Late February 2022, the world was shaken by the sudden increase of conflict in Ukraine. This soon caused the largest displacement of people in Europe since World War ll, causing over 7.9 million people to seek refuge in other European countries, and some 6.5 million people displaced internally. At least 17.7 million people in Ukraine have been in need of humanitarian aid and protection. Thanks to its regional presence, World Vision was able to respond within days when the conflict escalated.

Not least thanks to the generous support to Giro555, of which World Vision Nederland is one of the 11 organisations, it was able to effect large-scale and life-saving food distributions. 71% of the beneficiaries reached were women and children. With the support of the Dutch public, also large-scale cash support was provided to 10,301 households affected by conflict in Ukraine and refugees in Romania, so they were able to meet their immediate and most urgent needs. Emergency relief like cash support is continuing into 2023.

Multi-purpose cash assistance
In 2022, also with funding from Giro555, World Vision and its partners Arms of Mercy and Mission Eurasia were able to reach 140,580 beneficiaries in 21 Ukrainian oblasts with food kits, addressing the acute shortages of food at household level owing to disruption in markets, production and supply chains, inaccessibility of farms due to displacement or land mines, and lack of funds.
On top of that, with the support of the Dutch public, World Vision was able to reach 2,700 households in Zhytomyr Oblast with multi-purpose cash assistance (MPCA). Beneficiaries were mainly residents of the oblast affected by the Russian offensive on Kyiv; most had lost their jobs or were dependent on relatives in other countries or family members who had been conscripted. Post-distribution monitoring showed that most beneficiaries used the money to buy food (86%), medicines (51%) and utilities (48%).

Years of cooperation and immediate assistance
World Vision has been present in Romania for more than 30 years, and was able to provide emergency relief in the early days after the conflict escalated. Despite its regional presence, World Vision only started working in Ukraine in 2022. Offices were set up in Kyiv, Lviv, Dnipro and Chernivtsi.
Overall, World Vision responds to the devastating impact of the Ukraine conflict in Ukraine, Romania, Moldova and Georgia by providing life-saving relief assistance, protection, mental health and psychosocial and educational services. Most of World Vision’s work is done through partners. This builds on our commitment to localisation, particularly in Ukraine where we will focus more on building partner capacity and empowering those partners to become actors of community development. We will invest in empowering civil actors, including local social protection structures of countries in which we are active.

Providing dignity
In Romania, thanks to donations from Giro555, World Vision was able to meet the basic needs of mothers and children who had recently arrived in the country. In collaboration with the municipal council, we set up a coordination centre in the Romanian capital, Bucharest, where hundreds of new refugees from Ukraine reported daily for first aid and support. Between March and May 2022, 22,000 people were given access to food aid, essential supplies such as hygiene products and small-scale children’s activities in Romexpo shelters in Bucharest.
9,304 beneficiaries were identified and enrolled for cash assistance in Romania, as markets are functioning well there. This gives Ukrainian refugees a sense of dignity because it gives freedom of choice to spend the money where they need it most at the time. Out of these, 7,601 beneficiaries received cash assistance in FY22 and both cash distributions and access to registration for new beneficiaries will continue into FY23. The cash they receive ranges from unrestricted cash to the most vulnerable to enable them to meet their immediate basic needs and allows them to focus on purchasing essential items, to restricted cash for child protection to families with children up to the age of 17.

The whole world witnessed the chaotic evacuation via Kabul airport in August 2021. What do you recall from that day?
“Chaos and fear were everywhere. Afghans became infected with panic; it was intense and tangible all over the place. People were really worried about their lives, their future.” Asuntha personally witnessed the degrading situation at Kabul airport. She had a decision to make: stay or leave. Her phone was constantly ringing. Security teams of the Indian Embassy and World Vision were contacting her: whether or not she wanted to leave, and if so, when? However, the night before the Taliban took over the country, Asuntha was on her own in her apartment. In this quiet place, she was looking for her Creator. In all peace, she made her decision. “I wanted to stay; being the director for an organisation with 700 staff members, how could I ever stay true to our mission if I left at the most difficult period? It is especially at this time that the children in Afghanistan need help.
I do not want to abandon them now.”

Is there one particular child that has touched you?
“World Vision has been active in this country for more than twenty years. It is my decision to look at Afghanistan through the eyes of a child. Every child has dreams. How could I abandon the children in Afghanistan and discontinue our projects when things get tough? Eight years ago, I started working in this country. Meeting Fatima, a 10-year-old Afghan girl changed my life. When I asked her about her future dream, she answered: ‘I want to become the first female president of Afghanistan.’ I asked her: ‘Why?’ Her answer was: ‘Because I want peace for this country.’ Fatima is the reason for me to stay now. For her and all the other children in Afghanistan. They have the right to a future.”

What is the current situation in Afghanistan?
“18.5 million Afghans find themselves in a humanitarian crisis. Hunger is a major problem. After August last year, the economy collapsed. More than 500,000 jobs were lost. Behind every worker is a family with often four or five mouths to feed. Three million Afghan children are seriously undernourished. One million children are on the verge of death. Hunger is omnipresent in the country. Wherever I go in Afghanistan, I meet parents who sell their daughters for money. The price of a girl is about EUR 2,000. Selling your daughter is a heart-wrenching decision. What springs to mind is a mother with five children in a refugee camp in Herat. When I met her, she was in tears and in despair. Out of pure desperation, her husband had just decided to sell Fatima, their eldest daughter, she was only eight years old, to get married and work as a slave. With the money earned, the intensely sad father hoped to be able to give their other four children at least enough to eat. So tragic. This is the account of just one child, but it is the fate of many children, in particular girls. They literally pay with their lives for hunger. How can World Vision create a future for these children, if there is no food and schools are closed? That is the challenge I am facing, as a director.”

What do you want to achieve with World Vision in Afghanistan?
“We want to be the changemakers in this country, which is torn by war and hunger. We are committed to leaving behind a community that can survive on its own. That is our aim in Afghanistan. We do so by creating space for families. So that parents can work and be treated fairly, and can earn their own income. If families are stable and have enough food, Fatima’s dream really has a chance of becoming reality.”

Want to hear more about Asuntha? Check the video

Dreaming about the future

As I walk around, I take in my surroundings. There is washing hanging outside, there are beans drying in the sun and colourful bowls scattered around in front of the houses. I pose for selfies with a number of children. Their cheeriness distracts me momentarily from the serious situation I can see all around me. Tamba’s father tells me that he is very happy that two of his children can now go to school. He hopes that all his children can go to school; then they’ll have better prospects than he had.
I heard many sad stories while I was in the project area in Sierra Leone. I saw poverty, but more than anything else, I got a glimpse of people who keep on going and don’t let things get them down. Over the past thirty years, this section of the population has had to contend with a major civil war, Ebola and Covid-19; yet I could see hope and positivity. The people were dancing and laughing; they told me about their dreams for the future. They’re just so thankful for the help they receive.

More than just school

It is unbelievable to see all that can be done with the contributions made by sponsors. The contributions don’t just ensure that children can go to school: they mean that children can get special lessons. About their rights as children, for instance, and about the responsibilities that go with that.
And many amenities are built, too, such as toilets at the schools and wells for water that don’t dry up when the rainy season ends. Pregnant women are given a telephone with an app that allows them to reach a doctor quickly. And there are courses for the elderly in which they learn to make nutritious meals for their grandchildren, to recognise the symptoms of illness and to act on them accordingly.
I have seen with my own eyes that a sponsor’s contribution is so much more than just transferring money once a month to cover basic necessities. There’s so much more besides: safety, security, visibility and building self-esteem.
Having access to clean water in the vicinity means less chance of assault or rape on long night-time journeys to fetch water. It means a good night’s sleep before the following school day. It means enough time to do homework. Toilets at school mean that girls no longer have to stay at home during their period, but can safely go to the toilet at school. The sponsor project allows the people to learn how to work together, stand up for themselves and develop ideas that can help them move forward together, even after World Vision has left the village. 

Optimising effectiveness and efficiency of the funds deployed

The progress of the multi-annual plan and the annual plan is checked and evaluated periodically, and the budget is reviewed by means of (financial) reports. During Supervisory Board meetings, the Executive Board/CEO reports on progress in relation to targets set. Among other things, specific attention is paid to fundraising results, the results of international programmes, grant acquisition, grant management and development of human resources. The International Programmes & Grants team periodically assesses the project proposals, project implementation and the partner organisations. This is effected by thorough analysis of financial and programme reports and project and field visits together with local partners.
World Vision uses the so-called ‘LEAP’ system for planning, implementation and evaluation of the programme activities. LEAP stands for ‘Learning’ through Evaluation, Accountability and Planning’ and is widely used internationally. LEAP is a monitoring tool that tracks programmes from the start-up phase to completion. Except for agreements on ways of reporting, agreements have also been made regarding the various evaluations which should be carried out during the term of a programme (interim and final evaluation).

World Vision Nederland has a quality management system in place and complies with the Partos 9001-2015 quality standard (the most appropriate application of the ISO 9001 for development organisations). Annually, an internal and external audit are executed in order to be certified. In addition, World Vision Nederland has been recognised by CBF, the Dutch regulator for Charities. In that capacity, CBF audits World Vision Netherlands on a regular basis for compliance with the requirements of the ‘Erkenningsregeling Goede Doelen’. Every year CBF carries out an interim assessment. Once every three years, CBF conducts a full assessment of compliance with the guidelines.

The annual accounts are audited by an external auditor. In addition, internal audits (including a so-called Peer Review) are performed by a team of independent board members and international colleagues from the World Vision partnerships.
The specific focus of the Peer Review is governance. The audit is carried out at least once every five years. The final report of the FY21 Peer Review was received in the year under review – and the conclusion is: ‘meets expectations’. In 2018, World Vision International launched internal risk-based audits that are carried out by the international World Vision’s internal audit department.
An important indicator of the efficient deployment of our resources is the level of cost of management, administration and fundraising. World Vision Nederland closely monitors the standards as determined for the organisation.

Improvements that follow from the aforementioned evaluations, as well as internal and external reviews can be seen in an audit dashboard. Actions are monitored and discussed during regular management meetings.

Optimising stakeholder engagement

The Supervisory Board acts as supervisor on behalf of the stakeholders of World Vision Nederland. They are:

• Beneficiaries
• Partner organisations and other World Vision offices (including field offices)
• Sponsors and donors
• Schools and churches
• Governments and Institutional donors
• Funds, companies, foundations
• Staff (employees, trainees and volunteers)
• Peer organisations in the Netherlands

Beneficiaries are first and foremost the most vulnerable children in the countries where World Vision Nederland is active. Through the programmes we also support parents, siblings and communities. We reach them through the World Vision field offices and partner organisations. We conclude agreements with these stakeholders about programmes to be implemented and we sign contracts on grants and donations.

In the Dutch context, World Vision Nederland distinguishes between child sponsors and individual donors, schools and churches, governments and institutional donors, funds, companies and foundations, our staff and our Dutch peer NGOs.

The Supervisory Board supervises World Vision Nederland’s adherence to the promises made to its stakeholders. World Vision Nederland communicates with the stakeholders through different channels, tailored to the various target groups. Information is shared through the website, e-newsletters and social media, such as Twitter, Instagram and Facebook. Sponsors receive annual updates from their sponsored child directly from the area programme. Governments, institutional donors, companies, foundations and funds receive reports as per the agreements. The CEO fulfills specific roles as Chair of the Board of the European Representation as well as Chair of the Supervisory Board of the Dutch Relief Alliance. In these roles there is a close structured relationship with European and Dutch govermental bodies. We meet Dutch Partner and Peer organisations in networks and partnerships. We ensure that these collaborations contribute to the vision and mission of World Vision. Where this overlaps with others we seek collaboration and join forces to achieve better results.

Supervisory Board

In general, the responsibilities and tasks of the Supervisory Board are to supervise the overall direction for ensuring the standards of ministry and mission of World Vision Nederland, as well as the organisation’s participation in partnership processes. The Supervisory Board has to approve and supervise the Articles of Association and strategic directions (Multi-Year Plan, Annual Plan and Budget) that are drafted by the Executive Board / CEO. It also has to approve specific actions or resolutions of the Executive Board as defined in the Articles of Association as well as in the Board Charter.

The Supervisory Board determines the number of members of the Executive Board and is responsible for their appointment, suspension and removal from office.
The Supervisory Board supervises the Executive Board pursuant to the Board Charter which, in addition to the Articles of Association, regulates the cooperation between the Supervisory Board and the Executive Board. This Board Charter and the Articles of Association contain provisions that avoid conflicts of interest and prevent positions becoming entangled.
World Vision Nederland uses the so-called ‘two-tier system’. In this system, there is a clear separation between management and implementation.

The Supervisory Board is made up of six members plus a representative of World Vision International. Supervisory Board members do not receive any remuneration, but their justifiable expenses incurred in the course of their duties are reimbursed.
The Supervisory Board has two formal committees: the Audit & Risk Committee (ARC) and the Governance Committee (GC). Almatine Leene (member of the Supervisory Board) was appointed as the Safeguarding Focal point within the Supervisory Board.
The purpose of the ARC is to assist the Supervisory Board in its oversight responsibilities of World Vision Nederland by ensuring the integrity of statutory financial reporting, the effectiveness of the external audit function, the effectiveness of the risk management and internal control framework, compliance with established accounting practices and principles, organisational policies, legal, regulatory and donor requirements as well as other financial matters.

The purpose of the GC is to enable the Supervisory Board to fulfil its oversight responsibilities of World Vision Nederland in relation to developing governance principles that are consistent with high standards of governance and with the policies and decisions of World Vision International, reviewing and assessing the organisation’s system of governance on an ongoing basis, identifying and recommending candidates for appointment to the Supervisory Board, providing an effective orientation to new members, ensuring that regular governance reviews take place and supporting the ongoing development of Supervisory Board members.

The Supervisory Board is responsible for determining the overall remuneration of the Executive Board/CEO.

Supervisory Board Report

In FY22, the Supervisory Board met five times, including a full day of retreat in June. In March 2022, the entire Supervisory Board attended its first virtual field visit to Uganda offering the members great insight into the work in Kyabigambire in Uganda.

The Supervisory Board discussed and approved the FY23 Annual plan and Annual budget. In 2022, one of the Supervisory Board members also met twice with the employee representation; in these meeting, insights were shared on issues like the impact of Covid-19 and work-life balance of staff. The members of the Supervisory Board regularly represent World Vision at events such as major donor events and international meetings of World Vision International.
The Supervisory Board is happy to see that Private Revenue has increased by 22% compared to last year. The impact realised by World Vision in the Ukraine crisis has been substantial. The Dutch office has been able to significantly contribute to the victims of this crisis thanks to the national appeal through Giro555.

The results of the annual employee satisfaction survey (‘Our Voice’) were presented and discussed. The survey showed good results and general improvement on sections previously agreed (complexity, bureaucracy).
World Vision Nederland’s activities in Lobbying & Advocacy have been stepped up. The action plan was presented and discussed during the Supervisory Board meeting of March 2022. The Supervisory Board is very pleased to see the increased ability to act as a sparring partner for important stakeholders in both the Netherlands and Europe.
The FY21 Peer Review Report on governance has been finalised and an action plan has been developed. Agreed actions for FY22 (e.g. field visits and risk oversight) have been implemented.

In the March meeting, the Supervisory Board discussed and approved the FY21 performance review and the FY22 remuneration of the CEO. In addition, during this meeting the Supervisory Board discussed and approved the FY21 annual accounts and appointed WITh Accountants as External Auditor for FY22.
During the meeting in June 2022, the Supervisory Board performed and discussed the self-assessment on its functioning. An external advisor was invited to provide a governance update as well as insights into focus areas and points for improvement.

The Supervisory Board discussed the amendment of the Board Charter. This Charter regulates the cooperation between the Supervisory Board and the Executive Board, in addition to the Articles of Association.

Besides the scheduled Supervisory Board meetings, the Supervisory Board Chair has regular meetings with the Executive Board/CEO. The Executive Board/CEO also regularly seeks advice from individual Supervisory Board members.

Balance sheet

Accounting policies

General Accounting Policies

Activities
World Vision Nederland is a foundation established under Dutch law.
Our activities consist of (Article 3 of the foundation’s bylaws):

• To improve the living conditions of underprivileged children on a structural basis, including through the creation of a safe and just environment, without distinction of faith, race or political beliefs, as well as through sustainable aid, emergency aid and reconstruction assistance.
• To raise awareness and educate society about development cooperation in order to increase public support for and involvement in international society.

The foundation has a non-profit purpose.

General
The annual accounts have been prepared in accordance with Accounting Guideline 650 for Fundraising Organisations. The reporting period is from
1 October 2021 to 30 September 2022. All amounts are in euros.

Comparison previous year
The accounting policies used are unchanged from the previous year.

Functional currency
The annual accounts have been prepared in euros; this is both World Vision Nederland’s functional and presentation currency.

Use of estimates
The preparation of the annual accounts requires the Executive Board to make judgements, estimates and assumptions which influence the application of policies and the reported values of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and the underlying assumptions are assessed regularly. Whenever an estimate is revised, the revised estimate is stated in the period in which the revision was made and in future periods for which the revision has consequences.

Transactions, receivables and payables
Transactions in foreign currencies during the reporting period are recorded in the annual accounts at the exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the balance sheet date. Exchange rate differences arising from settlement and conversion are credited or debited to the statement of income and expenses. Together with World Vision International, we enter into hedging contracts to minimise exchange rate risks. Non-monetary assets valued at acquisition cost in a foreign currency are translated at the exchange rate on the transaction date.

Accounting Policies for valuation of Assets and Liabilities

Tangible fixed assets
Tangible fixed assets are valued at acquisition costs less linear depreciation and impairment. We calculate depreciation on the basis of a percentage of the cost in accordance with the straight-line method over the economic life.

We apply the following depreciation percentages:

• Tangible fixed assets and IT investments 25%
• Installations: 20%
• Office fittings and fixtures: 10%

Receivables and accrued items
Receivables and accrued income are initially stated at fair value and subsequently at amortised cost less any provisions deemed necessary.

Cash and cash equivalents
Cash and cash equivalents consist of cash and bank balances with a maturity of less than twelve months. Bank overdrafts are included in debts to credit institutions under current liabilities. Cash and cash equivalents are stated at nominal value.

Reserves
We distinguish between reserves and funds. In the case of reserves, the Executive Board determines the purpose for which the available income is used.

Continuity reserve
The continuity reserve is designed to cover financial risks to ensure the continuity of the work is not put at risk by sudden unforeseen events. World Vision Nederland adheres to the Guideline for Financial Management of Goede Doelen Nederland (sector organisation for the Dutch charitable sector; see www.goededoelennederland.nl), which states that the continuity reserve may not exceed 150% of the annual costs of the working organisation. The annual costs of the working organisation consist of:

• Communication expenses. These costs are counted in full in compliance with the Guideline, including the portion that is attributed to our objectives.
• Operational expenses (staff, travel & lodging, vehicle, housing, office and networks, general expenses and depreciation). These costs are counted in full, including the portion that is attributed to our objectives.
• Programme costs which are structural in the sense that they are unlikely to be phased out within one year. These programme costs are important for the continuity of our activities.

Special purpose reserves
Special purpose reserves are subtracted from the net result that the Executive Board has earmarked for a specific purpose.

Special purpose funds
In the case of special purpose funds, our donors designate the purpose for which the income must be spent.

Use of special purpose funds
Expenses covered by special purpose funds are recorded in the statement of income and expenditure and charged to the relevant fund via the appropriation of results. Changes in the limitation of the appropriation of funds made by the appropriate bodies or authorities are processed as other movements within the reserves and funds.

Current liabilities and accruals
Unless stated otherwise, liabilities are recognised at fair value and subsequently at amortised cost.

Accounting Policies for the Income and Expenditure statement

All revenues are stated gross under income, unless stated otherwise. Costs necessary to realise certain income items are stated as expenses in the ‘Statement of income and expenditure’.

Income

• Income from own fundraising is recognised in the year of receipt.
• Legacy income is stated in the financial year in which we can reliably determine the amount involved. Provisional advance payments are stated as ‘Legacy income’ in the financial year of receipt, insofar as these have not already been recognised in a previous financial year.
• Income from SHO campaigns is recognised in the year of receipt.
• Income from government grants exclusively comprises grants obtained from a government, including the European Union or comparable international organisations, government institutions and public law organisations. If the grant conditions require the repayment of any unspent monies, the amount is only recognised as grant income upon the actual allocation of the monies to expenditure on the subsidised project or programme that meet the grant conditions.

Expenditure
Expenses are determined in accordance with the accounting policies and allocated to the year to which they relate.

Expenditure on objectives
Programme commitments are reported in the year in which the award to the partner is approved. For multi-year programmes, which are contractually recorded, costs are allocated to the year to which they relate.

Costs of raising income
All costs of activities we undertake to encourage people to give money for one or more of our objectives are designated as ‘Raising income costs’. These therefore include publicity and communication costs, unless these costs were incurred for awareness-raising activities. Activities regularly involve a combination of awareness-raising and fundraising. In these cases, based on an allocation table the portion of costs relating to awareness-raising activities is allocated as accurately as possible. The costs of our own organisation (staff costs and other organisational costs), insofar as these cannot be directly attributed to the fundraising activities and expenditure on our objectives, are allocated on the basis of expenditure allocation. This means that staff costs are allocated on the basis of time spent on the activities. The allocation of indirect costs takes place pro rata to the results of the allocation of staff costs.

Staff costs
Wages, salaries and social charges are recognised in the income statement under the terms of employment to the extent they are payable to employees and the tax authority, respectively. For pension expenses, we only charge the contribution payable for the financial year to the result. Contributions payable or paid in advance at year-end are stated as accrued items under liabilities or assets.

Management and administration costs
Management and administration costs are costs incurred for internal management and administration that are not attributed to a specific objective or income generation. The method of allocation of these expenses is included in the ‘Expenditure Allocation’.

Notes to the balance sheet

1. Tangible fixed assets

The tangible assets within World Vision Nederland relate exclusively to assets held for the purpose of business operations and include mainly the renovation and furnishing fixture costs related to the move to our new office in 2020. Investments in 2022 are mainly IT-related.

2. Receivables from government and other organisations

The grants yet to be received concern income to be expected from existing grant agreements with government bodies and other organisations. Of the total amount yet to be received, €11,758,167 relates to contracts with a term of more than one year.

3. Other receivables

At the end of FY22, other receivables have increased with nearly €2.5 million due to positive intercompany position with World Vision International. This includes mainly a hedged USD position of €1.2 m at World Vision International in order to reduce risk on the lowering currency exchange rates and €1.0 m of intercompany balance with other World Vision International based on intercompany charges. Other receivables and accruals arecified in the table below.

4. Cash and cash equivalents

The balances of all accounts are at the immediate disposal of the World Vision Nederland. During 2022 ABN AMRO applied an interest rate of -0.5%, on the balance above €100,000 per entity as of January 1, 2022 and an interest rate of -0.25% on the balance above €100,000 as of August 1, 2022. During 2022, ING applied an interest rate of -0.5% on balances above €100,000. Both ABN AMRO and ING apply an interest rate of 0% as of October 1, 2022.

5. Continuity reserve

The continuity reserve is formed to cover short-term financial risks. In addition, the reserve also ensures that obligations can be met in the future. The level of the continuity reserve at the close of the financial year 2022 is €2.2 million. Based on the internally conducted risk analysis, this is sufficient.

Guideline for Financial Management of Goede Doelen Nederland uses a maximum standard of 150% of costs working organisation for the level of the continuity reserve. The level of the continuity reserve of World Vision Nederland was calculated on 74% of the costs of the working organisation in FY22.

6. Special purpose reserve

In 2022 it was decided to create a special purpose reserve for improvements in the internal organisation, which led to a total of €250,000 being set aside at the close
of FY22.

7. Special purpose funds

If third parties make funds available for a specific purpose, these funds, unless spent during the reporting year, are added to a special purpose fund, these are earmarked. The special purpose funds increased by €1.6 million in FY22. This is mainly caused by the special purpose fund for Ukraine,
€1.9 million of the raised income will be committed in the next financial year. The summary below shows the composition of the appropriated fund item.

8. Amounts payable from grants

The grants payable concern expenditure to be expected from existing grant agreements. Of the total amount yet to be spent, €9,807,705 relates to contracts with a term of more than one year.

9. Other liabilities

Costs related to the year-end audit, such as the external auditor, pension provisions and SHO contributions, among others, are reported under the heading ‘amounts to be paid’. The maturity of the amounts included under other liabilities is less than one year.

Assets and liabilities not included in the balance sheet

On 15 January 2020, the organisation signed a lease agreement for our new office building on the Utrechtseweg in Amersfoort. The term of this agreement is 60 months. For the purpose of this agreement, a deposit has been made to the landlord in the amount of €28,112. The total remaining contract obligation is: €194,451.

On 1 January 2020, the organisation entered into a lease agreement for the phone and internet service in our office building. The term of this agreement is 60 months. The total remaining contract obligation is: €20,730.

In February 2022, the organisation entered into a lease agreement for the copier in our office building. The term of this agreement is 60 months. The total remaining contract obligation is: €48,098.

Since 2013, World Vision Nederland has been a shareholder of Vision Fund Kenya, a microfinance institution of Vision Fund International (VFI). The shares with a nominal value of €1,003,088 were donated by VFI to World Vision Nederland. Economic ownership of the shares rests with Vision Fund International. As such, World Vision Nederland has no financial control over the shares and is indemnified from any liability. The shares are legally owned.

Notes to the statement of income and expenditure

Both income and commitments to the field have grown in 2022. Income increased by almost €7.0 million in FY22 compared to the previous year. This is mostly due to high income from other non-profit organisations, including €8.2 million for Ukraine (Giro555). Furthermore, income from government decreased by nearly €1.2 million and income from private individuals increased by nearly €0.8 million. Expenditures on objectives have increased as well and were nearly €4.0 million higher than the previous year. Total result ended on nearly €2.2 million positive, which is almost fully due to timing of commitments, which will be done in financial year 2023.

10. Income from private individuals

Income from private individuals increased by 18% in financial year 2022, mostly due to larger single gifts this year. The total number of child sponsors grew to almost 9,600 in 2022. Many of the new sponsors were part of the Chosen programme. In addition, the number of other donors making monthly donations reached over 4,000 in 2022.

The breakdown below shows the average number of donors by reporting year. The number of structural donors and child sponsors increased in financial year 2022 and single gifts were
also up compared to last year as more events could take place.

11. Income from companies

Income from companies is lower compared to 2021. Furthermore the expected growth on income from companies was not realised in 2022 due to more focus on income from non-profit organisations. For 2023 new initiatives are planned to further grow in this category.

12. Income from government grants

World Vision Nederland receives grants for both development as well as for emergency relief and rehabilitation. World Vision Nederland is a member of the Dutch Relief Alliance (DRA), a partnership of Dutch humanitarian organisations and the Ministry of Foreign Affairs (DSH). World Vision Nederland also cooperates with DG ECHO (European Commission Civil Protection and Humanitarian Aid Operations). The total grant income in the reporting year was almost €20.6 million. Of this, €14.8 million was for own programs and €5.8 million for partner organisations. Total income from grants is lower than budget since capacity was needed for increased income in FY22 from other non-profit organisations.

Cooperating with Partners

In respect of certain grants, World Vision Nederland is working together with one or multiple partners. During financial year 2022, a total of €5,787,255 has been remitted to partners according to the table below.

13. Income from affiliated non-profit organisations

Income from affiliated organisations consists of reimbursements of charges from World Vision Nederland to various World Vision partners. In 2022, this mainly pertained to a position related to acquisition of grants in the Nordics and a position related to our ECHO Centre of Excellence with expertise on grants for DG ECHO.

14. Income from other non-profit organisations

Income from non-profit organisations increased significantly during financial year 2022, mostly thanks to €8.2 million income through Giro555 campaigns for Ukraine. As part of the multi-annual strategic plan, gifts from other non-profit organisations for sponsor programmes and donations increased by €224,000.

15. Expenditure on objectives

Expenditure Allocation
In order to provide insight into the details of the organisation’s costs, the model below is used to allocate the different types of expenditure.

Expenditure on objectives
Expenditure on objectives means expenditure related to one of the organisation’s objectives.

Raising income costs
Costs for raising income are incurred by activities aimed at asking people to contribute to one of the organisation’s objectives.

Management and administration expenses
Management and administration expenses include the costs related to management, internal control and administration, which cannot be charged to one of the objectives. The organisation distinguishes between direct and indirect costs. Indirect costs involve combined activities. Publicity and communication expenses are divided into generating income costs and information and awareness costs based on a fixed allocation table. Other costs are allocated on the basis of the (estimated) time spent by staff on the organisation’s various objectives. The established allocation table is evaluated at least once every three years. Supervisory Board costs, bank costs and auditor costs are allocated 100% to management and administration.

Expenditure on objectives
As set out in its articles of association, World Vision has two objectives:

• To improve the living conditions of underprivileged children on a structural basis, including through the creation of a safe and just environment, without discrimination on the basis of religion, race or political beliefs, as well as through sustainable aid, emergency aid and reconstruction assistance (provided contribution to aid programmes).
• To raise awareness and educate society about development cooperation in order to increase public support for and involvement in international cooperation (education and awareness).

In financial year 2022, World Vision Nederland committed €28.9 million for programme contributions. This is €3.5 million more than in the previous year. The growth in information and awareness follows from the organisation’s efforts to communicate more frequently with its donors and sponsors. The expenditure on objectives as a percentage of our total income was 87.5% in 2022 (budget 2022: 93.3% and 2021: 95.1%). This is lower since funding for Ukraine will be spent in part next year, thus this part is added to the special purpose fund.

Overview of programme contributions
For the purpose of emergency relief and reconstruction programmes, World Vision Nederland contributed a total of €649,698 from its own resources and general donations during the year under review. The organisation aims to spend as much of the available resources as possible on its objective. In financial year 2022, the organisation achieved a spending ratio (to income) of 87.5%. This is slightly lower than the previous reporting year, as it is the result of timing of incoming and outgoing funds between financial years. The spending ratio as percentage to expenditure is the same compared to the previous year.

16. Costs of raising income

The organisation incurs costs for the purpose of raising income to be spent on its mission: improving the living conditions of vulnerable children. In its multi-year strategic plan, the organisation is committed to revenue growth, which will increase the costs of raising income. The actual costs of raising income are within budget and 18% higher than the previous reporting year. Combined with the increase in income, the percentage of income raising costs has slightly decreased from 5.6% to 5.3% from financial year 2022.

17. Management and administration costs

The costs of management and administration during 2022 financial have gone up to a total of €464,000. However, as a percentage of total income it decreased to 1.3% (budget 2022: 1.4% and 2021: 1.5%). Management and administration costs include the costs incurred by the Supervisory Board. The members of the Supervisory Board receive no remuneration other than reimbursement of expenses incurred in connection with their role as members of the Supervisory Board. The total reimbursement of expenses incurred by members of the Supervisory Board amounts to €671.

Staff costs

At the start of fiscal year 2022, World Vision Nederland employed 38 employees (31.0 FTE). At the end of fiscal year 2022, the organisation had grown and now has 42 employees, together representing 35.5 FTEs. Six vacancies opened at the end of the fiscal year. The absenteeism rate in the past fiscal year was 2.83% (2021: 2.52%). We aim to keep absenteeism below 3.0%. The breakdown of total staff costs for the reporting year is shown in the table below. Charged staff costs include salary costs that are part of the programme budget. World Vision Nederland has a pension scheme in place for employees. This is a defined contribution scheme. The costs of the premiums are accounted for in the year to which they pertain. The pension system is based on an investment arrangement.

Salary and emoluments paid to Executive Board
The remuneration of the managing director has been tested against the regulation on remuneration of directors of Goede Doelen Nederland. Marco van der Graaf is the CEO and Executive Board of World Vision Nederland. He has been appointed as of 1 March 2019. Goede Doelen Nederland has set a maximum for the remuneration of directors. The executive compensation is calculated on the basis of the BSD index (Basic Score for Executive Positions). The BSD score has been evaluated by the Supervisory Board and set at 365 in 2020. The management remuneration policy is in line with the guidelines as established by Goede Doelen Nederland.

Ancillary positions of Marco van der Graaf are: Member of the Board of Stichting Samenwerkende Hulporganisaties (Giro555), Member of the Board of World Vision EUREP – World Vision Brussels & EU representation, Member of the Supervisory Board of Stichting Beheer Subsidiegelden Dutch Relief Alliance (DRA) and Chair of the Supervisory Board of Stichting Tijd voor Actie. Marco van der Graaf receives no remuneration for these positions.

18. Net Financial income and expenditure

In financial year 2022 we had a positive result of €0.1 million that was realised due to the exchange rate effect of a debit USD position held at World Vision International. This is due to the strengthened USD position compared to the Euro position at the close of our financial year. The following table shows the details of the amount recognised under the net financial income and expenses.

Signing of Annual Report

Amersfoort, 20 March 2023

Supervisory Board:
Ms. drs. I.J.M. (Ingrid) Allemekinders-Pols
Ms. K.M. (Kristin) Anderson
Mr. drs. H.A.L. (Alrik) Boonstra
Ms. A. (Almatine) Leene
Mr. drs. J. (Johan) van Renselaar
Mr. W. (Walter) Wassenaar
Mr. ir. A.J. (Arco) van Wessel

To: the Supervisory Board of Stichting World Vision Nederland

Report on the audit of the financial statements 2022 included in the annual report

Our opinion
We have audited the financial statements 2022 of Stichting World Vision Nederland based in Amersfoort.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of Stichting World Vision Nederland as at 30 September 2022 and of its result for the period 1 October 2021  until 30 September 2022 in accordance with the Guideline for annual reporting 650 ‘Fondsenwervende organisaties’ of the Dutch Accounting Standards Board.

The financial statements comprise:

1. the balance sheet as at 30 September 2022;
2. the statement of income and expenditure for the period 1 October 2021 until 30 September 2022 and
3. the notes comprising a summary of the accounting policies and other explanatory information.

Basis for our opinion
We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our responsibilities under those standards are further described in the ‘Our responsibilities for the audit of the financial statements’ section of our report.

We are independent of Stichting World Vision Nederland in accordance with the ‘Verordering inzake de Onafhankelijkheid van accountants bij assurance-opdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore we have complied with the ‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code of Ethics).

We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Report on the other information included in the annual report

The annual report contains other information, in addition to the financial statements and our auditor’s report thereon.

Based on the following procedures performed, we conclude that the other information:

• is consistent with the financial statements and does not contain material misstatements;
• contains all the information regarding the management report and the other information as required by the Guideline for annual reporting 650 ‘Fondsenwervende organisaties’ of the Dutch Accounting Standards Board.

We have read the other information. Based on our knowledge and understanding obtained through our audit of the financial statements or otherwise, we have considered whether the other information contains material misstatements.

By performing these procedures, we comply with the requirements of the Dutch Standard 720. The scope of the procedures performed is substantially less than the scope of those performed in our audit of the financial statements.

The Board is responsible for the preparation of the management report and other information in accordance with the Guideline for annual reporting 650 ‘Fondsenwervende organisaties’ of the Dutch Accounting Standards Board.

Description of responsibilities regarding the financial statements

Responsibilities of the Board and the Supervisory Board for the financial statements

The Board is responsible for the preparation and fair presentation of the financial statements in accordance with the Guideline for annual reporting 650 ‘Fondsenwervende organisaties’ of the Dutch Accounting Standards Board. Furthermore, the Board is responsible for such internal control as the Board determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

As part of the preparation of the financial statements, the Board is responsible for assessing the foundation’s ability to continue as a going concern. Based on the financial reporting framework mentioned, the Board should prepare the financial statements using the going concern basis of accounting unless the Board either intends to liquidate the foundation or to cease operations, or has no realistic alternative but to do so. The Board should disclose events and circumstances that may cast significant doubt on the foundation’s ability to continue as a going concern in the financial statements.

The Supervisory Board is responsible for overseeing the foundation’s financial reporting process.

Our responsibilities for the audit of the financial statements

Our objective is to plan and perform the audit assignment in a manner that allows us to obtain sufficient and appropriate audit evidence for our opinion.

Our audit has been performed with a high, but not absolute, level of assurance, which means we may not detect all material errors and fraud during our audit. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion.

We have exercised professional judgement and have maintained professional skepticism throughout the audit, in accordance with Dutch Standards on Auditing, ethical requirements and independence requirements.

Our audit included e.g.:

• identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
• obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the foundation’s internal control;
• evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board;
• concluding on the appropriateness of the Board’s use of the going concern basis of accounting, and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the foundation’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause a foundation to cease to continue as a going concern;
• evaluating the overall presentation, structure and content of the financial statements, including the disclosures; and
• evaluating whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Supervisory Board regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant findings in internal control that we identify during our audit.

Was signed,

Sliedrecht, 20 March 2023

WITh Accountants B.V.

1. Alblas RA