Annual report

NOTES 1-13

		2023	2022
1	Other receipts, net
	Private donation	500.000	500.000
	Other receipts, total	500.000	500.000

2	Custody and bank fees, etc.
	Bonds	2,771,948	2,913,204
	Equities	1,744,127	1,170,904
	Fees, portfolio managers	4,516,075	4,084,108
	Bank	13,710	15,658
	Other	12,471	11,859
	Custody and bank fees, total	4,542,256	4,111,625

3	Salaries etc.
	CEO and board members	2,730,105	2,683,938
	Severance pay provision	128,034	125,906
	Salaries, other employees	5,878,099	5,242,715
	Temporary employee	120,524	0
	Wage reimbursement	0	-49,899
	Pension costs	764,693	768,614
	Danish Labor Market Supplementary Pension Scheme (ATP)	34,080	32,186
	Salaries etc., foundation staff, total	9,655,535	8,803,460
	Average staff number, accounting year	10	10

4	Office expenses
	Office supplies	26,661	11,163
	Postage and freight	1,852	1,295
	Telephone, Internet	107,655	88,166
	Minor acquisitions	38,842	61,436
	Journal, books, etc.	56,288	67,987
	Software subscribtions	275,195	300,893
	Servicing contracts etc.	159,725	185,295
	Office expenses, total	666,218	716,235

5	Premises
	Rent of office	832,957	810,096
	Electricity, heating	90,669	82,539
	Cleaning	162,013	157,676
	Repairs and maintenance	19,47	5,626
	Premises, total	1,105,109	1,055,937

6	Accountant/attorney remuneration etc.
	Accountant remuneration, Deloitte	223,725	245,025
	Accountancy consultation, Deloitte	20,000	0
	Attorney’s remuneration	207,313	278,438
	Other consultancy services	952,475	538,897
	Accountant/attorney remuneration etc., total	1,403,513	1,062,360

7	External expenses, research activities
	Peer review expenses	26,520	406,811
	Preparation of publications	91,305	197,693
	Research presentations, meetings etc.	122,015	125,397
	European Science Foundation membership fee	27,060	37,655
	External expenses, research activities, total	266,900	767,556

8	Other expenses
	Travelling and accomodation	168,281	152,350
	Advertising	0	6,244
	Entertainment expenses, gifts	862	1,335
	Courses	40,999	1,600
	Insurance	127,740	119,504
	Cost of staff and board	107,801	83,690
	Other expenses, total	445,683	364,723

9	Depreciation
	Leasehold improvements, see note 10	38,525	61,710
	Office furniture and equipment, see note 10	0	8,071
	Depreciation, total	38,525	69,781


		Leasehold improvements	Office equipment and furniture	Total
10	Tangible fixed assets
	Acquisition cost, January 1, 2023	2,327,492	1,275,321	3,602,813
	Additions	48,076	0	48,076
	Disposals	-47,750	-610,859	-658,609
	Acquisition cost, December 31, 2023	2,327,818	664,462	2,992,280
	Depreciation, accumulated, January 1, 2023	-2,290,282	-1,275,321	-3,565,603
	Depreciation for the year	-38,525	0	-38,525
	Reversed depreciation, disposals for the year	47,750	610,859	658,609
	Depreciation, accumulated, December 31, 2023	-2,281,057	-664,462	-2,945,519
	Book value at year-end	46,761	0	46,761

11	Securities, bonds
	Asset classes
	Danish bonds		1,489,300,839	1,462,173,660
	European corporate bonds		461,861,567	455,128,414
	Global inflation-linked bonds		521,769,247	524,835,784
	US High yield bonds *		439,508,138	447,575,534
	Bonds, total		2,912,439,791	2,889,713,392

	* Option adjusted duration, December 31, 2023: 3,1 (December 31, 2022: 4,0)

	Danish bonds Distribution by type of security:
	Mortgage bonds		1,488,786,052	1,461,583,062
	Government bonds		0	0
	Other bonds		514,787	590,598
			1,489,300,839	1,462,173,660

	Option adjusted duration, December 31, 2023: 5,0 (December 31, 2022: 5,4),

	European corporate bonds Distribution by rating category and forward currency contract:
	AA		2,295,954	0
	A		89,776,480	107,245,357
	BBB		369,789,133	347,883,057
			461,861,567	455,128,414

	Rating category according to Standard & Poor’s Long-Term Credit Rating, Option adjusted duration, December 31, 2023: 4,4 (December 31, 2022: 4,5),

	Global inflation-linked bonds Distribution by country and forward currency contract:
	Canada	4,653,563	4,689,291
	Germany	18,530,852	14,094,472
	France	69,226,882	65,547,618
	Great Britain	55,342,708	61,452,137
	USA	358,770,122	353,542,259
	New Zeeland	1,846,518	12,737,303
	Sweden	3,328,586	2,806,107
	Australia	6,841,944	6,554,268
	Forward currency contracts	3,228,072	3,412,329
		521,769,247	524,835,784

	Adjusted duration, December 31, 2023: 2,4 (December 31, 2022: 2,3),

12	Securities, equities
	Nykredit Bank A/S	1,617,835,777	1,538,189,353
	Withholding tax reclaims Nykredit Bank A/S	1,208,354	611,646
	Withholding tax reclaims NT	746,319	981,886
	Danske Invest Index Global Emerging Markets, Acc,, DKK	177,861,523	0
	GW&K Emerging Markets Equity Fund	0	184,374,583
	Forward currency contracts and swaps	20,956,836	3,710,062
	Equities, total	1,818,608,809	1,727,867,530

13	Liquid assets
	Cash	5,253	3,009
	Current bank accounts	671,091	3,384,231
	Portfolio accounts	11,100,518	21,249,956
	Liquid assets, total	11,776,862	24,637,196

NOTES 14A

14A	Distribution obligations
	2023 distributions and total grants, DKK thousand
Grant no.		Grant 1st period	Grant 2nd period	Changes in 2023	Grants total	Disbursed 2023	Residual disbursement expected

Closed grants		4,026,587	2,724,602		6,751,189	0	0

Course activities for center leaders/outreach program
88.	Management course/communication	3,550	7,600		11,150	1,176	933

Centers established in 2012
98.	Centre for Medieval Literature	36,000	24,000	-848	59,152	140	0
100.	Center for Permafrost dynamics in Greenland	60,242	39,500		99,742	144	0
101.	Center for Quantum Devices	64,408	46,900		111,308	7,297	0
103.	Center for Nanostructured Graphene	54,138	36,000	-577	89,561	5	0
105.	Center for International Courts	42,000	28,000	-2	69,998	-2	0

Centers established in 2015
115.	Center for Chromosome Stability	65,000	45,000		110,000	11,906	16,958
117.	Center for Music in the Brain	52,207	45,946		98,153	11,795	20,776
118.	Center for Carbon Dioxide Activation	60,000	25,000		85,000	7,942	7,227
119.	Center for Urban Network Evolutions	65,000	40,000		105,000	9,040	16,059
121.	Center for Neuroplasticity and Pain	60,242	25,000		85,242	6,312	9,549
122.	Center for Intelligent Oral Drug Delivery and Sensing using Microcontainers and Nanomechanics	56,000	40,000		96,000	9,379	18,133
123.	Center for Silicon Photonics for Optical Communications	59,000	41,594		100,594	10,659	16,995
124.	Center for Hyperpolarization in Magnetic Resonance	55,000		-20	54,980	-20	0
125.	Center for Autophagy, Recycling and Disease	50,000	45,372		95,372	8,604	12,287
126.	Center for Personalized Medicine Managing Infectious Complications in Immune Deficiency	60,000	40,055		100,055	9,526	10,386

Centers established in 2017 and 2018
133.	Center for Proteins in Memory	62,000		53,100	115,100	14,623	51,774
134.	Center for Economic Behavior and Inequality	57,000		39,800	96,800	12,031	43,428
135.	Center for Cellular Signal Patterns	61,000		24,000	85,000	9,471	24,000
136.	Center for Electromicrobiology	56,000		44,700	100,700	7,756	43,356
137.	Center for Microbial Secondary Metabolites	58,000		46,300	104,300	13,020	50,043
138.	Center for Privacy Studies	50,000		33,000	83,000	7,558	32,156
139.	Center for Hybrid Quantum Networks	62,000			62,000	8,296	1,834
140.	The Cosmic Dawn Centre	66,173			66,173	17,176	4,076
141.	Center for Functional Genomics and Tissue Plasticity	65,000			65,000	14,692	0
142.	Center for Macroscopic Quantum States	63,000			63,000	9,545	4,477

Centers established in 2020 and 2021
143.	Center for Evolutionary Hologenomics	67,654		360	68,014	14,330	17,456
144.	Center for the Experimental-Philosophical Study of Discrimination	62,626		360	62,986	12,335	32,776
145.	Danish center for Hadal Research	54,612			54,612	8,361	27,700
146.	Center for Visualizing Catalytic Processes	85,826			85,826	29,788	44,131
147.	Center for Nanophotonics	62,856			62,856	11,860	29,605
148.	Center for Molecular Prediction of Inflammatory Bowel Disease	68,830			68,830	8,725	40,871
149.	Center for High Entropy Alloys Catalysis	61,407		-101	61,306	11,273	33,089
150.	Center for Interstellar Catalysis	67,382		360	67,742	11,172	28,534
151.	Copenhagen Center for Geometry and Topology	60,529			60,529	11,655	32,144
152.	Center for Complex Quantum Systems	66,576		-31,440	35,136	10,675	5,993

DNRF Chair established in 2020 to 2023
153.	Jesper Svejstrup, University of Copenhagen	15,000			15,000	1,988	0
154.	Morten Ørregaard Nielsen, Aarhus University	7,114			7,114	2,586	2,709
155.	Staffan Persson, University of Copenhagen	8,000			8,000	1,384	2,508
156.	Peter Jørgensen, Aarhus University	7,928			7,928	2,788	2,229
157.	Vivek Shende, University of Southern Denmark	8,000			8,000	3,313	1,678
159.	Anders Johansen, University of Copenhagen	8,500			8,500	2,257	3,886
160.	Samir Bhatt, University of Copenhagen	6,820			6,820	2,176	4,388
161.	Ruth Loos, University of Copenhagen	8,000			8,000	1,581	6,083
162.	Vitor Cardoso, University of Copenhagen	9,772			9,772	3,459	5,656
163.	Gregory Clark, University of Southern Denmark	10,000			10,000	1,307	8,693
176.	Ana Cvejic, University of Copenhagen			9,352	9,352	368	8,984
177.	Vijay Tiwari, University of Southern Denmark			9,920	9,920		9,920
179.	Hanna Marjaana Tuomisto, Aarhus University			9,987	9,987	217	9,770

Pioneer Centers established in 2021 to 2023
158.	Pioneer Center for Artificial Intelligence	144,000			144,000	11,830	125,056
175.	Pioner Center for Landscape Research in Sustainable Agricultural Futures	70,000			70,000	4,392	64,562
178.	Pionercenter for Accelerating P2X Materials Discovery			116,000	116,000	1,371	114,629

Centers established in 2022 and 2023
164.	Center for Immunology in Viral Infections			60,000	60,000	2,434	57,566
165.	Center for Polariton-driven light-matter	59,960			59,960	6,389	53,571
166.	Center for Gene Expression	68,639		360	68,999	12,605	56,394
167.	Center for Big Data in Finance	59,399			59,399	6,550	52,849
168.	Center for Volatile Interactions			60,000	60,000	5,181	54,819
169.	Center for Global Mobility Law	36,000			36,000	3,962	32,038
170.	Center for Interdisciplinary Study of Pandemic Signatures			47,000	47,000	2,781	44,219
171.	Centre for Culture and the Mind	38,982			38,982	2,183	36,799
172.	Center for Chemistry of Clouds			59,998	59,998	3,094	56,904
173.	Center for Ecological Dynamics in a Novel Biosphere	59,998			59,998	1,951	58,047
174.	Centre for Ancient Environmental Genomics			75,000	75,000	4,424	70,576

Grant and distribution, total		6,753,957	3,254,570	656,609	10,665,136	430,816	1,621,279

The number of grants listed in the key figures includes the grants for which the foundation has disbursed in 2023

NOTE 14B

14B	Annual disbursements, DKK thousand:
	Year	Disbursed	Expected disbursements to activities listed above	Total
	1993	19,133
	1994	141,708
	1995	154,509
	1996	176,194
	1997	200,876
	1998	247,751
	1999	243,346
	2000	224,484
	2001	228,789
	2002	256,877
	2003	239,915
	2004	173,489
	2005	195,185
	2006	195,225
	2007	242,803
	2008	321,277
	2009	274,998
	2010	387,270
	2011	358,754
	2012	390,990
	2013	423,039
	2014	435,944
	2015	424,512
	2016	381,286
	2017	384,769
	2018	409,292
	2019	414,417
	2020	335,205
	2021	359,967
	2022	371,037
	2023	430,816
	2024		487,290
	2025		395,178
	2026		302,087
	2027		183,494
	2028		119,968
	2029		39,333
	2030		28,332
	2031		22,744
	2032		16,128
	2033		13,204
	2034		12,344
	2035		1,177
		9,043,857	1,621,279	10,665,136

	The disbursements specified above are distributed according to the expected year of disbursement.

	Disbursements are made on the basis of the grant holders’ revised budgets, In consequence, the final presentation of accounts to the foundation may result in adjustments of the disbursements for the following years.

Notes 14C-15

14C	Expected distributions 2024 - 2028
	In addition to the distribution obligations listed in notes 14a and 14b, new grants are expected to be established as a result of application rounds for Centers of Excellence, DNRF Chair and Pioneer centers. Total (including given and planned) distributions are expected to be as follows:

	Year		Million DKK
	2024		555
	2025		526
	2026		554
	2027		490
	2028		461
			2,586

15	Contingent liabilities
	The foundation has to give six months’ notice to terminate the tenancy agreement. The obligation amounts to DKK 449,492
	The foundation has entered into forward and futures currency and currency swaps for the purchase and sale of the following currencies (amounts calculated in the currencies in question):
			2023
	Currency	Purchase	Sale
	USD	5,537,000	190,691,517
	JPY	62,000,000	1,717,666,000
	CAD	0	914,000
	EUR	196,229,592	5,425,153
	GBP	0	6,405,000
	NZD	0	431,000
	AUD	0	1,490,000
	DKK	0	0
	SEK	0	4,917,000

			2022
	Currency	Purchase	Sale
	USD	540,000	170,887,000
	JPY	0	1,524,732,000
	CAD	12,000	919,000
	EUR	186,059,463	639,653
	GBP	78,000	7,352,000
	NZD	0	2,881,000
	AUD	19,000	1,409,000
	DKK	0	0
	SEK	270,000	4,435,000
	The market price of the forward currency contracts and swaps as of December 31 is set at the value of the securities in question, see notes 12 and 13.
	The foundation has entered into interest-rate futures for the purchase and sale of the following, calculated in the currencies in question:

			2023
	Currency	Purchase	Sale
	EUR	0	0

			2022
	Currency	Purchase	Sale
	EUR	6,800,000	0
	The market price of the interest-rate futures as of December 31 is set at the value of the securities in question, see note 12.