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Sos-Audit ARMENIAN TERRITORIAL DEVELOPMENT FUND Public Disclosure Authorized Public Disclosure Authorized FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT for the year ended 31 December 2016 Public Disclosure Authorized Public Disclosure Authorized YEREVAN May 2017 L TABLE OF CONTENT Page TH E B O A R D ........................................................................................................................................... 3 INDEPENDENT AUDITOR'S REPORT ....................................... 4 STATEMENT OF COMPREHENSIVE INCOME............................................................................7 STATEMENT OF CHANGES IN EQUITY ..................................................................................... 8 STATEMENT OF CASH FLOWS ......... ............................................................. 9 NOTES TO THE FINANCIAL STATEMENTS .... .................................................. 10 THE BOARD The Chairman Karen Karapetyan Prime Minister of the Republic of Armenia Members Davit Lokyan Minister of Territorial Administration and Development of the Republic of Armenia Vardan Aramyan Minister of Finance of the Republic of Armenia Suren Karayan Minister of Economic Development and Investments of the Republic of Armenia Artem Asatryan Minister of Labor and Social Affairs of the Republic of Armenia Levon Mkrtchyan Minister of Education and Science of the Republic of Armenia Narek Sargsyan Chairman of State Urban Development Committee under the Government of the Republic of Armenia Jirayr Markosyan Executive Director of Representation in Armenia of charitable organization "Aznavour pour I'Armenie" Ara Vardanyan Executive Director of Hayastan All-Armenian Fund Levon Karaqashyan Representative of the NGO "Vardanants Azbetner" (Knights of Vardan), USA Dalar Kazanchyan Executive Director of AGBU Armenian Representation "SOS-AUDIT" LTD INDEPENDENT AUDITOR'S REPORT To the Management of the Armenian Territorial Development Fund Opinion We have audited the accompanying financial statements of "Armenian Territorial Development Fund" ("ATDF" or "Fund") which comprise the statement of financial position as at 31 December 2016, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the ATDF as at 31 December 2016, and its financial performance and its cash flows for the year ended in accordance with International Financial Reporting Standards (IFRSs). Basisfor Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) as issued by International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Our responsibilities under those standards are further described in the Auditor's Responsibilitiesfor the Audit of the FinancialStatements section of our report. We are independent of the ATDF in accordance with the International Ethics Standards Boardfor Accountants' Code of Ethics for ProfessionalAccountants (IESBA Code), and we have fulfilled our other ethical requirements in accordance with IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of the Managementfor the FinancialStatements Management of the ATDF is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Fund's ability to continue as going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Fund or to cease operation, or has no realistic alternative but to do so. Auditor'sResponsibility for the Audit of the FinancialStatements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is high level of assurance, but is not a guaranty that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Aq; p.bki 0037, U. Siqnwbjwb 38/55; ibn. (+37410) 20 11 51; www. sosaudit.am; tt-4nuu info@sosaudit am 38/55 A. Tigranyan, 0037 Yerevan, RA; Tel.: (+37410) 20 11 51; www. sosaudit.am; E-mail: info@sosaudit am "UOU-UflHVI1S" UIlea "SOS-AUDIT" LTD Misstatements arise from fraud and error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. * Conclude on the appropriateness of management's use of going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Fund to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 25 May 2017 "SOS-Audit" LLC Gnel Khachatryan, FCCA (Di teij Auditor :R; 12bptuG 0037. U. Shqpubjwb 38/55 2bn, (+37410) 20 11 51; www sosaudit.am; tL-thnun' [email protected] 38/55 A. Tigranyan, 0037 Yerevan, RA; Tel.: (+37410) 20 11 51; www sosaudit.am; E-mail: [email protected] STATEMENT OF FINANCIAL POSITION Armenian Territorial Development Fund As at 31 December 2016 Asat Asat Note 31.12.2016 31.12.2015 USD USD ASSETS Non-current assets Property and equipment 3 176,805 41,461 Funds receivable 4 183,625,098 130,747,124 Total non-current assets 183,801,903 130,788,585 Current assets Advances 5 753,076 384,803 Cash 6 26,110,187 22,452,045 Total current assets 26,863,263 22,836,848 TOTAL ASSETS 210,665,166 153,625,433 LIABILITIES AND EQUITY Equity Founders' contribution 7 151,631 151,63 I Accumulated deficit (172,630) (177,877) Total equity (20,999) (26,246) Non-current liabilities Government grants 8 210,320,293 153,535,063 Total non-current liabilities 210,320,293 153,535,063 Current liabilities Accounts payable 9 365,872 116,616 Total current liabilities 365,872 116,616 TOTAL LIABILITIES AND EQUITY 210,665,166 153,625,433 The financial statements were approved by the management of the Armenian Social Investment Fund on 25 May 2017 and signed on its behalf The accompanying notes form an integral part of these financial statements. Ashot Kirakosyan Levon Dulyan Executive Director Finance and Administrative Dire or Ld-V [)C STATEMENT OF COMPREHENSIVE INCOME Armenian TerritorialDevelopment Fund For the year ended 31 December 2016 Year ended Year ended 31.12.2016 31.12,2015 Note USD USD Cost of the Projects 10 (9,385,103) (2,030,537) Income from Grants 8 9,385,103 2,030,537 Other income/(expense), net - 35,854 Exchange gain/(loss), net 5,247 (4,336) Results of the year before income tax 5,247 31,518 Income tax . Results of the year 5,247 31,518 Other comprehensive income - . Comprehensive result for the year 5,247 31,518 The financial statements were approved by the management of the Armenian Social Investment Fund on 25 May 2017 and signed on its behalf The accompanying notes form an integral part of these financial statements. Ashot Kirakosyan Levon Dulyan Executive Director
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