AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022
A76/17
SEVENTY-SIXTH WORLD HEALTH ASSEMBLY
Provisional agenda item 19.1
12
May 2023
1
A76/17
Table of contents
Financial statements 2022 at a glance 2
Director-Generalʼs summary 4
2022 Statement of Internal Control 24
Certification of financial statements for the year ended 31 December 2022 29
Opinion of the External Auditor 30
Independent Auditorʼs report 32
Financial statements 35
Statement I. Statement of Financial Position 35
Statement II. Statement of Financial Performance 36
Statement III. Statement of Changes in Net Assets/Equity 37
Statement IV. Statement of Cash Flow 38
Statement V. Statement of Comparison of Budget and Actual Amounts 39
1. Notes to the financial statements 40
2. S
ignificant accounting policies
44
3. Note on the restatement/reclassification of balances 55
4. S
upporting information to the Statement of Financial Position
56
5. S
upporting information to the Statement of Financial Performance
83
6. S
upporting information to the Statement of Changes in Net Assets/Equity
89
7. Supporting information to the Statement of Comparison of Budget and Actual Amounts 94
8. S
egment reporting
96
9. A
mounts written-off and ex-gratia payments
98
10. Related party and other senior management disclosures 98
11. E
vents after the reporting date
99
12. Contingent liabilities, commitments and contingent assets 99
Schedule I. Statement of Financial Performance by major funds 101
Schedule II. Expenses by major office ‒ General Fund only 102
Schedule III. Financial overview – all funds, 2022, 2020–2021 and 2018–2019 103
Annex I. Revenue and expenses with programme countries 104
Annex II. Revenue and expenses with United Nations entities 108
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2
Financial Statements 2022 at a Glance
REVENUE
2022: US$ 4354 m
2021: US$ 4066 m
EXPENSES
2022: US$ 3848 m
2021: US$ 3718 m
SURPLUS/(DEFICIT)
2022: US$ 600 m
2021: US$ 351 m
1
Includes Finance Revenue (2022: US$ 94m,
2021: US$ 3m)
ASSETS
2022: US$ 7812 m
2021: US$ 7214
LIABILITIES
2022: US$ 2792 m
2021: US$ 3807 m
NET ASSETS/EQUITY
2022: US$ 5020 m
2021: US$ 3407 m
Non-Programme budget (PB)/
other revenue
Voluntary contributions (PB)
Assessed contributions (PB) Sta costs
Opening Net Assets
Sta related
Financial Assets
Medical supplies and materials
Surplus/(deficit)
Inter-entity
Fixed assets
Contractual services
Other adjustments
Other
Receivables
Transfers and grants
Borrowing
Other
Travel
Deferred and advance contributions
General operating expenses
Equipment, vehicles and furniture
Depreciation and amortization
General Fund
Member States - other
Fiduciary Fund
US$
3848 m
US$
4354 m
US$
7812 m
US$
2792 m
239
496
3619
460
193
161
1337
511
1164
7
15
1
54
3407
600
545
1013
1936
5446
237
193
1063
852 295
123
459
3
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Country oices
Africa
Headquarters and global
Eastern Mediterranean
Regional oices
Europe
South-East Asia
Western Pacific
Americas
PROGRAMME BUDGET
EXPENSES
BY
LOCATION IN 
(US$ millions)
ASHI FUNDING STATUS
2022: 81%
2021: 51%
TOP  CONTRIBUTORS OF PROGRAMME
BUDGET REVENUE
2022: 69%
2021: 67%
TOTAL EXPENSES BY MAJOR OFFICE
2022: US$ 3848 m
2021: US$ 3718 m
Headquarters and global
South-East Asia
Africa
Western Pacific
Eastern Mediterranean
Americas
Europe
976
325
249
152
820
116
20%0% 60%40% 80%
2
Total programme budget expenses excluding accounting adjustments and year-end accounting elimination.
1210
100%
81% Funded ASHI obligation:
US$ 1169 million
US$ 278
million
unfunded
798
65
96
722
203 202
2086
1518
618
Other United Kingdom of Great Britain
and Northern Ireland
Canada
France
United Nations Children's Fund
(UNICEF)
Iran (Islamic Republic of)
United States of America
Germany
Bill & Melinda Gates Foundation
European Comission
GAVI Alliance
31%
21%
15%
10%
5%
5%
5%
2%
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4
Director-General’s summary
Vaccination remains
an essential part
of our strategic
approach.
WHO @ 7 + 5 = Health For All
Three years ago, I declared a public health emergency of international concern
over the global spread of coronavirus disease (COVID-19) – the highest level of
alarm under the International Health Regulations (2005), and for the moment,
the only level of alarm. As we enter the fourth year of the pandemic, COVID-19
remains a global health emergency, but there is no doubt that we are in a far
better situation now than we were a year ago, when the Omicron wave was at its
peak.
We remain hopeful that in the coming year, the world will transition to a new
phase in which we reduce hospitalizations and deaths to the lowest possible
level, and health systems are able to manage COVID-19 in an integrated and
sustainable way.
Vaccination remains an essential part of our strategic approach. Through our
partnership in the Access to COVID-19 Tools (ACT) Accelerator and COVAX, the
vaccines pillar of the ACT Accelerator, we supported the provision of more
than one billion vaccines and procured 320 000 courses of antiviral medicine.
The decreasing impact of the COVID 19 pandemic saw the reopening of our
operational environments globally, bringing with it the challenge of getting back
to the “new normal”.
Other infectious diseases persist. On polio eradication, aer an all-time low
of just five wild poliovirus cases in 2021, we saw an increase last year, with 20
cases in Pakistan, two in Afghanistan and eight in Mozambique. In October 2022,
donors pledged US$ 2.6 billion to support the work of WHO and our partners to
consign polio to history.
5
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This report includes
additional useful
information
to enhance
transparency.
In 2022, WHO responded to 72 graded emergencies, across all regions, including
three public health emergencies of international concern, outbreaks of Ebola
virus disease and cholera, conflicts in Ethiopia, the Syrian Arab Republic, Ukraine
and Yemen, and humanitarian crises in the greater Horn of Africa, the Sahel and
much more.
In order to deliver our work, I am pleased to inform you that, since it was
established 75 years ago, WHO recorded its highest ever levels of revenue and
programme delivery. This performance exceeds the high points reached in
recent years and demonstrates the Secretariat’s ability to work together with
Member States and partners to meet the increasing challenges facing health.
In thanking Member States, partners and society for their confidence and
trust in WHO, I confirm that transparency remains a key focus area for the
Organization. As an illustrative example of that focus, the content of this
report and accompanying financial statements have been streamlined and
useful information previously not disclosed has been provided to enhance
transparency.
Below you will find an outline of the major financial highlights. Further details
of the achievements in terms of results are set out in the WHO Results Report
(document A76/16) which is data driven, results-oriented and country-focused,
and firmly grounded in the Sustainable Development Goals.
Total expenses by strategic priority in 2022 are summarized in Fig. 1 below.
Fig. 1. Total expenses by strategic priority.
Total
expenses
US$ 3848
million
1bn
benefitting from
unviversal health
coverage
US$ 749 m
1bn
better protected
from health
emergencies
US$ 335 m
1bn
enjoying better
health
and well-being
US$ 134 m
More eective and
ecient support to
countries
US$ 506 m
Polio and special
programmes
US$ 540 m
Other
non-Programme
budget activities
US$ 472 m
Emergency
operations
US$ 1112 m
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Fig. 2. Country focus and presence.
As a consequence of the disruption caused by the COVID-19 pandemic, Member
States extended the Thirteenth General Programme of Work, (2019–2023) to
2025, continuing the country focus and working more closely with Member
States.
In mid-2017, WHO embarked on what has become the most ambitious and
far-reaching transformation of the Organization since it was established over
70 years ago. This transformation process continues, with the WHO Hub for
Pandemic and Epidemic Intelligence now fully operational. In 2022, the Hub
engaged with almost 250 institutions around the world to foster collaborative
surveillance and intelligence.
Country focus and presence
In line with the theme of the Thirteenth General Programme of Work, 2019-2025,
WHO has maintained its focus on strengthening country operations. In 2022, US$
2086 million (55%) of total expenses were incurred in country operations (Fig. 2),
an increase of US$ 47 million over 2021, mainly in delivering the base segment of
the Programme budget. Continuing in this direction, the Proposed programme
budget 2024–2025 is the first to allocate half of the base budget to country
oices.
Country
oices
US$ 2086 m
Headquarters
and global
US$ 1210 m
2022
Regional
oices
US$ 552 m
2021
Headquarters
and global
US$ 1111 m
Regional
oices
US$ 568 m
Country
oices
US$ 2039 m
7
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Fig. 3. Summarized financial performance for 2018–2022 (US$ millions).
Total revenue in 2022
Increase of US$ 288 million
as compared to 2021
US$ 4354 m
2901
3116
4299
4066
4354
2500
3088
3561
3718
3848
1000
2000
3000
4000
5000
2018 2019 2020 2021 2022
Total revenue Total expenditure
50% increase
2018-2022
54% increase
2018-2022
In 2022, total revenue rose to US$ 4354 million, and expenses grew to US$
3848 million, an increase of US$ 288 million and US$ 130 million, respectively,
compared with 2021. This resulted in a net surplus of US$ 600 million, which was
US$ 249 million higher than in 2021 (Fig. 3). Both the revenue and expenses were
the highest in the Organization’s history. The main driver of the surplus was the
high volume of voluntary contributions signed during the later part of 2022.
Revenue
At a time when many Member States face severe financial challenges, including
those accentuated by the COVID-19 pandemic, Member States and donors
continued to provide generous financial support.
Of the total revenue of US$ 4354 million, the highest ever level, US$ 3656 million
(84%) came from voluntary contributions, US$ 496 million (11%) from assessed
contributions, US$ 146 million from in-kind revenue and US$ 56 million from
other sources.
Financial performance in 2022
Highest revenue
and expenses in
WHO's history.
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8
Fig. 4. Voluntary and assessed contributions 2018 to 2022 (US$ millions).
Flexible funding decreased
by 18% to
US$ 820 million.
2291
2492
3704
3365
3656
501
490
466
549
496
500
0
1000
1500
2000
2500
3000
3500
4000
2018 2019 2020 2021 2022
Voluntary contributions
Assessed contributions
Although the overall level of revenue reached a record high in 2022, the value of
flexible financing fell significantly from US$ 1013 million (25% of total revenue)
in 2021 to US$ 820 million (19% of total revenue) in 2022. A higher proportion of
flexible financing is required for the eicient delivery of programmatic activities
across the Organization. This is a setback towards achieving the aim of Member
States for the base segment of the programme budget to be more flexibly
funded, and accentuates the need for the increase in assessed contributions to
contribute to the financial sustainability of WHO.
Assessed contributions
Assessed contributions are the most flexible form of funding, and accounted
for US$ 496 million of total revenue in 2022, down from US$ 549 million in 2021
due to exchange rate fluctuations and an increase in the allowance for doubtful
accounts receivable. In relative terms, assessed contributions represented 11%
of total revenue in 2022, a decrease from 14% in 2021 and 17% in 2018 (Fig. 4).
9
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Assessed contributions provide predictable flexible financing, enabling
resources to be aligned with Member States’ priorities established in the
programme budget. They are essential to enable WHO to carry out its normative
role, to provide seed financing which attracts voluntary contributions for
WHO programme priorities, and to provide essential services to countries
and communities. Fig. 5 shows the relative values of assessed and voluntary
contributions to the programme budget, and the rate of collection of assessed
contributions.
Assessed contributions are payable by all Member States annually and are due
at the start of each year. The amount paid by each Member State is set according
to the WHO scale of assessments. In 2022, the annual collection rate of assessed
contributions rose to 81% (2021: 69%) due to an increase in timely payments
of assessments denominated in Swiss francs. The total volume of outstanding
assessed contributions was US$ 130 million as at 31 December 2022, a decrease
of US$ 71 million over 2021. Member States are encouraged to improve the
timeliness of their payment of assessed contributions and amounts outstanding,
in order to meet their commitments and contribute to improving the sustainable
financing of WHO.
Voluntary contributions
Of the total revenue of US$ 4354 million in 2022, US$ 3656 million (84%) came
from voluntary contributions (2021: US$ 3365 million), of which US$ 3619 million
was used to fund the Programme budget and the remainder to fund other
activities.
Total revenue from Programme budget voluntary contributions increased
by 58% between 2018 and 2022, which has helped to finance WHO’s growing
programme of work. Of the voluntary contributions of US$ 3619 million in
2022, US$ 324 million (9%) was fully flexible or thematic (designated to support
high-level outcomes), while US$ 3295 million (91%) was earmarked for specified
programmes (Fig. 6).
Fig. 5. Voluntary and assessed contributions to the Programme budget in 2022 (US$ millions).
VC Earmarkerd
US$ 3295 m
VC Core
and thematic
US$ 324 m
AC
US$ 496 m
81% of 2022 assessed
contributions paid.
Total outstanding
assessed
contributions =
US$ 130 million.
Of total revenue
US$ 3656 million
(84%) came
from voluntary
contributions.
55% of earmarked
funding was for
emergencies, 19%
for polio and 26%
for other segments
of the programme
budget.
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10
Within the total earmarked funding of US$ 3295 million, 55% was for the
emergencies programmes, 19% for polio and 26% for other segments of the
Programme budget. This high concentration of funding for a few activities
creates challenges for WHO, confirming the ongoing need to improve the
alignment of contributions with the approved programmatic priorities to
facilitate the eicient planning and delivery of the Organization’s goals set by
the Health Assembly.
The proportion of flexible and thematic funding decreased by US$ 140 million
from US$ 464 million in 2021 to US$ 324 million in 2022, which represents
just 9% of total voluntary contributions. The higher level of fully flexible and
thematic funds received in 2021 was due to one-o contributions.
Financing provided through multi-year agreements facilitates longer-term
planning. From the total Programme budget voluntary contribution revenue
of US$ 3619 million in 2022, US$ 818 million (22%) came from multi-year
agreements (US$ 872 million in 2021). Multi-year agreements committed for
future years (2023 and beyond) grew to US$ 964 million (2021: US$ 859 million),
of which 16% is fully flexible or thematic funding (2021: 11%). The revenue for
these will be recognized in the respective future years.
Fig. 6. Voluntary contribution revenue (Programme budget) for
2018–2022 (US$ millions).
92
190
92
53
182
89
247
142
2056
2165
3354
2869
3295
0
500
1000
1500
2000
2500
3000
3500
4000
2018 2019 2020 2021 2022
Flexible Thematic Earmarked
232
232
Top 10 donors
contributed 72%
of Voluntary
Contributions.
11
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A broad donor base is key to sustainable financing. In 2022, the top 10 donors
(Fig. 7) contributed US$ 2628 million (72%) of voluntary contributions, a
proportion unchanged from 2021. Of this total, US$ 230 million (9%) was
flexible or thematic funding, 53% was for the emergencies programmes and the
remaining 38% was earmarked for projects and partnerships.
While the proportion of the contributions from the top 10 donors remains
unchanged from 2021, the composition of the contributions has changed (see
Fig.7 below). The largest donors focus their contributions on certain areas
of the programme budget, providing 90% of the total funding for the WHO
Contingency Fund for Emergencies, 81% for polio, 76% for outbreak and crisis
response, and 75% for core voluntary contributions account.
Fig. 7. Top 10 voluntary contributors to Programme budget in 2022
(US$ millions).
739
597
390
203
193
169
94
85
85
73
United States of America
Germany
Bill & Melinda Gates
Foundation
GAVI, the Vaccine Alliance
European Commission
United Kingdom of Great
Britain and Northern Ireland
United Nations Children's
Fund (UNICEF)
Canada
Iran (Islamic Republic of)
World Bank
In 2022, 62% of voluntary contributions came from Member States, 15%
from United Nations entities and other international organizations, 12% from
philanthropic foundations, 7% from partnerships and the other 4% from various
categories of non-State actors.
US$ 146.7 million
of contributions
were received
from programme
countries.
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12
A large volume of contributions came from donors in countries where WHO
programmes were being implemented. US$ 146.7 million was received directly
from 23 programme countries (2021: 19 countries), and a further US$ 158.4
million came from 29 programme countries (2021: 29 countries) funded through
development bank loans and other financing partners.
Timing of voluntary contribution revenue
Contributions need to be received promptly to enable eective programme
implementation. In 2022, 63% of agreements for voluntary contributions were
recorded during the second half of the year, which constrained programme
planning and implementation and led to higher balances of unspent
contributions at the end of the year (Fig. 8).
3
Excluding allowance for doubtful accounts receivable adjustment (US$ 7 million).
Fig. 8. Voluntary contribution revenue
3
(Programme budget)
in 2022 (US$ millions).
985
579
1074
988
500
600
700
800
900
1000
1100
1200
Quarter 1 Quarter 2 Quarter 3 Quarter 4
Revenue
WHO received income through 1165 agreements for Programme budget
voluntary contributions during 2022. Of these, 68 were for US$ 10 million
or more, amounting to a total of US$ 2373 million. The remaining voluntary
contribution income of US$ 1246 million was contributed through approximately
1100 agreements. While welcoming every contribution of funding which reflects
the generosity of our funding partners, the large number of smaller agreements
generates a significant administrative burden for the Organization, especially in
cases where the contributions are more strictly earmarked.
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Cost recovery
WHO made every eort to recover the programme support costs of servicing
activities through a charge on voluntary contributions expenses.
In 2022, WHO recovered programme support costs income of US$ 252.3 million
on project expenses, resulting in an average programme support costs rate of
8.5% (2021: US$ 245.2 million, or 8%). This 2.9% increase reflects higher volumes
of project expenses and a change in the mix of resources.
While infrequent, programme support costs waivers continue to be requested
by funding partners, and the Secretariat seeks the support of Member States
and donors in reducing the number of waivers requested. During 2022, 13
waivers were granted for new projects, the financial impact of which, in terms of
lost programme support cost income, will be US$ 4.9 million over the lifetime of
these awards.
Expenses
Despite the ongoing challenges stemming from the COVID-19 pandemic and
the many global crises, WHO increased its level of programme delivery, with
total expenses of US$ 3848 million in 2022, an increase of US$ 130 million (3%)
compared with 2021 and a record level for the Organization.
Of the total expenses, US$ 1724 million was related to the base segment,
achieving 35% of planned delivery. In total, US$ 1112 million was disbursed to
support health emergencies, achieving 111% implementation of the approved
Programme budget. US$ 482 million was disbursed in delivering the polio
programme, resulting in 86% implementation of the approved Programme
Budget. The remaining US$ 530 million was used to support in-kind, special
arrangements and other non-Programme budget activities.
Expenses by WHO regions
In 2022, total expenses in the WHO regions and country oices amounted to
US$ 2638 million, a slightly higher level than in 2021 (US$ 2607 million). Total
expenses increased in the WHO African and European regions by 12% and
18%, respectively, compared with 2021. Expenses decreased in the other WHO
regions, with the largest decrease of 26% in the Western Pacific Region due
to a decline in COVID-19-related surge activities. Fig. 9 summarizes the total
expenses by major oice and budget segment.
Total expenses in 2022
US$ 3848 m
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14
Fig. 9. Expenses by WHO region for 2021 and 2022 (US$ millions).
Expenses by nature
Contractual services
Contractual services remained the
largest expenses category in 2022,
accounting for US$ 1337 million (35%)
of total expenses, a marginal increase
compared with 2021. It consists mainly
of costs incurred in engaging experts
and service providers to help implement
programmatic activities. Prior to the
COVID-19 pandemic, sta costs were
the largest annual expense in WHO.
The operating restrictions imposed
during the COVID-19 pandemic, as well
as changing business models, explain
the increase in the use of contractual
services.
US$ 778 million of contractual
services costs related to contracts for
programme services, which represents
an 11% decrease compared with 2021 (US$ 875 million). Of this expense,
38% supported base programmes and 36% was related to the emergencies
programmes.
0
200
400
600
800
1000
1200
1400
2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022
Polio, outbreak and crisis response, special programmes and non-Programme budget
Base
Headquarters
and global
Africa The Americas South-East
Asia
Europe Eastern
Mediterranean
Western
Pacific
1111
440
503
455
533
671
707
416
443
56
80
50
66
158 159
136
130
233
172
134
70
101
51
93 90 140
195
636
649
1210
871
976
136
116
251 249
276
325
869
821
204
152
Fig. 10. Contractual services composition in 2021 and 2022 (US$ millions).
875
778
286
392
169
167
1330
1337
300
0
600
900
1200
1500
2021 2022
General contractual services Direct implementation
Other
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The expenses related to the emergencies and base programmes attributed to
headquarters has decreased by 25% and increased in the African Region by
22%.
The next largest component of contractual services is direct implementation,
which accounted for US$ 392 million in 2022, an increase of 37% compared with
2021 (US$ 286 million). Of the total, 47% was related to the polio programme in
the African and Eastern Mediterranean Regions and 30% was related to other
emergencies programmes (Fig. 10).
Sta costs
Sta costs represented 30% of total expenses in 2022, a slight decrease from
2021 (32%), and is the second largest expenses category aer contractual
services. While sta numbers increased slightly in 2022, actual costs decreased
by a small amount compared with 2021 (Fig. 11) due to a combination of a
reduction in the actuarial costs calculated for employee benefits and exchange
rate fluctuations.
Fig. 11. Sta costs composition in 2021 and 2022 (US$ millions).
1060
90
35
1185
8594
8000
8500
9000
9500
10000
10500
11000
11500
12000
0
500
1000
1500
2021 2022
Salary cost Other personnel costs
Actuarial cost Sta headcount
Sta
1062
4
1164
98
8851
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16
Procurement of medical supplies
Total expenses on medical supplies amounted to US$ 511 million in 2022,
representing a slight increase over 2021 (US$ 497 million). Of the total, US$ 401
million related to the procurement of medical supplies and US$ 110 million
related to donation in-kind supplies, which is more than double the amount
compared with 2021 (US$ 53 million). Of the purchases, 44% was related to
emergencies, down from 58% in 2021, mainly due to a lower demand for
COVID-19-related supplies in the Eastern Mediterranean Region. The polio
programme represented 26% of the total expenses (up from 24% in 2021),
mainly due to a greater number of vaccination campaigns in the African and
Eastern Mediterranean Regions. The reduction in the procurement of medical
supplies also resulted in lower inventory balances in 2022 compared with 2021.
Transfers and grants
Transfers and grants to counterparts of US$ 460 million represented 12% of
total expenses in 2022, an increase of US$ 50 million compared with 2021. Of the
total, 67% was disbursed in the African and Eastern Mediterranean Regions, up
from 60% in 2021. Transfers and grants almost doubled in the European Region
compared with 2021, mainly due to the crises in Ukraine and neighbouring
countries and emergency support operations in Türkiye.
Direct financial cooperation (DFC) agreements, at US$ 195 million, was the
largest component of transfers and grants at 43%, increasing by 40% compared
with 2021. The majority of this increase was in the African Region, as field
activities increased aer the easing of COVID-19-related restrictions.
Grant letters of agreement (GLOAs), at US$ 136 million, was the next largest
component in this category, contributing 30% of total transfers and grants.
These were mainly focused in the Eastern Mediterranean and European Regions
to support the emergency programmes in Afghanistan, Iraq and Türkiye. The
use of GLOAs in respect of emergencies in the European Region increased
fivefold compared with 2021.
Equipment procured for and transferred to third parties decreased to US$ 128
million in 2022, down from US$ 180 million in 2021. There was a reduction in
requests for WHO to procure and transfer medical equipment to third parties
due to the reopening of global procurement channels.
Travel
Travel costs totalled US$ 161 million in 2022, more than double the amount
of US$ 78 million in 2021 but significantly lower than the 2019 pre-COVID-19
pandemic level of US$ 222 million. Of the total travel costs, 58% was related to
non-sta and meeting participants.
Travel costs increased as countries reopened and lied travel restrictions
allowing in-person meetings. There was also a significant increase in travel
ticket prices due to inflation and increased energy costs.
The highest travel costs were incurred at headquarters and in the African
Region, representing 34% of the total.
WHO total expenses up by
US$ 130 million (3%).
Net assets
increased by
US$ 1613 million to
US$ 5020 million.
Sta-related
liabilities decreased
by US$ 1024 million.
17
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The financial position of the Organization is summarized in Table 1.
Net assets increased by US$ 1613 million to US$ 5020 million, mainly driven
by a sharp decrease of US$ 1024 million in sta-related liabilities (such as
aer-service health insurance and terminal benefit payments) as measured
by the independent actuarial valuation. The reduction of US$ 1021 million in
sta-related liabilities includes total actuarial gains of US$ 1032 million. Of this
total, US$ 19 million was charged to the Statement of Financial Performance,
and the remaining amount of US$ 1013 million was booked directly to net
assets. The reduction in the liabilities for aer-service benefits was driven by
a significant rise in the discount rate applied to the future liabilities due to the
increase in global long-term interest rates to their highest level in 20 years.
Table 1: Summarized financial position as at 31 December 2022.
Financial position
US$ millions 2022 2021 Change
Assets 7812 7214 598
Financial assets and
cash
5446 5015 431
Fixed assets 237 235 2
Receivables 1936 1671 265
Other assets 193 293 (100)
Liabilities 2792 3807 (1015)
Borrowing 123 173 (50)
Deferred
and advance
contributions
1063 973 90
Sta related 459 1480 (1021)
Inter-entity liabilities 852 798 54
Other liabilities 295 383 (88)
Net assets 5020 3407 1613
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18
Reserves
At 31 December 2022, WHO had total net assets of US$ 5020 million, as set out in
Table 2.
Table 2. WHO total net assets as at 31 December 2022.
US$ millions
General Fund (Programme
budget)
Earmarked for programmes 3660
Corporate reserves 747
Flexible 223
General Fund (Programme
budget)
4630
Member States (non-Programme
budget)
Earmarked in surplus 759
Earmarked in deficit
a
(432)
Total Member States 327
Fiduciary Funds 63
Total 5020
This positive development should be viewed in a long-term context, as any
future drop in interest rates would cause the valuation of these liabilities to
increase once more. To illustrate the sensitivity of the actuarial valuation
of these liabilities to the level of the discount rate, an increase of 1% in the
discount rate would reduce the valuation of the liabilities by US$ 287 million,
and a reduction of 1% in the discount rate would increase the valuation of the
liabilities by US$ 297 million.
Consequently, WHO continues with its existing strategic funding strategies to
fund the aer-service liabilities over the long term.
WHO total net assets =
US$ 5020 million.
a
Sta Health Insurance Fund, Building Loan Fund, Terminal Payments Fund and
Special Fund for Compensation.
Fig. 12. General Fund available balance for 2022–2023 (US$ millions).
19
A76/17
The General Fund available balance (Fig. 12) is mainly comprised of earmarked
funds for donor-specified programmes (79%), and US$ 223 million (5%) of
flexible funds.
Total earmarked reserves were US$ 3660 million, an increase of 11% from US$
3290 million in 2021. The proportion of reserves earmarked varies by budget
segment: 50% of the reserves were attributable to the base segment, and 48%
of the earmarked reserves were attributable to the emergencies and polio
programmes.
The proportion of funding (total expenses and reserves) also varies by budget
segment: the base segment was 72% funded while the emergencies and polio
programmes were fully funded for the approved Programme budget 2022-2023.
In addition, unearmarked flexible reserves that can be used for approved
programme budget activities increased from US$ 135 million (3.3% of the
General Fund) in 2021 to US$ 223 million (4.8% of the General Fund) in 2022.
1725
1112
483
57
1830
1436
320
74
1414
68
4968
1000
558
199
0 1000 2000 3000 4000 5000 6000
Base
Emergency
Polio
Special programmes
Expenses as at 31 December 2022
Reserves and funding as at 31 December 2022
Unfunded budget for 2023
Budget
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20
The Member States Fund, which is earmarked to pay for long-term employee
benefit liabilities, the Organization’s infrastructure and other miscellaneous
operational purposes, increased by US$ 1067 million to US$ 327 million in 2022,
compared with a negative balance of US$ 740 million in 2021. This huge increase
was due to the favourable actuarial valuation of the employee benefit liabilities.
The Fiduciary Funds are managed by WHO in a trustee capacity and cannot be
applied in respect of the Organization’s own programmes. Fiduciary Funds grew
by 1% in 2022 to stand at US$ 62.8 million.
Assets
Investments
WHO’s funds are co-mingled with those of the Sta Health Insurance (SHI) Fund,
UNAIDS, Unitaid and the United Nations International Computing Centre, and
are managed in accordance with the Organization’s investment policy. The
WHO Treasury works with international investment managers to ensure that the
credit quality, security and liquidity of WHO’s investments are maintained to the
highest standards so that the funds are available to finance the Organization’s
objectives.
In 2022, WHO’s short-term investments grew by US$ 353 million (8%), from
US$ 4563 million to US$ 4916 million. WHO continues to invest its funds
conservatively in short-term investments with a minimum A credit rating.
The funds are invested in a portfolio of internally managed short-term bank
deposits and in three portfolios of short-term fixed-income instruments (bonds)
managed by reputable international investment managers.
Exacerbated by fiscal and economic actions in response to global lockdowns
imposed as a result of the COVID 19 pandemic, and by the price and supply
shocks triggered by the conflict in Ukraine, inflation increased rapidly in 2022.
Central banks raised interest rates aggressively to address the rising inflation,
which caused the value of global bonds to drop sharply. As a result, 2022 was
the worst year for short-term fixed-income bond investments in at least 30
years, with the first annualized negative return being recorded for short-term
bonds since at least 30 years.
In this extremely diicult investment environment, WHO continued to monitor
and manage its short-term investments very conservatively. The short
duration of the WHO investment portfolios and the conservative profile of the
investments protected them from much of the drawdowns in market values
caused by the rapid rise in interest rates. The primary objective of capital
preservation was achieved for the short-term investments, which had a total
return of +0.50%.
As interest rates stabilized in the third quarter of 2022 and beyond, short-term
bond values recovered most of the earlier valuation drawdowns. The current
short-term yield of around 5% is expected to continue for the rest of 2023,
which will provide an improved investment environment in comparison with the
near-zero yields of the past decade.
Investments
Total investments and cash
US$ 5446 m
21
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Foreign exchange risk management
WHO manages foreign exchange hedging programmes to minimize the risk of
exchange rate movements, provide exchange rate stability over an extended
period, and delay the impact of significant exchange rate movements. In 2022,
the receivables hedging programme generated gains of US$ 26 million, which
oset the foreign exchange losses recorded on the non-US$ receivables. The
expenses hedging programme generated a net loss of US$ 29 million, which was
oset by the reduced US$ cost of the non-US$ expenses.
Financing employee liabilities
The assets held by WHO are required to settle future liabilities, the largest of
which relate to accrued sta benefits, such as Sta Health Insurance (SHI).
Sta Health Insurance
WHO manages a health insurance programme for active and retired sta, and
this programme carries a liability for future health costs payable calculated from
actuarial projections. WHO has a long-term financing and investment strategy
to manage the aer-service health insurance (ASHI) liability.
The funding of the liability increased sharply to 81% (2021: 51%) and the net
liability decreased by US$ 979 million to US$ 278 million in 2022, down from US$
1257 million in 2021 (Fig. 13), mainly due to the impact of favourable discount
rates, claims experience, cost-containment measures and demographic
changes. As mentioned above, the increase in the discount rate contributed US$
873 million towards the reduction in the liability.
As at 31 December 2022, the SHI portfolios of funds invested for WHO and
hosted entities by external investment managers totalled US$ 1318 million,
which was invested in long-term global bonds, equities and real estate funds,
generating a negative return of US$ 191 million (15.7%) during the year. These
investments and income are included in the SHI Financial Report, and the
long-term liability is included in the WHO Financial Report.
The year 2022 was the worst year since 1988 in terms of returns on long-term
balanced portfolios of bonds and equities, such as those of the SHI Fund, given
the challenging macroeconomic environment. The value of the SHI long-term
global bonds declined by 14.2% and the global equities investments also
declined by 19.6%. In contrast, the value of the investments in real estate funds
increased by 9.3%.
The unusually negative performance of the SHI investments in 2022 should be
viewed from a long-term perspective in the context of the generally positive
returns in recent years. The SHI investment portfolio is structured with a
long-term time horizon to match the long-term nature of its future expenses.
Annual investment market returns are variable, and years of higher and lower
performance are to be expected.
SHI investments =
US$ 1318 million.
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22
The increase in interest rates that caused much of the reduction in the values of
the investments also caused an increase in the discount rate, which is used to
estimate the value the future liabilities of the SHI Fund. As a result of the fall in
the valuation of the future liabilities, the funded ratio of the SHI Fund’s assets to
its long-term liabilities increased substantially from 51% in 2021 to 81% in 2022.
The remaining US$ 179 million of sta benefit liabilities relates to the Terminal
Payments Fund, the Accident and Illness Insurance and the Special Fund for
Compensation, against which US$ 127 million (71%) of funding is available. The
remaining unfunded element of these liabilities will be financed in the long term,
as noted above.
Fig 13. Sta Health Insurance (SHI) funding for 2018–2022 (US$ millions).
3000
2500
2000
1500
1000
500
0 30%
80%
130%
Funded ASHI obligation
Percentage funding
Unfunded ASHI obligation
1922
Dec 18 Dec 19 Dec 20 Dec 21 Dec 22
41%
47%
40%
51%
81%
1130
792
2031
1084
947
2880
1735
1145
2555
1257
1447
278
1169
1298
Dr Tedros Adhanom Ghebreyesus
Director-General
Geneva, 17 March 2023
23
A76/17
In 2022, the impact of the COVID-19 pandemic was increasingly contained,
but there were multiple other health crises and complex emergencies, along
with war, natural disasters and economic challenges which disrupted essential
health services and hampered the progress being made towards universal
health coverage.
During this diicult time, WHO continued its commitment to deliver the triple
billion targets, generously supported by its donor community. This was
reflected in the financial performance of the Organization, where the highest
ever levels of revenue and expenditure were achieved. In doing so, WHO
continued to expand its country focus, and a further strengthening of the
Organization’s country presence is promised for 2023.
In the current global environment, I have no doubt that the world needs WHO
now more than ever. The outlook for an increase in assessed contributions over
the next decade will bring flexibility and sustainability to WHO’s finances.
I recognize that this increased flexibility and sustainability requires an increase
in transparency, eiciency, compliance and accountability. I am fully committed
to implementing the Secretariat's implementation plan on reform, including the
changes made to the content of this report, and look forward to the support and
continued oversight of our governing bodies.
We all want a WHO that is agile, proactive and able to move quickly to respond
to global health threats. I thank you for your confidence and trust in the
Organization, and look forward with hope as WHO is provided with the latitude
and trust to carry out its mandate, and together we achieve our priorities and
plans.
Control and oversight
Conclusion
In its role as the custodian of Member States’ and donors’ contributions, WHO
maintains an eective internal control environment across the Organization. A
detailed statement of internal control is included in this report.
Good progress was made in 2022 in closing past open audit recommendations.
Out of a total of 87 open recommendations, 24 have been closed and a further
12 have been proposed for closure.
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24
2022 Statement of Internal Control
Scope of responsibility
As Director-General of the World Health Organization, I am accountable to the World Health Assembly for the
administration of the Organization and the implementation of its programmes. Under Financial Regulations I and XII,
I am accountable for maintaining a sound system of internal control, including internal audit and investigation, to
ensure the effective and efficient use of the Organization’s resources and the safeguarding of its assets. Pursuant to
Financial Regulation I, I have delegated authority and accountability to Regional Directors, Deputy Directors-General,
Assistant Directors-General, Executive Directors, Directors, WHO Heads of Country Offices and other relevant staff
members. Every individual in the Organization has, to varying degrees of responsibility, a role to play in internal
control.
Purpose of internal control
The system of Internal control is designed to manage risks to an acceptable level rather than to eliminate them. It
can therefore provide reasonable but not absolute assurance regarding the achievement of objectives relating to
effective and efficient operations, reliable reporting, compliance and safeguarding of assets. The system of internal
control is based on a process designed to identify, evaluate, prioritize and manage the risks to the Organization’s
objectives efficiently, effectively and economically.
Internal control is a key role of management and an integral part of the overall process of managing WHO’s activities.
As such, WHO’s management at all levels has the responsibility:
• to establish an environment and culture that promotes effective internal control;
• to identify and assess risks that may affect the achievement of objectives;
• to specify and implement policies, plans, operating standards, procedures, systems and other control
activities in order to manage the risks associated with any exposure identified;
• to ensure an effective flow of information and communication so that all WHO personnel have the
information they need to fulfil their responsibilities; and
• to monitor the effectiveness of internal control.
From an operational perspective, WHO’s internal control system operates continually at all levels of the Organization
through internal control processes to ensure the above objectives.
This statement of internal control applies for the year ended 31 December 2022, up to the date of the approval of
the Organization’s 2022 financial statements.
WHO’s operating environment
WHO operates in 148 countries, sometimes in very challenging environments. The expectations and context in which
WHO operates have shifted in recent years, with one of the strategic priorities of the Thirteenth General Programme
of Work, 2019–2025 being to tackle health emergencies. WHO is operating in a context of increased involvement in
emergency operations in conflicted and fragile environments. The demands towards standards of internal control
vary significantly among countries and expose WHO to situations with a high level of inherent risk, which leads to the
need to define differentiated risk profiles and approaches. All risks identified in WHO country offices, departments,
divisions and regions are captured in an online risk register, which is regularly reviewed by managers, with risks being
escalated to more senior levels for attention, as required.
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25
The Internal Control Framework and risk management
WHO’s Corporate Risk Management Policy embeds risk management in WHO’s strategic and operational planning
and budgeting cycles, as well as in the accountability and internal control frameworks. The key objective is to ensure
that all the risks inherent to the Organization’s activities are fully understood, and that appropriate strategies are
chosen to manage them. Well-grounded risk management and internal control policies, systems and processes help
to understand better the risks to which the Organization is exposed, to ensure that appropriate accountabilities and
controls are in place to address those risks, and effectively to carry out the Organization’s activities.
WHO country offices and departments have continued to identify and evaluate risks with the aid of WHO’s risk
management tool and to develop response plans to deal with them. At the global level, the risks that WHO faces in
achieving its strategy and mission are reflected in a corporate-level risk register (the “WHO Principal Risks”). An
annual report on the state of risk management, compliance and ethics is subsequently submitted to the Health
Assembly for consideration through the Executive Board.
As the Director-General of the Organization, I have the ultimate responsibility for assessing the risks associated with
the implementation of the General Programme of Work and WHO’s overall activities. I am assisted in this task by the
Regional Directors, senior management and the WHO Global Risk Management Committee. The Committee plays a
key role in ensuring that the most critical risks are identified and addressed in an efficient manner. Furthermore, I am
supported by the Office of Compliance, Risk Management and Ethics, which facilitates and guides the
Organization-wide risk management process. Finally, as highlighted in the WHO’s Corporate Risk Management Policy,
every WHO staff member has the responsibility to identify risks at his or her own level of work.
Review of the effectiveness of internal controls
My review of the effectiveness of WHO’s system of internal control is based on the following.
(a) An annual “letter of representation”. This is reviewed and signed by all Regional Directors, Deputy
Directors-General and Assistant Directors-General, and confirms the importance of ensuring that
adequate internal controls are in place, along with other assurances. All issues raised in the letter of
representation feed into the annual audit and financial statements.
(b) The internal control self-assessment checklist, which is completed and submitted by all WHO
country offices and departments. The checklist is used by each office manager (country office and
departments) to review all key controls and to rate compliance. The consolidated results for 2022 show
that overall, throughout the Secretariat internal controls have been self-assessed as robust. A total of
254 WHO country offices and departments across the Organization completed the exercise for 2022 as at
February 2023. Although the areas of risk management and monitoring remain the weakest, it is to be
noted that slight improvements are visible in the scores reported for these areas, reflecting the efforts
undertaken in the course of 2022. Further progress is expected with the implementation of the Enterprise
Risk Management strategy which should provide the Organization with sustainable improvements by
institutionalizing and strengthening risk management and assurance processes across its three levels. In
relation to inventory management and more broadly supply-chain management, the Organization is
investing in a new enterprise resource planning system and associated business process reviews in order
to streamline processes and related controls across the three levels.
(c) Reports issued by the Office of Internal Oversight. The reports of internal audits, conducted under
the 2022 audit workplan, provide objective information on compliance and control effectiveness, together
with recommendations for improvement. The major findings from these reports are summarized in the
Annual Report of the Internal Auditor to the Health Assembly. Individual audit reports are available for
review by Member States on request.
(d) Reports issued by the External Auditor. The external audit provides independent oversight and
reporting on WHO’s compliance with the Financial Regulations and Financial Rules. The external auditors
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26
submit their key findings, observations and recommendations to the governing bodies. The Comptroller
and Auditor General of India completed the following audits in 2022: the Regional Office for Europe and
the Republic of Moldova country office; the Global Service Centre; and the Business Management System
programme. For further information, please refer to the report of the External Auditor
(document A76/22).
(e) The work of the Independent Expert Oversight Advisory Committee. The Committee reviews all
audit reports, risk reports and financial reports, as well as other information relevant to the overall control
framework. The Committee's reports are submitted through the Programme, Budget and Administration
Committee to the Executive Board, which identifies areas for potential improvement and advises on how
to remedy weaknesses with regard to risk management, and financial and internal control matters.
Most-critical risk issues noted
The Office of Compliance, Risk Management and Ethics reviewed and consolidated findings based on updates to
the WHO country office or department risk registers in 2022, and presented the emerging risks to the WHO
Global Risk Management Committee. Some of the key risks currently facing the Organization are summarized in
Table 1.
Table 1. Summary of identified risks and examples of ongoing or planned responses
Risk
Examples of ongoing and planned risk response actions
Failure to adequately manage
multiple, simultaneous or
consecutive grade 3 emergencies
1. Finalize, disseminate and operationalize the Protracted Emergency Framework.
2. Negotiation of a legal instrument for emergency preparedness and response and
amendments to International Health Regulations (2005).
3. Establish emergency rosters for core functions of the Incident Management
System.
Unsustainable financing
1. Decision by the World Health Assembly gradually to increase Assessed
Contributions by 50%.
2. Implement the proposed actions in the Secretariat implementation plan for
reform and from the Agile Member States Task Group. Ongoing implementation
of the WHO global resource mobilization strategy to improve the flexibility and
predictability of voluntary contributions.
Sexual exploitation, abuse and
harassment or misconduct
1. Ongoing implementation of a three-year strategy in response to the report of the
Independent Commission on Allegations of Sexual Exploitation and Abuse during
the Response to the Tenth Ebola Outbreak.
2. Update the WHO policy on Whistleblowing and protection against retaliation and
the WHO’s Code of Ethics and Professional Conduct.
3. Establish full-time capacity for prevention of and response to sexual exploitation,
abuse and harassment at country and regional levels.
Inability to interrupt transmission
of wild poliovirus type 1 and
circulating vaccine-derived
poliovirus type 2 by the end of
2023
1. Assure transparency, accountability and oversight through regular reporting to
Member States at the World Health Assembly, Executive Board and regional
committees complemented by reporting to the Global Polio Eradication
Initiative’s Polio Oversight Board and Independent Monitoring Board and the
Global Certification Commission.
2. Strengthen the alignment of programme priorities with epidemiological findings,
resources available and capacity to implement while sharing costs of outbreak
response with affected countries in line with decision EB146(11) (2020) on polio
eradication.
3. Further strengthen surveillance at sub-national level, and increase speed of
detection, including specimen transport and expanding genetic sequencing.
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27
Risk
Examples of ongoing and planned risk response actions
Cybersecurity breach
1. Automation of exercise to sensitize staff to the risk posed by phishing and
introduction of training based on roles.
2. Monitor the implementation of the cybersecurity strategy and road map.
3. Integrate and automate with threat intelligence and vulnerability management.
Business services disruptions
(including security incidents)
1. Operationalize the Business Continuity Management Framework, in other words,
ensure that business continuity plans across all three levels comply with the
Framework.
2. Select and appoint a WHO Business Continuity Coordinator.
Strained human capacity and
increased mental health issues
1. Increase offer of quality counselling and mental health services to all staff
members.
2. Develop and implement a WHO workforce mental health strategy.
Fraud and corruption
1. Adopt a policy on prevention, detection and response to fraud and corruption.
2. Develop training and awareness campaigns to support the implementation of the
policy on prevention, detection and response to fraud and corruption.
3. Automate controls as part of the replacement of the Enterprise Resource
Planning system, where applicable.
Inability to measure impact
1. Establish the World Health Data Hub, bringing together all existing WHO data
assets, including the Global Health Observatory, the Triple Billion Dashboard, the
Health Equity Monitor, the WHO Mortality Database and more.
2. Continue efforts to improve methods to provide accurate and in-time estimates
of outcome indicators of crucial importance to WHO’s Thirteenth General
Programme of Work, 2019–2025.
Quality and excellence of WHO’s
normative work compromised
1. Introduce a Quality Support Panel as standardized quality assurance and
publication-clearance processes for normative and standard-setting products at
headquarters.
2. Develop the Organization-wide, cloud-based platform solution TULIP (Tracking,
Understanding, and Leveraging Information Products) to facilitate clearance,
alignment, and quality assurance of WHO products in compliance with
established procedures and with real-time tracking and reporting of progress for
transparency and accountability.
Failure to manage
misinformation and/or
disinformation campaigns
1. Develop and implement a communications strategy.
2. Improve media, social media activities real-time monitoring and registration of
risks concerning misinformation and disinformation against science.
3. Revise training update 2022 for officers working on risk communication and
community engagement.
Breach in data protection and
privacy
1. Develop and implement a Personal Data Protection Policy.
2. Establish data governance structures, standards, including Data Governance
Committee monitoring of policy compliance Resource allocation for
implementation, and capacity-building of staff in data-sharing policy.
3. Form a working group to consider aspects of sharing data or using tools with
private sector entities.
Each of the risks set out in Table 1 has been discussed by the WHO Global Risk Management Committee, as well as
with the relevant risk owners to ensure that appropriate action is taken to address these risks.
Statement
Internal control, even when operating effectively, has inherent limitations, including the possibility of circumvention,
no matter how well it is designed, and therefore can provide only reasonable assurance. Furthermore, because of
changes of conditions, the effectiveness of internal control may vary over time.
I am committed to addressing any weaknesses in internal controls that may be noted during the year and brought to
my attention.
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28
Based on the above, I conclude that, to the best of my knowledge and information, there are no material weaknesses
that would prevent the External Auditor from providing an unqualified opinion on the Organization’s financial
statements, nor are there other significant matters arising that would need to be raised in the present document for
the year ended 31 December 2022 and up to the date of approval of the financial statements.
Dr Tedros Adhanom Ghebreyesus
Director-General
Geneva, 17 March 2023
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29
Certification of financial statements for the year ended 31 December 2022
According to Financial Regulation XIII – Accounts and Financial Statements, the Financial Report for the World
Health Organization for 31 December 2022 has been prepared in compliance with the International Public Sector
Accounting Standards (IPSAS) and the Financial Regulations of the World Health Organization and its Financial
Rules. The financial statements for the year ended 31 December 2022, together with the notes to the statements
and supporting schedules, have been reviewed and are approved.
George Kyriacou Dr Tedros Adhanom Ghebreyesus
Comptroller and Director Finance Director-General
Geneva, 17 March 2023
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30
Opinion of the External Auditor
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Financial statements
World Health Organization
Statement I. Statement of Financial Position
As at 31 December 2022
(in US$ thousands)
Description
Notes
31 December 2022
31 December 2021
Current assets
Cash and cash equivalents
4.1
430 091
337 957
Short-term investments
4.2
4 916 482
4 562 887
Receivables – current
4.3
1 538 127
1 264 340
Staff receivables
4.4
16 049
12 971
Inventories
4.5
178 288
190 430
Prepayments and deposits
4.6
14 685
102 630
Total current assets
7 093 722
6 471 215
Non-current assets
Receivables – non-current
4.3
381 590
393 688
Long-term investments
4.2
99 767
114 511
Property, plant and equipment
4.7
230 978
230 020
Intangibles
4.8
6 231
4 932
Total non-current assets
718 566
743 151
TOTAL ASSETS
7 812 288
7 214 366
LIABILITIES
Current liabilities
Contributions received in advance
4.9
73 836
97 946
Accounts payable
4.10
68 694
114 168
Staff payable
4.11
1 926
2 088
Accrued staff benefits – current
4.12
91 583
91 982
Deferred revenue – current
4.13
606 081
481 447
Financial liabilities
4.2
68 948
35 595
Other liabilities – current
4.14
158 419
234 022
Inter-entity liabilities
4.15
852 092
797 531
Long-term borrowings – current
4.16
3 682
3 714
Total current liabilities
1 925 261
1 858 493
Non-current liabilities
Long-term borrowings – non-current
4.16
119 319
169 106
Accrued staff benefits – non-current
4.12
365 641
1 386 185
Deferred revenue – non-current
4.13
381 590
393 688
Other liabilities – non-current
4.14
199
Total non-current liabilities
866 749
1 948 979
TOTAL LIABILITIES
2 792 010
3 807 472
NET ASSETS/EQUITY
General Fund
6.1
4 630 457
4 084 915
Member States – other
6.2
326 995
(740 341)
Fiduciary funds
6.3
62 826
62 320
TOTAL NET ASSETS/EQUITY
5 020 278
3 406 894
TOTAL LIABILITIES AND NET ASSETS/EQUITY
7 812 288
7 214 366
The section on significant accounting policies and the accompanying notes form part of the financial statements.
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36
World Health Organization
Statement II. Statement of Financial Performance
For the year ended 31 December 2022
(in US$ thousands)
Description
Notes
31 December 2022
31 December 2021
REVENUE
5.1
Assessed contributions
495 893
549 293
Voluntary contributions
3 656 450
3 365 228
Voluntary contributions in-kind and in-service
146 271
93 123
Other revenue
55 000
58 671
Total revenue
4 353 614
4 066 315
EXPENSES
5.2
Staff costs
1 164 178
1 184 601
Medical supplies and materials
511 081
497 301
Contractual services
1 337 412
1 330 217
Transfers and grants
460 047
410 479
Travel
160 912
78 227
General operating expenses
192 977
185 788
Equipment, vehicles and furniture
6 973
18 966
Depreciation and amortization
14 093
12 896
Total expenses
3 847 673
3 718 475
Finance revenue
5.3
94 159
2 894
TOTAL SURPLUS/DEFICIT FOR THE YEAR
600 100
350 734
The section on significant accounting policies and the accompanying notes form part of the financial statements.
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37
World Health Organization
Statement III. Statement of Changes in Net Assets/Equity
For the year ended 31 December 2022
(in US$ thousands)
Description
Notes
31 December 2022
Other adjustments
(refer to Note 4.12)
Surplus/(deficit)
31 December 2021
General Fund
6.1
4 630 457
545 542
4 084 915
General Fund
4 599 457
545 542
4 053 915
General Fund – Reserves
31 000
31 000
Member States – other
6.2
326 995
1 013 284
54 052
(740 341)
Fiduciary Fund
6.3
62 826
506
62 320
TOTAL NET ASSETS/EQUITY
5 020 278
1 013 284
600 100
3 406 894
The section on significant accounting policies and the accompanying notes form part of the financial statements.
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38
World Health Organization
Statement IV. Statement of Cash Flow
For the year ended 31 December 2022
(in US$ thousands)
Description
31 December 2022
31 December 2021
CASH FLOWS FROM OPERATING ACTIVITIES
TOTAL DEFICIT/SURPLUS FOR THE YEAR
600 100
350 734
Depreciation and amortization
14 093
12 896
Investment revenue presented as investing activities
2 426
6 226
Unrealized (gains)/losses on revaluation of long-term borrowings
(46 327)
8 075
(Increase)/decrease in receivables – current
(273 787)
531
(Increase)/decrease in staff receivables
(3 078)
134
(Increase)/decrease in inventories
12 142
(46 109)
(Increase)/decrease in prepayments and deposits
87 945
9 167
(Increase)/decrease in receivables – non-current
12 098
66 377
Increase/(decrease) in contributions received in advance
(24 110)
1 450
Increase/(decrease) in accounts payable
(45 474)
68 508
Increase/(decrease) in staff payable
(162)
524
Increase/(decrease) in accrued staff benefits – current
(399)
7 200
Increase/(decrease) in deferred revenue – current
124 634
(73 546)
Increase/(decrease) in other liabilities – current
(75 603)
76 307
Increase/(decrease) in inter-entity liabilities
54 561
(148 694)
Increase/(decrease) in accrued staff benefits – non-current
(7 260)
(7 386)
Increase/(decrease) in deferred revenue – non-current
(12 098)
(66 377)
Increase/(decrease) in other liabilities – non-current
199
(248)
Net cash flows from operating activities
419 900
265 769
CASH FLOWS FROM INVESTING ACTIVITIES
Investment revenue presented as investing activities
(2 426)
(6 226)
(Increase)/decrease in short-term investments
(353 595)
(683 467)
(Increase)/decrease in long-term investments
14 744
22 191
Increase/(decrease) in financial liabilities
33 353
(148 260)
(Increase)/decrease in property, plant and equipment
(14 212)
(34 851)
(Increase)/decrease in intangibles
(2 138)
(2 352)
Net cash flows from investing activities
(324 274)
(852 965)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase/(decrease) in long-term borrowings – current
(32)
(134)
Increase/(decrease) in long-term borrowings – non-current
(3 460)
9 340
Net cash flows from financing activities
(3 492)
9 206
Net increase/(decrease) in cash and cash equivalents
92 134
(577 990)
Cash and cash equivalents at beginning of the year
337 957
915 947
Cash and cash equivalents at end of the year
430 091
337 957
The section on significant accounting policies and the accompanying notes form part of the financial statements.
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World Health Organization
Statement V. Statement of Comparison of Budget and Actual Amounts
For the year ended 31 December 2022
(in US$ thousands)
Description
Original
Programme
budget
2022–2023
Revised
Programme
budget
2022–2023
Expenses 2022
Total expenses
Difference – Programme
budget and expenses
Implementation (%)
Strategic priority
1 One billion more people benefitting from universal health coverage
1 839 879
1 929 559
748 750
748 750
1 180 809
39%
2 One billion more people better protected from health emergencies
845 926
1 250 543
335 036
335 036
915 507
27%
3 One billion more people enjoying better health and well-being
424 861
455 221
134 293
134 293
320 928
30%
4 More effective and efficient WHO providing better support to countries
1 253 357
1 333 098
506 487
506 487
826 611
38%
Polio eradication
558 300
558 300
482 595
482 595
75 705
86%
Special programmes
199 340
199 340
57 292
57 292
142 048
29%
Emergency operations and appeals
1 000 000
1 000 000
1 112 104
1 112 104
(112 104)
111%
Total
6 121 664
6 726 061
3 376 557
3 376 557
3 349 504
50%
Basis differences
Tax Equalization Fund expenses
(5 396)
(5 396)
Special arrangements
7 404
7 404
Other non-programme budget utilization
53 792
53 792
Total basis differences
55 800
55 800
Timing differences
Programme budget expenses for other periods
210 344
210 344
Total timing differences
210 344
210 344
Total expenses – General Fund
3 642 701
3 642 701
Entity differences
Expenses under Common Fund, Enterprise Fund, Special Purpose Fund, and
Fiduciary Fund
58 701
58 701
In-kind/in-service expenses
146 271
146 271
Total entity differences
204 972
204 972
Total expenses as per the Statement of Financial Performance (Statement II)
3 847 673
3 847 673
The section on significant accounting policies and the accompanying notes form part of the financial statements.
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1. Notes to the financial statements
Reporting Entity
The World Health Organization is an intergovernmental organization and a specialized agency of the United
Nations. WHO is politically neutral and its work is impartial. It seeks to conduct its work in a transparent manner
and is accountable to all its stakeholders. In accordance with its Constitution (which came into force on
7 April 1948), WHO acts as the directing and coordinating authority on international health work. The
Organization’s headquarters are located in Geneva, Switzerland, and six outposted offices. WHO also has six
regional offices and 148 country offices.
The Financial Regulations and Financial Rules of the World Health Organization
1
govern the financial
management of WHO. The financial statements include only the operations of WHO, which has no subsidiaries
or interests in associates or jointly controlled entities.
Non-consolidated entities
WHO provides administrative services to the following non-consolidated entities:
– Trust Fund for the Joint United Nations Programme on HIV/AIDS (UNAIDS)
– Unitaid
– International Agency for Research on Cancer (IARC)
– International Computing Centre (ICC)
– Staff Health Insurance (SHI)
These entities are governed by their own constitutions, byelaws and governance structures. They prepare their
own financial statements and undergo separate external audit and certification. WHO has the same voting rights
(except in Unitaid) as any other member or partner and transactions with these organizations are at arm’s length.
Assets and liabilities are owned by the respective organization; in the event of dissolution, the division of all
assets and liabilities amongst members and partner organizations shall be agreed by constitution, byelaws and
governance structure on the basis of a formula to be defined at that time.
Basis of preparation and presentation
The financial statements of the World Health Organization have been prepared on an accrual basis of accounting
in accordance with International Public Sector Accounting Standards (IPSAS) and the Financial Regulations and
Financial Rules of WHO. The financial year is from January to December. They have been prepared using the
historical cost convention. Investments and loans, however, are recorded at fair value or amortized cost. Where
a specific matter is not covered by IPSAS, the appropriate International Financial Reporting Standards (IFRS) have
been applied.
These financial statements have been prepared on the basis that WHO is a going concern and will meet its
mandate for the foreseeable future (IPSAS 1 – Presentation of Financial Statements).
Functional currency and translation of foreign currencies
These financial statements and notes are presented in United States dollars and all values are rounded to the
nearest thousand, also denoted as US$ thousands (US$ 000s) unless otherwise stated.
1
See document WHA66/2013/REC/1, resolution WHA66.3.
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Foreign currency transactions are translated into United States dollars at the prevailing United Nations
Operational Rates of Exchange, which approximates to the exchange rates at the date of the transactions. The
United Nations Operational Rates of Exchange are set once a month, and revised mid-month if there are
significant exchange rate fluctuations relating to individual currencies.
Assets and liabilities in currencies other than United States dollars are translated into United States dollars at the
prevailing United Nations Operational Rates of Exchange year-end closing rate. The resulting gains or losses are
accounted for in the Statement of Financial Performance.
The non-United States dollar denominated assets and liabilities in the investment portfolios are translated into
United States dollars at the month-end closing rate used by the custodian.
Materiality and the use of judgments and estimates
Materiality
1
is central to WHO’s financial statements. The Organization’s process for reviewing accounting
materiality provides a systematic approach to the identification, analysis, evaluation, endorsement and periodic
review of decisions taken involving the materiality of information, spanning a number of accounting areas. The
financial statements include amounts based on judgments, estimates and assumptions by management. Changes
in estimates are reflected in the period in which they become known.
Significant estimates and assumptions that may result in material adjustments in future years include: actuarial
measurement of employee benefits; selection of useful lives and the depreciation/amortization method for
property, plant and equipment/intangible assets; impairment of assets; classification of financial instruments;
valuation of investment assets; revenue recognition; and contingent assets and liabilities.
Financial statements
In accordance with IPSAS 1 (Presentation of Financial Statements), a complete set of financial statements has
been prepared as follows:
• Statement of Financial Position;
• Statement of Financial Performance;
• Statement of Changes in Net Assets/Equity;
• Statement of Cash Flow;
• Statement of Comparison of Budget and Actual Amounts; and
• Notes to the financial statements, comprising a description of the basis of preparation and presentation of
the statements, a summary of significant accounting policies, and other relevant information.
1
Omissions or misstatements of items are material if they could, individually or collectively, influence the decisions or assessments
of users made on the basis of the financial statements.
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Future accounting changes
The IPSAS Board has published the following new and amended standards:
Standard
Title
Effective date
Anticipated impact in year of adoption
IPSAS 44
Non-current Assets Held
for Sale and Discontinued
Operations
1 January 2025
This standard was developed to align with IFRS 5, Non-current
Assets Held for Sale and Discontinued Operations, and specifies the
accounting for assets held for sale, and presentation and
disclosure of discontinued operations. WHO does not foresee a
significant impact on the consolidated financial statements
resulting from this standard.
IPSAS 43
Leases
1 January 2025
Supersedes IPSAS 13 (Leases) and introduces the right-of-use
model for lessees. On the basis of the right-of-use model, once the
new standard has been adopted and the expiration of the validity
of any transitional provisions has expired, most leases will be
required to be capitalized, resulting in an increase in the amount
of capitalized assets and the recording of related lease liabilities.
The impact on annual financial performance is expected to be
broadly neutral as depreciation of leased assets and interest costs
on the related lease liabilities will replace the currently recorded
lease expenses. The impact of IPSAS 43 on the financial statements
of WHO upon adoption, including the impact of consequential
amendments to other standards, is currently being assessed.
IPSAS 42
Social Benefits
1 January 2023
This standard defines social benefits as cash transfers to
individuals to mitigate the effect of social risks and address the
needs of society as a whole, and provides guidance for their
accounting. This standard will have no impact on the WHO
financial statements.
IPSAS 41
Financial Instruments (and
subsequent amendment)
1 January 2023
This standard will replace the existing IPSAS 29 (Financial
Instruments) and sets out new requirements for recognition and
measurement of financial instruments, including impairment,
derecognition and general hedge accounting. WHO does not
foresee a significant impact on the consolidated financial
statements resulting from this standard.
WHO continues to assess the impact of the above standards on future financial statements in advance of their
effective date.
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Furthermore, the IPSAS Board has issued Exposure Drafts (EDs), of which the following may have an impact on
future WHO financial statements:
ED
Title
Issue date
Anticipated impact in year of adoption
ED 70
Revenue with performance
obligations
February 2020
ED 70 is expected to replace IPSAS 9 (Revenue from exchange
transactions); ED 71 would replace IPSAS 23 (Revenue from non-
exchange transactions (taxes and transfers)); and ED 72 is a draft
of a new standard. WHO provided to the IPSAS Board its
comments on EDs 70 and 71. Should these EDs result in the
issuance of new IPSAS standards that are substantially equivalent
in scope and content to the relevant EDs, they are likely to affect
the WHO financial statements significantly. The key impact of
ED 71 is that for all earmarked contributions, revenue recognition
will be deferred until WHO meets its obligations. Under the
current IPSAS 23, WHO recognizes voluntary contributions
revenue upon signature of the relevant contribution agreement.
The impact of EDs 70 and 72 is currently being assessed. It is
expected that the three EDs will become published IPSAS
standards by the end of 2023. The new standards resulting from
these EDs are not expected to be mandatory before 2025. WHO
expects that there will be sufficient time for implementation once
the standards have been approved and that such implementation
will require additional resources.
ED 71
Revenue without
performance obligations
ED 72
Transfer expenses
ED 78
Property, Plant and
Equipment
April 2021
ED 78 proposes additional general measurement guidance and
options when accounting for assets within its scope,
characteristics to identify heritage and infrastructure assets, and
additional guidance on how heritage and infrastructure assets
should be recognized and measured. WHO anticipates a possible
impact regarding heritage assets and will continue to monitor
developments in this area.
WHO monitors the development of the EDs and actively engages with the work of the IPSAS Board through the
United Nations System Task Force on Accounting Standards, noting that their application may have an impact on
WHO’s future financial statements.
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2. Significant accounting policies
2.1 Cash and cash equivalents
Cash and cash equivalents are held at nominal value and comprise cash on hand, cash at banks, collateral
deposits, commercial paper, money market funds and short-term bills and notes. All investments that have a
maturity of three months or less from the date of acquisition are included as cash and cash equivalents. This
includes cash and cash equivalents held in the portfolios managed by external investment managers.
2.2 Investments and financial instruments
Financial instruments are recognized from the trade date when WHO becomes a party to the contractual
provisions of the instrument until the rights to receive cash flows from those assets have expired or have been
transferred and the Organization has transferred substantially all the risks and rewards of ownership.
Investments are classified as being: (i) financial assets or financial liabilities at fair value through surplus or deficit;
(ii) held-to-maturity; or (iii) bank deposits and other receivables. Examples of WHO financial assets in each
category are presented in the table below:
IPSAS classification
Type of WHO financial asset
Fair value through surplus or deficit
Fixed-income securities and derivative
instruments
Held-to-maturity
None
Bank deposits and other receivables
Term deposits, accrued interest and other
receivables in relation to the financial
instruments
Financial assets or financial liabilities at fair value through surplus or deficit are financial instruments that meet
either of the following conditions: (i) they are held-for-trading; or (ii) they are designated by the entity upon
initial recognition at fair value through surplus or deficit.
Financial instruments in this category are measured at fair value and any gains or losses arising from changes in
the fair value are accounted for through surplus or deficit and included within the Statement of Financial
Performance in the period in which they arise. All derivative instruments, such as swaps, currency forward
contracts or options are classified as held-for-trading except for designated and effective hedging instruments as
defined under IPSAS 29 (Financial Instruments: Recognition and Measurement). Financial assets in the externally
managed portfolios designated upon initial recognition as at fair value through surplus or deficit are classified as
current assets or non-current assets according to the time horizon of the investment objectives of each portfolio.
If the time horizon is less than or equal to one year, they are classified as current assets, and if it is more than
one year, they are classified as non-current assets. Due to the large number of individual securities within each
portfolio, at any given time there may be a minority of securities with a maturity profile that is different from the
time horizon of the objectives of that portfolio.
Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed
maturity dates which WHO has both the intention and the ability to hold to maturity. Held-to-maturity
investments are stated at amortized cost using the effective interest rate method, with interest revenue being
recognized on an effective yield basis in the Statement of Financial Performance. As at 31 December 2022, no
held-to maturity investments were held by the Organization.
Bank deposits and other receivables are non-derivative financial assets with fixed or determinable payments
that are not quoted in an active market. Accrued revenue related to interest, dividends and pending cash to be
received from investments are included herein. Bank deposits and other receivables are stated at amortized cost
calculated using the effective interest rate method, less any impairments. Interest revenue is recognized on the
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effective interest rate basis, with the exception of short-term receivables for which the recognition of interest
would be immaterial.
All categories of financial assets are assessed at each reporting date to determine whether there is objective
evidence that an investment or group of investments is impaired. Evidence of impairment includes default or
delinquency of the counterparty or permanent reduction in the value of the asset. Impairment losses are
recognized in surplus or deficit in the Statement of Financial Performance (directly or through the use of an
allowance account) in the year they arise.
Other financial liabilities include payables and accruals relating to investments and are recognized initially at fair
value and subsequently measured at amortized cost using the effective interest rate method, with the exception
of short-term liabilities for which the recognition of interest would be immaterial.
Financial assets are derecognized when the rights to receive cash flows have expired or have been transferred
and the Organization has transferred substantially all risks and rewards of the financial asset.
2.3 Receivables
Receivables are non-derivative financial assets with fixed or determinable payments that are not traded in an
active market. Current receivables are for amounts due within 12 months of the reporting date, while
non-current receivables are those that are due more than 12 months from the reporting date of the financial
statements.
Voluntary contributions receivables are recognized based on the payment terms specified in a binding agreement
between WHO and the contributor. Where no payment terms are specified, the full amount receivable is
recognized as currently due. Assessed contributions receivable are recognized annually, at the beginning of the
year as per the assessments approved by the Health Assembly. Receivables are recorded at their estimated net
realizable value and not discounted as the effect of discounting is considered immaterial.
An allowance for doubtful accounts is recognized when there is a risk that the receivables may be impaired.
Changes in the allowance for doubtful accounts are recognized in the Statement of Financial Performance
(Statement II).
In accordance with WHO’s Staff Regulations and Staff Rules, staff members are entitled to certain advances
including those for salary, education and rent. The advances have an initial maturity of less than 12 months, and
the carrying amount approximates fair value.
2.4 Inventories
WHO recognizes medicines, vaccines, humanitarian supplies, and publications as part of its inventory. Inventories
are valued taking the lower amount of (i) cost or (ii) net realizable value, using a weighted-average basis. A stock
count is conducted once every year. Packaging, freight and insurance charges are allocated based on the total
value of inventory purchases and added to the inventory value at a rate of 10%.
Where inventories have been acquired through a non-exchange transaction (i.e. inventories were donated as an
in-kind contribution), the value of inventory is determined by reference to the donated goods’ fair value at the
date of acquisition.
When inventories are sold, exchanged or distributed, their carrying amount is recognized as an expense.
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2.5 Prepayments and deposits
Prepayments relate to amounts paid to suppliers for goods or services not yet received. Deposits relate to
amounts paid as security for the leasing of office space and to the utilities suppliers. Deposits and prepayments
are recorded at cost.
2.6 Property, plant and equipment
Property, plant and equipment are stated at historical cost, less accumulated depreciation and any impairment
losses. Property, plant and equipment with a value of US$ 5000 and greater are recognized as non-current assets
in the Statement of Financial Position. Property, plant and equipment acquired through a non-exchange
transaction are recognized at fair value at the date of acquisition. WHO considers all assets of this type to be
non-cash generating. Historical cost comprises the purchase price, any costs directly attributable to bringing the
asset to its location and condition and the initial estimate of dismantling and site restoration costs. Packaging,
freight and insurance charges are allocated at a rate of 10% of the purchase price and added to the asset value
for non-local purchases. Assets that are purchased by WHO for third parties that are not controlled by WHO are
expensed as incurred.
Right-to-use arrangements for property (land) are not recognized in the Statement of Financial Position but are
instead disclosed in Note 4.7. Office space contributed in-kind is recognized in the Statement of Financial
Performance in Note 5.1.
Depreciation is calculated on a straight-line basis over the asset’s useful life except for land, which is not subject
to depreciation. Property, plant and equipment are reviewed annually for impairment. Given the expected
pattern of usage of property, plant and equipment, there are no residual values following full depreciation.
Constructions in progress (CIP) are not depreciated, as they are not yet available for use. The depreciation start
date depends on the date placed in service. When equipment is placed in service between the 1st and the 15th
of the month, a full month of depreciation is recognized for that month and when equipment is placed in service
from the 16th of the month, depreciation is recognized from the following month.
The value of heritage assets, including donated works of art, is not recognized as an asset in the Statement of
Financial Position.
The estimated useful lives of the asset classes that make up property, plant and equipment are provided in the
table below.
Asset class
Estimated useful life (in years)
Land
N/A
Buildings – permanent
60
Buildings – temporary
5
Furniture, fixtures and fittings
5
Vehicles and transport
5
Office equipment
3
Communications equipment
3
Audio visual equipment
3
Computer equipment
3
Network equipment
3
Security equipment
3
Other equipment
3
CIP
No depreciation
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A gain or loss resulting from the disposal of property, plant and equipment arises where proceeds from disposal
differ from their carrying amount. Those gains or losses are recognized in surplus or deficit in the Statement of
Financial Performance.
Improvements are capitalized when the improvement results in an increase in the useful life of the asset or adds
usable space. The residual value of the asset and the cost of the improvement will be amortized over the adjusted
useful life (remaining life). Normal repair and maintenance costs are expensed in the year when the costs are
incurred.
2.7 Intangibles
Intangible assets are stated at historical cost less accumulated amortization and any impairment losses. The
threshold for recognition of intangible assets is US$ 100 000. Intangible assets acquired through a non-exchange
transaction are recognized at fair value at the date of acquisition. Amortization is determined over the estimated
useful life of the assets using the straight-line method of amortization. WHO’s intangible assets are assumed to
have a residual value of zero, as intangible assets are not sold or transferred at the end of their useful life.
Intangible assets are reviewed annually for impairment.
Cloud-based software is used on a subscription basis and is not controlled by the Organization. Costs incurred to
configure or customize cloud-based software as a service (SaaS) are recognized as operating expenses when the
services are received. Non-cancellable subscription fees are expensed at the time of invoicing.
The estimated useful life of software acquired externally is between two and six years.
2.8 Leases
A lease is an agreement whereby the lessor conveys to the lessee (the Organization), in return for a payment or
series of payments, the right to use an asset for an agreed period of time. Every lease is reviewed to determine
whether it constitutes a finance or operating lease. Necessary accounting entries are done accordingly and
disclosures are made for the leases above the recognition threshold of US$ 50 000 per year.
Lease agreements entered into for equipment or office premises are classified as operating leases unless they
substantially transfer all of the risk and reward of ownership. Lease charges for operating leases are recognized
in the Statement of Financial Performance as general operating expenses, based on the terms of the agreements
for the period concerned so as to reflect the time pattern of benefit to WHO.
Where WHO is the lessor, lease revenue from operating leases is recognized as revenue on a straight-line basis
over the lease term. All costs associated with the asset incurred in earning the lease revenue, including
depreciation, are recognized as an expense.
2.9 Contributions received in advance and deferred revenue
Contributions received in advance arise from legally binding agreements between WHO and its
contributors ‒ including governments, international organizations and private and public institutions ‒ whereby
contributions are received in advance of the amounts concerned falling due to the Organization.
Deferred revenue derives from legally binding agreements between WHO and its contributors, including
governments, international organizations and private and public institutions. Deferred revenue is recognized
when:
• a contractual agreement is confirmed in writing by both the Organization and the contributor; and
• the funds are earmarked and due in a future period.
Deferred revenue also includes advances from exchange transactions (refer to Note 2.15).
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Deferred revenue is presented as current if the revenue is due within one year, and non-current if the revenue
is due one year or more after the reporting date.
2.10 Accounts payable and accrued liabilities
Accounts payable are financial liabilities for goods or services that have been received by WHO and invoiced but
not yet paid for.
Accrued liabilities are financial liabilities for goods or services that have been received by WHO and which have
neither been paid for nor invoiced to WHO.
Accounts payable and accrued liabilities are recognized at cost, as the effect of discounting is considered
immaterial.
2.11 Employee benefits
WHO recognizes the following categories of employee benefits:
• short-term employee benefits;
• post-employment benefits;
• other long-term employee benefits; and
• termination benefits.
Short-term employee benefits
Short-term employee benefits are those that are expected to be settled within 12 months after the end of the
year in which employees render the related service. These benefits include assignment benefits, compensated
absences (e.g. paid leave, such as annual leave), other short-term benefits and the current portion of long-term
benefits provided to current employees. An expense is recognized when a staff member provides services in
exchange for employee benefits. A liability is reported for any entitlement that has not been settled at the
reporting date and represents the amount paid or expected to be paid to settle the liability. Owing to the short-
term nature of those entitlements, the liabilities are not discounted for the time value of money and are
presented as current liabilities.
Post-employment benefits
Post-employment benefits include pension plans, post-employment medical care, repatriation grants and other
lump sums payable after the completion of employment. Post-employment benefit plans are classified as either
defined contribution or defined benefit plans.
Defined contribution plans
For defined contribution post-employment plans, the obligation for each year is determined by the amounts to
be contributed for that year, and no actuarial assumptions are required to measure the obligation or the expense.
WHO is a member organization participating in the United Nations Joint Staff Pension Fund (the Fund), which
was established by the United Nations General Assembly to provide retirement, death, disability and related
benefits to employees. The Fund is a funded, multi-employer defined benefit plan. As specified by Article 3(b) of
the Regulations of the Fund, membership in the Fund shall be open to the specialized agencies and to any other
international, intergovernmental organization that participates in the common system of salaries, allowances
and other conditions of service of the United Nations and the specialized agencies.
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The plan exposes participating organizations to actuarial risks associated with participation of current and former
employees of other organizations in the Fund, with the result that there is no consistent and reliable basis for
allocating the obligation, plan assets, and costs to individual organizations participating in the plan. WHO and
the Fund, in line with the other participating organizations in the Fund, are not in a position to identify WHO’s
proportionate share of the defined benefit obligation, the plan assets and the costs associated with the plan with
sufficient reliability for accounting purposes. WHO has therefore treated it as a defined contribution plan in line
with the requirements of IPSAS 39 (Employee Benefits). WHO’s contributions to the Fund during the financial
period are recognized as expenses in the Statement of Financial Performance (Statement II).
Defined benefit plans
The defined benefit plans of WHO include after-service health insurance and the Special Fund for Compensation.
The obligation of WHO in respect of defined benefit plans is calculated separately for each plan by estimating
the amount of future benefit that employees have earned in return for their service in the current and prior
periods. That obligation is discounted to determine its present value and stated at the end of the reporting year
less the fair value of plan assets, together with adjustments for unrecognized past service costs. The calculation
is performed annually by a qualified independent actuary using the projected unit credit method.
The discount rate is the yield at the reporting date on high-quality credit-rated corporate bonds that have
maturity dates approximating the terms of the payment obligations. Actuarial gains and losses arising from
experience adjustments and changes in actuarial assumptions are recognized directly in net assets/equity in the
year in which they arise. All other changes in the liability for those obligations are recognized as surplus or deficit
in the Statement of Financial Performance in the year in which they arise.
Other long-term employee benefits
Other long-term employee benefit obligations are benefits, or portions of benefits, that are not due to be settled
within 12 months after the end of the year in which employees provide the related service. Those benefits include
the terminal emoluments of staff members and Accident and Illness Insurance. These are measured at the
present value of the estimated future cash flows if the payments and the impact of discounting are considered
to be material. Actuarial gains and losses are reported in the Statement of Financial Performance.
Termination benefits
Termination benefits are recognized as an expense only when WHO is demonstrably committed, without realistic
possibility of withdrawal, to a formal detailed plan to either terminate the employment of a staff member before
the normal retirement date or to provide termination benefits as a result of an offer made in order to encourage
voluntary redundancy. Termination benefits settled within 12 months are reported at the amount expected to
be paid, and the accounting requirements for short-term benefits applied.
2.12 Inter-entity liabilities
Inter-entity liabilities are cash balance held by WHO on behalf of hosted entities (refer to Notes 4.2 and 4.15).
2.13 Provisions, contingent liabilities and commitments
Provisions
Provisions are recognized for future liabilities and charges where WHO has a present legal or constructive
obligation as a result of past events, and it is probable that the Organization will be required to settle the
obligation.
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Contingent liabilities
A contingent liability is disclosed unless the possibility that it will be realized is remote. If it becomes probable
that a contingent liability will be realized, a provision is recognized in the year in which the change of probability
occurs.
Commitments
Commitments are future expenses and liabilities to be incurred on contracts entered into at the reporting date
for which WHO has minimal discretion, if any, to avoid in the ordinary course of operations. Commitments
relating to employment contracts are excluded. Commitments are disclosed and include:
• Capital commitments: aggregate amount of capital expenses contracted for but not recognized as paid or
provided for at year end;
• Contracts for the supply of goods or services that WHO expects to be delivered in the ordinary course of
operations;
• Non-cancellable minimum lease payments;
• Other non-cancellable commitments.
2.14 Contingent assets
Contingent assets will be disclosed when an event gives rise to a probable inflow of economic benefits or service
potential and there is sufficient information to assess the probability of the inflow of economic benefits or service
potential.
2.15 Revenue
Revenue comprises gross inflows of economic benefits or service potential received and receivable by WHO
during the year and represents an increase in net assets/equity. The Organization recognizes revenue following
the established criteria of IPSAS 1 (Presentation of Financial Statements), IPSAS 9 (Revenue from Exchange
Transactions) and IPSAS 23 (Revenue from Non-Exchange Transactions).
The main sources of revenue for WHO include but are not limited to:
Non-exchange revenue
– Assessed contributions. Revenue from contributions from Member States and Associate Members is
recorded annually at the beginning of the year as per the assessments approved by the Health Assembly.
– Voluntary contributions. Revenue from voluntary contributions is recorded when a binding agreement is
signed by WHO and the contributor. Where (i) there are so-called ‘subject to clauses’ in an agreement, or
(ii) the total amount is indicative or not mentioned in the agreement and only confirmed upon release of
the funds, WHO does not control the resource and does not record the revenue and amount receivable
until the cash is received. Where there are no payment terms specified by the contributor or payment
terms are in the current accounting year, revenue is recognized in the current period. Where payment
terms specify payment after the year end, the amount is reported as a deferred revenue liability. Where
the start date of the contract is after 31 December, revenue is recognized in the future accounting year.
– Contributions in-kind and in-service. Contributions in-kind and in-service are recorded at an amount equal
to their fair market value as determined at the time of acquisition, based on an agreement between WHO
and the contributor and upon confirmation from the receiving budget centre of the receipt of the goods
or services. An entry corresponding to the expense is recorded in the same period that the contributions
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in-kind and in-service are recorded as revenue. In-kind contributions from right-to-use arrangements are
recognized as revenue and expenses at the fair value of the right-to-use assets.
Revenue from assessed contributions is shown net of impairment of receivables. Revenue from voluntary
contributions is shown net of impairment of receivables and refunds.
Exchange revenue
– Reimbursable procurement, concessions, revolving sales and other exchange revenue. Revenue from
reimbursable procurement on behalf of Member States, revenue from the sale of goods or services and
fees charged to manufacturers for prequalification services is recorded on an accrual basis at the fair value
of the consideration received or receivable when it is probable that the future economic benefits and/or
service potential will flow to WHO and those benefits can be measured reliably. The corresponding expense
is recognized in the same year as the revenue.
2.16 Expenses
Expenses are defined as decreases in economic benefits or service potential during the reporting period in the
form of outflows, consumption of assets, or incurrences of liabilities that result in decreases in net assets/equity.
WHO recognizes expenses at the point where goods have been received or services rendered (delivery principle)
and accepted by WHO and not when cash or its equivalent is paid.
2.17 Fund accounting
Fund accounting is a method of segregating resources into categories (i.e. funds) to identify both the source and
the use of the funds. Establishing such funds helps to ensure better reporting of revenue and expenses. The
General Fund, the Special Purpose Fund, the Enterprise Fund and the Fiduciary Fund serve to ensure the proper
segregation of revenue and expenses. Any transfers between funds that would result in duplication of revenue
and/or expenses are eliminated during consolidation. Intra-fund transfers such as programme support costs
within the General Fund are also eliminated.
General Fund
The accounts contained under this fund support the implementation of the programme budget. The General
Fund contains the following:
– Assessed Contributions Fund. This fund consolidates revenue and expenses arising from assessed
contributions from Member States and other miscellaneous income.
– Tax Equalization Fund. In accordance with resolution WHA21.10 (1968), in which the Health Assembly
decided to establish the Tax Equalization Fund, the assessed contributions of all Member States are
reduced by the revenue generated by the staff assessment plan. In determining the reduction of assessed
contributions to be applied to the Member States concerned, the Tax Equalization Fund is credited with
the revenue from the staff assessment plan, the credits being recorded in the name of individual Member
States, in proportion to their assessments for the biennium. For those Member States that levy income tax
on emoluments received from the Organization by their nationals or others liable to such taxes, the credit
from the staff assessment plan is charged with the estimated amount to be levied by those Member States.
Those amounts which have been charged are, in turn, used by the Organization to reimburse income tax
paid by the staff concerned, as per resolution WHA21.10.
– Working Capital Fund. The Fund was established to implement the programme budget pending receipt of
assessed contributions in arrears. In accordance with Financial Regulation VII, implementation of that part
of the budget financed from assessed contributions may be financed from the Working Capital Fund and
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thereafter by internal borrowing against available cash reserves of WHO, excluding trust funds. Amounts
borrowed are repaid from the collection of arrears of assessed contributions and are credited first against
any internal borrowing and then against any borrowing from the Working Capital Fund. In accordance with
resolution WHA74.3 (2021), the level of the Working Capital Fund has been set at US$ 31 million for
2022–2023, as set out in Note 6.1.a.
– Voluntary funds. This fund consolidates revenue and expenses arising from the following funds:
‒ Core voluntary contributions account
‒ Voluntary Contributions Core Fund
‒ Voluntary Contributions Specified Fund
‒ Contingency Fund for Emergencies. This fund was established by the Health Assembly through
decision WHA68(10) (2015). The purpose of the fund is to provide temporary financing for
emergency field operations
‒ Special Programme for Research and Training in Tropical Diseases (TDR Trust Fund)
‒ Special Programme of Research, Development and Research Training in Human Reproduction (HRP
Trust Fund)
‒ Special Programmes and Collaborative Arrangements Fund
‒ Programme Support Costs Fund
‒ Outbreak and Crisis Response Fund and Contingency Fund for Emergencies
‒ Fee for Services Fund. This fund was established to record and report fees charged to manufacturers
for prequalification services to assess the quality, safety and efficacy of medical produces (vaccines,
medicines or diagnostics)
‒ Supply Chain Fund. This fund was established to manage the supply chain operation initiative as a
part of the response to the coronavirus disease (COVID-19) pandemic. It is used to record and report
stockpile sales to external parties.
Member States – other
The following accounts are contained in Member States – other:
– Common Fund. This fund reflects the movement in the asset and liability accounts of the Organization
resulting from changes in items such as inventory, fixed assets adjustment, CIP adjustment, depreciation,
investment gains and losses, and exchange gains and losses.
– Enterprise Fund. This fund contains accounts that generate self-sustaining revenue. The revenue and
expenses under this fund are not included in the reporting of the programme budget but are included in
the Consolidated Financial Statements of the Organization. The Enterprise Fund contains the following:
‒ Accident and Illness Insurance Fund. This fund was established as a self-insurance mechanism to
provide coverage for staff members in case of accident and illness.
‒ Other Enterprise Funds. These funds are used to manage non-programme budget activities with a
self-financing mechanism.
‒ Special Purpose Fund. The accounts contained under this fund represent transfers from the General Fund
or appropriations by the Health Assembly. The revenue and expenses under this fund are not included in
the reporting of the programme budget but are included in the Consolidated Financial Statements of the
Organization. The Special Purpose Fund contains the following:
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‒ Infrastructure Fund. This fund was established by the Seventieth World Health Assembly through
decision WHA70(16) (2017) to consolidate reporting for the Real Estate Fund and Information
Technology Fund.
‒ Staff Health Insurance Fund. This fund was established to record and report net liability of the
Organization. It is financed by way of a charge on salary cost of staff members and contributions
from retirees.
‒ Special Fund for Compensation. This fund was established by the Director-General for the payment
of periodic benefits awarded to staff members under WHO compensation rules for service-incurred
injuries, illnesses and deaths. It is financed by funds allocated to cover the cost of employing the
staff member, and by way of any interest earned.
‒ Terminal Payments Fund. This fund was established to finance the terminal emoluments of staff
members, including repatriation grant, accrued annual leave, repatriation travel and removal on
repatriation. It is financed by way of a charge on salary cost of staff members and any interest
earned.
‒ Other Special Purpose Funds. These are internal administrative funds established to pay for certain
staff benefits and operational activities.
Fiduciary Fund
This fund accounts for assets that are held by WHO in a trustee or agent capacity for others and that cannot be
used to support the Organization’s own programmes. The fund includes the assets of the partnerships that are
administered by the Organization and whose budgets are not approved by the Health Assembly. The fund did
not contribute to the Programme budget 2022–2023, and at 31 December 2022 contained the following:
‒ Alliance for Health Policy and System Research Fund
‒ European Observatory on Health Systems and Policies
‒ Expanded Special Project for Elimination of Neglected Tropical Diseases (ESPEN) Fund
‒ Partnership for Maternal, Newborn and Child Health Fund
‒ Staff Association Fund
‒ WHO Framework Convention on Tobacco Control (FCTC)
2.18 Segment reporting
For the purposes of evaluating its past performance in achieving its objectives and utilization of resources, WHO
classifies all its activities based on its regional structure. Revenue, expenses, assets and liabilities are reported
for each major office (region). The use of major offices is in line with the decision-making practices of the Member
States and the Secretariat, with respect to the allocation of resources. WHO’s programme budget is presented
by major office, which supports using major offices as the segments. Furthermore, the accountability for results
and management of assets and liabilities lies with the heads of each regional office.
2.19 Statement of Cash Flow
The Statement of Cash Flow (Statement IV) is prepared using the indirect method.
2.20 Budget comparison
WHO’s budget and accounting basis differ. Budgets within the Organization are approved on a modified cash
basis rather than the full accrual basis of IPSAS. In addition, budgets are prepared on a biennial basis.
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Although WHO’s financial statements cover all the activities of the Organization, budgets are approved by the
World Health Assembly only for the General Fund. There are no approved budgets for other funds. All funds are
administered in accordance with the Financial Regulations and Financial Rules. For these reasons, the total actual
General Fund budget expenditure differs from the total financial accounting expenses.
As required under IPSAS 24 (Presentation of Budget Information in Financial Statements), the actual amounts
presented on a comparable basis to the budget shall, where the financial statements and the budget are not
prepared on a comparable basis, be reconciled to the actual amounts presented in the financial statements,
identifying separately any basis, timing, presentation and entity differences, as detailed in Note 7.
There may also be differences in formats and classification schemes adopted for the presentation of financial
statements and the budget.
Through the adoption of resolution WHA74.3 (2021), the Seventy-fourth World Health Assembly approved the
Programme budget 2022‒2023. The Programme budget 2022–2023 was revised by the Seventy-fifth World
Health Assembly through the adoption of resolution WHA75.5 (2022). The Statement of Comparison of Budget
and Actual Amounts (Statement V) compares the final budget to actual amounts calculated on the same basis as
the corresponding budgetary amounts. As the basis used to prepare the budget and financial statements differ,
Note 7 reconciles the actual amounts presented in Statement V to the actual amounts presented in the
Statement of Cash Flow (Statement IV).
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3. Note on the restatement/reclassification of balances
For the 2022 financial statements, there is no information to provide under this note.
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4. Supporting information to the Statement of Financial Position
4.1 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, cash at banks, investments in money market funds, collateral
deposits, bank deposits, and short-term highly liquid investments with original maturity dates of three months
or less from the date of acquisition.
Cash and cash equivalents are held for the purpose of meeting the short-term cash requirements of the
Organization, rather than for longer-term investment purposes. They are held on behalf of the Organization,
including the General Fund, the Special Purpose Fund, the Enterprise Fund, the Fiduciary Fund and non-WHO
entities administered by the Organization. The figures include cash and cash equivalents held in the portfolios
managed by external investment managers. Cash and cash equivalents are shown by major office in Note 8.1.
Description
31 December 2022
31 December 2021
US$ thousands
Cash at banks, investment accounts, in transit and on hand
84 464
121 272
Cash and cash equivalents held by investment portfolios
345 627
216 685
Total cash and cash equivalents
430 091
337 957
4.2 Investments and financial instruments
Details of the accounting policies for investments and financial instruments are provided in Note 2.2.
The Organization maintains an internally managed portfolio of bank term deposits, four investment portfolios of
identified financial instruments managed by external investment managers consisting principally of fixed-income
investments, one investment in an externally managed short-term money market fund and one investment in an
externally managed long-term fixed-income fund.
Investments are made in accordance with the approved investment policy and in consultation with the WHO
Advisory Investment Committee, and the performance of the investment portfolios is evaluated on a fair value
basis.
WHO’s funds are invested with the following objectives:
‒ Preservation of capital. The goal of capital preservation is of paramount importance and is the
principal objective of the investment policy;
‒ Maintenance of sufficient liquidity to meet all payments of liabilities on time; and
‒ Optimization of income return, commensurate with the above requirements on preservation of
capital and liquidity.
The quality, security and liquidity of the investments are always given priority over the rate of return on the
investments.
WHO has integrated high standards of environmental, social and governance (ESG) investment principles in its
investment mandates. Companies which derive more than 5% of their income from the following sectors were
excluded from investment:
‒ tobacco
‒ armaments
‒ fossil fuel reserves and extraction
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‒ alcohol
‒ gambling
‒ adult entertainment
WHO’s cash and investments are co-mingled with those of the Staff Health Insurance (SHI) Fund, UNAIDS, Unitaid
and the United Nations International Computing Centre (refer to Note 4.15). WHO’s investments include term
deposits which are managed by the WHO Treasury directly, and bonds and other short-term fixed-income and
money market investments which are managed by high-quality approved international investment managers.
The total amounts invested on behalf of other entities are as follows:
Description
31 December 2022
31 December 2021
US$ thousands
Staff Health Insurance (SHI)
99 235
113 537
International Computing Centre (ICC)
37 508
42 313
International Drug Purchase Facility (Unitaid)
550 541
465 565
Trust Fund for the Joint United Nations Programme on HIV/AIDS (UNAIDS)
164 808
176 116
Total inter-entity liabilities
852 092
797 531
Applying the relative proportions of cash and cash equivalents, short-term investments and financial liabilities of
the total figures to the inter-entity balances for the hosted entities, the investments figures for each hosted
entity can be presented as follows:
Description
WHO
SHI
ICC
Unitaid
UNAIDS
Total
US$ thousands
Cash and cash equivalents
360 651
8 087
3 057
44 865
13 431
430 091
Short-term investments
4 122 700
92 444
34 941
512 868
153 530
4 916 483
Financial liabilities
(57 817)
(1 296)
(490)
(7 192)
(2 153)
(68 948)
Total
4 425 534
99 235
37 508
550 541
164 808
5 277 626
An analysis of the Organization’s investments is provided in the following table.
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Investments and financial instruments (in US$ thousands)
Description
Internally
managed funds
Externally managed funds
Foreign
exchange
hedging
contracts
Grand total
as of
31 December
2022
Grand total
as of
31 December
2021
Time deposits
and cash
Short-term
portfolio A
Short-term
portfolio B
Short-term
portfolio C
Short-term
portfolio D
Long-term
portfolio
Total
Investments under current Assets
Cash and cash equivalent held by investment
portfolio
196 650
4 023
15 831
16 871
112 251
1
148 977
345 627
216 685
Short-term investments
Financial assets at fair value through
surplus or deficit – held for trading
17 931
15 464
6
4 470
19 940
10 823
48 694
33 256
Financial assets at fair value through
surplus or deficit – upon initial recognition
998 978
154 232
705 708
935 051
2 793 969
2 793 969
2 878 559
Bank deposits and other receivables
2 029 955
10 750
25 458
3 669
3 987
43 864
2 073 819
1 651 072
Total short-term investments
2 047 886
1 025 192
179 690
709 383
943 508
2 857 773
10 823
4 916 482
4 562 887
Total investments under current assets
2 244 536
1 029 215
195 521
726 254
1 055 759
1
3 006 750
10 823
5 262 109
4 779 572
Investments under non-current assets
Long-term Investments
Financial assets at fair value through
surplus or deficit – upon initial recognition
99 767
99 767
99 767
114 511
Total long-term assets
99 767
99 767
99 767
114 511
Total investments under non-current assets
99 767
99 767
99 767
114 511
Financial liabilities under current liabilities
Financial liabilities at fair value through
surplus or deficit for trading
(15 846)
(7 361)
(611)
(7 972)
(8 942)
(32 760)
(12 548)
Payables and accruals
(550)
(25 867)
(9 771)
(36 188)
(36 188)
(23 047)
Total financial liabilities
(15 846)
(7 911)
(25 867)
(10 382)
(44 160)
(8 942)
(68 948)
(35 595)
Total financial liabilities under current liabilities
(15 846)
(7 911)
(25 867)
(10 382)
(44 160)
(8 942)
(68 948)
(35 595)
Total investments – net
2 228 690
1 021 304
169 654
726 254
1 045 377
99 768
3 062 357
1 881
5 292 928
4 858 488
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Short-term investments
Short-term investments relating to funds held to finance the implementation of health programmes are invested
in cash and high-quality short-term government, agency and corporate bonds and time deposits as defined in
the approved investment policy. Investments included within “financial assets at fair value through surplus or
deficit” include fixed-income securities and derivative instruments held to cover projected liabilities and any
unexpected cash requirements. Financial assets in the externally managed portfolios designated upon initial
recognition as at fair value through surplus or deficit are classified as short-term investments where the
investment time horizon objective of these portfolios is less than or equal to one year. For short-term tactical
investment reasons, the external managers of these portfolios may from time to time decide to lengthen
temporarily the average duration of these portfolios to slightly longer than one year. This will not change the
short-term classification of these financial assets unless the investment time horizon objective of the portfolio
and the duration of its benchmark have been changed to more than one year. Other receivables include accrued
revenue on investments and receivables from investments that were sold before 31 December 2022 and settled
after that date.
Description
31 December 2022
31 December 2021
Financial assets at fair value through surplus or deficit ‒ held-for-trading
48 694
33 256
Financial assets at fair value through surplus or deficit ‒ upon initial
recognition
2 793 969
2 878 559
Bank deposits and other receivables
2 073 819
1 651 072
Total short-term investments
4 916 482
4 562 887
Time deposits
Time deposits include hedged time deposits in currencies other than United States dollars which can yield greater
interest earnings when forward currency exchange rates are favourable. The currency exchange rate risk of these
time deposits is fully hedged using forward foreign exchange contracts.
Description
31 December 2022
31 December 2021
Time deposits in US dollars
1 400 000
1 350 000
Time deposits in non-US dollars
608 138
285 248
Total time deposits
2 008 138
1 635 248
Long-term investments
Long-term investments for the Terminal Payments Fund are placed in line with the approved investment policy
and are invested in high-quality, medium-dated and long-dated, government, agency and corporate bonds. The
financial assets at fair value through surplus or deficit upon initial recognition in the Terminal Payments Fund
investment portfolio are classified as long-term investments in accordance with the investment time horizon
objective of the portfolio and the duration of its benchmark, which are both greater than one year. The majority
of these investments are invested in an externally managed global bond fund.
Description
31 December 2022
31 December 2021
Financial assets at fair value through surplus or deficit ‒ upon initial recognition
99 767
114 511
Total long-term investments
99 767
114 511
Financial liabilities
Financial liabilities disclosed under “financial liabilities at fair value through surplus or deficit ‒ held-for-trading”
arise from derivative transactions such as foreign exchange forward contracts and interest rate swaps, including:
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• derivative contracts transacted by the portfolio managers to adjust the currency and the interest rate
exposures and positions of the portfolios; and
• forward foreign exchange contracts transacted by WHO to hedge the foreign exchange risk of future
expenditure.
Financial liabilities disclosed under “payables and accruals” relate to other financial liabilities from investments,
including assets purchased before 31 December 2022 and settled after that date.
Description
31 December 2022
31 December 2021
Financial liabilities at fair value through surplus or deficit ‒ held-for-trading
32 760
12 548
Payables and accruals
36 188
23 047
Total financial liabilities
68 948
35 595
The fair value hierarchy
The fair value hierarchy represents the categorization of market pricing to indicate the relative ease with which
the value of investments held by WHO can be realized.
The majority of the financial instruments held by WHO have quoted prices in active markets which are classified
as Level 1. Derivative instruments which are transacted over the counter are classified as Level 2 because their
fair value is observable ‒ either directly as a price, or indirectly after being derived from prices. The instruments
shown under the Level 2 fair value measurement category consist of foreign currency hedging forward contracts
and derivative contracts in the externally managed portfolios.
Description
Level 1
Level 2
Total
US$ thousands
Cash and cash equivalents
144 246
144 246
Short-term investments
Financial assets at fair value through surplus or deficit – held-for-trading
227
33 830
34 057
Financial assets at fair value through surplus or deficit – upon initial recognition
2 793 970
2 793 970
Total short-term investments
2 794 197
33 830
2 828 027
Long-term investments
Financial assets at fair value through surplus or deficit – upon initial recognition
99 767
99 767
Financial liabilities
Financial liabilities at fair value through surplus or deficit – held-for-trading
(32 757)
(32 757)
Total
3 038 210
1 073
3 039 283
Risk management
WHO is exposed to financial risks including credit risk, interest rate risk, foreign exchange risk and investment
price risk. The Organization uses derivative financial instruments to hedge some of its risk exposures. In
accordance with WHO’s Financial Regulations and Financial Rules, funds not required for immediate use may be
invested. All investments are carried out within the framework of the investment policy approved by the
Director-General. Some portfolios are managed by external managers appointed by the Organization to manage
funds in accordance with a defined mandate. The Advisory Investment Committee reviews regularly the
investment policies, the investment performance and the investment risk for each investment portfolio. The
Committee is composed of external investment specialists who can make investment recommendations to the
Director-General.
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Nature of financial instruments
Investments are categorized as follows.
Investments with short-term maturities. These investments are invested in cash and high-quality short-dated
government, agency and corporate bonds as defined in the approved investment policy.
Investments with long-term maturities. These investments comprise funds managed for the Terminal Payments
Fund as defined in the approved investment policy. They are invested in high-quality medium-dated and
long-dated, government, agency and corporate bonds and an externally managed global bond index fund.
Credit risk
WHO’s investments are widely diversified in order to limit its credit risk exposure to any individual investment
counterparty. Investments are placed with a wide range of counterparties using minimum credit quality limits
and maximum exposure limits by counterparty established in investment mandates. These limits are applied
both to the portfolios managed internally by the Organization’s Treasury Unit, and to the portfolios managed by
external investment managers. The Treasury Unit monitors the total exposure to counterparties across all
internally and externally managed portfolios.
The credit risk and liquidity risk for cash and cash equivalents are minimized by investing only in major financial
institutions which have been designated with strong investment grade credit ratings by primary credit rating
agencies. The Treasury Unit regularly reviews the credit ratings of the approved financial counterparties and
takes prompt action whenever a credit rating is downgraded. The investments with long-term credit ratings are
summarized as follows.
Minimum rating category
Total asset value
US$ thousands
AAA
399 247
AA+
818 726
AA
84 386
AA-
256 340
A+
127 881
A
143 641
A-
249 711
Not rated
958 990
Total
3 038 922
Where the investments and securities are not rated for creditworthiness by the major credit ratings agencies (for
example, fixed-income securities issued by sovereigns, collateralized mortgage obligations issued by sovereign-
backed agencies and investment funds), the Treasury Unit ensures that the deposits and securities and the
constituent securities in the investment funds are issued by issuers whose credit ratings are equal to or better
than the single A minimum credit rating requirement for WHO investments as set out in the investment
guidelines for the external portfolio managers which are agreed with the Advisory Investment Committee, and
the investment grade minimum credit rating requirement for investments for the Terminal Payments Fund,
which is also agreed with the Advisory Investment Committee.
Interest rate risk
WHO is exposed to interest rate risk through its short-term and long-term fixed-income investments. The metric
investment duration is a measure of sensitivity to changes in market interest rates, and the effective average
duration of the Organization’s investments as at 31 December 2022 was 0.7 years for short-term investments
(excluding the bank deposits) and 6.7 years for long-term investments. An increase of 1% in the interest rate
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would cause a decrease of 0.7% in the value of the short-term investments (excluding bank deposits) and a
decrease of 6.7% in the value of the long-term investments. The interest rates on short-term bank deposits are
fixed at the time of investment; their values are not affected by any subsequent movement in interest rates.
Fixed-income derivative instruments may be used by external investment managers to manage interest rate risk
under strict investment guidelines. Interest rate instruments of this type are used for portfolio duration
management and for strategic interest rate curve positioning.
The interest rate swaps held in the WHO portfolios as at 31 December 2022 are summarized below.
Currency/
Notional amount (in thousands)
(US$ equivalent
in thousands)
Pay/Receive
Maturity
US dollars
27 900
27 900
Pay floating 1 month/Receive floating 3 months
January 2023
Subtotal
27 900
The net outstanding interest rate and bond futures contracts are summarized below.
Long positions
Products
Exchange
a
No. of contracts
3-month Secured Overnight Financing Rate (SOFR) JUN 2023
CME
1635
Short positions
Products
Exchange
a
No. of contracts
3-month SOFR JUN 2024
CME
529
US 5-year T-Note MAR 2023
CME
965
US 2-year T-Note MAR 2023
CME
617
a
CME refers to Chicago Mercantile Exchange Board.
Foreign exchange currency risk
The base currency for WHO’s accounting and budgeting is the United States dollar. However, a significant
proportion of WHO’s income and expenditure is in currencies other than the United States dollar. The
Organization is consequently exposed to foreign exchange currency risk arising from fluctuations in currency
exchange rates.
WHO uses several foreign exchange hedging techniques and programmes to minimize the risk of exchange rate
movements. In addition, 50% of assessed contributions are calculated in Swiss francs to mitigate the currency
risk of headquarters expenditure in Swiss francs.
1
The goal of the foreign exchange hedging programmes is to provide a period of certainty for future exchange
rates, delay the impact of significant exchange rate movements and provide time for budgets to be adjusted for
those movements.
Exchange rate gains and losses on the purchase and sale of currencies, revaluation of cash and bank book
balances, and all other exchange differences are adjusted against the funds and accounts eligible to receive
interest under the interest apportionment programme. The translation of transactions expressed in other
1
See resolution WHA66.16 (2013).
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currencies into the United States dollar is performed at the United Nations Operational Rates of Exchange
prevailing at the date of transaction. Assets and liabilities that are denominated in foreign currencies are
translated at the United Nations Operational Rates of Exchange year-end closing rate. Forward foreign exchange
contracts are transacted to hedge foreign currency exposures and to manage short-term cash flows. Realized
and unrealized gains and losses resulting from the settlement and revaluation of foreign currency transactions
are recognized in the Statement of Financial Performance (Statement II).
Hedging foreign exchange exposures on future payroll costs: The United States dollar value of non-United States
dollar expenditure in 2023 has been protected from the impact of movements in foreign exchange rates through
the transaction of forward currency contracts during 2022. As at 31 December 2022, these forward foreign
currency exchange hedging contracts by currency are summarized as follows.
Currency forward bought
(in thousands)
Net amount sold
(US$ thousands)
Net unrealized gain/(loss)
(US$ thousands)
Swiss franc
243 100
261 936
6 006
Euro
132 000
141 326
1 241
Egyptian pound
324 200
14 053
(2 698)
Indian rupee
1 920 000
23 460
(558)
Malaysian ringgit
44 400
10 092
143
Philippine peso
852 000
14 994
118
Total
465 861
4 252
There was a net unrealized gain on these contracts of US$ 4.3 million as at 31 December 2022 (unrealized loss of
US$ 4.9 million as at 31 December 2021). Realized gains or losses on these contracts will be recorded on maturity
of the contracts and applied during 2023.
Hedging foreign exchange exposures on receivables and payables: Currency exchange risk arises as a result of
differences in the exchange rates at which foreign currency receivables or payables are recorded, and the
exchange rates at which the cash receipt or payment is subsequently recorded. A monthly programme of
currency hedging is in place to protect against this foreign currency risk. On a monthly basis, the exposures in
respect of receivables are netted by currency and each significant foreign currency exposure is sold forward using
a forward foreign exchange contract equal and opposite to the net currency exposure. There is no significant
foreign exchange exposure on accounts payable because supplier invoices are recorded and paid within a very
short period of time.
These exposures are re-balanced at each month-end to coincide with the setting of the monthly United Nations
Operational Rates of Exchange. Through this process, the exchange gains or losses realized on the forward foreign
currency contracts match the corresponding unrealized exchange losses and gains on the movements in net
receivables. As at 31 December 2022, the total forward foreign currency exchange hedging contracts by currency
were as follows.
Currency forward sold
(in thousands)
Currency forward bought
(US$ thousands)
Net unrealized gain/(loss)
(US$ thousands)
Australian dollar
719
487
( 2)
Canadian dollar
44 400
32 765
(10)
Swiss franc
1 610
1 752
4
Euro
442 647
472 661
(2 283)
Pound sterling
50 328
60 822
235
Norwegian kroner
378 759
38 434
(193)
Swedish kroner
221 500
21 256
(123)
Total
628 177
(2 372)
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There was a net unrealized loss on these contracts of US$ 2.4 million as at 31 December 2022 (unrealized net
loss of US$ 0.8 million as at 31 December 2021). Realized gains or losses on these contracts will be recorded on
the maturity of the contracts and applied during 2023.
The above table does not include data for hedging contracts that are transacted by WHO on behalf of other
entities, which are reported in their separate financial statements.
Forward foreign exchange contracts for hedged time deposits in currencies other than United States dollars:
Forward foreign exchange contracts are used to hedge the foreign currency risk of deposits in currencies other
than United States dollars, as shown in the table below:
Currency forward bought (in thousands)
Net amount sold
(US$ thousands)
Net unrealized gain/(loss)
(US$ thousands)
Euro
333 308
362 044
3 401
Pound sterling
98 631
123 725
4 759
Japanese yen
7 198 638
51 231
(5 411)
Norwegian kroner
1 231 787
125 397
(661)
Total
662 397
2 088
Forward foreign exchange contracts to manage operational cash flows: Forward foreign exchange contracts are
also used to manage short-term cash flows of foreign currency balances to minimize foreign currency transaction
risk. At 31 December 2022, a total net amount of 12.1 million Swiss francs were forward bought against the
United States dollar. The maturity dates of these forward foreign exchange contracts were in January 2023. Net
unrealized losses on these contracts amounted to US$ 4 thousand as at 31 December 2022 (unrealized losses of
US$ 0.8 million as at 31 December 2021).
Sensitivity of forward foreign exchange contracts to movements in the relative value of the United States
dollar: A 1% appreciation in the relative value of the United States dollar against the forward foreign exchange
hedging contracts detailed above would result in an increase in the net unrealized gain of US$ 9.5 million. A
1% depreciation in the relative value of the United States dollar would result in an increase in the net unrealized
loss of US$ 9.7 million.
Forward and spot foreign exchange contracts and other derivative financial instruments are held within the
externally managed investment portfolios: In accordance with the investment guidelines set up for each
externally managed portfolio, the external investment managers use forward and spot foreign exchange
contracts, futures contracts and interest rate swap contracts to manage the currency and interest rate risk of
groups of securities within each portfolio. The net values of these instruments as at 31 December 2022, as
evaluated by the Organization’s investment custodian, are recorded by portfolio under “financial assets/liabilities
at fair value through surplus or deficit – held-for-trading”. On a monthly basis, the exposures in respect of
receivables and accounts payable are netted by currency and each significant net foreign currency exposure is
bought or sold forward against the United States dollar using a forward foreign exchange contract equal and
opposite to the net currency exposure. The outstanding forward and spot foreign exchange contracts are
summarized hereafter.
Net sold amount
against US dollar
(in thousands)
US dollar equivalent
(in thousands)
Australian dollar
60 119
40 246
Canadian dollar
203 495
155 020
Pound sterling
23 875
28 292
Japanese yen
21 933 054
160 785
Total
384 343
A 1% appreciation in the relative value of the United States dollar against the above-mentioned forward foreign
exchange hedging contracts would result in an increase in the unrealized gain of US$ 3.8 million. A 1%
depreciation in the relative value of the United States dollar would result in an increase in the unrealized loss of
US$ 3.9 million.
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4.3 Receivables
As at 31 December 2022, total receivables (current and non-current) amounted to US$ 1920 million
(US$ 1658 million as at 31 December 2021). The receivable balance includes outstanding amounts for both
assessed and voluntary contributions. Receivables are split between current and non-current based on the
payment terms of when the amounts become due.
Description
31 December 2022
31 December 2021
US$ thousands
Accounts receivable – current
Assessed contributions receivable
a
130 226
201 662
Voluntary contributions receivable
b
1 426 499
1 090 283
Other receivables
22 575
24 364
Allowance for doubtful accounts receivable
(41 173)
(51 969)
Total accounts receivable – current
1 538 127
1 264 340
Accounts receivable – non-current
Outstanding rescheduled assessments receivable
a
18 997
11 473
Voluntary contributions receivable
b
381 590
393 688
Allowance for doubtful accounts receivable
(18 997)
(11 473)
Total accounts receivable – non-current
381 590
393 688
Total accounts receivable
1 919 717
1 658 028
a
See document A76/21 for details of the status of collection of assessed contributions.
b
See document A76/INF./4 for details of voluntary contributions receivable.
The ageing of current assessed contributions and voluntary contributions receivable is as follows:
Description
31 December 2022
31 December 2021
US$ thousands
Assessed contributions receivable (current)
2023
7 321
2022
90 488
5 684
2021
27 541
162 009
2020
4 238
28 749
2019 and earlier
1 260
7 065
Revaluation gains/(losses)
(622)
(1 845)
Gross assessed contributions (current)
130 226
201 662
Voluntary contributions receivable (current)
2023
602 692
2022
661 787
474 456
2021
137 884
523 142
2020
12 122
48 871
2019 and earlier
28 518
57 970
Revaluation gains/(losses)
(16 504)
(14 156)
Gross voluntary contributions (current)
1 426 499
1 090 283
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The movement in current assessed contributions receivable during the reporting period is summarized below.
Document A76/21 provides further details on the status of collection of assessed contributions.
Description
2021 and prior
2022
Rescheduled
Total
US$ thousands
Assessed contributions receivable
Opening balance as at 1 January 2022
195 978
17 157
213 135
Assessment
481 406
481 406
Collections
(154 427)
(388 969)
(1 299)
(544 696)
Revaluations
(431)
(191)
–
(622)
Amounts rescheduled based on WHA resolutions
a
(8 584)
(1 877)
10 461
–
Closing balance as at 31 December 2022
32 536
90 369
26 319
149 223
Presented as:
Accounts receivable (current)
32 536
90 369
7 321
130 226
Accounts receivable (non-current)
18 997
18 997
a
See resolutions WHA75.1 and WHA75.2 (2022).
Current voluntary contributions receivable include the following segments:
Description
31 December 2022
31 December 2021
US$ thousands
Base
736 149
571 514
Emergency
446 665
315 327
Polio
196 104
142 035
Other
47 581
61 407
Gross voluntary contributions (current)
1 426 499
1 090 283
Other receivables are comprised primarily of amounts receivable from PAHO and sales tax receivable.
Allowance for doubtful accounts receivable
As at 31 December 2022, the total allowance for doubtful accounts receivable was US$ 60.2 million
(US$ 63.4 million as at 31 December 2021). This figure comprises an allowance of US$ 47.3 million for assessed
contributions, an allowance of US$ 7.0 million for voluntary contributions and an allowance of US$ 5.9 million
for other receivables.
The allowance for assessed contributions receivable – current includes: (i) all amounts receivable from
prior years; (ii) rescheduled assessments currently due; and (iii) amounts due for the current year from Member
States in arrears to an extent that would justify invoking Article 7 of the Constitution, less any
subsequent payments received before the preparation of the financial statements. The allowance for assessed
contributions – non-current includes all non-current rescheduled assessments.
The allowance for voluntary contributions receivable is based on a detailed review of all amounts receivable
more than one year overdue and a review of amounts less than one year overdue where there is evidence that
the amount is unlikely to be received.
The allowance for other receivables is based on a detailed review of all amounts receivable more than two years
overdue where the collection is in doubt.
With certain contributors, WHO signs agreements that may span many years of implementation. These
agreements do not state the payment terms for the transfer of instalments; instead, they are reimbursed based
on the quarterly expenses incurred. WHO records the full amount of revenue in the financial year in which the
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agreement is signed and recognizes the full receivable as currently due. As at 31 December 2022, the total
receivable shown as currently due under this arrangement was US$ 478.3 million, of which US$ 27.8 million was
due on agreements ending in 2024 and beyond (US$ 337.2 million outstanding as currently due at 31 December
2021, of which US$ 51.3 million outstanding was due on agreements ending in 2023 and beyond). From the total
receivable, US$ 93.0 million relates to quarterly expenses incurred as of 31 December 2022 and the remaining
balance of US$ 385.3 million relates to work planned in future.
The movement in the allowance for doubtful debts is as follows.
The allowance for doubtful other accounts receivable relates to sales tax receivable from the governments of the
following countries:
Description
31 December 2022
US$ thousands
India
1 127
Mozambique
551
Lebanon
456
Papua New Guinea
404
United Republic of Tanzania
400
Zimbabwe
355
Palestine
273
Sudan
267
South Africa
248
Morocco
223
Others
1 591
Total allowance for doubtful accounts receivable – other
5 895
4.4 Staff receivables
The total balance of staff receivables amounted to US$ 16 million as at 31 December 2022 (US$ 13.0 million as
at 31 December 2021). The largest balance relates to education grant, which represents advances made to staff
for the 2022 portion of the 2022–2023 school year.
Description
31 December 2022
31 December 2021
US$ thousands
Assessed
contributions
Voluntary
contributions
Other
receivables
Total
Assessed
contributions
Voluntary
contributions
Other
receivables
Total
Opening balance as
at 1 January
61 808
1 634
–
63 442
83 569
1 323
–
84 892
Write-off of accounts
receivable previously
provided
–
–
–
–
–
–
–
–
(Decrease)/increase
in allowance for
doubtful accounts
receivable (refer to
Note 5.1)
(14 488)
5 321
5 895
(3 272)
(21 761)
311
–
(21 450)
Ending balance as at
31 December
47 320
6 955
5 895
60 170
61 808
1 634
–
63 442
Of which:
–
 
Allowance – current
28 323
6 955
5 895
41 173
50 335
1 634
–
51 969
Allowance – non-
current
18 997
–
–
18 997
11 473
–
–
11 473
Total allowance for
doubtful accounts
receivable
47 320
6 955
5 895
60 170
61 808
1 634
–
63 442
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Description
31 December 2022
31 December 2021
US$ thousands
Salary advances
1 120
637
Education grant advances
13 445
12 380
Rental advances
1 168
1 097
Travel receivables
316
(1 143)
Total staff receivables
16 049
12 971
4.5 Inventories
The total value of inventory as at 31 December 2022 was US$ 178.3 million (US$ 190.4 million as at
31 December 2021). The movement of inventory items during the year is shown in the table below:
Description
31 December
2021
Net additions
Net shipments
Net disposals and
expired items
Net inventory
in-transit
31 December
2022
US$ thousands
Medicines, vaccines and
humanitarian supplies
184 260
206 076
(224 526)
(4 068)
9 720
171 462
Publications
6 170
1 299
(542)
(101)
6 826
Total inventory
190 430
207 375
(225 068)
(4 169)
9 720
178 288
Total expenses relating to inventories during the period (net shipments, net disposals and expired items)
amounted to US$ 229.2 million (US$ 277.8 million during the year ended 31 December 2021). The expenses
relating to inventories are reported in the Statement of Financial Performance (Statement II) under “Medical
supplies and materials”.
4.6 Prepayments and deposits
The total value of prepayments as at 31 December 2022 was US$ 14.7 million (US$ 102.6 million as at
31 December 2021). These represent payments to suppliers in advance of the receipt of goods or services. The
largest component of prepayments (US$ 6.8 million) relates to procurement of polio vaccine through the United
Nations Children’s Fund. It is common practice for technical service contractors to request payments in advance
to support project work. When goods or services are delivered, prepayments are applied to the appropriate
expense account.
Prepayments include US$ 3.3 million of deposits (US$ 3.7 million as at 31 December 2021). Deposits represent
amounts given to landlords as a security to rent office space.
4.7 Property, plant and equipment
As at 31 December 2022, the total value of recognized property, plant and equipment (net of accumulated
depreciation) was US$ 231 million (US$ 230 million as at 31 December 2021).
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Details of the total property, plant and equipment are as follows:
Property
The total value of property (net of accumulated depreciation) was US$ 211.9 million (US$ 212.4 million as at
31 December 2021). The addition of US$ 4.2 million relates to CIP for the headquarters main building project.
The details of property are as follows.
Major office
31 December
2021
Additions
Disposals
Transfers
Impairments
Depreciation
31 December
2022
US$ thousands
Headquarters
Land
1 000
1 000
Buildings
177 575
(4 129)
173 446
CIP
12 255
4 177
16 432
Total property –
headquarters
190 830
4 177
(4 129)
190 878
Regional Office for Africa
Land
103
103
Buildings
3 493
(229)
3 264
CIP
184
184
Total property – Regional
Office for Africa
3 780
(229)
3 551
Regional Office for the
Eastern Mediterranean
Buildings
17 485
(403)
17 082
CIP
Total property – Regional
Office for the Eastern
Mediterranean
17 485
(403)
17 082
Regional Office for the
Western Pacific
Buildings
393
(11)
382
CIP
Total property – Regional
Office for the Western
Pacific
393
(11)
382
Total WHO
Land
1 103
1 103
Buildings
198 946
(4 772)
194 174
CIP
12 439
4 177
16 616
Total property – WHO
212 488
4 177
(4 772)
211 893
Cost
254 394
4 177
258 571
Accumulated depreciation
(41 906)
(4 772)
(46 678)
WHO has 76 operating leases and 40 host country agreements for land, office and warehouse space. These
agreements are under both commercial terms and provided free of charge by the host government.
Rent for the 76 operating leases is reported within general operating expenses (refer to Note 5.2). Commitments
for operating leases are disclosed in Note 12.
For the 40 agreements where space was provided to WHO by host governments on a free-of-charge basis, the
fair value of annual rent was estimated and recognized as an expense of US$ 13.9 million (2021: US$ 14.1 million)
as well as in-kind contributions revenue (refer to Note 5.1, Voluntary contributions in-kind and in-service).
In locations where WHO does not own land, surface rights were granted at no cost. As the title to the land
remains with the government, and the Organization does not have the ability to dispose of these rights in a
commercial transaction, the value of land is not recognized in the financial statements.
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The table below indicates the locations where land has been made available to WHO to construct premises.
Region
Country
City
Headquarters
Switzerland
Geneva
Africa
Equatorial Guinea
Malabo
Africa
Nigeria
Maiduguri, Borno State
Africa
South Sudan
Juba
Eastern Mediterranean
Afghanistan
Kabul
Eastern Mediterranean
Egypt
Cairo
Eastern Mediterranean
Jordan
Amman
Eastern Mediterranean
Pakistan
Islamabad
Eastern Mediterranean
Somalia
Garowe
Eastern Mediterranean
Tunisia
Tunis
South-East Asia
India
New Delhi
Western Pacific
Philippines
Manila
Western Pacific
Solomon Islands
Honiara
Plant and equipment
The total value of plant and equipment (net of accumulated depreciation) was US$ 19.1 million as at
31 December 2022 (US$ 17.5 million as at 31 December 2021). The details of plant and equipment are as follows.
Asset category
1 January
2022
Additions
Depreciation
Disposals/
Transfers
Impairments
31 December
2022
Cost
Accumulated
depreciation
US$ thousands
Vehicles and transport
equipment
12 677
8 087
(5 203)
(169)
15 392
75 228
(59 836)
Computer and
communications equipment
3 365
1 666
(2 352)
(28)
2 651
27 509
(24 858)
Machinery and specialized
equipment
1 165
440
(828)
777
11 859
(11 082)
Furniture
325
39
(99)
265
810
(545)
Total equipment – WHO
17 532
10 232
(8 482)
(197)
19 085
115 406
(96 321)
The total depreciation for 2022 was US$ 13.3 million (refer to Note 5.2) – US$ 4.8 million for property and
US$ 8.5 million for plant and equipment.
Included in plant and equipment are assets retired from active use and held for disposal. The carrying amount of
these assets is as follows:
Asset category
Units
Carrying value (US$)
Vehicles and transport equipment
114
Nil
Computer and communications equipment
205
Nil
Machinery and specialized equipment
76
Nil
Furniture
1
Nil
Total
396
Nil
In addition, the Organization continues to use a number of fully depreciated assets; the total purchase cost of
these assets was US$ 73 million.
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Details of fully depreciated assets in use are as follows.
Asset category
Fully depreciated equipment in
service as at 31 December 2022
units
Vehicles and transport equipment
1 204
Computer and communications equipment
1 607
Machinery and specialized equipment
495
Furniture
38
Total equipment – WHO
3 344
4.8 Intangibles
Intangible assets held as at 31 December 2022 amounted to US$ 6.2 million (US$ 4.9 million as at
31 December 2021). All intangibles relate to the implementation of purchased software.
Asset category
31 December
2021
Additions
Disposals/
transfers
Amortization
31 December
2022
Acquired cost
Accumulated
amortization
US$ thousands
Software acquired
1 732
(839)
893
7 657
(6 764)
Software under
development
3 199
2 139
5 338
5 338
Total intangible
assets
4 931
2 139
(839)
6 231
12 995
(6 764)
4.9 Contributions received in advance
The amount for contributions received in advance mainly concerns payments received from Member States in
2022 for their 2023 assessed contributions. The balance for advance payments for voluntary contributions
reflects funds received for agreements starting in 2023. Unapplied and unidentified receipts are amounts
received in 2022 but not yet matched as at 31 December 2022.
Description
31 December 2022
31 December 2021
US$ thousands
Assessed contribution advances
49 457
51 705
Advances for voluntary contributions
17 142
17 051
Unapplied and unidentified receipts
6 654
28 499
Other advances
583
691
Total contributions received in advance
73 836
97 946
4.10 Accounts payable
Accounts payable represents the total amount due to suppliers, and payables for travel as at 31 December 2022.
Accounts payable by major office are shown in Note 8.1.
Description
31 December 2022
31 December 2021
US$ thousands
Payables to suppliers
65 756
108 905
Payables for travel
2 938
5 263
Total accounts payable
68 694
114 168
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4.11 Staff payable
The balance of staff payable represents the total amount outstanding to staff as at 31 December 2022. Salaries
payable consist of balances due to staff pending the finalization of clearance certificates. Bank returns are
balances due to staff for which the payment is pending the receipt of updated bank account information.
Description
31 December 2022
31 December 2021
US$ thousands
Salaries payable
1 814
2 049
Bank returns
112
39
Total staff payable
1 926
2 088
4.12 Accrued staff benefits
Accrued staff benefits include terminal payments, staff health insurance, group accident and illness insurance
and liabilities due to service-incurred injuries, illnesses and deaths (Special Fund for Compensation).
In 2022, the overall accrued staff benefit liability decreased by US$ 1020.9 million from US$ 1478.1 million as at
31 December 2021 to US$ 457.2 million as at 31 December 2022. This was primarily due to the following factors:
Liability decreased due to:
• Excess of contributions received over payments made to scheme participants of all funds of
US$ 107.5 million;
• Favourable actuarial adjustments resulting from changes in the global financial environment of
US$ 893.3 million; and
• Favourable actuarial adjustments resulting from demographic changes (e.g. life expectancy), better cost
management for the Staff Health Insurance scheme of US$ 342.9 million.
Liability increased due to:
• Loss and interest on investments of US$ 189.4 million;
• Amount accrued annually based on entitlements earned by scheme participants (also referred to as service
cost) of US$ 100.5 million; and
• Other actuarial factors of US$ 32.9 million.
Further details are provided per fund in the sections and table (Actuarial summary of terminal payments, the
Staff Health Insurance and the Special Fund for Compensation) below.
Terminal Payments
The Terminal Payments Fund was established to finance the terminal emoluments of staff members, including
repatriation grants, accrued annual leave, repatriation travel and removal on repatriation. It is funded by a charge
made to salary.
Liabilities arising from repatriation benefits and annual leave are determined by independent consulting
actuaries. However, the accrued leave is calculated on a walk-away basis ‒ that is, as if all staff separated
immediately ‒ and, therefore, is not discounted.
The latest actuarial study (as at 31 December 2022) estimated the full terminal payment liability to be
US$ 147.4 million (short-term liability, US$ 86.2 million; long-term liability, US$ 61.2 million) compared to
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US$ 161.3 million as at 31 December 2021, a net decrease of US$ 13.9 million, which is recognized by nature of
expense, in the Statement of Financial Performance (Statement II). This calculation does not include costs for the
end-of-service grant, separation by agreement or abolishment of posts. The defined benefit obligation amounted
to US$ 72.0 million (US$ 84.8 million as at 31 December 2021) for terminal entitlements, and US$ 75.4 million
(US$ 76.5 million as at 31 December 2021) for annual leave which is included in the terminal payments current
balance. Assets of US$ 98.4 million (US$ 113.4 million as at 31 December 2021) have been earmarked to settle
these liabilities, representing 67% funding of the total liability (70% as at 31 December 2021).
Special Fund for Compensation
In the event of an injury, illness or death attributable to the performance of official duties of an eligible staff
member, the Special Fund for Compensation provides compensation to disabled staff members (for the duration
of the disability up to a maximum age of 65) or to the surviving spouses and in certain circumstances to other
family members.
WHO accounts for the Special Fund for Compensation as a post-employment benefit. Actuarial gains and losses
are recognized in the Statement of Changes in Net Assets/Equity (Statement III), in accordance with IPSAS 39
(Employee Benefits).
As per the actuarial study, the total liability was US$ 25.6 million as at 31 December 2022 (US$ 53 million as at
31 December 2021). The liability decreased mainly due to the increase in the discount rate and reduction in
expected future cases. In accordance with IPSAS 39 (Employee Benefits), the actuarial gain of US$ 30.2 million
(gain of US$ 3.2 million in 2021) was credited directly to net assets/equity (Statement III) in 2022, and
US$ 3.8 million (US$ 4.2 million in 2021) was charged by nature of expense in the Statement of Financial
Performance (Statement II). Assets of US$ 22.7 million (US$ 7.7 million as at 31 December 2021) have been
earmarked to settle these liabilities, representing 89% funding of the total liability (15% as at 31 December 2021).
Accident and Illness Insurance
The Accident and Illness Insurance Fund was established to cover benefit payments in the event of death,
permanent disability, loss of function and sick leave to staff members of WHO, PAHO, IARC, the International
Computing Centre, Unitaid and UNAIDS. It is funded by contributions from staff and their organizations.
Liabilities for these benefits are determined by professional consulting actuaries and recorded as other long-term
benefits. In accordance with IPSAS 39 (Employee Benefits), a net decrease of US$ 0.2 million was recognized by
nature of expense, in the Statement of Financial Performance (Statement II).
As per the actuarial study, the total liability was US$ 6.2 million as at 31 December 2022 (US$ 6.4 million as at
31 December 2021). Assets of US$ 6.4 million (US$ 20.1 million as at 31 December 2021) have been earmarked
to settle these liabilities, representing 100% funding of the total liability (312% as at 31 December 2021).
Staff Health Insurance
The Secretariat manages its own health insurance scheme as a separate entity. The Staff Health Insurance has its
own governance structure and provides for the reimbursement of a major portion of expenses for medically
recognized health care incurred by staff members, retired staff members and their eligible family members. The
Staff Health Insurance is financed by the contributions made by the participants (one third) and the Organization
(two thirds) and from investment income.
The Organization accounts for after-service staff health insurance as a post-employment benefit. Actuarial gains
and losses are recognized in the net assets/equity in accordance with IPSAS 39 (Employee Benefits).
Professional actuaries determined the 2022 defined benefit obligation for the Staff Health Insurance based on
personnel data and payment experience provided by WHO. As at 31 December 2022, the unfunded defined
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benefit obligation amounted to US$ 278 million (US$ 1257 million in 2021), comprising a total defined benefit
obligation of US$ 1447 million (US$ 2555 million in 2021), offset by fund assets of US$ 1169 million
(US$ 1298 million in 2021). This represents a net funding position of 81% (51% as at 31 December 2021). The net
liability decreased, mainly due to the change in discount rate, which is driven by economic conditions and
favourable demographic movements in 2022.
In accordance with IPSAS 39 (Employee Benefits), the actuarial gain of US$ 983 million (actuarial gain of
US$ 463 million in 2021) was charged directly to the Statement of Changes in Net Assets/Equity (Statement III)
in 2022, and US$ 3.7 million (US$ 35.5 million charges in 2021) was charged to staff cost (refer to Note 5.2).
Further details on Staff Health Insurance liability can be found in the annual report of the Staff Health Insurance
scheme.
The table below summarizes actuarial liability for the Accident and Illness Insurance scheme, terminal payments,
the Staff Health Insurance and the Special Fund for Compensation.
Description
31 December 2022
31 December 2021
US$ thousands
Accrued staff benefits – current
Terminal payments
86 153
86 567
Special Fund for Compensation
1 074
1 276
Accident and Illness Insurance
4 356
4 139
Total accrued staff benefits – current
91 583
91 982
Accrued staff benefits – non-current
Terminal payments
61 234
74 759
Special Fund for Compensation
24 435
51 729
Accident and Illness Insurance
1 889
2 305
Staff Health Insurance
278 083
1 257 392
Total accrued staff benefits – non-current
365 641
1 386 185
Accrued staff benefits
Terminal payments
147 387
161 326
Special Fund for Compensation
25 509
53 005
Accident and Illness Insurance
6 245
6 444
Staff Health Insurance
278 083
1 257 392
Total accrued staff benefits
457 224
1 478 167
Actuarial summary of terminal payments, the Staff Health Insurance and the Special Fund for Compensation
(in US$ thousands)
Description
Terminal payments
(other than accrued
leave)
Special Fund for
Compensation
Accident and
Illness Insurance
Staff Health
Insurance
Reconciliation of defined benefit obligation
Defined benefit obligation as at 31 December 2021
84 790
53 005
6 444
2 530 079
Service cost
8 122
3 009
4 737
84 596
Interest on defined benefit obligation
1 994
838
13
23 489
Actual gross benefit payments
(6 926)
(558)
(4 181)
(41 252)
Actual administrative expenses
(543)
(666)
(2 823)
Actual contributions by participants
12 456
Plan amendments
2 669
(Gain)/Loss on defined benefit obligation due to
financial assumption changes
(10 546)
(9 783)
(148)
(872 835)
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Description
Terminal payments
(other than accrued
leave)
Special Fund for
Compensation
Accident and
Illness Insurance
Staff Health
Insurance
(Gain)/Loss on defined benefit obligation due to other
assumption changes
(8 144)
(20 459)
46
(314 349)
Defined benefit obligation as at 31 December 2022
71 959
25 509
6 245
1 419 361
Reconciliation of incurred but not paid reserve
Incurred but not paid reserve as at 31 December 2021
24 821
Interest on incurred but not paid reserve for 2022
277
(Gain)/Loss on incurred but not paid reserve
2 109
Incurred but not paid reserve as at 31 December 2022
27 207
Reconciliation of assets
Assets as at 31 December 2021
1 297 508
Actual gross benefit payments for 2022
(6 927)
(558)
(4 181)
(76 188)
Actual administrative expenses
(543)
(666)
(5 434)
Organization contributions during 2022 – regular
6 927
1 101
4 847
95 317
Organization contributions during 2022 – additional
Participant contributions during 2022
46 679
Interest on SHI assets for 2022
12 638
Gain/(Loss) on plan assets
(202 035)
Assets as at 31 December 2022
1 168 485
Reconciliation of unfunded status
Defined benefit obligation
Active
71 959
3 724
773 799
Inactive
21 785
6 245
645 562
Incurred but not paid reserve
27 207
Total defined benefit obligation
71 959
25 509
6 245
1 446 568
Plan assets
Gross plan assets
(1168 485)
Total plan assets
(1168 485)
Net liability (asset) recognized in Statement of
Financial Position
71 959
25 509
6 245
278 083
(Gain)/Loss on defined benefit obligation
(18 690)
(30 242)
(102)
(983 040)
Current
10 725
1 074
4 356
Non-current
61 234
24 435
1 889
278 083
Net liability (asset) recognized in Statement of
Financial Position
71 959
25 509
6 245
278 083
Annual expense for 2022
Service cost
8 122
3 009
4 737
84 596
Interest on (surplus)/deficit
1 994
838
13
11 128
Past service (credit)/cost
2 669
Remeasurements
(18 690)
Not applicable
(102)
Not applicable
Total expense recognized in Statement of Financial
Performance
(5 905)
3 847
4 648
95 724
Actuarial (gain)/loss recognized in net assets/equity
Not applicable
(30 242)
Not applicable
(983 040)
Expected contributions during 2023
Contributions by WHO
10 992
1 073
5 792
25 427
Contributions by participants
69 547
Total expected contributions for 2023
10 992
1 073
5 792
94 974
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Staff health insurance sensitivity analysis
Defined benefit obligation sensitivity analysis – medical inflation
US$ (thousands)
Current medical inflation assumption minus 1%
1 057 153
Current medical inflation assumption
1 419 361
Current medical inflation assumption plus 1%
1 803 932
Defined benefit obligation sensitivity analysis – discount rate
US$ (thousands)
Current discount rate assumption minus 1%
1 708 247
Current discount rate assumption
1 419 361
Current discount rate assumption plus 1%
1 139 100
Approximate duration of defined benefit obligation
19 years
Actuarial methods and assumptions
Each year the Organization identifies and selects assumptions and methods that will be used by the actuaries in
the year-end valuation to determine the expense and contribution requirements for the Organization’s employee
benefits. Actuarial assumptions are required to be disclosed in the financial statements, in accordance with
IPSAS 39 (Employee Benefits). In addition, each actuarial assumption is required to be disclosed in absolute
terms.
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In 2022, the Organization performed a full valuation to estimate the liabilities. Normally, a full valuation is done
every three years.
Measurement date
All plans:
31 December 2022
Discount rate
Terminal payments (other than accrued leave):
The weighted-average discount rate used is 5.1% (increase from 2.5% in prior
valuation). Based on a yield curve approach that reflects the expected cash
flows with weights of 100% on the Aon USD AA Above Median curve. The
resulting discount rate is rounded to the nearest 0.1%.
Staff Health Insurance:
Europe, 2.3% (increase from 0.4% in prior valuation); the Americas, 5.6%
(increase from 3.2% in prior valuation); Other Countries, 5.3% (increase from
2.9% in prior valuation).
Discount rates are based on the yields of high-grade corporate bonds. WHO
uses a yield curve approach, which reflects the expected cash flows and
assumed currency exposure—specific to the ASHI—for each grouping of
offices. The liability is assumed to be incurred in Swiss francs, euros, and
United States dollars, based on the approximate liability mix for each grouping
of offices and the following yield curves. These curves were recommended by
the United Nations for use in its retiree medical valuations, based on
consultations with Aon: Switzerland—Aon Swiss AA Corp. curve, Euro Zone—
Aon AA Corp. curve, and the United States— Aon AA Above Median curve.
The discount rates for the 31 December 2022 valuation are based on the
geographic locations of the offices, as described in the section below entitled
Regional groupings for all purposes except claims costs. The resulting rate is
rounded to the nearest 0.1%.
Special Fund for Compensation:
The weighted-average discount rate used is 3.8% (increase from 1.6% in prior
valuation). Based on a yield curve approach that reflects the expected cash
flows with weights of 25% on the Aon USD AA Above Median curve, 15% on
the Aon Swiss AA Corp. curve and 60% on the Aon EUR AA Corp. curve. The
resulting discount rate is rounded to the nearest 0.1%.
Accident and Illness Insurance:
The weighted-average discount rate used is 2.8% (decrease from 0.3% in prior
valuation). Based on a yield curve approach that reflects the expected cash
flows with weights of 30% on the Aon USD AA Above Median curve and 70%
on the Aon Swiss AA Corp. curve. The resulting discount rate is rounded to the
nearest 0.1%.
Annual general inflation
Terminal payments (other than accrued leave):
The weighted-average inflation rate used is 2.5%. The regional weightings
used are 100% on United States rate. Rounding of the resulting weighted-
average inflation rates for each plan to the nearest 0.1%.
Staff Health Insurance:
Europe 1.5%, the Americas 2.4%, and Other Countries 2.4%. The rates are
based on the United Nations common assumptions (for long-duration plans) as
directed by the United Nations System Task Force on Accounting Standards.
Specifically, the rate for Europe is a weighted average of the rates for
Switzerland (1.2%) and the Euro Zone (2.6%), and 2.4% for the United States
with the result rounded to the nearest 0.1%.
The currency weightings for each claims region are assumed to be the same
currency weightings for offices located in those regions. The currency
weightings used are as follows: for Europe, 80% Swiss francs and 20% euros;
for the Americas, 100% United States dollars; and for Other Countries, 80%
United States dollars and 20% euros.
Special Fund for Compensation:
The weighted-average inflation rate used is 2.35%. The regional weightings
used are 15% on Swiss, 60% Euro Zone and 25% on United States rate.
Rounding of the resulting weighted-average inflation rates for each plan to the
nearest 0.1%.
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Accident and Illness Insurance:
The weighted-average inflation rate used is 1.5%. The regional weightings
used are 70% on Swiss and 30% on United States rate. Rounding of the
resulting weighted-average inflation rates for each plan to the nearest 0.1%.
Annual salary scale
All plans:
General inflation, plus 0.5% for productivity growth, plus merit/promotion
increases.
Regional groupings for all purposes except claims costs
Terminal payments (other than accrued leave):
Not applicable
Staff Health Insurance:
Based on: the Regional Office for Europe and headquarters, which are grouped
as Europe; the Regional Office for the Americas, which constitutes the
Americas; and the African Region, the Eastern Mediterranean Region, the
South-East Asia Region, and the Western Pacific Region, which are grouped as
Other Countries.
Special Fund for Compensation:
Not applicable
Accident and Illness Insurance:
Not applicable
Repatriation travel and removal on repatriation
Terminal payments (other than accrued leave):
Calculated using the projected unit credit method with service prorated, and
an attribution period from the entry on duty date to separation. A 2% increase
is applied for incurred but not paid benefits.
Staff Health Insurance:
Not applicable
Special Fund for Compensation:
Not applicable
Accident and Illness Insurance:
Not applicable
Repatriation grant, termination indemnity, and grant in case of death
Terminal payments (other than accrued leave):
Using the projected unit credit method with accrual rate proration. A 2%
increase is applied for incurred but not paid benefits.
Staff Health Insurance:
Not applicable
Special Fund for Compensation:
Not applicable
Accident and Illness Insurance:
Not applicable
Accrued leave
Terminal payments (other than accrued leave):
The liability is set equal to the walk-away liability ‒ that is, as if all staff
separated immediately. Plus 2% increase is applied for incurred but not paid
benefits.
Staff Health Insurance:
Not applicable
Special Fund for Compensation:
Not applicable
Accident and Illness Insurance:
Not applicable
Abolition of post, end-of-service grant, and separation by mutual agreement
Terminal payments (other than accrued leave):
These benefits are considered termination benefits under IPSAS 39 (Employee
Benefits) and, therefore, are excluded from the valuation.
Staff Health Insurance:
Not applicable
Special Fund for Compensation:
Not applicable
Accident and Illness Insurance:
Not applicable
United Nations Joint Staff Pension Fund
WHO is a member organization participating in the United Nations Joint Staff Pension Fund (the Fund), which
was established by the United Nations General Assembly to provide retirement, death, disability and related
benefits to employees. The Fund is a funded, multi-employer defined benefit plan. As specified in Article 3(b) of
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the Regulations of the Fund, membership in the Fund shall be open to the specialized agencies and to any other
international, intergovernmental organization which participates in the common system of salaries, allowances
and other conditions of service of the United Nations and the specialized agencies.
The Fund exposes participating organizations to actuarial risks associated with the current and former employees
of other organizations participating in the Fund, with the result that there is no consistent and reliable basis for
allocating the obligation, plan assets and costs to individual organizations participating in the Fund. WHO and
the Fund, in line with the other participating organizations in the Fund, are not in a position to identify WHO’s
proportionate share of the defined benefit obligation, the plan assets and the costs associated with the plan with
sufficient reliability for accounting purposes. Hence, WHO has treated this plan as if it were a defined
contribution plan in line with the requirements of IPSAS 39 (Employee Benefits). WHO’s contributions to the
Fund during the financial period are recognized as expenses in the Statement of Financial Performance.
The Fund’s Regulations state that the Pension Board shall have an actuarial valuation made of the Fund at least
once every three years by the Consulting Actuary. The practice of the Pension Board has been to carry out an
actuarial valuation every two years using the Open Group Aggregate Method. The primary purpose of the
actuarial valuation is to determine whether the current and estimated future assets of the Fund will be sufficient
to meet its liabilities.
WHO’s financial obligation to the Fund consists of its mandated contribution, at the rate established by the
United Nations General Assembly (currently at 7.9% for participants and 15.8% for member organizations)
together with any share of any actuarial deficiency payments under Article 26 of the Regulations of the Pension
Fund. Such deficiency payments are only payable if and when the United Nations General Assembly has invoked
the provision of Article 26, following determination that there is a requirement for deficiency payments based
on an assessment of the actuarial sufficiency of the Fund as of the valuation date. Each member organization
shall contribute to this deficiency an amount proportionate to the total contributions which each paid during the
three years preceding the valuation date.
The latest actuarial valuation for the Fund was completed as of 31 December 2021, and a roll forward of the
participation data as of 31 December 2021 to 31 December 2022 will be used by the Fund for its 2022 financial
statements.
The actuarial valuation as of 31 December 2021 resulted in a funded ratio of actuarial assets to actuarial liabilities
of 117.0% (107.1% in the 2019 valuation). The funded ratio was 158.2% (144.4 % in the 2019 valuation) when
the current system of pension adjustments was not taken into account.
After assessing the actuarial sufficiency of the Fund, the Consulting Actuary concluded that there was no
requirement, as of 31 December 2021, for deficiency payments under Article 26 of the Regulations of the Fund
as the actuarial value of assets exceeded the actuarial value of all accrued liabilities under the plan. In addition,
the market value of assets also exceeded the actuarial value of all accrued liabilities as of the valuation date. At
the time of this report, the United Nations General Assembly has not invoked the provision of Article 26.
Should Article 26 be invoked due to an actuarial deficiency, either during the ongoing operation or due to the
termination of the Fund, deficiency payments required from each member organization would be based upon
the proportion of that member organization’s contributions to the total contributions paid to the Fund during
the three years preceding the valuation date. Total contributions paid to the Fund during the preceding three
years (2019, 2020 and 2021) amounted to US$ 8505.27 million, of which 7% was contributed by WHO.
During 2022, contributions paid to the Fund amounted to US$ 224 million (2021: US$ 211 million). Expected
contributions due in 2023 are approximately US$ 237 million.
Membership of the Fund may be terminated by decision of the United Nations General Assembly, upon the
affirmative recommendation of the Pension Board. A proportionate share of the total assets of the Fund at the
date of termination shall be paid to the former member organization for the exclusive benefit of its staff who
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were participants in the Fund at that date, pursuant to an arrangement mutually agreed between the
organization and the Fund. The amount is determined by the United Nations Joint Staff Pension Board based on
an actuarial valuation of the assets and liabilities of the Fund on the date of termination; no part of the assets
which are in excess of the liabilities are included in the amount.
The United Nations Board of Auditors carries out an annual audit of the Fund and reports to the Pension Board
and to the United Nations General Assembly on the audit every year. The Fund publishes quarterly reports on its
investments and these can be viewed by visiting the Fund at www.unjspf.org.
4.13 Deferred revenue
Deferred revenue on voluntary contributions represents multi-year agreements signed in 2022 or prior years but
for which the revenue recognition has been deferred to future financial periods. The balance on voluntary
contributions is split into current and non-current deferred revenue, depending on when the funds are available
to the Organization to spend. Further details of voluntary contributions by fund and by contributor are available
on the WHO Programme budget web portal and the WHO website.
1
Deferred revenue on reimbursable procurement relates to revenue recognized where supplies or services have
not been delivered to requesting parties at year end. As reimbursable procurement is an exchange transaction,
revenue is recorded on an accrual basis. The entire amount of deferred revenue for reimbursable procurement
is current.
Description
31 December 2022
31 December 2021
US$ thousands
Voluntary contributions
602 692
474 455
Reimbursable procurement
3 389
6 992
Total deferred revenue – current
606 081
481 447
Voluntary contributions
381 590
393 688
Total deferred revenue – non-current
381 590
393 688
Total deferred revenue
987 671
875 135
Deferred revenue as at 31 December 2022 is summarized by year and segment below:
Year
Base
Emergency
Polio
Others
Total
US$ thousands
2023
387 892
144 002
58 194
15 993
606 081
Total deferred revenue – current
387 892
144 002
58 194
15 993
606 081
2024
172 481
32 449
15 669
12 916
233 516
2025
97 228
5 000
–
4 882
107 110
2026
25 759
1 102
–
2 004
28 865
2027+
10 570
–
–
1 529
12 099
Total deferred revenue – non-current
306 039
38 551
15 669
21 330
381 590
Total deferred revenue
693 931
182 553
73 863
37 323
987 671
Of the total disclosed for the base segment of US$ 694 million, US$ 40 million of current deferred revenue and
US$ 15 million of non-current deferred revenue is fully flexible. The remainder is earmarked either tightly or for
high-level outcomes.
1
WHO Programme budget web portal (https://open.who.int/2022-23/home) and details of voluntary contributions by fund and by
contributor, 2022 (document A76/INF./2, https://apps.who.int/gb/e/e_wha76.html) both accessed 25 April 2023.
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4.14 Other liabilities
The total balance for other current liabilities as at 31 December 2022 was US$ 158 million (US$ 234 million as at
31 December 2021). The largest components relate to US$ 92 million for year-end accruals, US$ 46 million for
various insurance payable (which includes US$ 43 million payable to the COVAX NFC fund) and US$ 15 million
relating to shipping and freight liabilities.
Description
31 December 2022
31 December 2021
US$ thousands
Accrued expenses
91 821
149 504
Pension payable
331
973
Insurance payable
45 510
48 255
Foundations
3 233
3 242
Shipping and freight liabilities
15 133
13 252
Field receipts clearing
23
6 596
Levy payable to United Nations
1 068
1 332
Other liabilities
1 300
10 868
Total other liabilities – current
158 419
234 022
Retention fees – non-current
199
Total other liabilities – non-current
199
The balance for foundations concerns funds that WHO holds in trust and for whose financial and administrative
management the Organization is responsible. As at 31 December 2022, the foundations with funds in trust were
as follows.
Description
31 December 2022
31 December 2021
US$ thousands
Down Syndrome Research Prize Foundation in the Eastern Mediterranean
Region
57
56
Dr A.T. Shousha Foundation
102
101
Dr Comlan A.A. Quenum Prize for Public Health
42
42
Ihsan Doğramacı Family Health Foundation
436
431
Léon Bernard Foundation
22
22
Francesco Pocchiari Fellowship
151
150
Foundation for the State of Kuwait Prize for the Control of Cancer,
Cardiovascular Diseases and Diabetes in the Eastern Mediterranean Region
385
383
State of Kuwait Health Promotion Foundation
1 006
1 024
United Arab Emirates Health Foundation
1 028
1 029
Dr Lee Jong-Wook Memorial Prize for Public Health
4
4
Total balance – foundations
3 233
3 242
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4.15 Inter-entity liabilities
WHO hosts a number of entities through administrative service agreements. As funds for all entities are managed
by the Organization, liabilities exist with these entities for funds held on their behalf (refer to Note 4.2). The total
amounts due per entity are as follows.
Description
31 December 2022
31 December 2021
US$ thousands
Staff Health Insurance (SHI)
99 235
113 537
International Computing Centre (ICC)
37 508
42 313
International Drug Purchase Facility (Unitaid)
550 541
465 565
Trust Fund for the Joint United Nations Programme on HIV/AIDS (UNAIDS)
164 808
176 116
Total inter-entity liabilities
852 092
797 531
4.16 Long-term borrowings
Resolution WHA55.8 (2002) and resolution WHA56.13 (2003), authorized construction of a new building at
headquarters for WHO and UNAIDS at an estimated cost of 66 million Swiss francs, of which WHO’s share was
estimated at 33 million Swiss francs. The Swiss Confederation agreed to provide an interest-free loan to WHO
and UNAIDS of 59.8 million Swiss francs, of which WHO’s share is 29.9 million Swiss francs. In the resolutions
mentioned above, the World Health Assembly also approved the use of the Real Estate Fund for the repayment
over a 50-year period of the Organization’s share of the interest-free loan provided by the Swiss Confederation
with effect from the first year of the completion of the building.
The outstanding amount of the loan was discounted using the Swiss Confederation 30-year bonds rate of 1.476%
at December 2022 (-0.095% for 2021).
In 2015, following decision WHA67(12) (2014), the Organization signed a new interest-free loan agreement of
140 million Swiss francs for the planning and construction of a new WHO building in Geneva which was fully
received in 2021.
Repayments on the two loans commenced in accordance with the loan agreements and the outstanding balance
of the two loans as at 31 December 2022 was US$ 123 million (US$ 172.8 million as at 31 December 2021) and is
made up as follows.
Description
31 December 2022
31 December 2021
US$ thousands
Current liabilities
WHO/UNAIDS building
648
654
WHO headquarters building (new)
3034
3 060
Total current liabilities
3 682
3 714
Non-current liabilities
WHO/UNAIDS building
16 829
22 221
WHO headquarters building (new)
102 490
146 885
Total non-current liabilities
119 319
169 106
Total long-term borrowings
123 001
172 820
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The maturity of these liabilities is as follows:
2022
WHO/UNAIDS building
WHO headquarters building (new)
Total borrowings
US$ thousands
Under one year
648
3 034
3 682
One to five years
3 240
15 170
18 410
Five years +
13 589
87 320
100 909
Total long-term borrowings
17 477
105 524
123 001
5. Supporting information to the Statement of Financial Performance
5.1 Revenue
1
Assessed contributions
Assessed contributions for 2022 were US$ 495.9 million
2
(US$ 549.3 million for 2021).
Description
31 December 2022
31 December 2021
US$ thousands
Assessed contributions
481 406
526 796
(Increase)/Decrease in allowance for doubtful accounts
14 487
21 761
Assessed contributions net of allowance
495 893
548 557
Tax equalization fund – adjustments
736
Total Assessed contributions
495 893
549 293
In May 2021, the Seventy-fourth World Health Assembly adopted the resolution for the financial period
2022‒2023,
3
in which it approved a total effective budget of US$ 6121.7 million (including US$ 1000 million for
emergency operations and appeals). In May 2022, the total effective budget for the financial period 2022‒2023
was revised to US$ 6726.1 million (including US$ 1000 million for emergency operations and appeals).
4
In
resolution WHA74.3 (2021), the Health Assembly further resolved that the total assessment on Member States
in respect of the financial period 2022–2023 would be US$ 964.9 million.
Following resolution WHA66.16 (2013), where the total annual assessed contribution for a Member State is
US$ 200 000 or more, the contribution is assessed half in United States dollars and half in Swiss francs. Where
the annual assessed contribution for a Member State is less than US$ 200 000, the contribution is assessed in
United States dollars only.
The annual assessment for 2022 amounted to US$ 482.5 million or US$ 243.5 million and 217.7 million Swiss
francs per year using the May 2021 exchange rate. Contributions are due from 1 January, so the Swiss franc
portion of the assessment was recorded at the January 2022 exchange rate, which resulted in an exchange loss
on recording of US$ 1.0 million.
As at the reporting date, 81% of assessed contributions for 2022 had been received by the Organization
(2021: 69%). Amounts outstanding are further detailed in Note 4.3.
1
Revenue is further analysed by fund in Schedule I.
2
See document A76/21 for details of the status of collection of assessed contributions.
3
Resolution WHA74.3 (2021).
4
Resolution WHA75.5 (2022).
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Voluntary contributions
Voluntary contributions for 2022 were US$ 3656 million (US$ 3365 million for 2021).
Description
31 December 2022
31 December 2021
US$ thousands
Voluntary contributions
3 661 770
3 365 539
(Increase)/Decrease in allowance for doubtful debts
(5 321)
(311)
Voluntary contributions net of allowance
3 656 450
3 365 228
These contributions represent revenue recognized from governments, intergovernmental organizations,
institutions, other United Nations organizations as well as nongovernmental organizations. US$ 571.2 million of
the revenue reported in 2022 relates to agreements that continue in future years (2021: US$ 517.3 million).
Further details on voluntary contributions by fund and by contributor are contained in the Annex to the Financial
Report.
1
Voluntary contribution revenue is split by segment as per the following table:
Description
31 December 2022
31 December 2021
US$ thousands
Base
1 130 973
1 324 108
Emergency
1 825 314
1 371 775
Polio
616 722
587 640
Other
88 761
82 016
Voluntary contributions (gross)
3 661 770
3 365 539
The figure for total voluntary contributions reported of US$ 3656 million is after the deduction of (i) refunds to
contributors ‒ these amounted to US$ 12.8 million (US$ 11.2 million for 2021); (ii) reductions in revenue
recognized in prior years due to evidence arising in the current year that amounts will no longer be
collected ‒ these amounted to US$ 27.9 million (US$ 12.2 million for 2021); and (iii) the correction of payment
terms amounting to US$ 21.6 million, with the effect of increasing deferred revenue by US$ 16.6 million and
decreasing current revenue by US$ 5.0 million, and the revision of payment terms decreasing the current revenue
by US$ 0.8 million (US$ 4.3 million in 2021).
In line with the accounting policy, agreements signed in one financial year stating a start date of the agreement
in the following financial year will be recorded and revenue recognized in the following financial period based on
the start date. At the time of financial statements preparation, US$ 38.3 million of revenue or deferred revenue
was recorded in January 2023 based on agreements signed in 2022 with a start date of 1 January 2023. Where
cash was received for these agreements before 31 December 2022, funds have been recorded as advances and
disclosed under Note 4.9.
2
Voluntary contributions in-kind and in-service
WHO receives non-cash contributions from Member States and other contributors. In 2022, the Organization
received in-kind and in-service contributions amounting to US$ 146.3 million (US$ 93.1 million as at
1
Document A76/INF./2, the Annex to the Financial Report, is also available at:
http://www.who.int/about/accountability/financial-statements/ (accessed 25 April 2023).
2
Further details of voluntary contribution revenue and expenditure by programme country and United Nations entity are provided
in Annexes I and II.
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31 December 2021).
1
Of this amount, US$ 61 million relates to a contribution of medical supplies and materials
received and delivered to countries during 2021 and early 2022, which was fully accounted for in 2022.
Description
31 December 2022
31 December 2021
US$ thousands
In-kind – medical supplies and materials
109 901
53 133
In-kind – office space and field supplies
16 738
16 379
In-kind – contractual services
8 190
11 421
In-service
11 442
12 190
Total voluntary contributions in-kind and in-service
146 271
93 123
In addition, WHO also benefits from the right to use land made available from the host governments at no cost.
Further details are provided in Note 4.7.
Other revenue
In 2022, other revenue totalled US$ 55 million (US$ 58.6 million as at 31 December 2021). This mainly represents
earnings generated from: fees for services (prequalification fees); hosting entities such as UNAIDS, Unitaid and
the International Computing Centre; reimbursable procurement; and staff contributions for accident and illness
insurance. Other sources of earnings include supply chain fees, rental income, insurance refunds and sale of
publications and royalties.
Reimbursable procurement pertains to medicines, vaccines, equipment and other supplies procured by WHO on
behalf of Member States and other United Nations agencies. The revenue and expenses (refer to Note 5.2)
related to reimbursable procurement form part of the Enterprise Fund and are not reported against the
programme budget.
Description
31 December 2022
31 December 2021
US$ thousands
Fees for service
33 458
29 705
Reimbursable procurement
998
11 612
Royalties, sales and rental income
3 857
4 825
Other income
16 687
12 529
Total other revenue
55 000
58 671
1
Further details of in-kind and in-service contributions are available on the WHO Programme budget web portal available at:
http://open.who.int/2022-23/home (accessed 16 March 2023) and on the WHO website:
https://www.who.int/about/accountability/financial-statements/ (accessed 25 April 2023).
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5.2 Expenses
Description
31 December 2022
31 December 2021
US$ thousands
Staff costs
Salary cost
1 062 026
1 059 549
Actuarial cost
3 731
35 467
Other personnel costs
98 421
89 585
Total staff costs
1 164 178
1 184 601
Medical supplies and materials
Medical supplies
401 180
444 168
Medical supplies – in-kind
109 901
53 133
Total medical supplies and materials
511 081
497 301
Contractual services
Direct implementation
392 049
286 402
Contractual services general
778 245
875 135
Consultants and research contracts
36 285
38 677
Special service agreements
97 843
90 490
Security and other costs
24 800
28 029
Services in-kind
8 190
11 421
Total contractual services
1 337 412
1 330 217
Transfers and grants
Direct financial cooperation
194 878
138 665
Grant letters of agreement
136 018
90 124
Equipment procured for third parties
127 893
180 120
Fellowships
1 258
1 570
Total transfers and grants
460 047
410 479
Travel
Travel
160 912
78 227
Total travel
160 912
78 227
General operating expenses
Office running costs and utilities
66 950
72 489
Rent
19 355
15 755
United Nations common costs
26 863
31 672
IT costs
33 402
33 778
Catering/courtesy
8 970
5 433
Vehicle maintenance and fuel costs
6 946
6 880
External audit
281
248
Hospitality
236
79
Other
13 236
3 075
Other in-kind
16 738
16 379
Total general operating expenses
192 977
185 788
Equipment, vehicles and furniture
Equipment, vehicles and furniture
6 973
18 966
Total equipment, vehicles and furniture
6 973
18 966
Depreciation and amortization
Depreciation
13 254
11 742
Amortization (refer to Note 4.8)
839
1 154
Total depreciation and amortization
14 093
12 896
Total expenses
1
3 847 673
3 718 475
1
Expenses are further analysed by fund in Schedule I. Further details of expenses by programme country and by United Nations
entity are disclosed in Annexes I and II.
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Staff costs
Staff and other personnel costs reflect the total cost of employing staff at all locations and include charges for
base salary, post adjustment and all other entitlements (such as pensions and insurances) paid by the
Organization. Staff costs also include the movement in the actuarial cost for staff health insurance, special fund
for compensation, terminal payments and accident and illness insurance liability (refer to Note 4.12) that is
recognized in the Statement of Financial Performance (Statement II).
Medical supplies and materials
Medical supplies and materials are mainly purchased and distributed by WHO to support programmatic activities
in countries. These include vaccines, medicines, medical supplies, hospital running costs, including fuel, as well
as related shipping costs. The medical supplies expense includes the cost of reimbursable procurement – refer
to Note 5.1 (Other revenue) and medical supplies received as in-kind contributions.
Contractual services
Contractual services represent expenses incurred for suppliers such as experts and service providers who are
engaged by WHO to support the Organization’s programmatic activities. The main components within
contractual services are direct implementation (activities such as vaccination campaigns implemented by WHO
in collaboration with national governments); general contractual services (agreements for performance of work
for outsourcing professional services, outreach activities, construction services, programme-related operating
costs, etc.); consulting and research contracts; and special service agreements with individuals to perform
activities on behalf of the Organization. Security expenses are also included in contractual services.
Transfers and grants
Transfers and grants to counterparts include grants provided to national counterparts (mainly ministries of
health), letters of agreement signed with other counterparts to perform activities that are in line with the
Organization’s objectives, fellowship expenses and equipment purchased for third parties. Transfers and grants
to government ministries are referred to as direct financial cooperation. Funds are normally expensed at the
time of recording receipt of services or approval of invoices, whichever occurs earlier. Counterparts are required
to report back on the use of funds to ensure that they are used according to the agreement, and WHO performs
on-site monitoring and spot checks of ongoing activities on direct financial cooperation and post-facto review of
selected direct financial cooperation based on risk assessments. Expenses are reported net of any refunds. WHO
may withhold further funding to recipients of transfers and grants on the basis of performed assurance activities
if the requirements of the agreement have not been met.
Travel
The cost of travel includes both WHO staff and non-staff participants in meetings, consultants, staff on
development assignment and representatives of Member States paid by the Organization. Travel expenses
include airfare, per diem and other travel-related costs.
General operating expenses
General operating expenses reflect the cost of general running costs incurred to maintain country offices,
regional offices and headquarters. This includes utilities, telecommunication, office rent, maintenance and repair
costs to keep assets operating at their present condition, software licences, courtesy expenses that are incurred
during meetings and training, and other minor operating costs. Catastrophic accident and illness insurance
premiums are also included in this category. “Other in-kind” pertains to the office rent, supplies and other items
that were received as in-kind contributions.
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Equipment, vehicles and furniture
Total expenses for 2022 were US$ 7 million (US$ 19 million for 2021), which represents purchases of items below
the capitalization threshold.
Depreciation and amortization
Depreciation is the expense resulting from the systematic allocation of the depreciable amounts of property,
plant and equipment over their useful lives. All capitalized items above threshold were depreciated as per policy.
Amortization is the expense resulting from the systematic allocation of the amortizable amount of intangible
assets over their useful lives. It relates to purchased software.
5.3 Finance revenue/cost
Total finance revenue and cost includes amounts related to funds administered by WHO on behalf of other
entities (refer to Note 4.15). The investment income relating to other entities is allocated to those entities. In
addition, interest is apportioned based on average fund balance and reported as finance revenue and cost for
the fund.
The details of finance revenue and cost are as follows.
Description
31 December 2022
31 December 2021
US$ thousands
Investment revenue
9 794
(280)
Bank charges and investment management fees
(4 183)
(3 855)
Net realized foreign exchange gains or (losses)
a
28 064
59 998
Net unrealized foreign exchange gains or (losses)
11 930
(41 795)
Net gains or (losses) on discounting of long-term borrowings
b
44 829
Actuarial revaluation gains or (losses) on the Terminal Payments Fund and the
Accident and Illness Insurance Fund
18 792
(3 068)
Actuarial interest cost related to valuation of the Terminal Payments Fund and
the Accident and Illness Insurance Fund
(2 847)
(2 160)
Net total finance revenue (WHO and other entities)
106 379
8 840
Investment revenue and foreign exchange gains and losses apportioned to
other entities
(12 220)
(5 946)
Total net finance revenue for WHO
94 159
2 894
a
Includes differences due to rounding of the financial statements to the nearest thousand United States dollars.
b
Gains in 2022 relate to discounting of the Building Loan and result from an increase in interest rates, as outlined in Note 4.16.
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6. Supporting information to the Statement of Changes in Net Assets/Equity
6.1 General Fund
The total balance for the General Fund as at 31 December 2022 was US$ 4630 million (US$ 4085 million as at
31 December 2021), of which US$ 3660 million was earmarked and US$ 970 million was flexible reserves.
Components of the General Fund are summarized below:
Description
Notes
31 December 2022
31 December 2021
Flexible
Earmarked
Total
Flexible
Earmarked
Total
US$ thousands
Regular budget
6.1.a
(1 999)
(1 999)
13 699
13 699
Voluntary funds
6.1.b
941 392
3 660 064
4 601 456
750 565
3 289 651
4 040 216
General Fund
6.1.a
939 393
3 660 064
4 599 457
764 264
3 289 651
4 053 915
General Fund –
reserves
6.1.a
31 000
31 000
31 000
31 000
Total General Fund
970 393
3 660 064
4 630 457
795 264
3 289 651
4 084 915
6.1.a Regular budget
This note provides details of revenue and expenses of the regular budget.
Description
Regular budget
General Fund
– reserves
Total
Member States
Assessed
Contributions Fund
Tax
Equalization
Fund
Total
Working
Capital Fund
US$ thousands
Balance as at 1 January 2022
200
13 499
13 699
31 000
44 699
Net Member States’ assessed contributions
(refer to Note 5.1)
495 893
495 893
495 893
Tax equalization appropriations
(4 000)
4 000
Finance expenses
(1 547)
(1 547)
(1 547)
Miscellaneous revenue
1 407
1 407
1 407
Programmatic expenses
(516 847)
(516 847)
(516 847)
Transfer to Infrastructure Fund as per decisions
WHA69(18) (2016) and WHA70(16) (2017)
Tax reimbursements to staff members
5 396
5 396
5 396
Refunds/Adjustments
Balance as at 31 December 2022
(24 894)
22 895
(1 999)
31 000
29 001
Under resolution WHA74.3 (2021), US$ 4 million was approved to transfer to the Tax Equalization Fund and to
maintain the Working Capital Fund at its existing level of US$ 31 million.
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6.1.b Voluntary funds
This note provides fund balance details for the core, specified and partnerships of the Voluntary Fund.
Description
Notes
31 December
2021
Income
Expenses
31 December
2022
in US$ thousands
Core voluntary contributions
135 172
182 068
(68 689)
248 551
Voluntary Contributions Core Fund
329 970
142 003
(238 050)
233 923
Voluntary Contributions Specified Fund
1 462 765
810 664
(746 446)
1 526 983
Special Programme for Research and Training in
Tropical Diseases (TDR Trust Fund)
32 425
23 691
(15 014)
41 102
Special Programme of Research, Development and
Research Training in Human Reproduction (HRP
Trust Fund)
37 032
27 422
(31 804)
32 650
Special Programmes and Collaborative
Arrangements Fund
354 735
616 723
(650 896)
320 562
Programme Support Costs (PSC) Fund
6.1.b.i
615 393
252 617
(175 169)
692 841
Outbreak and Crisis Response Fund
952 284
1 744 956
(1 367 951)
1 329 289
Contingency Fund for Emergencies
6.1.b.ii
63 015
80 358
(37 024)
106 349
Fee for service fund – exchange transactions
58 830
24 792
(14 561)
69 061
Supply Chain Fund
(1 405)
1 733
(183)
145
Total voluntary funds
4 040 216
3 907 027
(3 345 787)
4 601 456
6.1.b.i Programme Support Costs Fund
The Programme Support Costs (PSC) Fund (formerly the Special Account for Servicing Costs Fund (AS Fund)) was
established in order to support the costs of servicing activities financed from sources other than the assessed
contribution budget (i.e. from voluntary contributions).
The Fund is credited with revenue from the following sources:
• under resolution WHA34.17 (1981), funds are received for programme support costs from voluntary
sources and are calculated by applying a fixed percentage rate to total expenses. The resolution set a
standard rate of 13% of project expenditure. The Director-General has made various exceptions to that
standard rate, most importantly for emergencies. For 2022, programme support costs income of
US$ 252.3 million was earned on project expenditure, resulting in a computed average programme support
cost rate of 8.5% (8% in 2021).
• administrative service agreements with other entities.
• interest earned on voluntary funds is described in document EB122/3.
A summary of the Fund is provided below.
Description
31 December 2022
31 December 2021
US$ thousands
Balance as at 1 January
615 393
518 866
Revenue
Programme support costs
252 286
245 184
Finance revenue
(2 217)
30 307
Administrative service agreements with other entities
5 652
3 574
Transfer for special projects
a
40 000
Other revenue
255
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Description
31 December 2022
31 December 2021
Total revenue
255 721
319 320
Expenses
Staff and other personnel costs
73 246
146 803
Medical supplies and materials
512
690
Contractual services
26 261
29 574
Transfers and grants to counterparts
37
1 006
Travel
2 691
680
General operating expenses
26 525
31 444
Equipment, vehicles and furniture
1 790
3 285
Total expenses
131 062
213 482
Less:
Transfer to Special Purpose Funds
b
41 890
9 000
Increase/(decrease) in allowance for doubtful accounts receivables –
voluntary contributions
5 321
311
Balance as at 31 December
692 841
615 393
a
In 2021, transfers were made to the Programme Support Costs Fund from the Mobility Fund and Maternity Fund in the amounts of
US$ 36 million and US$ 4 million, respectively.
b
In 2022, transfers were made from the Programme Support Costs Fund to the Information Technology Fund (US$ 38.3 million), Mobility
Fund (US$ 3.5 million) and Maternity Fund (US$ 90 thousand). In 2021 US$ 9 million was transferred from the Programme Support
Costs Fund to the Information Technology Fund.
Programme support costs revenue is earned as follows:
Rate
PSC revenue
2022
Proportion of total PSC
revenue
US$ thousands
13%
106 108
42%
7%
132 880
53%
5%
6 755
3%
3%
5 009
2%
Other
1 534
<1%
Total
252 286
100%
6.1.b.ii Contingency Fund for Emergencies
This Fund was established by the Sixty-eighth World Health Assembly in decision WHA68(10) (2015). The purpose
of the Fund is to provide temporary financing for the emergency field operations with a target capitalization of
US$ 100 million. A summary of the Fund is as follows.
Description
31 December 2022
31 December 2021
US$ thousands
Balance as at 1 January
63 015
30 945
Revenue
Contributions
80 358
46 299
Total revenue
80 358
46 299
Expenses
Staff costs
1 235
313
Medical supplies and materials
8 148
2 315
Contractual services
15 906
7 106
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Description
31 December 2022
31 December 2021
Transfers and grants
4 648
635
Travel
2 249
1 383
General operating expenses
4 202
1 962
Equipment, vehicles and furniture
636
515
Total expenses
37 024
14 229
Balance as at 31 December
106 349
63 015
6.2 Member States – other
This note provides fund balance details for the Member States – other.
Description
Notes
31 December
2021
Income
Expenses
a
31 December
2022
US$ thousands
Common Fund
405 011
(172)
5 371
410 210
Enterprise Fund
Accident and Illness Insurance Fund
13 466
(8 851)
(4 615)
Other Enterprise Fund
22 085
162 462
(170 007)
14 540
Total Enterprise Fund
35 551
153 611
(174 622)
14 540
Special Purpose Fund
Infrastructure Fund
6.2.a
182 115
52 719
(42 669)
192 165
Special Fund for Compensation
(45 269)
16 008
26 400
(2 861)
Staff Health Insurance Fund
(1 254 390)
979 310
(275 080)
Terminal Payments Fund
(47 875)
12 366
(13 515)
(49 024)
Other Special Purpose Funds
(15 484)
169 035
(116 506)
37 045
Total Special Purpose Fund
(1 180 903)
250 128
833 020
(97 755)
Total Member States – other
(740 341)
403 567
663 769
326 995
a
Expenses include actuarial gains and losses recognized in net assets. Funds subject to actuarial valuation are listed under Note 4.12.
6.2.a Infrastructure Fund
This Fund was established by the Health Assembly in decision WHA70(16) (2017). The summary of the Fund is as
follows.
Description
Notes
31 December 2022
31 December 2021
US$ thousands
Real Estate Fund
6.2.a.i
151 245
146 792
Information Technology Fund
6.2.a.ii
40 920
35 323
Total Infrastructure Fund
192 165
182 115
6.2.a.i Real Estate Fund
This Fund was established by the Health Assembly in resolution WHA23.14 (1970). The Fund is used to meet the
costs of: the construction of buildings or extensions to existing buildings; the acquisition of land that may be
required; and major repairs and alterations to WHO’s existing office buildings and to residences leased to staff
by the Organization. Specific Health Assembly authorization is required for the acquisition of land and the
construction of buildings or extensions to existing buildings.
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The summary of the Fund is as follows.
Description
31 December 2022
31 December 2021
US$ thousands
Balance as at 1 January
146 792
140 966
Revenue
Appropriation received in accordance with decision WHA70(16) (2017)
10 000
Transfer for special projects
a
1 733
Contributions from payroll
10 913
10 622
Finance revenue
252
157
Rental income
1 773
2 195
Total revenue
14 671
22 974
Expenses
Staff and other personnel costs
99
63
Medical supplies and materials
12
10
Contractual services
5 097
11 469
Travel
9
49
General operating expenses
4 851
5 420
Equipment, vehicles and furniture
150
137
Total expenses
10 218
17 148
Balance as at 31 December
151 245
146 792
a
In 2022, US$ 1.73 million was received against an advance to the Information Technology Fund for US$ 3.46 million for an IT project in
the new headquarters building.
6.2.a.ii Information Technology Fund
This Fund was established to meet the Organization’s current and future administrative requirements. It may be
financed by way of appropriation from the regular budget and from voluntary contributions including the
Programme Support Cost Fund. The summary of the Fund is as follows.
Description
31 December 2022
31 December 2021
US$ thousands
Balance as at 1 January
35 323
31 187
Revenue
Appropriation received in accordance with decision WHA70(16) (2017)
15 000
Transfer for special projects
a
38 300
9 000
Total revenue
38 300
24 000
Expenses
Staff and other personnel costs
9 129
2 450
Contractual services
17 447
14 831
Travel
39
20
General operating expenses
4 645
2 141
Equipment, vehicles and furniture
(290)
422
Transfer to special projects
b
1 733
Total expenses
32 703
19 864
Balance as at 31 December
40 920
35 323
a
In 2022, US$ 38.3 million and in 2021 US$ 9 million was transferred from the Programme Support Costs Fund.
b
In 2022, US$ 1.73 million was paid back to the Real Estate Fund against an advance granted in 2020 for US$ 3.46 million.
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6.3 Fiduciary Fund
This note provides fund balance details for the Fiduciary Fund.
Description
31 December 2021
Income
Expenses
31 December 2022
US$ thousands
Fiduciary Fund
Alliance for Health Policy and System Research Fund
9 747
6 582
(4 968)
11 361
European Observatory on health systems and policies
10 999
7 060
(6 594)
11 465
ESPEN Fund
13 798
5 750
(11 128)
8 420
Partnership for Maternal, Newborn and Child Health
Fund
10 543
3 279
(7 088)
6 734
Staff Association Fund
157
1 070
(617)
610
WHO Framework Convention on Tobacco Control
17 076
16 616
(9 456)
24 236
Total Fiduciary Fund
62 320
40 357
(39 851)
62 826
7. Supporting information to the Statement of Comparison of Budget and Actual Amounts
In May 2021, the Health Assembly adopted resolution WHA74.3 on the Programme budget 2022–2023, in which
it approved the budget for the financial period 2022–2023, under all sources of funds, namely, assessed and
voluntary contributions of US$ 6121.7 million. In May 2022, the Health Assembly revised the Programme budget
2022–2023 via resolution WHA75.5 to US$ 6726.1 million. WHO’s budget is adopted on a biennial basis by the
Health Assembly.
WHO’s budget and financial statements are prepared using a different accounting basis. The Statement of
Financial Position (Statement I), Statement of Financial Performance (Statement II), Statement of Changes in Net
Assets/Equity (Statement III), and Statement of Cash Flow (Statement IV) are prepared on a full accrual basis,
whereas the Statement of Comparison of Budget and Actual Amounts (Statement V) is established on a modified
cash basis (i.e. actual expenses are used to measure the budget utilization).
As per the requirements of IPSAS 24 (Presentation of Budget Information in Financial Statements), the actual
amounts presented on a comparable basis to the budget shall, where the financial statements and the budget
are not prepared on a comparable basis, be reconciled to the actual amounts presented in the financial
statements, identifying separately any differences in terms of basis, timing, entity and presentation. The General
Fund, as per Note 2.17, represents the programme budget results, except for the Tax Equalization Fund expenses,
other non-programme budget utilization and all in-kind and in-service expenses that are not included in the
programme budget results.
As required by IPSAS 24 (Presentation of Budget Information in Financial Statements), reconciliation is provided
on a comparable basis between the actual amounts as presented in Statement V and the actual amounts in the
financial accounts identifying separately any basis, timing, entity and presentation differences.
• Basis differences occur when the components of the approved programme budget are used for activities
other than the implementation of technical programmes. Examples of this include Tax Equalization Fund
expenses, other non-programme budget utilization and special arrangements.
• Timing differences represent the inclusion in WHO’s financial accounts of programme budget expenses in
other financial periods.
• Entity differences represent the inclusion in WHO’s financial accounts of the amounts against two funds:
Member States – other and the Fiduciary Fund. These funds do not form part of the Organization’s
programme budget.
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• Presentation differences concern differences in the format and classification schemes in the Statement of
Cash Flow (Statement IV) and the Statement of Comparison of Budget and Actual Amounts (Statement V).
A reconciliation between the actual amounts on a comparable basis in Statement V and the actual amounts in
Statement IV for December 2022 is presented below.
Description
2022
Operating
Investing
Financing
Total
US$ thousands
Actual amount on a comparable basis (Statement V)
(3 376 557)
(3 376 557)
Basis differences
55 800
(320 242)
(3 492)
(267 934)
Timing differences
210 344
210 344
Entity differences
204 972
14 744
219 716
Presentation differences
3 325 341
(18 776)
3 306 565
Actual amount in the Statement of Cash Flow (Statement IV)
419 900
(324 274)
(3 492)
92 134
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8. Segment reporting
8.1 Statement of Financial Position by segments
As at 31 December 2022 (in US$ thousands)
Description
Headquarters
Regional Office for
Africa
Regional Office for the
Americas
Regional Office for the
Eastern Mediterranean
Regional Office for
Europe
Regional Office for
South-East Asia
Regional Office for
the Western Pacific
Total
ASSETS
Current assets
Cash and cash equivalents
368 175
22 627
0
27 129
2 383
4 785
4 992
430 091
Short-term investments
4 916 482
0
0
0
0
0
0
4 916 482
Receivables – current
2 663 995
4 103
(1 139 557)
1 434
1 130
6 666
356
1 538 127
Staff receivables
7 893
3 524
0
1 172
1 023
614
1 823
16 049
Inventories
123 566
20 348
0
29 112
571
1 872
2 819
178 288
Prepayments and deposits
10 123
463
0
1
431
3 444
223
14 685
Total current assets
8 090 234
51 065
(1 139 557)
58 848
5 538
17 381
10 213
7 093 722
Non-current assets
Receivables – non-current
381 590
0
0
0
0
0
0
381 590
Long-term investments
99 767
0
0
0
0
0
0
99 767
Property, plant and equipment
192 267
12 666
0
21 332
1 752
1 852
1 109
230 978
Intangibles
6 231
0
0
0
0
0
0
6 231
Total non-current assets
679 855
12 666
0
21 332
1 752
1 852
1 109
718 566
TOTAL ASSETS
8 770 089
63 731
(1 139 557)
80 180
7 290
19 233
11 322
7 812 288
LIABILITIES
Current liabilities
Contributions received in
advance
72 385
1 456
0
0
0
0
(5)
73 836
Accounts payable
17 427
19 170
0
14 704
10 189
4 060
3 144
68 694
Staff payable
706
484
0
353
103
133
147
1 926
Accrued staff benefits – current
47 244
18 238
0
9 006
7 057
5 074
4 964
91 583
Deferred revenue – current
606 081
0
0
0
0
0
0
606 081
Financial liabilities
68 948
0
0
0
0
0
0
68 948
Other liabilities – current
(24 926 364)
10 337 050
138 444
7 362 286
2 265 582
2 908 400
2 073 021
158 419
Inter-entity liabilities
852 092
0
0
0
0
0
0
852 092
Long-term borrowings – current
3 682
0
0
0
0
0
0
3 682
Total current liabilities
(23 257 799)
10 376 398
138 444
7 386 349
2 282 931
2 917 667
2 081 271
1 925 261
Non-current liabilities
Long-term borrowings – non-
current
119 319
0
0
0
0
0
0
119 319
Accrued staff benefits – non-
current
589 401
(175 205)
0
(51 604)
73 248
(36 587)
(33 612)
365 641
Deferred revenue – non-current
381 590
0
0
0
0
0
0
381 590
Other liabilities – non-current
199
0
0
0
0
0
0
199
Total non-current liabilities
1 090 509
(175 205)
0
(51 604)
73 248
(36 587)
(33 612)
866 749
TOTAL LIABILITIES
(22 167 290)
10 201 193
138 444
7 334 745
2 356 179
2 881 080
2 047 659
2 792 010
NET ASSETS/EQUITY
General Fund
30 041 594
(10 069 596)
(1 261 881)
(7 147 651)
(2 148 963)
(2 790 187)
(1 992 859)
4 630 457
Member States – other
721 075
(11 405)
(14 460)
(102 332)
(153 426)
(70 407)
(42 050)
326 995
Fiduciary funds
174 710
(56 461)
(1 660)
(4 582)
(46 500)
(1 253)
(1 428)
62 826
TOTAL NET ASSETS/EQUITY
30 937 379
(10 137 462)
(1 278 001)
(7 254 565)
(2 348 889)
(2 861 847)
(2 036 337)
5 020 278
TOTAL LIABILITIES AND NET
ASSETS/EQUITY
8 770 089
63 731
(1 139 557)
80 180
7 290
19 233
11 322
7 812 288
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8.2 Statement of Financial Performance by segments
For the year ended 31 December 2022 (in US$ thousands)
Description
Headquarters
Regional Office for
Africa
Regional Office for
the Americas
Regional Office for the
Eastern
Mediterranean
Regional Office for
Europe
Regional Office for
South-East Asia
Regional Office for the
Western Pacific
Total
Revenue
Assessed contributions
495 893
495 893
Voluntary contributions
3 656 450
3 656 450
Voluntary contributions in-kind and in-
service
146 271
146 271
Other revenue
57 711
(588)
(398)
(1 386)
(144)
(195)
55 000
Total revenue
4 356 325
(588)
(398)
(1 386)
(144)
(195)
4 353 614
Expenses
Staff costs
528 763
244 359
39 169
125 862
108 988
60 205
56 832
1 164 178
Medical supplies and materials
225 557
36 386
3 590
140 330
52 586
39 870
12 762
511 081
Contractual services
320 034
426 026
40 076
346 058
75 119
86 491
43 608
1 337 412
Transfers and grants
18 773
163 518
18 157
145 803
57 420
33 548
22 828
460 047
Travel
54 098
54 057
8 669
16 427
13 792
6 603
7 266
160 912
General operating expenses
62 173
41 379
4 336
42 095
17 061
19 053
6 880
192 977
Equipment, vehicles and furniture
(5 456)
6 835
1 924
1 506
(698)
1 892
970
6 973
Depreciation and amortization
5 998
3 725
2 415
476
948
531
14 093
Total expenses
1 209 940
976 285
115 921
820 496
324 744
248 610
151 677
3 847 673
Finance revenue
91 915
(944)
6
1 365
1 005
(1 256)
2 068
94 159
TOTAL (DEFICIT)/SURPLUS FOR THE YEAR
a
3 238 300
(977 817)
(115 915)
(819 529)
(325 125)
(250 010)
(149 804)
600 100
a
The revenue balance shows a high surplus for headquarters and deficits for other offices. This is a consequence of the policy of centralized accounting for revenue and decentralized accounting for expenses.
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9. Amounts written-off and ex-gratia payments
During 2022, a total of US$ 51 913 was approved for write-off (US$ 22 576 in 2021). This amount is comprised
of: US$ 44 368 relating to direct financial cooperation (DFC) receivables, US$ 6393 relating to supplier
overpayment, and US$ 1152 relating to salary overpayment due to staff resignation where the balance was
deemed impossible to recover.
In 2022, six ex-gratia payments amounting to US$ 112 998 were approved (US$ 257 833 in 2021).
10. Related party and other senior management disclosures
Staff members considered to be key management personnel include the Director-General, the Regional Directors
and all other ungraded staff. The table below details the number of key management personnel and their
aggregate remuneration.
Description
2022
2021
Number of individuals
25
25
Number of positions
25
25
US$ thousands
Compensation and post adjustment
6 143
6 114
Entitlements
302
439
Pension and health plans
1 794
1 753
Total remuneration
8 239
8 305
Outstanding advances against entitlements
155
49
Outstanding loans (in addition to normal entitlements, if any)
8 394
8 354
The aggregate remuneration of key management personnel includes net salaries, post adjustment, entitlements
such as representation allowance and other allowances, assignment and other grants, rental subsidy, personal
effect shipment costs, and employer pension and current health insurance contributions.
Key management personnel are also qualified for post-employment benefits at the same level as other
employees. These benefits cannot be reliably quantified. Key management personnel are ordinary members of
the United Nations Joint Staff Pension Fund.
The Regional Director for the Americas is included among the key management personnel. However, as the
Regional Director is receiving all entitlements and benefits from PAHO, the entitlements and benefits concerned
are disclosed in PAHO’s financial statements and not in WHO’s financial statements.
During the year, no loans were granted to key management personnel beyond those widely available to staff
outside this grouping.
Foundation in support of the World Health Organization (WHO Foundation – WHO-F)
WHO-F is a non-profit charitable foundation incorporated under the laws of Switzerland, that entered into an
agreement with WHO in 2020 to strengthen WHO’s General Programme of Work, priorities or otherwise
supporting WHO’s mandate. The affiliation agreement signed in 2020 states the nature of the relationship, the
terms of the partnership, the independent status of the parties and the conditions for use of the name “WHO”;
the agreement also sets out the role, composition and functions of the joint planning and coordination
committee, which serves as the principal forum for strong communication and coordination on strategies to
support the policies, aims, activities and causes of WHO. A summary of the relationship agreement can be found
via the following link: https://www.whofoundationproject.org/wp-content/uploads/2020/09/MOU-WHO-
WHOF-signed.pdf.
As at 31 December 2022, WHO-F had transferred US$ 9.2 million for WHO programmes.
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11. Events after the reporting date
WHO’s reporting date is 31 December 2022. The financial statements were authorized for issue on
17 March 2023, the date at which they were submitted to the External Auditor by the Director-General. On the
date of the signing of these accounts, no material events, favourable or unfavourable, had arisen between the
balance sheet date and the date when the financial statements were authorized for issue that would have had
an impact on the financial statements.
12. Contingent liabilities, commitments and contingent assets
Contingent liabilities
As at 31 December 2022, WHO had a number of legal cases pending. Most involve disputes that are not recorded
because the likelihood of repayment has been determined to be remote. However, there is one case involving
contractual disputes that is to be considered a contingent liability. The total potential cost to the Organization is
estimated at US$ 202 355 (US$ 319 122 as at 31 December 2021).
Operating lease commitments
WHO enters into operating lease arrangements for renting office and warehouse space in various country offices
(Note 4.7). In 2022, WHO incurred US$ 16.4 million in rental expenses for office space. Future minimum lease
rental payments for premises above the threshold of US$ 50 000 per annum for the following periods are as
follows.
Description
Total
US$ thousands
Year 2022
Year 2021
Under one year
15 800
14 704
One to five years
16 314
23 699
Five years +
1 743
2 972
Total operating lease commitments
33 857
41 375
The Organization has no outstanding leases qualifying as finance leases at the reporting date.
As at 31 December 2022, total revenue from the leasing office space was US$ 0.4 million (US$ 0.5 million as at
31 December 2021). There is no minimum payment commitment for 2023 and beyond.
Commitments
During the course of its activities, WHO enters into contractual commitments with various suppliers. The
following table presents the open purchase orders for which WHO had not received the related goods or services
as at 31 December 2022.
Description
Total
US$ thousands
Year 2022
Year 2021
Property, plant and equipment
13 090
14 855
Goods
152 207
175 924
Services
572 450
260 441
Total commitments
737 747
451 220
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Contingent assets
In accordance with IPSAS 19 (Provisions, Contingent Liabilities and Contingent Assets), contingent assets will be
disclosed for cases where an event will give rise to a probable inflow of economic benefits. As at
31 December 2022, there are no material contingent assets to disclose.
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Schedule I. Statement of Financial Performance by major funds
a
For the year ended 31 December 2022
(in US$ thousands)
Description
General Fund
Member States – other
Fiduciary
Fund
Subtotal
Eliminations
b
Total
Percentage
Regular
budget
Voluntary
funds
Eliminations
Subtotal
Common
Fund
Enterprise
Fund
Special Purpose
Fund
Revenue
Assessed contributions
495 893
495 893
495 893
11%
Voluntary contributions
3 618 801
3 618 801
40 296
40 296
(2 647)
3 656 450
84%
Voluntary contributions in-kind
and in-service
146 271
146 271
146 271
4%
Other revenue
1 407
288 226
(248 249)
41 384
(172)
7 340
250 128
61
257 357
(243 741)
55 000
1%
Total operating revenue
497 300
3 907 027
(248 249)
4 156 078
(172)
153 611
250 128
40 357
443 924
(246 388)
4 353 614
100%
Expenses
Staff costs
404 030
746 405
1 150 435
22 067
153 145
19 679
194 891
(181 148)
1 164 178
30%
Medical supplies and materials
4 569
381 602
386 171
12 967
110 438
5 851
31
129 287
(4 377)
511 081
13%
Contractual services
53 601
1 227 669
1 281 270
(4 178)
16 626
44 178
11 405
68 031
(11 889)
1 337 412
35%
Transfers and grants
8 527
452 084
460 611
307
234
4 064
4 605
(5 169)
460 047
12%
Travel
14 718
144 164
158 882
38
448
1 546
2 032
(2)
160 912
4%
General operating expenses
22 387
409 234
(248 249)
183 372
25 084
25 264
3 038
53 386
(43 781)
192 977
5%
Equipment, vehicles and furniture
3 619
18 341
21 960
(12 995)
185
(2 243)
88
(14 965)
(22)
6 973
0%
Depreciation and amortization
14 093
14 093
14 093
1%
Total expenses
511 451
3 379 499
(248 249)
3 642 701
9 887
174 745
226 877
39 851
451 360
(246 388)
3 847 673
100%
Finance revenue
(1 547)
33 712
32 165
15 258
123
46 613
61 994
94 159
TOTAL SURPLUS/(DEFICIT) FOR THE
YEAR
(15 698)
561 240
545 542
5 199
(21 011)
69 864
506
54 558
600 100
Fund balance – 1 January 2021
44 699
4 040 216
4 084 915
405 011
35 551
(1 180 903)
62 320
(678 021)
3 406 894
Direct adjustments to net
assets/equity
1 013 284
1 013 284
1 013 284
Fund balance – 31 December 2022
29 001
4 601 456
4 630 457
410 210
14 540
(97 755)
62 826
(623 463)
5 020 278
a
Refer to Note 2.17 for details on the composition of major funds.
b
Eliminations as reported in the Statement of Financial Performance by major fund (Schedule I) are accounting adjustments made to remove the effect of inter-fund transfers that would otherwise overstate revenue and expenses of the Organization.
These accounting adjustments are done through a separate elimination fund established for this purpose.
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Schedule II. Expenses by major office ‒ General Fund only
For the year ended 31 December 2022
(in US$ thousands)
Description
Headquarters
Regional Office for
Africa
Regional Office for
the Americas
Regional Office for
the Eastern
Mediterranean
Regional Office for
Europe
Regional Office
for South-East
Asia
Regional Office for the
Western Pacific
Total
Expenses
Staff costs
515 709
246 889
39 169
131 345
97 332
63 738
56 253
1 150 435
Medical supplies and materials
153 711
45 278
3 590
113 961
38 474
21 938
9 219
386 171
Contractual services
272 188
419 419
39 915
345 526
73 228
87 897
43 097
1 281 270
Transfers and grants
22 151
160 405
18 128
146 166
57 812
33 273
22 676
460 611
Travel
53 413
53 178
8 666
16 280
13 491
6 574
7 280
158 882
General operating expenses
63 200
38 413
4 336
41 532
10 402
18 932
6 557
183 372
Equipment, vehicles and furniture
907
11 914
1 924
3 509
920
1 529
1 257
21 960
Total expenses
1 081 279
975 496
115 728
798 319
291 659
233 881
146 339
3 642 701
Percentage of expenses by expense
type across major office
Staff and other personnel costs
45%
21%
3%
11%
8%
6%
5%
100%
Medical supplies and materials
40%
12%
1%
30%
10%
6%
2%
100%
Contractual services
21%
33%
3%
27%
6%
7%
3%
100%
Transfers and grants to
counterparts
5%
35%
4%
32%
13%
7%
5%
100%
Travel
34%
33%
5%
10%
8%
4%
5%
100%
General operating expenses
34%
21%
2%
23%
6%
10%
4%
100%
Equipment, vehicles and furniture
4%
54%
9%
16%
4%
7%
6%
100%
Total percentage
30%
27%
3%
22%
8%
6%
4%
100%
Percentage of expenses by expense
type within each major office
Staff and other personnel costs
48%
25%
34%
16%
33%
27%
38%
32%
Medical supplies and materials
14%
5%
3%
14%
13%
9%
6%
11%
Contractual services
25%
43%
34%
43%
25%
38%
29%
35%
Transfers and grants to
counterparts
2%
16%
16%
18%
20%
14%
15%
13%
Travel
5%
5%
7%
2%
5%
3%
5%
4%
General operating expenses
6%
4%
4%
5%
4%
8%
4%
5%
Equipment, vehicles and furniture
0%
1%
2%
0%
0%
1%
1%
1%
Total percentage
100%
100%
100%
100%
100%
100%
100%
100%
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Schedule III. Financial overview – all funds, 2022, 2020–2021 and 2018–2019
For the year ended 31 December 2022
(in US$ millions)
Description
Total 2022
Total 2020–2021
Total 2018–2019
Assessed contributions
496
1 015
991
Voluntary contributions – programme budget
3 619
6 988
4 690
Total contributions – programme budget
4 115
8 003
5 681
Other revenue – programme budget
38
122
63
Non-programme budget revenue
55
67
121
Voluntary contributions in-kind and in-service
146
173
152
Total revenue (all sources)
4 354
8 365
6 017
Expenses – programme budget
3 377
6 629
5 314
Expenses – non-programme budget and other
325
477
123
Expenses – in-kind and in-service
146
173
151
Total expenses (all sources)
3 848
7 279
5 588
Finance revenue
94
89
102
Total surplus/(deficit)
600
1 175
531
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Annex I. Revenue and expenses with programme countries
For the year ended 31 December 2022
(in US$ thousands)
Programme country
Revenue
Expenses
Net balance of
revenue/(expenses)
Assessed
contributions
Voluntary
contributions
Other
Total
Programme
budget
Non-
programme
budget
Total
Afghanistan
34
34
169 670
206
169 876
(169 842)
Albania
38
38
2 096
2 096
(2 058)
Algeria
659
659
2 338
2 338
(1 679)
Angola
48
1 485
1 533
14 560
252
14 812
(13 279)
Antigua and Barbuda
10
10
507
507
(497)
Argentina
4 369
4 369
1 779
1 779
2 590
Armenia
34
34
3 102
60
3 162
(3 128)
Azerbaijan
234
390
624
4 701
4 701
(4 077)
Bahamas
86
86
569
569
(483)
Bahrain
239
239
527
527
(288)
Bangladesh
48
5 405
5 453
36 498
3 437
39 935
(34 482)
Barbados
34
34
441
441
(407)
Belarus
234
3 396
3 630
2 768
2 768
862
Belize
5
5
1 351
1 351
(1 346)
Benin
14
14
7 095
7 095
(7 081)
Bhutan
5
51
56
3 698
13
3 711
(3 655)
Bolivia (Plurinational
State of)
77
77
2 998
2 998
(2 921)
Bosnia and
Herzegovina
57
57
1 548
1 548
(1 491)
Botswana
67
67
4 360
68
4 428
(4 361)
Brazil
14 075
489
14 564
7 404
7 404
7 160
Brunei Darussalam
120
120
12
12
108
Burkina Faso
14
378
392
15 445
53
15 498
(15 106)
Burundi
5
5
10 302
134
10 436
(10 431)
Cabo Verde
5
5
2 150
40
2 190
(2 185)
Cambodia
29
29
10 222
50
10 272
(10 243)
Cameroon
62
62
32 146
12
32 158
(32 096)
Central African
Republic
5
5
12 546
12 546
(12 541)
Chad
19
1 385
1 404
20 821
234
21 055
(19 651)
Chile
1 943
1 943
2 518
2 518
(575)
China
57 316
12 869
70 185
6 033
6 033
64 152
Colombia
1 375
1 375
3 930
35
3 965
(2 590)
Comoros
5
5
4 857
107
4 964
(4 959)
Congo
29
29
6 655
400
7 055
(7 026)
Cook Islands
5
5
187
187
(182)
Costa Rica
296
296
2 079
2 079
(1 783)
Côte d’Ivoire
62
91
153
9 436
9 436
(9 283)
Cuba
382
382
1 454
1 454
(1 072)
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Programme country
Revenue
Expenses
Net balance of
revenue/(expenses)
Assessed
contributions
Voluntary
contributions
Other
Total
Programme
budget
Non-
programme
budget
Total
Democratic People’s
Republic of Korea
29
29
1 406
1 406
(1 377)
Democratic Republic
of the Congo
48
5 750
5 798
49 818
1 653
51 471
(45 673)
Djibouti
5
5
5 050
120
5 170
(5 165)
Dominica
5
5
565
565
(560)
Dominican Republic
253
253
1 445
1 445
(1 192)
Ecuador
382
382
2 334
2 334
(1 952)
Egypt
888
663
1 551
10 430
10 430
(8 879)
El Salvador
57
57
886
29
915
(858)
Equatorial Guinea
77
5 219
5 296
3 489
4
3 493
1 803
Eritrea
5
5
2 494
2 494
(2 489)
Eswatini
10
10
3 213
61
3 274
(3 264)
Ethiopia
48
48
67 904
436
68 340
(68 292)
Fiji
14
14
232
39
271
(257)
Gabon
72
72
5 686
5 686
(5 614)
Gambia
5
5
3 501
9
3 510
(3 505)
Georgia
38
38
3 972
46
4 018
(3 980)
Ghana
72
72
17 347
87
17 434
(17 362)
Grenada
5
5
231
231
(226)
Guatemala
172
172
2 355
2 355
(2 183)
Guinea
14
738
752
11 488
50
11 538
(10 786)
Guinea-Bissau
5
8 280
8 285
8 093
8 093
192
Guyana
10
10
940
940
(930)
Haiti
14
14
8 659
8 659
(8 645)
Honduras
43
43
2 671
2 671
(2 628)
India
3 982
46 954
2 000
52 936
67 404
9 986
77 390
(24 454)
Indonesia
2 592
2 312
4 904
13 923
702
14 625
(9 721)
Iran (Islamic
Republic of)
1 900
85 319
87 219
5 942
58
6 000
81 219
Iraq
616
616
28 014
4
28 018
(27 402)
Jamaica
38
38
1 351
1 351
(1 313)
Jordan
100
100
10 487
49
10 536
(10 436)
Kazakhstan
850
2 000
2 850
3 605
10
3 615
(765)
Kenya
115
115
13 568
190
13 758
(13 643)
Kiribati
5
5
501
501
(496)
Kuwait
1 203
6 171
7 374
679
679
6 695
Kyrgyzstan
10
10
5 018
5 018
(5 008)
Lao People’s
Democratic Republic
24
260
284
14 962
49
15 011
(14 727)
Lebanon
224
224
22 301
22 301
(22 077)
Lesotho
5
679
684
3 974
3 974
(3 290)
Liberia
5
5
15 117
188
15 305
(15 300)
Libya
144
5 438
5 582
19 677
19 677
(14 095)
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Programme country
Revenue
Expenses
Net balance of
revenue/(expenses)
Assessed
contributions
Voluntary
contributions
Other
Total
Programme
budget
Non-
programme
budget
Total
Madagascar
19
118
137
11 651
1 003
12 654
(12 517)
Malawi
10
10
12 987
(3)
12 984
(12 974)
Malaysia
1 628
25
1 653
2 283
2 283
(630)
Maldives
19
19
3 916
110
4 026
(4 007)
Mali
19
470
489
11 735
11 735
(11 246)
Marshall Islands
5
5
89
89
(84)
Mauritania
10
10
8 067
33
8 100
(8 090)
Mauritius
53
53
1 909
1 909
(1 856)
Mexico
6 168
10
6 178
2 106
2 106
4 072
Micronesia
(Federated States of)
5
5
702
702
(697)
Mongolia
24
24
6 066
98
6 164
(6 140)
Montenegro
19
19
1 381
75
1 456
(1 437)
Morocco
263
263
3 132
3 132
(2 869)
Mozambique
19
19
34 755
74
34 829
(34 810)
Myanmar
48
48
13 023
(27)
12 996
(12 948)
Namibia
43
43
5 695
46
5 741
(5 698)
Nauru
5
5
5
Nepal
34
34
17 671
481
18 152
(18 118)
Nicaragua
24
24
3 876
3 876
(3 852)
Niger
10
375
385
21 063
21 063
(20 678)
Nigeria
1 194
40 008
41 202
153 638
1 271
154 909
(113 707)
Niue
5
5
9
9
(4)
North Macedonia
34
34
1 993
1 993
(1 959)
Pakistan
549
549
146 327
146 327
(145 778)
Palau
5
5
52
52
(47)
Palestine (State of)
18 655
18 655
(18 655)
Panama
215
215
1 085
63
1 148
(933)
Papua New Guinea
48
48
11 002
11 002
(10 954)
Paraguay
77
77
1 525
1 525
(1 448)
Peru
726
726
1 319
1 319
(593)
Philippines
979
135
1 114
9 475
9 475
(8 361)
Republic of Moldova
14
14
8 413
8 413
(8 399)
Rwanda
14
14
6 017
6 017
(6 003)
Saint Kitts and Nevis
5
5
290
290
(285)
Saint Lucia
5
5
280
280
(275)
Saint Vincent and
the Grenadines
5
5
552
552
(547)
Samoa
5
5
1 055
5
1 060
(1 055)
Sao Tome and
Principe
5
412
417
3 312
33
3 345
(2 928)
Saudi Arabia
5 596
25 409
31 005
1 220
1 220
29 785
Senegal
34
34
7 803
(2)
7 801
(7 767)
Serbia
134
134
3 466
43
3 509
(3 375)
A76/17
107
Programme country
Revenue
Expenses
Net balance of
revenue/(expenses)
Assessed
contributions
Voluntary
contributions
Other
Total
Programme
budget
Non-
programme
budget
Total
Seychelles
10
10
2 285
2 285
(2 275)
Sierra Leone
5
271
276
9 706
83
9 789
(9 513)
Singapore
2 316
100
2 416
2 416
Solomon Islands
5
826
831
3 371
3 371
(2 540)
Somalia
5
8 929
8 934
61 698
413
62 111
(53 177)
South Africa
1 299
1 299
8 176
30
8 206
(6 907)
South Sudan
29
29
32 772
529
33 301
(33 272)
Sri Lanka
210
230
440
8 750
68
8 818
(8 378)
Sudan
48
48
38 594
38 594
(38 546)
Suriname
24
24
780
47
827
(803)
Syrian Arab Republic
53
53
32 004
4
32 008
(31 955)
Tajikistan
19
54
73
7 944
7 944
(7 871)
Thailand
1 466
513
1 979
7 848
6
7 854
(5 875)
Timor-Leste
10
10
13 022
30
13 052
(13 042)
Togo
10
501
511
9 143
9 143
(8 632)
Tokelau
5
5
(23)
(23)
28
Tonga
5
5
685
685
(680)
Trinidad and Tobago
191
191
1 139
1 139
(948)
Tunisia
120
120
3 392
55
3 447
(3 327)
Türkiye
6 546
1 932
8 478
37 769
37 769
(29 291)
Turkmenistan
158
158
2 537
2 537
(2 379)
Tuvalu
5
5
38
38
(33)
Uganda
38
44
82
30 504
30 504
(30 422)
Ukraine
272
894
1 166
73 264
15 040
88 304
(87 138)
United Arab
Emirates
2 941
27 427
30 368
24
24
30 344
United Republic of
Tanzania
48
48
35 431
117
35 548
(35 500)
Uruguay
415
415
794
794
(379)
Uzbekistan
153
153
7 248
182
7 430
(7 277)
Vanuatu
5
5
2 288
2 288
(2 283)
Venezuela
(Bolivarian Republic
of)
3 476
3 476
3 004
3 004
472
Viet Nam
368
278
646
4 972
4 972
(4 326)
Yemen
48
48
142 845
370
143 215
(143 167)
Zambia
43
108
151
16 514
264
16 778
(16 627)
Zimbabwe
24
24
18 477
44
18 521
(18 497)
Total
134 567
304 791
2 000
441 358
2 006 125
39 456
2 045 581
(1 604 223)
A76/17
108
Annex II. Revenue and expenses with United Nations entities
1
For the year ended 31 December 2022
(in US$ thousands)
United Nations entity
Revenue
United Nations entity
Expenses
Net revenue/expenses
Programme
budget
Non-programme
budget
Total
Programme
budget
Non-programme budget
Total
United Nations Children’s Fund
(UNICEF)
94 275
94 275
United Nations Children’s Fund
(UNICEF)
162 872
351
163 223
United Nations Central Emergency
Response Fund (CERF)
65 736
65 736
United Nations Office for Project
Services (UNOPS)
30 775
13
30 788
United Nations Development
Programme (UNDP)
50 979
50 979
United Nations Secretariat
8 804
18 931
27 735
United Nations Office for the
Coordination of Humanitarian
Affairs (UNOCHA)
24 755
24 755
World Food Programme (WFP)
14 651
57
14 708
United Nations Office for Project
Services (UNOPS)
10 780
10 780
United Nations Development
Programme (UNDP)
11 049
503
11 552
Joint United Nations Programme
on HIV/AIDS (UNAIDS)
6 682
6 682
United Nations International
Computing Centre (UNICC)
2 891
649
3 540
United Nations Fund for
International Partnerships (UNFIP)
3 661
3 661
United Nations Population Fund
(UNFPA)
3 144
3 144
United Nations Population Fund
(UNFPA)
3 405
3 405
United Nations Volunteers (UNV)
2 117
2 117
United Nations Environment
Programme (UNEP)
3 198
3 198
Food and Agriculture Organization
of the United Nations (FAO)
1 929
1 929
International Organization for
Migration (IOM)
1 675
1 675
International Organization for
Migration (IOM)
1 426
3
1 429
Pan American Health Organization
(PAHO)
1 572
1 572
Other
2 129
408
2 537
World Food Programme (WFP)
1 536
1 536
Other
1 772
1 772
Total
270 026
270 026
Total
241 787
20 915
262 702
7 324
= = =
__________________________
_
1
Revenue represents voluntary contributions, and expenses include grants and fees paid to United Nations entities.
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