Financial Report – 2022

Revenue

We end the year 2022 with total gifts of 337,000 euros: an increase of several thousand euros over 2021. In 2022 we received another endowment of 150,000 euros, and with the final settlement of the previous legacy, the Foundation received bequests totalling 165,009 euros in 2022.

The spending

In 2022, we invested mainly in the areas of Health and Agriculture with, among others, 105,455 euros of support for the two hospitals in Boko and Papané, 76,840 euros for the common vegetable gardens project and 43,198 euros for the multi-year program on ecological agriculture.
Almost 20,000 euros went to constructing and furnishing the new incubation centre. The cost for our 13 employees in Benin, all-inclusive, was nearly 60,000 euros.

And with 22,788 euros, management expenses in Belgium in 2022 were higher than usual. The costs for organising two corridas in March and at the end of the year and for celebrating our fortieth anniversary explain this notable increase.

The cost of our team in Benin for salaries, working resources and the cost of the building was 58,435 euros. Logistics costs for maritime transport amounted to 22,010 euros.

The two hospitals received support for 105,455 euros, including construction work on the medical centre in the border village of Kassoula. The new project, Malnutrition in patients with non-communicable diseases, was launched, costing 4,768 euros. The Foundation paid the annual contribution to our partner Louvain Cooperation (15,000 euros) under the new 5-year DGD program.

The own contribution to the DGD multi-year ecological agriculture program to our NGO partner Eclosio amounted to 43,198 euros. The program vegetable gardens in the villages expanded further with 13 new gardens and cost 76,840 euros. 34,271 euros were spent on the malnutrition project in some 60 regional villages. Specifically there were two projects in the elementary school: water and hygiene’ (expenditure: 2,856 euros). Summerschool and associated university scholarships cost 10,801 euros in 2022. The Aquaponics project with the University of Parakou cost 10,377 euros.

The new incubation centre continued to take shape. 19,635 euros were spent on the construction works and site equipment. The centre supports new technologies and invested in the Aquaponics project (5,481 euros).

Another 10,508 euros was spent on an ambulance, a passenger car and sea containers used as storage space on the incubator’s site.

Management costs in Belgium are exceptionally higher at €22,788 in 2022. This is due to several reasons. Inevitably, we incurred some expenses to celebrate the Foundation’s 40th anniversary and had expenses for two editions of the Corrida. A capital loss had to be booked on investments for the first time.

The result

The positive result of 110,919 euros will be added to the reserves, including for the completion of the new incubation centre.

The Foundation’s assets are still more than sufficient to ensure the commitments’ continuity.