Brexit blamed for stalled growth at Save the Children International

03 Oct 2017 News

Save the Children International saw its growth slow in 2016, in part was due to the weakening of the British pound following the Brexit vote, according to its annual report and accounts, published last week.

Save the Children International is based in the UK, but accrues income from many different Save the Children subsidiaries around the world, and accounts for its income in US dollars.

Its income of $1.22bn (£909m) this year represented a growth of 1.4 per cent on the year before, which the charity said was “far lower than the high rates seen in previous years”. The charity’s 2015 accounts saw a 10 per cent growth in income, from $1.09bn (£813m) in 2014, to $1.20bn (£896m).

In the report, Save the Children International said that this was is part down to the fall in the value of the pound, which came about as a result of the vote to leave the European Union which took place in June 2016.

It said: “These figures understate the increase in underlying activities, as a result of the fall in value of many of our principal donor currencies against the US dollar during the year.

“We saw this particularly with the weakening of the British pound following the Brexit vote, leading to a reduction in 2016 income of $26m (£19.4m)."

Adding this back would have brought the growth rate to 3.5 per cent.

In 2015, Save the Children International received $357.7m (£267.1m) from Save the Children UK, dropping to $334.6m (£249.9m) in 2016.

In 2016 Save the Children International said it has the full-time equivalent of 17,528 staff, up from 16,082 in 2015.

The highest payed employee received $302,475 (£225,878). The accounts state that this was not the chief executive officer, former Danish Prime Minister, Helle Thorning-Schmidt, whose employment started on 4 April 2016 and who received emoluments in 2016 of $257,358 (£192,186).

It said that the 2015 comparative was $399,283 (£298,171), which represented the full year’s emoluments for the previous chief executive officer, which would have been Jasmine Whitbread.

The members of the senior leadership team received payments amounting to $1.6m (£1.2m) in 2016, down from $1.7m (£1.3m) in 2015.

In 2016 Save the Children International launched its new 15 year strategy. The charity wants to ensure by 2030 that no child dies from preventable causes before their fifth birthday; all children learn from a quality basic education; violence against children is no longer tolerated.

 

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