annual report - bestseller foundation

annual report - bestseller foundation

A NNUA L R EPORT 2 01 5 3  BESTSELLER FOUNDATION Annual Report 2015 TA BL E OF C ON T E N TS BESTSELLER FOUNDATION – 2015 AT A GLANCE 04 PROJE...

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A NNUA L R EPORT 2 01 5

3  BESTSELLER FOUNDATION

Annual Report 2015

TA BL E OF C ON T E N TS

BESTSELLER FOUNDATION – 2015 AT A GLANCE

04

PROJECT HIGHLIGHTS

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WHAT WE SUPPORT

12

WHERE WE SUPPORT

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HOW WE SUPPORT

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WHO WE SUPPORT

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AREAS OF SUPPORT 2015 (MAP)

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SUSTAINABLE AGRICULTUR AL & FOOD VALUE CHAINS

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TURNING FARMERS INTO BUSINESS MEN AND WOMEN – AND ENGAGED PARENTS

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GREEN & SUSTAINABLE JOBS & ENTREPRENEURSHIP

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SOLAR POWERED EGG INCUBATORS CHANGING LIVES IN UGANDA

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ENVIRONMENT & NATURE CONSERVATION

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OTHER PROJECTS

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TAKING BACK THE AFRICAN NARR ATIVE

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PROJECTS CLOSED DOWN IN 2015

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GIVE-A-DAY 2015

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GLOBAL OVERVIEW

85

ABOUT BESTSELLER FOUNDATION

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Annual Report 2015

BE STSE L L E R FOU N DAT ION A N N UA L R E P OR T 2 01 5

201 5 AT A GL A NCE 2015 was an eventful year for BESTSELLER FOUNDATION – and it was a remarkable year. In June 2015 BESTSELLER FOUNDATION was launched – initially taking over the responsibility for the management of the project portfolio from the former BESTSELLER FUND. But the name change also meant a change in direction and focus. Most importantly, it marked the beginning of a move away from grants and towards social impact investments in the form of loans, equities and shareholding.

INNOVATION A ND SUSTA INA BLE BUSINESS FOR DEV ELOPMENT The idea behind the change is to focus the efforts of BESTSELLER FOUNDATION in areas and ways where we believe they have the biggest impact. By injecting funds into businesses and start-ups with novel approaches and unconventional modes of thinking, BESTSELLER FOUNDATION can help elevate innovative ideas into the realm of sustainable businesses. This in turn will create jobs, growth and prosperity and help level the playing field between those who have a lot and those who have very little.

BESTSELLER FOUNDATION – A PROFILE This report touches on projects that were concluded in 2015 as well as those that are ongoing – including a few that made the cut from the old fund to the new foundation. It also touches upon thematic focus areas that have been modified or that are no longer active – and the new ones that form part of the identity of the BESTSELLER FOUNDATION. In addition some new topics have found their way into the BESTSELLER FOUNDATION annual report 2015 – like BESTSELLER’s global GIVE-A-DAY fundraising event on 10 April 2015 which BESTSELLER FOUNDATION was also a part of. This report is a profile of BESTSELLER FOUNDATION – the journey it has been through in 2015 and what it looked like at the end of the year.

We in BESTSELLER FOUNDATION would like to thank everybody, not least our partners, who have contributed to getting BESTSELLER FOUNDATION off to a promising start in 2015. We look forward to building on and further strengthening these partnerships in our second year of existence - 2016! Kristian Sloth Petersen Managing Director, BESTSELLER FOUNDATION

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PROJ EC T H IGH L IGH TS N E W I N 2 01 5

A FR ICA /DENM A R K – OG OJIII M AGAZINE

UGA NDA – R IIS COFFEE

Magazine that celebrates innovation, entrepreneurship, design, architecture and the arts in Africa. Written by and for Africans.

Establishment  of bulking facilities and a coffee processing unit as well as technical training to small-scale coffee farmers who are part of an out-grower scheme. Improves the farmers’ access to the market and increases income.

KEN YA - A DDR ESSES FOR A LL Development and roll-out of smart phone based initiative to give everyone in Nairobi an address. Addresses are vital for ambulance services, bank loans, taxi services, pizza deliveries and much more.

UGA NDA – SCHOOL DEMONSTR ATION GA R DENS Demonstration gardens at rural primary schools that equip farmers with new agricultural practices leading to greater productivity and improved food security.  The increased profits will be managed by savings groups for the benefit of the community as well as the farmers.

KEN YA - RUR A L YOUTH BUSINESS DEV ELOPMENT Project to strengthen the analytical, business and collaborative skills of rural youth to enable them to develop new commercial farming opportunities and off-farm micro-businesses in poor, rural areas in Kenya

KEN YA – LIGHTING UP V ILL AGES A grant for  M-Kopa Solar to purchase 8,300 solar power units for reselling at an affordable price to households in Kenya, Tanzania and Uganda that do not have access to power. With nine months to pay back each unit M-Kopa expects to be able to sell 8,300 units every nine months reaching a total of 35,280 units sold and approximately 170,000 people reached during the project period.

UGA NDA - SUNCHICK - SOL A R POW ER ED INCUBATORS Introducing solar incubators to the rural areas to increase the poultry production and improve local food security, it will also increase the demand for chicken fodder, which means more sales, more production and more jobs.

ZA MBI A - JAVA FOODS Local production of noodles using local raw materials thereby creating markets for farmers as well as employment at the production facilities. Furthermore introducing Supa Cereal – a locally produced, nutritious breakfast cereal to compete with regional brands.

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PROJ EC T H IGH L IGH TS 2 01 5 CL O SE D I N 2 01 5

CHINA – RUOLI V ILL AGE DEV ELOPMENT

INDI A – HE A LTH Y ME A LS A ND DEMONSTR ATION GA R DENS

Village development project in the poor and drought-ridden village of Ruoli including installation of a drip irrigation system, planting of shrubs and trees and equipping households with tap-water supply. A micro-credit scheme was introduced to the villagers and training carried out on farming techniques.

Establishment of demo gardens and provision of seeds and training for children in schools in the Andra Pradesh province. The gardens provided nutritious, organic produce that made a healthy meal for the children at the schools.

DENM A R K – WOMEN’S HOUSE IN A A R HUS The Women’s House prevents loneliness and isolation among minority women by hosting a range of activities and by providing access to a diverse and open network. 

DENM A R K – COMEBACK CONSULT An initiative that keeps youngsters out of trouble in marginalised areas. With help from a retired professional boxer, tough boxing discipline, counsellors, physical trainers and social entrepreneurs, the boys are taken through a ‘recovery programme’.

DENM A R K – NØR R EBRO UNITED Local soccer initiative that uses soccer as an entry point to build the characters of marginalised boys so they stay away from crime and gang activities.

DENM A R K – GR IEV ING CHILDR EN A ND TEENS Counselling and mentoring project designed to prevent dropouts and isolation in high schools in Central Jutland among young adults who have parents that are severely ill or who have lost parents or siblings. 

INDI A – HELPING V ICTIMS OF CYCLONE PH A ILIN Thousands of families lost livestock, chicks, goats and other animals in the Phailin cyclone in 2013. Chicks and goats were donated, training provided on how to feed, grow and breed the animals, and houses were constructed for those who had lost theirs to the cyclone. 

ZIMBA BW E – RUR A L CATTLE FA R MING Farmers were trained to make production plans in order to secure livelihoods, increase income and increase resilience to drought. The creation of commodity associations and auction centres enabled formal structures through which livestock was sold and farmers could inf luence policy and decision makers.

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GI V E-A-DAY PROJ EC TS

On 10 April 2015 BESTSELLER A/S’s global turnover of DKK 112 ,000,000 (USD 16,500,000) was donated to charity in celebration of BESTSELLER A/S’s 40 years in existence. Some of the money was donated to local charities in the countries where it was raised – however, DKK 54 ,000,000 (USD 8,000,000) was divided between UNICEF Denmark, Save the Children Denmark and Global Alliance for Improved Nutrition (GAIN). The management of the GIVE-A-DAY event and the selection of projects – big and small – were done by BESTSELLER A/S after which the management of the three large projects was passed on to and currently lies with BESTSELLER FOUNDATION. BESTSELLER FOUNDATION received DKK 10,000,000 (USD 1,500,000 million) of which some money was spent on partnering with M-Kopa Solar in Kenya, Tanzania and Uganda.

A FR ICA – FIGHTING M A L A R I A ( UNICEF ) Mosquito nets are distributed in malaria prone areas in Angola, Democratic Republic of Congo and Kenya targeting women and children mainly.

CHINA – DR E A M SCHOOLS ( SAV E THE CHILDR EN ) This project turns poorly equipped boarding schools into ‘Dream Schools’, improves the quality of teaching and generally establishes a supportive environment for some 12 ,000 Chinese children.

INDI A – FIGHTING M A LNUTR ITION ( GA IN ) Global Alliance for Improved Nutrition (GAIN)’s project is aimed at helping 240,000 mothers and their children (below the age of three) by giving them access to nutritious and healthy food.

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K I VA

KI VA GLOBAL – A loan to someone who needs it and can’t get one. That was the New Year’s Gift 2015 from BESTSELLER employees to borrowers worldwide. Thousands of borrowers received a loan in December 2015 – and the loans are still available to be given out throughout 2016. Loans that can help those with lesser resources realise their dreams of growing a business, going to school, expanding their farming and much more. Borrowers in 59 countries received loans with Cambodia, Kenya, Uganda and The Philippines being the most popular countries. 66% of those who received a loan were women, and loans supporting agriculture, education and food production were the most popular areas of support.

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W H AT W E SU PP ORT FO C US

Annual Report 2015

GR EEN & SUSTA INA BLE JOBS & ENTR EPR ENEURSHIP Examples of projects and businesses: - Innovation/growth hubs and start-up accelerator programmes - Seed capital for start-ups and budding entrepreneurs - Job creation through innovative business models

BESTSELLER FOUNDATION ( A FTER MID -201 5 )

SUSTA INA BLE AGR ICULTUR A L & FOOD VA LUE CH A INS

A new strategy for BESTSELLER FOUNDATION was adopted in mid-2015. The strategic focus in the 2015-2019 strategy is “to fight poverty and promote self-sustaining and environmentally sustainable development through people and partnerships.”

Examples of projects and businesses: - Establishment or optimisation of value chains benefitting producers, labourers and consumers - Innovative farming methods and facilities - Easier access to markets , inputs and credit

The overall focus of BESTSELLER FOUNDATION does not differ fundamentally from that of BESTSELLER FUND. Only the focus area of working with Poor & Vulnerable Children’s Access to Basic Services will be replaced by the theme Environment & Nature Conservation.

EN V IRONMENT & NATUR E CONSERVATION Examples of projects and businesses: - Environmental sustainability should to the largest extent possible be streamlined into both of the aforementioned focus areas - Eco-tourism - Circular economy business models - Nature conservation - Renewable energy

OTHER PROJECTS Innovative projects that fall outside the general focus areas but have great potential for social and environmental impact

BESTSELLER FUND ( BEFOR E MID -201 5 ) - - - -

JOBS, ENTREPRENEURSHIP & EDUCATION AGRICULTURE & FOOD PRODUCTION POOR & VULNER ABLE CHILDREN’S ACCESS TO BASIC SERVICES OTHER PROJECTS

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W H E R E W E SU PP ORT GEO GR A PH Y

A FR ICA – E ASTER N A ND SOUTHER N

INDI A ( RUR A L )

Current focus: Green & Sustainable Jobs & Entrepreneurship Sustainable Agricultural & Food Value Chains

Current focus: Sustainable Agricultural & Food Value Chains Green & Sustainable Jobs & Entrepreneurship

Focus before mid-2015: Jobs, Entrepreneurship & Education, Food & Agriculture

Focus before mid-2015: Jobs, Entrepreneurship & Education

Areas of operation in 2015: Kenya, Uganda, Zambia, Zimbabwe, Tanzania

CHINA ( RUR A L )

Areas of operation in 2015: Andhra Pradesh, Odisha, Tamil Nadu, Karnataka

DENM A R K

Current focus: Other

Current focus: BESTSELLER FOUNDATION no longer supports projects in Denmark

Focus before mid-2015: Poor & Vulnerable Children’s Access to Basic Services

Focus before mid-2015: Poor & Vulnerable Children’s Access to Basic Services

Areas of operation in 2015: Gansu, Hubei, Yunnan

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HOW W E SU PP ORT PROJ EC T T Y PE S

Whereas 2/3 of the projects supported by BESTSELLER FUND in 2014 and early 2015 were in the form of grants, BESTSELLER FOUNDATION has mainly offered support in the form of loans, equity and shareholding since mid-2015. The support to projects and businesses comes in the form of one or a mix of the following modalities:

ACCESS TO LOA NS In cases where a social impact business with a convincing business case lacks capital to get started, BESTSELLER FOUNDATION can provide loans under conditions negotiated on a case-by-case basis. All profits made from interests will be reinvested in social impact projects and businesses.

EQUIT Y IN VESTMENTS & SH A R EHOLDING Investment in businesses through shareholding is a possibility when prospects for commercial success of businesses with social or environmental impact are high if the business is given access to additional capital. All profits made will be reinvested in social impact projects and businesses.

GR A NTS Grants or seed capital can be given in some cases where a project/business does not yet have a proven business model but is considered pivotal in growing a framework, infrastructure, awareness or simply gathering data required for increasing profitability and ensuring sustainability in the long run. At the end of 2015, however, BESTSELLER FOUNDATION was still managing a handful of projects from the days of BESTSELLER FUND that were supported through grants and will continue to do so in 2016. The management of the GIVE-A-DAY projects which was handed over to BESTSELLER FOUNDATION in 2015 also meant including some voluminous grants projects that will form part of the identity of BESTSELLER FOUNDATION until 2018.

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W HO W E SU PP ORT PA R T N E R SH I P S A N D CO OPE R AT ION

BESTSELLER FOUNDATION enters into partnerships with anyone who has an business idea that is in line with the foundation’s thematic focus areas and where social impact is an integral part of the business model. Scalability, environmental considerations and disruptive business models are desirable traits in partners too. BESTSELLER FOUNDATION wants to enter into close relationships in which the project concept or business case is a result of collaboration and a mutual understanding of goals and aspirations between the partner and BESTSELLER FOUNDATION. Even though BESTSELLER FOUNDATION participates actively, it always acknowledges that the primary owner and catalyst for success of a project or business is the partner. People, private and public organisations and companies that wish to partner with BESTSELLER FOUNDATION should subscribe to the following principles and values: - Strong sense of solidarity with people with lesser means – mainly in the Global South - Focus on poverty reduction and environmental sustainability - Process is important but matter little without results - Honesty, mutual openness, and accountability are key in a relationship - Diversity is an asset – not an obstacle - Women and men are equal - Simplicity and efficiency - Independence

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GI V E-A-DAY PROJ EC TS A R E A S OF SU PP OR T I N 2 01 5

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BE STSE L L E R FOU N DAT ION PROJ EC TS A R E A S OF SU PP OR T I N 2 01 5

C op e n h a g e n N A a rhu s C e nt r a l Jut l a n d

Ug a n d a

Yu n n a n P r o v i nc e K a r n at a k a

K e ny a Z a m bi a

Hub e i P r o v i nc e

Zimbabwe

G a n s u P r o v i nc e

Ta n z a n i a K e ny a / K i s u mu C ou nt y D e mo c r at i c R epubl i c of C on g o / É qu ateu r P r o v i nc e A ndhra Pradesh A n g ol a / B e n g o P r o v i nc e Odisha

SUSTA INA BLE AGR ICULT UR A L & FOOD VA LUE CH A INS

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I N T RODUC T ION T O SUSTA I NA BL E AGR IC U LT U R A L & FO OD VA LU E CH A I NS

W H Y W E SUPPORT Food is essential to human existence. Without it we cease to exist. With only a little of it we barely exist – we exist only to look for our next meal. On an empty tummy it’s hard to concentrate in school, keep a job, your body struggles to stave off sickness and as a mother you may not be able to breastfeed your child. You lose dignity, identity and initiative. A lack of food becomes an impediment to the development of your socie-ty – and any society in which the members are affected by hunger. According to UN Statistics (www.wfp.org/hunger/stats ) nearly 800 million children, women and men live with hunger as a condition in life. In 2015 that was roughly one in nine people on Earth. In Sub-Saharan Africa it was one in four. BESTSELLER FOUNDATION wants to help change that condition. And one of the important keys to change is where most food comes from – agriculture.

W H AT W E SUPPORT BESTSELLER FOUNDATION supports development and optimisation of agricultural value chains that can add value to producers, businesses, labourers and customers. In addition, the foundation supports sustainable agricultural production which enables small-scale farmers to grow their own food and assists them in getting access to markets with value-added products. Some examples of initiatives we support are: - Innovative farming methods and facilities - Agricultural processing facilities – e.g. maize mills or dehusking machines that add value to farmers’ crops, livestock or products - Initiatives that improve farmers’ and other producers’ access to commercial markets - Projects that establish links between small-scale farmers and companies

HOW W E SUPPORT BESTSELLER FOUNDATION enters into partnerships through loans and equities – and on some occasions grants. What approach to use is decided on a case-by-case basis where a thorough analysis is made of the long and short term impact and the commercial potential of the project.

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T U R N I NG FA R M E R S I N T O BUSI N E S S M E N A N D WOM E N – A N D E NG AGE D PA R E N TS

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C A SE ST ORY – A F R IC A N R E V I VA L SUSTA I NA BL E AGR IC U LT U R A L & FO OD VA LU E CH A I NS

Through a grant from BESTSELLER FOUNDATION, African Revival started school demonstration gardens in schools in Amuru District in Uganda in 2015. The project works on several levels to increase agricultural productivity and food security, establish linkages between farmers and markets as well as creating stronger links between parents in rural areas and local schools in order to increase enrolment, attendance and academic attainment.

There is a direct correlation between low quality education at a primary level and food insecurity resulting from poor agricultural, productivity. The design of the school demonstration garden project addresses these two issues simultaneously to have the greatest possible impact.

PL A NTING IN LINES Even if more than 80% of Ugandans are involved in agriculture a lot of farmers rely on very basic farming techniques. Simple training – such as planting in lines or using organic fertiliser – can therefore have a tremendous impact. The School Demonstration Gardens Project has established demonstration gardens at 15 schools and these will serve as learning sites where 25-30 local farmers per school will come on a weekly basis and learn simple techniques that they can replicate at home.

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One parent is Pamela Mawa. She is 50 years old, a widow and has six children. Her income provides for the entire household. The training she has received includes planting in lines and techniques for covering plants to preserve moisture on her small piece of land. And things have improved so much that the market is now coming to her: “People come and buy fresh vegetables from my home. I have a wide range of customers because I have different vegetables; okra, garden pea and cassava.”

FA R MERS ' GROW ING BUSINESSES Whereas weeding and planting in straight lines are laudable traits of a farmer they are not enough to make farming profitable. The produce also needs to be managed and marketed and the farmer needs to have a sense of business. Through the training Pamela has received, she has learnt the importance of keeping a record of production costs of each crop in order to make sure she doesn’t sell at a loss. Now that she is only selling at a profit she has enough to spend some of the proceeds on better seeds and for preparing land for cattle so that she can turn what used to be subsistence farming into a profitable business. And things are changing already even if Pamela only farms on a very small piece of land. “I was able to get a profit of 20,000 Uganda Shillings (USD 5.90) which I used to pay school fees,” says Pamela.

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SAV ING MONEY – A ND SPENDING IT W ISELY The Demonstration Gardens are at local schools – and it is at one of these, Labala Primary School, that Pamela receives training. She goes at least once per week and makes sure to attend meetings in the Village Savings and Loan Association (VSLA). This is where some of the training in agricultural practices takes place – but also where all the farmers in the project save the money they make after each harvest. Just below one third of the money that goes into the VSLA is earmarked for the school. How the money is spent is up to the Parent-Teacher Association (PTA) and School Management Committee (SMC) – and it is typically spent on school meals, scholastic materials and building pit latrines and other structures. Better materials and better structures ref lect positively on the quality of the school but the school meals are also very important – because it is very difficult to listen to the teacher when all you can hear is your growling tummy. For Pamela there’s an added advantage of being at the school – she can keep an eye on her children: “ There is a great change because my presence in the school actually makes my children come and concentrate in class. Because they know at least every Tuesday, Mama is around school so they don’t need to joke with studies.” As for the remaining money, 30% goes to a group development fund and 40% is split between the members. The group development fund plays a particularly important role as an instrument to help the farmers take on expansions or developments that were previously out of their reach – and it demonstrates the importance of saving money. This can also come in handy when facing drought, sickness or other emergencies says Pamela: “According to the training that I got, I should always be prepared for anything. So in case any sickness happens, I have something for transport and I have something for medical bills and the rest of it.”

W H AT ’S NEXT After the first year the project will gradually move activities away from the schools and ensure that the farmers can replicate everything on their own land. The Village Saving and Loan Associations are still expected to play a role in providing the pupils at local school with school meals - in the hope of further improving pass rates as well as retention rates.

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SUSTA I NA BL E AGR IC U LT U R A L & FO OD VA LU E CH A I NS SU PP OR T E D I N A F R IC A 2 01 5

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SUSTA I NA BL E AGR IC U LT U R A L & FO OD VA LU E CH A I NS SU PP OR T E D I N A SI A 2 01 5

Zimbabwe Ug a n d a

India

K e ny a

China

ZIMBABWE

K EN YA

UGANDA

INDIA

CHINA

I mpr o v i n g A g r o Va lue C h a i n s

Ru r a l Yout h Bu s i ne s s D e v e l opm e nt

S c ho ol D e mon s t r at i on G a r d e n s

He a lt hy Me a l s a n d D e m on s t r at i on G a r d e n s

Ruol i V i l l a g e I mpr o v e m e nt

M a c a d a m i a Nut P r o c e s s i n g Ru r a l C at t l e Fa r m i n g

He lpi n g V i c t i m s of C y c lone Ph a i l i n

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RU R A L YOU T H BUSI N E S S DE V E L OPM E N T K E N YA

S CHO OL DE MONST R AT ION G A R DE NS UG A N DA

CURRENT THEME Sustainable Agricultural & Food Value Chains FUND THEME PARTNER CARE Denmark AREA Kirinyaga County, Kenya TYPE Grant PERIOD 07.2015 – 06.2018 BUDGET DKK 3, 495,359 / approximately USD 525,000

CURRENT THEME Sustainable Agricultural & Food Value Chains FUND THEME Agriculture & Food Production PARTNER African Revival AREA Amuru District, Acholi sub-region, Uganda T YPE Grant PERIOD 01.2015 – 01.2018 BUDGET DKK 1,233,753 / approximately USD 115,000

The project strengthens the analytical, business and collaborative skills of rural youth to enable them to develop new commercial farming opportunities and off-farm micro-businesses in rural areas in Kenya. Through training and mentorship the entrepreneurs will develop small businesses as a response to the local demands, markets and opportunities. The youths will get assistance with economic planning through a group-savings and loan scheme - which can provide access to start-up capital. It will also help entrepreneurs collaborate in groups to promote economies of scale in order to reduce their expenses and improve their marketing. Mobile technology is incorporated in all stages of the business identification and development. Entrepreneurs will make use of mobile technology to research markets and make informed decisions.

Using demonstration gardens at rural primary schools in northern Uganda, the project equips farmers with new agricultural practices leading to greater productivity and improved food security. The increased profits will be managed by savings groups for the benefit of the community as well as the farmers. Cardinal to the achievements of the project is also a higher retention rate of students as a result of improved nutrition and the engagement of parents in school activities.

KEY R ESULTS IN 201 5 - Six Community Based Trainers (CBTs) were recruited (four female and two male) and trained on group savings and loan (GS&L) methodology. The CBTs were trained on Group formation, leadership and governance, Savings and lending procedures, share out and action audit, development of association constitution and record keeping. - CARE has signed a Memorandum of Understanding (MoU) with Soy Afric, (a private sector company) which commits the company to collaborate in the development of access to markets by young farmer groups in the project specified target areas. - Towards meeting the contractual obligations with SoyAfric, seven producer groups with a total of 94 (53 females and 41 males) youth farmers were trained on site selection, land preparation, germination test, seed rate and spacing, inoculant and fertilizer use, disease and pest management, harvest and post-harvest handling.

KEY R ESULTS 201 5 - Following the successful establishment of the School Demonstration Gardens Project in Amuru District, all 837 parents now visit the schools on a weekly basis. Prior to this project very few parents would visit the schools, even if they were summoned by school administrators to discuss their children’s performance at school, pending school fees or disciplinary cases - Of the 15 participating schools, 13 schools have noticed improvement in enrolment after the first term of the school calendar. Most parents feel reassured the project will contribute to providing school feeding which is a key factor in the increase in enrolment. - All 15 schools have established their parent-led demonstration gardens with clear learning objectives aimed at increasing yields at the end of each harvest season.

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I M PROV I NG AGRO VA LU E CH A I NS Z I M B A BW E

M AC A DA M I A N U T PRO CE S SI NG Z I M B A BW E

CURRENT THEME Sustainable Agricultural & Food Value Chains THEME Agriculture & Food Production PARTNER DanChurchAid (FACHIG & Christian Care) AREA Mt. Darwin - Muzarabani - Lupane - Binga, Zimbabwe TYPE Grant PERIOD 05.2014 – 04 .2017 BUDGET DKK 4 ,101, 410 / approximately USD 615,000

CURRENT THEME FUND THEME PARTNER AREA T YPE PERIOD BUDGET

This project focuses on generating economic stability and security among small-scale farmers in Zimbabwe. This is done by improving the farmers’ access to markets and by establishing warehouses where farmers can store their produce until prices are favourable. The project also introduces an innovative credit system called ‘cattle banking’, which allows farmers to obtain loans by ‘depositing’ their cattle. The loans will help them purchase new inputs to improve their agricultural productivity.

Sustainable Agricultural & Food Value Chains Agriculture & Food Production GreenAid & All4Children Chipinge, Eastern Highlands, Zimbabwe Loan / Grant 01.2014 – DKK 3,353,000 (Loan: DKK 2,179,450 / Gr ant: DKK 1,173,550) / approximately USD 510,000

The aim of this project is to improve the livelihood of poor macadamia growers by adding value to their macadamia output through the establishment of a local processing plant from where processed nuts can be sold at significantly higher price. The targeted macadamia growers are those in small-scale commercial farming in the area around Chipinge.

KEY R ESULTS 201 5 KEY R ESULTS 201 5 - Significant progress has been made regarding contract farming, and it is expected that great impact will be realized once implemented according to the original plan. - Farmers have organized themselves into groups and negotiated for seed from one of the seed companies and have delivered the seed to the farmers at a bargain price. - Christian Care has engaged Ingwebu Breweries, who in principle has agreed to contract farmers in Binga to supply 200 metric tonnes of red sorghum at the close of the 2015/16 farming season.

- The start-up of this project has experienced a range of problems due to both internal and external factors. Some training of the macadamia farmers has been carried out and a basic production plant has partly been established. At the end of 2015 the prospects for a successful business were at best somewhat uncertain.

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RU R A L C AT T L E FA R M I NG Z I M B A BW E

RUOL I V I L L AGE I M PROV E M E N T G A NSU, CH I NA

CURRENT THEME Closed FUND THEME Agriculture & Food Production PARTNER ActionAid Denmark & ActionAid Zimbabwe (Lower Guruve Development Association) AREA Mbire, Lower Guruve, Zimbabwe TYPE Grant PERIOD 12 .2013 – 01.2016 BUDGET DKK 1,379, 483 / approximately USD 210,000

CURRENT THEME Closed FUND THEME Agriculture & Food Production PARTNER Foreign Affairs Office of Baiyin & Jingyuan County AREA Ruoli village, Gansu, China T YPE Grant PERIOD 07.2011 – 07.2015 BUDGET DKK 5,238, 490 / approximately USD 800,000

Together with Action Aid Zimbabwe, BESTSELLER FOUNDATION helped launch a new project aiming to help 9, 400 smallholder cattle farmers with skills and facilities to improve the quality of their cattle. This was done by providing training to farmers, improving the farmers’ negotiation and marketing skills, strengthening cattle farmers associations and by re-establishing local auction centres where cattle farmers could sell their cattle at a higher price.

Annual Report 2015

Since 2010, BESTSELLER FOUNDATION has supported a comprehensive village development project in the poor and drought-ridden village of Ruoli. In the project green bushes and trees have been planted and drip irrigation systems in the fields have been installed to make the village and the fields around it less vulnerable to droughts. The project has provided training in modern farming methods and stimulated alternative income generating activities to help diversify the farmers’ sources of income. The project has also established a local microcredit fund to provide loans to enable villagers to upgrade their livestock and farming equipment.

KEY R ESULTS 201 5 - After a difficult start due to heavy f looding in the project area, the project got off to a good start in 2014 . - 15 Livestock Commodity Associations were formed among the farmers, several thousand farmers received training in cattle farming, and five auction centres were established/ refurbished. - Unfortunately, the project had to be discontinued in 2015 due to irregularities in the local partner’s administration.

KEY R ESULTS 201 5 - Between January and July 2015, 14 training sessions on agriculture, animal husbandry, health, water resource management and micro-credit were held with 1,100 participates in total. 1,300 manuals produced and distributed to users. - The local project office took new initiatives to improve the micro-credit management in relation to credit product design, general operation, risk prevention and loan officer incentive schemes based on learnings and inspiration gathered through study tours to neighboring provinces.

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H E A LT H Y M E A L S & DE MONST R AT ION G A R DE NS A N DH R A PR A DE SH , I N DI A

H E L PI NG V IC T I M S OF C YCL ON E PH A I L I N ODI SH A , I N DI A

CURRENT THEME Sustainable Agricultural & Food Value Chains FUND THEME Agriculture & Food Production PARTNER Action Child Aid AREA Nossam, Andhra Pradesh, India TYPE Grant PERIOD 12 .2014 – 12 .2015 BUDGET DKK 100,000 / approximately USD 15,000 Financed by BESTSELLER / NAME IT

CURRENT THEME Closed FUND THEME Agriculture & Food Production PARTNER Action Child Aid / Alternative for Rural Movement AREA Odisha, India T YPE Grant PERIOD 02 .2014 – 02 .2015 BUDGET DKK 1,615,000 / approximately USD 242 ,000

Healthy and nutritious meals are crucial for children’s growth and development and for their concentration and ability to learn. This project will provide daily lunch for 185 school-going children plus additional morning and evening meals for 70 children who live at the children’s home. The project will also establish small vegetable gardens where children will learn how to cultivate fields and learn how the crops can be turned into nutritious meals.

Annual Report 2015

BESTSELLER FOUNDATION supported Action Child Aids efforts to help thousands of farmers who lost their housing, yield and animals when cyclone Phailin hit India’s east coast in late 2013. The project has constructed new disaster-proof houses and helped poor peasant families affected by the cyclone to re-establish their livelihoods. For this purpose, the project has among other things donated chickens and goats, introduced new seeds and farming methods and provided training in alternative income generating activities to help diversify the farmers’ sources of income.

KEY R ESULTS 201 5 - The school gardens have been severely affected by the delayed monsoon in 2015. The fields were cleared and the seeds had been planted, but unfortunately most of it was lost as the rain did not come. - The rain came in September, months later than anticipated, and the work with the school gardens was continued. - Action Child Aid is starting up a new project with their local partner to secure a better water supply by drilling a new well at the school.

KEY R ESULTS 201 5 - - - -

135 houses have been constructed. 100 families have received poultry and goats which in total benefits 532 persons 1,200 farmers have received training on planting high yielding variety seeds (HY V ) 500 men and women have received training in income generation activities; fishing, tailoring and fish farming. - All in all, more than 10,000 persons split between 1,935 families have been supported by this project.

GR EEN & SUSTA INA BLE JOBS & EN TR EPR ENEUR SHIP

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I N T RODUC T ION T O GR E E N & SUSTA I NA BL E JOB S & E N T R E PR E N EU R SH I P

W H Y W E SUPPORT Without jobs or self-employed businesses many people are trapped in a cycle of limited opportunities and few chances of taking command of their own lives to change it for the better. Getting a wage paying job or starting a profitable business is often the most effective way for people to break this cycle.

W H AT W E SUPPORT BESTSELLER FOUNDATION supports job creation by supporting entrepreneurs, start-ups and innovative businesses. Key in the selection of partners is the level of sustainability the potential for scale and social impact as well as considerations for the environment. Examples of projects BESTSELLER FOUNDATION invests in are: - Provision of access to microcredits and seed capital for young entrepreneurs - innovative start-ups with disruptive business models - Innovative business models that can contribute to the establishment of local value chains - Production and distribution of renewable energy

HOW W E SUPPORT Whereas BESTSELLER FUND mainly worked with grants, BESTSELLER FOUNDATION worked – and continues to work – primarily with loans and equities only. However, seed capital may be given if a start-up has the potential to grow into a fully-f ledged business with the injection of funds.

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S OL A R P OW E R E D EG G I NC U B AT OR S CH A NGI NG L I V E S I N UG A N DA

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C A SE ST ORY – AGRO BUSI N E S S DE V E L OPM E N T GR E E N & SUSTA I NA BL E JOB S & E N T R E PR E N EU R SH I P

BESTSELLER FOUNDATION partnered with Agro Business Development in 2015 to offer rural Ugandans a loan to buy a solar powered chicken incubator dubbed ‘SunChick ’. The SunChick offers people in areas without electricity a solar powered, simple and efficient way of significantly increasing the number of eggs that turn into chicks. Chicks that grow up to become food or an income – or both. And that’s just the beginning.

The SunChick can hatch roughly 150 eggs per week – and even if only 80% of the hatched chicks survive, the incubator will be the first home of around 6,000 chicks every year. That is the most basic calculation of what the incubator can do. But with a little imagination and a little assistance it can do much more.

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SUNCHICK BENEFITS GROUPS

SUNCHICK A DVA NTAGES

The Kamaanyi Foundation, a cooperative in Bombo about an hour’s drive from Kampala, has purchased an incubator and the members have high expectations, says the founder of the cooperative, Mr. Joseph Mary Musoke:

An incubator provides a clean, hygienic space for hatching and the chickens can focus on laying more eggs as they no longer need to brood.

“ This project is a blessing to us in many ways. We will be able to produce our own day old chickens now and become much more productive”.

Whereas the SunChick incubator does not directly address the issue of undernourishment among the chickens, the increased productivity and the income that comes with it allows farmers to focus on better fodder for the chickens – which in turn means healthier, well-nourished chickens.

The cooperative has 35 members and Mr. Musoke is optimistic about the future. The income from the SunChick incubator will not only improve the lives of the members and their families, but will also help grow the cooperative and by investing some of the money into other areas of chicken rearing the cooperative has a real opportunity to grow the business and to stand out.

The increase in the number of chicks hatched in the incubator will also spark a general increase in the demand of crops such as maize and soy as they can be used as chicken fodder as the chicks grow into chickens – and so the SunChick has a cascade effect on crop growers and/or fodder producers.

CHICKENS A ND THE CH A LLENGES

MIX OF LOA N A ND GR A NT

Poultry rearing is ubiquitous in Uganda – and many other places in Africa. It’s very difficult to find a farm – or even a peri-urban piece of land – that does not have some level of poultry rearing established somewhere in a corner. The chicken meat and the eggs are an important source of protein.

23 incubators will be installed in four regions in Uganda over the course of 2015 and the beginning of 2016. The purchase of the SunChick incubators is paid for with a loan from BESTSELLER FOUNDATION, and the owners – a mix of individuals and groups – will be able to pay back the money within five years.

In many farming communities chickens and their chicks roam around freely and depend partly or fully on scavenging for survival. However, keeping chickens this way has some downsides. By living off of whatever the chickens can scrape up from the ground they are exposed to bacteria and disease – which also affects the chicks that are hatched and brought up under these circumstances. Other than the risk of disease, the chickens are often undernourished which also impacts egg quality and the chicks’ chances of survival.

Stephen Galusanja from Entebbe was the first to have a SunChick incubator installed and he is already in contact with 20 farmers who want to buy chicks from him. He thinks that paying back the money for the SunChick is a good idea: “Incubation of eggs and rearing of chicken is a profitable business, so why shouldn’t we pay back the money? We might all like to get something for free, but there is something about the old saying, that easy come – easy go. If you take out a loan to buy some equipment, you will really look after this equipment, because you know you have to pay back that loan. I think this is a good exercise and you feel more proud than when living from donation”.

In addition, traditional egg-laying means lower productivity as chickens do not lay new eggs for around 21 days while brooding.

In addition to the loan for the SunChick incubators BESTSELLER FOUNDATION has given a grant that will be used to train 25-30 locals for each incubator installed. The training focuses on production of fodder as well as enhancing skills and knowledge related to poultry rearing.

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BE STSE L L E R FOU N DAT ION PROJ EC TS SU PP OR T E D I N A F R IC A 2 01 5

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BE STSE L L E R FOU N DAT ION PROJ EC TS SU PP OR T E D I N I N DI A 2 01 5

Ug a n d a K e ny a Ta n z a n i a Z a m bi a

India

UGANDA

KENYA

TANZANIA

ZAMBIA

INDIA

L i g ht i n g Up V i l l a g e s

A dd r e s s e s f or A l l

L i g ht i n g Up V i l l a g e s

JAVA Fo o d s

Va l a r A d it i M i c r o B a n k

R i i s C of f e e

L i g ht i n g Up V i l l a g e s

Su n C h i c k – S ol a r P o w e r e d C h i c k e n I nc ub ator s

Annual Report 2015

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A DR E S SE S FOR A L L K E N YA

R I I S C OF F E E UG A N DA

CURRENT THEME Green & Sustainable Jobs & Entrepreneurship FUND THEME: PARTNER OkHi AREA Nairobi, Kenya TYPE Loan PERIOD 12 .2015 – Ongoing BUDGET USD$ 100,000 / approximately DKK 650,000

CURRENT THEME Green & Sustainable Jobs & Entrepreneurship FUND THEME: PARTNER RIIS Coffee/RIIS Trading AREA Uganda T YPE Loan / Repayable Grant PERIOD 07.2015 – 12 .2020 when the loans have been paid back BUDGET DKK 1,640,350 / USD 247,000

OkHi is a tech-startup that wants to build the next generation address system for Kenya and beyond. This system will unlock commerce, save lives and improve access to finance. BESTSELLER FOUNDATION has given OkHi a loan of USD $100,000 to increase its capacity to systematically register houses in Nairobi and add them to a growing register that – in the place of traditional addresses – becomes a directory that can be used for a number of things that normally requires an address. Some things can be a matter of life and death – such as the likeliness of ambulance services being able to reach you – some are practical, like the option of getting a bank loan that requires proof of physical residence whereas other things more have to do with convenience – like having fast food or groceries delivered.

KEY R ESULTS IN 201 5 - The loan was disbursed at the end of 2015 and therefore no key results to report for 2015; - OkHi aims to sign with its first customers in 2016.

Annual Report 2015

Riis Coffee is a Danish coffee producer in Uganda, which has provided ‘extension services’ (advice and training in coffee production) to 2 ,500 smallholder farmers since 2010. The project support goes towards the establishment of bulking facilities and a coffee processing unit as well as providing technical training to small-scale coffee farmers who are part of an out-grower scheme. Improves the farmers’ access to the market and increases income.

KEY R ESULTS IN 201 5 - The construction of the processing facilities in Buikwe has been initiated. - A total number of 2381 farmers have been trained in 127 farmer field schools. - This translates into training of 71.1% of 3,347 farmers, who are formally registered in the project.

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SU NCH ICK – S OL A R P OW E R E D CH ICK E N I NC U B AT OR S UG A N DA

JAVA FO OD S Z A M BI A

CURRENT THEME Green & Sustainable Jobs & Entrepreneurship FUND THEME PARTNER Agro Business Development (ABD) AREA Uganda TYPE Grant PERIOD 09.2015 – 06.2021 when the loan has been paid back BUDGET DKK 1,000,000 / USD 150,000 (LOAN) DKK 700,000 / USD 100,000 (GR ANT)

CURRENT THEME

This initiative addresses the poor egg and chicken production in rural Uganda by introducing 23 solar powered incubators. These incubators in the rural areas will not only increase the poultry production and increase local food security but it will also increase the demand for chicken fodder, which means more production, more sales and more income for farmers who produce fodder.

Java Foods is a Zambian food manufacturing company founded in 2012 with the objective of providing convenient, affordable and nutritious foods made from local products.

KEY R ESULTS 201 5 - The incubators arrived in Uganda on 14 December 2015. During end of December installations began and the remainder will be installed at the beginning of 2016 until all 23 are installed in four regions in Uganda. - Prior to this, the local partner had trained 25-30 farmers in poultry rearing for every incubator that will be commissioned. - In total 600 farmers have been trained as part of the project, and this training has also been sponsored by BESTSELLER FOUNDATION.

Green & Sustainable Jobs & Entrepreneurship

FUND THEME: PARTNER JAVA Foods AREA Lusaka, Zambia T YPE Loan PERIOD 11.2015 – 08.2016 BUDGET USD 90,000 / approximately DKK 600,000

Java Foods introduced its first product to the Zambian market in October 2012 in the form of eeZee Instant Noodles. Java Foods is planning to establish its own instant noodle plant in Lusaka and because it believes in providing affordable nutrition, the company will look into the issue of fortification. Java Foods has plans to organise small-scale farmers to grow products like soya, sorghum and become an exclusive offtake thereby reducing the cost of ingredients through the creation of an efficient supply chain and ensure distribution of cereals through existing distribution network and other channels to be developed. The company hopes, as a consequence, to alleviate some of the high levels of malnutrition due to the lack of nutritious foods on the market.

KEY R ESULTS IN 201 5 - The partnership with Java Foods was established towards the end of 2015 and whereas plans were developed for the production of fortified cereals no actual production had begun at the close of the year.

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L IGH T I NG U P V I L L AGE S E A S T A F R IC A

VA L A R A DI T I M ICRO B A N K T R A NQU E B A R , I N DI A

CURRENT THEME

CURRENT THEME Green and Sustainable Jobs & Entrepreneurship FUND THEME Jobs, Entrepreneurship & Education PARTNER Valar Aditi (Micro Bank) AREA Tranquebar and neighbouring districts, Tamil Nadu T YPE: Shareholding PERIOD 01.2014 – until shares are sold BUDGET 51% shares purchased in 2015 at DKK 3,600,000

Green & Sustainable Jobs & Entrepreneurship

(GIVE-A-DAY 2015) PARTNER M-Kopa Solar AREA Kenya, Uganda, Tanzania TYPE Grant PERIOD 08.2015 – 06.2018 BUDGET DKK 5,000,000 / approximately USD 755,000

BESTSELLER FOUNDATION gave a grant to M-Kopa Solar which delivers "pay as you go" energy to off-grid customers. The funding came from DKK 10,000,000 (USD 1,500,000) that was transferred to BESTSELLER FOUNDATION from the GIVE-A-DAY fundraising event in April 2015. The rationale for choosing M-Kopa Solar was the strong alignment that the business has to the focus area of Green & Sustainable Jobs & Entrepreneurship. The grant will enable M-Kopa Solar to purchase 8,300 new solar power units that it will distribute and sell at an affordable price to households that are not connected to the electricity grid in Kenya, Tanzania and Uganda.

The BESTSELLER FUND contributed to the establishment of the Valar Aditi Micro Bank to help financially excluded women access credit and smaller loans to buy farming equipment and start small-scale businesses that can improve their living conditions. In order to assist the establishment of the micro bank, BESTSELLER FUND bought 51% of the shares in 2014 . Four major women's trusts (comprising 2 , 400 self-help groups) own the remaining 49% of the shares. This project was transferred to the BESTSELLER FOUNDATION in mid-2015.

KEY R ESULTS IN 201 5

Whereas it takes customers 12 months to pay for a unit, M-Kopa can purchase a new unit for

that roughly 170,000 people will be reached in Kenya, Tanzania and Uganda in the same period.

- - - - -

KEY R ESULTS IN 201 5

The micro bank ’s net profit after tax was DKK 231,323 in 2014 .

retail after nine months which translates into 8,300 units sold every nine months reaching a total of more than 35,000 units sold during the span of the collaboration. That in turn means

- 6,350 Solar Power Units purchased - 2 ,540 sales made to customers in Kenya (1, 400) and Uganda (1,140)

Annual Report 2015

Process to professionalise the micro bank and its operations initiated. The micro bank facilitated loans worth DKK12 ,118,900 in 2014 . The micro bank provided loans to 1,241 groups comprising 8,005 borrowers. The repayment rate on loans was over 99%. The micro bank ’s Revenue amounted to DKK 1,296,270 in 2014 .

EN V IRONMEN T & NAT UR E CONSERVATION

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I N T RODUC T ION T O E N V I RON M E N T & NAT U R E C ONSE RVAT ION

The world is losing biological diversity at an alarming pace. BESTSELLER FOUNDATION invests in projects and businesses that contribute to environmentally sustainable development benefiting the most vulnerable people and societies. Examples of projects and businesses we invest in: - - - - -

New environmentally sustainable technologies and products 'Green tech' innovation schemes and climate friendly agriculture Initiatives that protect nature and animal habitat Initiatives that incorporate and/or promote principles of circular economy Renewable energy

No investments were made in 2015 within the theme of Environment & Nature Conservation. BESTSELLER FOUNDATION increasingly considers this theme a crosscutting theme, and the principles from Environment & Nature Conservation will be considered when investments and partnerships are made under any of the themes.

OTHER PROJECTS

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I N T RODUC T ION T O O T H E R PROJ EC TS

W H Y W E SUPPORT A project can be of interest even if the prospects of profit are not immediately obvious. Maybe someone needs funds to breathe life into an initiative that has the potential to ‘turn the soil ’ and make it fertile for other, new and innovative projects. The category Other Projects is not a one-size-fits-all box for a random selection of projects – it is a finely carved chest of BESTSELLER FOUNDATION’s special projects. Unique projects that do not fit into any of the three main focus areas that BESTSELLER FOUNDATION otherwise works with.

W H AT W E SUPPORT By the very nature of this category there is not one type of project that we support. Currently there are two projects under this umbrella – one is in Hubei Province in China and used to belong to a BESTSELLER FUND focus area: Poor & Vulnerable Children’s Access to Basic Services. The project aims at helping 10,000 children in 80 villages in Hubei province get a better life. The other is OGOJIII Magazine – a Pan-African magazine that celebrates innovation, entrepreneurship, design, architecture and the arts in Africa. Written by and for Africans.

HOW W E SUPPORT The likeliness of finding a grants project under Other Projects is greater than under any of the other focus areas, but generally same funding options are in use for Other Projects as is the case for any other project that BESTSELLER FOUNDATION supports.

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TA K I NG B ACK T H E A F R IC A N NA R R AT I V E

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C A SE ST ORY – O G OJ I I I O T H E R PROJ EC T S

Did you know that Kenya is likely to pioneer drones in the delivery of goods? That bitcoin might replace Naira in Nigeria? Or that Beyonce has Kisua – a unique African fashion brand– among her favourites? These stories rarely reach mainstream media outside Africa and most people would not know unless they bought a copy of OGOJIII Magazine in 2015 – where all of the stories were published.

OGOJIII is an international bi-quarterly print magazine that offers cutting edge perspectives on design, culture, urbanism, business as well as African and global affairs. OGIJIII’s aim is to challenge the partly media conjured image of Africa that prevails in geo-politically dominant nations in the West and the East. An image dominated by poverty, war, corruption, dictators and exotic animals. As the African population in general – and the middle class in particular – is growing, an upsurge in economic growth and an increase in consumerism will make the need for a revision of the African narrative ever more pertinent. OGOJIII is shaped in a way that fits the hole that needs to be filled in the creation of that narrative. In November 2015 BESTSELLER FOUNDATION bought shares in OGOJIII Magazine. The injection of capital will help fast forward the process of bringing the magazine to readerships in Africa and gradually introduce the magazine to the rest of the world.

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O G OJ I I I M AG A Z I N E A F R IC A

CH I L D P OV E RT Y A L L E V I AT ION H U BE I , CH I NA

CURRENT THEME Other FUND THEME PARTNER AfroNordic AREA Africa + United Kingdom and Denmark TYPE Equity PERIOD 11.2015 – ongoing BUDGET USD 120,000 / approximately DKK 800,000

CURRENT THEME Other FUND THEME Poor & Vulnerable Children’s Access To Basic Services PARTNER ( S ) International Poverty Reduction Centre China (IPRCC), China’s State Council and BESTSELLER Fashion Group China AREA 80 villages in Hubei Province, China T YPE Grant PERIOD 01.2014 – 01.2017 BUDGET DKK 37,602 ,010 (Co-financed by BESTSELLER Fashion Group China)

In 2015 BESTSELLER FOUNDATION bought 25% of OGOJIII Magazine. OGOJIII is an international bi-quarterly print magazine that offers cutting edge perspectives on design, culture, urbanism, business as well as African and global affairs. OGOJIII’s aim is to challenge the partly media conjured image of Africa that prevails in geo-politically dominant nations in the West and the East. An image dominated by poverty, war, corruption, dictators and exotic animals. As the African population in general – and the middle class in particular – is growing, an upsurge in economic growth and an increase in consumerism will make the need for a revision of the African narrative ever more pertinent. BESTSELLER FOUNDATION is currently represented in the board of the magazine by member of BESTSELLER FOUNDATION’s board Anders Boelskifte Mogensen and Kristian Sloth Petersen, director for BESTSELLER FOUNDATION. The editorial staff of OGOJIII Magazine is in Johannesburg in South Africa.

KEY R ESULTS IN 201 5 - OGOJIII Magazine was launched officially in Johannesburg (SA) in mid-2015. At the end of the year it was available in South Africa, Zimbabwe, Zambia and Kenya as well as in the United Kingdom and Denmark. Expansion plans for 2016 include Nigeria as an entry point into West Africa. The magazine had published its first four issues by end of 2015.

‘ The Pilot Project on Poverty Reduction and Comprehensive Development of Children in poverty-stricken Areas’ was launched with Chinese partners to improve the general living conditions in 80 villages in Hubei province. BESTSELLER FOUNDATION’s support is linked to elements of the project that deal with approximately 10,000 left-behind and abandoned children, whose parents have moved to bigger cities in search for jobs. The project has established activity centres that will host a wide variety of extracurricular activities and provide toys and adult mentorship. The centres also help children access computers to improve their contact with their parents in the bigger cities. In the coming year, the project will introduce “ learning through play” activities using software products and toys.

KEY R ESULTS IN 201 5 - 263 poor households received subsidies for house renovation - New toilets, kitchens and piggeries established in 489 poor households. The piggeries provide the kitchens with gas for cooking - The road network in 50 villages was extended by 261 km - Four primary schools were refurbished and 22 school teachers received training - 122 health training sessions and 142 nutrition training sessions were held for children and their guardians - 7,800 children received physical examinations - 25 village health clinics were built or refurbished - 65 children service centres were built - 145 village volunteers and 84 county volunteers were trained and now carry out activities to serve children in the 80 villages

PROJECTS CLOSED DOW N IN 201 5

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I N T RODUC T ION T O PROJ EC TS CL O SE D D OW N I N 2 01 5

In BESTSELLER FOUNDATION’s efforts to readjust its overall focus in 2015 the thematic focus areas have been modified and some have been suspended. The two thematic focus areas related to agriculture and food production on the one hand and employment and entrepreneurship on the other have been modified whereas the focus area ‘Poor & Vulnerable Children’s Access to Basic Services’ has been suspended completely in 2015. Only one project remains from ‘Poor & Vulnerable Children’s Access to Basic Services’ ‘‘ The Pilot Project on Poverty Reduction and Comprehensive Development of Children in poverty-stricken Areas’ in Hubei Province in China which has been placed under ‘Other Projects’ since the launch of the BESTSELLER FOUNDATION in mid-2015.

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PROJ EC TS CL O SE D D OW N I N 2 01 5

T he Wom e n’s Hou s e G r i e v i n g C h i l d r e n a n d Te e n s

C om eb a c k C on s u lt Nør r ebr o Un ite d

DENMARK Nør r ebr o Un ite d C om eb a c k C on s u lt G r i e v i n g C h i l d r e n a n d Te e n s T he Wom e n’s Hou s e

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C OM E B ACK C ONSU LT DE N M A R K

GR I E V I NG CH I L DR E N A N D T E E NS CE N T R A L J U T L A N D, DE N M A R K

CURRENT THEME FUND THEME Poor & Vulnerable Children’s Access to Basic Services PARTNER Comeback AREA Denmark TYPE Grant PERIOD 01.2014 – 10.2015 BUDGET DKK 2 ,361,000

CURRENT THEME FUND THEME Poor & Vulnerable Children’s Access to Basic Services PARTNER Danish Centre for Research and Counselling for Grieving Children, Teens and Young Adults (Børn, Unge og Sorg) AREA Central Jutland, Denmark T YPE Grant PERIOD 01.2013 – 06.2015 BUDGET DKK 315,000

BESTSELLER FOUNDATION supported ‘Comeback Consult’ until late 2015. It is a Danish boxing initiative that helps keep young men (and women) out of trouble in marginalized areas. The ‘consultants’ in Comeback Consult all have a criminal record and/or a history of being in a gang. As consultants they tour schools where issues of gang activity, drugs and crime are prominent and help the students choose a different and healthier direction in life. As role models these consultants get to positively affect someone at risk of entering a life of crime but an added value is that the consultants also have a job and an income.

‘Unfair’ is the title of the pilot project that BESTSELLER FOUNDATION supported in 2013-15. It’s a counselling and mentoring project designed to prevent children, teens and young adults who have experienced a loss in their immediate family from dropping out of school or withdrawing and isolating themselves. It specifically targets those who have lost a parent or a sibling. Counsellors and volunteers with the Danish Centre for Research and Counselling fo0r Grieving Children, Teens and Young Adults are all people who themselves have experience losing someone – and they offer their insights and guidance to the young adults affected.

KEY R ESULTS 201 5 - Empowered students who are able to make sound decisions in their life. - Increased number of 9th grade students who continue with a higher education. - Increased teachers’ skills to guide and counsel the students.

KEY R ESULTS 201 5 The pilot project ended in 2015 and some of the results from the evaluation were that: - 76.2% of the student counsellors said that they to a very high degree have experienced that the academic performance goes down when the student has a terminal sick parent and 69.2% of the student counsellors respond that they to a high degree have experienced the same when the student has lost a parent. - 56% of the student counsellors responded that their initial knowledge was insufficient to counsel students in grief properly. - After the after-work meetings, 69.4% of the student counsellors responded that they felt ready to counsel students in grief. Before the meetings only 23.9% felt they were ready. The results for students who participated in the pilot project were that: - Just over half of those who had lost a parent felt that their classmates did not know what to say to them and therefore avoided them. - only 1/3 of the students felt comfortable talking to their teacher about their loss. - 12 .5 % felt that things changed for the better as a result of the project.

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NØR R E BRO U N I T E D COPE N H AGE N, DE N M A R K

T H E WOM E N ’S HOUSE A A R H US , DE N M A R K

CURRENT THEME FUND THEME Poor & Vulnerable Children’s Access to Basic Services PARTNER Nørrebro United AREA Nørrebro, Copenhagen, Denmark TYPE Grant PERIOD 08.2014 – 08.2015 BUDGET DKK 645,000

CURRENT THEME FUND THEME Other PARTNER Kvindehuset Aarhus AREA Aarhus, Denmark T YPE Grant PERIOD 08.2014 – 08.2015 BUDGET DKK 750,250

Nørrebro United is a football club that works to get marginalized boys from the local area away from gang activities and crime – and get them involved in football instead. The boys in the target group are from grade 6-9 mainly from the nearby Rådmandsgade School – a school with a large group of children from socially and economically marginalized backgrounds.

The Women’s House (Kvindehuset i Aarhus) is a meeting place with various capacity building initiatives for women of all backgrounds in Aarhus. The Women’s House works to prevent loneliness and isolation among minority women by hosting a range of activities and by providing access to a diverse and open network. BESTSELLER FOUNDATION’s help covered the running costs and activities.

KEY R ESULTS 201 5 - 50 -60% of the 45 boys involved attended football practice regularly and they all experienced improvement in health and physical capabilities - 22 out of 45 boys have participated in ‘coach training’ and 15 boys have taken an interest in training as a referee

GENER A L CONCLUSIONS - The preliminary contact/work with the boys should start earlier. Getting close to the boys in 8th grade and try to inf luence their behaviour and life cycles is too late. New projects should start targeting the boys already in 2nd or 3rd grade. - The target group has proven to be very complex, which demands more individual action plans. - The project partner has agreed to anchor the project by developing Rådmandsgade School into the first Sport School in Denmark from 2016/17.

KEY R ESULTS 201 5 - One objective for the success of this project was to secure the economic stability of the Women’s House. New ways of getting income include: selling presentations on the Women’s House and their work, offering culture events including cooking activities and arrangement of annual charity events. - Establishment of an advisory board and reorganizing the structure of employees. - Strengthening the ties with Aarhus Muncipality Branding and expanding the knowledge of Kvindehuset through a new website, Facebook and information material.

GI V E-A-DAY 201 5

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I N T RODUC T ION T O GI V E-A-DAY 2 01 5

W H Y W E SUPPORT In 2015 BESTSELLER A/S celebrated 40 years in business. The owner and CEO, Anders Holch Povlsen, however, did not expect any presents. Instead he decided that BESTSELLER should give one. More specifically BESTSELLER A/S would give the entire global turnover of one day to those in need. The fundraising initiative came to be known as GIVE-A-DAY and it took place on 10 April 2015. BESTSELLER colleagues from all corners of the world put in an extra effort and customers were encouraged to buy on this day – and a sum of DKK 112 ,000,000 (USD 16,500,000) was raised.

W H AT W E SUPPORT Each of the participating countries where the money was raised, made donations to local or national initiatives of their choice. Some 54 ,000,000 DKK (USD 8,000,000), however, was divided between three organisations chosen by BESTSELLER A/S in Denmark after which BESTSELLER FOUNDATION assumed responsibility of the management of the projects.

THE ORGA NISATIONS R ECEI V ING MONEY FROM GI V E-A-DAY - UNICEF for a project on fighting malaria in Africa. - Global Alliance for Improved Nutrition (GAIN) for their work in ensuring nutritious meals in India. - Save the Children for a project to improve boarding schools in China and turn them into Dream Schools.

HOW W E SUPPORT GIVE-A-DAY was extraordinary. The results were extraordinary. And so is the support. Even though BESTSELLER FOUNDATION normally does not give such large donations and the projects are not all directly in line with BESTSELLER FOUNDATION’s strategic focus areas, they are all in line with the wish to help people lift themselves up and give them a more fair chance at life.

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F IGH T I NG M A L A R I A DE MO CR AT IC R E PU BL IC OF CONG O, K E N YA , A NG OL A

DR E A M S CHO OL S Y U N NA N PROV I NCE , CH I NA

CURRENT THEME GIVE-A-DAY FUND THEME PARTNER UNICEF AREA Democratic Republic of Congo (DRC) / Équateur Province Kenya, Kisumu County / Angola, Bengo Province TYPE Grant PERIOD 08.2015 – 08.2017 BUDGET DKK 18,000,000 / approximately USD 2 ,650,000

CURRENT THEME GIVE-A-DAY FUND THEME PARTNER Save the Children (DK) AREA Yunnan Province, China T YPE Grant PERIOD 09.2015 – 12 .2018 BUDGET DKK 18,000,000 / approximately USD 2 ,650,000

Annual Report 2015

This project aims to significantly reduce child mortality caused by malaria in Kenya, Angola and The Democratic Republic of Congo. The main component of the project is the distribution of a quarter million mosquito nets in the three target countries. The distribution will be complemented by testing facilities and the increase in correct diagnosis as well as malaria pills and treatment for 800,000 children and pregnant women.

There are 31 million children attending boarding schools in rural China, some starting as young as six years old. Many have been left behind by parents who have migrated to larger cities in the search for a job. The conditions at the boarding schools are often bad; up to 30 students share a room and half of the children don’t have their own bed. The hygiene standards are low with frequent absence of hot water for showers. Furthermore the class rooms often have 70 students, the books are worn and outdated and the teachers are poorly qualified.

KEY R ESULTS 201 5

The donation from GIVE-A-DAY will enable Save the Children to transform schools in Yunnan province and turn them into Dream Schools. In total, 12 ,000 children will be positively affected by transformation of the boarding schools and 450 teachers will receive additional training.

- All nets (250,000) for the three countries have been procured and the handout will start in January 2016 in all three countries. - The procurement of injectable artesunate to treat severe malaria has been started. - Awareness creation about the use of mosquito nets and treatment.

KEY R ESULTS 201 5 - Initiating assessment phase in the Yunnan Province to get a better understanding of the real situation in rural boarding schools and how activities should be constructed to fit the needs of the children. The assessment phase should be done in February 2016 after which the project can take off.

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F IGH T I NG M A L N U T R I T ION K A R NATA K A S TAT E , I N DI A

CURRENT THEME GIVE-A-DAY FUND THEME PARTNER Global Alliance for Improved Nutrition (GAIN) AREA Bihar, Karnataka State, India TYPE Grant PERIOD 08.2015 – 08.2018 BUDGET USD 2 ,650,000

The first 1,000 days from the start of a woman’s pregnancy until her child ’s second birthday offer a unique opportunity to shape a child ’s future. The right nutrition during this crucial time period can have an enormous impact on a child ’s ability to grow and learn. Malnutrition leads to stunted growth, a higher risk of having a poor immune system and a low mental growth which can affect a child ’s learning abilities. Through GIVE-A-DAY, BESTSELLER supports GAIN to implement a project aimed at helping 240,000 mothers and their children (until the age of three) by giving them access to nutritious and healthy food. In addition, GAIN will improve the value chain between small food producers and the Integrated Child Development Services (ICDS) – a government initiated social welfare scheme.

KEY R ESULTS 201 5 - Together with its local partners, GAIN has decided to establish four production units in Karnataka and three in Bihar and the initial work has begun. - In November 2015, GAIN got permission from BESTSELLER FOUNDATION to provide support to the Government of Rajasthan for the treatment of 5,000 children suffering from Moderate Acute Malnutrition. This means that Medical Nutrition Therapy kits consisting of food supplies and medicine will be distributed to 5,000 children in rural areas, who suffer from severe malnutrition.

GLOBA L OV ERV IEW

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2 01 5 SU PP ORT BY PROJ EC T T Y PE

EQU I T Y/SH A R EHOLDING OGOJIII

LOA NS Addresses for All Java Foods KIVA

COUN TRY

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PROJ ECT T Y PE

2014 DK K

2015 DK K

Equity/Shareholding

3,619,430

788,400

Loans

2,509,169

3,777,501

Grants

11,885,913

13,331,754

TOTAL

18,014,512

17,897,655

PROJ ECT T Y PE

2014* DK K

2015 DK K

GIVE -A-DAY (Grant)**

-

54,000,000

TOTAL

-

54,000,000

Africa, Denmark

COUN TRY Kenya Zambia Denmark / Global

Riis Coffee

Uganda

*F i g u r e s f or 2 0 1 5 a r e no t d i r e c t l y c omp a r a bl e to 2 0 1 4 a s t he a c c ou nt i n g pr o c e du r e s h a v e c h a n g e d to c ompl y w it h ne w l e g i s l at i on . Ho w e v e r, t he f i g u r e s s t i l l g i v e a g e ne r a l i d e a of ho w f u n d s w e r e d i sbu r s e d .

SunChick

Uganda

* * GI V E - A - DAY w a s f u n d e d b y BE S T S E L L E R A / S i n 2 0 1 5 a f te r w h i c h t he m a n a g e m e nt of t he pr oj e c t s w a s h a n d e d o v e r to BE S T S E L L E R F OU N DAT ION

GR A N TS

COUN TRY

Macadamia Nut Processing

Zimbabwe

Lighting Up Villages Rural Youth Business Development Riis Coffee SunChick

GI V E-A-DAY Grant

Tanzania, Kenya, Uganda E QU I T Y / S H A R E HOL DI NG

E QU I T Y / S H A R E HOL DI NG

L OA NS

L OA NS

GR A N T S

GR A N T S

Kenya Uganda Uganda

COUN TRY Democratic Republic of Congo, Angola, Kenya, India, China

SUPPORT 2014

SUPPORT 201 5

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2 01 5 SU PP ORT BY T H E M AT IC FO C US

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THEM ATIC FOCUS* 2015*

A MOUN T DK K

Green & Sustainable Jobs & Entrepreneurship

11,937,284

Sustainable Agricultural & Food Value Chains

4,053,439

Environment & Nature Conservation

-

Other

788,400

*Fu n d d i s bu r s e m e nt s t h at w e r e no t l i n k e d to a t he m at i c f o c u s a r e a (e . g . K I VA w h i c h w a s a Ne w Ye a r g i f t e mplo y e e s c ou l d g i v e i n 2 0 1 5 ) a r e no t i nc lud e d he r e . * *F i g u r e s f or 2 0 1 5 a r e no t d i r e c t l y c omp a r a bl e to 2 0 1 4 a s t he a c c ou nt i n g pr o c e du r e s h a v e c h a n g e d to c ompl y w it h ne w l e g i s l at i on . Ho w e v e r, t he f i g u r e s s t i l l g i v e a g e ne r a l i d e a of ho w f u n d s w e r e d i s bu r s e d .

GR EEN & SUSTA INA BLE JOBS & EN TR EPR ENEUR SHIP

COUN TRY

SunChick

Uganda

Riis Coffee

Uganda

Addresses for All

Kenya

Lighting Up Villages

Kenya

JAVA Foods

THEM ATIC FOCUS* 2014

A MOUN T DK K

Jobs, Entrepreneurship & Education

6,571,664

Agriculture & Food Production

7,320,242

Poor & Vulnerable Children’s Access to Basic Services

3,818,241

Other

304,365

Zambia

GR E E N & S US TA I NA BL E JOB S & E N T R E PR E N E U R S H I P

AGR IC U LT U R E & F O OD PRODUC T ION

SUSTA INA BLE AGR ICULT UR A L & FOOD VA LUE CH A INS Rural Youth Business Development Macadamia Nut Processing

OTHER OGOJIII

COUN TRY Kenya

P O OR & V U L N E R A BL E C H I L DR E N ' S AC C E S S T O B A S IC S E RV IC E S

Zimbabwe

OTHER

S US TA I NA BL E AGR IC U LT U R A L & F O OD VA LU E C H A I NS

GR A N T S

OTHER

COUN TRY Africa / Denmark

SUPPORT 2014

SUPPORT 201 5

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BE STSE L L E R FOU N DAT ION GL OB A L OV E RV I E W

On the following pages you can find a comprehensive list of all active projects in 2015. The figures represent the total commitment (loans, grants, equity/shareholding) during the full implementation cycle of a project and so they may (and most often do) represent funds allocated for cycles of several years. In the tables and charts on these pages projects that were part of the theme ‘Agriculture & Food Production’ in the BESTSELLER FUND have been categorised as projects under the theme ‘Sustainable Agricultural & Food Value Chains’ even if they did not continue in the new foundation – BESTSELLER FOUNDATION.

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A F R IC A

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A F R IC A OT HER PROJ ECTS

SUSTA INA BLE AGR ICU LT U R A L A ND FO OD VA LU E CH A INS COUN TRY / PROJ ECT

ORGA NISATION

Kenya Rural Youth Business Development

CARE DK

3,495,359

Uganda School Demonstration Gardens

African Revival

1,233,753

Zimbabwe Rural Cattle Farming

ActionAid Zimbabwe / MS Denmark

Zimbabwe Improving Agro Value Chains Zimbabwe Macadamia Nuts Processing

A MOUN T DK K

COUN TRY / PROJ ECT

ORGA NISATION

Africa (DK) OGOJIII

AFRONORDIC

TOTAL

800,000 800,000

GI V E-A-DAY

1,368,300

DanChurchAid

4,101,410

GreenAid / All4Children

3,353,000

T O TA L

COUN TRY / PROJ ECT

ORGA NISATION

Angola, DRC, Kenya Fighting Malaria

UNICEF

TOTAL

A MOUN T DK K

18,000,000 18,000,000

13, 551,822

S US TA I NA BL E AGR IC U LT U R A L & F O OD VA LU E C H A I NS

GR EEN & SUSTA INA BLE JOBS A ND EN T R EPR ENEU R SHIP COUN TRY / PROJ ECT

ORGA NISATION

Kenya Addresses for All

OkHi

Uganda SunChick

Agro Business Development

1,739,932

Uganda Riis Coffee

Riis Trading

3,871,973

A MOUN T DK K

30% GI V E -A- DAY

700,674

41% TOTA L

Zambia JAVA Foods

JAVA Foods

Kenya, Tanzania, Uganda Lighting Up Villages

M-Kopa Solar

TOTAL

A MOUN T DK K

624,705

5,000,000 11,937,284

GR E E N & S US TA I NA BL E JOB S & E N T R E PR E N E U R S H I P

27% OTHER

02% A MOUN T DK K

Africa

26,277,506

GIVE -A-DAY

18,000,000

Africa incl. GIVE -A-DAY

44,277,506

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CH I NA

95  BESTSELLER FOUNDATION

CH I NA

CLOSED PROJ ECTS ( PR E V IOUSLY: AGR ICU LT U R E & FO OD PRODUCT ION ) COUN TRY / PROJ ECT

ORGA NISATION

China Ruoli Village Improvement

Foreign Affairs Off ice of Baiyin & Jingyuan County

TOTAL

S US TA I NA BL E AGR IC U LT U R A L & F O OD VA LU E C H A I NS

A MOUN T DK K GI V E -A- DAY

5,238,490 5,238,490

COUN TRY / PROJ ECT

ORGA NISATION

China Child Poverty Alleviation, Hubei Province

International Poverty Reduction Centre China (IPRCC), China’s State Council and BESTSELLER Fashion Group China

TOTAL

09%

29%

OT HER PROJ ECTS ( PR E V IOUSLY: PO OR & V U LNER A BLE CHILDR EN ’S ACCE SS TO BA SIC SERV ICE S )

OTHER

62%

A MOUN T DK K

37,602,010 37,602,010

GI V E-A-DAY

TOTA L

COUN TRY / PROJ ECT

ORGA NISATION

China Dream Schools, Yunnan Province

Save the Children (DK)

TOTAL

Annual Report 2015

A MOUN T DK K

A MOUN T DK K

China

42,840,500

18,000,000

GIVE -A-DAY

18,000,000

18,000,000

China incl. GIVE -A-DAY

60,840,500

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I N DI A

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I N DI A

SUSTA I NA BL E AGR IC U LT U R A L & FO OD VA LU E C H A I NS

GR E E N & S US TA I NA BL E JOB S & E N T R E PR E N E U R S H I P

COUN TRY / PROJ ECT

ORGA NISATION

India Healthy Meals and Demonstration Gardens

Action Child Aid / NAME IT

India Helping Victims of Cyclone Phailin

Action Child Aid / Alternative for Rural Movement

T O TA L

A MOUN T DK K

100,000

30%

1,615,000 1,71 5,0 0 0

GI V E -A- DAY

77%

GR EEN & SUSTA INA BLE JOBS & EN T R EPR ENEU R SHIP COUN TRY / PROJ ECT

ORGA NISATION

India Valar Aditi Micro Bank

Valar Aditi (Micro Bank)

TOTAL

A MOUN T DK K

7%

3,600,000 3,600,000

GI V E-A-DAY

TOTA L

COUN TRY / PROJ ECT

ORGA NISATION

India Fighting Malnutrition

Global Alliance for Improved Nutrition (GAIN)

TOTAL

S US TA I NA BL E AGR IC U LT U R A L & F O OD VA LU E C H A I NS

A MOUN T DK K

India

A MOUN T DK K 5,315,000

18,000,00

GIVE -A-DAY

18,000,000

18,000,00

India incl. GIVE -A-DAY

23,315,000

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DE N M A R K

BE STSE L L E R FOU N DAT ION GL OB A L OV E RV I E W 2 01 5

C L O SE D PROJ E C T S ( PR E V IOUSLY: P O OR & V U L N E R A BL E C H I L DR E N ’S AC C E S S T O B A SIC SE RV IC E S )

I N DI A

COUN TRY / PROJ ECT

ORGA NISATION

Denmark Comeback Consult

Comeback

Denmark Grieving Children and Teens

Danish Centre for Research and Counselling for Grieving Children, Teens and Young Adults

315,000

Denmark Nørrebro United

Nørrebro United

645,000

T O TA L

A MOUN T DK K

18%

Annual Report 2015

DE N M A R K

7%

2,361,000 CHINA

A F R IC A

46%

33%

TOTA L

A MOUN T DK K

3,0 0 6, 31 5

CLOSED PROJ ECTS ( PR E V IOUSLY: OT HER PROJ ECTS ) COUN TRY / PROJ ECT

ORGA NISATION

Denmark The Women’s House

THE WOMEN’S HOUSE

TOTAL

A MOUN T DK K

Africa

44,277,506

China

60,840,500

India

23,315,000

750,250 750,250

Denmark TOTAL Denmark

4,071,250

GLOBAL 2015

4,071,250 132,504,256

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A B OU T BE STSE L L E R FOU N DAT ION

101  BESTSELLER FOUNDATION

BESTSELLER FOUNDATION – DENM A R K OFFICE Lindencrones Palæ Bredgade 26 1260 Copenhagen K Denmark

STA FF – DENM A R K OFFICE BESTSELLER FOUNDATION is a private philanthropic foundation that offers financial opportunities for businesses and organisations to enable them to improve the lives of people in Africa, China and India.

Kristian Sloth Petersen, Director [email protected] +45 52 15 48 11

BESTSELLER FOUNDATION was established as a private philanthropic foundation in June 2015 by the family behind BESTSELLER.

Mikkel Rytter Poulsen, Communication Officer [email protected] +45 52 15 48 12

The family ran social and cultural projects in another foundation from 1995-2015 (BESTSELLER FUND), before it decided to scale up, transfer some ongoing projects to the new BESTSELLER FOUNDATION in 2015 and set a new course.

BESTSELLER FOUNDATION BOA R D The main decision-making body of BESTSELLER FOUNDATION is the board. It consists of a mix of internal members and external members.

Stine Jersie Olsen, Investment Manager [email protected] +45 52 15 48 14

BESTSELLER FOUNDATION – CHINA OFFICE

Anders Holch Povlsen – BESTSELLER A/S

17 A , Tower D, Place Plaza No. 9 Guanghua Road Chaoyang District 100020 Beijing China

THE BOA R D MEMBERS IN 201 5 W ER E :

STA FF – CHINA OFFICE

Anne Storm Pedersen – BESTSELLER A/S Kristine Mønster – BESTSELLER A/S Svend Kaare Jensen – AbiTrust Jacob Ravn – access2innovation Anders Boelskifte Mogensen – Seismonaut A/S

Manna Heng, Project Manager [email protected] +86 10 65 87 35 21

THE CH A IR M A N IN 201 5 WAS

Ivy Hongli Shao, Financial & Administrative Officer [email protected] +86 10 65 87 35 22

STA FF – INDI A Sridhar Sampath, Investment Adviser [email protected] +91 44 42 11 05 63

Annual Report 2015