Finance
Consolidated income for the year was EUR 170 million. This was a decrease of 6% from the previous year.
The main sources of unrestricted income were membership fees from the LWF member churches, distribution from the LWF Endowment Fund; main sources of program funds were church related organizations, the United Nations agencies (in particular, UNHCR), European Union governments, the United States of America government, ecumenical partners, as well as individual donors.
Expenditure for the year was EUR 177 million, which is the same as was spent in 2022. This expenditure was mainly for implementing the programmatic work of the LWF as well as for infrastructure costs.
The total income for the year was EUR 7M lower than the total expenditure. This primarily stems from operations at the Augusta Victoria Hospital which were significantly impacted by the war in Gaza, leading to increased costs and a decrease in revenue. The shortfall in income was covered by the restricted reserves of the AVH.
The 2023 consolidated financial reports were audited by PricewaterhouseCoopers SA from Geneva, Switzerland. The accounts were issued on 29 May 2024.
LWF’s consolidated financial reports are prepared in compliance with the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS) and the Swiss regulatory standards.
The LWF Endowment Fund
Established in 1999, the LWF Endowment Fund (LWB Stiftung) provides financial stability for LWF’s work. On 31 December 2023 total assets of the fund amounted to CHF 14.5 million. Part of its investment income is allocated annually to the program and project activities. The Endowment Fund board approved a distribution of CHF 91,332 to LWF’s budget for 2024.
Donations and payments
Stewardship
The LWF is committed to responsible and accountable Christian stewardship in managing the funds entrusted to it. Assets are invested according to ethical and social criteria. We pledge accountability in the use of membership fees. We seek unrestricted revenue sources alongside on-going fundraising. We work towards a budget and operational plan that is balanced and sustainable.
Management and Control
The LWF operates in many difficult countries and is exposed to various financial risks that could adversely affect our financial results and performance. Risks are managed through an internal control system as per Swiss regulations.
Help ensure a strong financial future for the LWF.
Our Endowment Fund provides extra support for LWF activities over the long-term.
Photo: LWF/S. Gallay