The Warburg Charitable Trust
(A company limited by guarantee)
Trustees’ Report and Financial Statements
For the year ended
31 October 2023
Company no. 03645747 (England & Wales)
Charity no. 1110097
The Warburg Charitable Trust
Trustees’ Report and Financial Statements
For the year ended 31 October 2023
Contents
| Page | |
|---|---|
| Statutory Information | 1 |
| Trustees’ Report | 2 - 4 |
| Financial Statements Report | 5 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Statement of Cash Flows | 9 |
| Notes to the Financial Statements | 10 - 14 |
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 (Chair) M.L. Mahlke N. Warburg W.H. Sherman D. Peltz (Treasurer) L.D.G Grossman B.G.E Finucane S. G. Roden R. Wistreich J. Fox
Company Secretary:
P. Lin
Accountant: Accountability Europe Ltd Omnibus Workspace 39-41 North Road London N7 9DP
Bankers: National Westminster Bank
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The Warburg Charitable Trust
Trustees Report for the year ended 31 October 2023
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 2023.
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 2023
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:
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Select suitable accounting policies and then apply them consistently.
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Observe the methods and principles in the Charities SORP.
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Make judgements and estimates that are reasonable and prudent.
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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.
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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 2023
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.
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 22/7/2024 and signed on their behalf by:
==> picture [175 x 47] intentionally omitted <==
Professor Bill Sherman Director and Trustee
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The Warburg Charitable Trust
Trustees Report for the year ended 31 October 2023
Financial Statements Report
The Warburg Charitable Trust had another active and successful year. We continued to raise both the profile of the Warburg Institute and the funds needed for the Warburg Renaissance project. The building project is progressing well and we look forward to opening of the new spaces in October 2024. As it nears completion, our sights are moving from helping to raise funds for the building project to supporting the ongoing activities, outreach and impact of the Institute.
The Trust continued its important work of supporting the Institute’s core academic mission through bursaries and studentships. It worked to increase the profile of the Warburg Institute by sponsoring the communications campaign surrounding the Warburg Renaissance and the reopening of the Institute and its new spaces next year. It supported the stewardship of donors by making improvements to the Friends of the Warburg Institute programme, and by organising a number of events for donors and supporters during the year. The Friends of the Warburg saw an increase in paying members, which is critical for the ongoing ability of the Trust to support the Warburg Institute. The Trust also worked with the members of the Warburg Visionary Circle to further the outreach to broader communities through artistic engagement with artists who have been inspired by Aby Warburg and the open, diverse and inclusive approach to culture and memory the Institute represents.
We are grateful for the support of our many friends, alumni, 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, and look forward to an active and exciting year ahead.
Christopher Rossbach, Chair
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The Warburg Charitable Trust
Independent Examiner's Report to the Members of The Warburg Charitable Trust
I report to the charity trustees on my examination of the accounts of the Charitable Company for the year ended 31 October 2023.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
Since the Company’s gross income exceeded £250,000, I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 understanding of the accounts to be reached.
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………………………….
Aamer Shehzad FCA Accountability Europe Ltd Omnibus Workspace 39-41 North Road London N7 9DP
Date: 23/07/2024
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The Warburg Charitable Trust
Statement of financial activities (incorporating an income and expenditure account)
For the year ended 31 October 2023
| Funds Note £ 2 22,528 3 118 22,646 4 - 4 173,027 4 173,027 (27,873) (178,254) Reconciliation of funds: 11 285,541 107,287 Total funds brought forward Total funds carried forward Net income/(Loss) for the year Expenditure on: Charitable activities Raising funds Unrestricted Investments Charitable Activities Income and endowments from: (150,381) Transfers between funds Net movement in funds Total income Total expenditure |
Funds Note £ 2 22,528 3 118 22,646 4 - 4 173,027 4 173,027 (27,873) (178,254) Reconciliation of funds: 11 285,541 107,287 Total funds brought forward Total funds carried forward Net income/(Loss) for the year Expenditure on: Charitable activities Raising funds Unrestricted Investments Charitable Activities Income and endowments from: (150,381) Transfers between funds Net movement in funds Total income Total expenditure |
Restricted Funds £ 975,487 - |
2023 Total Funds £ 998,015 118 |
Funds £ 277,288 3 277,291 20,861 5,012 25,873 - 251,418 34,123 285,541 251,418 Unrestricted |
Restricted Funds £ 1,313,361 - |
2022 Total Funds £ 1,590,649 3 |
|---|---|---|---|---|---|---|
| 22,646 | 975,487 | 998,133 | 1,313,361 | 1,590,652 | ||
| - 173,027 |
- 1,307,291 |
- 1,480,318 |
- 1,059,430 |
20,861 1,064,442 |
||
| 173,027 | 1,307,291 | 1,480,318 | 1,059,430 | 1,085,303 | ||
| (27,873) (150,381) |
27,873 (331,804) |
- (482,185) |
- 253,931 |
- 505,349 |
||
| (178,254) 285,541 |
(303,931) 372,400 |
(482,185) 657,941 |
253,931 118,469 |
505,349 152,592 |
||
| 107,287 | 68,469 | 175,756 | 372,400 | 657,941 |
The statement of financial activities includes all gains and losses recognised in the year.
All of the above results are derived 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 2023
| Note Current assets: 8 Liabilities: 9 11 11 Total Net Assets / (Liabilities) Cash at bank and in hand Debtors Unrestricted Funds Restricted Funds Total charity funds Funds of the charity: Creditors: amounts falling due within one year Net Current Assets/(Liabilities) |
2023 £ - 177,736 177,736 (1,980) |
2023 £ 175,756 175,756 107,287 68,469 175,756 |
2022 £ 74,679 587,162 |
|---|---|---|---|
| 661,841 (3,900) |
|||
| 657,941 | |||
| 657,941 | |||
| 285,541 372,400 |
|||
| 657,941 |
For the year ended 31 October 2023 the charitable company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirments 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 applicable to companies subject to the small companies regime.
The accounts were approved by the trustees on 22/07/2024 and signed on their behalf by:
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……………………………………. Professor Bill Sheman Director Company Registration Number: 3645747 Charity Regesration Number : 1110097
The attached notes form part of the financial statements.
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The Warburg Charitable Trust
Statement of cash flows
For the year ended 31 October 2023
| 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 Cash flows from operating activities: 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 |
2023 £ (409,426) (409,426) 587,162 177,736 2023 £ (482,185) 74,679 (1,920) (409,426) |
2022 £ 471,373 |
|---|---|---|
| 471,373 115,789 |
||
| 587,162 | ||
| 2022 £ 505,349 (37,376) 3,400 |
||
| 471,373 |
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The Warburg Charitable Trust
Notes to the financial statements
For the year ended 31 October 2023
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.
Going concern
The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
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.
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The Warburg Charitable Trust
Notes to the financial statements
For the year ended 31 October 2023
1 Accounting policies (continued)
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.
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 Friends of the Warburg Macro and Francesca Assetto 3 Sundry Donations Bank interest received Income from investments Stuart Roden Trust American Friends of the Warburg Institute Warburg Renaissance Artistic Engagement Peltz Trust Publications Studentships |
Unrestricted £ - - - - 22,528 - - - - |
Restricted £ 1,000,000 (66,370) - - - 50,000 (8,143) - - - |
2023 Total £ 1,000,000 (66,370) - - 22,528 50,000 (8,143) - - - 998,015 118 118 |
2022 Total £ 1,000,000 266,299 64,323 169,192 20,849 - 25,800 25,000 18,860 326 |
|---|---|---|---|---|
| 22,528 | 975,487 | 1,590,649 | ||
| 118 | - | - | ||
| 118 | - | - |
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The Warburg Charitable Trust
Notes to the financial statements
For the year ended 31 October 2023
4 Analysis of expenditure - Current Year
| Unrestricted Funds £ |
Restricted Funds £ |
2023 Total £ |
2022 Total £ |
|
|---|---|---|---|---|
| Raising Funds: | ||||
| Fundraising Expenditure Charitable Activities: Artistic Engagement |
- 169,192 |
50,000 | - 219,192 |
20,861 1,000 |
| Warburg Renaissance | - | 1,207,291 | 1,207,291 | 1,000,000 |
| Studentships Library Collection Development |
- | 50,000 - |
50,000 - |
29,430 30,000 |
| Other expenditure | 590 | - | 590 | 1,012 |
| Accountancy Cost 2,165 - 2,165 - Audit fee 1,080 - 1,080 3,000 Total expenditure 2023 173,027 1,307,291 1,480,318 1,085,303 Unrestricted Funds Restricted Funds 2022 Total 2021 Total £ £ £ Analysis of expenditure - Prior Year Of the total expenditure, £173,207 was unrestricted (2022: £25,873) and £1,307,291 was restricted (2022: £1,059,430). |
2,165 1,080 |
|||
| 173,027 | ||||
| Raising Funds: | ||||
| Fundraising Expenditure | 20,861 | - | 20,861 | 10,710 |
| Charity Activities: | ||||
| Artistic Engagement Warburg Renaissance Studentships Library Collection Development |
1,000 - - |
- 1,000,000 29,430 30,000 |
1,000 1,000,000 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 |
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The Warburg Charitable Trust
Notes to the financial statements
For the year ended 31 October 2023
5 Net income / (expenditure) for the year
| This is stated after charging / (crediting): Audit fees Independent Examiner's fees (excl. VAT) |
2023 £ - 900 |
2022 £ 2,500 - |
|---|---|---|
6 Staff costs, Trustees and related party transactions
There were no employees employed by the charity during the year (2022: none).
No directors/ trustees or any person connected with them received remuneration in the year in respect of their services as directors/ trustees. (2022: none)
No expenses were reimbursed to any director/ trustee (2022 £Nil) .
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. (2022: 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 |
2023 £ - |
2022 £ 74,679 |
|
|---|---|---|---|
| - | 74,679 | ||
| 2023 £ |
2022 £ |
||
| Accruals | 1,980 | 3,900 | |
| 10 Analysis of net assets between funds - prior year Net assets at the end of the year Net current assets Net current assets Net assets at the end of the year Analysis of net assets between funds - current Year |
General unrestricted £ 107,287 |
||
| 1,980 | 3,900 | ||
| Restricted £ 68,469 |
Total funds £ 175,756 |
||
| 107,287 | 68,469 | 175,756 | |
| General unrestricted £ 372,400 |
Restricted £ 285,541 |
Total funds £ 657,941 |
|
| 372,400 | 285,541 | 657,941 |
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The Warburg Charitable Trust
Notes to the financial statements
For the year ended 31 October 2023
11 Movements in funds Current Year
| American Friends of the Warburg Institute The Prism Charity – Peltz Trust The Prism Charity – Stuart Roden Trust Macro and Francesca Assetto Marina Bucher – Peltzer Hermann Reemstma Foundation Total funds Hermann Reemstma Foundation Total funds Restricted funds Total restricted funds Movements in funds Prior Year 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 |
£ 253,131 25,800 50,000 - 43,469 - Nov-22 |
Income £ (66,370) (8,143) - 50,000 - 1,000,000 975,487 22,646 998,133 Income £ 262,561 25,800 25,000 - - 1,000,000 1,313,361 277,291 1,590,652 |
Expenditure £ (207,291) (25,000) (25,000) (50,000) - (1,000,000) |
Transfers £ 20,530 7,343 - - - - |
£ - - 25,000 - 43,469 - Oct-23 |
|---|---|---|---|---|---|
| 372,400 | (1,307,291) | 27,873 | 68,469 | ||
| 285,541 | (173,027) | (27,873) | 107,287 | ||
| 657,941 | (1,480,318) | - | 175,756 | ||
| £ - 20,000 25,000 30,000 43,469 - Nov-21 |
Expenditure £ (9,430) (20,000) - (30,000) - (1,000,000) |
Transfers £ - - - - - - |
£ 253,131 25,800 50,000 - 43,469 - Oct-22 |
||
| 118,469 | (1,059,430) | - | 372,400 | ||
| 34,123 | (25,873) | - | 285,541 | ||
| 152,592 | (1,085,303) | - | 657,941 |
Notes on restricted funds:
The purpose of Valerie Mainz donations is to fund the books purchased under gift agreement.
The purpose of Hermann Reemstma is to fund the Warburg Renaissance (building project).
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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