Foundation Policy2020-2021

24 July 2020

DisclaimerThis policy (including its attachments) is intended to inform interest parties, funders, authorities with respect to the foundation’s general policies, strategy, profile, governance, risk policy and financial budget.

The board representatives of the foundation She Matters have strived to provide information in this policy that is fully accurate and up-to-date and is presented in a most transparent manner.

Text, photos and illustrations used in this policy and all its individual items are subject to copyright of its respective owners.

Neither She Mattters Foundation nor its representatives shall be liable for any errors in the content, nor for any actions taken in reliance thereon.

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G e n e ra l in t ro d u c t io n

Successfully placing job seekers with a refugee status into jobs is a key priority for communities absorbing waves of migration.

T H E N E E D

Asylum Granted Job Search Employment

Positive outcomes• Filling skills gaps from within

the local labour market• Financial independence and

increased well-being• Enabling further integration of

refugees into society• Decreased social spending on

social welfare and unemployment benefits

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T H E C H A L L E N G E

Barriers to success• Language barriers make meaningful

conversations difficult• Diverse work experiences create

unclarity about a person’s skills• Inadequate assistance to find work• Lack of training opportunities• Lack confidence in how to navigate

the labour market• Non-existing networks

Asylum Granted Job Search Employment

But unemployment among refugees, particularly women, continues to be high.

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P R O B L E M O R O P P O R T U N I T Y ?

‘Hiring refugees will change your business for the better. Refugees work hard, think outside the box and make your workforce richer in experience, talent and passion.’ - Hamdi Ulukaya

80k

17.5k

35k

15k Unemployed

Women

Higher educated

The Netherlands

Untapped Talent & Skill

Reference

71. https://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/talent-displaced-syrian-refugees-europe.pdf; 2. https://www.oecd-ilibrary.org/docserver/3f3a9612-en.pdf?expires=1580303343&id=id&accname=guest&checksum=DCBCDC86F2976602B895BD928DC1E4C8; 3. https://www.cbs.nl/nl-nl/nieuws/2018/16/11-procent-van-statushouders-heeft-werk

S K I L L G A P S I N T H E M A R K E T

SHORTAGE OF EXPERTS

ICTPROFESSIONALS

‘A shortage of engineers could have a strong negative impact on the whole economy.’

ENGINEERS

ARCHITECTS

The Netherlands

Reference

81. https://www.kis.nl/publicatie/barrieres-en-mogelijkheden-voor-arbeidsparticipatie-vluchtelingenvrouwen;.2. https://skillspanorama.cedefop.europa.eu/en/analytical_highlights/netherlands-mismatch-priority-occupations

A tailor-made employment journey for highly skilled refugee women.

O U R S O L U T I O N

Key features

• AI Skills Assessment to validate candidate’s profile and job readiness

• Onboarding programme to introduce candidate to workplace norms

• Mentorship for extra support• Match with jobs that fit education level and

previous work experience• Aftercare to ensure a smooth transition

Asylum Granted Job Search Employment

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O U R O R G A N I S AT I O N

SHE MATTERS B.V.SHE MATTERS FOUNDATION

O r g a n i z a t i o n

She Matters Foundation was incorporated by Ms. Moreno in 2017 as a non-profit organization.The foundation is registered at the Chamber of Commerce under number 69389519. The foundation focuses onproviding training programmes for refugees women in order to improve their access to the labour market. After thesuccessful training of 47 women in the past years it remained difficult to place the woman into a job position.

Against this background, Ms. Moreno saw the need to set up She Matters B.V. in 2018 and registered under number72472405. The B.V. acts as a recruitment agency. In 2020, the B.V. concluded a long-term agreement with Adecco tostart placing women each month.This is considered a major break-through and is highly important for the overall success of the foundation.

Although She Matters B.V. is registered as a commercial company, it aims to be fully supportive to the goal of thefoundation. Transactions between the two organizations are limited and only carried out with diligence and inthe benefit of the foundation and its cause.

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H O W I T W O R K S

The Employment Journey

Interview with management/HR of client

Recruitment of candidates

First selection based on CV’s and pre-

screening interview

AI Skills assessments (HR Innovations Group)

Review results with candidates

Onboarding Programme(FT 10 weeks; PT 4 Days)

Send profiles of candidates to

recruitment partner

Decision and appointment by client

Signing contract and onboarding candidate

Aftercare for candidate

FOU

ND

ATIO

NB.

V.

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S O C I A L I M PA C T

She Matters is working towards a better future for all

She Matters works to empower refugee women to follow their dreams and enable equal opportunities for all.

By uncovering pathways to social and economic participation, leading them to an ecosystem of partnership-enabled education and employment opportunities to achieve their unique career goals

So that no person is deprived of livelihood simply because their skills are invisible due to their status, race, gender or creed.

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M IL E S TO N E S

2017

• Semi-finalist, TEDxAmsterdam Womens’ Pitch Competition.

2018• Successful Lotus Flower

Programme Pilot, 7 Graduates• 3 matches with employment• Semi-finalist, TheNextWomens’

Pitch Competition• Corporate partnerships: Canon

Europe, TOMS Shoes, Salesforce

• Launch of Galforce (LFP), i.c.w. Salesforce

• Secured funding from Gemeente Amsterdam and Oranje Fonds for LFP

• Featured in international media outlets: Business Insider

• Awarded Best Practice by Council of Europe (CoE)

• Secured partnership with CiC.

2019• Successful completion of

3 Galforce (LFP) Programmes, resulting in 30 graduates

• Featured in national media outlets: Jan Magazine, Marie Claire.

2020• She Matters’ Forum, hosted by

Mercer, Strategic Dimensions and EMEA Recruitment

• ARTE Expose (In-progress)• Partnership with Adecco NL• Partnership with Strategic

Dimensions.

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M E D I A C O V E R A G E & V I S I B I L I T Y

• ARTE (Coming Soon)• JAN Magazine• Business Insider NL• Harper’s Bazaar NL• Marie Claire• Seriously Good Blog• Open Rotterdam• TEDxAmsterdamWomen• TheNextWomen Podcast• Stichting?• WIDE+• ImpactCity• ImpactAlpha• Mr. Online• GirlsWhoMagazine• AnoukzWager Blog• Womens Chapter (English) Blog

• Justice & Peace NL Blog• Madam Rotterdam Podcast• Delft Mama Blog (Coming Soon)• Female Ventures• De Rotterdamse Jongensdroom• Maatschapwij• HagueTalks 2017 & 2019• EMEA Recruitment Podcast• Codam College• Let’s Care• Volunteer The Hague• The Hague Connect• Deine Korrespondentin• #Hunch• Fempreneur in the City• My Human Rights Hero• GPPAC• Council of Europe (CoE)

• Startup Chauffeur• CIC Rotterdam Annual Report 2018• Society of Sisterhood• Souwieon Blog• Women in Tech Regatta• Peace Portal• FemininPluriel Global• CIC VentureCafe• Nhi Flower Energize• Good Pitch• Juno Self Defense Blog• How to Become a Girl Boss• HiiL Innovating Justice• Trust Conference 2017• The Hague Peace Projects• BASE Conference 2019• FEM-START• BrandedU• Circle Podcast

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( S P E A K I N G ) E V E N T S

• GPPAC – Moderator• UN Women• WIDE+• Free a Girl 2018 & 2019• Harper’s Bazaar International Women’s Day 2018• TedXAmsterdamWomen’s Pitch Competition 2017• TheNextWomens Pitch Competition 2018• Startup Chauffeur• Female Ventures 2017• CIC Venture Café, 2018-2020• Wide+ Podcast• Liberty Global• Circle Podcast• Singapore Delegation i.c.w. Dutch Government• Council of Europe, 2018• The Hague Peace Project

• BASE Conference,, 2018-2019• Leith Society• Volunteer The Hague• The Hague University of Applied Sciences• Creative Women’s Collective• Feminin Pluriel Amsterdam• Women in Tech Regatta• Codam College• EMEA Recruitment Podcast• My Human Rights Hero• HagueTalks, 2017 & 2019• De Kleurrijke Top 100

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F o u n d a t io n p ro f i l e

F O U N D AT I O N P R O F I L EGeneral informationStatutory name : She Matters FoundationAddress : Stationsplein 45, RotterdamTelephone number : +31 (0) 108080244Website : www.shematters.nlE-mail : info@shematters.nlChamber of Commerce number : 69389519RSIN number : 857856613Bank account number : NL54 INGB 008 1000 03

Statutory informationIncorporation date : 11 August 2017, Articles of Association revised for ANBI on 20 July 2020,Statutory aim : Strengthening the position of female refugees and migrants the realization of

their human rights, and the attempt to achieve gender equality, everything in the broadest sense of the word.

Foundation set-up : Non-profit organisationSource of income : Subsidies, donations, revenues from activities by inheritance, legacy or in

any other way obtained.Use of income : > 90% to the statutory aimLiquidity proceeds : Any liquidation proceeds are destined to be used for one or several

good causes determined by the board members that share similar goals. Executive Board (2/3 majority voting) : Christina Moreno (Chairwoman), Fred Rustler (Secretary), Bianca Matthee (Treasurer)Advisory Board : maximum of 5

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P U R P O S E & A I M

The foundation attempts to reach these goals by:

- Focusing for > 90% on the general good (above aim)- Initiating, organising, guiding and supporting educational activities inthe field of engineering, business services, ICT, such as classes,courses and workshops

- Establishing and fostering the connection between students ofeducational activities and companies from the industries listed above

- Establishing and fostering the connection with third parties as long asthey may be meaningful and for the foundation

A C H I E V E D B Y

She Matters Foundation has the goal to contribute to:

- Strengthening the position of female newcomers- Eliminating barriers between them and employment opportunities- Realising their human rights, and- Achieving gender equality

P U R P O S E / A I M

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M I S S I O N & V I S I O N

As a foundation, we work hand-in-hand with the private sector to develop hidden and diverse talents.

Our mission is to empower female newcomers to build their social and economic capital, boost their self-confidence and become leaders in their homes, businesses and communities.

M I S S I O N

M O V E M E N T

V I S I O N We envision a world where the economic empowerment of all women isn’t just a dream, but a norm.

F U N D R A I S I N G Fundraising is an important activity in order to accomplish the goals included in Articles of Association. The She Matters Foundation raises funds to accomplish its goals via subsidies, gifts and donations. The sponsorship of scholarships from partner companies are considered potential sources of donations, along with donation-based campaigns and the arrangement of in-kind contributions.

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A N B I S TAT U S & C B F

She Matters sees purpose for building a professional organization with a strong base for governance, checks and balances and a risk mitigation approach.

To support the assurance in quality of these aspects, the foundation plans to apply for a CBF quality mark in first quarter of 2021.

She Matters is applying for an ANBI status in the second half of 2020. The foundation already aims to fully comply with the requirements that are set for an ANBI foundation.

Donations to charities are tax deductible for the Personal income Tax, if charitable foundation has the status of an Algemeen Nut Beoogende Instelling (ANBI).

The foundation currently does not hold an ANBI status and donations made by companies are therefore not yet tax deductible.

We trust the ANBI status will be rewarded in the last quarter 2020.

A N B I S TAT U S

C B F q u a l i t y m a r k

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G o v e rn a n c e

E X E C U T I V E B O A R D

Christina MorenoChairwoman

Fred RustlerSecretary

Bianca MattheeTreasurer

Christina Moreno is an international lawyer who overcame poverty as a teenage moth-er in the United States. After seeing that refugee women were not being supported in their host countries, she quit her job as a lawyer and dedicated her life to supporting these extraordinary women with regaining control of their lives.

Prior to establishing She Matters, Christina worked as a legal associate at an international legal partnership specialising in on-the-ground international humanitarian and human rights LVVXHV�LQ�FRQÀLFW�DIIHFWHG�DUHDV�

My lifelong fascination lies at the intersection of innovation, technology and business.

,Q�P\���\HDUV�RI�ZRUN�LQ�WKLV�¿HOG�VSDQQLQJ�IoT, Software Development, Project Man-agement and Social Innovation I excelled in managing complex stakeholder environ-ments, delivering software projects on time and on budget and establishing an innova-tion project for the City of Rotterdam that led to 1.500.000€+ in savings for the Dutch government.

Bianca Matthee holds a PharmD from the University of Utrecht. Since ~15 years she has worked for a variety of pharma/biotech companies.

One of her latest assignments includes Vice President of Manufacturing Operations of ProQR Therapeutics, a company she helped scaling from a few employees to >150 fte.

She is a passionate self-starter and driven to contribute to developing drugs for patients suffering from life threatening diseases.

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B O A R D R E S P O N S I B I L I T I E S

Christina MorenoChairwoman

Fred RustlerSecretary

Bianca MattheeTreasurer

- General management;- Consult with authorities;- First point of contact;��&RQGXFWV�RI¿FDO�PHHWLQJV�- Ensures decisions are made according to law;- Coordinates and directs activities;- Ensures that board members perform duties in a good way.

christina.moreno@shematters.nl

- Creates and timely distributes the agenda for board meetings;- Makes and archives minutes of meetings;- Creates and maintians an up-to-date planning calendar;- Manages external correspondence;- Assists in the preparation of documents��IRU�RI¿FLDO�ERGLHV�DQG�IRU�GRQDWLRQ�UHTXHVW�

fred.rustler@shematters.nl

��(QVXUHV�WKH�FRQWLQXLW\�RI�WKH�¿QDQFLDO� administration in accordance with guidelines;- Assists in the preparation of Annual Reports��DQG�¿QDQFLDO�EXGJHWV���0DQDJHV�OLTXLGLW\�DQG�DUUDQJHV�SD\PHQWV together with the chair;- Maintains contacts with donors and funders.

bianca.matthee@shematters.nl

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A d v i s o r y B o a r d

Jan AndringaLegal advice

Leonoor den OttolanderSocial Entreprise

Maureen AdamsRecruitment expert

Josh WilsonMedia

Person to be nominatedFunding specialist

Jan has been a Partner at HVG Law since 2002, is member of the Management Board of HVG Law and is member of the Board of the Health Care & Life Sciences Group of EY.

Prior to HVG Law, he worked for 8 years as a lawyer with a large 'XWFK�ODZ�¿UP��PDLQO\�LQ�WKH�area of mergers and acquisitions focusing on venture capital and private equity investments.

From 1995 to 1997, Jan worked DW�WKH�RI¿FHV�RI�WKLV�¿UP�LQ�Curaçao, Netherlands Antilles.

Leonoor has ten year profession-al experience in corporate social responsibility strategy consul-tancy, social entrepreneurship, stakeholder engagement and communication, new business development, account manage-PHQW��PLFUR¿QDQFH��WHDFKLQJ��DQG�fostering ecosystems for social innovation. She has gained this experience at EY Climate Change & Sustainability Services, social enterprise GoodUp and social impact research company Ecorys. Currently she works as an inde-pendent sustainability strategy consultant for clients in the private and public sector.

With over 20 years experience of recruiting international candi-dates for multinational companies in the Netherlands, Adams has established itself as one of the OHDGLQJ�DJHQFLHV�LQ�WKLV�¿HOG��

With her organisation she offers a personal and professional service to candidates and clients.

Josh is an Executive Producer, entrepreneur and philanthropist with a proven track record in business and television, and has worked with talent including Dame Helen Mirren and Tom Hiddleston. Formally a journal-ist at MBI (The Knowledge & KFTV), Josh founded Wilson Worldwide Productions in 2013, and now executive produces TV programmes for broadcasters and runs campaigns for major brands around the world. In 2018, he made the Forbes 30 under 30 list for Europe in Entertainment, and is currently a judge alongside Rita Ora and Stephen Garrett.

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E X T E R N A L PA R T N E R SF I N A N C I A L A D V I S O RY

Apart from an official board of advisors, the foundation receives financial advisory and general guidance from the financialexperts from Clover & Consult B.V., Vlaardingen.

They play an important and independent role in a range of financial aspects such as the timely financial recording of financialdata, the drafting of quarterly management reports, checks and balances of financial data, the preparation of the AnnualReports on behalf of the board.

The board of the foundation also consults with them in relation to requirements for the ANBI status, the CBF quality mark, aswell as general governance aspects.

N O TA RY

The foundation uses Schaap, lawyers and notaries in Rotterdam for its notary activities. This notary office has compiled theadjusted foundation’s Article of Association. These articles are made available to interested parties upon first request atinfo@shematers.nl

S T R AT E G I C PA R T N E R S

Adecco - HR Innovations Group - EMEA Recruitment - CIC Rotterdam - Oranje Fonds - Funders

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S T R AT E G Y

T h e N e th e r la n d s

• Secure Recruitment Partner Adecco via B.V.• Develop workflow process for placements• Place candidates/month via B.V.• Place candidates independently• Secure short-term funding for operations• Hire a programme manager• Acquire an ANBI status for the foundation

G O A L S 2 0 2 0 - 2 0 2 1

SHO

RT-

TER

M

LON

G-T

ERM • Secure long-term funding for operations

• Ongoing LFP 10-12 times per year• Programmes in various large cities in NL• Secure new corporate partners• Hire additional operational staff• Implement Marketing Strategy• Acquire a CBF quality mark

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The foundation is in close contact with a large number of renowned organizations (many of them are listed or large international firms). These companies are interested in extending the partnership further with us or are considering to enter into a partnership with the foundation.

This is based on the good potential that we offer with the placement of refugee women but is also strongly related to the social impact that these companies pursue and can obtain via a partnership with the foundation.

Additionally partners of the foundation have a keen interest for hosting a dedicated Lotus Flow Programme in their own organization, whereby we combine our programme with inhouse workshops given by the partner’s own experts, which is given as a contribution in kind.This appears to be a huge success and draws much attention of international organizations, considering the negotiations that are currently held with various companies.

A full list of names is separately available for friends and ambassadors of the foundation.

For more information please contact: info@shematters.nl

C L I E N T S & P R O S P E C T S

T h e N e t h e r l a n d s

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R is k m i t ig a t io n

R i s k a w a r e n e s s

The foundation works with donations with the aim to spent this as much as possible to the good cause, the Foundation has an adverse stance towards risks in general. This is why we put great effort in mitigating risks, as good as possible.

Although the foundation aims to operate with a low risk approach, we identify a few risks in our daily operations, which are defined as follows:

I n c o m e r i s kThe foundation thanks its license to operate to donators, varying from companies to other charity foundations. We also receive foundations from private individuals. In order to sustain a growing flow of income we are continuously investing in social media.

The foundation has a professional website in place and we can be found on Twitter, LinkedIn, YouTube, Facebook and Instagram.

Another approach for increasing our income is to work with ambassadors that stand behind our idea. These ambassadors share our thoughts deeply and give it full attention in the media or in workshops.

R I S K P O L I C Y

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P l a c e m e n t r i s k

The Foundation’s aim is to offer dedicated training programmes particularly designed for women with refugee or migrant background. Similar as in 2018, the foundation was successful in graduating a group of refugee women in 2019.The next phase, actually placing the women in a job position, was more difficult.

This has led to the set up of She Matters B.V. by the founder of the Foundation. This company is incorporated in 2018 with the purpose of an employment agency. Through this company good attempt shall be made to place the various participants in the job market.

In 2020, She Matters B.V. has come to terms with Adecco to start placing job candidates of the foundation each month. This is considered as a major breakthrough and should be a good validation of the concept.

S t a f f d e p e n d e n c y

The foundation is set up by Ms. Moreno. She is driving the organisation and is focusing on all activities of the foundation, ranging from fundraising, contacting applicants, programme management a.o. This was required in the first year of operation. Now the foundation is growing and is becoming more professional, there is need for additional people that will help the foundation grow.

The dependency risk is acknowledged and has lead to the expansion of board members in 2020. Moreover, the foundation is to hire staff that will oversee the implementation of the “Lotus Flower Programmes”.

R I S K P O L I C Y

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F in a n c ia l b u d g e t 2 0 2 0 -2 0 2 1

G E N E R A L N O T E S TO T H E B U D G E T

Historical reference

The financial data for the years 2018 and 2019 are retrieved from the Foundation’s Annual Reports and are included for historical reference.

Transparency

The foundation aims to be completely transparent with its financial data. Budgets and Annual Reports including the notes to the financial data are published on the foundation’s website and are publicly to anyone that is interested in the foundation’s financial data. The financial data 2020 and 2021 presented in this and the next pages of this Policy are considered the Foundation’s budget for the relevant years, along with the notes on the next pages.

Forward looking

Certain information set forth in the budget contains “future-oriented financial information”. The budget is provided to allow external parties (tax authority, funders, potential partners) the opportunity to understand the Executive Board’s beliefs and opinions. These statements are not guarantees of future performance and undue reliance should not be placed on them as the presented budget may involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from the budget presented in this Policy.

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I N C O M E & E X P E N D I T U R E S

Statement of income & expenditures notes 2018 2019 2020 2021actual actual budget budget

Income 1 22.900 47.292 100.000 300.000

ExpendituresPersonnel costs 2 0 0 12.000 35.000Lotus Flower Programme 3 23.559 45.762 81.000 240.000General costs 4 1.288 1.488 3.000 16.500

24.847 47.250 96.000 291.500

Result 5 -1.947 42 4.000 8.500

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I N C O M E & E X P E N D I T U R E S

1. In previous years the foundation has received donations from various sources, part from charitableorganizations and part from companies and private individuals that supported the good cause of ourorganization.

In the first half of 2020 the foundation could not deploy any activity due to the effects if COVID-19. In the secondhalf of the year 2020, She Matters aims to retrieve donations for a total of € 100,000, which is quite an ambitiousplan, considering that we have to restart our activities and hence have to realize this plan in the next fewmonths.

This level of donations correlates to the foundation’s aim to schedule 4 Lotus Flower Programmes in 4 differentcities in the Netherlands, which is planned in the last 3-4 months of 2020. This allows for the training of 40participants in 2020.

Part of our plan, is to put a more structural focus on the collections of funds. This is supported by the expectationthat the foundation will acquire an ANBI status.

In 2021, the foundation aims to step up its activities. With a fixed scheme in place for the recruitment of about 9-10 women per month via Adecco and own contacts, it is required to schedule around 12 Lotus FlowerProgrammes in 2021. Each programme provides access for 10 candidates, which means a total of 120graduates per year.

The required level of income per candidate is set at € 2,500 in the Netherlands. For 120 candidates a totalincome of € 300,000 is required. The budgeted income is considered for programmes held in the Netherlands.

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I N C O M E & E X P E N D I T U R E S

2. The foundation initially plans to hire an own employee as of September 2020, who is familiar with the programmeand who will be responsible for the programme. Her salary and related costs are inserted in the budget (2020partially). No remuneration will be included for board members.

Potentially the foundation will be expanding its staff and hence the personnel costs could increase to a higheramount than projected now in the budget. In such case, the expenditures for the Lotus Flower Programme (note 3.)will decrease equally. Upon completion of the budget 2020-2021 the number of staff, its composition and profile wasnot defined and hence not budgeted.

3. The dedicated costs for the Lotus flower Programme are set in relation to income. This is based on historic financialdata in 2018 and 2019. The costs for the programmes comprise expenditures for hiring experts, who give workshopsduring the programme, travel expenses for the candidates, banqueting and catering, course material, rent formeeting rooms and other costs related to the programme.

The total of dedicated costs are to be combined with the personnel costs.

These combined costs are expected to exceed 90% of income, which is considered a minimum level of expendituresto be dedicated to the foundation’s cause.

The programme’s budget per candidate is set at just over € 2,000. For comparison, in 2018/2019 the dedicatedcosts for the programmes amounted to € 1,873 per candidate. The small budgeted increase allows for a moreprofessional set up of the programme.

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I N C O M E & E X P E N D I T U R E S

4. The general costs are expected to increase in relation to income compared to previous years. This is required tomake the organisation more professional. In 2020 and 2021 the foundation has planned to spend cost on the notary,legal and accounting, also in relation to acquire an ANBI status and CBF quality mark.

5. The foundation’s aim is to limit its profits. In 2020 and 2021 the foundation expects to have a small result, whichis to be used for forming a reasonable continuity reserve (see note 6. and note 7.).

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B A L A N C E S H E E T

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Balance sheet, assets notes 31/12/2018 31/12/2019 31/12/2020 31/12/2021actual actual budget budget

Current assetsOther receivables 1.268 985 0 0Bank 6 7.778 424 2.095 10.595

9.046 1.409 2.095 10.595

Total assets 9.046 1.409 2.095 10.595

Balance sheet, equity & liabilities notes 31/12/2018 31/12/2019 31/12/2020 31/12/2021actual actual budget budget

EquityGeneral reserves 7 0 -1.947 -1.905 2.095Result current year 8 -1.947 42 4.000 8.500

-1.947 -1.905 2.095 10.595Short-term liabilitiesCreditors 9 1.280 1.335 500 1.250V.A.T. payable 1.979 1.979 0 0Other short-term payables 7.734 0 0 0

10.993 3.314 500 1.250

Total equity & liabilities 9.046 1.409 2.095 10.595

B A L A N C E S H E E T6. The foundation is used to spent its income as good as possible to the cause of the foundation.

The foundation has one bank account held at ING bank in the Netherlands.

Payments from the bank account are always carried out by 2 board members together. In this way, no singleboard member has access to the foundation’s liquidity.

Moreover, bank movements are directly linked to the administration software. The transactions are booked by anexternal and independent bookkeeping firm, which provides for extra checks and balances by a third party.

A large surplus in liquidity is not expected, although this is also considered a risk for the continuity of the foundation.

In 2020, the foundation was not able to continue its programmes due to the fact that it could not retrieve new fundsbecause of COVID-19. With the availability of adequate liquidity the foundation would have been able to earlierrestart its programmes. Therefore the aim is to build up a small and reasonable liquidity reserve, so that thecontinuity of programmes is better secured.

In accordance with the foundation’s own Article of Association and its own policy, any liquidity surplus (above alimited continuity reserve level) is to be distributed to similar ANBI foundations.

7. In line with note 6. the foundation is to allocate its profits to a continuity reserve with a maximum set at € 50,000,which is considered reasonable and necessary for the continuation of at least 2 programmes or 2 months.

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B A L A N C E S H E E T

This continuity reserve allows for situations whereby the foundation does not (or not timely) retrieve funds for itsactivities. The maximum level described in this note falls largely within a boundary of 1,5 times the annual costs (setagainst annual costs 2019 and budgeted costs for 2020 and 2021). This further takes into account the Dutch taxrequirements, known in Dutch as the “bestedingsruimte criterium” and “anti oppoteis”

The general reserves are negative as at the end of 2019. In 2020 and 2021, the foundation expects to make asmall profit, which is to be used to improve the reserves as stated.

8. Small amounts of creditors are budgeted at year-end.

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