Annual Accounts 2021

The foundation “De Vaste Burcht” is categorised as “small” according to Dutch financial law & regulations. This means that no fixed format exists for reporting of the annual accounts. To be able to reach the set goals and targets, the foundation needs sufficient cash flow to be able to finance its activities and secure continuity of longer term projects. The board has therefore decided to report a comprised Statement of Income & Expenditure as well as a Balance Sheet, including short commentary. Daily bank transactions are executed by a board member who was given adequate bank authority. Larger amounts require two signatures. A limited audit was performed by another board member and reported to the Board.

Statement of income and expenditure

STATEMENT OF INCOME AND EXPENDITURE   
  
2021 Actuals
2020 Actuals
INCOMEGeneral
136.721
120.933
 Earmarked
162.394
157.269
 Miscellaneous
1.144
1.125
  
300.259
279.327
    
EXPENDITUREFunds
240.833-
226.851-
 Small Projects
16.220-
15.210-
 SG&A
6.635-
6.797-
  
263.688-
248.858-
    
NET RESULT 
36.571
30.469
    
 Funds 2021 to be invested
25.978-
 
 Add to general reserve
10.593
 

We are delighted to report that overall income has increased by €21K. Most of the funds could already be spent in 2021 on the various funds and projects. The received funds were spent as follows:

Expenditure

 

EXPENDITURE  
   
General
4.091
 
Leper colony
16.001
 
Child work Chintapalli
32.395
 
Child work Maduthuru
19.443
 
Mission OG
35.882
 
Mission AP
49.021
 
Bible school OD
19.469
 
Faith & Deed Minitries
5.214
 
Difficult countries
16.500
 
Kommika bible school
10.172
 
Velamjuvvi bible school
12.418
 
Chinna Gedda sewing school
3.250
 
Vepada sewing school
1.649
 
Chatakamba sewing school
2.115
 
Chatakamba bible School
7.441
 
Godriguda community home
4.213
 
Miscellaneous
1.559
 
  
240.833
Projects <500
2.650
 
Projects >500
13.570
 
  
16.220
Travel costs
1.250
 
Office costs
356
 
Acquisition costs
1.627
 
Interest/bank costs
329
 
Subscriptions/training
185
 
Guest home Hoenderloo
2.889
 
  
6.635
  
263.688

As not all received funds could already be spent on the projects in 2021, a short term debt on the Balance Sheet position was reported, to take into account that received funds were earmarked for the following projects:

 
TO SPEND IN 2022
Bible school OD
4.531
Kommika bible school
8.328
Velamjuvvi bible school
8.582
Chinna Gedda sewing school
4.250
Godriguda community home
287
 
25.978

Balance Sheet

BALANCE      
 
31-12-2021
31-12-2020
  
31-12-2021
31-12-2020
    General reserve
9.410
1.910
Means of transport
PM
PM
 Special purpose reserve (transport)
34.000
28.00
    Special purpose reserve (projects)
12.000
 
    Net result 2021
10.593
 
Bank / third parties
45.327
33.134
    
    Appropriated funds
25.978
25.500
Bank
91.981
55.410
 Debt / third parties
45.327
33.134
       
TOTAL
137.308
88.544
 
TOTAAL
137.308
88.544
       
    Solvency
48%
34%

Almost 26K was booked in 2021 as an appropriated fund, to be spent early 2022. Compared to 2021, the overall liquidity at the bank rose to €137K, as a result of the positive net income in 2021. The board proposes to add the 2021 positive net income of €11K to the general reserves.

In total, the foundation manages three bankaccounts, on which funds for third party charities are collected. These are reported as Bank/ third parties with a corresponding debt to third party.

The Board has decided to earmark a part of the general reserves as so-called special-purpose reserves. Some years ago, the foundation has invested in means of transport for work in remote areas. They will have to be replaced in the coming years. Also some running projects need secured future funds.

In total the foundation has general reserves of €20K, which fits well within our aim of prudent financial management.

 

Board of Foundation “De Vaste Burcht”