references
FINANCIAL REPORT
15 SWISS FRANC EQUIVALENT OF KEY FIGURES
The Foundation maintains its accounting records in Euro. The key figures below have been translated into CHF for information purposes only, using a closing rate of EUR/CHF 0.9245 (2014: 0.8315).
(Expressed in EUR)
17 SUBSEQUENT EVENTS
DNDi Kinshasa Office informed the headquarters on March 31th, 2016 that BIAC, the financial services provider, may be at risk of bankruptcy. Mitigation strategy: DNDi is evaluating a new banking set-up and exploring Western Union Business Solutions as a potential answer, after Citibank refused DNDi as a new client. In addition DNDi is working on a rapid opening of a new bank account at ECOBANK or at Standard Bank; due diligence is ongoing. In the meantime local payments are temporarily covered by DNDi headquarters in Geneva to ensure activities continue as planned. BIAC’s track record: DNDi, along with other BIAC clients, received communication from the Government of DRC and the Congo Central Bank that this incident was a temporary situation to be resolved. DNDi chose BIAC as its financial service provider in December 2009, a decision approved by FR-AFD in May 2013 when they pledged to support our HAT activities over a five-year period. BIAC is the third largest bank in DRC which provides financial services in the communities where DNDi has activities. It is the first time DNDi has faced such a situation with a bank. Bank ratings for such banks in Africa do not exist. In February 2016, the long-term rating of the country was revised by Standard & Poor’s from stable to negative, due to the fall in the price of copper, political instability, and the lack of visibility over the election. In April, DNDi Geneva was returned three transfers of USD 18,000, USD 30,000 and USD 65,000 from BIAC Kinshasa accounts. In addition, since the beginning of the crisis we have been able to make local payments to vendors who have an account at the BIAC (~USD 12,000). Our Head of DRC Project Office and the DNDi Geneva Finance Department and the Executive Team are following the situation very closely, and expect the resolution of all funds located in the accounts of the BIAC to take time to be regularized. To date, the risk is considered low, an assessment based on the money already recovered (~30%). Today, the amount at risk (~USD 200,000) should be recovered by the end of the year 2016. No provision has thus been recorded at this stage.
2015
30,730,868 11,506,791 46,818,112 40,810,084 5,704,607
2014
43,453,714 12,649,456 43,963,286 38,333,791 5,439,038
Total assets Capital of the organization Total income Total social mission expenditure Total non-social mission expenditure
16 AUDIT FEES
Fees for audit services and other services: Audit services include statutory audit, audit of projects, and donor’s audit. To date, Deloitte is not providing other services such as tax and legal services.
(Expressed in EUR)
2015
124,167
2014
106,543
Total Audit services
18 CONSOLIDATED ACCOUNTS
These consolidated financial statements include the activities of the Swiss Foundation, its branches, and subsidiaries. The table below summarizes the detail by legal entity: Income transferred by DNDi Geneva (1) -3,396 327 1,018 2,051 0 Income raised by legal entity (2) 42,451 1 297 535 43,284 Total income 2015 (1) + (2) 39,180 328 1,190 2,586 43,284 % of the income raised by legal entity 98.1% 0.0% 0.7% 1.2% 100.0% % of the expenditure by legal entity 91.3% 0.8% 2.4% 5.5% 100.0%
Amount are in '000 EUR
Total expenditure 2015 39,266 336 1,026 2,375 43,003
DNDi Geneva and branches DNDi Japan DNDi North America DNDi Latin America Total consolidated accounts
DNDi Annual Report 2015 › 87
