Management report: 2016
The mission of the foundation is to support initiatives, activities and projects which contribute to maintain, strengthen and develop commercial and cultural relations between Denmark and the Asian countries, where the past commercial engagement of The East Asiatic Company has been prevalent. This is done through direct financial support and through activities organized in Asia House.
The work of the foundation is mainly carried out through activities in Asia House. During the year, 37 arrangements and seminars were held.
Income statement: 1 January – 31 December 2016
DKK NET RESULT -6,941,837
Operating income - Net 2,137,722 Operating expenses -3,870,446 Salaries and related expenses -2,221,599 Operating result -3,954,323 Depreciation -2,639,904 Result before financial items -6,594,227 Financial income 3,470,758 Other financial income – unrealized -3,818,368
Balance sheet: 31 December 2016
Post DKK DKK
TOTAL LIABILITIES 101,422,422
Buildings 6,143,567 Other items 2,734,239 Tangible assets 8,877,806 Receivables 670,744 Period adjustments 1,347,123 Current Assets 2,017,867 Securities 87,854,179 Cash 2,672,570 TOTAL ASSETS 101,422,422
Share capital 75,000,000 Grants provision 2,000,000 Available reserves 23,482,490 Equity 100,482,490 Current liabilities 939,932
List of Grants: 2016
Receiver Amount in DKK
Copenhagen University 75,000
Chimalaya Charity Nepal 100,000
Sakura Festival 30,000
Publishing Company Turbine 75,000
Trankebar Association 150,000
Peter Johansen 30,000
Copenhagen Business School 20,000
Martin Iversen book launch 100,000
Mogens Pilemand Ottesen 10,000
Sino-Danish Incubator 500,000
India Smart Cities project 42,100
Maritime Museum of Denmark 50,000
DJØF – Doing business in Japan 20,000
The foundation follow the Recommendations on Foundation Governance, which are available on the website of the Committee on Foundation Governance.
Transparency and communication. We encourage an open communication with our surroundings and the projects in which we are involved. Chairman of the Board is the Foundation’s official spokesperson.
Responsibilities of the Board. The Foundation is led by a self-elected board consisting of 4 – 6 members, elected for periods of 3 year. Retirement age of board members are 75. The work of the Foundation and the board is formulated in an internal Rules of Procedure.
The following information is provided concerning our members of the board:
Remuneration of the Board. The remuneration of the board is a fixed amount unrelated to the annual financial result of the foundation. The individual board member’s fees are disclosed in note 2 to the audited accounts.
|Erik Bøgh Christensen||Steen Hemmingsen||Henning Kruse Petersen||Over Ullerup||Kenneth P. Luciano|
|Period until||end 2017||end 2016||end 2018||end 2017||end 2018|