1 / 26

UNRWA FINANCIAL REPORT

UNRWA FINANCIAL REPORT. End- April 2011. April 2011 General Fund Financial Summary. Month Variances Donor income – favourable by $30.7m – all timing variance. PSC favourable by $1.1m, increased project activity, hence E EOY forecast increased by $2m to $20m.

aimee
Download Presentation

UNRWA FINANCIAL REPORT

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. UNRWA FINANCIAL REPORT End- April 2011

  2. April 2011 General Fund Financial Summary Month Variances • Donor income – favourable by $30.7m – all timing variance. • PSC favourable by $1.1m, increased project activity, hence E EOY forecast increased by $2m to $20m. • Area labour costs unfavourable by -$1.5m – timing due to increases in: i)LDC & Temporary staff by -$0.4, ii) CAF by -$1.3m, iii) retirement benefits by -$0.3m and annual iv) leave accrual by -$0.2m. • Admin support Services unfavourable by -$0.2m – timing variance • Hospital services unfavourable by $-$0.2m – timing variance Year To Date Variances • Donor income – unfavourable by ($27m) due to timing variance – primarily budgeted Income not yet received including EU ($39m), Netherlands ($20m). • USA$18.8m and Switzerland $10.5m received earlier than budgeted. • Area labour costs unfavourable by -$2m: Basic salary favourable by $1m, retirement benefits unfavourable by -$0.1m, annual leave accrual unfavourable by -$0.7m, CAF unfavourable by -$3.3m due to lower actual rate of NIS to budget more than offset by lower labour costs due to delayed appointment of staff. • Non labour costs favourable by $29.6m, due to incorrect profiling of Reserves spend – all timing variance End of Year Forecast • Initial budget deficit was -$63.0m, currently forecast at -$64.7m, an adverse movement of -$1.7m, chiefly due to: a) net of FX, decrease on donor income of -$5.5m (NGO), b) increased PSC forecast of +$2.0m, c) forecast capitalization of +$1.5m d) net adverse impact from FX revaluation of assets and FX on projects -$0.2m and e) prior period adjustments+ $0.6m. • Please note the forecast FX gain on income, +$13.3m, has been ignored as it is effectively offset by the forecast loss of -$13.6m reported against the derivatives line (ie effect of 2011 GF hedges). Movement in end of Year Forecast • End of Year (EOY) forecast at March end was -$55.1m, which is currently forecast at -$64.7m, an adverse movement of -$9.6m, principally comprising: a) net of FX movt, donor income adverse by -$7.5m, b) adverse movt on new 2011 hedges for project income -$2.8m (all unrealised), c) favourable adjustment on prior period +$0.6m and d) other + $0.1m. • Note that the FX reported with donor income ,+$13.3m, is effectively offset by the corresponding forecast impact of financial derivatives -$13.6m. the 2 values will be closely and inversely correlated as 97% of non USD donor income is hedged. The income shows a positive FX impact, as non USD rates in April were above the budgeted/hedge rates and thus the hedges are reported as a forecast loss.

  3. April 2011 Income Statement, General Fund - Resources US$ m

  4. April 2011 Income Statement, General Fund – Resources (Page1 of 2) 4

  5. April 2011 Income Statement, General Fund – Resources (Page 2 of 2) 5

  6. April 2011 GF Donor Income – YTD and E EOY 6 US$ m

  7. UNRWA Bank Balances – April 2011 7

  8. Treasury – Foreign Exchange Result – April 2011 UNRWA Foreign Exchange gains and losses for 2011 to-date are made up of the following: FX Gain/Loss on Donor Income The difference between the fixed Budget Rates and the UN exchange rate multiplied by the forecasted Donor Income amount. The result to date is a gain of $13.3m, due to an appreciation of most currencies against the USD. Given that 97% of non-USD GF income is hedged, the above gain or loss is offset by an equal and opposite gain or loss on the Financial Derivatives for GF (i.e a net FX impact at 30 April of ($0.3m). Financial Derivatives Gains/(Losses) In 2010/11, hedging contracts (FX Forwards) were entered into to protect the value of budgeted GF and Project 2011 contributions. The E EOY loss on these contracts is ($13.6m) for GF related hedges and new ($2.8m) for Projects related hedges. Other Exchange Gains/(Losses) The revaluation of Foreign Currency bank balances and any other assets or liabilities, and the realised gain or loss on any foreign currency transactions. The result YTD was a gain of $2.6m. This result is expected to remain minimal as foreign currency bank balances are now kept to a minimum - non-USD receipts are converted to USD immediately after receipt. 8

  9. 2011 Cash Flow Forecast - General Fund – April 2011 9

  10. E EOY Income to Cash Flow Reconciliation – April 2011 10

  11. 11 Area Staff Provident Fund – April 2011 Area Staff Provident Fund - April 2011

  12. General Fund – April 2011 US$ m

  13. APPENDICES • Financial Performance Report by Sub Programme • Financial Performance Report by HDG (Objective) • Balance Sheet as per UNSAS – As at 30 April 2011 • YTD Dec and EOY General Fund – Cash Inflow • Cash Flow Statements as on 30 April 2011 • Supplier Aging as on 30 April 2011 • Head Count as on 30 April 2011

  14. 14

  15. 15

  16. 16

  17. 17

  18. 18

  19. 19

  20. 20

  21. April 2011 GF – Donor Cash Inflows YTD and E EOY 21 US$ m

  22. Head Count as at End of April 2011 – Area Staff Budget

  23. 23

  24. 24

  25. 25 Supplier’s Accounts Payable & Advances – April 2011

  26. Questions ?

More Related