Page 8 - Aidlink Financial Statement 2023

Aidlink Financial Statements 2023
DIRECTORS’ REPORT
For the financial year ended 31 December 2023
Income from the immersion programme increased to €122,410 (2022: €48,174). This income is from the Blackrock College immersion completed in 2023 and the initial income from St. Joseph’s Rush March 2024 immersion trip.
Income from Foundations Trusts and Corporate Groups (FTC) decreased slightly to €340,001 (2022: €353,498) inclusive of the Bank of Ireland Staff Charitable fund special project grant of €150,000.
Every euro collected by Aidlink comes from the Irish public either directly through membership
of FTCs, or through taxpayers’ contribution. The Board of Aidlink and Aidlink’s partners remain grateful for the support of the Irish people.
Expenditure on other charitable activities increased to €1,013,456 in 2023 from €869,157 (2022).
This reflects a slight decrease in programme expenditure in Kenya
from €760,029 (2022) to €726,267
in 2023. Uganda saw an increase in expenditure of 51% from €79,498
in 2022 to €154,969 due to new spending of €66,621 with our partner ARUWE and a slight increase in spending with our partner Caritas MADDO. Immersion costs grew to €95,314 in 2023 from €26,581 in 2022, this reflects the reestablishment of Immersion programme activities, which were suspended in 2021
and 2002 due to COVID 19 travel restrictions.
Included within expenditure on charitable activities and on raising funds were support costs of €157,999 in 2023 (2022: €185,811). Support costs include all Irish based costs on staff, premises, and operating expenses. These costs are met from Aidlink’s unrestricted income, including Irish Aid’s administration funds.
The contract period for the Irish Aid Civil Society Fund grant is July to June while Aidlink reports on a
calendar year. While Irish Aid’s total funding of €380,000 was received during the 2023 calendar year, a balance of €187,265 is included in restricted funds at year end. Under accounting standards, this balance was included in the Restricted Income for 2023. This balance has been on-granted in full to Girl Child Network and will be included in 2024 reports.
Unrestricted funds decreased by €50,800 in the financial year 2023. Unrestricted funds are monitored carefully by the Board. A significant increase in unrestricted incomes
in anticipated in 2024 due to four planned immersion trips.
Restricted funds at the year-end were €235,496. These are funds that must be allocated per the donors’ wishes.
Reserves
Aidlink defines its reserves as its total unrestricted funds. These unrestricted reserves represent those resources that the company can use for any of its charitable purposes. The Board aims to maintain its total unrestricted reserves level at a minimum of six months head office operating costs.
This threshold has been set following an assessment of the following factors:
• The need to provide short term
protection against downward fluctuations in annual incoming resources;
DONATION AND LEGACIES
Immersion Programme
Other Donations
€250,000 €200,000 €150,000 €100,000 €50,000 €0
2023 2022
2021 2020 2019
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