2017/2018 Financial Statements Highlights and key numbers
FINANCIALS 2017/2018 – SUMMARY (I) ● Stichting Register Risk Manager Financial Institutions (RMFI): - No revenues, no expenses and no equity on the balance sheet! ● Stichting VBA Opleidingsinsituut Morreau (Morreau Instituut): - The consolidated result for the 2017/2018 financial year shows a loss of 11,676 (versus a budgeted loss of 41,378 EUR) - The end of financial year (June 30, 2018) equity position stands at 328,859 EUR (versus an equity position of 340,536 EUR at the end of the previous financial year)
FINANCIALS 2017/2018 – SUMMARY (II) CFA Society VBA Netherlands (CFA VBA): ● Merger consequences (in preparing) for the 2017/2018 financial statements: - pro-forma consolidation of financials over H1 of financial year (up to December 31, 2017) - determination of an equal contribution by both CFA and VBA per merger date and the (remaining) ‘ Bestemmingsreserve VBA’ per merger date (January 1, 2018) - integration of the two separate financial administrations per merger date (as of January 1, 2018) - the 2017/2018 financial statements require the approval of an external auditor, which is pending and, therefore, the presented numbers are preliminary
FINANCIALS 2017/2018 – SUMMARY (III) CFA Society VBA Netherlands (CFA VBA): ● The consolidated result for the 2017/2018 financial year shows a loss of 339,770 EUR (versus a budgeted deficit of 17K) mainly as a result of higher than budgeted costs related to: - preparation and execution of the merger (both direct and indirect costs) - the settlement of a CFA multi-year VAT claim by tax authorities - marketing and branding - non-deductible VAT - provisioning for VBA PE vouchers ● The end of financial year equity position stands at 156,234 EUR with an additional ‘VBA bestemmingsreserve ’ of 395.296 EUR and accrued liabilities of 425.876 EUR ● Balanced budgets have been drafted for the period 2019-2023
CFA SOCIETY VBA NETHERLANDS - REVENUES ▪ Total revenues of 734K exceed the budgeted amount by 62K, mainly due to: - long-fall of 116K in CFA Institute funding - combined revenue short-fall of 52K from Events, Strategic sponsors and Advertisements
CFA SOCIETY VBA NETHERLANDS - EXPENSES ▪ Total expenses of 1.074K exceeded the budgeted amount by 386K, mainly due to: - Marketing (66K), VBA PE vouchers (81K) and non-deductible VAT (54K) - the settlement of CFA VAT tax claim (74K) - direct merger costs (external advice and services, 85K)
CFA SOCIETY VBA NETHERLANDS - BALANCE SHEET / ASSETS June 30, 2017 June 30, 2018 Activa� /� Assets� =� 1.113� Activa� /� Assets� =� 1.103� 41� 7� 22� 33� 7� 6� Banktegoeden� /� Bank� balances� Banktegoeden� /� Bank� balances� Debiteuren� /� Debtors� Debiteuren� /� Debtors� Waarborg� /� Guarantee� Waarborg� /� Guarantee� Overlopende� activa� /� Accrued� assets� Overlopende� activa� /� Accrued� assets� 1.033� 1.067� ▪ The total amount of assets on the balance sheet hardly changed over the financial year 2017/2018 with around 95% of total assets in bank balances
CFA SOCIETY VBA NETHERLANDS - BALANCE SHEET / LIABILITIES June 30, 2017 June 30, 2018 Passiva� /� Liabilities� =� 1.103� Passiva� /� Liabilities� =� 1.113� 97� 122� 45� 13� Crediteuren� /� Creditors� Crediteuren� /� Creditors� 70� 395� Belastingen� /� Taxes� Belastingen� /� Taxes� Overlopende� passiva� /� Accrued� liabilities� Overlopende� passiva� /� Accrued� liabilities� Vermogen� /� Equity� Vermogen� /� Equity� 426� VBA� bestemmingsreserve� /� VBA� VBA� bestemmingsreserve� /� VBA� designated� reserves**� designated� reserves**� 891� 156� ▪ The composition of total liabilities has changed significantly, mainly due to: - the negative 2017/2018 financial result of 340K - the creation of the VBA Bestemmingsreserve (476K as per merger date, January 1, 2018) - 400K of provisioning (strategic funding) by CFA Institute (of which 100K is activated over H2 of the financial year)
FINANCIALS 2017/2018 – SUMMARY CFA SOCIETY VBA NETHERLANDS pre merger at-merger post merger ▪ The 2017/2018 total loss of 339,770 EUR is unequally split between the first and second half of the financial year, which has implications for the pro-forma balance sheet at merger date (January 1): - the CFA NL equity contribution to the merged entity is 82K, which is matched by VBA BP, resulting in an equity position of 164K - As a result, the VBA Bestemmingsreserve is set at 476K at merger date - The negative H2 result (88K) is allocated to the VBA Bestemmingsreserve (81K) and the CFA VBA equity position (7K)
CFA SOCIETY VBA NETHERLANDS – BUDGET 2018-2019 / REVENUES ▪ The 2018/2019 budgeted revenues exceed last year’s budget by +82K EUR: - higher funding by CFA Institute (+43K) and higher revenues from both Events (+16K) and Sponsorships (+35K) - lower revenues from advertisements (-10K)
CFA SOCIETY VBA NETHERLANDS – BUDGET 2018-2019 / EXPENSES ▪ The 2018/2019 budgeted expenses exceed last year’s budget by +63K EUR: - higher expenses related to Staffed Office (+31K), Events (+23K), Consultancy fees (+15K) and Marketing (+50K) - lower expenses from VBA PE vouchers (-50K) and Other expenses (-20K)
ST. MORREAU & ST. RMFI - BUDGETS 2018-2019 ● Stichting VBA Opleidingsinsituut Morreau (Morreau Instituut): - The 2018/2019 budget shows a targeted deficit of 76,750 EUR which is due to investments related to the redesign of the VU-VBA Investment Management program ● Stichting Register Risk Manager Financial Institutions (RMFI): - No financials!
2017/2018 FINANCIALS CFA SOCIETY VBA NL – CONCLUSIONS ● The significant negative result of 340K is due to one-off merger related and other non-structural expenditures (VAT claim, VBA PE vouchers) ● The CFAI made a significant contribution to the CFA VBA financials (100K of merger costs in 2017 and 400K of strategic provisioning for the merged CFA VBA society) ● Balanced budgets (including the activation of CFAI strategic provisioning) have been drafted for the post-merger 5 years period (up to 2022-2023)
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