National Development and Social Fund, Annual Report and Financial Statements, 31 December 2020

Annual report and financial statements of the National Development and Social Fund (NDSF) for 2020, 68 pages. The NDSF is funded entirely by IIP (and later GCES) contributions, so its receipts, holdings and spending are in scope. Contents: governance and founding regulations (LN 161 of 2020 cutting the NDSF share from 70% to 20%, already an event); investment strategy (discretionary, directed and unallocated portfolios), economic and market overview (out of scope), portfolio performance; IIP receipts by year 2016-2020 and since inception; heritage purchase (Preti painting, EUR 1,480,503); social projects earmarked (EUR 109.04m, Table 7) and paid (EUR 0.6m); grants approved Feb 2021; financial highlights and consolidated position; financial statements (net assets, income, changes in net assets, cash flows, notes on contributions paid and commitments). Existing rows kept (receipts 2016-2020, EUR 599,375,449). Added: text total EUR 599.8m, 2019 cumulative, audited 2019 and 2020 receipts, net assets, cash, investments, commitments, grants paid and earmarked. Not recorded because no indicator fits: portfolio returns, investment income and charges, asset allocation, operating expenses (met by a government endowment), staff. Inconsistencies: 2019 receipts EUR 105.9m in the text vs EUR 105,506,520 in the statements; 2019 net assets EUR 570,185,735 (Table 5) vs EUR 570,186,735 (statements).