The financial figures are determined in accordance with the accounting principles, valid for non-profit organizations. Income and expenses are recognized in the year in which they occur.

 

Statement of financial activities (€)
  2020
(× €1.000)
2019
(× €1.000)
Return on securities  1,076 419
Donations 673 696
Total income 1,092 1,772 
   
Project donations 994  891
Adjustments for prior years/exchange rate differences (44) (38)
Net amount assigned to projects  900  853
Volunteering costs 37 61
Operational cost 18 15 
Total expenses  955 929
   
Total operating income minus expenses 137 843
Financial income and expenses  29 (1) 
   
Net result 166 842 
Guide to terms used

Return on securities are defined as the sum of the income received from investment in securities and the unrealized value changes in securities. The return on securities also include costs payable to professional asset managers.


Donations are recognized in the statement of financial activities when the amount is virtually certain to be received and can be reliably measured.


Total income is recognized in the statement of financial activities when it is probable that the economic benefit will flow to the foundation and the amount of incoming resource can be reliably measured. Expenses are allocated to the year to which they incurred.


Project donations are accounted for in the statement of income and expenses and recorded as an obligation on the balance sheet once a commitment is done in the framework of a project application.


Operational expenses are calculated based on historical costs and are attributed to the year to which they relate, unless stated otherwise. For risks and charges, inherent to the activities of the foundation, facilities are affected.


Financial income and expenses include the interest rate (costs and benefits) and exchange results on foreign currency, recognized in the accounting period to which they relate.


Net result is determined as the difference between the returns on securities and donations and all direct and indirect costs and expenses connected with the reporting year in accordance with the goals of the foundation.


It is not the foundation’s goal to make an annual profit and to grow its capital year on year. However, due to the fluctuations in the investment results, we may have years that we have a substantial surplus, which we will use as buffer to be able to continue to fund projects in years with a negative or small return on investment.