Annual report

MARINUS PLANTEMA FOUNDATION – REPORT 2023

General

In Europe, the year 2023 was mainly marked by the ongoing war in eastern Ukraine. War also broke out in the GAZA strip in October. A resolution of both conflicts still seems far away. Britain inaugurated Charles as king. The health issues due to Covid-19 diminished, but now it appears, that a group of people suffer from long covid

The effects are particularly severe for those who suffer from it. Their lives are almost hopeless. The world is increasingly affected by climate change. Action groups manage to achieve more and more through actions and legal proceedings

By 2022, the foundation’s assets had fallen far below the desired core capital. In the allocation policy, we shifted emphasis somewhat to sponsoring small projects, including some under €3000. Six of the 12 approved projects were below the latter limit.

Three projects larger than €10,000 were rejected. According to our Policy Document, we can review the allocation policy when the foundation is under-capitalised for two consecutive years. More and more, we see that applicants first send an e-mail asking whether their application has a chance of success.

If this trend continues, this could affect our statistics in terms of numbers and amounts. When adjusting the website, we will pay attention to this matter. This reporting year, our support was again requested in financing the publication of books or their translation into Bahasa Indonesia. Especially in translations, a “word of mouth” can be discerned.

One of the board members reached the age of 75 during the reporting year. The current articles state an age limit of 75 years. It was decided to remove the age limit. The required amendment (to be drafted by a notary public) then brought forward that the provision on the destination of the assets in case of dissolution of the foundation should read differently.

The current articles of association do not allow this article (article 14) to be amended. The only way to amend this article is to go through the court. Meanwhile, the District Court of The Hague approved the amendment with date March 4th 2024

Financial Report 2023

In the year under review, the Foundation disbursed grants amounting to €46,400.

This concerns the following 14 projects:

Shipping-Climate-Environment, Prof M van Groesen

750*

Kasyfi Kalyasyena – Codarts study, 2nd year

4,900

Ni Ketut Lestari – KIT Scholarship

6,000

Illustrated Journeys – Atlas of Mutual Heritage

5,500

Translation Bibliography Snouck Hurgronje – Prof. Van den Doel

4,000

Biography C. Abrahamszn – Van Linschooten Society

1,000

Translation The Revenge of Diponegoro – Yayasan Pustaka Obor

7,500

Book ‘Indo-Batik’ – LM Publishers

5,000

Colonial Administration Moluccas – Post & van der Meer

1,500*

Exhibition “On the Map” – National Archives

5,000

Repair Prothesis M.N. Ramadhani – KIT Scholarship

1,000

Series of concerts Indonesian-Singaporean Music – Madeline Saputra

1,000

Conference Archives Mangkunegara – M. Manse (KITLV)

1,500

Kasyfi Kalyasyena – Codarts study, 3rd year

1,750*

Projects marked with an * continue into 2024.

The Foundation received and considered 20 applications for funding in the reporting year, totalling €153,539

Of these, 12 were approved, 7 rejected and 1 application was pending at year-end.

The Foundation approved projects amounting to €43,350 in the year under review.

At year-end, the total of amounts still to be disbursed is €60,000. This concerns 8 projects from 2023 and 6 projects from earlier years. The Foundation has no other financial obligations at the end of the reporting year.

The reporting year was a turbulent investment year. Despite large fluctuations in share and bond prices during the year, the Foundation was able to close the reporting year with a positive investment result -after expenses- of € 208,431. This is a positive return of 12%. Management fees amounted to € 10,730 (0.6%). The realised investment result is € 95.572. .

The table below shows the composition per asset category at year-end 2023 and 2022.

Category	Assets at year-end 2023	%	Assets at year-end 2022	%
Shares	1,085,489	57.0	895,286	51.4
Bonds	483.054	25.4	452.972	26.0
Alternative investments	0	0	40.814	2.3
Liquidities	335.540	17.6	353.499	20.3
Total	1,904,083	100	1,742,571	100

In consultation with the investment manager, the Board drafted an Investment Statute in May. Changes were then made to the securities portfolio, including a reduction in the stake in bonds, in connection with the then rising interest rates. In early December, the stake in bonds was increased again, as long-term interest rates started to fall sharply. Consequently, the investments in bonds still achieved a reasonable positive return: +6.0%.

The equity portfolio performed excellently: +21,1% . The best “performance” was achieved by the “high-tech” investments.

The Foundation’s risk profile is moderately offensive. This entails a profile distribution of 50.0% for the equity category and 35.5% for bonds. The risk profile range for equities is 20%-75%. As in the previous reporting year, the interest in bonds is underweight (25.4% vs 35.5%).

The Foundation’s assets are managed at ABN-Amro Mees Pierson, Institutes & Charities, through the investment form Sustainable Investment Advice, with the profile “ESG Starter”. This means that the Foundation invests mainly in products, which carry the Sustainable designation. Every quarter, the Foundation receives a report on the extent to which its investments meet the established sustainability criteria.

In the year under review, assets increased by € 161,512 to € 1,904,083. However, the assets are still well below the desired core capital. The Board aims to maintain a value-proof core capital. The record high inflation in 2022 (11.6%), followed by an expected inflation of 4.1% in 2023, means that the inflation-adjusted core capital should reach €2,283,836 by the end of the reporting year.

Given the undercapitalisation, the Board prioritised smaller projects in the allocation policy. The average contribution per approved application is €3,335.

The Statement of Income and Expenditure, in addition to the aforementioned result on investments, shows an income from reclaimed dividend tax of €670. Expenses amounted to €1,189 and related almost entirely to the website and bank charges.

The table below shows the statement of income and expenses.