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CARIBBEAN POSTAL UNION FINANCIAL STATEMENTS DECEMBER 31, 2014 (expressed in United States dollars) G LLEWELLYN GILL & CO. CHARTERED ACCOUNTANTS P O BOX 546, CASTRIES CARIBBEAN POSTAL UNION DECEMBER 31, 2014 (expressed in United States dollars) CONTENTS Page INDEPENDENT AUDITORS' REPORT 1-2 FINANCIAL STATEMENTS Statement of Financial Position 3 Statement of Receipts and Expenditure 4 Statement of Accumulated Funds 5 Statement of Cash Flows 6 Notes to Financial Statements 7-10 G LLEWELLYN GILL & CO. CHARTERED ACCOUNTANTS P O BOX 546, CASTRIES CARIBBEAN POSTAL UNION INDEPENDENT AUDITORS' REPORT To the Members of the: CARIBBEAN POSTAL UNION Report on the Financial Statements We have audited the accompanying financial statements of the CARIBBEAN POSTAL UNION which comprise the statement of financial position as at December 31, 2014 and the statements of receipts and expenditure, statement of accumulated funds 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 Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. 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 of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk 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 evaluating the appropriateness of accounting principles used and the reasonableness of accounting estimates made by management, as well as evaluating the overall financial statement presentation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 1. CARIBBEAN POSTAL UNION INDEPENDENT AUDITORS' REPORT (Cont'd) To the Members of the : CARIBBEAN POSTAL UNION Report on the Financial Statements Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the CARIBBEAN POSTAL UNION as of December 31, 2014, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards for Small and Medium-sized Entities. Castries, St Lucia January 14, 2015 Chartered Accountants 2. CARIBBEAN POSTAL UNION BALANCE SHEET AS AT DECEMBER 31, 2014 (expressed in United States dollars) ASSETS 2014 2013 CURRENT Cash (Note 4) $ 113,710 $ 120,748 Accounts receivable (Note 5) 100,688 98,443 214,398 219,191 EQUIPMENT (Note 6) 1,360 635 215,758 219,826 LIABILITIES CURRENT Accounts payable 1,500 1,500 Prepaid contributions (Note 7) 25,068 15,343 26,568 16,843 MEMBERS' FUNDS ACCUMULATED FUNDS 189,191 202,983 $ 215,759 $ 219,826 APPROVED BY THE MANAGEMENT BOARD: _____________________________ Chairman The accompanying notes form an integral part of these statements. 3. CARIBBEAN POSTAL UNION STATEMENT OF RECEIPTS AND EXPENDITURE FOR THE YEAR DECEMBER 31, 2014 (expressed in United States dollars) 2014 2013 RECEIPTS Members' contributions $ 108,000 $ 112,000 Development Fund 28,000 29,000 Interest Income 525 513 136,525 141,513 EXPENDITURE Admin travel 8,985 2,251 Bank charges 2,189 1,439 Depreciation 506 1,175 Utilities 3,681 1,989 Repairs and maintenance 1,232 1,908 Legal and professional fees 3,489 2,163 Provision for bad debts - 62,000 Meetings 54,788 6,663 Office supplies 3,338 1,248 Training Centre 7,373 - Training workshop - 24,713 Staff Cost 64,736 55,536 150,317 161,085 EXCESS RECEIPTS OVER (EXPENDITURE), for the year $ (13,792) $ (19,572) The accompanying notes form an integral part of these statements. 4. CARIBBEAN POSTAL UNION STATEMENT OF ACCUMULATED FUNDS FOR THE YEAR ENDED DECEMBER 31, 2014 (expressed in United States dollars) 2014 2013 ACCUMULATED FUNDS, beginning of year $ 202,983 222,555 EXCESS RECEIPTS OVER (EXPENDITURE), for the year (13,792) (19,572) ACCUMULATED FUNDS, end of year $ 189,191 $ 202,983 The accompanying notes form an integral part of these statements. 5. CARIBBEAN POSTAL UNION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2014 (expressed in United States dollars) 2014 2013 Cash Flows from Operating Activities Excess Receipts over (Expenditure) for the year $ (13,792) $ (19,572) Add (deduct): charges to income not involving cash Depreciation 506 1,175 Write off of contributions - 62,000 (13,286) 43,603 Net change in non-cash working capital balances related to operations* 7,479 44,413 Net cash provided by (used in) operating activities (5,807) 88,016 Cash Flows from Investing Activities Additions to equipment (1,231) - Net cash (used in) investing activities (1,231) - INCREASE (DECREASE) IN CASH (7,038) 88,016 CASH AND CASH EQUIVALENTS, beginning of year 120,748 32,732 CASH AND CASH EQUIVALENTS, end of year $ 113,710 $ 120,748 * Consisting of changes in Accounts receivable $ (2,246) $ 28,012 Prepaid contributions 9,725 15,343 Accounts payable - 1,058 $ 7,479 $ 44,413 The accompanying notes form an integral part of these statements. 6. CARIBBEAN POSTAL UNION NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2014 (expressed in United States dollars) 1. INTRODUCTION The Caribbean Postal Union was established in 1997 under the Lome IV Convention with 15 Caribbean members. The Objective of the Union as declared by Article 12 of the Convention states as follows: Improve the response to customer requirements for postal facilities of all kinds: to facilitate the improvements and security of postal services: co-ordinate postal training arrangements and postal operational services and promote international postal co-operation in the spirit and observance of the Acts of the Universal Postal Services. Current membership stands at 29 countries including English, French, Spanish and Dutch speaking Caribbean territories and the USA, Canada, France, the United Kingdom and the Netherlands. 2. SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation These statements are prepared in accordance with International Financial Reporting Standards which comprise standards issued or adopted by the International Accounting Standards Board and interpretations issued by its Standing Interpretations Committee. They have been prepared under the historical cost convention and are expressed in United States Dollars. There has been no changes in accounting policies from the previous year. Receipts and expenditure are accounted for on the accrual basis of accounting. (b) Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand with original maturities of less than one year. For the purpose of the cash flow statement, cash and cash equivalents comprise balances of cash on hand and cash at bank in operating accounts. (c) Accounts receivable Accounts receivable are measured at amortised cost less, where applicable any allowance for impairment. (d) Equipment Equipment is stated at historical cost less accumulated depreciation. Additions to Equipment are recorded at cost. Depreciation is calculated on the straight line basis, so as to write off the cost of each asset over their estimated useful lives as follows: - Office furniture - 15 % Office equipment - 20 % (e) Accounts payable Trade accounts, other payables and accrued liabilities represent the principal amounts outstanding at the balance sheet date. 7. CARIBBEAN POSTAL UNION NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2014 (expressed in United States dollars) (f) Foreign currency transactions Functional and presentation currency Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The financial statements are presented in United States dollars, which is the Company's functional and presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. 3. FINANCIAL RISK MANAGEMENT In accordance with the provisions of International Accounting Standard No. 32,
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