amount and settlement date. In the event that a donation is subject to conditions that requirc a Icvcl of perfomjance befor¢ th¢ charity is entitled to the funds, th¢ income is deferred and not recognised until either those ¢onditions arc fully met, or the fulfilment of thosc conditions is wholly within the control of the charity and it is probable that those condition5 will be fulfilled in the reporting period. Entitlement to a legacy is recognised when probate has been granted and th¢ cxecutors have esiabli5hed that there are sufficient funds to honour the will request and any ¢onditions attached hav¢ k¢n m¢t. Interest oll funds held on deposit is included when receivable and the amount can be Tneasured reliably by th¢ charity.. this is nonnally upon notificlc lion of the intercst paid or payable by the bank. Dividends are recognis¢d once thc dividend has been declaied and notification has been received of the dividend due. This is normally upon notification by our inv¢stment advisor of the dividend yield of the investment portfolio. d) Resource5 expended and Irrecoverable VAT Liabilities are recognised as resources expended as soon as there is a legal or ¢onstructive obligation committing the chaiity to the ¢xp¢nditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggr¢gatc all costs related to the ¢ategory. Grants payable are payments made io third parties in the fijrtherance of the charitablc objectives of the Trust. The grants are 2c¢ounred for whcre either the Trustees have 2gr¢¢d to pay the grant without condition and the recipient h2s a reasonable expectation that th¢y will receive a grant, or any condition attaching to the grant is outside the control of the Trust. IecOVerable VAT is chargcd against the category of resources expended for which it was incurred.
THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FITrIANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 e) Charltable a¢tivities Costs of ¢haritabl¢ activities include granis made. fj Other cost$ Other costs ¢omprise 211 Costs involving the public a¢¢ounlability of the charity and its compliance with rcgulation and good practice. These include costs related to independent examination and legal fe¢s. Inve$tment Property No depieciatiot] has been provided the ¢hariWs inv¢stm¢nt prop¢rty as it has been included in the accounts by the trustees at rnarket value. b) Forelgn Cllrrency Transactions in foreign currencies are translated into sterling at the raies of ¢x¢hange Current at the date of the transactions. Foreign currency Tnoneiary assets and liabilitics in thc balancc shcct are translated into steiling at the rates of exchange ruling at the end of th¢ y¢ar. Rcsulting exchange gains and losses are taken to the Statement of Financial Activities. i) Gain5 and losscs on investments Realised gains and losses on investments are calculated as the difference between sale proceeds and opening market value lor purchase cost if acquired in the year). Unrealised gains and losses on investments are calculated as the difference between the closing mid-mark¢t value at the y¢ar ¢nd and opening mid-market value {or purchase cost if acquired in the year). Realised and unrealised gain5 and 1058es on investments are not separated in the statemeT]t of financial activities and are taken to the slatcment of financial activities as they arise. k) Quoted investments Invesini¢nlS are included al their market value at th¢ balance sheet date. The Statement of Financial Activities includes the nct gains and losses arising on revaluation and disposals throughout the year. Tru$tees' remuneration No trustee or any person ¢onneeted with 2 trust¢¢ has rK¢ivcd or É5 du¢ to receive any remuneration for th¢ year directly oi. indirectly from th¢ ¢harily's funds. No trustee has been reimbursed for expenses during the year. Donatlon$ and legacles 2025 2024 Donations 50,000 50.000 50,000 50.000
THE BERNHARD HEUBERGER CHARITABLE TRUST P40TES TO THE FINANCAAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Investments 2025 2024 Quoted investment incom¢ Bank interest received 39,345 945 47,179 40.290 48,330 Analysi5 of charitable expenditure The chaTity undertook no direct charitable activities but awarded grants to a nuTnber of institutions during thc year in furtherance of its charitable activities. No support costs w¢r¢ incurrcd In the delivery of these grants. Grants P#yable Educationliryining Medical/h¢althlsi¢kness General purposes 13.150 15,600 376,597 Total 408J47 Other costs 2025 2024 Quoted investments- portfolio ¢harges Bank charges Bank interest Ind¢pcndcnt Cxaminer's fees Exchange rate variances 12.859 14 2,167 3,650 12,436 211 3,765 8,268 18,690 24.680 Independent Examiner'5 fees The rcmuneration constituted independent examin¢r's fee of £3,650 inclusive of VAT (2024.. £3,765 in¢lusive of VAT). io
THE BERNHARD HEUBERGER CHARITABLE TRUST OTES I'o THE FINLNCIAL STATEMENTS FOR THE YEAR ETrIDED S APRIL 2025 Qlloted Investments 2025 2024 Market valuc of investments at start of the year Additions Disposals Nel {loss)I profit on revaluation 2,053.169 1,913.467 {312.624) 95.499 139,702 Market value of investments at end of year 1,836.( 2,053,169 Debtors 2025 2024 Other Debtors 3,048 6,248 3,048 6,248 io. Cash at bank 2025 2024 Barclayg Bank PLC Julius Bacr Bank 46,940 27.346 226,108 (85,671) 74,286 140.437 ii. CTeditors due within one year 2025 2024 A¢¢ruals 3,650 6.765 3,650 6,765
THE BERNHARD HEUBERGER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 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 movement5 in funds to net cash flow from opernting activities 2025 2024 Nct movement in funds L055esl (Gains) on investment Profit/ (Loss) on sale of inveskn¢nls Decrease in debiors DecreAse in crcditors {283,361) {53,386) {42,112) 3,200 (3,115) 88.942 (139.702) {35) 765 Net Cash used in operating aclivili¢s (378,774} (50,030) 14. Analysi5 of ¢a5h and cash equivalents 2025 2024 Cash at bank 74,286 140,437 Total cash and cash equlyalents 74,286 140,437 12