Statement of Revenue, Expense and Changes in Fund Balances

(All amounts in EUR 000's) December 31, 2014
  2014 2013
Revenues
Contributions 11,054 11,661
Interest income 8 10
Other, restated 140 138
Total revenue 11,202 11,809
Expenses
Direct programme expenses 8,428 9,011
Grants and awards 1,670 1,783
Administration 1,524 1,756
Depreciation, restated 227 250
Foreign exchange gain/loss 143 170
Total expenses 11,992 12,970
Excess (deficiency) of revenues over expenses (790) (1,161)
Fund balances at the beginning of the year (1,043) 118
Revaluation reserve 3,794 3,794
Fund balances at the end of the year 1,961 2,751