Finance

Expenditure for the year was EUR 177 million, which is the same as was spent in 2022. This expenditure was mainly for implementing the programmatic work of the LWF as well as for infrastructure costs.

The total income for the year was EUR 7M lower than the total expenditure. This primarily stems from operations at the Augusta Victoria Hospital which were significantly impacted by the war in Gaza, leading to increased costs and a decrease in revenue. The shortfall in income was covered by the restricted reserves of the AVH.

The 2023 consolidated financial reports were audited by PricewaterhouseCoopers SA from Geneva, Switzerland. The accounts were issued on 29 May 2024.

LWF’s consolidated financial reports are prepared in compliance with the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS) and the Swiss regulatory standards.

The LWF Endowment Fund

Established in 1999, the LWF Endowment Fund (LWB Stiftung) provides financial stability for LWF’s work. On 31 December 2023 total assets of the fund amounted to CHF 14.5 million. Part of its investment income is allocated annually to the program and project activities. The Endowment Fund board approved a distribution of CHF 91,332 to LWF’s budget for 2024.