DOCTORS FOR MOZAMBIQUE FOUNDATION 2015 ANNUAL ACCOUNTS

Transcription

1 DOCTORS FOR MOZAMBIQUE FOUNDATION 2015 ANNUAL ACCOUNTS Adopted by the Board on 14 April 2016

2 CONTENTS ANNUAL REPORT FROM THE BOARD 3 BALANCE SHEET AS AT 31 DECEMBER PROFIT AND LOSS ACCOUNT 7 ACCOUNTING POLICIES 8 EXPLANATORY NOTES TO BALANCE SHEET AS AT 31 DECEMBER EXPLANATORY NOTES TO 2015 PROFIT AND LOSS ACCOUNT

3 ANNUAL REPORT FROM THE BOARD 2015: a review Students Finances In 2015 the foundation provided 19 students with financial support in relation to their medical training in Beira, Mozambique. For 15 students we paid the tuition fees and a monthly contribution towards living expenses, and for 2 students we paid the tuition fees only. The selection weekend for potential new students is now an established part of our programme. In January 2015 another such weekend was held for the 2015 academic year. 21 candidates were invited, of whom only 7 met our quality requirements and were selected. The DfM students set up a student association, the main objective of which is to help each other with their studies and to coach new students as they adjust to studying at a university and living in a large city. The association is called Somesa. It is operating very effectively and all the students are finding it extremely valuable. The 2015 net operating result was slightly negative ( -693), but still better than estimated ( - 10,850). The foundation s reserves and balance sheet can be described as strong and healthy. In view of increased inflation, the monthly contribution to students living expenses was increased in September 2015 from 3500 MZN to 4500 MZN (approx. 90). The monthly contribution was last increased in September Two more charity dinners were held. These dinners are much appreciated by the guests, and have become a constant source of income. The first doctors who qualified via DfM started paying back their scholarship money. The agreement made with all our students is that once they have qualified they pay back 50% of the tuition fees we paid to the foundation, in instalments. The Dermazon Foundation ceased its activities and transferred its funds to Doctors for Mozambique following good mutual consultation. This foundation s objective was to train two dermatologists. One of them has now completed the specialist training and the second will complete the training in Dermazon had reserved sufficient funds for the training, so Doctors for Mozambique bears no risk. Once the second doctor has completed specialist training, the balance remaining in Dermazon s account will go to Doctors for Mozambique and may be used for its own students

4 Activities In 2015, the final touches were added to the foundation s new website. The new website was launched in the spring. The English language version of the website was launched in November In the summer of 2015, Gitta van der Meeren and our local representative in Mozambique visited a large number of rural secondary schools to spread the word about Doctors for Mozambique and to prepare student applications for the selection weekend. At each school visited, one of our more senior students was also present to explain more about medical training and what Doctors for Mozambique does. The presence of a DfM student brought significant added value to the visits. In 2015 the Board took a critical look at the existing SWOT-analysis and updated it where necessary. A look ahead to 2016 Students Given our financial capacity, our aim is to select eight new students for the 2016 academic year, plus one returning student. This was someone who used to be on our programme but had to retake the whole year due to poor results. We agreed with him that if he passed the resits he would be allowed to re-join the programme. His prospects are now good. None of our students will qualify in P.M. van Empel, chairperson D.B. Schoneveld, secretary P.J.M. van Bekhoven RA, treasurer L.A. van de Sande, board member M. Jonkhout, board member - 4 -

5 BALANCE SHEET AS AT 31 DECEMBER 2015 ASSETS CURRENT ASSETS In Euros Actual 2015 Budget 2015 Actual 2014 Liquid assets 255, , ,062 Total current assets 255, , ,062 TOTAL ASSETS 255, , ,062 LIABILITIES CAPITAL AND RESERVES Continuity/appropriated reserve 213, , ,490 General reserve 4,762 20,850 13,533 Net operating result for accounting year ,850 28,039 Total capital and reserves 217, , ,062 ACCRUALS AND DEFERRED INCOME Reserve for dermatology student 23, Amounts received in advance 14, Total current liabilities 38, TOTAL LIABILITIES 255, , ,

6 2015 PROFIT AND LOSS ACCOUNT INCOME/REVENUE In Euros Actual 2015 Budget 2015 Actual 2014 Structural donations from sponsors Incidental donations from sponsors Repayments from qualified students 24,420 24,000 25,639 9,446 5,000 17,906 1, Income from events (net) 9,851 11,500 15,741 Total income/revenue 44,728 40,500 59,286 EXPENDITURE/OUTLAY Support of students Tuition fees 25,966 27,700 15,812 Contribution to living expenses 15,988 17,000 12,229 General expenses, students 1, Preparations for selection weekend and supervisory weekends 802 2,100 2,728 Expenses Mauane, Beira 479 1, Expenses support for Beira 212 1, Structural support to UMC 2,800 2,800 0 Total support of students 46,247 51,850 32,844 Organisational expenses Depreciation General expenses Total organisational expenses 367 1, Income and expenditure -1,193-1,600-2,081 Balance ,850 28,

7 ACCOUNTING POLICIES General The annual accounts are compiled on the basis of historical cost. Unless stated otherwise at the top of the relevant balance sheet heading, assets and liabilities are included at nominal value. Accounting principles applicable to the valuation of assets and liabilities Receivables The receivables are recorded at nominal value. Liquid assets Unless specifically stated otherwise, the liquid assets are at the free disposal of the foundation. Short-term liabilities The short-term liabilities are recorded at their nominal value. Principles applicable to the determination of results The results are determined as the difference between total income and total expenditure. Income is accounted for in the year in which it is realized, and expenditure as soon as it is foreseeable. Withdrawals from and transfers to the appropriated reserve are charged to / added to the general reserve. Income from donations from sponsors/events Income from donations from sponsors/events is understood to mean gifts, contributions and proceeds received from third parties or promised for the accounting year in question

8 EXPLANATORY NOTES TO BALANCE SHEET AS AT 31 DECEMBER 2015 Continuity/appropriated reserve Balance as at 1 January 176,490 Additions during accounting year 36,810 Balance as at 31 December ,300 Each year, a thorough inventory is made of future contributions to students who receive support from the foundation, so that we have a clear idea of our commitments. At the start of 2016, candidate students were screened for suitability for medical training and to check whether they met our support criteria. The decision was taken to accept the maximum number of students possible given the foundation s financial means. The maximum commitment the foundation made to ensure that all our existing students (Spring 2016) will be able to complete their training amounts to a total of approximately 213,300. General reserve and net operating result for accounting year 31 December December 2014 General reserve 13, Net operating result for previous accounting year 28,039 27,392 Transfer to appropriated reserve 36,810-14,490 Total 4,762 13,533 In 2015, an amount of 36,810 was withdrawn from the general reserve and added to the continuity/appropriated reserve. As at 31 December 2015, the general reserve amounted to 4,069 following the inclusion of the 2015 operating result ( -693)

9 EXPLANATORY NOTES TO 2014 PROFIT AND LOSS ACCOUNT Income and donations from sponsors INCOME/REVENUE Actual 2015 Budget 2015 Actual 2014 Structural donations from sponsors 24,420 24,000 25,639 Incidental donations from sponsors 9,446 5,000 17,906 Repayments from qualified students 1, Income from events (net) 9,851 11,500 15,741 44,728 40,500 59,286 Monies received in the context of multi-year commitments from companies and private individuals to make donations, whether or not these are linked to the training of one or more specific students, are accounted for as structural donations from sponsors. The total sum of structural donations received is slightly higher than budgeted. Incidental donations from sponsors are significantly higher than budgeted. Most of these comprise one-off donations from service clubs, companies and private individuals. In 2014, the foundation received a special one-off donation (settlement) of 9,250 from the foundation Oud Prinsen Goede Doelen. Doctors for Mozambique organised two charity dinners in Both events were a success, and generated a total income of almost 10,

10 Support of students Actual 2015 Budget 2015 Actual 2014 Tuition fees 25,966 27,700 15,812 Contribution to living expenses 15,988 17,000 12,229 In 2015, we paid tuition fees for nineteen students at the University of Beira in Mozambique. This amounted to a sum of 25,966. Tuition fees for new students and students who have fallen behind on their studies are paid pro rata. In 2015, we helped fifteen students with a monthly contribution to their living expenses. Some of those students also receive tuition fees from the foundation, but some have their tuition fees paid via another source and only depend on the foundation for help with living expenses. The contribution was approximately 90 per month per student. Supervision of students The foundation pays a contribution to the University of Beira for the local supervision of students. In addition, the foundation also employs the services of Mauane, a local supervisor. He is the students first point of contact, and he keeps a close eye on their development. He reports to Gitta van der Meeren, and indirectly to the Board. General expenses Once again the Board was able to keep general expenses very low. These expenses represented 0.8% (amount in Euros: 367) of income (in 2014: 2.6%, amount in Euros: 484). The members of the Board and other workers do not receive any remuneration for their work/services