Notes to the financial statements
John Nurminen Foundation 0895353-5
Consolidated Financial Statements 01.01.2025 – 31.12.2025
Scope of application and financial statement information required from small undertakings and micro-undertakings (Chapter 1, Section 1 of the PMA)
The financial statements have been prepared in accordance with the Government Decree on the information presented in the financial statements of a small undertaking and micro-undertaking (PMA).
Accounting policies adopted (Chapter 3, Section 1 of the PMA)
The valuation and accrual principles and methods applied to non-current and current assets
Valuation of tangible assets
“Other tangible assets” in the Foundation’s ordinary activities have not been depreciated.
“Office machinery and equipment” have been entered into the balance sheet at their acquisition cost minus planned
depreciation. Planned depreciation uses the reducing balance method of depreciation at 25%.
Valuation of inventories
Inventories have been valued at their acquisition cost or at their probable sale price, whichever is lower.
Valuation of investment assets
Investments have been valued at their acquisition cost or at their market value, whichever is lower.
The Foundation owns 12.9 per cent of the share capital of Koy Pasilankatu 2. Offer negotiations on the Foundation’s holding have been held and the market price has been estimated. On the basis of these estimates, changes have been made to the valuation of Pasilankatu 2’s
share capital in the 2025 financial statements.
Expense allocation principles
The expenses allocated to each activity comprise the activity’s own specific expenses and a proportion of the Foundation’s general expenses.
The proportion of general expenses allocated to an activity has been calculated as accurately as possible using the matching principle.
Donations and collections
Donations, bequests and income from collections are mainly recognised as income on an accrual basis when they have been conclusively received by the Foundation. They are recognised as income in accordance with the prudence principle.
Scope and accounting principles of the consolidated financial statements
The consolidated financial statements include the subsidiary Baltic Sea Services Oy, which is domiciled in Helsinki.
This subsidiary is wholly owned by the parent company. On 31 December 2025, the subsidiary’s capital and reserves amounted to EUR -291,878.88, which includes
a loss of EUR 95,619.31 for the financial year 2025.
The subsidiary has been fully integrated into the consolidated income statement in the “Humans and the sea” category
under ordinary activities.
The consolidated financial statements have been prepared using the acquisition cost method. Intra-Group transactions,
mutual receivables and liabilities, and internal sales margins have been eliminated.
The associated company Yhteinen Perintö Oy, which was domiciled in Helsinki, has not been integrated into the consolidated financial statements, as the company is not material to the Group’s result and financial position. Holding 49% The associated company’s operations were wound up during the financial year. The company’s final account is dated 6 December 2025.
Notes about Group personnel
Average number of personnel
| Parent company | Parent company | Group | GroupKonserni | ||||||
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | ||||||
| The average number of Group employees was | 27 | 24 | 28 | 26 | |||||
| Salaries | 1 556 891 € | 1 507 182 € | 1 585 904 € | 1 552 409 € | |||||
| Fees | 37 056 € | 31 797 € | 37 056 € | 31 797 € | |||||
| Pension expenses | 273 372 € | 264 153 € | 278 105 € | 268 464 € | |||||
| Other indirect salary expenses | 34 757 € | 32 127 € | 35 861 € | 32 657 € | |||||
| Total | 1 902 076 € | 1 835 259 € | 1 936 926 € | 1 885 326 € | |||||
The Foundation’s business activities
The Foundation’s publishing activities are taxable business activities.
| 31.12.2025 | 31.12.2024 | ||||||
| Book sales | 41 725 € | 25 186 € | |||||
| Service sales | 0€ | 613€ | |||||
| Grants received | 6 852 € | 16 548 € | |||||
| Royalties | 7 595 € | 979 € | |||||
| Personnel expenses | -2 518 € | -7 020 € | |||||
| Book production costs | -60 707 € | -46 152 € | |||||
| Marketing and distribution costs | – € | 0 € | |||||
| Change in inventories | -1 047 € | 386 € | |||||
| Result of business activities | -8 100 € | -9 460 € | |||||
The Foundation’s investment and financing activities
| Investment activities | 31.12.2025 | 31.12.2024 | |||||
| Reversals of write-downs | 2 890 318 | 0 | |||||
| Asset management fees | -16 465 | -5 478 | |||||
| Capital gains | 1 284 286 | 817 891 | |||||
| Income from fund shares | 112 946 | 122 900 | |||||
| Capital losses | -9 372 | -7 473 | |||||
| Write-downs | -3 220 537 | -131 368 | |||||
| Credit losses | -168 253 | 0 € | |||||
| Investment activities, total | 872 924 | 796 472 | |||||
| Rental activities | 31.12.2025 | 31.12.2024 | |||||
| Rental income | 128 747 | 200 709 | |||||
| Service charges | -116 213 | -126 588 | |||||
| Other expenses | -49 318 | -56 278 | |||||
| Rental activities, total | -36 784 | 17 843 | |||||
The Foundation’s marine environment projects
| 31.12.2025 | 31.12.2024 | ||||||
| Donations received | 332 222 | 162 714 | |||||
| Income from projects | 5 374 | 8 790 | |||||
| Grants received | 700 300 | 488 414 | |||||
| Personnel expenses | -1 215 030 | -1 182 422 | |||||
| Depreciation | -1 323 | -1 764 | |||||
| Acquisition of chemicals and water protection infrastructure | -482 115 | -77 570 | |||||
| Design, planning and consulting services | -182 436 | -103 271 | |||||
| Communication expenses | -250 896 | -222 759 | |||||
| Travel and meeting expenses | -64 729 | -65 303 | |||||
| Other expenses | -317 846 | -649 534 | |||||
| Marine environment projects, total | -1 476 477 | -1 642 704 | |||||
| Fund transfers | 0 | 1 058 137 | |||||
| Deficit for the financial year | -1 476 477 | -584 567 | |||||
Notes on assets in the consolidated balance sheet
| Parent company | Parent company | Group | Group | |||||
| Intangible assets | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | ||||
| Capitalised expenses, 1 Jan | 0 | 0€ | 10 271 | 20 542 | ||||
| Depreciation for the financial year | 0 | 0,00 € | -10 271 | -10 271 | ||||
| Capitalised expenses, 31 Dec | 0 | – € | 0 € | 10 271 | ||||
| Tangible assets | |||||||
| Machinery and equipment, 1 Jan | 6 615 | 8 820 | 6 615 | 8 820 | |||
| Depreciation for the financial year | -1 654 | -2 205 | -1 654 | -2 205 | |||
| Machinery and equipment, 31 Dec | 4 961 | 6 615 | 4 961 | 6 615 | |||
| Artworks, 1 Jan | 218 894 | 218 894 | 218 894 | 218 894 | ||||
| Increases for the financial year | 32 500 | 0 | 32 500 | 0 | ||||
| Artworks, 31 Dec | 251 394 | 218 894 | 251 394 | 218 894 | ||||
| Maps, 1 Jan | 298 100 | 298 100 | 298 100 | 298 100 | ||||
| Increases for the financial year | 14 500 | 0 | 14 500 | 0 | ||||
| Maps, 31 Dec | 312 600 | 298 100 | 312 600 | 298 100 | ||||
| Books, 1 Jan | 52 768 | 52 768 | 52 768 | 52 768 | ||||
| Books, 31 Dec | 52 768 | 52 768 | 52 768 | 52 768 | ||||
| Artefacts, 1 Jan | 166 134 | 166 134 | 166 134 | 166 134 | ||||
| Artefacts, 31 Dec | 166 134 | 166 134 | 166 134 | 166 134 | ||||
| Tangible assets, total | 787 858 | 742 511 | 787 858 | 742 511 | |||||
| Parent company | Parent company | Group | Group | |||||
| Inventories | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | ||||
| Inventories, 1 Jan | 2 429 | 2 044 | 45 451 | 105 223 | ||||
| Change in inventories | 4 953 | 386,00 € | -9 169 | -59 772 | ||||
| Inventories, 31 Dec | 7 382 | 2 429 | 36 282 | 45 451 | ||||
| Parent company | Parent company | Group | Group | |||||
| Investments | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | ||||
| Holdings in Group companies | 110 000 | 110 000 | 0 | 0 | ||||
| Holdings in associated companies | 0,00 € | 1 | 0 | 1 | ||||
| Other shares and holdings | 381 535 | 709 119 | 381 535 | 709 119 | ||||
| Listed shares and other financial instruments | ||||||||
| Market value, 31 Dec | 14 161 939 | 14 584 558 | 14 161 939 | 14 584 558 | ||||
| Acquisition cost, 31 Dec | 13 753 696 | 13 822 537 | 13 753 696 | 13 822 537 | ||||
| Book value, 31 Dec | 13 274 870 | 13 442 334 | 13 274 870 | 13 442 334 | ||||
| Sijoitukset 31.12. | 13 766 405 | 14 261 454 | 13 656 405 | 14 151 454 | ||||
The Foundation’s receivables from Group companies and associated companies
Loan receivables from Baltic Sea Services Oy
The Foundation has granted its subsidiary Baltic Sea Services Oy a long-term subordinated loan of EUR 250,000 as defined in Chapter 12:1 of the Companies Act. The loan note was signed on 1 May 2022 and replaced the earlier note agreed on by
the parties in 2021. The loan is due to be repaid in full on 31 December 2026.
The loan period will be renegotiated during the 2026 financial year.
The interest rate on the loan is the base rate confirmed by the Bank of Finland, but no less than 0%. EUR 150,000.00 of the subordinated loan was written down during the 2023 financial year. An additional loan
of EUR 20,000.00 was granted in 2024 and a further EUR 80,000.00 in 2025. The EUR 100,000.00 loan matures on 31 December 2030.
The subordinated loan may be repaid and interest paid only to the extent that the amount of the company’s unrestricted equity and total subordinated loans at the time of payment exceeds the loss shown in the company’s confirmed balance sheet for the last financial year or more recent financial statements.
The interest rate was 0% in the 2022 financial year.
For the 2023 financial year, the interest rate for the period from 1 January to 30 June was 2.50% and from 1 July to 31 December 3.75%.
For the 2024 financial year, the interest rate for the period from 1 January to 30 June was 4.25% and from 1 July to 31 December 3.75%.
For the 2025 financial year, the interest rate for the period from 1 January to 30 June was 3.50% and from 1 July to 31 December 2.50%.
The accrued interest receivable of EUR 29,273.29 has not been recognised.
During the 2025 financial year, the Foundation made a EUR 50,000.00 investment in the reserve for invested unrestricted equity of its subsidiary, which was written down on 31 December 2025.
In addition to the subordinated loan, the Foundation granted a long-term loan to Baltic Sea Services Oy.
This long-term loan amounted to EUR 56,417.48 on 31 December 2025. The loan was drawn in 2022.
| 31.12.2025 | 31.12.2024 | ||||||
| Long-term subordinated loan receivable | 200 000,00 | 120 000,00 | |||||
| Other long-term loan receivables | 56 417,48 | 56 417,48 | |||||
| Sales receivables | 15 235,97 | 0 | |||||
| Total | 271 653,45 | 176 417,48 | |||||
Subordinated loan receivables from Yhteinen Perintö Oy
The Foundation has granted its associated company Yhteinen Perintö Oy a long-term subordinated loan as per Chapter 12, Section 1 of the Limited Liability Companies Act. The loan amounted to EUR 40,000.00 on 31 December 2024. The loan was drawn in 2021. The subordinated loan receivable was written down during the 2024 financial year. An additional loan of EUR 18,425.50 was granted during the 2024 financial year. The subordinated loan receivable was written down on 31 December 2024. The accrued interest receivable of EUR 1,783.97 for the financial years 2021–2024 has not been recognised.
The subordinated loan may be repaid and interest paid only to the extent that the amount of the company’s unrestricted equity and total subordinated loans at the time of payment exceeds the loss shown in the company’s confirmed balance sheet for the last financial year or more recent financial statements.
The company’s operations were discontinued during the 2025 financial year.
Notes on liabilities in the consolidated balance sheet
| Changes in capital and reserves | Parent company | Parent company | Group | Parent company | |||||
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | ||||||
| Basic capital | 142 169 | 142 169 | 142 169 | 142 169 | |||||
| Other funds | |||||||||
| Clean Sea II Fund, 1 Jan | 0 | 1 058 137 | 0 | 1 058 137 | |||||
| Donations received | 0 | 162 714 | 0 | 162 714 | |||||
| Other income | 0 | 8 790 | 0 | 8 790 | |||||
| Grants received | 0 | 488 414 | 0 | 488 414 | |||||
| Investment portfolio interest for the fund | 0 | 0 | 0 | 0 | |||||
| Used to promote a clean sea | 0 | -1 718 056 | 0 | -1 718 056 | |||||
| Clean Sea II Fund, 31 Dec | 0 | 0 | 0 | 0 | |||||
| Surplus (deficit) from previous financial years | 15 209 852 | 13 561 772 | 15 025 382 | 13 473 067 | |||||
| Surplus (deficit) for the financial year | 98 988 | 1 648 080 | 3 509 | 1 519 999 | |||||
| Non-restricted equity, total | 15 308 840 | 15 209 852 | 15 028 891 | 14 993 066 | |||||
| CAPITAL AND RESERVES, TOTAL | 15 451 008 | 15 352 020 | 15 171 060 | 15 135 235 | |||||
The Foundation had one fund that is subject to special conditions as to its use: the Clean Sea II Fund. The purpose of this fund was to promote a clean Baltic Sea, so as to enhance its natural value and utility. The Clean Sea Fund was dissolved on 26 March 2025.
The Foundation’s liabilities and guarantees
| Leasing and rental liabilities not included in the balance sheet | 31.12.2025 | 31.12.2024 | |||||
| Payable in the following financial year | 16 022 | 15 161 | |||||
| Payable at a later date | 15 253 | 7 464 | |||||
| Total | 31 274 | 22 624 | |||||
The Foundation’s pro bono support
During the financial year, the Foundation has received pro bono support that is not included in the figures presented in the financial statements.
| 31.12.2025 | 31.12.2024 | ||||||
| Legal services | 66 515 | 168 526 | |||||
| Consulting services | 150 600 | 905 200 | |||||
| Marketing services | 426 700 | 414 910 | |||||
| Total | 643 815 | 1 488 636 | |||||
Related parties
The Foundation’s related parties include the CEO, members of the Board of Directors, their spouses, children, parents
and siblings, and any organisations in which the aforementioned exert control. The Foundation’s auditors are also
related parties.
Transactions with related parties are itemised in the table below. The table does not include any transactions between the Foundation and its wholly owned subsidiaries, which are presented in a separate Note. All transactions between the Group and its related parties take place at fair value and on market terms in the best interests of the Foundation.
The Foundation has not provided any monetary loans or grants to related parties with the exception of its subsidiaries. No
guarantees or collateral have been given or pledged on behalf of related parties.
| Members of the Board of Directors and the Foundation’s management | 31.12.2025 | 31.12.2024 | |||||
| Salaries and fees, total | 181 871 | 197 078 | |||||
| Goods and services purchased and sold | 152 126 | 136 418 | |||||
| Auditor | 3 765 | 15 382 | |||||
| Total | 337 762 | 348 878 | |||||
| Breakdown of contract-based related-party transactions by type | |||||||
| Service charges and warehouse rents from business premises | 116 213 | 126 588 | |||||
| Goods and services purchased | 35 355 | 9 829 | |||||
| Goods and services sold | 558 | 0 | |||||
| Total | 152 126 | 136 418 | |||||