2022-10-31-accounts

The Warburg Charitable Trust

(A company limited by guarantee)

Trustees’ Report and Financial Statements For the year ended

31 October 2022

Company no. 03645747 (England & Wales)

Charity no. 1110097

The Warburg Charitable Trust

Trustees’ Report and Financial Statements

For the year ended 31 October 2022

Contents

	Page
Statutory Information	1
Trustees’ Report	2 - 4
Financial Statements Report	5
Independent Auditor’s Report	6 - 8
Statement of Financial Activities	9
Balance Sheet	10
Statement of Cash Flows	11
Notes to the Financial Statements	12 - 16

The Warburg Charitable Trust

Statutory Information

Charity Name: The Warburg Charitable Trust Charity no: 1110097 Company no: 03645747 Registered Office: The Warburg Institute, London, WC1H 0AB

Directors and Trustees:

	C.A. Rossbach M.L. Mahlke	(Chair)
	N. Warburg W.H. Sherman
	D. Peltz L.D.G Grossman	(Treasurer)
	B.G.E Finucane
	S. G. Roden
	R. Wistreich
	J. Fox
Company Secretary:	P. Lin
Auditor:	Goldwins Ltd
	Chartered Accountants
	75 Maygrove Road
	London NW6 2EG
Accountant:	Accountability Europe	Ltd
	Omnibus Workspace
	39-41 North Road
	London N7 9DP
Bankers:	National Westminster	Bank

1

The Warburg Charitable Trust

Trustees Report for the year ended 31 October 2022

The Trustees of The Warburg Charitable Trust, ‘The Trust,’ are pleased to present the Annual Report and Financial Statement for the year ended 31 October 2022.

The Trustees, who are also directors under company law, confirm that the financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice-Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Structure, Governance and Management

Governance and Management

The Trust is a charitable company limited by guarantee, incorporated on 7 October 1998 and registered as a charity on 20 June 2005.

The company was established under a Memorandum of Association, which established the objects and powers of the charitable company, and is governed under those Articles.

The members of the Board of Trustees are elected for three years at the Annual General Meeting (AGM).

Objectives and Principal Activities

The charity’s purposes, as set out in the objects contained in the company’s Memorandum of Association, are the advancement of education in the history of the classical tradition of the arts and sciences, in particular but not by way of limitation by supporting the activities of the Warburg Institute, by such exclusively charitable means as the trustees shall from time to time determine.

We review our aims, objectives and activities at trustee meetings. The review looks at achievements and plans future outcomes. We produce reports on key achievements and the benefit that they have brought to those groups of people that we are set up to help. The review also helps us to ensure that our aims, objectives and activities remain focused on our stated purposes.

Public Benefit

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

Recruitment and appointment of the Trustees

The directors of the company are also charity trustees for the purposes of charity law, and under the company’s Articles. All members of the Management Committee give their time voluntarily and receive no benefit from the charity. Any expenses reimbursed to trustees by the charity are set out in a note to the accounts.

Organisational Structure

The Warburg Charitable Trust has a Committee of up to 9 members (amended to 10 trustees at the AGM in June 2022), who meet when required during the year and are responsible for the strategic direction and policy of the charity.

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The Warburg Charitable Trust

Trustees Report for the year ended 31 October 2022

Risk Management

The trustees actively review the major risks facing the charity on a regular basis. They have established systems and procedures to mitigate those risks identified and implemented procedures designed to minimise any potential impact on the charity should those risks materialise.

The trustees review the organisation’s financial situation and the resources available to the organisation.

Procedures are in place to ensure the health and safety of staff and visitors to the organisation.

Financial Review

Investment Policy

The policy of the Management Committee is to place surplus funds into an interest bearing account whilst maintaining sufficient funds in a current bank account to cover immediate liabilities.

Reserves Policy

The Trustees have considered their reserves policy in light of the main risks to the organisation. The committee recognises that the organisation needs to have sufficient reserves to allow it to cover known liabilities and contingencies, absorb setbacks and take advantage of change and opportunity.

Statement of Responsibilities of the Trustees

The Trustees (who are also directors of charitable company for the purposes of company law) are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the Trustees are required to:

• Select suitable accounting policies and then apply them consistently.

• Observe the methods and principles in the Charities SORP.

• Make judgements and estimates that are reasonable and prudent.

• State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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The Warburg Charitable Trust

Trustees Report for the year ended 31 October 2022

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

Goldwins Ltd was appointed as auditor for the 2021-22 financial year.

Statement as to Disclosure to our Auditors

In so far as the Trustees are aware:

• There is no relevant audit information of which the charitable company’s auditors are unaware; and

• • The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Small Company Exemptions

This report has been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 applicable to companies subject to the small companies’ regime and with the Charities Statement of Recommended Practice (FRS 102).

This report was approved by the trustees on 21/07/23 and signed on their behalf by:

Professor Bill Sherman Director and Trustee

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The Warburg Charitable Trust

Trustees Report for the year ended 31 October 2022

Financial Statements Report

The Warburg Charitable Trust had an active and successful year. We made major strides in raising both the profile of the Warburg Institute and the funds needed for the ‘Warburg Renaissance’ capital project. The project’s fundraising target of £5m was met in January 2022, the University of London’s Board of Trustees gave its final green light in April 2022 and ground was broken in June 2022. We are grateful for the support of our many donors and supporters, as well as of the Warburg Institute, the School of Advanced Studies and the University of London, in particular the UoL Development Office.

During the year we expressed our appreciation to two outgoing trustees and welcome two new ones, took a number of important steps to strengthen our ability to deliver on our goals and consolidated our relationship with the American Friends of the Warburg Institute (a charitable organisation based in New York).

Despite the ongoing challenges, the year saw a number of major initiatives that improved the visibility and sustainability of the Warburg Institute and greatly advanced its educational mission and public benefits. The highlight of the year was a charity auction at Phillips (4 March 2022) with donated works by leading artists. It not only brought in nearly £200,000 from sales but also led to a number of additional gifts supporting the Institute’s new efforts in artistic engagement. The Trust engaged an artist-in-residence for the ‘Warburg Renaissance’ building project and provided her with an initial stipend.

The Trust continued to increase the profile of the Warburg Institute by supporting and sponsoring the communications campaign surrounding the Phillips auction as well as its Annual Review. It also supported the stewardship of donors by making improvements to the new Friends of the Warburg Institute programme, and by organising a visit of major donors and supporters to Venice to coincide with the vernissage of the 2022 Venice Biennale (May 2022).

Finally, in the year ended 31 October 2022, the Trust awarded just under £30,000 in student bursaries along with £30,000 for Library Collection Development.

We appreciate the support of our many friends, alumni, donors and supporters and hope for a healthy and successful year ahead.

Christopher Rossbach, Chair

5

The Warburg Charitable Trust

Independent Auditor’s Report to the Members of

The Warburg Charitable Trust

Opinion

We have audited the financial statements of The Warburg Charitable Trust (the ‘charitable company’) for the year ended 31 October 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• Give a true and fair view of the state of the charitable company’s affairs as at 31 October 2022 and of its income and expenditure for the year then ended.

• Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

• Have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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The Warburg Charitable Trust

Independent Auditor’s Report to the Members of The Warburg Charitable Trust

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• The information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The trustees’ annual report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• The financial statements are not in agreement with the accounting records and returns; or

• Certain disclosures of trustees’ remuneration specified by law are not made; or

• We have not received all the information and explanations we require for our audit; or

• The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

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The Warburg Charitable Trust

Independent Auditor’s Report to the Members of The Warburg Charitable Trust

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

• We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:

• Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

• Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;

• The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

• We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.

• We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

• We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

• In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Anthony Epton (Senior statutory auditor) for and on behalf of Goldwins Limited Statutory Auditor, Chartered Accountants 75 Maygrove Road, West Hampstead London NW6 2EG

8

The Warburg Charitable Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 October 2022

Note 2 3 4 4 4 11 Reconciliation of funds: Investments Charitable Activities Income and endowments from: Net movement in funds Total income Total expenditure Expenditure on: Charitable activities Raising funds Total funds brought forward Total funds carried forward Net income for the year 5	Unrestricted Funds £ 277,288 3	Restricted Funds £ 1,313,361 -	2022 Total Funds £ 1,590,649 3	Unrestricted Funds £ 160 - 160 10,710 21,017 31,727 (31,567) 65,690 34,123 (31,567)	Restricted Funds £ 55,000 -	2021 Total Funds £ 55,160 -
	277,291	1,313,361	1,590,652		55,000	55,160
	20,861 5,012	- 1,059,430	20,861 1,064,442		- 24,005	10,710 45,022
	25,873	1,059,430	1,085,303		24,005	55,732
	251,418	253,931	505,349		30,995	(572)
	251,418 34,123	253,931 118,469	505,349 152,592		30,995 87,474	(572) 153,164
	285,541	372,400	657,941		118,469	152,592

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure drive from continuing activities.

The statement of financial activities also complies with the requirements of an income and expenditure account under the Companies Act 2006.

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The Warburg Charitable Trust

Balance sheet

As at 31 October 2022

Note Current assets: 8 Liabilities: 9 11 11 Total charity funds Funds of the charity: Creditors: amounts falling due within one year Net Current Assets/(Liabilities) Total Net Assets / (Liabilities) Cash at bank and in hand Debtors Unrestricted Funds Restricted Funds	2022 £ 74,679 587,162 661,841 (3,900)	2022 £ 657,941 657,941 285,541 372,400 657,941	2021 £ 37,303 115,789
			153,092 (500)
			152,592
			152,592
			34,123 118,469
			152,592

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of accounts.

The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime.

The accounts were approved by the trustees on 21st July 2023 and signed on their behalf by:

…………………………………….

Professor Bill Sheman Director and Trustee Company Registration Number: Charity Regesration Number :

3645747 1110097

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The Warburg Charitable Trust

Statement of cash flows

For the year ended 31 October 2022

Note a a) Net income for the reporting period (as per the statement of financial activities) Decrease / (Increase) in debtors (Decrease)/ Increase in creditors Net cash provided by/ (used in) operating activities Reconciliation of net income to net cash flow from operating activities Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Change in cash and cash equivalents in the year Cash flows from operating activities: Net cash provided by / (used in) operating activities	2022 £ 471,373 471,373 115,789 587,162 2022 £ 505,349 (37,376) 3,400 471,373	2021 £ (37,875)
		(37,875) 153,664
		115,789
		2021 £ (572) (37,303) -
		(37,875)

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The Warburg Charitable Trust

Notes to the financial statements

For the year ended 31 October 2022

1 Accounting policies

The accounts are prepared in accordance with the charity's memorandum and articles of association, 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 (FRS102), and the Companies Act 2006. The charity is a Public Benefit Entity as defined by FRS102.

The accounts are prepared in sterling, which is the functional currency of the charity.

The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations are recognised on receipt.

Expenditure

The expenses classified as 'Charitable Activities' are those directly attributable to the general objects of the charity. 'Raising funds' are those expenses incurred in seeking funding for the charity. 'Governance costs' comprise all costs incurred in governing the charity.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Fixed assets with a useful life greater than one year and a purchase price exceeding £500 are capitalised, and depreciated over its expected useful life, usually 4 years.

Charitable funds

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund together with any other costs agreed by the donor.

Resources Expended

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic management of the charity.

Costs relating to a particular activity are allocated directly. Other costs are allocated on an appropriate basis such as staff time or estimated usage.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held on call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial Instruments

The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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The Warburg Charitable Trust

Notes to the financial statements

For the year ended 31 October 2022

1 Accounting policies (continued)

Critical Accounting Estimates and Judgements

In the application of the charity's accounting policies the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

• 2 Voluntary Income Donations & Grants

Hermann Reemstma Foundation American Friends of the Warburg Institute University of London Warburg Institute Art Auction Anonymous Donation 3 Studentships Valerie Mainz Library Collection Development Stuart Roden Trust American Friends of the Warburg Institute Warburg Renaissance Artistic Engagement Peltz Trust Publications Sundry Donations Bank interest received Income from investments	Unrestricted £ - 22,598 64,323 169,192 20,849 - - - - 326 277,288 3 3	Restricted £ 1,000,000 243,701 - - - - 25,800 25,000 18,860 - 1,313,361 - -	2022 Total £ 1,000,000 266,299 64,323 169,192 20,849 - 25,800 25,000 18,860 326 1,590,649 3 3	2021 Total £ - - - - - 10,000 20,000 25,000 - 160
				55,160
				-
				-

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The Warburg Charitable Trust

Notes to the financial statements

For the year ended 31 October 2022

4 Analysis of expenditure - Current Year

	Unrestricted Funds £	Restricted Funds £	2022 Total £	2021 Total £
Raising Funds:
Fundraising Expenditure Charity Activities: Artistic Engagement	20,861 1,000	- -	20,861 1,000	10,710 -
Warburg Renaissance	-	1,000,000	1,000,000	-
Studentships Library Collection Development	-	29,430 30,000	29,430 30,000	24,005 -
Other expenditure	1,012	-	1,012	20,517
Audit fee 3,000 - 3,000 - Independent Examiners Fee - - - 500 Total expenditure 2022 25,873 1,059,430 1,085,303 55,732 Unrestricted Funds Restricted Funds 2021 Total £ £ £ Analysis of expenditure - Prior Year Of the total expenditure, £25,873 was unrestricted (2021: £31,727) and £1,059,430 was restricted (2021: £24,005).
Raising Funds:
Fundraising Expenditure	10,710	-	10,710
Charity Activities:
Studentships	-	24,005	24,005
Other expenditure	20,517	-	20,517
Independent Examiners Fee	500	-	500
Total expenditure 2021	31,727	24,005	55,732

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The Warburg Charitable Trust

Notes to the financial statements

For the year ended 31 October 2022

5 Net income / (expenditure) for the year

This is stated after charging / (crediting):

	2022	2021
	£	£
Audit fees (excluding VAT)	2,500	-
Independent Examiner's fees (excluding VAT)	-	500

6 Trustees and related party transactions

No directors/ trustees or any person connected with them received remuneration in the year in respect of their services as directors/ trustees. (2021 £Nil)

No expenses (2021 £Nil) were reimbursed to any (2021 £Nil) director/ trustee.

During the year, no directors/ trustees, or any person connected to them or related to the charity had any personal interest in any contract or transaction. (2021 £None)

There were no other related party transactions during the year.

7 Taxation

The charitable company is exempt from corporation tax on its’ charitable activities.

8 Debtors

9 Accrued income Creditors: amounts falling due within one year	2022 £ 74,679 74,679 2022 £	2021 £ 37,303
		37,303
		2021 £
Accruals	3,900	500
	3,900
		500

10 Analysis of net assets between funds - current Year

Net current assets Net assets at the end of the year Net assets at the end of the year Net current assets Analysis of net assets between funds - prior year	£ 372,400 372,400 £ 34,123 34,123 General unrestricted General unrestricted	Restricted £ 285,541 285,541 Restricted £ 118,469 118,469	Total funds £ 657,941
			657,941
			Total funds £ 152,592
			152,592

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The Warburg Charitable Trust

Notes to the financial statements

For the year ended 31 October 2022

11 Movements in funds Current Year

American Friends of the Warburg Institute The Prism Charity – Peltz Trust The Prism Charity – Stuart Roden Trust Valerie Mainz Marina Bucher-Peltzer Hermann Reemstma Foundation Total funds Total funds Restricted funds Total restricted funds Unrestricted funds General funds The Prism Charity – Peltz Trust Marina Bucher-Peltzer American Friends of the Warburg Institute The Prism Charity – Stuart Roden Trust Valerie Mainz Unrestricted funds General funds Restricted funds Movements in funds Prior Year Total restricted funds	£ - 20,000 25,000 30,000 43,469 - 01-Nov- 2021	Income £ 262,561 25,800 25,000 - - 1,000,000 1,313,361 277,291 1,590,652 Income £ - 20,000 25,000 10,000 - 55,000 160 55,160	Expenditure £ (9,430) (20,000) - (30,000) - (1,000,000) (1,059,430) (25,873) (1,085,303) Expenditure £ (3,205) (20,800) - - - (24,005) (31,727) (55,732)	£ 253,131 25,800 50,000 - 43,469 - 31-Oct- 2022
	118,469			372,400
	34,123			285,541
	152,592			657,941
	£ 3,205 20,800 - 20,000 43,469 01-Nov- 2020			£ - 20,000 25,000 30,000 43,469 31-Oct- 2021
	87,474			118,469
	65,690			34,123
	153,164			152,592

Notes on restricted funds:

The purpose of the American Friends fund is the award of tuition fee bursaries to American MPhil/ PhD students.

The purpose of the Peltz Studentships is to award tuition fee bursaries, up to the Home Fee level, for four home/ EU students enrolled on the Institute’s MA Programmes.

The purpose of the Roden Studentship fund is to award tuition fee bursaries, up to the Home Fee level, for four home/ EU students enrolled on the Institute’s MA Programmes.

The purpose of the Marina Bucher-Peltzer is support a short-term junior research fellowship based at the Warburg Institute in memory of Ernst Gombrich, preferably in the field of eastern culture but this should not be a prerequisite.

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