Finance

Financial Report 2020

Many Challenges & A good Basis

VSF Germany has been able to fully maintain its project activities in all countries despite the pandemic. Income decreased by 10.6% compared to the previous year. Income from institutional grants and project administration fell by 6% – from T€ 15,437 to T€ 14,411. With this total of T€ 14,411 in funding (institutional grants received including project administration), the living conditions and health of 1.1 million people and 5.8 million animals were improved. A slight decrease of 8% was registered in the area of private donations. Income from inheritances increased by 52.2% compared to the previous year. Other operating income decreased by T€ 741. This was mainly due to the decrease in income from international donor funds.

The total expenditure of VSF Germany was below the level of the previous year and decreased by 8.5%. Measured against the total expenditure, 96.8% of the expenditure generated through project work. The breakdown of expenses by program work, advertising & public relations and administration did not change compared to 2019. Administrative expenses were significantly less than 3% this year and 0.1% lower than last year. Operating revenue and operating expenses were down in 2020. The final result shows a net loss for the year of -T€ 361. The deficit was fully covered by the organization‘s reserves. In spite of these factors, the liquidity of the organization was always guaranteed.

Persuant to Section 322 (3) sentence 1 German Commercial Code (HGB), we declare that our audit has not led to any reservations relating to the legal compliance of the annual financial statements and of the management report.