Financial Report

Our expenses and income 2020/21

We are committed to transparently informing the general public about our structure, our work, the source of our funds, and the activities we support with these funds.

The Wallenhorst law firm, Munich, reviewed the annual financial statements and management report of Siemens Stiftung through September 30, 2021, in accordance with the principles of the German Commercial Code (HGB) and Article 16 of the Bavarian Foundation Act (BayStG) in compliance with the German auditing standards defined by the Institute of Public Auditors in Germany, Incorporated Association (IDW), and issued an unqualified audit certificate.

The effectiveness of the accounting-related internal control system was also evaluated as part of the review.  The audit did not give rise to any objections. The review of the preservation of the foundation assets and the compliant use of its returns for benefits meant for consumption in accordance with Article 16, Paragraph 3 of the BayStG also led to no reservations.

Other operating expenses

Administrative costs
This item includes expenses used solely for the administration of the foundation and not directly attributable to its individual mandates.

Personnel costs
Total expenses include personnel costs of €5,132 thousand (previous year: €4,634 thousand); €4,177 thousand (previous year: €3,879 thousand) were spent on wages and salaries and €975 thousand (previous year: €755 thousand) on social contributions and expenditures for pensions and benefits. The workforce comprised 47 persons (previous year: 44) on average during the fiscal year.