2022-06-30-accounts - Ludwig Wittgenstein Trust

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LUDWIG WITTGENSTEIN TRUST ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022

LUDWIG WITTGENSTEIN TRUST

ACCOUNTS FOR THE YEAR ENDED

30 JUNE 2022

CONTENTS	PAGE
Charity Information	1
Trustees' Report	2 - 3
Independent Examiner's Report	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the Accounts	7 - 10

LUDWIG WITTGENSTEIN TRUST

CHARITY INFORMATION

TRUSTEES: Mr G M D Day Mrs G Moore (Secretary) Professor M Rössner Mr H Jones PRINCIPAL ADDRESS: Church Rate Corner Malting Lane Cambridge CB3 9HF CHARITY NUMBER: 1059976 ACCOUNTANTS: Chater Allan LLP 7 Quy Court Colliers Lane Stow-cum-Quay CB25 9AU INDEPENDENT EXAMINER: Stuart Arrandale Chartered Accountant 23-25 Gwydir Street Cambridge CB1 2LG PRINCIPAL BANKERS: National Westminster Bank Plc

LUDWIG WITTGENSTEIN TRUST TRUSTEES' REPORT YEAR ENDED 30 JUNE 2022

The Trustees present the charity's accounts for the year ended 30 June 2022.

History, objectives activities and governance of the Trust

The Trust was originally set up as the Wittgenstein Archive. It was registered as a charity on 3 January 1997. In order that the Trust’s name more accurately reflect its purposes, the trustees agreed in February 2012 to change the Trust’s name to the Ludwig Wittgenstein Trust. On 11 April 2012 confirmation was received from the Charity Commission that the name had changed.

The Trust’s foremost objective is to edit and publish the works of Ludwig Wittgenstein. The charity also seeks to advance the education of the public in the life, works and philosophy of Ludwig Wittgenstein. Michael Nedo has been the director of the charity since its inception. The charity houses Michael Nedo’s collection of material related to Wittgenstein’s life: photographs, correspondence and other documents and objects.

Eighteen volumes of the Vienna Edition of Wittgenstein’s writings appeared between 1993 and 2001, 9,098 printed pages. Publishing of Wittgenstein’s writings resumed in 2019; by 2022 five additional volumes had been published with 1,728 printed pages. Other activities of the charity have included supporting PhD, postdoc and masters students in philosophy and computer science researching Wittgenstein’s writings and tools for preserving and researching written cultural inheritance; also hosting and organising conferences and seminars, mounting exhibitions, giving lectures, contributing to scholarly and popular publications, answering queries from the public, and granting the reproduction and licensing of images from the collection.

The original trustees were Professor G. E. M. Anscome, G. M. D. Day and G. Moore. The trustees are now G. M. D. Day, G. Moore, Professor Michael Rössner, and Huw Jones. The trustees hold meetings or teleconferences at least twice a year to review progress against objectives and the risks the charity faces, and they review the accounts at least three times a year.

On 4 May 2011 the Governing Body of Clare Hall, a college of Cambridge University, agreed the association of the Wittgenstein Edition with the College; the association was approved by the College Council. This association, entitled ‘The Wittgenstein Project Clare Hall’ permits the Trust to apply for funding under the name of the college, potentially opening up new revenue streams while not restricting the Trust from undertaking independent activities.

From 1994 until late in 2006 the home of the edition and the archive collection was 2 Grantchester Road, Cambridge, the property of the late Sir Colin St John Wilson. In August 2006 the property was sold and two months later the Wittgenstein Archive relocated back to its earlier address, 3 Andersons Court, Newnham Road, Cambridge. This remains the physical home of the Ludwig Wittgenstein Trust.

Achievements and performance in 21-22 (and early 22-23 )

Volume 6 of the Vienna Edition, Wittgenstein’s notebooks from 1931, was delivered to the publisher in June 2021 and published at the end of 2021. In August 2021 editorial work began on a three-part volume 10, the underlying collection of cuttings from which Wittgenstein dictated the ‘Big Typescript’, which is volume 11 of the Vienna Edition. Volume 10 is mainly a philological apparatus linking manuscript volumes 1 to 10, the synopses thereof (volumes 7 and 8 of the Vienna Edition) with the ‘Big Typescript’, volume 11; it contains a footnote apparatus relating to volume WA 11, the ‘Big Typescript, which was omitted from volume 11 to increase access to and clarity of the text. The work on volume 10 is expected to continue at least to the end of calendar year 2022; the first part of volume 10 will be delivered to the publisher in October 2022. The delayed exhibition in Vienna’s Leopold Museum on Wittgenstein work related to photography and photographers influenced by Wittgenstein opened on 11 November 2021. The Director had contributed to the exhibition and written an essay for the catalogue on Wittgenstein’s work in, with and about photography. Trinity College’s Wren Library also contributed to the exhibition. Vienna’s November-December covid lockdown closed the exhibition for a few weeks but it was extended until 27 March 2022. The exhibition was extensively and warmly reviewed. It is hoped that the exhibition will travel to the USA.

LUDWIG WITTGENSTEIN TRUST TRUSTEES' REPORT YEAR ENDED 30 JUNE 2022

Operations

Ongoing work of the Trust includes supporting visiting scholars and responding to requests for images and queries related to Wittgenstein from the general public, from other scholars and from publishers and broadcasters. Visits by scholars ceased for a while during the covid epidemic, but have resumed.

The Trust is still housed in Andersons Court on a tenancy-at-will basis. The landlord is in the process of selling Andersons Court to the ground-floor tenant, the owner of the Rice Boat restaurant. So far there are no indications that the new owner will want to change the Trust’s tenancy arrangements. Since January 2019 the office computer system has been rebuilt, data storage has been overhauled, the data has been adapted for today’s computer hard- and software and numerous improvements have been made to adapt the software used to typeset the edition.

Financial review and reserves policy

Until 2017-18 the Trust’s main source of income had been the continued funding for the infrastructure of the project from the City of Vienna via the Austrian Academy of Sciences. The retrospective funding for calendar year 2018 provided in 2019 was a fraction of what the Trust had been told to expect, and since then no funding has been received from the City of Vienna. The Trust is therefore dependent on private donations; £28,000 was donated in 2021-22 and £7,000 Gift Aid on that sum was received from HMRC (£2,500 of this Gift Aid was received in the 2022-23 financial year and accrued within the 2021-22 financial statements).

Office infrastructure and computer maintenance costs the Trust a minimum of £12,000 a year. Editorial and production work on the volumes to be published, and software developments essential for the editorial work, are in addition.

In August 2021 the Trust received an insurance settlement of £15,000 for items stolen from the Trust’s office in April that year. Some of the stolen items belonged to the Trust, some were the personal property of the Director. The Trust paid the Director £10737, his share of the settlement.

In 2016 to 2018 the Director of the Trust had made a number of loans to the Trust in anticipation of grant payments to the Trust; once the grants were received the Director’s loans were repaid to him. One creditor to the Director remained in the charity accounts in error. This is corrected by the Prior Year Adjustment. The charity’s reserves policy is that it seeks to maintain unrestricted reserves equal to at least one year's average expenditure, future levels of which are expected to be circa £30,000. Expenditure will be very carefully managed and trustees will monitor balances and forecasts on a monthly basis.

The charity's reserves at 30th June 2022 are £5,727.

Plans for 2022-23 and beyond

In September 2020 trustees indicated their approval in principle to exploration of a closer association with Clare Hall. This could have included fundraising for the creation of a Wittgenstein Institute within Clare Hall which would continue the work on the Vienna Edition and welcome visiting scholars in many disciplines on whose work Wittgenstein’s thinking has a bearing. Had those plans been realized, the Director had been prepared to donate his personal archive of Wittgenstein memorabilia to Clare Hall.

In December 2021, Trinity College’s Wren Librarian Dr Nicolas Bell contacted the Director to express Trinity’s interest in acquiring his personal archive. The Director raised the possibility of Trinity continuing the edition. Clare Hall has been informed about this dialogue and is not currently pursuing the idea of a Wittgenstein Institute within Clare Hall. Discussions with Trinity are continuing, supported by the Austrian Ambassador and the Austrian Cultural Attaché.

Signed on behalf of the Trustees by

G Moore - Secretary Date: 23rd March 2023

LUDWIG WITTGENSTEIN TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

I report on the accounts of Ludwig Wittgenstein Trust for the year ended 30 June 2022, which are set out on pages 5 to 10.

RESPONSIBILIITES AND BASIS OF REPORT

As the charity's trustees you are resonsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").

I report in respect of my examination of the charity's accounts carrie out under section 145 of the Act and in carrying out my examination I have followed all the appliable directions given by the Charity Commission under section 145(5)(b) of the Act.

INDEPENDENT EXAMINER'S STATEMENT

I have complete my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1) Accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2) The accounts do not accord with those records.

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 to enable a proper inderstanding of the accounts to be reached.

Stuart Arrandale Chartered Accountant 23-25 Gwydir Street Cambridge CB1 2LG

Independent Examiner

Date: 28th March 2023

LUDWIG WITTGENSTEIN TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 JUNE 2022

Note Income From: Donations and legacies 2 Charitable activities: Editorial and research Investment income Other Total income Expenditure on: Charitable activities: Editorial and research 3 Other Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward 1 July 2021 Prior year adjustment 11 Total funds brought forward 1 July 2021 as restated Total funds carried forward 30 June 2022	2021 Unrestricted Restricted Total Total (as restated) £ £ £ £ 35,000 - 35,000 42,500 1,106 - 1,106 4,018 - - - 1 4,263 - 4,263 2,913 2022
	40,369 - 40,369 49,432
	57,362 - 57,362 55,810 - - -
	57,362 - 57,362 55,810
	(16,993) - (16,993) (6,378) 22,320 400 22,720 10,109 - - 18,989
	22,320 400 22,720 29,098
	5,327 400 5,727 22,720

All of the above results are derived from continuing activities. The statement of financial activities includes all gains and losses recognised in the year.

LUDWIG WITTGENSTEIN TRUST

BALANCE SHEET

AS AT 30 JUNE 2022

Note FIXED ASSETS 5 CURRENT ASSETS Debtors Prepayments and accrued income Cash at bank Cash in hand LIABILITIES Creditors: amounts falling due within one year Accruals NET CURRENT ASSETS NET ASSETS THE FUNDS OF THE CHARITY: Restricted funds 7 Unrestricted funds 7 TOTAL CHARITY FUNDS	£ £ £ £ 3,122 3,716 1,000 1,000 4,422 2,126 15,003 17,943 139 144 20,564 21,213 (1,309) (1,309) (16,650) (900) (17,959) (2,209) 2,605 19,004 5,727 22,720 400 400 5,327 22,320 5,727 22,720 2022 2021 (as restated)	£ £ £ £ 3,122 3,716 1,000 1,000 4,422 2,126 15,003 17,943 139 144 20,564 21,213 (1,309) (1,309) (16,650) (900) (17,959) (2,209) 2,605 19,004 5,727 22,720 400 400 5,327 22,320 5,727 22,720 2022 2021 (as restated)
	400 5,327
		22,720
		22,720

The accounts were approved by the Trustees on 23rd March 2023 and signed by

G Moore - Secretary on behalf of the Trustees

LUDWIG WITTGENSTEIN TRUST

NOTES TO THE ACCOUNTS

YEAR ENDED 30 JUNE 2022

1 ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, except for investments, which are included at the market value, and in accordance with FRS 102 "The Financial Reporting Standards Applicable in the UK and Republic of Ireland" and Statement of Recommended Practice "Accounting and Reporting by Charities" FRS 102 (2019).

Statement of cash flows

The charity has taken advantage of the small charity exemption in preparing these financial statements, as permitted by FRS 102 Section 7 and is not required to produce a statement of cash

Going concern

The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and the charity is well placed to manage its business risks. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts. In arriving at this conclusion the Trustees have considered the potential impact of the current global pandemic known as COVID-19.

Income

All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy.

Expenditure

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated to activities on a basis consistent with use of the resources.

Fund accounting

Unrestricted funds are available for use at the discretion of trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

The restricted fund represents income from the British Academy for the support of a visiting scholar.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

Debtors

Debtors are recognised at the settlement after any discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

LUDWIG WITTGENSTEIN TRUST

NOTES TO THE ACOUNTS

YEAR ENDED 30 JUNE 2022

1 ACCOUNTING POLICIES (continued)

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Staff costs

There are no employees.

Depreciation

Fixtures and fittings are depreciated on a straight line basis over the expected useful life of 10 years. Computer equipment is depreciated on a straight line basis over the expected useful life of 4 years.

Unrestricted Restricted £ £ - - 44,110 - 9,302 - 1,267 - 158 - 1,625 - 900 - 2022	2022 £ 28,000 7,000 - 35,000 Total £ - 44,110 9,302 1,267 158 1,625 900	2021 £ 34,000 8,500 -
		42,500
		2021 Total £ - 42,289 9,683 1,008 376 1,554 900
57,362 -	57,362	55,810
	2022 £ 900	2021 £ 900

There were no trustee expenses or remuneration paid in the year.

LUDWIG WITTGENSTEIN TRUST

NOTES TO THE ACOUNTS

YEAR ENDED 30 JUNE 2022

5 FIXED ASSETS COST As at 1 July 2021 Additions in year Disposals in year As at 30 June 2022 ACCUMULATED DEPRECIATION As at 1 July 2021 Charge for the year Disposals in year As at 30 June 2022 NET BOOK VALUE As at 30 June 2022 As at 30 June 2021 6 GRANTS PAYABLE	Fixtures & Fittings £ 5,627 - -	Computer Equipment Total £ £ 25,535 31,162 1,030 1,030 (2,489) (2,489)
	5,627	24,076 29,703
	3,618 408 -	23,828 27,446 1,216 1,624 (2,489) (2,489)
	4,026	22,555 26,581

	1,601	1,521 3,122

	2,009	1,707 3,716

There were no grants payable in the year

7 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets Net current assets	Unrestricted Restricted Funds Funds 2022 2022 £ £ 3,122 - 2,205 400	Total Total Funds Funds 2022 2021 £ £ (as restated) 3,122 3,716 2,605 19,004 5,727 22,720
	5,327 400

8 RELATED PARTY TRANSACTIONS

During the year donations of £28,000 were received from the trustees and related parties. There were no amounts outstanding at the year end.

9 KEY MANAGEMENT PERSONNEL

Key management personnel did not receive any remuneration during the year.

LUDWIG WITTGENSTEIN TRUST

NOTES TO THE ACOUNTS

YEAR ENDED 30 JUNE 2022

10 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021

Income From: Donations and legacies Charitable activities: Editorial and research Investment income Other income Total income Expenditure on: Charitable activities: Editorial and research Total expenditure Net movement in funds	UnrestrictedRestricted Total Funds Funds Funds £ £ £ 42,500 - 42,500 4,018 - 4,018 1 - 1 2,913 - 2,913 49,432 - 49,432 55,810 - 55,810 55,810 - 55,810 (6,378) - (6,378) 2021

11 PRIOR YEAR ADJUSTMENT

The prior year adjustment is the result of a 2019 creditor being included twice, once as the orignal Euro invoice amount and again as the sterling equivalent upon repayment. This resulted in creditors being overstated by £18,891.