Chapter 7: Financial management
Annual report 2022
2022 was a year of growth: in organisational size, in the number of projects, and in financial results. (For the projects and programmes, check out chapter 3). The total income grew to €1,549,132 in 2022 compared to €1,213,108 in 2021 – a growth of 28%. Financially speaking, RECLAIM Sustainability! is our largest programme, with a total amount of €477,973. This project has a duration of 5 years, of which 2022 was the second year.
The positive balance for 2022 amounted to €164,713 and has been added in its entirety to the General Reserve. This General Reserve amounted to €677,527 on 31 December 2022. Fairfood has the objective to always have a General Reserve of 45% to 60% of the costs of our organisational work – at the end of 2022, a minimum of €458,099 and a maximum of €610,798.
It was clear that funding from the Dutch Postcode Lottery would expire in 2023. For that reason, in 2022, we aimed for a significant increase of our reserve, so that also without this funding, Fairfood may continue in 2023 with the same team, while further building our projects and collaborations. We plan to submit an application to become a beneficiary again as of 2024.
The liquidity position of the foundation is healthy as of 31-12-2022. This is due to the relatively higher reserve and because on balance the advances on the projects were greater than the expenditure incurred in 2022. No liquidity problems are expected for 2023 either.
For 2023, an approximately constant volume of income is assumed. We have budgeted a negative result of €125,000. The deficit will be financed from the General Reserve.
Download our budget 2023 here
