The past year saw many successes in the areas of fundraising and implementation of projects. Unfortunately, Free Press Unlimited’s financial year of 2018 was characterised by a lack of funding for two large projects. For Radio Dabanga and Radio Tamazuj we did not raise sufficient funds, while costs continued.

By now, both projects are fully covered again, but in 2018 they strongly and negatively affected our financial results. 2018 was a successful third year for the Strategic Partnership with the Dutch Ministry of Foreign Affairs. The same goes for the Russian Language News Exchange and the Syria programme, which are supported by the Swedish development organisation Sida.

Radio Dabanga’s financial woes began in 2017 and lasted until May 2018. From then on, the project received full funding from the Ministry of Foreign Affairs. In 2018, Free Press Unlimited spent €350,000 of its own resources to make sure the project, which spans a decade and provides lifesaving information to 2 million people every day, could continue. Since Free Press Unlimited does not have sufficient reserves to contribute for a third year, we are extremely pleased that funding has been found for the coming years. Since January 1, 2019, Radio Tamazuj is also fully funded. In 2018, Free Press Unlimited contributed a total of €275,000 to maintain the radio station.

All in all, we are content with the fact that we kept the operating deficit limited to €196,108. This does mean that our continuity reserves have dipped below our norm of 70% of operating costs. Given the amount of grants that have been pledged until the end of 2020, we deem this acceptable. In 2018 we raised slightly more than 10 million in project funding, with contracts lasting between 10 months and three years. The same amount has been pledged and signed for in the early beginnings of 2019. These pledges should help us rise above the norm again in coming years. The operating deficit has been subtracted from the continuity reserve which amounts to just over €2 million. Our policy is for our continuity reserve to contain between 70% and 150%
of the operating costs. At the end of 2018, the reserve stood at 68%.

The total income for 2018 was about €1.5 million less than the budgeted €14,347,740. The main cause for this is that we did not secure new funding from other non- profit organisations. We included about €1 million in projects in the budget, but these never materialised.

Unfortunately the income from businesses was also less than the amount in the budget. To a lesser extent the same is true for government grants and lottery organisations. Relatively speaking, income from private individuals rose sharply, thanks in part to a crowdfunding campaign for Radio Dabanga. We hope this trend continues as it’s a healthy diversification of income and direct support from the public has intrinsic value. Obtaining funding for our activities after 2020 shows up high in our risk analysis. After 2020, a number of large donor contracts will expire. This includes the Strategic Partnership. Our current fundraising capacities are therefore fully focused on securing income for the period after. Other risks, such as working in conflict areas, are much lower because our experience in the field enables us to better control them.

Ruth Kronenburg
April 2019

Balance sheet as of 31 December 2018

All amounts in euro

Activa 31-12-2018 31-12-2017
Fixed Assets
Intangible fixed assets
Website  4,332 3,614
Tangible fixed assets
Renovation 113,596  123,636
Office supplies 50,149  52,447
Hardware and software 38,178 28,545
Total tangible fixed assets 201,923  204,628
Total fixed assets 206,254 208,242
Current assets
Accruals 121,358 172,928
Accounts receivable and advances 19,997 66,249
Grants to be received 1,894,089 1,883,399
Total current assets 2,035,444 2,122,576
Liquid assets
The Netherlands 5,311,670 4,387,495
Abroad 399,749 294,670
Total liquid assets 5,711,419 4,682,164
Total assets 7,953,117 7,012,982


Liabilities 31-12-2018 31-12-2017
Reserves and funds
Continuity reserve 2,037,299 2,233,407
Security Fund 27,490 27,490
Total reserves and funds 2,064,789 2,260,897
Current liabilities
Payable to staff 267,543 235,118
Payable to suppliers 204,573 407,246
Other short-term liabilities 124,844 131,188
Obligations related to current projects 1,148,397 1,459,570
Grants received in advance 4,142,972 2,518,963
Total current liabilities 5,888,328 4,752,085
Total liabilities 7,953,117 7,012,982

Statement of income and expense

All amounts in euro

Income 2018 budget 2017
Income from government subsidies 12,752,158 12,940,000 11,469,865
Income from Dutch Postcode Lottery 1,131,815 1,335,000 1,655,187
Income from other non-profit organisations 356,057 1,325,000 698,290
Income from companies 27,284 225,000 207,647
Income from individuals 80,405 50,000 51,208
Total income 14,347,720 15,875,000 14,082,197
Spent on the organisation’s objective
Media support programme
 13,678,857  14,794,806 13,303,362
Cost of income generation  451,780  494,271 316,441
Management and accounting costs  411,796  508,497 448,817
Total expenditure 14,542,433 15,797,574 14,068,620
Result excluding financial gains and losses  -194,713  77,426 13,577
Financial gains and losses -1,395  -25,000  -44,144
Balance of income and expenses
-196,108 52,426 -30,566
Appropriation of the balance
Additions to/withdrawals from:
Continuity reserve -196,108 52,426  -31,305
Reserves for private donor projects  0  0  0
Withdrawal Security Fund  0  0  0
Total -196,108  52,426 -31,305
Financial ratios
Spent on the organisation’s objective/Total generated income 95.3% 93.2% 94.5%
Spent on the organisation’s objective/Total expenses 94.1% 93.7% 94.6%
Costs of income generation/Total generated income
3.1% 3.1% 2.2%
Management and accounting costs/Total expenditure 2.8% 3.2% 3.2%

Cash flow statement

All amounts in euro

Cash flow statement 2018 2017
Operational activities
Balance of income and expenses in the financial year -196,108 -31,306
Depreciations 84,514 102,194
Gross cash flow on the basis of operational activities -111,595 70,887
Changes in current assets 87,132 1,082,934
Changes in current liabilities 1,136,243 -2,241,995
Net cash flow on the basis of operational activities 1,111,781 -1,088,173
Investment activities
Changes to fixed assets -82,526 -138,219
Changes in liquid assets 1,029,255 -1,226,392
Liquid assets at the start of the financial year 4,682,164 5,908,556
Liquid assets at the end of the financial year 5,711,419 4,682,164
Changes in liquid assets 1,029,255 -1,226,392


Accounting principles

The Annual Accounts have been prepared in accordance with Guideline 650 for Fundraising Organisations (Richtlijn 650, revised 2016). These guidelines are in line with international standards, general guidelines and the guidelines of the CBF.

Accounting principles


The financial report for 2018 has been drawn up on the basis of a consolidation of the financial accounts of Stichting Free Press Unlimited, Free Voice South Sudan (FVSS) and our office in eastern Europe. We are obliged to include the items from the latter two organisations in our accounts, to comply with the stipulations of the guideline for annual reporting and our formal consultation and participation structure. Nevertheless, Free Press Unlimited intends for this to be a purely temporary arrangement – one that we aim to abolish as soon as possible in the case of both FVSS and our office in eastern Europe. Free Press Unlimited wishes to emphasise that in actuality, both foundations operate independently.

Intangible fixed assets

The intangible fixed assets are valued at their purchase cost minus the depreciations determined on the basis of the asset’s estimated lifespan. The depreciation term for the website is 3 years (33.3%).

Tangible fixed assets

The tangible fixed assets are valued at the purchase price minus the depreciations based on the estimated life span. The depreciation period for the telephone exchange, computers and other hardware and software is 3 years (33.3%). Office inventory is written off over 5 years (20%) and the renovation over 7 years (14.3%).

All (in)tangible fixed assets are held for business operations.

Receivables and accrued receivables

Receivables and accrued receivables are valued at nominal value minus certain impairments.

Obligations in connection with current projects

The item ‘Obligations in connection with current projects’ is the balance of contracts actually entered into with partner organisations (obligations) minus advance payments to these partner organisations.

Grants received in advance/Grants to be received

Many grants have a term that extends beyond a single calendar year. The difference between the advance awarded by the donor (the organisation issuing the grant) in a specific financial year and the project funds that are spent in that same year (realised grant income) is accounted for on the balance sheet as a ‘Grants received in advance’. If the realised grant income amounts exceed the donor’s advance, the difference is entered on the balance sheet as a receivable.

Accrued liabilities

Accrued liabilities are valued at nominal value.

Accounting principles for the balance of income and expenses

Grant income

Grant income amounts are allocated on the basis of the realised direct and indirect spending on the organisation’s objective within the guidelines established in the grant decision.

Income from national lotteries

Processing of earmarked income from national lotteries takes place in the year in which the amount is allocated. If on the balance sheet date this is a firm commitment and relates to the current financial year without explicit repayment obligations, it is stated as a receivable and as income.

Contributions and donations

Contributions and donations are accounted for in their year of receipt. Consequently, contributions and donations received in advance are not taken into account.

Allocation of costs

Management and administration costs, the costs of the organisation’s fundraising activities and costs of various objectives have been calculated based on an apportionment formula in accordance with the revised Dutch Accounting Standards for Fundraising Institutions (Richtlijn 650, revised in 2016), as explained on page 20 and 21.

Balance of income and expenses

The balance of income and expenses is calculated as the income that can be allocated to the relevant financial year minus the expenses required to realise this income.

Remuneration of the members of the Board of Directors

The Standardisation of Top Incomes Act came into effect on 1 January 2013. The Act is applicable to the Free Press Unlimited foundation. In 2018, the applicable remuneration maximum for Free Press Unlimited is € 174,000. The remuneration policy is explained below and in the notes to the 2018 Annual Report. These notes indicate that…

The Standardisation of Top Incomes Act came into effect on 1 January 2013. The Act is applicable to the Free Press Unlimited foundation. In 2018, the applicable remuneration maximum for Free Press Unlimited is € 174,000.

The remuneration policy is explained below and in the notes to the 2018 Annual Report. These notes indicate that the members of Free Press Unlimited’s Supervisory Board are not reimbursed for their activities

Table 1a. Senior Executives. All amounts in euro.

bedragen x € 1 Willems, L.A.M. Kronenburg, R.C.E.
 Details of position
Director Policy and Programs Director Operations
 Start and end of position fulfilment in 2017  01/01-31/12  01/01-31/12
 Part-time factor in FTE  1,0  1,0
 Appointed Senior Executive No No
 (Fictitious) employment contract No No
 Remunderation plus taxable expenses 93,908 92,781
 Remuneration payable over time 12,497 11,036
 Sub total
106,405 103,817
 Individual applicable maximum remuneration 174,000 174,000
 -/- Undue amount paid  N.a.  N.a.
 Total remuneration
106,405 103,817
 Reason why this may or may not be surpassed  N.a.  N.a.
Details 2017
 Start and end of position fulfilment in 2016  01/01-31/12  01/01-31/12
 Part-time factor 2016 in FTE  1,0  1,0
 Remuneration plus taxable expenses 99,371 89,248
 Remuneration payable over time 12,740 11,245
 Totale remuneration 2017 112,111 100,493

Table 1d. Supervisory board senior officials with a remuneration of € 1,700 or less*

Position Name
Chairperson Supervisory Board Daalmeijer, J.J.
Member Supervisory Board Eenkhoorn, B.
Member Supervisory Board De Vries, C.C.
Member Supervisory Board Schaake, M.R.
Member Supervisory Board Gijsbertsen, R.J.
Member Supervisory Board Boer, J.H.
Member Supervisory Board Fuller, M.E.**

Staff ratios

At the end of 2018, Free Press Unlimited employed the equivalent of 61.6 FTE (2017: 56.1 FTE). This includes both permanent and temporary contracts. The work force can be subdivided into 54.8 FTE (2017: 47.8 FTE) in organisation positions at Free Press Unlimited and 6.7 FTE (2017: 8.3 FTE) working within the Radio Dabanga project. Please refer to the Board of Directors’ report for further details.

* Tables 1b and 1c are not applicable to our financial report.
** Mr M.E. Fuller stepped down from the Supervisory Board in the year 2018.