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Sos-Audit \ r r ARMENIAN SOCIAL INVESTMENT FUND i Public Disclosure Authorized r r [ [ Public Disclosure Authorized FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT for the year· ended 31 December 2013 cPublic Disclosure Authorized [ l l Public Disclosure Authorized l YEREVAN May 2014 u L l r TABLE OF CONTENT Page r THE BOARD OF THE ASIF ................... ........................................................................... ..................... 3 INDEPENDENT AUDITOR'S .REPORT ............................................................................................... 4 I STATEMENT OF FINANCIAL POSITION .......................................................................................... 6 [ STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ......................... ? STATEMENT OF CHANGES IN EQUITY ........................................................................................... & STATEMENT OF CASH FLOWS ........................................................................................................ .9 NOTES TO THE FINANCIAL STA TEMENTS ................................................................................... l 0 c [ [ u Armenian Socia/ Investment Fund Firwncial Stmements for the year endt•d 31 December 2013 2 /9 l l ~ r r THE BOARD OF THE ASIF The Chairman r Hovik Abrahamyan Prime Minister of the Republic of Annenia l Members Annen Gevorgyan Deputy Prime minister of the Republic of Armenia, Minister of r Territorial Administration r Gagik Khachatryan Minister of Finance of the Republic of Armenia Narek Sargsyan Minister of Urban Development of the Republic of Armenia Artem Asatryan Minister of Labor and Social Affairs of the Republic of Armenia Annen Ashotyan Minister of Education and Science of the Republic of Armenia Taron Margaryan Mayor of Yerevan General Director of representation in Armenia of charitable Jirayr Markosyan organisation "Aznavour pour 1'Armenia" Ara V ardanyan Executive Director of All-Armenian Fund Levon Karaqashyan Representative of organization "Knights ofVardan" [ Arpi V ardanyan Director of AGBU Armenia representation Ashot Kirakosyan Executive director of Armenian Social Investment Fund l I l Armenian Socia/lnl'estment Fund Financial Statements for the yea1· ended 31 December 2013 3:f9 'r "UOU -Ufi~l}.:PS" Utll£! "80S-AUDIT" LTD r l INDEPENDENT AUDITOR'S REPORT N 33 On the financial stateme.nts ofArmenian Social Investment Fund r for the year ended 31 December 2013 [ To the Management of the Armenian Social Investment Fund We have audited the accompanying financial statements of the Armenian Social Investment Fund [ (the ASIF) which comprise the statement of financial position as at 31 December 2013, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended and a summary of significant accounting policies and other explanatory notes. Management's Responsibility for the Financial Statements The ASIF' s Management of the Fund is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of special purpose financial statements that are free from material misstatements, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain reasonable audit evidence about the amounts [ and disclosures in the financial statements. The procedures selected depend on the auditor's judgment including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error. In making those assessments, the auditor considers [ internal control relevant to the entity's preparation and fair presentation of the financial statement 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 entity's internal control. An audit [ also includes the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the [ financial statements. ~rmm 1nrnl.wp Ppqubu Uuwuur Uungpwg4_w6 UOI"J.wll 11; p. tpuwG 0037, U.SrqpwGJwG 38/55; 1bn." (+37410) 20 11 51; !bwpu" (+3741 0) 20 11 50; www.sosaudit.am; tL-Ljmulll· [email protected] An Associate of the Crowe Horwath Business Alliance c 38/55 A.Tigranyan, 0037 Yerevan, RA; Tel. : (+37410) 20 11 51; Fax: (+37410) 20 11 50; www.sosaudit.am; E-mail: [email protected] [ r "UOU-Ufii'L}..flS" UOl.C "SOS-AUDIT" LTD r l We believe that the audit evidence we have obtained is sufficient and appropriate to provide a r basis for our opinion. Opinion In our opinion the accompanying financial statements present fairly in all material respects the financial position of the Armenian Social Investment Fund as of 31 December 2013, and its financial performance and its cash flows for the year then ended in accordance with International [ Financial Reporting Standards. SOS-Audit LLC 7 May 2014 Gnel K.hachatryan, FCCA Auditor [ ( [ .12rmm 1nrnl.wp PpqObu UuwOutJ UungpwgLj_w6 U011wli 11; J!. b(luwO 0037, U.S~q(lWOJwO 38/55; "'bn.' (+37410) 20 11 51; :bwJ!u· (+37410) 20 11 50; www.sosaudit.am; tL-ltmuu,. [email protected] An Associate of the Crowe Horwath Business Alliance 38/55 A.Tigranyan, 0037 Yerevan, RA; Tel.: (+3741 0) 20 11 51; Fax: (+37410) 20 11 50; www.sosaudit.am; E-mail: [email protected] I r STATEMENT OF FINANCIAL POSITION r Armenian Social Investment Fund As at31 December 2013 Note 31.12.2013 31.12.2012 r USD USD [ ASSETS Non-current assets Property and equipment 3 30,624 22,747 r Funds receivable 4 ___iJ 65,98_!_ 11,081,831 Total non-current assets 4,196,605 11,104,578 f Current assets Advances 5 265,380 680,922 Cash 6 1'159,575 1,315,436 f Total current assets 1,424,955 1,996,358 TOTAL ASSETS 5,621,560 13,100,936 LIABILITIES AND EQUITY Equity Founders' contribution 7 151,631 151,631 Accumulated deficit (178,0692 (169,785) Total equity (26,438) (18,154) Non-current liabilities Government grants 8 5,155,841 12,908,855 Total non-current liabilities 5,155,841 12,908,855 Current liabilities [ Accounts payable 9 492,157 210,235 Total current liabilities 492,157 210,235 [ TOTAL LIABILITIES AND EQUITY 5,621,560 13,100,936 The financial statements were approved by the management ofthe Armenian Social Investment Fund on 7 May 2014 and signed on its behalf The accompanying notes form an integral part ofthese financial statements. [ L{> r Executive Director l 0 Armenian Social Investment Fund 0 Financiai Statemellls for the year ended 31 December 2013 6/ /9 [ STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Armenian Social Investment Fund l For the year ended 31 December 2013 r Note 2013 2012 r USD USD r Cost of the Projects 10 (7 ,922,942) (4,768,327) Income from Gr11nts 8 7,922,942 4,768,327 Other income/(expense), net 1,172 10,781 Exchange gain/(loss), net (USD/AMD) {9,456) (3,801) l Results of the year before income tax (8,284) 6,980 Income tax Results of the year (8,284} 6,980 Other comprehensive income Comprehensive result for the year {8,284} 6,980 l [ [ r l L Armenian Social Investment Fund Financial Statements for the year ended 31 December 2013 7/19 ( L { STATEMENT OF CHANGES IN EQUITY Armenian Social Investment Fund For the year ended 31 December 2013 r Founders Accumulated Total contribution deficit r USD USD USD Balance as at 1 January 2012 151,631 (176,765) (25,134) r Results of the year 6,980 6,980 Balance as at 31 December 2012 151,631 (169,785) (18,154) ( Results of the y~ar (8,284) (8,284) Balance as at 31 December 2013 151,631 (178,069) {26,438} I [ l l [ t Armenian Social Investment Fund f. Financial Statements for the year ended 31 December 20/3 8/19 r l r NOTES TO THE FINANCIAL STATEMENTS Armenian Socia/ Investment Fund r For the year ended 31 December 2013 r 1. Background I 1.1 Organization and its operations The Armenian Social Investment Fund (the ASIF) has been established by a Decree N 162 dated 11.04.2000 ofthe Government ofthe Republic of Armenia, the sole founder, as an autonomous non­ r profit agency to assist in the rehabilitation of small-scale infrastructure through community initiated and demand-based activities. The Board, chaired by the Prime-Minister of the Republic of Armenia, [ is a supreme governing body of the ASIF. The Annenian Social Investment Fund was registered in accordance with resolution N 988 of the [ Ministry of Justice ofthe Republic of Annenia dated on 13 September 2000. The major projects implemented by ASIF since its incorporation are ASIF I, ASIF II and ASIF III projects (The Projects) with objective to raise the living standards of the poor and vulnerable groups in the Republic of Armenia through: a) improving the quality and access, and increasing the coverage of community infrastructure and services in poor communities, and for the most vulnerable groups in response to critical emerging needs; and b) promoting complementary institutional capacity building at the community and municipal level so as to improve the quality and sustainability of service delivery and municipal investments, increase accountability, and enhance greater stakeholder empowerment at local level. The Projects financing was provided by the Government of the Republic of Armenia through funds received from international donors, the largest creditor being International Development Association (the IDA) and International Bank of Reconstruction and Development (the IBRD). The Projects co­ financing was provided by: • Government of the Republic of Armenia, • Local Communities, • Other sponsors. The ASIF registered address is: 31 Ulnetsy Street, Yerevan, 0037, Republic of Armenia.
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