Financial governance and results

Both ENDS’s financial statements have been drafted in accordance with the Dutch Accounting Standard for Fundraising Institutions (RJ650, amended in 2016). The annual accounts have been audited by Dubois & Co. Registered Accountants. 


The general reserve is a continuity reserve and is designated to ensure that Both ENDS can complete or terminate ongoing projects in case of a significant shortfall of key sources of funding. The current general reserve of Both ENDS is 19% of the organisation’s operational costs, which is a sufficient amount to absorb fluctuations in cash flow. To be able to meet project obligations and eventual legal and moral obligations in case of reduction of funding and/or dissolving the organisation, Both ENDS aims to raise the general reserve to 25% of the operational costs (approximately 635,000 euro).

The result in 2019 is 1,055,534 euro. This result consists of 1,000,000 euro funding from the Dutch Postcode Lottery, of which 950,000 euro has been reserved for programme activities in a designated reserve. The remaining 105,534 euro has been added to the continuity reserve.


Almost all of Both ENDS’s revenue comes from project funding, which includes grants from governments or (inter)national funds. Projects may last one or several years. The strategic partnerships with the Ministry of Foreign Affairs started in 2016 and will run until end of year 2020.

Both ENDS did not have substantial income with a non-recurrent character in 2019. Half of the funding from the Dutch Postcode Lottery (500,000 euro) originates from income from 2018 and should have been accounted for in 2018. The funding was announced too late to be recorded in the Annual Report of 2018.

All direct and support costs are allocated to the objectives, to the costs of fundraising, and to management and administration. The support costs are accounted to these activities based on hours spent by employees on the mentioned components. All employees register their spent time in the financial administration system. 

Both ENDS mainly monitors the ratios excluding the FGG partners, as Both ENDS has no influence over the FGG partners’ expenditures. The percentage of expenditures toward objectives are above the goal. 


  1. Expenditure related to the objectives as percentage of total expenditures.
  2. Expenditure related to generating funds as percentage of total expenditures
  3. Expenditures of management and administration as percentage of total expenditures.


Both ENDS does not invest the reserves of the Both ENDS Foundation.

The reserves of the Joke Waller – Hunter Initiative Foundation are invested. All investments are sustainable and based on a defensive strategy. Investments are managed by Triodos Bank. 

The aim of these investments is to keep an almost constant fund. Every year the Board of the Both ENDS Foundation determines the maximum amount of withdrawal of the fund. The Board of the Joke Waller – Hunter Initiative Foundation decides on changes in the investment policy. Every quarter Triodos Bank reports on the investment results.

The composition of the portfolio on 31 December 2019 was:

The investment result of 2019 is:


In March 2020 the COVID-19 crisis required us to take measures to stop the spread of the virus. Both ENDS has improved ICT so employees can work from home, including taking part in video meetings with colleagues, partners, funders and other stakeholders. In the short run the financial risks of the crisis are limited for Both ENDS. Both ENDS is in close contact with funders if changes to programmes are unavoidable.

The long-term effects of the COVID-19 crisis are still uncertain. We must take into account the possibility in the future of a decrease in available funds from (intended) funders, restrictions in the execution of programmes and reduced travel options.


Both ENDS’s annual accounts for 2019 and the independent auditor’s statement is included in the full PDF of Both ENDS’s annual report