Chapter 5: Financial forecast
Annual report 2020
RISK ANALYSIS
Fairfood is transparent about its business operations and strives for the most effective use of resources – each euro spent, every hour worked is accounted for. Risk management is very important to us, because we’re all too aware that economic conditions can change, politics can be unstable, and markets can be volatile. The corona pandemic is causing us to be extra alert. Political decision-making – and the availability of funding – are difficult to predict, as are the political forces that influence partner organisations. Fairfood collaborates with other NGOs and lobby organisations Partos and MVO Platform to influence political decision-making through smart lobbying and advocacy.
Our multi-annual strategic and financial plan is aimed towards long-term partnerships and funds that deal with technological applications, such as blockchain, artificial intelligence, and the Internet of Things. First and foremost, we value the partnerships we enter into with companies and organisations that wish to contribute to a sustainable food system – see Chapter 3 for examples of these partnerships.
OUR 2021 BUDGET
In the financial statements, the last chapter of this annual report, you will find that the total income for 2020 amounted to € 1.059.399, which allows us to continue the growth of our organisation. The positive financial result of € 104.116 has been added to the General Reserve, giving Fairfood an even more solid financial foundation.
Although we are seeing a huge increase in interest for our various tools and platforms, the COVID-19 pandemic has caused some delay in planned projects, due to the inability to travel abroad for most of the year 2020. In 2021, we will pick up the pace and are expecting a further increase in our financial income. Growth in the years to come will focus on: 1. multi-year public-private partnerships, 2. direct collaboration with agri-food companies, and 3. investments in our tools through licencing and contributions from projects.
Fairfood works with a financial dashboard that is updated every month, allowing us to keep track of and timely adjust project funds, cashflow and overall finance.
During the writing of this annual report, the majority of the benefits for 2021 were already approved by the different parties involved.
Download our budget 2021 here
