Annual accounts for the financial year ended June 30, 2015 (with

Friendship Luxembourg A.s.b.l.
Annual accounts
for the financial year ended
June 30, 2015
(with the report of the Réviseur
d’Entreprises Agréé thereon)
58, Rue de Limpach
L-3932 Mondercange
R.C.S. Luxembourg F 1387
5913066_2
Friendship Luxembourg A.s.b.l.
Financial and activities report 2015
3
Report of the Réviseur d’Entreprises Agréé
9
Balance sheet
11
Statement of income and expenditure
12
Notes to the annual accounts
13
2
Rapport financier et d’activités juillet 2014 – juin 2015
(avec comptes audités au 30 juin 2015)
Index
I.
Période couverte
4
II.
Financements assurés pendant l’exercice 2014
4
Logique d’intervention
4
Projets financés
4
III.
Situation financière
6
IV.
Gouvernance
8
3
Friendship Luxembourg A.s.b.l.
Rapport financier et d’activités juillet 2014 – juin 2015
I.
Période couverte
Ce rapport d’activités couvre la période de l’exercice financier juillet 2014 – juin 2015 dont il accompagne les
comptes annuels, Friendship Luxembourg ayant décidé de calquer son exercice financier sur celui de Friendship
Bangladesh. Ceci malgré le fait que les financements assurés, tout comme les subventions reçues, sont plutôt en
phase avec l'année civile.
II. Financements assurés pendant l’exercice 2014
Logique d’intervention
L’appui de Friendship Luxembourg aux projets et programmes de Friendship Bangladesh se comprend comme
un appui apporté à l’organisation et à ses programmes dans leur ensemble.
Ceci s’inscrit dans la logique même qui sous-tend les interventions de Friendship Bangladesh : celles-ci ne se
conçoivent guère les unes sans les autres, elles interagissent et se nourrissent les unes des autres au niveau de
l’impact qu’elles sont destinées à produire. Privilégier les unes au détriment des autres ne fait donc guère de sens.
Aussi les financements effectués ont-ils touché à tous les secteurs d’intervention de Friendship Bangladesh, à
savoir (i) santé et nutrition, (ii) éducation et formation professionnelle, (iii) bonne gouvernance, (iv) activités
génératrices de revenus et micro finance (v) prévention des risques naturels, réhabilitation et aide d'urgence.
Pour la même raison, et en cela le partenariat entre les deux organisations est relativement unique en offrant à
Friendship Bangladesh une grande flexibilité, Friendship Luxembourg est généralement disposée à intervenir là
où, à un moment donné, d’autres financeurs ne sont pas sur le rang.
Projets financés
Le tableau ci-dessous récapitule les différents financements assurés entre le 1er juillet 2014 et le 30 juin 2015.
Dans le domaine de la santé, Friendship Luxembourg a poursuivi son appui aux différents échelons du système
de santé mis en place par Friendship Bangladesh: Rongdhonu Friendship Hospital, Lifebuoy Friendship Hospital,
Sathkira Landhospital (en construction), Cliniques satellites et Friendship Comunity Medic Aides dans le chars
du nord du Bangladesh.
Dans le domaine de l'éducation et de la formation, l'appui s'est poursuivi au programme d'Education primaire et
d'alphabétisation des adultes et adolescents. Le projet de "Bonne gouvernance", en voie d'expansion significative,
a de son côté bénéficié d'un appui important de Friendship Luxembourg.
Les programmes Fishermen et Agriculture ont eux aussi continué à recevoir l'appui de Friendship Luxembourg.
Le fait qu'aucun versement ne soit intervenu pendant l'exercice au titre du projet Agriculture tient au fait qu'en2014
un versement pour ce projet est intervenu au courant du 1er semestre alors qu'en 2015 il n'est intervenu que
postérieurement à la date de clôture de l'exercice au 30 juin 2015.
4
Friendship Luxembourg A.s.b.l.
Rapport financier et d’activités juillet 2014 – juin 2015
Dans le domaine de l'aide humanitaire (aide d'urgence, prévention et réhabilitation) Friendship Luxembourg a
appuyé la poursuite de programme CMDRR (Community Managed Disaster Risk Reduction) et un versement
résiduel a été effectué au titre du projet de reconstruction réalisé à la suite du cyclone Mahasen qui a frappé le
Bangladesh en mai 2014. Friendship Luxembourg a par ailleurs, en collaboration avec la Croix-Rouge, financé
un processus et séminaire d'experts et de responsables d'ONG et d'autorités publiques pour la mise en place de
standards minima et bonnes pratiques dans le domaine de la construction/reconstruction d'abris dans les régions
du Bangladesh les plus exposées aux catastrophes naturelles. Par ailleurs, pendant l'exercice, le projet de mise en
place d'installations de traitement d'eau, au titre duquel les versements à Friendship Bangladesh sont intervenus
au courant de l'exercice précédent, a été mené à terme. Enfin, alors que des dons supplémentaires ont été recueillis
au courant de l'exercice pour le projet de construction d'un abri anti-cyclonique dans la région côtière du
Bangladesh, un transfert au titre de ce projet, qui entrera en phase active de réalisation au deuxième semestre
2015, n'est pas encore intervenu.
EUR
Rongdhonu Friendship Hospital
710,622
Lifebuoy Friendship Hospital
155,964
Satkhira Landhospital
565,051
Satellite clinics and FCM program
219,186
Primary Schools & Adult Education
420,399
Good Governance
104,902
Fishermen Project
75,893
Community Managed Disaster Risk Reduction
270,092
Cyclone Mahasen Reconstruction
34,006
Technical Assistance & Internships
36,415
Shelter Guidlines Workshop
28,000
Other
25,515
2,646,045
Financements publics mis à profit
La majeure parte des financements effectués au bénéfice de Friendship Bangladesh se font dans le contexte de
l'accord-cadre conclu avec le ministère (en consortium avec Aide à l'Enfance de l'Inde), couvrant la période janvier
2013 à décembre 2015 et dans le cadre duquel Friendship Luxembourg avait droit à une contribution étatique de
l'ordre de 1,027,000 EUR par an à condition de mobiliser en sus des fonds propres correspondant à 20% du
montant total des projets financés.
A partir du 1er janvier 2015 – et sous réserve d'une finalisation de l'accord à conclure – Friendship Luxembourg
sera liée avec la Coopération luxembourgeoise par un nouvel accord cadre devant lui assurer une contribution
ministérielle de l'ordre de 1,133,000 EUR par an sur trois ans.
5
Friendship Luxembourg A.s.b.l.
Rapport financier et d’activités juillet 2014 – juin 2015
Par ailleurs, les projets de Friendship Luxembourg relevant du domaine de l'aide humanitaire bénéficient d'un
appui de Desk humanitaire de la Coopération luxembourgeoise. De 250,000 EUR par an de 2012 à 2014, cette
enveloppe annuelle indicative a été portée à 400,000 EUR dans le courant de l'année 2015.
Evaluation des programmes financés
Moyennant recours à un consultant externe, Channel Research, et en collaboration avec Friendship Bangladesh,
Friendship Luxembourg a poursuivi le processus d'évaluation des programmes au Bangladesh, tout en
accompagnant le renforcement de la fonction "Monitoring & Evaluation" au sein de Friendship Bangladesh. Il en
est résulté un premier rapport d'évaluation de l'impact des programmes menés qui a pleinement confirmé tant la
pertinence que l'effectivité de ceux-ci.
Par ailleurs, au courant de l'exercice 2015, le MAE a commissionné une évaluation externe de trois des
programmes de Friendship Bangladesh (Cliniques Satellites et FCMs, Education, Bonne Gouvernance). Une
mission sur place a été réalisée en juillet 2015 par les évaluateurs externes et les conclusions de l'évaluation
devraient être disponibles avant la fin de l'année.
III. Situation financière
1.
Pendant l'exercice écoulé, un montant total de 2,646,045 EUR a été affecté directement au financement
des activités au Bangladesh 1.
Ce montant comprend un montant de 550,000 USD reçu de la part de SK Foundation (Pays Bas) en vue de leur
transfert à Friendship Bangladesh au titre du projet Rongdhonu Friendship Hospital et un montant de 30,720 EUR
reçu de la part de Friendship Pays Bas pour le programme Education. Ces montants n'ont dès lors pas été pris en
considération pour l’établissement du graphique comparatif ci-dessous qui, de ce fait, renseigne le montant des
dépenses de financement des projets avec seulement 2,140,372 EUR.
Les dépenses autres que de financement des projets au Bangladesh ont été d'un montant de 135,060 EUR 2. Ces
dépenses sont majoritairement liées à la mission d'évaluation et de renforcement de la fonction M&E de Friendship
Bangladesh dont il a été fait état ci-avant.
2.
Les dons recueillis au courant de l'exercice 2014 se sont montés à 1,287,374 EUR 3. Ces montants
comprennent des versements de 550,000 USD reçus de la part de SK Foundation (Pays Bas) en vue de leur
transfert à Friendship Bangladesh au titre du projet Rongdhonu Friendship Hospital et un montant de 30,720 EUR
1
1,071,390 EUR pendant le demi-exercice janvier-juin 2013, 1,193,319 EUR en 2012, 1,129,392 EUR en 2011,
792,941 EUR en 2010 et 286,048 EUR en 2009.
2
71,353 pendant l'exercice 2013-2014, 6,498 EUR pendant le demi-exercice janvier-juin 2013, 20,700 EUR en
2012, 11,770 EUR en 2011.
3
1,304,697 EUR pendant l'exercice juillet 2013-juin 2014, 340,016 EUR pendant le demi-exercice janvier-juin
2013; 634,041 EUR en 2012; 542,777 EUR en 2011 ; 352,258 EUR en 2010.
6
Friendship Luxembourg A.s.b.l.
Rapport financier et d’activités juillet 2014 – juin 2015
reçu de la part de Friendship Pays Bas pour le projet Education. Parce que ces montants totalisant 505,673 EUR
ne relèvent pas de la récolte de dons propre à Friendship Luxembourg, ils n’ont pas été pris en considération pour
l’établissement du graphique comparatif ci-dessous. Le montant des fonds récoltés par Friendship Luxembourg
s'établit ainsi à 781,701 EUR au titre de l'exercice écoulé. L'importance de ce montant par rapport à celui recueilli
précédemment (EUR 528,277 pendant l'exercice précédent) trouve son explication notamment dans un don très
substantiel (USD 185,000) recueilli de la part d'une fondation américaine pour le projet Lifebuoy Friendship
Hospital.
3.
Les subsides reçus pendant l'exercice écoulé de la part de la Coopération luxembourgeoise se sont
chiffrés à EUR 1,260,342 4.
4.
Les "autres recettes", d'un montant de 49,217 EUR 5, sont essentiellement dues aux ventes d’écharpes
(17,518 EUR) et de maquettes de bateaux (2,460 EUR) faites au courant de l’année ainsi qu'aux ventes de photos
réalisées pendant l'exposition réalisée à la galerie Clairefontaine dans le cadre des manifestions "Friendship in
May" (20,150 EUR).
5.
Les intérêts encaissés au courant de l’exercice ont été de 5,954 EUR (dans le graphique ci-dessous ils
sont inclus parmi les « autres recettes »).
4
1,359,554 EUR pendant l'exercice 2013-2014, 929,842 EUR pendant le demi-exercice janvier-juin 2013,
984,743 EUR en 2012, 1,023,135 EUR en 2011, 279,202 EUR en 2010.
5
86,903 EUR pendant l'exercice 2013-2014, 28,433 EUR pendant le demi-exercice janvier-juin 2013, 26,596
EUR en 2012, 4,557 EUR en 2011.
7
Friendship Luxembourg A.s.b.l.
Rapport financier et d’activités juillet 2014 – juin 2015
IV. Gouvernance
Depuis l'assemblée générale du 23 septembre 2013, le conseil d’administration de Friendship Luxembourg se
compose de Marc Elvinger (président), Roger Spautz (trésorier), Ken Hay (secrétaire), Philippe Depoorter et
Patrick Losch.
Au courant de l'exercice, le conseil d'administration s'est réuni à cinq reprises. Trois des cinq administrateurs ont
participé à au moins un déplacement au Bangladesh au courant de l'exercice. Deux des administrateurs de
Friendship Luxembourg ont été très activement impliqués dans le processus de planification stratégique de
Friendship Bangladesh qui a abouti à l'adoption, en fin d'année 2014, à une stratégie triennale pour
l'organisation, destinée à être mise à jour annuellement.
Les comptes de Friendship Luxembourg sont audités par KPMG, et les comptes audités, ensemble avec le
rapport d’activités annuel, sont accessibles au public sur le site www.friendship.lu.
Luxembourg, le 16 novembre 2015
Marc Elvinger
Président
8
5913066_4
KPMG Luxembourg, Societe cooperative
39. Avenue John F. Kennedy
L-1855 Luxembourg
Tel.: +352 22 51 51 1
Fax: +352 22 51 71
Email: [email protected]
Internet: www.kpmg.lu
To the Board of
Friendship Luxembourg A.s.b.I.
58, rue de Limpach
L-3932 Mondercange
REPORT OF THE REVISEUR D'ENTREPRJSES AGREE
We have audited the accompanying annual accounts of Friendship Luxembourg A.s.b.I., which
comprise the balance sheet as at June 30, 20 15 and the profit and loss account for the year then
ended, and a summary of significant accounting policies and other explanatory information. The
annual accounts have been prepared by the Board based on the accounting policies set out in the
notes to the annual accounts.
Board's responsibility for the annual acco11111s
The Board is responsible for the preparation and fair presentation of these annual accounts in
accordance with the accounting policies set out in the notes to the annual accounts, and for such
internal control as the Board determines is necessary to enable the preparation of annua l
accounts that arc free from material misstatement, whether due to fraud or error.
Responsibility ofthe Reviseur d 'Ent reprises agree
Our responsibility is to express an opinion on these annual accounts based on our audit. We
conducted our audit in accordance with International Standards on Auditing as adopted for
Luxembourg by the Comm ission de Surve illance du Secteur Financier. Those standards require
that we comply with ethical req uirements and plan and perform the audit to obtain reasonable
assurance about whether the annual accounts are free from material misstatement.
An aud it involves performing procedures to obtain audit evidence about the amounts and
disclosures in the annual accounts. The procedures selected depend on the judgement of the
Reviseur d' Entreprises agree, including the assessment of the risks of material misstatement of
the annual accounts. whether due to fraud or error. In making those risk assessments. the
Reviseur d' Entrcprises agree considers internal control relevant to the entity's preparation and
fair presentation of the annual accounts in order to design audit procedures that arc appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity's internal control. An audit also includes eva luating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by the Board, as well as
evaluating the overall presentation of the annual accounts.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
KPVG lu-.em!lcu<g Soc~te eooc>e•a1 ..,,, • lu,cmbou<g efl!.ty and a
member frmo' 11'1e KPMG nelWC<~ ct .ncltPCndc'>t membe< •uns
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a SwtSS en: :v
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TVA lU 27351518
ACS lu•embou•o B 149133
Opinion
In our opinion, the annual accounts of Friendship Luxembourg A.s.b.I. as of June 30, 2015, and
for the year then ended, are prepared, in all material respects, in accordance with the accounting
policies set out in the notes to the annual accounts.
Other maller
Supplementary information included in the annual report has been rev iewed in the context of
our mandate but has not been subject to specific audit procedures carried out in accordance with
the standards described above. Consequently, we express no opinion on such in formation.
However, we have no observation to make concerning such info rmation in the context of the
annual accounts taken as a whole.
Luxembourg, November 18, 20 15
8
5
"'
KPMG Luxembourg
Societe cooperative
Cabinet de revision agree
Friendship Luxembourg A.s.b.l.
Balance sheet
as at Junee 30, 2015
(expressed in EUR)
Notes
30.06.2015
EUR
30.06.2014
EUR
ASSETS
Fixed Assets
Financial assets
3
48
48
Current assets
Cash at bank
4
473,804
652,293
164,540
164,540
638,392
816,881
518,593
587,381
Debtors
Amounts owed by affiliated undertakings
becoming due and payable after more than one
year
5
TOTAL ASSETS
LIABILITIES
Capital and reserves
Net income brought forward
Net income/(expenditure) for the financial year /
period
6
(111,428)
(68,788)
Contingent donations and subsidies received
Becoming due and payable after less than one year
7
191,227
258,288
40,000
40,000
638,392
816,881
Non subordinated debts
Other creditors
becoming due and payable after more than one
year
8
TOTAL LIABILITIES
The accompanying notes are an integral part of these annual accounts.
11
Friendship Luxembourg A.s.b.l.
Statement of income and expenditure
for the financial year ended June 30, 2015
(expressed in EUR)
Notes
01.07.2014
- 30.06.2015
EUR
01.07.2013
- 30.06.2014
EUR
EXPENDITURE
Project related expenditure
Other operating expenses
Interest payable and similar charges
9
TOTAL EXPENDITURE
2,646,045
135,060
271
3,023,666
71,353
5,403
2,781,376
3,100,422
2,614,777
49,217
5,954
111,428
2,940,522
86,903
4,209
68,788
2,781,376
3,100,422
INCOME
Donations and subsidies received
Other income
Interest receivable and similar income
Net expenditure for the financial year
10
TOTAL INCOME
The accompanying notes are an integral part of these annual accounts.
12
Friendship Luxembourg A.s.b.l.
Notes to the annual accounts
for the financial year ended June 30, 2015
1
General
Friendship International A.s.b.l. (the “Association”) was incorporated for an unlimited period on February 1, 2006
in the form of "association sans but lucratif" (a non-profit organization) in accordance with the law of April 21,
1928 on non-profit-making associations and foundations. The registered office of the Association is established
at 58, rue de Limpach, L-3932 Mondercange. The Association is registered with the Register of Commerce of
Luxembourg under number F 1387. On June 1, 2010 the Annual General Meeting of the Association resolved to
change the name of the Association to Friendship Luxembourg A.s.b.l. from Friendship International A.s.b.l.
The Association's financial year starts on July 1 and ends on June 30 of each year.
The object of the Association is to help the poorest in remote areas in Bangladesh and Pakistan, and bring
emergency relief and rehabilitation to disaster stricken areas of these countries. The Association works in the
following areas: Health Care, Education and Good Governance, Sustainable Economic Development, Disaster
Management and Infrastructure Development and Cultural Preservation.
2
Presentation of the annual accounts and significant accounting policies
The annual accounts of the Association are based principally on articles 34 and 46 of the law of December 19,
2002 (as subsequently amended) on the register of commerce and companies and the accounting and annual
accounts of undertakings. The presentation of the annual accounts is adapted to the specificities of the activity of
the Association and according to the rules applicable for Luxembourgish non-profit organizations.
The Association maintains its accounting records in Euro (EUR) and its annual accounts are expressed in that
currency. Monetary assets and liabilities denominated in other currencies are translated into EUR at the rates
prevailing at the balance sheet date. Expenditure and income in foreign currencies are translated into EUR at the
exchange rate prevailing at date of the transactions. Realised exchange gains and losses and unrealised losses are
taken directly to the statement of income and expenditure.
Financial assets are recorded at their historical cost.
Donations and subsidies received by the Association are accounted for on the date of receipt. Those amounts
subject to repayment are recorded as liabilities under the heading “Contingent donations and subsidies received”
until such time as the conditions applicable to their use are met.
Donations made are accounted for on the date of payment.
Other operating income and expenses and interest income and expenses are recorded in the statement of income
and expenditure on an accruals basis.
13
Friendship Luxembourg A.s.b.l.
Notes to the annual accounts
for the financial year ended June 30, 2015
(continued)
3
Financial Assets
In 2012, Friendship Luxembourg A.s.b.l. subscribed an amount of EUR 48 (BDT 5,000) to Nodi Pvt Ltd
representing 50% of the share capital of the entity. The remaining 50% of the shares in Nodi Pvt Ltd are held by
Friendship Bangladesh.
4
Cash at bank
The Association held EUR 473,804 in cash balances as at June 30, 2015 (2014: EUR 652,293).
5
Amounts owed by affiliated undertakings
On December 1, 2013 the Association granted a limited recourse loan to Friendship Bangladesh, a Social Welfare
Organization incorporated in Bangladesh, for the funding of the latter's agricultural micro-loans program. The
loan, which is denominated in BDT, amounts to BDT 17,500,000, which is equivalent to EUR 168,557 (June 30,
2015: EUR 164,540) at the exchange rate applicable on disbursement of 103,8227 BDT per EUR. The loan is
granted for a period of one year, starting December 1, 2013 and maturing on November 30, 2014. Absent a notice
served by the Association at least three months before maturity that the loan will not be renewed, it will be renewed
for subsequent periods of one year. As at the date of the approval of annual accounts, no such notice having been
issued, the next maturity date is November 30, 2016. The borrower may repay all or part of the loan at any time
of its choice. Repayment of the principal and interest is subject to the deduction of a portion of Defined
"Agricultural Loan Losses" which may have arisen on the overall loan portfolio of the agricultural micro-loan
program.
6
Capital and reserves
The net expenditure of EUR 68,788 as at June 30, 2014 has been carried forward.
Net expenditure for the year ended June 30, 2015 amounts to EUR 111,428.
7
Contingent donations and subsidies received
Contingent donations and subsidies received are as follow:
30.06.2015
EUR
187,500
3,727
191,227
Contingent Donations
Contingent Subsidies
30.06.2014
EUR
95,500
162,788
258,288
The overall amount of contingent donations received has increased to EUR 187,500 (2014: EUR 95,500):
-
Donations of EUR 92,000 have been received during this financial year by the Association for a specific
project to be implemented as from the second semester 2015 only, and as at June 30, 2015 such amount
had not yet been transferred to Friendship Bangladesh.
The overall amount of contingent subsidies received has decreased by EUR 159,061 to EUR 3,727 (2014: EUR
162,788):
14
Friendship Luxembourg A.s.b.l.
Notes to the annual accounts
for the financial year ended June 30, 2015
(continued)
(i) A framework agreement has been entered into with the “Ministère de la Coopération et de l’Action
Humanitaire” (the "Ministry") dated January 23, 2013. Under this framework agreement, a subsidy of EUR
1,027,209 was received in respect of several projects during this financial year. Transfers made to Friendship
Bangladesh for the projects included in the framework agreement were, as at of 30 June 2015, in excess of the
corresponding amounts received from the Ministry (including for previous years). Thus, no contingent subsidy is
to be booked in this respect and the contingent subsidy booked as at 30 June 2014 (i.e. EUR 139.759) has been
recorded under subsidies in the statement of income and expenditure.
(ii) A subsidy of EUR 15,000 has been received from the Ministry in 2014 in respect of "Shelter Research
Seminar” project and as at 30 June 2014, a contingent subsidy of EUR 15,000 had been booked in this respect.
The amount has been transferred to Friendship Bangladesh during the financial year and thus the contingent
subsidy booked as at 30 June 2014 has been recorded under subsidies received in the statement of income and
expenditure.
(iii) A subsidy of EUR 29,300 has been received in 2012 in respect of "Plinth raising and disaster preparedness"
project from the Ministry and as at 30 June 2014 a contingent subsidy in an amount of EUR 5,360 had been
booked in this respect. The amount has since then been reimbursed to the Ministry and thus the corresponding
provision has been reversed.
(iv) A subsidy of EUR 113,900 has been received in 2013 in respect of "Water Treatment" project. As at June 30,
2014 an amount of EUR 3,727 was recorded as contingent subsidy in this respect. The portion not yet paid to
Friendship Bangladesh as at June 30, 2015 remains unchanged at EUR 3,727 and the contingent subsidy
previously booked in this respect is thus maintained.
(v) A subsidy of EUR 121,100 has been received from the Ministry in 2013 (EUR 92,225) and 2014 (EUR 28,875)
in respect of "Cyclone Mahasen" project. As at June 30, 2014 an amount of EUR 4,302 was recorded as contingent
subsidy in this respect. During this financial year, an amount of EUR 3,485 was reimbursed to the Ministry and
discharge for the project has thereupon been received from the Ministry. The balance in an amount of EUR 817
was thus recorded under subsidies received in the statement of income and expenditure.
8
Other creditors
On December 15, 2013, Friendship Luxembourg A.s.b.l. entered into a loan agreement with one of its donors for
an amount of EUR 40,000. The loan, which is interest free, with limited recourse, has been granted for a period
up to 3 years and has a maturity date of November 30, 2016.
The loan granted is linked to the loan granted to Friendship Bangladesh (see Note 5), and the donor has agreed to
bear a pro-rata share of exchange losses and of defined "Agricultural Loan Losses". In case of maturity before
November 30, 2016 of the related loan between Friendship Luxembourg A.s.b.l. and Friendship Bangladesh, this
loan will also mature at such prior date.
15
Friendship Luxembourg A.s.b.l.
Notes to the annual accounts
for the financial year ended June 30, 2015
(continued)
9
Project related expenditure
Project related expenditure represents disbursements made to Friendship Bangladesh and Friendship International
Pakistan in respect of the following projects:
Rongdhonu Friendship Hospital
Lifebuoy Friendship Hospital
Satkhira Landhospital
Project Laserbeam - Satkhira Landhospital
Satellite clinics and FCM program
Primary Schools & Adult Education
Good Governance
Fishermen Project
Agricultural Project
Water Treatment Plants
Community Managed Disaster Risk Reduction
Cyclone Mahasen Reconstruction
Institutional Development
Technical Assistance & Internships
Azad Kashmir Pakistan – Mobile Clinic and
Dispensary
Cyclone – Shelter Workshop
Other
01.07.2014
-30.06.2015
01.07.2013
-30.06.2014
EUR
EUR
710,622
155,964
565,051
219,186
420,399
104,902
75,893
270,092
34,006
36,415
729,640
29,432
400,000
352,152
107,972
375,000
55,727
105,221
270,443
129,616
48,645
138,568
191,853
34,397
28,000
25,515
20,000
35,000
2,646,045
3,023,666
Project related expenditure as given above includes amounts transferred to Friendship Bangladesh after having
been received from SK Foundation (Holland) for Rongdhonu Friendship Hospital (USD 550,000 (EUR 474,953))
and from Friendship Holland for Primary School & Adult Education program (EUR 30,720).
16
Friendship Luxembourg A.s.b.l.
Notes to the annual accounts
for the financial year ended June 30, 2015
(continued)
10 Donations and subsidies received
Donations and subsidies received are composed as follows:
01.07.2014
- 30.06.2015
EUR
Donations
Subsidies
1,195,374
1,419,403
2,614,777
01.07.2013
- 30.06.2014
EUR
1,361,349
1,579,173
2,940,522
On a cash basis, donations received during the financial year amounted to EUR 623,596 and USD 785,000
(equivalent of EUR 663,778). The difference between such amounts and the amount shown above arises from the
movements in contingent donations as described in Note 7.
Donations include amounts received on behalf of Friendship Bangladesh from SK Foundation (Holland) for the
funding of Rongdhonu Friendship Hospital and from Friendship Holland for the funding of Primary Schools &
Adult Education program.
On a cash basis, the net amount of subsidies received during the financial year amounted to EUR 1,260,342 (2014
– EUR 1,359,554). The difference between such amount and the amount shown above arises from the movements
in contingent subsidies as described in Note 7.
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