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Balance sheet

Balance sheet   
(after proposed profit appropriation)   
  31 Dec 2012 31 Dec 2011
Tangible fixed assets  
Property, plant and equipment€ 3,619€ 49,886
 € 3,619€ 49,886
Current assets  
Accounts receivable€ 2,179,910€ 1,473,106
Cash and cash equivalents€ 5,680,262€ 6,078,678
 € 7,860,172€ 7,551,784
 € 7,896,362€ 7,601,670
Reserves and funds  
Continuity reserve€ 5,623,289€ 4,650,000
Earmarked reserve€ 121,189€ 526,505
General reserve  
 € 5,744,478€ 5,176,505
Earmarked funds  
Short-term liabilities  
Project obligations  
Accounts payable€ 77,062€ 396,194
Taxes and social security payments€ 188,824€ 12,087
Accruals, provisions and other liabilities€ 1,192,439€ 1,908,100
 € 2,151,884€ 2,425,165
 € 7,896,362€ 7,601,670

Explanation of reserve and funds

1. Continuity reserve

The continuity reserve financially covers War Child's short term risks and makes sure War Child can fulfil its obligations even if an unexpected income gap arises. War Child monitors the desired size of its continuity reserve twice every year based on risks perceived for approval by its Board of Trustees. War Child’s continuity reserve complies with the requirements of the VFI.

The continuity reserve is set at € 5.6 million, in line with War Child’s most recently approved reserve policy, dating from December 2012. War Child tries to balance the desire to spend as much of its income as possible to help war children, with the need to maintain a prudent reserve. By setting its continuity reserve at this level, War Child believes it has determined an appropriate balance between prudence in the light of risk management and objective-based spending.

2. Earmarked reserve

The earmarked reserve is the part of the reserve that is set aside by the Board of Trustees for a specific purpose. In 2012, an earmarked reserve of € 121,189 was set aside for security measures in DR Congo. In 2012 a budget was made available to increase the security measures taken in DRC, but the total wasn’t completely spent. Therefore an earmarked reserve has been created for 2013.

Specification and on-charge expenses to destination (in euro)

This table can be downloaded as pdf.

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