AATF Inaugural Report - African Agricultural Technology Foundation

A New Bridge to Sustainable Agricultural Development in Africa
Financial Report
This is AATF’s first audited Financial Statement.
It covers a period of 16 months (September 2003
to December 2004) and provides comparative
figures for the 5-month inception period from
April 2003 to August 2003.
Funding
Total contributions from development partners
amounted to over US$2.6 million, a testimony
to the loyalty of our donors and the importance
of our mission. AATF is sincerely grateful to and
acknowledges the contributions made by all its
development partners.
Expenditures
Overall expenditures for the period were US$ 2.1
million. Supporting services expenditures for operations
were 51% of this total. The high proportion
spent on these services was due mainly to the costs
associated with establishment and set up of the
Foundation. However, AATF also got off to a good
start with respect to its projects, which comprised
42% of total expenditures. AATF is firmly committed
to responsible stewardship of the funds entrusted
to it and aims to achieve a significant increase in
project spending in 2005 and beyond, while notably
reducing its expenditures on support services.
Summary Statement of Activities (abridged version)
For period ended 2004 with comparative totals for 2003
2004
(US $)
2003
(US $)
Income
Grants 2,665,640 488,377
Other Income 13,593 313
Total Income 2,679,233 488,690
Expenditures
Project Costs 886,410 200,459
Communication, Publicity & Advertising 148,927 6,516
Operating costs 1,058,505 128,096
Total expenditures 2,093,842 335,071
SURPLUS FOR THE PERIOD 585,391 153,619
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