Accounts for the Fiscal Year 2014 – 2015
Transcription
Accounts for the Fiscal Year 2014 – 2015
AccountsfortheFiscalYear2014–2015 (1stSeptember2014–31stAugust2015) Summarised,simplifiedandannotated;sourcedfromthepresentationtothe AnnualGeneralMeetingon19thMarch2016 TableofContents 1. Summaryfortheyear...........................................................................................................2 2. FinancialStatements............................................................................................................3 3. Provisions&Reserves..........................................................................................................7 4. IncomeAllocation..................................................................................................................8 5. Capital........................................................................................................................................8 6. Treasury....................................................................................................................................9 Association loi 1901 Reconnue de Bienfaisance / Lauréate du Prix des Droits de l’Homme Siège Social : 49 rue Lamartine 78000 Versailles • 33 (0)1 30 24 20 20 • [email protected] • Siret : 394 044 127 000 30 • Code APE 8899B Cambodge: BP 2107- Phnom Penh 3- CAMBODIA • 00 855 23 995 660 • [email protected] www.pse.ong 1. Summaryfortheyear The year was marked by the rapid decline of the euro against the US dollar (down 16% on average) which weighedheavilyonourcosts. Most of our income is from the Eurozone while over 90% of our expenditure is in Cambodia in US Dollars. Therefore,theappreciationofthedollarhasinflatedourcostsineuros. Theimpactwaspartiallymitigatedthroughcurrencyhedgesputinplaceduringpreviousyears. Revenue Theoperatingresources,excludingfinancialandforeignexchangegainsamountedto€6,941Kin2014-2015,an increaseof4%overthepreviousyear. Sponsorships–thatassurethelong-termcareofthechildren–decreased2%to€4,112. The financing of the social programmes in Cambodia, which is sourced from sponsorship and attributed donations,hadtobesupplementedbynon-attributeddonations. Investmentsandprojects,predominatelytheconstructionofthenewBusinessSchoolbuilding,totalled€706K. Expenditure Thecostofthesocialprogrammes(€5,716K)increasedby9%,whichwasfarlowerthantherisingdollar(+16%). Aslightdecreaseinthenumberofchildrenlookedafterovertheyear(-271)andefficiencysavingsinPhnom Penh(-$290K)haveoffsetsomeoftheimpactoftheunfavourableexchangerate. Careful cost control has ensured overheads (€464K) and fundraising (€95K) are only 7% and 2% of expenses respectively. Allinalltherewasasurplusof€500Kforthefiscalyear. Association loi 1901 Reconnue de Bienfaisance / Lauréate du Prix des Droits de l’Homme Siège Social : 49 rue Lamartine 78000 Versailles • 33 (0)1 30 24 20 20 • [email protected] • Siret : 394 044 127 000 30 • Code APE 8899B Cambodge: BP 2107- Phnom Penh 3- CAMBODIA • 00 855 23 995 660 • [email protected] www.pse.ong 2. FinancialStatements SimplifiedIncomeStatement (€000) OPERATINGACCOUNTS DEBIT CREDIT 2013-2014 2014-2015 % SOCIALPROGRAMMES 5,253 5,716 9% OVERHEADS(incl. Fundraisingexpenses) 490 559 14% 8.5% 8.9% 5,743 6,274 9% 289 404 2014-2015 % 4,192 4,112 -2% 871 1,404 61% 23 1 5,086 5,517 8% DONATIONSTOFINANCE INVESTMENTS 957 706 -26% OTHERDONATIONS 210 310 48% INCOMEFROMPSE's COMMERCIALACTIVITIES 221 279 26% OTHERREVENUE 209 129 -38% 6,033 6,679 11% 6,683 6,941 4% 651 262 214 588 FINANCIALINCOME 94 71 NETEXCHANGERATEGAINS 755 SURPLUSFORTHEYEAR 531 500 -6% %ofexpenses SUB-TOTAL AMORTISATIONOFFIXED ASSETS TOTALEXPENSES OPERATINGINCOME NETLOSSONPROVISIONS /DEDICATEDFUNDS SPONSORSHIP 2013-2014 DONATIONSTOFINANCETHE PROGRAMMES DONATIONSTOTHE SPONSORSHIPFUND SUB-TOTAL TOTALREVENUES Association loi 1901 Reconnue de Bienfaisance / Lauréate du Prix des Droits de l’Homme Siège Social : 49 rue Lamartine 78000 Versailles • 33 (0)1 30 24 20 20 • [email protected] • Siret : 394 044 127 000 30 • Code APE 8899B Cambodge: BP 2107- Phnom Penh 3- CAMBODIA • 00 855 23 995 660 • [email protected] www.pse.ong BreakdownofRevenuebyType Total:€6,941K OTHERDONATIONS; €310;5% INCOMEFROMPSE's COMMERCIAL OTHERREVENUE; €129;2% ACTIVITIES;€279;4% DONATIONSTO FINANCEINVESTMENTS; €706;10% SPONSORSHIP; €4,112;59% DONATIONSTOFINANCE THEPROGRAMMES; €1,404;20% BreakdownofRevenuebySource Total:€6,941K INCOMEFROMPSE's COMMERCIAL ACTIVITIES;€279;4% PUBLICSECTOR SUBSIDIES;€13;0% OTHERREVENUE;€129; 2% OTHERDONATIONS; €736;11% SPONSORSHIP (99%from Individuals); €4,112;59% ATTRIBUTEDDONATIONS (Corporates& Foundations); €1,672; 24% Association loi 1901 Reconnue de Bienfaisance / Lauréate du Prix des Droits de l’Homme Siège Social : 49 rue Lamartine 78000 Versailles • 33 (0)1 30 24 20 20 • [email protected] • Siret : 394 044 127 000 30 • Code APE 8899B Cambodge: BP 2107- Phnom Penh 3- CAMBODIA • 00 855 23 995 660 • [email protected] www.pse.ong BreakdownofExpenditurebyFunction Total:€6,275K OVERHEADS; €464;7% FUNDRAISING EXPENSES;€95;2% SOCIAL PROGRAMMES; €5,716;91% BreakdownofOverheads&Fundraising Total:€559K FUNDRAISING EXPENSES;€95;17% STAFFCOSTS; €209;37% OTHEREXPENSES;€72; 13% POSTAGE& TELECOMS;€19;3% TRANSPORT;€52;9% EXTERNAL PRESENTATIONS; €21;4% BANKCHARGES; €17;3% COMMUNICATION EXPENSES;€75;14% Association loi 1901 Reconnue de Bienfaisance / Lauréate du Prix des Droits de l’Homme Siège Social : 49 rue Lamartine 78000 Versailles • 33 (0)1 30 24 20 20 • [email protected] • Siret : 394 044 127 000 30 • Code APE 8899B Cambodge: BP 2107- Phnom Penh 3- CAMBODIA • 00 855 23 995 660 • [email protected] www.pse.ong CostoftheProgrammesinCambodia Total:€5,716K SPECIALISED PROGRAMMES; COMMUNITYCENTRES; €195;3% €425;8% HOUSING; €423;7% PSEINSTITUTE (VOCATIONAL TRAINING); €2,098;37% REMEDIAL SCHOOLING; €977;17% GENERAL SCHOOLING; €1,598;28% Association loi 1901 Reconnue de Bienfaisance / Lauréate du Prix des Droits de l’Homme Siège Social : 49 rue Lamartine 78000 Versailles • 33 (0)1 30 24 20 20 • [email protected] • Siret : 394 044 127 000 30 • Code APE 8899B Cambodge: BP 2107- Phnom Penh 3- CAMBODIA • 00 855 23 995 660 • [email protected] www.pse.ong SummaryBalanceSheet ASSETS (€000) 2013-2014 COMPUTERSOFTWARE 2014-2015 59 14 14 10,388 10,629 (ProvisionsforInvestments& Loansat80%ofgrossamount) -8,134 -8,519 NETCAPITAL 2,267 2,183 INVESTMENTS&LOANS OPERATINGREVENUES ESERVEFORINVESTMENT RESERVEFOREXCHANGERATE MOVEMENTS PROVISIONS STOCKS&DEBTORS 20 OTHERASSETS 449 0 530 746 746 6,277 6,807 812 813 531 500 SPONSORSHIPFUNDS 2,543 2,544 604 DEDICATEDFUNDSFORINVESTMENT 1,067 1,039 DEDICATEDFUNDSFORPILOT PROJECTS 91 96 8,722 TOTALDEDICATEDFUNDS 3,701 3,679 11,320 11,798 -2,415 451 11,320 SURPLUSFORYEAR 500 -1,805 TOTALASSETS 500 PROVISIONS RETAINEDEARNINGS 5,031 3,019 5,031 2,256 8,133 TOTALRESERVES 2014-2015 PSECCURRENTACCOUNTS TREASURY RESERVEFORESTABLISHMENT OFSPONSORSHIPFUND 2013-2014 272 PSECCURRENTACCOUNTS (NET) 17 (€000) RESERVEFORDROPIN BUILDINGSONLEASEHOLD LAND LIABILITIES 11,798 TOTALLIABILITIES 3. Provisions&Reserves Overtheyears,thePSEhasgraduallybuiltupreservestomeetitsfutureneedsandmanagerisksandexpected developments.Theyamounttoatotalof€6,807K(seebalancesheetabove),inadditionthereareunallocated retainedearningsof€813K. - ReserveforDropinOperatingRevenues With over 600 employees in Cambodia and 6,700 children in the programmes during fiscal year 2014/2015,theannualoperatingbudgetisnowaround€6million.TheCharitymustensureitcanmeet itscommitmentsandprotectitselfagainstpossiblecutsand/orchangesinthetimingofrevenueorlower levelsofsponsorshipthanthoseithasbecomeusedtoinrecentyears. Association loi 1901 Reconnue de Bienfaisance / Lauréate du Prix des Droits de l’Homme Siège Social : 49 rue Lamartine 78000 Versailles • 33 (0)1 30 24 20 20 • [email protected] • Siret : 394 044 127 000 30 • Code APE 8899B Cambodge: BP 2107- Phnom Penh 3- CAMBODIA • 00 855 23 995 660 • [email protected] www.pse.ong ThereserveforaDropinOperatingRevenuesamountsto€5,031Kattheendofthefiscalyearandcovers approximately10.5monthsofoperatingcosts. - SponsorshipFund Thesponsorshipfundhasremainedatastablelevelof€2,544K. - DedicatedFunds Thesefundsrepresentthefundingreceivedfromdonorsforinvestmentprojectsorpilotprojectsthat havebeenapprovedbytheBoardbutnotyetcompleted. Dedicatedfundsforinvestmentamountedto€1,039Kattheendoftheyear,anddedicatedfundsfor pilotprojectsamountedto€96K. 4. IncomeAllocation TheAnnualGeneralMeetingapprovedthefollowingallocationofthesurplusof€499,805asfollows: Balanceasat 31/08/2015 RESERVEFORINVESTMENT Allocationof Surplus 31/08/2015 Balanceafter Allocation €500,000 €500,000 €5,030,500 €5,030,500 RESERVEFOREXCHANGERATEMOVEMENTS €530,000 €495,000 €1,025,000 RESERVEFORESTABLISHMENTOFSPONSORSHIP FUND €746,000 €746,000 RETAINEDEARNINGS €813,056 €4,805 €817,861 €7,619,556 €499,805 €8,119,361 (*) RESERVEFORDROPINOPERATINGREVENUES In2015PSEdecidedtocreateareservetomitigatetheimpactoftherapidriseinthedollaragainsttheeuro, whoseeffectisexpectedtobelasting.WemustrememberthatmostofourincomeisfromtheEurozonewhile over91%ofourexpenditureisinCambodiainUSDollars 5. Capital In 2008, we created a Cambodian-registered company, PSEC, that now owns the real estate, the land and buildings,onwhichPSEoperates.PSEhasa49%shareholdinginPSECandhascontroloftheproperty,though due to restrictions in Cambodian Law it cannot be a majority shareholder. The other shareholders have Cambodiannationality.Theyareessentiallythefounders,Marie-FranceandChristiandesPallières. (*) =10.5monthsOperatingCostsoftheSocialProgrammes2014-2015 Association loi 1901 Reconnue de Bienfaisance / Lauréate du Prix des Droits de l’Homme Siège Social : 49 rue Lamartine 78000 Versailles • 33 (0)1 30 24 20 20 • [email protected] • Siret : 394 044 127 000 30 • Code APE 8899B Cambodge: BP 2107- Phnom Penh 3- CAMBODIA • 00 855 23 995 660 • [email protected] www.pse.ong TransferofownershipofthelandandbuildingstoPSECtookplacein2010. Property acquired since that date has been bought by PSEC using loans from PSE, during construction it is accountedforbyPSEwithincurrentassetsandthentransferredtoPSEuponcompletionaccordingtoagreed accountingandfinancialprocedures. OnPSE’sbalancesheet,theconcessionsoflandhavebeenreplacedwithequityinPSECandmortgagestothe founders,recognisingthefactthatthelandwasoriginallyboughtbyPSE. ThepropertyportfolioisfullysupportedbythenewcompanyPSEC,whichleasesthelandandbuildingstoPSE underatenancyagreement. 6. Treasury Treasurymanagementincludes: - - managing current cash flow, sustained by sponsorships and donations, which enables approximately$500,000tobesenttoPhnomPenhpermonthtocoverspendingonthe socialprogrammesandotherexpenses. managingthefundingfromdonorsandsponsorsformajorinvestmentprojects,suchasthe construction of the Business School that is underway. Any funds that are not used immediately are ring-fenced within the dedicated funds to ensure they are used in accordancewithwishesofthedonors. Association loi 1901 Reconnue de Bienfaisance / Lauréate du Prix des Droits de l’Homme Siège Social : 49 rue Lamartine 78000 Versailles • 33 (0)1 30 24 20 20 • [email protected] • Siret : 394 044 127 000 30 • Code APE 8899B Cambodge: BP 2107- Phnom Penh 3- CAMBODIA • 00 855 23 995 660 • [email protected] www.pse.ong