Page 44 - Aidlink Annual Report 2020

Directors’ Report
For the Financial Year Ended 31 December 2020 Continued
FINANCIAL REVIEW
RESULTS
Net income/(deficit) for the financial year
31 Dec 2020 €
Every euro collected by Aidlink comes from the Irish public either directly, through membership of FTCs or by being taxpayers. The Board of Aidlink and Aidlink’s partners remain grateful for the support of the Irish people.
Immersion costs fell from €120,692 in 2019 to €80,926 in 2020, while expenditure on other charitable activities also dropped from €563,612 (2019) to €474,902. This reflects a reduction in programme expenditure in Uganda down
47% from €85,875 in 2019 to €40,641 in 2020. No on-granting took place to Ghana programme (2019: (€31,744)).
Net income for the financial year was €29,001 (2019: deficit (€56,043)). Total 2020 income of €608,724 is down €56,341 on 2019. While we have seen an increase in income from Foundations, Trusts and Corporate groups (“FTCs”) and public donations (up €23,071 on 2019), the decrease is the result of a reduction in immersion programmes. Due
to Covid-19 only one immersion programme took place in 2020 compared to two in 2019.
Aidlink was successful in drawing down year three of Irish Aid’s Civil Society Fund grant of €310,000 per annum (2018-2021). The conditions of this contract mandate that the funding be allocated to the Kenya Inclusive Quality Education Project
IRISH AID AND OTHER INCOME
€1,000,000 €800,000 €600,000 €400,000 €200,000
€0
in Kajiado and Turkana counties. This programme was delivered in conjunction with our long term partner, The Girl Child Network.
Income from FTCs increased
from €125,376 (2019) to €148,447. This increase reflects increased support from the Bank of Ireland Staff Fund following the inclusion of an additional funding round in 2020. Aidlink was successful in all 4 rounds. Notwithstanding this increase, this source of income remains challenging as some corporations with ‘staff deduction’ schemes have seen their own staff numbers fall, with subsequent reduction in funds and the strategic decision by some to focus on the domestic agenda.
2020
2019 2018 Irish Aid
2017 Other
2016
29,001
31 Dec 2019 €
(56,043)
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