Annexe III: Audit report cover letter and final audit report

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1 Annexe III: Audit report cover letter and final audit report To the Committee of the Association International Coordinating Committee (lcc) c/odecimales SARL Chemin Haute-Combe 2 P.O. Box St-Cergue Carouge, 24 February 2012 HB Dear Sirs, Madams, Please find attached 5 copies of our auditors report on the restricted check in respect of the financial year closed on 31 December 2011 of your Association. We would like to draw your attention to the fact that it was necessary to examine, with regard to the VAT, the concept of the importing of services from abroad, in particular for invoices sent to your Association in respect of translation costs, knowing that the importing of services from abroad exceeding CHF 10, per calendar year must be declared spontaneously to the Swiss Federal Tax Administration, in Berne, and is subject to Swiss VAT of 8%. We must point out, in this context, that we found that some of these invoices contain New Zealand VAT although others are exempt, the reason why we recommend that you consult an expert in the matter. You will also find two copies of the assertion of completeness accompanied by the 2011 annual accounts. Please be good enough to return one copy and its appendices, all duly signed, to us. We are at your disposal for any additional information you may require. Yours sincerely,

2 GESTOVAL SOCIÉTÉ FIDUCIAIRE SA Appendices AUDITOR S REPORT ON THE RESTRICTED AUDIT to the general meeting of members of THE ASSOCIATION INTERNATIONAL COORDINATING COMMITTEE OF NATIONAL INSTITUTIONS FOR THE PROMOTION AND PROTECTION OF, In our capacity as auditors, we have verified the annual accounts (balance sheet, profit and loss account and appendix) of the ASSOCIATION INTERNATIONAL COORDINATING COMMITTEE OF NATIONAL INSTITUTIONS FOR THE PROMOTION AND PROTECTION OF (ICC), for the financial year closed on 31 December The responsibility for drawing up the annual accounts rests with the Committee whereas our task consists of verifying these accounts and issuing an assessment in their respect. We hereby certify that we fulfil the legal requirements of approval and independence. Our audit was performed in accordance with the Swiss Standard in relation to a restricted audit. This standard requires that we plan and carry out the audit to obtain a reasonable assurance that the annual accounts do not contain any material misstatements. A restricted audit includes hearings, analytical control checks and appropriate detailed verification of the documents made available to use by the company being audited. On the other hand, verification of operating flows and the internal control system together with the hearings and other audit operations intended to detect fraud are not part of this audit. During our audit, we did not encounter any element enabling us to conclude that the annual accounts do no comply with Swiss law and the Memorandum and Articles of Association.

3 Carouge, 23 February 2012 GESTOVAL SOCIÉTÉ FIDUCIAIRE SA P. Biderbost Hp. Buri Approved Auditor Approved Auditor Managing auditor Appendices: Annual accounts at 31 December 2011 comprising: I. Balance Sheet (Total CHF 72,869.64) II. Profit and Loss account III. Appendix to the annual accounts IV. IV. Development of the Foundation s capital

4 BALANCE SHEET AT 31 DECEMBER ASSETS CHF CHF Banks - UBS SA c/a CHF 28, , UBS SA c/a EUR 5' , , UBS SA c/a USD 39' , , TOTAL LIQUID ASSETS 72, ' Accrued income and prepaid expenses - Accrued income and prepaid expenses , Taxation paid in advance TOTAL ACCRUED INCOME AND PREPAID EXPENSES , TOTAL ASSETS 72, , LIABILITIES Creditors - Creditors 10, , USD Creditors Members down payments 5, TOTAL CREDITORS 15, , Accrued expenses and deferred income - Commune professional tax , Salaries and social charges 2, , Provision for taxation TOTAL ACCRUED EXPENSES AND DEFERRED INCOME 2, , TOTAL DEBT CAPITAL 18, , Capital of the Foundation 57, , Excess income (costs) (3,593.39) 23, TOTAL CAPITAL OF THE FOUNDATION 54, , TOTAL LIABILITIES 72, , Geneva, 23 February / 9

5 PROFIT AND LOSS ACCOUNT FOR THE FINANCIAL YEAR INCOME CHF CHF Contributions - CHF Contributions 162, , CHF Contributions (previous years) 7, EUR Contributions 3, , USD Contributions 15, , , TOTAL CONTRIBUTIONS 189, , Donations - OHCHF USD donations 25, , , Other donations 9, TOTAL DONATIONS 33, , Other income - Other income Interest on receivables Exchange profits Taxation at source commission TOTAL OTHER INCOME TOTAL INCOME 223, , Geneva, 23 February / 9

6 PROFIT AND LOSS ACCOUNT FOR THE FINANCIAL YEAR 2011 COSTS Personnel costs - Salaries and social charges 82, , TOTAL PERSONNEL COSTS 82, , Operating costs - Travel costs 78, , Translation costs 23, , TOTAL OPERATING COSTS 101, , General expenses - Office expenses 4, , Telephone costs 5, , Commune professional tax (1,350.00) 0.00 TOTAL GENERAL EXPENSES 9, , External fees - Legal fees 4, , Accounting fees 8, , Audit fees 6, , TOTAL EXTERNAL FEES 19, , Other costs - Contingency 7, Meetings 1, TOTAL OTHER COSTS 9, Financial costs - Bank charges 1, , Exchange loss 3, , TOTAL FINANCIAL COSTS 4, , TOTAL COSTS 226, , Geneva, 23 February / 9

7 PROFIT AND LOSS ACCOUNT FOR THE FINANCIAL YEAR 2011 RESULT BEFORE TAX Income 223, , Costs 226, , RESULT BEFORE TAX (3,445.74) 23, Taxation - Canton and Commune tax (147.65) (77.95) TOTAL TAXATION (147.65) (77.95) RESULT EXCESS INCOME (COSTS) (3,593.39) 23, Geneva, 23 February / 9

8 APPENDIX TO THE ANNUAL ACCOUNTS AT 31 DECEMBER 2011 I ORGANISATION OF THE ASSOCIATION 1 File number Not applicable 2 Name ASSOCIATION INTERNATIONAL COORDINATING COMMITTEE OF NATIONAL INSTITUTIONS FOR THE PROMOTION AND PROTECTION OF 3 Address 44 Avenue Krieg 1208 Geneva (for correspondence) For address DECIMALES SARL Rue Chemin Haute-Combe 2 P.O. Box P.O Box 12 NPA 1264 Location Saint-Cergue Contact person Mr. Gabriel Revaz Tel. no Fax no icc@decimales.ch 4 Trade Register Are the registrations in the Trade Register in respect of the members of the Council of the Foundation and the persons that may commit the installation correct? YES 5 Memorandum and Articles of Association Were the Memorandum and Articles of Association amended during the year? NO 6 Regulation (if applicable) Not applicable Geneva, 23 February / 9

9 APPENDIX TO THE ANNUAL ACCOUNTS AT 31 DECEMBER List of all the members of the Council of the Foundation (including those who do not have the right to sign) registered in the Trade Register NAME First name Office Signature NOONAN Rosslyn Chairman individual SIMBIRI-JAOKO Florence Secretary individual BABU Shri Rajendra Member no signature BIELEFELDT Heiner Member no signature KAYITESI Zaïnabo Member no signature KOUNTE Koffi Member no signature KSENTINI Mustapha Farouk Member no signature LYNCH Jennifer Member no signature MANNING Maurice Member no signature MONDINO Eduardo René Member no signature PAPAIOANNOU Kostis Member no signature RAMIREZ PEREZ Gabiela del Mar Member no signature SANO Hans-Otto Member no signature SOBERANES José Luis Member no signature VON DOUSSA John Member no signature YANGAILO Pixie Member no signature 8 List of names of persons who received remuneration from the Council No remuneration 9 Tax exemption Is the Foundation exempt from tax? NO 10 Body responsible for keeping the accounts The accounts are kept by DECIMALES SARL 11 Auditor (for correspondence) For address GESTOVAL SOCIETE FIDUCIAIRE SA Street Rue Jacques-Grosselin 8 P.O. Box P.O. Box 1035 NPA 1211 Location Geneva 26 Contact person Mr. Hanspeter BURI Tel. no Fax no hanspeter.buri@gestoval.ch Geneva, 23 February / 9

10 APPENDIX TO THE ANNUAL ACCOUNTS AT 31 DECEMBER 2011 II WEALTH MANAGEMENT AND INVESTMENT Not applicable III OTHER INFORMATION 14 Overall amount of sureties, guarantee bonds and pledges in favour of third parties None 15 Assets pledged or assigned None 16 Leasing None 17 Fire insurance value / tax estimation Not applicable 18 Occupational pension planning Debt to occupational pension planning institution CHF 0.00 Name of the institution Axa Winterthur 19 Capital Please refer to the appendix Development of the Foundation s capital 20 Overindebtedness / insolvency Is your Foundation overindebted NO 21 Important information about the management and activities of the Association The members of the executive board were elected for a period of 3 years beginning on 25 march Important events after the date of the balance sheet None Geneva, 23 February / 9

11 APPENDIX TO THE ANNUAL ACCOUNTS AT 31 DECEMBER Other information No request was made for confirmation of banking relationships 24 Other information about the contributions During 2011, 38 institutions paid their membership contributions although the institution requested that it only partially pay its contribution. 5 institutions requested that they not pay their contribution and 25 institutions did not pay their contribution without contacting the Association about this, which represents a substantial lack of resources. There are all kinds of difficulties with institutions paying their contributions. The Association ICC is a worldwide network which uses s as a general means of communication. Sometimes the invoices do not arrive at their destinations for administrative and technical reasons (for example in the case of erroneous addresses or when institutions are located in countries which have less internet capabilities) or when personnel changes are not notified to the Association. Some institutions encounter problems in making international payments due to their national financial regulations. The Association ICC is actively working with a view to reducing the number of unpaid contributions, either through individual telephone calls, or interviews with representatives of the institutions, while also knowing that new measures will be implemented in Risk assessment With regard to the provisions of Article 663b of the Swiss Code of Obligations, the Finance committee did not undertake a risk assessment. Geneva, 23 February / 9

12 DEVELOPMENT OF THE FOUNDATION S CAPITAL CARRIED FORWARD ON 1 ST JANUARY CHF CHF Capital of the Foundation 57, , Excess income , Excess charges (3,593.39) 0.00 BALANCE AT 31 DECEMBER Capital of the Foundation 54, , Geneva, 23 February / 9

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