Financial statements

Years ended December 31, 2006 and 2005

The financial statements are expressed in euros (€). As at December 31, 2006 the exchange rate of

the US dollar versus the euro is $ 1 equals € 0.757633 (31/12/05: $ 1 equals € 0.84481). No separate

data expressed in US dollars are included.

Summary of accounting policies

Description of the organisation

as subsidiaries. Due to the immateriality of the

Oikocredit Ecumenical Development Cooperative

assets of these subsidiaries, it has been decided to

Society U.A. (the Society) was established in 1975

include the assets as if they were branch offices.

in Rotterdam (the Netherlands) and possesses

corporate status according to the laws of the

The office in Hyderabad, India, is registered under

Kingdom of the Netherlands. The Society is owned

the name “Maanaveeya Holdings & Investments

by its members throughout the world: churches,

Private Ltd.” and is included in the consolidated

subdivisions of churches, councils of churches,

financial statements of Oikocredit.

church-related organisations, project members

and support associations established by indi-

Oikocredit Ecumenical Development Cooperative

viduals and local parishes.

Society (“Oikocredit”) has related foundations,

which support the activities of Oikocredit:

The duration of the Society is unlimited. The objec-

tive of the Society is to mobilise resources from

The Oikocredit International Share Foundation

●

(“Share Foundation”) was established on March

members as well as from third parties (mainly in

developing countries) and to channel the proceeds

10, 1995 in Amersfoort, the Netherlands, accord-

thereof to development projects (in order to raise

ing to the laws of the Kingdom of the Netherlands.

The duration of the Share Foundation is unlimited.

standards of living) in the developing countries of

the world.

The main purpose of the Share Foundation is to

provide investment possibilities in Oikocredit for

non-church bodies, such as banks and develop-

The Society has its international support office in

ment organisations and for individuals in countries

Amersfoort (the Netherlands) and has regional

offices in Abidjan (Côte d’Ivoire), Accra (Ghana),

where no support association exists.

The Oikocredit International Support Foundation

Hyderabad (India), Lima (Peru), Manila (the Philip-

●

(“Support Foundation”) was established on

pines), Montevideo (Uruguay), Nairobi (Kenya),

Pretoria (South Africa), San José (Costa Rica) and

March 10, 1995 in Amersfoort and it was foun-

ded in accordance with the laws of the Kingdom

Central and Eastern Europe (Germany). It has

country representatives operating outside the

of the Netherlands. The duration of the Support

regional offices in Argentina, Bolivia, Brazil, Bul-

Foundation is unlimited. The main purpose of the

Support Foundation is to mobilise grant funds to

garia, Cambodia, Chile, Ecuador, El Salvador,

Guatemala, Indonesia, Mali, Mexico, Nicaragua,

support the non-banking activities such as tech-

Romania, Senegal, Slovak Republic, Tanzania,

nical assistance etc. and “model costs” of

Oikocredit. “Model costs” are costs no financial

Uganda and the Ukraine.

institution of this size would make, but which are

an integral part of the Oikocredit cooperative

The offices in Ghana, Kenya, the Philippines, Uru-

guay and South Africa are incorporated as local

model. The board of the Support Foundation has

legal entities and should therefore be considered

decided to take some of these costs for their

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