The major proportion of the Carlsberg Foundation’s revenue comes from dividends on the Foundation’s shares in Carlsberg A/S. In accordance with the Charter, the shareholding is lodged to cover the basic capital. In the Carlsberg Foundation’s financial statements, the shareholding is entered at the market capitalisation. Adjustments to the market capitalisation are carried directly via equity, which means the adjustments do not affect the Foundation’s annual statement of accounts. In addition to the shareholding in Carlsberg A/S, the Carlsberg Foundation’s assets consist of a number of properties and securities, the return on which also contributes to the Foundation’s revenue. The Foundation’s Bursar is responsible for managing the Foundation’s assets, including its investments. The following chart shows the general flow of revenue, costs and distribution of funds for the purposes set out in the Charter for 2020.