Thriving Rural EconomiesAnnual Report 2016

Vita would like to thank Irish Aid and the EU for their support during 2016

Contents

Message from our Chairman � � � � � � � � � � � � � � � � � � � � � � � � � � 2

Message from our CEO � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 5

Our Vision & Mission � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 6

Our Values � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 7

Vita Green Impact Fund � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 8

Your Carbon Footprint � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 9

Ethiopian Highlights 2016 � � � � � � � � � � � � � � � � � � � � � � � � � � � 10

Eritrean Highlights 2016 � � � � � � � � � � � � � � � � � � � � � � � � � � � � 11

Our Collaborations � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 12

Irish Potato Coalition � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 12 Teagasc, Irish Agri-Business, The Irish Forum for International Agricultural Development (IFIAD), Sisters of Mercy Western Province � � � � � � � � � � � � � � � � � � � � 13

Stories from the Field � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 14

Sirene’s View to the Future � � � � � � � � � � � � � � � � � � � � � � � � 14

Mehret’s Story � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 16

The Board � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 18

Company Information � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 19

Financial Report � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 20 1

Chairman’s report

Vita strives to be an innovative, ambitious and smart development agency, delivering value for money to donors and maximising impact to our partner communities in East Africa� If anything, 2016 reinforced these values, as Vita raised over €2m in extra grants and investments through the Vita Green Impact Fund (VGIF)�

The VGIF provides the resources to reduce carbon emissions by selling carbon credits which are in turn invested into high impact programmes�

It cannot be understated how innovative the VGIF is, and how appropriate it is that a not-for-profit organisation like Vita should take the lead on linking development to climate change, and indeed, climate justice� As a proof of concept, we in Vita have shown that the model works, and we are now ready to scale this enterprise up into a more ambitious structure� I look forward to reporting back on this in 2017�

In our core programming, we once again partnered with Irish Aid, the Irish Embassy in Addis Ababa and the European Union to develop and implement significant and life transforming programmes, focussing on climate smart agriculture and sustainable livelihoods. 2016 saw us open up a significant new EU project in Konso, south of Arba Minch, Ethiopia� We also won new and repeat contracts with the EU which allows us to continue our work in the South Omo valley, Ethiopia� Currently we work in three regions in Ethiopia and in 2016 we invested more than €2m in our programmes here�

In Eritrea, we increased our spending to over €600,000, allowing us to boost our dairy and potato programmes and building our capacity and skills in country�

The entire Vita team put in a huge effort in the application process to become a programme partner of Irish Aid, one of only twelve in this category, and we heard we were successful in late December� This secure and important source of funding not only helps us to strategise for the next five years but adds credibility and prestige to our work�

We are privileged to work closely with Teagasc, who bring world class expertise to our programmes, and our teams and partner communities in Ethiopia and Eritrea are major beneficiaries of this knowledge transfer�

The Sisters of Mercy Western Province have once again proven to be a strong and faithful ally in our work in Ethiopia, and we are grateful to them, as always, for their unyielding support�

Finally, I would like to pay tribute to the Board members who retired from the Board after exceptional services -Maureen O’Dea, Larry O’Loughlin and Gerry Murphy� I am very pleased that Larry O’Loughlin will continue his participation with Vita, contributing his considerable expertise on the Knowledge Agriculture Committee� Gerry Murphy continues his involvement through developing the fundraising function of Vita�

On behalf of the Board

_________________________________

Dermot Byrne Chairman

Dermot ByrneChairman

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3

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Message from Vita CEO

2016 was a year of continued global upheaval with complex factors relating to terrorism and security, migration, inequality and climate change all impacting on the global development context� The continent of Africa, including Vita’s programme countries of Eritrea and Ethiopia, must face all of these headwinds while tackling their core issues of poverty, hunger and under-development� Rural Eritrean and Ethiopian households face shortages and soaring prices for basic goods and services such as potable water, cooking and lighting fuel, farm seeds and finance. Vita is privileged and inspired to witness the courage and resilience of rural families shining through such endless adversity� We are also very glad of the opportunity to assist in making some modest but significant change in their lives.

Vita’s purpose is to fight hunger and climate change and support rural communities in building sustainable livelihoods� To ensure success and to be relevant, we seek not only to leverage modest resources so as to bring change to such communities, but additionally to ensure that the impact of our work stretches beyond the thousands of households whom we can directly reach, to the millions who can reap indirect rewards from our work� To achieve this ambitious goal with our modest resources, Vita must be innovative, collaborative and strategic�

2016 has seen Vita take a significant step in this direction. We launched Ireland’s first carbon fund that focuses on development� The Vita Green Impact Fund raised €2m in investment funds to provide sustainable water and energy to 200,000 rural people in Eritrea, Ethiopia and Zambia� Already in just over 12 months over 100,000 people in Eritrea are accessing clean potable water through the fund which paid for the repair of broken water points� Investors in this fund get a triple bottom line; in addition to the huge social impact, the Green Impact Fund will lead to over 400,000 tons of carbon emission savings� The sale of these emission savings will provide revenue to repay investors into the fund with interest� This next generation model will be scaled up in the coming years to contribute to Ireland’s role in fighting climate change and poverty.

In Eritrea and Ethiopia, Vita works hand in hand with communities, governments and donors� As guests in two proud and richly cultured lands, we strive to be real partners who are respectful, flexible and valuable in what we bring to their development efforts� Africa is rapidly moving away from the traditional hand-out model of aid that belongs in another era� It is a continent on the cusp of great and positive change and is presented with an extraordinary opportunity to bypass generations of western-style fossil-fuel driven development and to adopt sustainable low-carbon energy, food production, telecommunications, finance and other technologies.

Knowledge and technology are the keys to transformation and organisations like Teagasc, CO2Balance and CIP (The International Potato Centre) are core partners in what Vita does� We have been blessed with the help of immensely knowledgeable and values-driven people, to mention John Burke and Seamus Crosse amongst many others� Great friends, particularly Sisters of Mercy Western Province and the wider Mercy community help to ensure that core values underpin how we do all of our work, as do our team here in the Dublin office. Vita’s country directors in Eritrea and Ethiopia, Iyassu Ghebrerufael and Asfaw Mekuria, bring years of management calibre, integrity and utmost dedication to ensure that resources are applied to the benefit of the people they are intended for. We are thankful for what we are able to be part of and we are expecting great positive change in the years ahead�

_________________________________

John Weakliam CEO

John WeakliamCEO

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Our Vision and Mission

Vita is a smart and successful development partner working in Ethiopia and Eritrea� We are an international non-governmental organisation (INGO) working to achieve thriving rural economies in Africa with access to services, markets and livelihoods for all� Vita is based in Dublin with teams in both Ethiopia and Eritrea�

We do this by delivering projects with our partner communities that achieve sustainable livelihoods via integrated water, household energy and agriculture programmes�

Our programmes impact the lives of thousands of families through our innovative food, water and energy security work� We improve the capacity of our local partner communities and develop solutions that are replicable beyond the boundaries of our projects�

Vita is funded by the Irish government through Irish Aid, the European Union, philanthropic organisations, religious communities, the Irish agrifood sector, public donations and private individuals�

Vita is keen to move beyond the restrictions of the traditional charitable model towards one which embraces genuine and viable partnerships with the communities within which we work, in a role more akin to investment partner and facilitator�

We recognise that to combat hunger, you have to combat the impacts of climate change at the same time, and this integrated approach is the key to delivering sustainable livelihoods to families in East Africa�

We feel strongly about reducing poverty, hunger and inequality amongst rural households through knowledge-backed, community-led initiatives, leading to sustainable livelihoods�

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Our ValuesInclusion We take a whole community approach and strive for all households in the communities where we

work to have access to services, technologies and skills through our programmes.

Enablement We work together with local communities to ensure that our support builds on existing local knowledge

and community expertise, thus enabling people to have more control over their livelihoods.

Sustainability We seek to ensure that tangible benefits accrue, which endure beyond the phase of direct support

from Vita, without subsidy or dependency and without draining natural resources.

Accountability We are committed to ensuring that we are fully accountable to our intended beneficiaries and to all

other stakeholders for our agreed commitments, for the quality of our programmes and for the results achieved.

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Vita Green Impact FundThe Vita Green Impact Fund was successfully launched in 2016 and it raised €1�3 million during the year from loans and grants�

The Fund focuses on providing essential services to rural households that also result in CO2 emission reductions that can be independently measured, accredited and sold as carbon credits in the voluntary carbon market�

During the year 240 water points were repaired and 2500 fuel efficient stoves were provided. The result of this is that people are benefiting from safe, clean drinking water and sustainable cooking. The impact of this is transformative in terms of the health and wellbeing of families� It has been shown that the incidence of water borne disease in families has been reduced from 80% to 20% and that women and children are saving countless hours each week fetching and carrying wood and water�

2016 also saw Vita’s first sale of carbon credits as offsets to a major international IT company. The offset market currently worth €350m/ annum is where Vita will sell all of its credits over the next seven years� The work carried out in 2016 will in the future, result in a 220,000 tonnes of CO2 reduction emissions each year�

The Fund is an example of a new approach to development using social impact investment and blended finance to tackle some of the key challenges facing rural households in Africa.

HOW IT WORKS

Loans

InvestmentProgramme

Revenue fromCarbon Credits

VeriedOutcomes

C02 EmmissionsSavings

CommunityImpact

VoluntaryCarbon Market

Transforming People’s Lives

Servicesprovidedby Vita

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Your Carbon Footprint Vita, the innovative Irish NGO fighting hunger and climate change in East Africa has now gone carbon neutral� This means that all of the carbon generated by Vita, whether it’s from having the heating on or from flights to our partner countries, will be offset by buying carbon credits from our own high impact, climate smart, accredited projects�

Vita is not alone in having a carbon footprint� Even with the most determined efforts to cut back on activities that generate carbon, we are all still responsible for some carbon dioxide and other greenhouse gases going into the atmosphere� This is the driver of global climate change and we are all involved in causing it�

Individuals can reduce their carbon footprint usually by making changes to their lifestyles shorter showers, using public transport, reducing waste, etc, and this can be very effective for businesses as well� However many businesses produce so much carbon that even dramatic changes to their work practices are not enough to make an impactful difference� This calls for innovative ways of addressing their footprint, even while they continue to innovate their practices to drive down their own emissions�

Buying the ‘reduction’ (carbon credits) from another source can be used to offset their own emissions� This means that they can acclaim someone else’s emissions reducing efforts by paying for them, in the form of buying credits�

But what is a carbon credit? A carbon credit is the equivalent of saving one tonne of CO2 emissions� It has a monetary value and its own market to trade in� There are two types of customers for carbon credits� Those that are obligated by law to offset (big polluters, etc) and who usually look for the cheapest credit they can get, and those who want to offset their imprint because they want to be seen as ethical and climate conscious� This second group are usually interested in doing good as well as offsetting, and pay more for quality carbon credits that come from programmes that are life transforming� The Vita Green Impact Fund invests in high impact, carbon reducing programmes in East Africa which produce these quality carbon credits such as community water points and improved stoves� In general, where wood is not being burnt as much as it used to be, this leads to less emissions� (Clean water does not need to be boiled and improved cookstoves are usually 60% more efficient).

These credits are fully accredited by international accreditation companies and Vita uses the Gold Standard systems as they are associated with initiatives that not only reduce CO2 but have a very high social impact�

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ETHIOPIANHighlights of 2016

31,853 householdswith sustainable

livelihoods

Food gap reduced by4 months for

28,000 people

600 tonnesof seed potato produced

by seed co-operatives

1,656 farmersup-skilled in

climate-smart practices

Storage capacity for60,000 kgs

of seed provided to maizeand bean co-operatives

374 villageswith latrines across

Gamo Gofa zone

€2 million spent

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ERITREANHighlights of 2016

600 potato farmersaccessing improved

technology

23,804 litres of milkproduced by improved

heifers

Potato productivityincreased from13 to 35 tonnes

per hectare

5,800 fuel e�cientstoves produced

210 water pointsrepaired providingwater to 84,000households

1,000 families nowwith access to solar

powered light

€630,000 spent

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Our collaborations: POTATO COALITION The vision of the Irish Potato Coalition is to create transformational change to improve the livelihoods, food and nutrition security and resilience of one million poor households in sub Saharan Africa, through the increased productivity, profitability and sustainability across the potato value chain, with a particular emphasis on women and vulnerable groups�

Vita see the Coalition as an innovative platform that can harness the energy and expertise of business, government and development sectors� The Coalition shows slow but steady progress in establishing itself as a means to realise the full potential regarding the role and place of potatoes in the highlands of Africa� The Coalition is structured so that it has an international component, which provides coordination to seven country- based Potato Coalitions�

The Coalition completed a major report “Outputs, outcomes, and impacts of Irish potato interventions undertaken by the Irish Potato Coalition members in Eastern and Southern Africa (2005–2015)” which provides a framework for future actions for Coalition members� This has three key priorities;

- Creating viable seed systems to provide access to clean seed to farmers

- Increasing productivity levels of potato three to four fold

- Creating equitable value chains

The Ethiopia Coalition started in 2015 and facilitated by Vita has now expanded, while other agencies have formed a Potato Coalition in Mozambique� Potato Coalitions are also well advanced in Kenya and Uganda�

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TEAGASC Vita continued to build on its collaboration with Teagasc as a cornerstone of our knowledge-led approach�

On a programme level, Teagasc actively engage in the design of interventions with Vita’s in-country partners� The Teagasc structure wherby research, extension and training are all carried out within the same organisation is very unique and this experience is reflected in our collaborative programmes.

Teagasc also engage as subject matter experts in dairy and potato projects throughout the project cycle and in Eritrea provide the technical lead and technical backstopping for the local implementation teams� Teagasc provide placement training in Ireland for our key local partner staff, which provides them with practical training and learning such that they are becoming subject matter experts�

In the research arena, Vita continued its collaboration with Teagasc and Wageningen University on a tripe PhD study in Ethiopia looking at different aspects of potato production�

One further aspect of our collaboration now being explored is to see how Teagasc’s experience in knowledge transfer can best be used by Vita and its in-country partners�

THE IRISH FORUM FOR INTERNATIONAL AGRICULTURAL DEVELOPMENT (IFIAD)Vita is one of the founding members of IFIAD, a voluntary multi- disciplinary platform, bringing together actors from the agri-food sector to share knowledge and good practices for the benefit of agricultural development programming and policy in support of Ireland’s development objectives� IFIAD was officially launched on World Food Day in October 2016 and continues to go from strength to strength.

IRISH AGRI-BUSINESS The agri-business sector in Ireland has a huge reservoir of experience that is relevant in Africa, not only in technical aspects but also issues such as running cooperatives and value chain development� Vita aims to tap into this potential through collaborating with technical experts and we see this as a further strand to our knowledge-led approach�

Companies such as Country Crest and Iverk have visited Ethiopia to engage in programmes while others such as Irish Potato Marketing and Dovea Genetics provide technology transfer�

SISTERS OF MERCY WESTERN PROVINCE The Sisters of Mercy have been a long-time partner of Vita and this partnership operates on a variety of levels� On a practical level, they visit programmes in Ethiopia and provide advice based on their own experience of project development in Africa�

We have also collaborated on a cross generational pilot initiative related to climate change awareness in the Western province� The objective is to raise the appreciation of climate injustice among our networks, emphasising the need for all to act more responsibility with regard to our own carbon footprints� Vita was also proud to be able to recommend the Sisters of Mercy Western Province as a nominee for eco-congregation of the year (which they subsequently won) and collaborate in the production of the book ‘Walking Gently on Earth’�

The Sisters are also champions of the Vita Green Impact Fund, promoting the sustainability of the concept and providing significant core funding.

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Stories from the Field SIRENE’S VIEW TO THE FUTURE IS MUCH IMPROVEDThe view from Sirene Meshesha’s compound is extraordinary� Clinging to the highest slopes of Mount Gughe in the Gamo Gofa zone in southern Ethiopia, Sirene’s village gazes across Lake Chamo and Lake Abaye to Nechisar National park and the Derba Mountains beyond�

Up until very recently, Sirene rarely stopped to admire the breath-taking views� At 47, she found herself a single parent to seven children, ranging in age from four to fourteen, having to eke out an existence from a small plot of land of no more than half an acre� She mainly grew ensete, the false banana, for Kocho which is the flour produced from it’s roots. She also has a few goats and a cow, producing about one litre of milk a day� Things were very tight at times and the family often went hungry, especially in May and October just before harvest when the food stores and resources were exhausted�

Sirene got involved with Vita a few years ago, when her cousin in a nearby village bragged about the success she was having growing a new type of potato through a Vita programme� Not one to shy away from a challenge, Sirene immediately sought out her local Vita advisor and asked to be included in the programme. She attended three field schools to learn about growing the Electra potato which is particularly suitable to the climate in that part of Ethiopia� Potatoes are referred to as the Irish potato all over Africa to distinguish them from sweet potatoes. At the field schools she learnt things like the reasons for crop rotation, soil sanitation and the use of pesticides and fertilisers, as well as basic book keeping, how to set up and run a co-op and open a bank account. The field schools take place on demonstration farms as near as possible to the farmers’ own villages� Vita agronomists, government specialists and other farmers share their knowledge and experiences� Crucially, Sirene learnt how to properly store her potatoes so that they would last longer, and Vita helped her build that store� This year more than fifty field schools will take place in Gamo Gofa. The money raised by both of these organisations is also being used to set up the co-ops and build the community potato stores�

In November of 2015 Sirene harvested her first crop of potatoes and was really pleased with the result. That first year Sirene harvested nearly four tonnes of potato, and the second year this increased to seven tonnes� These days, she is able to keep 40% of her crop for her family� She also grows a new type of improved maize, and says there is a lot of interest in it locally as maize usually only grows in the lowlands� She plans to harvest this maize for the seed, which she will sell on through the co-op she helped set up�

“I feel more confident now than I did before. I used to be afraid of trying new things but now I will listen and learn from Vita specialists as well as other farmers” says Sirene. “I am proud that the decisions I have made have been such good ones.”

Sirene set up a co-op in her village two years ago, and now there are sixty members� She is on the management committee, and is very proud of the fact that over 30% of the members are women like herself, whose husbands are absent for any number of reasons. The co-op is building their first community potato store this year, and buying collectively has saved a lot of money on the seed, fertilisers and pesticides� It also enables the co-op members to negotiate fairer prices for their produce�

Sirene looks towards her eldest son Bahiru, who helps her out on the farm� “I want Bahiru to build a better life here, and not have to go to Addis or abroad. He will need to get more profit for his hard work and the potato crop is a big part of that. Next year we will look at joining the Vita dairy programme to see if we can improve our milk yield through breeding. We will keep improving because it is so important to my children. We have more money now which means we can buy different types of food and this is better for us all. I love going to the market now – I can afford things that I never could before – and sometimes on the way back I even stop to admire the view!”

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Mehret’s Story

“I love the taste of our cool mountain water!” In the Debub region of Eritrea, it usually rains twice during the year, in June and March. Sitting high in

the hills at over 2,500m above sea level, the village of Adi Keyh has stunning views of the surrounding

hills, which turn emerald for a very short time after the rains have been.

But there are hardly any trees left in the area around Adi Keyh. Years of deforestation with no replenishing

programmes means that the water runs down the hills and into the dry, sandy soil.

Mehret lives in the village with her eight children- her ninth is on the way in her father-in-laws house. Her

husband works in the south of Eritrea and only comes home at the weekends. She spends much of her

mornings fetching water from the local stream a few kilometres away, a water source that is shared with

all the goats and camels of this mainly dry, barren region.

“It’s very unsafe to drink from the river,” says Mehret, “I always boil the water first. But there are very few trees around here so I have to buy the wood and that can be expensive. I always worry that the children will drink from the stream and get sick. The animals also use the stream and they relieve themselves into the water. A few children die here every year from drinking dirty water.”

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Ironically, there is a clean water point just a few hundred meters from Mehret’s house, and it is used to

serve the whole village before it broke about ten years ago� There were no spare parts for the pump

and it simply fell into disrepair� This story can be repeated right across East Africa, where the UN

reports that up to 47% of water wells have broken and not been repaired� Vita’s water programme will,

with the support of donors, fix all of the broken water points in Eritrea by 2020. The grant is now being

used to fix the water point in this village as well as seven more in the Debub region and this will make

a huge difference to the lives of approximately 3,750 people all of them women like Mehret and their

families. In Adi Keyh alone over 500 people in the village and it’s surrounding farms will benefit from

having a clean source of water in their midst�

However, its important that history does not repeat itself, so Vita has set up a sustainable system

whereby the people of the village take ownership of the water point and invest in it’s long term viability�

They have set up a water user association that will ensure the water point is kept clean and secure, and

a local resident is trained as a technician� The villagers also pay a small fee annually which is means

tested and is set aside to cover future repairs and spare parts�

“We operate a ground up model in Vita, where communities identify themselves where their needs can

best be met, and we work together to find solutions,” says Wenghelawit Asrat, the Vita staff member

who is overseeing this project� “We assist practically, supplying the pump, helping the water users

association to open a bank account and giving them basic bookkeeping training� They also nominate a

technician to be trained in the maintenance and repair of the pump� The locals do a lot of the physical

work, building the platform that supports the water point and the walls to keep animals segregated� It

is very much their project, with Vita offering support where needed�”

The water pump in Adi Keyh is now fixed. “I am really excited about this,” says Mehret. “It saves us so much money that I would prefer to spend on my children, but also it’s going to save so much time! And I love the taste of our cool mountain water!”

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The Board

Report & Financial Statements for the year ended 31st December 2015

VITA (RTI) Limited (A Company Limited by Guarantee and not having a Share Capital)

Registration Number 152968 Charity Number CHY 9670

Charity Regulator Number 20024192

1 Dermot Byrne (Chairman)

2 John Weakliam (Chief Executive)

3 Noel Griffin

4 Gerry Murphy

5 Kevin Farrell

6 Jean Marie Duffy

7 Deirdre Hannigan

8 Padraig O’Ruairc

9 John Wallace

10 Roughan Mc Namara

11 Larry O’Loughlin

12 Barry C Magee

13 Maureen O’Dea

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1

56 7

8

2

9 10

1211 1318

Company Information TRUSTEES Dermot Byrne (Chairman, appointed 29th June 2015)

Fr. Norman Fitzgerald (President)

Jean Marie Duffy

Kevin Farrell

Noel Griffin

Deirdre Hannigan

Barry Charles Magee

Roughan Mc Namara

Gerry Murphy (Resigned 10th January 2017))

Maureen O’Dea (Resigned 15th December 2016)

Larry O’Loughlin (Resigned 7th April 2017)

Padraig O’Ruairc

SECRETARY John Wallace

COMPANY NUMBER 152968

REVENUE CHARITY NUMBER CHY 9670

CHARITY REGULATOR NUMBER 20024192

REGISTERED OFFICE Equity House Ormond Quay Upper Dublin 7

AUDITORS Anne Brady McQuillans DFK Chartered Accountants & Registered Auditors Iveagh Court Harcourt Road Dublin 2

BUSINESS ADDRESS Equity House Ormond Quay Upper, Dublin 7

PRINCIPAL BANKERS Bank of Ireland Kill O’ The Grange Co� Dublin Bank of Ireland Drumcondra Dublin 9 Bank of Ireland O’Connell Street Co� Dublin

SOLICITORS Matheson Ormsby Prentice Solicitors 70 Sir John Rogerson’s Quay Dublin 2

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Financial Report STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2016(Incorporating the Income and Expenditure Account)

Restricted Funds

Unrestricted Funds Total Total

2016 2016 2016 2015

€ € € €

INCOME AND ENDOWMENTS FROM:

Charitable activities 2,125,357 - 2,125,357 2,448,068

Voluntary income - 805,862 805,862 855,494

Trading activities - 57,024 57,024 64,329

Other incoming resources - - - 6

Total income 2,125,357 862,886 2,988,243 3,367,897

EXPENDITURE ON:

Charitable activities 2,125,357 535,306 2,660,663 2,988,545

Governance costs - 60,995 60,995 63,771

Cost of generating voluntary income - 278,362 278,362 189,846

Cost of generating trading income - 40,156 40,156 39,363

Total Resources Expended 2,125,357 914,819 3,040,176 3,281,525

Net Incoming Resources for the year - (51,933) (51,933) 86,372

Total funds brought forward - 508,366 508,366 421,994

Total funds carried forward - 456,433 456,433 508,366

The financial statements were approved by the Board on and signed on its behalf by

_______________________ _______________________

Dermot Byrne Deirdre Hannigan Chairman Trustee

Date: Date:

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BALANCE SHEET AS AT 31ST DECEMBER 2016

2016 2015

€ € € €

FIXED ASSETS:

Tangible Assets 5,005 3,942

CURRENT ASSETS:

Debtors 947,318 507,259

Cash at bank and in hand 2,665,024 455,516

3,612,342 962,775

CREDITORS:

Amounts falling due within one year (2,160,914) (458,351)

Amounts falling due after more than one year (1,000,000)

NET ASSETS:

Net Current Assets (Liabilities) 451,428 504,424

Net assets 456,433 508,366

FUNDS:

Unrestricted funds 456,433 508,366

Restricted funds - -

Total funds 456,433 508,366

The financial statements were approved by the Board on and signed on its behalf by

_______________________ _______________________

Dermot Byrne Deirdre Hannigan Chairman Trustee

Date: Date:

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CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2016

2016 2015

€ €

CASH FLOW FROM OPERATING ACTIVITIES

Net cash provided by (used in) operating activities 1,211,777 (477,801)

CASH FLOW FROM INVESTING ACTIVITIES

Returns on investments and servicing of finance - 6

Capital expenditure (2,269) (3,816)

Net cash provided by (used in) investing activities (2,269) (3,810)

CASH FLOW FROM FINANCING ACTIVITIES

Net cash provided by (used in) financing activities - -

Change in cash and cash equivalents during the reporting period 1,209,508 (481,611)

Cash and cash equivalents at 31 December 2015 455,516 937,127

Cash and cash equivalents at 31 December 2016 1,665,024 455,516

Activities Expenditure 2016

500,000

1,000,000

1,500,000

2,000,000

2,500,000

2016

2,66

0,66

320

152,

988,

545

Direct Ethiopian Activity 2,042,550

Direct Eritrean Activity 196,888

Programme Quality 125,223

Programme 213,016

Other Support 82,986

Direct Ethiopian Activity 2,202,913

Direct Eritrean Activity 398,591

Programme Quality 34,130

Programme 201,956

Other Support 146,955

40,156Cost of generating

trading income 1%

278,362Cost of generatin voluntary income 9%

2,660,663Charitable

activities 88%

60,995Governancecosts 2%

22

€1,430,387European Union2015

€3,367,897

€391,196Irish Aid€626,485

Other Partners

€206,881Fundrasing

€582,949Other Grant Income

€65,664Legacies

€64,329Trading Income

€1,056,804European Union2016

€2,988,243

€350,000Irish Aid

€255,000VGIF

€463,553Other Partners

€593,196Fundrasing

€183,517Other Grant Income

€29,149Legacies

€57,024Trading Income

Grants received

23

Equity House 16-17 Upper Ormond Quay, Dublin 7

Tel: +353 1 873 4303 Email: info@vita.ie Web: www.vita.ie www.VitaGreenImpactFund.com