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Financial Report

Our 2018/19 year-end fiscal statement

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.

Ernst & Young GmbH auditors reviewed the annual financial statements and management report of Siemens Stiftung through September 30, 2019, 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.

foundation-financialreport2019-siemensstiftung

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 €4,184 thousand (previous year: €3,794 thousand); €3,527 thousand (previous year: €3,209 thousand) were spent on wages and salaries and €657 thousand (previous year: €585 thousand) on social contributions and expenditures for pensions and benefits. The workforce comprised 41 persons (previous year: 35) on average during the fiscal year.

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