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UNRWA FINANCIAL REPORT. End- February 2011. Feb 2011 General Fund Financial Summary. Month Variances Donor income – favourable by $28.0m – all timing variance. PSC favourable by $0.7m – timing variance.
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UNRWA FINANCIAL REPORT End- February 2011
Feb 2011 General Fund Financial Summary Month Variances • Donor income – favourable by $28.0m – all timing variance. • PSC favourable by $0.7m – timing variance. • Area labour costs favourable by $0.7m – timing due to lagged employment of vacant posts. • Inventory consumption, unfavourable by -$2.4m - quarterly food distribution • Miscellaneous Services, favourable by $1.2m due to timing variance • Foreign Exchange gains favourable by $0.6m due to appreciation of EUR and other non USD currencies. • Derivative gain of $0.8m due to non USD FX hedges realized in the month. Year To Date Variances • Donor income unfavourable by -$78.1m, timing variance: EUR $40m, Sweden $40m and Netherlands $20m, partially offset by $24.5m other donor funds received earlier than budget. • Area labour costs favourable by $1.3m: CAF unfavourable by $1.2m 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 $23m, due to incorrect profiling of Reserves spend – all timing variance • Foreign Exchange gains favourable by $1.2m due to appreciation of EUR and other non USD currencies • Derivative gain of $0.3m due to non USD FX hedges realized in the month End of Year Forecast • From an initial budget deficit of $-$63.0m, updated end of year forecast is -$53.3m, an improvement of $9.7m due to: a) increased donor income +$6m (principally NGO’s comprising: Islamic Development Bank, Khalifa Bin Zayed, Saudi Committee and others), , b) improved FX rates vis budgeted rates on income +$2.5m and c) favourable FX rates and gains on derivatives +$1.2m. Movement in end of Year Forecast • End of January updated end of year forecast was -$57.0m, updated end of February forecast is -$53.3m, improvement of +$3.7m, due to: a) favourable movement of February FX rates on actual/forecast income +$2.5m and b) favourable FX impact on revaluation of assets/liabilities and gains on financial derivatives +$1.2m.
2011 Income Statement, General Fund – Resources (Page1 of 2) Amount in $ Thousands
2011 Income Statement, General Fund - Resources (Page2 of 2) Amount in $ Thousands
Treasury – Foreign Exchange Result 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 $2.7m, due to an appreciation of the Euro and the Swedish Krona 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. (ie a net FX impact at 28 Feb of ($0.1m).) • 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 is a gain of $1.2m. 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. • Financial Derivatives Gains/(Losses) • In 2010, hedging contracts (FX Forwards) were entered into to protect the value of budgeted GF 2011 contributions. • The YTD gain on these contracts reported in the Income Statement is $0.276m.
General Fund US$ m
APPENDICES • Financial Performance Report by Sub Programme • Financial Performance Report by HDG (Objective) • Balance Sheet as per UNSAS – As at 28 Feb 2011 • YTD Dec and EOY General Fund – Cash Inflow • Cash Flow Statements as on 28 Feb 2011 • Supplier Aging as on 28 Feb 2011 • Head Count as on 28 Feb 2011
Supplier’s Accounts Payable & Advances – Feb 2011 Amount in US$
