Financial governance and results

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


The general reserve is a continuity reserve, and it is designated to ensure that Both ENDS can complete or terminate ongoing projects in case of a significant shortfall of key sources of funding. Both ENDS’ current general reserve is 19% of the organisation’s operational costs. This amount is sufficient to absorb fluctuations in cash flow. In order to meet the project obligations, and if necessary any legal or moral obligations as a result of a decrease in funding and/or the dissolution of the organisation, Both ENDS is attempting to raise the general reserve to 25% of operational costs (approximately 600.000 euro).

The result in 2017 is 56.669 euro, which is roughly 16.000 euro higher than budgeted. This surplus has been added to the continuity reserve.


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

Both ENDS did not have a substantial income of a non-recurrent character in 2017, nor did it have any income / expenses from previous years, which have affected the result.

All direct and support costs are allocated to the objectives; to the costs of fundraising; and to management and administration. The support costs are attributed to these activities based on the hours spent by employees on the activities in question. All employees register their hours spent on these activities in the financial administration system.

Both ENDS generally does not include the FGG partners when it monitors the financial ratios, as Both ENDS has no influence over the FGG partners’ expenditures. The expenditures on objectives are slightly below target.


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. The reserves of the Joke Waller-Hunter Initiative Foundation are invested. These investments are based on a defensive strategy and made by Triodos Bank. The investments in the portfolio are 100% sustainable.

The aim of these investments is to keep an almost constant fund going. Every year the Board of the Foundation determines the maximum amount that can be withdrawn from the fund. Any changes to the investment policy are made by the Joke Waller-Hunter Initiative Foundation. Triodos reports on the investment results every quarter. The composition of the portfolio on 31 December 2017 was as follows:

The investment result of 2017 is: