No. 5 - Literacy: a key to development
Edito
Bounce back...
Our general meeting approved the 2016 accounts. They show a loss of €846,171, mainly due to excessive commitments of funds to our partners, which prevented the NGO from securing a series of co-financing and valuation deals. While this was ‘beneficial’ to our partners, it nevertheless significantly reduced our equity capital.
Fortunately, the continuity of operations is not threatened thanks to the urgent measures that have been taken. In the very short term, these measures aim to ensure that the 2017 financial year will not result in a loss. This will be achieved in particular through a reduction in operating costs and efforts in the area of human resources.
The Board of Directors has also entrusted two of its members with conducting an institutional and financial audit, the results of which have enabled the Board to take a first series of important decisions regarding the organisation of the NGO. These form the basis of an action plan for the gradual reorganisation of the head office and field teams. The NGO will now focus on a new ‘Programmes’ department, supported in its actions by a ‘Support’ department.
The aim of this refocusing on programmes, coupled with the efforts of the various teams, is to enable us to bounce back and increase the efficiency of our organisation. This will enable us to strengthen the quality of the work carried out with our 140 or so partners with a view to improving the living conditions of the populations in our areas of intervention.
We would like to commend the strong mobilisation of the Louvain Coopération teams in taking up this challenge.
Marthe Nyssens
Chairperson of the Board of Directors
