Financials and Risk Management
Thee financial statements have been prepared in accordance with the Guideline for Annual Reporting 640 ‘not-for-profit organizations’ of the Dutch Accounting Standards Board. The budget has not been included, as budget control is performed at project level.
Total Income for 2022
Compared to EUR 9,697,335 for 2021
Financials
The total income in 2022 amounted to EUR 8,364,453 (2021: EUR 9,697,335). AIGHD ends the 2022 financial year with a loss of EUR 246,942 (2021: profit of EUR 976,037).
After appropriation of the result, the continuity reserve amounts to EUR 1.336,872 (2021: EUR 1,268,827). This reserve will be used to secure the continuity of AIGHD and/or support its statutory goals.
EUR 65,987 of the result was deducted from the special purpose reserve (for future workshops and conferences and to hire a professor). The remaining special purpose reserve amounts to EUR 164,741 (2021: EUR 230,528). EUR 60,000 of the result was deducted from the calamity reserve. The calamity reserve is now nil. EUR 189,000 was deducted from the development reserve. The development reserve amounts to EUR 519,000 (2021: EUR 708,000).
We continue to analyze risks and improve processes for risk mitigation. In 2022, staff began to travel and we worked on an updated safety and security policy, to be finalized in 2023. To manage our financial risk, we monitored the annual budget and expenditure with quarterly closures and forecasting at project and organizational level. There is a continued effort to diversify funding and increase portfolio growth to limit dependencies to specific funders and ensure coverage of all organizational expenses including the necessary investments in programme development. To improve our income generation, we invested in a business development unit in 2022. Since the results of these efforts take time, we will continue to work on this in 2023 and beyond.