2024

Income Statement (x1000)

Budget (a)

Actual (c)

Budget variance (a-c)

Explanation

Income from operational activities:

Interest income

-

29

Bank interest allocated to DFCD

Equity

-

-

-

Guarantees

-

-

-

Operational costs:

Direct Costs

386

347

-10%

Delays experienced in filling up new positions e.g. Business Origination Advisors in new countries

Other direct project costs

133

146

10%

60% of this budget line is made up of audit fees and consortium management fees tobe charged by FMO. Actual audit fee increased and included VAT amount of both 2023 and 2024

Indirect costs

456

406

-11%

Utilisation is directly linked to implimentation costs (multiplier effect of 6.5% PDC and8.5% CO)

Project donations:

Technical assistance

2,107

1,973

-6%

Delays experienced in filling up new positions. Slow implimentation in new countriesi.e. Benin, Ghana, Nigeria

Grants

1,000

314

-69%

Slow identification of companies for Origination Funding hence agreements enteredinto shall be partially fulfilled in 2025

Net results

-4,082

-3,157

-23%

Write offs

-

-

Total results

-4,082

-3,157

-23%

Loans, equity investments and donations

2024

Other target data (x1000)

Budget (a)

Actual (c)

Explanation

Product:

Donations

3,107

2,287

-26%

Under utilisation of TA due to slow onboarding and underutilisation of the grant

Loans

-

-

Equity investments

-

-

Guarantees

-

-

Impact:

Adaptation >50%

-

87%

17 projects with Rio Marker 2 for Adaptation and 4 projects with Rio Marker 1 forAdaptation

Mitigations

-

65%

4 projects with Rio Marker 2 for Mitigation and 5 projects with Rio Marker 1 forMitigation.

Countries:

LDC >25%

-

45%

Projects in Bangladesh, Burkina Faso, Cambodia, Ethiopia, Nepal, South Sudan, and Zambia

LMIC

-

55%

Projects in Indonesia, Kenya, Nicaragua, Nigeria and Vietnam

UMIC

-

-

% countries in MoFA focus regions >25%

78%

Projects in Bangladesh, Burkina Faso, Ethiopia, Indonesia, Kenya, Nigeria, South Sudan and Vietnam

Mobilized private capital

0

€ 3,140 of co-finance committed by Grantees, of which 69% has materialised. $ 22,500 of investment committed by external investors into graduated projects (Forest Carbon, Indonesia; Amru Rice, Cambodia; Orlar International, Vietnam; SokoFresh, Kenya).$ 35,000 of investment committed by FMO into SNV supported projects (NMB, Nepal and Camimex, Vietnam)

Operational costs

SNV

2024

x 1000

Budget (a)

Actual (c)

Budget variance (a-c)

Explanation

Direct personnel costs

A.Staff costs

386

347

-10%

Delays experienced in filling up new positions

B.External consultants and advisers

-

-

0%

Subtotal I

386

347

-10%

Other direct project costs

A. Activity costs

15

8

-47%

Implimentation of activities has been fairly slow due to absence of new OriginationFund Companies

B.Costs of consortium partners and local party

-

-

C.Travel costs relating to the activity

5

10

100%

There were some travel costs for MC PM, finance and communication officer forregional meetings

D.Equipment and investment costs

36

35

-3%

E. Monitoring, evaluation and audits

77

93

21%

Actual audit fee increased and included VAT amount of both 2023 and 2024

Subtotal II

133

146

10%

Total of I and II

519

493

-5%

Overhead/indirect costs

A. Costs of support staff

303

272

-10%

B. Not directly attributable administrative costs

89

69

-22%

C. Other non-attributable costs

64

65

2%

Subtotal III

456

406

-11%

Contingencies (max. 5%)

-

-

0%

Total

975

899

-8%

Overall, deviation on operational costs is mainly attributed to low staff costs

Balance sheet

x €1,000

Budget (a)

Actual (c)

Budget variance (a-c)

Explanation

Bank account balance

-

1,031

-1,031

Requested more funds due to need to cover Q1 2025.

Total Assets

-

1,031

-1,031

Ministry of Foreign Affairs Funding (cumulative)

19,062

17,725

1,337

Requested more funds due to need to cover Q1 2025.

Net result (cumulative)

-19,062

-16,694

-2,368

The actual spending of 2024 is less than budgeted.

Creditors/payables

-

-

Total Liabilities

-

1,031

-1,031