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, re￿rt
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¢ n￿essary 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 be￿fil
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 rel*iloD 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 t*cn 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 ry￿8 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.
I￿ecOVerable 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