# **The Warburg Charitable Trust**
**(A company limited by guarantee)**
**Trustees’ Report and Financial Statements**
**For the year ended**
**31 October 2025**
**Company no. 03645747 (England & Wales)**
**Charity no. 1110097**
_**The Warburg Charitable Trust**_
**Trustees’ Report and Financial Statements For the year ended 31 October 2025**
## **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|
|Notes to the Financial Statements|9 - 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) B.G.E. Finucane S.G. Roden R. Wistreich (Resigned on 23 October 2025) N. Hoffman (Appointed on 28 July 2025) **Company Secretary:** P. Lin **Accountant:** Accountability Europe Ltd Omnibus Workspace 39-41 North Road London N7 9DP **Bankers:** National Westminster Bank
Page 1
_**The Warburg Charitable Trust**_
## _**Trustees Report for the year ended 31 October 2025**_
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 2025.
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 10 members, who meet when required during the year and are responsible for the strategic direction and policy of the charity.
Page 2
_**The Warburg Charitable Trust**_
## _**Trustees Report for the year ended 31 October 2025**_
## **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**
The Statement of Financial Activities shows total income for the year of £233,685 (2024: £169,659) and total expenditure of £352,130 (2025: £106,999) resulting in deficit of £118,445 (2024: surplus of £62,960). Total reserves of £120,271 are carried forward of which £76,802 are unrestricted and £43,469 are restricted.
## **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.
Page 3
_**The Warburg Charitable Trust**_
## _**Trustees Report for the year ended 31 October 2025**_
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.
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 special provisions of the Companies Act 2006 applicable to companies subject to the small companies’ regime and with the charities’ Statement of Recommended Practice (FRS 102 SORP).
This report was approved by the trustees on **24[th] July 2026** and signed on their behalf by:
## **Professor Bill Sherman Director and Trustee**
Page 4
_**The Warburg Charitable Trust**_
## _**Trustees Report for the year ended 31 October 2025**_
## **Financial Statements Report**
The Warburg Charitable Trust looks back on a historic year of cultural engagement and impact. The Warburg Institute reopened in October 2024 following completion of the Warburg Renaissance building project. The new spaces have enhanced the Institute's academic resources and teaching spaces, added facilities for special collections, exhibitions and events, and given the Institute a public gallery and auditorium for the first time.
In its first full year, the Institute's new artistic programmes delivered five exhibitions and 32 public events, with over 35,000 gallery visitors and more than 60,000 visits in total across the gallery, events and library. The Institute formed 91 new partnerships across the academic, cultural and creative sectors, and its newsletter and social media audiences grew significantly over the year. The very purpose of the Warburg Renaissance was to have this kind of transformative impact and it is thanks to the contributions of all involved that it has been such a great success.
The opening exhibition focusing on Aby Warburg, the Institute, its ideas and approaches, was followed by the exhibition _Tarot: Origins & Afterlives_ , which ran from January to April 2025 and traced the history of tarot from its origins as a fifteenth-century card game to its present-day cultural and divinatory use. The exhibition drew over 20,000 visitors. Its subject and approach – tracing the migration of a single imageform across centuries and cultures – reflected the Institute's founding interest, established by Aby Warburg himself, in how images acquire new meanings as they move through time. The tarot exhibition was followed by a full programme of exhibitions -- some curated by Warburg Institute students -- events, book fairs and other events.
The Trust helped to facilitate and provided philanthropic support this year for a number of initiatives. This includes key positions within the Institute, including the Deputy Director and the Curator and Assistant Curator. These roles have been central to delivering the Institute's exhibitions and public programme since the reopening. The Trust was also pleased to note the Assetto Fellowships for artists in residence, studentships and many other initiatives.
Francesca Price and Michael Horvitz joined the Board of Trustees during the year 2025/26. They will bring additional experience and networks to the Trust's work. We appreciate their commitment and look forward to working together.
We are grateful for the continued support of our friends, alumni, donors and institutional partners, and in particular for the support of the Warburg Institute, the School of Advanced Study, the University of London, and the University's Philanthropy and Alumni Engagement Office.
We look forward to the year ahead, in which supporting the Institute's faculty and students, its archives and collections, and its artistic programmes will remain our priorities.
In August 2025, Nick Hoffman joined the Trust, who brings additional experience and networks to the Trust's work. We appreciate his commitment and look forward to working together.
October 2025 Richard Wistreich, Chair of the Warburg Advisory Council stepped down from the Trust. We thank him for his service.
## **Christopher Rossbach, Chair**
Page 5
_**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 2025.
## **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**
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 that:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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.
…………………………. **Aamer Shehzad FCA** Accountability Europe Ltd Omnibus Workspace 39-41 North Road London N7 9DP
Date: 24/07/2026
Page 6
## **The Warburg Charitable Trust**
**Statement of financial activities** (incorporating an income and expenditure account)
## **For the year ended 31 October 2025**
|**Note**
**2**
**3**
**4**
**4**
**4**
**Reconciliation of funds:**
**11**
Total funds brought forward
**Total funds carried forward**
**Net income/(Loss) for the year**
**Expenditure on:**
Charitable activities
Raising funds
Investments
Charitable Activities
**Income from:**
Transfers between funds
**Net movement in funds**
**Total income**
**Total expenditure**|Unrestricted
Funds
£
1,292
123|Restricted
Funds
£
232,270
-|**2025**
**Total**
**Funds**
**£**
**233,562**
**123**|Unrestricted
Funds
£
7,009
150|Restricted
Funds
£
162,800
-|2024
Total
Funds
£
169,809
150|
|---|---|---|---|---|---|---|
||**1,415**|**232,270**|**233,685**|7,159|162,800|169,959|
||1,648
30,412|-
320,070|**1,648**
**350,482**|-
6,999|-
100,000|-
106,999|
||**32,060**|**320,070**|**352,130**|6,999|100,000|106,999|
||-
**(30,645)**|-
**(87,800)**|-
**(118,445)**|-
160|-
62,800|-
62,960|
||**(30,645)**
107,447|**(87,800)**
131,269|**(118,445)**
**238,716**|160
107,287|62,800
68,469|62,960
175,756|
||**76,802**|**43,469**|**120,271**|107,447|131,269|238,716|
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.
Page 7
## **The Warburg Charitable Trust**
## **Balance sheet**
## **As at 31 October 2025**
|**Note**
**Current assets:**
**8**
**Liabilities:**
**9**
**11**
**11**
**Total Net Assets**
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**|**2025**
**£**
**-**
**122,551**
**122,551**
**(2,280)**|**2025**
**£**
**120,271**
**120,271**
**76,802**
**43,469**
**120,271**|2024
£
62,800
177,896|
|---|---|---|---|
||||240,696
(1,980)|
||||238,716|
||||238,716|
||||107,447
131,269|
||||238,716|
For the year ended 31 October 2025 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 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 **24th July 2026** and signed on their behalf by:
……………………………………. **Professor Bill Sherman Director Company Registration Number: 3645747 Charity Registration Number : 1110097**
The attached notes form part of the financial statements.
Page 8
## **The Warburg Charitable Trust**
## **Notes to the financial statements**
**For the year ended 31 October 2025**
## **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.
Page 9
## **The Warburg Charitable Trust**
## **Notes to the financial statements**
**For the year ended 31 October 2025**
## **1 Accounting policies (continued)**
## **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.
## **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 Income from Charitable Activities**
|Donations
Hermann Reemtsma Foundation
Warburg Institute Arts Auction
Friends of the Warburg
**Library Collection Development**
Stuart Roden Trust
**Warburg Renaissance**
**Artistic Engagement**
Peltz Trust
**Studentships**
Michael Horvitz|Unrestricted
£
1,132
-
-
-
-
-
-|Restricted
£
-
150,000
-
-
7,270
25,000
50,000|**2025**
**Total**
**£**
**1,132**
**150,000**
**-**
**-**
**7,270**
**25,000**
**50,000**|2024
Total
£
-
100,000
473
6,376
-
25,000
-|
|---|---|---|---|---|
|American Friends of the Warburg Institute|-|-|**-**|37,800|
|**3**
Sundry Donations
Bank interest received
**Income from investments**
**Publications**|160|-|**160**|160|
||**1,292**|**232,270**|**233,562**|169,809|
||123|-|**123**|150|
||**123**|**-**|**123**|150|
||||||
Page 10
## **The Warburg Charitable Trust**
## **Notes to the financial statements**
**For the year ended 31 October 2025**
## **4 Analysis of expenditure - Current Year**
||**Unrestricted**
**Funds**
£|**Restricted**
**Funds**
£|**2025**
**Total**
**£**|2024
Total
£|
|---|---|---|---|---|
|**Raising Funds:**|||||
|Fundraising Expenditure
**Charitable Activities:**
Warburg Renaissance|1,648
599|-
150,000|**1,648**
**150,599**|-
100,000|
|Studentships|25,000|162,800|**187,800**|-|
|Library Collection Development
Consultancy Cost
Accountancy Cost
Independent Examiners Fee
Other expenditures
**Total expenditure 2025**|1,750
1,788
1,080
194|7,270
-
-
-
-
**320,070**|**7,270**
**1,750**
**1,788**
**1,080**
**194**|-
5,000
919
1,080
-
106,999|
||**32,060**||**352,130**||
Of the total expenditure, £32,060 was unrestricted (2024: £6,999) and £320,070 was restricted (2024: £100,000).
## **Analysis of expenditure - Prior Year**
||Unrestricted
Funds
£|Restricted
Funds
£|2024
Total
£|
|---|---|---|---|
|Raising Funds:||||
|Fundraising Expenditure|-|-|-|
|Charitable Activities:||||
|Artistic Engagement
Warburg Renaissance
Studentships
Consultancy cost
Accountancy cost
Independent Examiners Fee
Other expenditures
Total expenditure 2024|-
-
-
5,000
919
1,080
-|-
100,000
-
-
-
-
-
100,000|-
100,000
-
5,000
919
1,080
-
106,999|
||6,999|||
|||||
Page 11
## **The Warburg Charitable Trust**
## **Notes to the financial statements**
## **For the year ended 31 October 2025**
## **5 Net income/(expenditure) for the year**
|This is stated after charging:
Independent Examiner's fees (excl. VAT)|**2025**
£
900|2024
£
900|
|---|---|---|
## **6 Staff costs, Trustees and related party transactions**
There were no employees employed by the charity during the year (2024:none).
No directors/ trustees or any person connected with them received remuneration in the year in respect of their services as directors/ trustees. (2024:none)
During the year, one trustee (2024: none) was reimbursed for fundraising event costs of £1,648.
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. (2024: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**|**2025**
**£**
**-**
**-**
**2025**
**£**|2024
£
62,800
62,800
2024
£|
|---|---|---|
|Accruals|**2,280**|1,980|
||**2,280**|1,980|
Page 12
## **The Warburg Charitable Trust**
## **Notes to the financial statements**
## **For the year ended 31 October 2025**
## **10 Analysis of net assets between funds - current Year**
|**11**
**Current Year**
**Nov-24**
**£**
American Friends of the Warburg Institute
37,800
25,000
25,000
Michael Horvitz
-
Marina Bucher – Peltzer
43,469
Hermann Reemtsma Foundation
-
**131,269**
107,447
**Total funds**
**238,716**
Net current assets
**Analysis of net assets between funds - prior year**
**Net assets at the end of the year**
Net current assets
Net assets at the end of the year
The Prism Charity – Peltz Trust
The Prism Charity – Stuart Roden Trust
**Movements in funds**
**Restricted funds:**
**Total restricted funds**
**Unrestricted funds:**
General funds|**General**
**unrestricted**
**£**
76,802|**Restricted**
**£**
43,469
**43,469**
Restricted
£
131,269
131,269
**Expenditure**
**£**
(37,800)
(50,000)
(75,000)
(7,270)
-
(150,000)
**(320,070)**
(32,060)
**(352,130)**|**Total**
**funds**
**£**
120,271|
|---|---|---|---|
||**76,802**||**120,271**|
||General
unrestricted
£
107,447||Total
funds
£
238,716|
||107,447||238,716|
||**Income**
**£**
-
25,000
50,000
7,270
-
150,000||**Oct-25**
**£**
-
-
-
-
43,469
-|
||**232,270**||**43,469**|
||1,415||76,802|
||**233,685**||**120,271**|
Page 13
## **The Warburg Charitable Trust**
## **Notes to the financial statements**
## **For the year ended 31 October 2025**
## **11 Movements in funds - continued**
## **Prior Year**
|**Movements in funds - continued**
**Prior Year**|||||
|---|---|---|---|---|
|**Restricted funds:**
American Friends of the Warburg Institute
The Prism Charity – Peltz Trust
The Prism Charity – Stuart Roden Trust
Marina Bucher-Peltzer
Hermann Reemtsma Foundation
**Total funds**
**Total restricted funds**
**Unrestricted funds:**
General funds|**Nov-23**
**£**
-
-
25,000
43,469
-
68,469
107,287
175,756|**Income**
**£**
37,800
25,000
-
-
100,000|**Expenditure**
**£**
-
-
-
-
(100,000)
(100,000)
(6,999)
(106,999)|**£**
37,800
25,000
25,000
43,469
-
**Oct-24**|
|||162,800||131,269|
|||7,159||107,447|
|||169,959||238,716|
## **Purpose of restricted funds:**
Valerie Mainz donations: to fund the books purchased under gift agreement.
Hermann Reemtsma Foundation: to fund the Warburg Renaissance (building project).
American Friends fund: the award of tuition fee bursaries to American MPhil/PhD students.
Peltz Studentships: to award tuition fee bursaries, up to the Home Fee level, for four home/EU students enrolled on the Institute’s MA Programmes.
Roden Studentship fund: to award tuition fee bursaries, up to the Home Fee level, for four home/EU students enrolled on the Institute’s MA Programmes.
Marina Bucher-Peltzer: to 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.
Page 14