Association of National Olympic Committees Lausanne. Report of the statutory auditors to the General Assembly on the financial statements 2014

Transcription

1 Association of National Olympic Committees Lausanne Report of the statutory auditors to the General Assembly on the financial statements 2014

2 Report of the statutory auditors on the limited statutory examination to the General Assembly of the Association of National Olympic Committees Lausanne As statutory auditors, we have examined the financial statements of Association of National Olympic Committees, which comprise the statement of financial position, statement of activities, statement of cash flows, statement of changes in fund balances and notes, for the year ended 31 December These financial statements are the responsibility of the Executive Council. Our responsibility is to perform a limited statutory examination on these financial statements. We confirm that we meet the licensing and independence requirements as stipulated by Swiss law. We confirm that we meet the licensing and independence legal requirements. In the year under review, employees of our Firm provided tax and accounting services to your association. However, these employees were not personally involved in the limited statutory examination. We conducted our examination in accordance with the Swiss Standard on Limited Statutory Examination. This standard requires that we plan and perform a limited statutory examination to identify material misstatements in the financial statements. A limited statutory examination consists primarily of inquiries of association personnel and analytical procedures as well as detailed tests of association documents as considered appropriate in the circumstances. However, the testing of the operational processes and the internal control system, as well as inquiries and further testing procedures to detect fraud or other legal violations, are not within the scope of this examination. Based on our limited statutory examination, nothing has come to our attention that causes us to believe that the financial statements do not comply with Swiss law and the association s articles of incorporation. PricewaterhouseCoopers SA Beresford Caloia Martin Steiner Audit expert Auditor in charge Audit expert Lausanne, 9 September 2015 Enclosure: - Financial statements (statement of financial position, statement of activities, statement of cash flows, statement of changes in fund balance and notes) PricewaterhouseCoopers SA, avenue C.-F. Ramuz 45, case postale, CH-1001 Lausanne, Switzerland Téléphone: , Téléfax: , PricewaterhouseCoopers SA is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity.

3 ASSOCIATION OF NATIONAL OLYMPIC COMMITTEES, LAUSANNE Statement of financial position at December 31, 2014 (expressed in US dollars) Assets Current assets Cash on hand and at banks Bank deposits Other current assets Prepaid expenses & guarantee deposits Tangible fixed assets Land and building Les Charmettes Restauration Les Charmettes Other tangible fixed assets Total assets Liabilities and fund balance Current liabilities Accrued liabilities Fund balance Fund balance Total liabilities and fund balance The accompanying notes are an integral part of these financial statements. 3

4 ASSOCIATION OF NATIONAL OLYMPIC COMMITTEES, LAUSANNE Statement of activities for the year ended December 31, 2014 (expressed in US dollars) Income Subsidies of the IOC for the activities Subsidies of the IOC for les Charmettes Bank interests Expenditure ANOC Meetings General Assembly Executive Council ANOC Commissions and Working Groups, Seminars International Events International and Continental Meetings International Forums ANOC Offices Running Expenses Auditors' fees Depreciation on fixed assets Miscellaneous (including bank taxes) Excess income for the year, net Exchange difference ( ) Net income for the year transferred to fund The accompanying notes are an integral part of these financial statements. 4

5 ASSOCIATION OF NATIONAL OLYMPIC COMMITTEES, LAUSANNE Statement of cash flows for the year ended December 31, 2014 (expressed in US dollars) Net income for the year Adjustments for : Depreciation Decrease / (Increase) in bank deposits over 3 months ( ) Decrease / (Increase) in other current assets ( ) Interest income ( ) ( ) Decrease / (Increase) in prepaid expenses ( ) (Decrease) / Increase in accrued liabilities ( ) Cash generated from operations Cash flow from investing activities Interest received Investment in land and building Les Charmettes ( ) ( ) Purchase of other tangible fixed assets ( ) ( ) Cash used for investing activities ( ) ( ) Net increase of cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year The accompanying notes are an integral part of these financial statements. 5

6 ASSOCIATION OF NATIONAL OLYMPIC COMMITTEES, LAUSANNE Statement of changes in fund balance December 31, 2014 (expressed in US dollars) Fund Balance Balance as at December 31, Net income for the year ended December 31, Balance as at December 31, Net income for the year ended December 31, Balance as at December 31, The accompanying notes are an integral part of these financial statements. 6

7 ASSOCIATION OF NATIONAL OLYMPIC COMMITTEES, LAUSANNE NOTES TO THE FINANCIAL STATEMENTS Note 1 - Incorporation and Activity The Association of National Olympic Committees (the Association or ANOC) is an association created by the National Olympic Committees recognized by the International Olympic Committee (IOC). Its principal objectives are to promote the Olympic Movement through the National Olympic Committees (NOC), to enhance cooperation between the different NOCs and to provide them with assistance. The activities of the Association are funded by subsidies received from the IOC. Its headquarters are located in Lausanne, Switzerland. Note 2 - Accounting policies Basis of preparation The ANOC uses the accrual basis of accounting. Certain comparative statement of financial position, statement of activities, statement of cash flow figures have been reclassified to conform to the current year presentation. Foreign currency translation a) Functional and presentation currency The financial statements of the Association are presented in US dollars, which is the Association s functional and presentation currency. b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains or losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of comprehensive income. Non monetary items carried at historical cost denominated in a foreign currency are reported using the historical exchange rate at the date of the transaction. Income and expense recognition Income and expenses are recorded on the accruals basis. Income generated by the Association is based primarily on subsidies received from the IOC. 7

8 ASSOCIATION OF NATIONAL OLYMPIC COMMITTEES, LAUSANNE NOTES TO THE FINANCIAL STATEMENTS Cash and cash equivalents For purposes of the statements of cash flows, cash and cash equivalent consists of current balances and fixed deposits with maturities of less than three months from the closing date. Fixed assets Buildings, furniture, equipment and information technology systems are stated at cost less accumulated depreciation. Depreciation is calculated on straight-line basis over the estimated life of the assets as follows: Buildings 50 years Furniture and equipment 10 years Information technology systems 5 years Land is stated at cost and is not depreciated. Note 3 - Bank deposits Fiduciary deposits and other bank deposits have been made through major banks in US dollars. At December 31, 2014, the average interest rate was 0.22 % p.a. for bank deposits ( % p.a.). Maturity Up to 3 months Up to 1 year

9 ASSOCIATION OF NATIONAL OLYMPIC COMMITTEES, LAUSANNE NOTES TO THE FINANCIAL STATEMENTS Note 4 - Tangible fixed assets are composed of the following Land and building les Charmettes Furniture Information and technology equipment systems Total Sub total Book value at Accumulated depreciation Acquisitions 2014 Depreciation (93 985) (55 465) ( ) ( ) (83 978) ( ) ( ) ( ) ( ) Net closing book value Investment costs Accumulated depreciation (93 985) ( ) ( ) Net book value At December 31, 2014 ( ) Note 5 ANOC Offices Running Expenses Salaries and related expenses Administrative expenses Communication charges Publications, Page Web ( )

10 ASSOCIATION OF NATIONAL OLYMPIC COMMITTEES, LAUSANNE NOTES TO THE FINANCIAL STATEMENTS Note 6 - Taxation The Association is not subject to income taxes as such no tax liability or expenses have been recorded in the accompanying financial statements. Note 7 - Commitments In 2012, the Association entered into a contract with Projectim-Courtim SA for the transformation and renovation of its newly acquired Charmettes property. The transformation and renovation have been completed during the year and the Association has moved in its new headquarter on August 1, All the costs generated by the project are shown under Land and building les Charmettes. These investments were financed by a special subsidies granted by the International Olympic Committee. 10