IHES Annual Report 2020 | 55

The 2020 financial year generated a deficit of 336 k, mainly due to unrealized losses on financial investments. The reason for these unrealized losses was the very sharp decline in the financial markets following the Covid-19 pandemic. Deloitte & Touche, IHES s statutory auditor, carried out an audit of the accounts and the specific audits required by law. It certified that the financial statements presented for 2020 were consistent and fair in accordance with French accounting rules and principles and gave a true and fair view of the results of operations for the past financial year.

INCOME The Institute's budget is characterized by a range of funding sources, public and private, national and international, dedicated to funding the Institute's growing scientific activities over the long term.

In 2020, resources decreased slightly compared to the previous year. The grant from the Ministry of Higher Education, Research and Innovation is the main source of funding for IHES, covering nearly 40% of its operating budget. This support, despite the State's budgetary constraints, testifies to the key role IHES plays in the national and international influence of French research.

There were slightly fewer research contracts this year in what was a competitive national and international context. IHES's success as regards European ERC programs (QUASIFT, CriBlam, Idex and ReNewQuantum) and international contracts (Simons Foundation Homological Mirror Symmetry program) as well as the support from Huawei technologies France to the Geometric Algebraic Chair and to the Huawei Young Talent program financing postdoctoral grants, confirmed the excellence of the Institute's scientific activities. French public research agreements and contracts (Université Paris-Saclay, CNRS, CEA, ENS) as well as the financial support from French and foreign research agencies (IBM, Institut Pierre Lamoure, Max-Planck-Gesellschaft, FNS, BLSPO) demonstrated the excellence and the quality of the work carried out at the Institute for the national and international scientific community.

IHES continues to pursue an active policy of income development. In 2020, the Institute received 2,215k from individuals, companies and foundations. In order to reinforce the Institute's financial base and ensure its long-term robustness and independence, a large proportion of the donations received were used to consolidate endowment funds.

Financial income from endowment funds represented 13% of the Institute's resources this year. IHES continues to maintain a prudent investment policy on the markets while following the objectives set by the Board of Directors. This policy has made it possible to recover 90% of last year's unrealized losses and to generate financial income in accordance with the budget.

Accommodation revenues remained stable, with higher occupancy of post-doctoral housing offsetting a decrease in the overall number of visits that occurred this year.

Revenues from the Publications Mathématiques de l IHES decreased compared to 2019. This leading scientific journal distinguished itself by its output in 2020 with two new issues published, numbers 131 and 132.

Financial Notes