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YENTE Financial Annual report 2012


CONTENT Report of the Board ...................................................................................... 3 1.Introduction .............................................................................................. 3 2.About YENTE ............................................................................................. 3 3.Results and developments .......................................................................... 4 4.Fundraising............................................................................................... 7 5.Organisation ............................................................................................. 7 6. Future and risk section .............................................................................. 9 Balance sheet as at December 31st 2012 ...................................................... 10 Statement of income and expenditure 2012 .................................................. 11 Cash flow statement 2012 ........................................................................... 12 Explanatory notes to the financial statements 2012 ........................................ 13 Explanatory notes to the items on the balance sheet ...................................... 16 Explanatory notes to the items on the statement of income and expenditure ..... 18 Independent auditor’s report ....................................................................... 25 Appendix 1. Composition of the Board .......................................................... 28 Appendix 2. Statement of Accountability 2012 ............................................... 29

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Report of the Board 1. Introduction Before you lies the 2012 financial statements of the Foundation YENTE. 2012 is the year when YENTE celebrated its 10th anniversary. Proudly we looked back at the achievements of the past 10 years in which YENTE grew into an international organization and network for women entrepreneurs. Through the work of YENTE more than 650 women entrepreneurs and 20 networks from over 30 countries are connected. In our partner countries Kenya, South Africa, Peru and Bolivia 350 businesswomen working with a rank of 9500 employees and 23,000 suppliers are participating. The 10th anniversary, the growth of YENTE and the changes and innovations taking place in the field of (international) business and development aid have led to strategic reorientation of YENTE Foundation. In the autumn of 2012, the strategy was formulated for the years 2013 to 2015 together with a renewed organizational structure of YENTE which will be realized early 2013.

2. About YENTE 2.1. YENTE’s mission is to inspire greater economic independence for women in less advantaged areas worldwide. We work towards empowering women entrepreneurs as agents of change and drivers of economic prosperity for their communities and countries. 2.2. YENTE’s vision is to join forces with and encourage synergy between local and international parties who support our mission and core values in the interest of expanding female entrepreneurship in all regions. We will be recognized internationally for our standard-setting matchmaking programmes and (online) networks for the exchange of knowledge and business opportunities between women entrepreneurs. YENTE will be a multiplier of know-how and skills in regions where women have limited access to business education and entrepreneurship. We will facilitate the establishment of networks of women entrepreneurs that provide valuable services to all members seeking to expand their businesses. Our networks will bring hope, inspiration and encouragement to women and will also function as a steppingstone to YENTE’s global network of business opportunities. Each network will also function as a steppingstone to YENTE’s global network of business opportunities.

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2.3. Strategy and goals YENTE’s activities are directed towards (small) established women entrepreneurs, enabling them to make steps in their entrepreneurship and to help their enterprises grow. We stimulate them to exchange information and knowhow by means of networking, to work together on capacity building, and help them to find ways for matchmaking with local, national and international entrepreneurs. The aim of YENTE is that the growth of their enterprises contributes to their social environment and reduces poverty as growth involves work and income for more employees and more suppliers. 2.4. Aims of communication YENTE maintains the following aims in regard to communication to  Contribute towards promoting women entrepreneurs and their activities in YENTE's partner countries.  Contribute towards promoting the exchange of information among women entrepreneurs in YENTE's partner countries.  Contribute towards promoting networks of women entrepreneurs in YENTE's partner countries.  Provide information about the activities of YENTE, MYente and their results.  Create support for YENTE's activities and increase YENTE's renown.  Engage Dutch and international funding and involve the business world in YENTE's activities.  Acquire resources to support the foundation and its activities.

3. Results an developments 2012 Starting points for the activities of YENTE in 2012 were the mission and vision and the YENTE programs formulated in 2011: 1. To build and strengthen networks for women entrepreneurs 2. Missions and matchmaking 3. YENTE Women's Business Centers 4. Digital network MYente In 2012, all YENTE activities carried out by the three directors of YENTE and the YENTE program coordinator for South America. The implementation of the programs was supported by some volunteers. The YENTE board was, along with some volunteers, responsible for organizing the YENTE event in September in honor of the 10th anniversary. 3.1.

Network building and network strengthening, missions and matchmaking In 2012 missions took place in the months February, May and July to Kenya, Peru and Bolivia. During these missions, several activities were linked. Seminars, training and networking events were organized in Kenya, Peru and Bolivia. And, together with local partners, the establishment of the YWBC's was prepared. In addition, contacts were made with new networks and the possibilities for strategic cooperation

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were investigated with the networks AMEP and WEconnect. Contacts with the ICCO regional offices were strengthened in preparation for the new role that ICCO will play as local representative and back office for YENTE in 2013-2014. The missions were also devoted to the monitoring of the programs and the results of YENTE activities in partner countries. A monitoring system was developed, which will be implemented in the coming years. A volunteer investigated role and results of YENTE for 26 women entrepreneurs. The results of this study are expected in mid-2013 and will be published by YENTE.

3.1.1. Catabel (Lima-Peru)  70 women entrepreneurs have registered on Myente  Connect the Banquito Communal group with the U.S. Embassy for computer training and English training  Networking on the third national congress of women entrepreneurs in Peru.

3.2. YENTE Women Business Centers Nairobi (May 2012) and Arequipa (July 2012) the first YENTE Women’s Business Centers were opened. Purpose of YWBC's is to facilitate meetings between women entrepreneurs, training, networking and knowledge sharing. Also due to the fundraising program YENTE YWBCs could be realized. Goal of YWBC's is to be, in time, entirely self-supporting by sponsoring of local parties. 3.2.1. YWBC Nairobi (Kenya) Results YWBC Nairobi in 2012 (registered and opened on May 13, 2012):  80 participating women entrepreneurs in opening seminar  46 women followed an ICT / Internet training  44 women received individual business support and advice  Matchmaking took place for 18 women  23 women participated in the seminar “leadership development”  30 women participated in the five-day course “operations”  93 women were trained in the field of 'lobbying and advocacy”. This includes representatives of government agencies as the Export Promotion Council and the Ministry of External Trade.  The Nairobi YWBC is currently working with five active networks for women entrepreneurs (Western women entrepreneur Association in Western Kenya, Nairobi County women group in Nairobi, Mama Africa women group in Eastern province, MOFAM women group in Nairobi and Fassco Women group in Busia). 

Concrete results of operations since the opening of the YWBC: o 21 women entrepreneurs reported positive business developments o 12 women have international sparring partners, to 3 entrepreneurs this led to business cooperation.

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o o

2 women from Western Kenya participated in a trade mission to Burundi. 15 women have registered for the African Business Women Connected Summit in Ethiopia in 2013

3.2.2. YWBC Arequipa (Peru) The YWBC in Arequipa had the following results 3 months after its establishment :  Entry of 4 new members to the business network  70 women were trained in YWBC in the field of finance and taxation (17), management and registration (18) and computer and Internet (35)  10 women entrepreneurs participated in local fairs and 3 women participated in international fairs (Brazil, Italy and Shanghai)  Currently there are applications for scholarships  2 businesswomen applied for business innovation support by a PUM (senior) expert  32 women entrepreneurs have registered on MYente  3 networks for entrepreneurs are trained and strengthened by the YWBC and there are plans to form strategic alliances  15 women save 25 euros per month and they are working on guidelines to establish a system of loan. 3.2.3. YWBC Capetown ( South Africa) The plans for the development of a YWBC in Cape Town are part of a joint project proposal of YENTE, SANEC and the Design Academy Eindhoven. In 2012, first explorations and discussions took place between the said parties, the South African embassy and Agentschap.nl. The contours of the project application (transition facility) were written by the director of YENTE. Further elaboration of the final project application will take place in 2013. 3.2.4. MYente digital network Besides the regular maintenance of the website and MYente no special activities have taken place. The number of participants on MYente is still growing. Point of focus for the near future is the accessibility and usability of MYente and the use of social media.

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4. Fundraising The last quarter of 2011, YENTE made a start to raise sponsors. The requests for sponsorship were related to activities in the YENTE Women's Business Center in Nairobi, Kenya (opened in May 2012) and the YENTE Women's Business Center in Arequipa, Peru (opened in July 2012). In 2012, various organizations have contributed financially to both business centers. In 2012 for an amount of € 156,161 (this includes € 72,688 contribution by management and professionals) was donated to YENTE. It goes without saying that YENTE is greatly indebted to all donors. By their contributions local partners of YENTE are able to develop and carry out training programs for over 1,000 women entrepreneurs in Kenya and Peru in the years 2013 and 2014.

5.

Organisation

5.1. Governancestructure and personnel YENTE is an organization without staff on a payroll. The implementation of YENTE’s activities requires however highly qualified professionals with entrepreneurial expertise. Professionals, including the management board, are hired. In order to have a transparent and acceptable structure for tariffs, YENTE bases the remuneration of its professionals on the middle and lower tariff of the “Prijzen & Tarievengids” and needs to conform to the code of Conduct according to the Code Wijffels. The governance structure of YENTE consists of the Board of YENTE and the Managing Board. The Board of YENTE governs the foundation. The Management Board participates in the strategic development of policy and advises the Board. The Board of YENTE delegates implementation to the Managing Board. The Managing Board advises the Board of YENTE and ensures that adopted policy is implemented well. The Board monitors how policy is applied, and the organisation’s substantive and financial results. The Board of YENTE is responsible for the functioning of the Managing Board. The Board of YENTE meets a minimum of six times a year. Until the end of 2012 the Managing Board consisted of three part-time hired highly qualified professionals with entrepreneurial expertise. In the beginning of 2013 the Board of YENTE decided for further optimalization to centralise the activities of the Managing Board in one person by appointing a YENTE coordinator.

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5.2. Audit committee YENTE has formed an audit committee that will meet at least once a year in order to evaluate the realization of the objectives in relation to the goals of YENTE. The audit committee had a meeting on 7 July 2013 and advised the Board of YENTE as follows:  to approve the financial account 2012 and the MFS report 2012; to discharge the managing Board;  to further improve effective monitoring by using standard contracts for hired professionals and standard formats for project and program decisions at different stages. 5.3. Complaints procedure Since 2009 YENTE has introduced a complaints procedure. It is published on the website in four languages (Dutch, English, Spanish and French). In 2012 no complaints were received.

5.4. Policy with regards to reservations In accordance with the VFI guidelines for Financial Management YENTE decided to keep a continuity reserve of about € 30.000 to maintain sufficient liquidity and to cover not foreseeable expenses and calamities. Furthermore it was decided to make a reservation for the maintenance or, if necessary, renewal of the MYENTE online community by adding yearly € 5.000. This intention was not realized due to lack of available unearmarked results. The continuity reserve is now below the policy of maintaining an equivalent amount of the costs of one year for management & administration. The board in 2013 will strive towards increasing the continuity reserve.

5.5. Investment policy YENTE does not partake in any investments. Cash equivalents that are not needed immediately are put into a savings account.

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6.

Future and risk section

This section describes in summary form the 2013 budget and the main operational issues for 2013. Budget 2013 Budget 2013

Actual 2012

Budget 2012

Actual 2011

INCOME Fundraising activities

100.000

156.161

133.000

67.914

Government grants

190.000

198.672

190.000

201.741

Income from third parties

10.000

14.000

27.000

2.729

Interest

-

2.216

-

2.211

Other income

-

1.241

300.000

TOTAL INCOME

-

372.291

572

350.000

275.167

EXPENSES Spent on objectives

235.000

246.326

292.500

227.441

Fundraising costs

10.000

7.789

28.500

10.066

Management & Administration

55.000

63.323

29.000

48.561

-

-

-

82.317

Special expenditures TOTAL EXPENSES RESULT

300.000 -

317.438 54.853

350.000 -

368.385 93.218-

For 2013 YENTE expects to receive less income compared to 2012. Income from government grants are expected to remain stable, due to MFSII Grant approval 2011-2015. Income from fundraising however is budgeted substantial lower than 2012, as substantial single donations are not taking into account and less donations in kind from hired professionals are expected for 2013. YENTE will continue her defined strategy and goals in 1013. Expenses are budgeted in line with the total income. Allocation among the four programs is based on the actual results of 2012, available funds and the individual program and project projections. The following topics will have a prominent position on the agenda of the Board of YENTE and the YENTE coordinator in 2013.      

Controlled continuation of YENTE’s strategy by follow-up a activities (support, monitoring) of consisting projects; Start up of new activities in South Africa; Implementation of efficient and effective collaboration in the new set up of Board and the coordinator Further professionalising of contracts for hiring professionals New possibilities for fundraising Strict financial control.

These topics are in essence related to the strategic, operational and financial risks and meant to control and mitigate possible negative outcomes in the near future.

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Financial Statements 2012 Introduction This chapter details the income, expenditure and financial position of YENTE in 2012. The financial statements have been prepared in accordance with the Dutch Accounting Standard for Fundraising Institutions (RJ 650). Compliance with this guideline is a requirement of the CBF (Central Bureau on Fundraising). Accordingly, all expenditure is committed to YENTE’s goal of supporting women entrepreneurs and that the growth of their enterprises contributes to their social environment and reduces poverty as growth involves work and income for more employees and more suppliers. and to the generation of income, and management and administration. This goal is divided into four categories: • Network strengthening • Mission & Matchmaking • Business centers • MYente

Balance sheet as at December 31st 2012 (after appropriation of result) 31-dec-12 €

31-dec-11 €

ASSETS Current assets Accounts receivable and accrued income Cash and cash equivalents

① 29.904

8.329

140.721

114.448

TOTAL ASSETS

170.625

122.777

LIABILITIES reserves and funds

Continuity reserve

22.377

16.921

Appropriation fund Projects Appropriation fund MFS interest

54.183

5.683

Current Liabilities TOTAL LIABILITIES

897

77.457

22.604

93.169

100.173

170.625

122.777

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Statement of income and expenditure 2012

Actual 2012 € INCOME

Budget 2012

Actual 2011

Fundraising activities

156.161

133.000

67.914

Government grants

198.672

190.000

201.741

14.000

27.000

2.729

Interest

2.216

0

2.211

Other income

1.241

Income from third parties

572

372.291

TOTAL INCOME

350.000

275.167

EXPENSES Spent on objectives Fundraising costs Management & Administration

246.326

292.500

227.441

7.789

28.500

10.066

63.323

29.000

48.561

-

82.317

Special expenditures TOTAL EXPENSES RESULT

317.438

350.000

54.853

368.385 93.218-

Appropriation of net result Transferred to/from: Continuity reserve

5.456

13.904-

-

75.000-

48.500

3.000

-

7.314-

Project reserve Appropriation fund YWBC-Kenya Appropriation fund Myente Appropriation fund MFS interest RESULT

897

54.853

-

93.218-

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Cash flow statement 2012 2012

2011

â‚Ź

â‚Ź

Cash flow from operational activities Result

54.852

Change of receivables

21.575-

134.227

0-

31.361

Change of project obligations Change of other liabilities

93.218-

7.004-

7.887

Cash flow from operational activities

26.273

80.257

Cash flow from investment activities

-

-

26.273

80.257

Total

Changes in cash and cash equivalents Cash and cash equivalents at the end of the financial year Cash and cash equivalents at the start of the financial year Changes in cash and cash equivalents

140.721

114.448

114.448

34.191

26.273

80.257

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Explanatory notes to the financial statements 2012 Objective of the foundation and nature of activities The financial statements of Stichting YENTE, legally seated in Leusden reflect its main activities to alleviate poverty by focusing on to the reinforcement of international women's entrepreneurship worldwide. YENTE is a Foundation (Stichting) under Netherlands law. Stichting YENTE is primarily involved in promoting economic independence of women through strengthening of international women's entrepreneurship with the result that they can take care of their own needs in life and of their social environment being inextricably joined with Acceptable Social Responsibility (CSR). The chosen interventions are: 

increased access to (International) markets through international missions and networks between entrepreneurs in the Netherlands and entrepreneurs in the South

increased access to knowledge and information (capacity-building), through exchange of knowledge and skills through seminars, workshops, networks, digital platforms, sparring-partner programs, individual programs

support the strengthening and increasing of visible female entrepreneurship by organizing networks- and information days, participation in business panels, representation at seminars and network meetings.

Accounting policies for the valuation of assets and liabilities For the general principles for the preparation of the financial statements, the principles for valuation of assets and liabilities and determination of the result, as well as for the notes to the specific assets and liabilities and the results, reference is made to the notes to the financial statements, if not presented otherwise hereinafter. The financial statements of YENTE have been prepared in accordance with the Dutch Accounting Standard for Fundraising Institutions (RJ 650) published by the Dutch Accounting Standards Board. This guideline requires that costs be allocated not only to the costs of direct fundraising and the achievement of the organisation’s goals (projects and programs) but also to: • Management and administration costs • Costs of generating income, disaggregated into costs of direct fundraising, expenditure on joint campaigns, expenditure on third-party campaigns and costs of securing government grants. Bases for valuation of assets and liabilities Claims Claims include the deduction of a provision for bad debts, in as far as necessary. Claims are expected to have a one-year term at maximum.

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Liquid assets Liquid assets are freely disposable. Short-term liabilities Short-term liabilities are expected to have a one-year term at maximum. Transactions in foreign currency Transactions in foreign currency are converted according to the exchange rate applying on the transaction date. Monetary assets and liabilities that are denominated in foreign currency are converted into the functional currency according to the exchange rate applying on that day. Non-monetary assets and liabilities in foreign currency that are included at their historical cost price are converted to Euros according to the exchange rate applicable on the transaction date. Reserves Continuity reserve The continuity reserve has been created to safeguard the continuity in case of (temporary) highly disappointing income. An amount of Eur. 30.000 is found to be sufficient to cover for liabilities from third parties, liabilities from personnel and other short term risks. This is in accordance to the VFI guidelines for Financial Management. Funds Appropriation funds Appropriation funds are those funds with a specific purpose, as indicated by third parties. It concerns the following funds:  Project appropriation fund: concerns funding received from a specific project appropriation as indicated by third parties.  MFS interest appropriation fund: concerns interest received on MFS funds that, pursuant to the grant scheme will be fully spent on the MFS objectives in the future.

Accounting policies for the statement of income and expenditure General With due consideration to the accounting policies for the valuation of assets and liabilities outlined above, net income is defined as the difference between (i) income from fundraising, the share of revenues from joint campaigns and third-party campaigns, government grants, other income and (ii) expenditure in the context of the organization’s goals (projects and programs), the costs of generating income and the management and administration costs. Except as otherwise stated, income and expenditure is attributed to the year to which it relates and expenditure is recorded at historical cost.

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In the statement of income and expenditure, the costs of YENTE’s own activities are subdivided as follows: spent on objectives, fundraising costs and management and administration costs. The allocation principles used by YENTE and the allocation methods to determine this subdivision have been detailed in the explanatory notes to the financial statements. Income Government grants Government grants are credited to the statement of income and expenditure of the year in which the subsidized deployment takes place. Income from our own fundraising activities/Income from third-party campaigns This income is credited to the statement of income and expenditure in the year in which the income is received or pledged. Interest received on the bank account that is specifically used for income and payments related to the MFS program are added to the MFS appropriation fund through result appropriation. Expenditure Spent on objectives These expenditures consist of grants to third parties, contributions and execution costs. The expenditure due to grants to third parties is charged to the statement of income and expenditure in the year in which YENTE agrees to the grants and/or makes the contribution. The execution costs are charged to the statement of income and expenditure in the year to which they pertain. Fundraising costs These costs are charged to the statement of income and expenditure in the year to which they pertain. Management and administration costs These costs are charged to the statement of income and expenditure in the year to which they pertain. Cash Flow Statement The cash flow statement was drawn up on the basis of the indirect method. Cash flows in foreign currency were converted to Euros, using the weighted average conversion rates for the relevant periods. Cash and cash equivalents consist of current accounts in the Netherlands and for the regional offices, saving accounts and cash held at the global or regional offices. The bank balance of the Investment account is classified as cash and cash equivalents.

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Explanatory notes to the items on the balance sheet 1 CURRENT ASSETS The specification of this item is as follows:

31-dec-12 31-dec-11 €

Receivable VAT

9.950

1.533

Receivable subsidies

5.000

5.000

1.161

658

Receivable interest Other receivables

13.793

Prepaid creditor Accounts receivable and accrued income

Cash and cash equivalents TOTAL CURRENT ASSETS

-

1.138

29.904

8.329

140.721

114.448

170.625

122.777

2 RESERVES AND FUNDS The changes in the continuity reserve in the financial year are as follows:

31-dec-12 31-dec-11 €

Continuity reserve balance as at 1 January less/plus: from appropriation of results balance as per 31 December

16.921

30.823

5.456

13.902-

22.377

16.921

The appropriation of results to the Continuity reserve relate to the amount to be sufficient to cover for liabilities from third parties, liabilities from personnel and other short term risks to safeguard the continuity in case of (temporary) highly disappointing income. In 2010 YENTE decided to keep a continuity reserve of about Eur. 30.000 In 2013 or as soon as possible thereafter this continuity reserve will be brought back to the target amount of Eur 30.000 by adding non-allocated interest and profits to the continuity reserve together with sponsor amounts.

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Appropriation funds concern funding received for a specific purpose as indicated by third parties. The movement of the appropriation funds is as follows: 31-dec-12 31-dec-11 €

Appropriation fund projects: Myente balance as at 1 January

2.683

10.000

-

7.317-

2.683

2.683

balance as at 1 January

3.000

-

less: withdrawals 2012

3.000-

less/plus: from appropriation of results

51.500

3.000

balance as per 31 December

51.500

3.000

less/plus: from appropriation of results balance as per 31 December Appropriation fund projects: YWBC-Kenya

Appropriation fund MFS interest balance as at 1 January

-

-

less/plus: from appropriation of results

897

-

balance as per 31 December

897

-

55.080

5.683

TOTAL RESERVES AND FUNDS

The main appropriation fund concerns the set-up and implementation of a business center in Kenya. A substantial amount has been received in 2012 to be allocated on this subject. The appropriation fund MFS Interest concerns interest received on MFS funds that, pursuant to the grant scheme will be fully spent on the MFS objectives in the future.

3 CURRENT LIABILITIES The specification of this item is as follows: 31-dec-12 31-dec-11 € Pre received subsidy ICCO-South America

€ 27.271

Pre received subsidy MFSII

6.322

9.984

Project commitments MFSII

24.847

24.847

Debt MFS J&V

25.496

31.361

Other accrued liabilites

36.503

6.710

93.169

100.173

TOTAL CURRENT LIABILITIES

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Explanatory notes to the items on the statement of income and expenditure 4 INCOME

Fundraising activities Gifts Friends of Yente

Actual 2012

Budget 2012

Actual 2011

6.116

5.219

Other gifts

78.651

84.000

3.000

In kind contribution

72.292

49.000

58.798

156.161

133.000

67.914

198.672

190.000

201.741

14.000

27.000

2.729

Government grants ICCO Alliance MFS2

Income from third parties ICCO Interest Interest MFS2

897

-

Other interest

1.319

1.128 1.083 2.216

Other income Sales Myente entrepreneurs products

-

86

97

Contribution entrepreneurs to mission Contribution entrepreneurs to events

225 1.155

Other income

250 1.241

TOTAL INCOME

2.211

372.291

572

350.000

275.167

General The recognized income includes any organizational costs. Income from our own fundraising activities This amount includes the estates received for the benefit of YENTE, as well as other fundraising income, such as donations, legacies and contributions. In 2012, there were no fundraising activities in the private sector for YENTE funds alone. Income from our own fundraising activities includes earmarked contributions, which will be specified in the project appropriation funds.

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The income for fundraising was more than budgetted and increases from Eur 67.914 to Eur 156.161,- because of more earmarked gifts including Eur 51.500 for YWBC Nairobi. Also the in kind contributions of professionals of Yente where higher in order to mitigate the effects from the severe budget costs. Government grants The income from grants is composed by income from the Dutch government’s cofinancing program (MFS II 2011-2015) through the ICCO Alliance. The initial MFS subsidy for 2012 amounted € 191.000, of which an amount of € 181.382 is available for YENTE because of a deduction for costs for management & administration of the ICCO Alliance (1%) and Programme Monitoring and Evaluation (4%). An additional frontloading was received of Eur 12.731, making a total of € 203.731 available for 2012. For the ICCO Alliance Yente recognized EUR 198.672 as income as a result of new project commitments and organizational costs.

Income from third party campaigns Income from third party campaigns refers to a grant received from ICCO through their regional office in South America

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5 EXPENDITURE The expenditure related to the objectives is divided over the programs as follows: Actual 2012

Budget 2012

Actual 2011

Business Centers Project Costs

20.000

Execution Costs

31.819

51.819

60.700

0

Network strengthening Project Costs

11.070

Execution Costs

66.704

51.321 77.775

110.100

51.321

Missions and Matchmaking Project Costs

21.688

Execution Costs

83.681

16.386 111.601 105.369

97.100

127.987

MYente Project Costs

2.447

Execution Costs

8.916

21.269 24.441 11.363

24.600

45.710

J&V Project Costs

-

-

Execution Costs

-

2.422 0

2.422

Total Project Costs Execution Costs TOTAL SPEND ON OBJECTIVES

Fundraising Management & Administration

55.206

37.655

191.120

189.786 246.326

292.500

227.441

7.789

28.500

10.066

63.323

29.000

48.561

Special expenditures TOTAL EXPENSES

82.317 317.438

350.000

368.385

Expenses on the objectives above differ from the budgeted amounts. These differences are not substantial and are mainly the result of the right balance in periodic allocating funds to projects, monitoring when these are spend and approval for the next term when applicable. The total expenses in 2012 consist of MFS2 funds (Eur. 196.872) and other funds (Eur. 115.766). The latter including Eur. 27.271 from ICCO regarding our projects in South America.

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Expenditure Utilization Rate Actual 2012

Budget 2012

Actual 2011

Total spent on objectives

246.326

292.500

227.441

Total expenses

317.438

350.000

286.068

Expenditure utilization rate

77,6%

83,6%

79,5%

The expenditure utilization rate was determined by dividing the total amount spent on the objectives by the total expenditure. The expenditure of 2011 are adjusted for the amount of special expenditures for comparison purposes. Income Utilization Rate Actual 2012

Budget 2012

Actual 2011

Total spent on objectives

246.326

292.500

227.441

Total income

372.291

350.000

275.167

Income utilization rate

66,2%

83,6%

82,7%

The income utilization rate was determined by dividing the total amount spent on the objectives by the total income. Fundraising costs

Fundraising costs Income from own fundraising Fundraising costs rate

Actual 2012

Budget 2012

Actual 2011

7.789

28.500

10.066

156.161

133.000

67.914

5,0%

21,4%

14,8%

For the year 2012 the fundraising costs rate was determined by dividing the total costs of fundraising by the income from fundraising activities. No costs were made for fundraising among private persons. The fundraising costs rate is low and lower than expected due to in kind contributions in fundraising activities in combination with substantial higher income through one-time contributions. As these one-time contributions are not foreseen for 2013 it is expected that costs for fundraising will rise. The 3-years average rate is 9,5% and therefore well below the allowed maximum and in compliance with the requirement of the CBF (Central Bureau on Fundraising).

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Management & Administration costs

M&A costs Total expenses M&A costs rate

Actual 2012

Budget 2012

Actual 2011

â‚Ź

â‚Ź

â‚Ź

63.323

29.000

48.561

317.438

350.000

286.068

19,9%

8,3%

17,0%

The M&A costs rate as a percentage of total expenditure is 19,9%. The expenditure of 2011 are adjusted for the amount of special expenditures for comparison purposes. The rate for Management & Administration for 2012 is increased compared to 2011. The budget for 2012 appeared to be unrealistic. Accounting and audit costs remain relatively high. This is mainly the result of further administrative demands resulting from the MFS II grant and the CBF (Fundraising) certification. In the coming years YENTE will strive to bring this rate down. Efforts will be made to find ways to reduce the costs for M&A in 2013.

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Explanation of the expenditure allocation Specification and allocation of expenditure according to their appropriation: List C

Business Centers Expenditure objectives Publicity and Communication

Objectives Mission Networks Matching

20.000

11.070

21.688

Myente

Fundraising Costs

M&A

2.447

-

€ -

1.187

-

2.627

-

28.056

53.623

67.371

8.297

6.523

34.668

-

7.284

-

-

-

2.577

5.797

13.684

618

Execution costs

31.819

66.704

83.681

Total Expenses

51.819

77.775

105.369

Personnel costs Direct costs

150

Actual 2012

-

Budget 2012 €

55.206

Actual 2011 €

126.000

55.417

3.963

12.100

12.990

198.539

176.200

222.257

-

7.284

20.000

11.854

1.116

28.654

52.447

15.700

65.868

8.916

7.789

63.323

262.232

224.000

312.968

11.363

7.789

63.323

317.438

350.000

368.385

Housing costs Office- and general costs Depreciations and interest

List C shows the expenditure allocation according to prepared in accordance with the Dutch Accounting Standard for Fundraising Institutions (RJ 650) with a main distinction between Expenditure on objectives and Execution Costs. It is important to note that personnel costs are not staff costs, but costs of hired highly qualified professionals with entrepreneurial expertise. Office and general costs are substantial higher due to accounting and audit costs resulting from administrative demands as mentioned in the notes to Management & Administration costs in these financial accounts.

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REMUNERATION OF MANAGEMENT YENTE is an organization without staff on a payroll. The implementation of YENTE’s activities requires however highly qualified professionals with entrepreneurial expertise. Professionals, including the management, are hired. In order to have a transparent and acceptable structure for tariffs, YENTE bases the remuneration of its professionals on the middle and lower tariff of the “Prijzen & Tarievengids” and needs to conform to the code of Conduct according to the Code Wijffels. Furthermore the remuneration meets the requirements of the Ministry of Foreign affairs for assignment of MFS II grants. For the management YENTE pays less than the lowest tariff. Next to that the involvement of the management for the mission of YENTE needs to be expressed in the form of a considerable contribution in free time. The management function is a shared function by three, whereby the title of the function indicates the main tasks and responsibilities. The management invoices for the paid hours and the hours in kind. There is no payment for costs of travel and subsistence within the Netherlands, telephone representation and or other costs. About 25% is spent on management tasks, the rest of the time is spent on the objectives. Function Type contract

General Manager

Programme director

Director Corporate Relations

Agreement per assignment

Agreement per assignment

Agreement per assignment

15

15

11

1-1-2012 - 31-12-2012

1-1-2012 – 1-10-2012

1-1-2012 – 31-12-2012

€ 33.507

€ 19.741

€ 30.993

Average hours per week including volunteer contribution Period Amount paid (exclusive of VAT)

Members of the Board of YENTE do not receive compensation for their work. The costs of travel etc. can be claimed and are reimbursed on the basis untaxed costs reimbursement regulation according to the Dutch Tax Law. In 2012 no costs were paid out in reimbursements. Utrecht, 22 August 2013 The Board Clara Zinnicq Bergmann, president Ina Huising, Secretary Ad van der Sluijs, treasurer Marlon Roosblad, board member

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25


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Appropriation of net result It is proposed to appropriate the 2012 result as follows: Transferred to/from: Continuity reserve

5.456

Project reserve Appropriation fund YWBC-Kenya

48.500

Appropriation fund Myente Appropriation fund MFS interest RESULT

897

54.853

This proposal has been included in the financial statements. Subsequent events None

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Appendix 1. Composition of the Board Clara Zinnicq Bergmann, president takes seat as from: 1 April 2013 Ancillary positions: n.a. Ina Huising, Secretary takes seat as from: 1 April 2013 Ancillary positions: n.a. Ad van der Sluijs, treasurer takes seat as from: 1 April 2013 Ancillary positions: n.a. Marlon Roosblad, board member takes seat as from: 1 April 2013 Ancillary positions: n.a.

Composition of former Board members (Active members as per 31 December 2012, resigned before May 2013) Jacqueline Ham, chairwoman a.i. (resigned 1 April 2013) Els EnschedĂŠ, secretary, (resigned 1 April 2013) Nathalie Idsinga, treasurer (resigned 1 April 2013) Janet Poot, board member, (resigned 1 April 2013) Cees Brink, board member, (resigned 1 April 2013)

Composition of the Managing Board Ina Oostrom, general director (resigned 1 March 2013) Karen Kammeraat, program director (resigned 1 October 2012) Antje Melissen, director corporate relations (resigned 1 March 2013)

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Appendix 2. Statement of Accountability 2012 The YENTE Foundation endorses the three general principles of the Code of Good Governance in the Regulations of CBF Selection: 1. Supervision, governance and execution 2. Optimal expenditure of resources 3. Relations with stakeholders This declaration elaborates how YENTE has given shape to these general principles internally. 1. Supervision, governance and execution YENTE endorses the importance of the separation of supervision, governance and execution and has executed this as follows: The board gives the direction to the organization and has the end responsibility in terms of vision, policy and strategy. The board takes responsibility for the acquirement of sufficient and adequate resources, the allocation and the spending of it and sees to the overall functioning of the organization. The board meets about six times a year, usually together with the management team. Every five years a new strategic plan is drafted. The current strategic plan is for the period 2011-2015. In practice the vision and policies are discussed with the management team. Every year an annual plan and budget is drafted and approved by the board. The board will decide about changes in budget and new activities that are presented in a Terms of Reference. In support of the Board YENTE has established an audit committee. It consists of the chairwoman, the treasurer and an external member. The general manager is also a member of the committee without a voting right. The main task of the audit committee is to analyse the results of the organization and to give advices to the board. All tasks of the audit committee are comprised in the organization and quality handbook of YENTE. The Managing Board of YENTE takes care of the execution of the projects and activities. The members of the management teamwork part-time for YENTE and by combining their forces, they are able to fulfil the many tasks that come from the dynamic environment they are working in. The management team meets on a regular basis, however, this depends on the actual situation with regards to the progress of the activities. The management team together with the other YENTE professionals are paid by the hour. Next to that they work a considerable amount of time as an in kind contribution. They take care to carefully plan their activities and combine meetings in order to work as efficient as possible. The management team works along the plans that are laid out in the annual plan. For larger activities that are not detailed in the year plan they draft a Terms of Reference and present this to the board for approval. The management team and the YENTE professionals are into close contact with the partners in the partner countries and exchange information on a regular basis, so that the activities reflect the local needs. Travel costs in the Netherlands, telephone costs, office costs are on the own account of the professionals and are not covered by YENTE. Travel time is not paid by YENTE and can be seen as an in kind contribution to YENTE, making all paid hours effective.

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2. Optimal spending of resources Every five years YENTE’s board decides on a new strategic plan. Subsequently the board derives from this strategic plan an annual year plan with an accompanying budget. For amounts that are part of the annual year plan which do not exceed 10.000 the general manager has the responsibility to decide. For higher amounts a Terms of Reference proposal will be made for approval by the board. In this way it is guarded that the spending will stay in line with the budget. Every Terms of Reference proposal has to start with an evaluation referring to earlier activities so that the lessons learned from previous activities are seriously taken into account. The management team executes its tasks according to the allocated budgets. The board follows the spending of the budget carefully. At least four times a year the board will receive a report on the financial and programmatic progress and put this on their agenda. The fundraising costs for 2012 are 4,5 percent, well below the maximum set by the CBF of 25 percent. The rate for management and administration was 20,1 percent in 2012. These costs are relatively high due complicated accounting and administrative demands from the Dutch government (MFS2 subsidy) and CBF. In order to bring this rate down YENTE appointed in the first quarter of 2013 a coordinator replacing the management team in her tasks. Also the administration is housed at ICCO as of the financial year 2013. 3. Relations with stakeholders YENTE appreciates creating and maintaining good relations with all stakeholders. It is important to raise the awareness on the importance of equal access for women entrepreneurs and YENTE uses its means of communication to inform the stakeholders about this importance. Next to that the means of communication are used to inform the women entrepreneurs and their networks about all kinds of entrepreneurial information that can serve them to take new steps into their entrepreneurship. The following stakeholders are important for YENTE: The target groups for whom the YENTE Foundation carries out its activities:  Women entrepreneurs in less advantageous areas worldwide who could be inspired towards greater economic independence.  The networking organizations of these women entrepreneurs. The target groups with whom the YENTE Foundation carries out its activities:  Dutch entrepreneurs  MYente members  Donors (Friends of YENTE)  YENTE sponsors  YENTE partners  YENTE professionals  The general public

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At the moment YENTE sends out about four newsletters per year. These newsletters are always composed as such that they can appeal to all stakeholders of YENTE. All messages that are relevant for our partner countries are translated into English and Spanish . The MYente online community has a weekly update that is generated automatically from the input of all MYente members. The privacy of the stakeholders of Yente is important, Yente provides a privacy statement on its websites. The annual report of Yente is published and can be downloaded via the yente.org website.

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Yente Foundation Joseph Haydnlaan 2a 3533 AE Utrecht P.O. Box 8190 3503 RD Utrecht The Netherlands +31 30-6927822 info@yente.org www.yente.org www.myente.org

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Yente annual report 2012