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D1 ARMENIAN TERRITORIAL DEVELOPMENT FUND Public Disclosure Authorized Public Disclosure Authorized FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT for the year ended 31 December 2015 Public Disclosure Authorized Public Disclosure Authorized [ YEREVAN May 2016 TABLE OF CONTENT Page THE BOARD OF THE ASIF.... ........................................... 3 INDEPENDENT AUDITOR'S REPORT.4 STATEMENT OF FINANCIAL POSITION ..................................... 6 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME.................. 7 STATEMENT OF CHANGES IN EQUITY .................. 8............8 STATEMENT OF CASH FLOWS ........................................... 9 NOTES TO THE FINANCIAL STATEMENTS .......................................... 10 , Armenian TerriorialDevelopment Fund FinanrcialStatemenis for the Year ended 31 Dccembher 2015 THE BOARD The Chairman Hovik Abrahamyan Prime Minister of the Republic of Armenia Members Davit Loqyan Minister of Territorial Administration and Development of the Republic of Armenia 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 Levon Mkrtchyan Minister of Education and Science of the Republic of Armenia Artsvik Minasyan Minister of Economy of the Republic of Armenia Executive Director of representation in Armenia of charitable Jirayr Markosyan organization "Aznavour pour I'Armenie" Ara Vardanyan Executive Director of All-Armenian Fund Levon Karaqashyan Representative of the NGO "Vardanants Azbetner" (Knights of Vardan), USA Hovik Yeordekyan Head of AGBU Armenian Residence Armenian Territorial Development Fund rinancia/Siatemens Jor the year ended 31 December 2015 3 "UOU-IuwS" Uain "SOS-AUDIT" LTD INDEPENDENT AUDITOR'S REPORT On the financial statements ofArmenian Social Investment Fund for the year ended 31 December 2015 To the Management of the Armenian Territorial Development Fund We have audited the accompanying financial statements of the Armenian Territorial Development Fund (the ATDF) which comprise the statement of financial position as at 31 December 2015, 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 Responsibilityfor the FinancialStatements The ATDF's Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board (IASB) within the International Federation of Accountants (IFAC), 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 as issued by International Auditing and Assurance Standards Board (IAASB) within the IFAC. 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 statements 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. 91; p. bp6wuG 0037, U. SSqptuGitu 38/55; :bn.' (+37410) 201151; bwSu'(+37410) 201150 ttL-Onumn' [email protected], [email protected] aSnti0PpuG* 0130; h/h 241061006176 38/55 A. Tigranyan, 0037 Yerevan, RA; Tel.: (+37410) 201151; Fax:(+37410) 201150 E-mail: [email protected], [email protected] 'Unibank" CJSC; CA241061006276 "UOU-IIL11S" U'11Q "SOS-AUDIT" LTD We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion In our opinion the accompanying financial statements present fairly in all material respects the financial position of the Armenian Territorial Development Fund as of 31 December 2015, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards. "SOS-Audit" LLC 31 May 2016 nvel Gh yan One Khachatryan, FCCA a* ector Auditor RA; p. bpLw0 0037, U.Sbqpwjui0 38/55; lbn.' (+37410) 201151; 3Lu'(+37410) 201150 1L-4inum' [email protected], [email protected] aSnL0lpwLp DP; h/h 241061006276 38155 A. Tigranyan, 0037 Yerevan, RA: Tel.: (+37410) 201151; Fax(+37410) 201150 E-mail: [email protected], [email protected] "Unibank" CJSC; CA 241061006276 STATEMENT OF FINANCIAL POSITION Armenian Territorial Development Fund As at 31 December 2015 Note As at 31.12.2015 As at 31.12.2014 USD USD ASSETS Non-current assets Property and equipment 3 41,461 21,188 Funds receivable 4 130,747,124 250,145 Total non-current assets 130,788,585 271,333 Current assets Advances 5 384,803 44,866 Cash 6 22,452,045 1,067,006 Total current assets 22,836,848 1,111,872 TOTAL ASSETS 153,625,433 1,383,205 LIABILITIES AND EQUITY Equity Founders' contribution 7 151,631 151,631 Accumulated deficit (177,877) (209,395) Total equity (26,246) (57,764) Non-current liabilities Government grants 8 153,535,063 1,120,993 Total non-current liabilities 153,535,063 1,120,993 Current liabilities Accounts payable 9 116,617 319,976 Total current liabilities 116,617 319,976 TOTAL LIABILITIES AND EQUITY 153,625,433 1,383,205 The financial statements were approved by the management of the Armenian Social Investment Fund on 31 May 2016 and signed on its behalf The accompanying notes form an integral part ofthesefinancial statements. Levon Dulyan Finance and Administrative Director [ = Armenian Territorial Development Fund FinancialStatementsfor the Year ended 31 December 2015 6 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Armenian Territorial Development Fund For the year ended 31 December 2015 Year ended Vear ended 31.12.2015 31.12.2014 Note USD USD Cost of the Projects 10 (2,030,537) (4,858,490) Income from Grants 8 2,030,537 4,858,490 Other income/(expense), net 35,854 19,157 Exchange gainl(loss), net (4,336) (50,483) Results of the year before income tax 31,518 (31,326) Income tax - - Results of the year 31,518 (31,326) L Other comprehensive income - - .L Comprehensive result for the year 31,518 (31,326) I. Lj F Armenian Territorial Development Fund Financial Statements for the year ended 31 December 20/5 STATEMENT OF CHANGES IN EQUITY Armenian Territorial Development Fund For the year ended 31 December 2015 Founders Accumulated Total contribution deficit USD USD USD Balance as at 1 January 2014 151,631 (178,069) (26,438) Results of the year - (31,326) (31,326) Balance as at 31 December 2014 151,631 (209,395) (57,764) Results of the year - 31,518 31,518 Balance as at 31 December 2015 151,631 (177,877) (26,246) Li EL Armenian TerritorialDevelopment Fund FinancialStatements for die year emded 31 Decemnber 20/S8 STATEMENT OF CASH FLOWS Armenian Territorial Development Fund For the year ended 31 December 2015 - Year ended Vear ended 31.12.2015 31.12.2014 USD USD Operating cash flows Funds received/(refunded) ASIF III (41,132) 4,689,006 SDC Grant 234,589 68,851 SILD 1,782,415 - SSIP 21,949,766 USAID Grant 22,000 - K 23,947,638 4,757,857 Expenditures on Projects ASIF 111 (913,431) (4,736,951) L SDC Grant (252,006) (36,664) SILD (1,384,497) SSIP L USAID Grant (6,691) - (2,556,625) (4,773,615) Other operating cash flows (net) 2,026 21,078 Total Operating cash flows 21,393,039 5,320 Exchange difference (8,000) (97,889) Net cash flows 21,385,039 (92,569) Opening cash balance 1,067,006 1,159,575 Closing cash balance 22,452,045 1,067,006 L Armenian Teiritorial Development rund FinancialSitemenisfor theyear ended 31 December 2015 NOTES TO THE FINANCIAL STATEMENTS Armenian Territorial Development Fund For the year ended 31 December 2015 1. Background 1.1 The foundation and its objectives The Armenian Territorial Development Fund (ATDF) is renamed from Armenian Social Investment Fund (ASIF). The ATDF operates based on the new Charter since 4 August 2015, and continues ordinary activities of the ASIF. So the financial statements for the year ended 31 Dec 2015 are natural furtherance of the ASIF financial statements of the previous periods. The ASIF has been established by a Decree N 162 dated I 1.04.2000 of the Government of the Republic of Armenia, the sole founder, as an autonomous non-profit agency to assist in the rehabilitation of small-scale infrastructure through community initiated and demand-based activities. It was registered in accordance with resolution N 988
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