Our expenses and income 2017/18
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 this money.
Ernst & Young GmbH auditors reviewed the annual financial statements and management report of Siemens Stiftung through September 30, 2018, 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
This item includes expenses used solely for the administration of the foundation and not directly attributable to its individual mandates.
Total expenses include personnel costs of €3,794 thousand (previous year: €3,644 thousand); €3,209 thousand (previous year: €3,094 thousand) was spent on wages and salaries and €585 thousand (previous year: €550 thousand) on social contributions and expenditures for pensions and benefits. The workforce comprised 35 persons (previous year: 34) on average during the fiscal year.