In the Financial Summary 2015 SWOV presents its financial results in the year 2015. We look back on a positive year that was closed off with a positive result of € 448,334. After the reduction of its subsidy that was introduced in 2013, SWOV succeeded in obtaining a positive financial result in 2014. In 2015, this positive result was continued.
The figures in the above tables are in euro's and have been published in 'SWOV Jaarrekening 2015'.
SWOV receives income from the Ministry of Infrastructure and the Environment, from the European Union and from external customers, such as other Governments, organizations and institutions. The main financier is the Ministry of Infrastructure and the Environment, that is responsible for about 75% of the turnover. The subsidy for 2015 is based on a new scheme, the SWOV 2014 subsidy scheme, which became operative from the year 2015.
General reserve
In 2015, the general reserve grew with € 513,680. This is explained as follows:
| Druid provision becoming available | € | 205,000 |
| Deficit IenM | € | -46,000 |
| Result EU and other projects | € | 3,000 |
| Interest | € | 6,000 |
| Result general costs | € | 345,000 |
Total |
€ |
513,000 |
Explanatory remarks General reserve
In 2012, a provision was formed for the EU project Druid on the advice of the then accountant. In 2015, the final settlement of the project has shown that this provision was not necessary. In 2015, this is therefore entirely become available in favour of the result.
More hours and external costs than were budgeted were spent on the IenM programme. In accordance with the terms of the subsidy scheme a deficit comes at the expense of the result.
On balance, the other projects yielded a small positive result. This is lower than was budgeted. The explanation is that the positive result on the projects is for the most part counterbalanced by, on the one hand, a contribution to the necessary provision for current projects of € 50,000 and, another € 25,000 was paid towards preparations for projects that did not result in a commission and therefore had to be borne by SWOV.
The result on general costs of € 325,000 arises because the cost of hours for 2015 was higher than the final actual costs for wages, salaries and other general expenses. Most can be explained by the fact that € 220,000 less than was budgeted was spent on overhead (general costs excluding wages and salaries). The rest is due to higher income from external projects than was budgeted.
Earmarked reserve
Late 2015, the earmarked reserve Fonds RAI/ANWB decreased by € 65,346 to the amount of € 129,250. In 2015, in consultation with RAI and ANWB and upon agreement of the Board of Supervisors, projects were carried out within the framework of 'Fonds RAI/ANWB'. These projects were at the expense of the 'Fonds' in which RAI and ANWB together deposit € 20.000 per year. In 2015, this resulted in a negative balance of € 65,346.