December 31, 2016
LabOasis Foundation was established on July 13, 2015 by a notarial act (repertory n.44.909 collection n. 21.416) upon the will of its founder, Mrs Violante Pallavicino, with the aim of arousing a greater interest in the eco-systems called Oases, in North Africa, West Africa and on the Arabian peninsula, reversing the trend of abandon and progressive deterioration of those lands, and supporting the communities that live there to actively preserve their historical-cultural and environmental heritage. The activities began in 2016, therefore, this is the Foundation’s first financial statement. The financial year, which closed on December 31, 2016, was prepared according to the general criteria foreseen by the Italian Civil Code regarding financial statements for commercial businesses, and the technical and operational guidelines of the National Council of Chartered Accountants for organizations that work within a social context. Non-profit organizations need to be first and foremost transparent in their financial statements and representation. To this end, the information provided by the financial statement, which is generally of a financial nature, is accompanied by the appropriate descriptive information regarding the activities that have been carried out. Particular importance has been paid to the auditing procedures. Considering the scale of the current management, this task is borne by the Administrator/Founder who carries it out on a voluntary basis.
STRUCTURE AND CONTENTS OF THE BUDGET
The financial statement for the year ending on December 31, 2016 that we submit for approval consists of the balance sheet, annual account and these integrative notes. In accordance with Article 2423 ter of the Italian Civil Code, from the second financial year on, for each item listed on the balance sheet and annual account, the amount of the corresponding item from the previous year will also be listed in order to compare them and note any variations in value.
The evaluation of the assets is made according to criteria set out in Article 2426 C.C., based on prudence and the prospect of continuing the activity. Application of the prudence principle has brought about the indication of only the proceeds that have been realized at the end of the reporting period and all the expenses for the year, even if these were known after the closing date. The amounts shown in the body of the report are expressed in units of euros, according to Article 2423 paragraph 5 of the C.C.
The financial statement has been made on the basis of general prudence criteria with respect to economic competence and the evaluation of the prospects of continuing the activity of the foundation. No indication of the criteria that has been adopted to draft the founder’s financial statement is necessary inasmuch as the amounts are expressed with their nominal numerical value.
AVAILABLE CASH: Euro 4.497,00
- Euro 4.306,00 – c/c balance at the Banca Generali
- Euro 191,00 – cash amount as of December 31, 2016
Net assets amount to Euro 4.497,00 due to the management deficit of Euro 5.503,00.
Annex 1 contains a description of the net assets.
INCOME AND REVENUE
This has been received by the founding member without any obligation of destination.
Costs from typical activity
Euro 19.141,00 summarizes the expenses that LabOasis Foundation has had for the following projects:
- THE ATLAS OF THE SAHARAN AND ARABIAN OASES – Euro 8.444,00
- THE OASIS EFFECT – Euro 9.112,00
- THE OASES DATABASE – Euro 1.586,00
Annex 2 contains brief descriptions of the projects.
Euro 1.458,00 The general expenses include limited amounts of office supplies and administrative costs.
EVENTS AFTER CLOSING THE FINANCIAL YEAR
There were no events in the first months of 2017 that could alter the results of the financial year, as declared in this financial statement.
Balance sheet 2016
Income statement 2016
MANAGEMENT EXPENSES 2016
Values in Euro
MANAGEMENT PROJECT EXPENSES 2016
Values in Euro