1 / 10

anOC FINANCE AND AUDIT COMMISSION

This report provides an overview of the financial statements, operating results, and audit findings of the Association of National Olympic Committees (ANOC) for the year 2017. It also includes the budgeted operating expenditure for 2018 and the subsidy received from the IOC.

jtommie
Download Presentation

anOC FINANCE AND AUDIT COMMISSION

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. ASSOCIATION OF NATIONAL OLYMPIC COMMITTEES ASSOCIATION DES COMITÉS NATIONAUX OLYMPIQUES ASOCIACIÓN DE COMITÉS OLÍMPICOS NACIONALES anOC FINANCE AND AUDIT COMMISSION Report to the ANOC General Assembly – November 28th, 2018 Mrs. DagmawitGirmay BERHANE – Member of the ANOC Finance and Audit Commission

  2. Finance and audit commission report Tokyo – November 28th, 2018 Operating results in 2017

  3. Finance and audit commission report Tokyo – November 28th, 2018 Operating expenditure in 2017

  4. Finance and audit commission report Tokyo – November 28th, 2018 reporting standards ANOC Audited Financial Statements were prepared in accordance with International Financial Reporting Standards (IFRS) for Small and Medium Enterprises (SMEs) for the second year. Those standards are tailored for SMEs that are not publicly listed. Accounting statements are prepared in a simplified format that is easy to read and understand. They are less expensive to use than full IFRS and, at the same, fully transparent. Financial Statements are prepared on a consolidated basis as they include the assets, liabilities and operating results of AWBG World Beach Games Ltd, a 100% subsidiary of ANOC. The subsidiary currently has no activity.

  5. Finance and audit commission report Tokyo – November 28th, 2018 FINANCIAL STATEMENTS 2017: MAIN ITEMS (1/3) • The total balance sheetamounts to 43.4 million USD and shows a solidfinancial situation: • the assets are mainlycomposed by depositswith the twolargestSwissbanks as well as the carrying value of ANOC’sheadquarters’ building • ANOC’sreservescarriedforwardamounted to 41.7 million USD of which USD 26.3 million are unusedfundscarriedforward. Unusedfundsfrom the prior years have been budgeted for expenditure on the ANOC WBG and NOC support under the agreement with the IOC.

  6. Finance and audit commission report Tokyo – November 28th, 2018 FINANCIAL STATEMENTS 2017: MAIN ITEMS (2/3) • The incomestatement shows that ANOC received a grantfrom the IOC amountingto USD 12.6 million for 2017 in line with the budgetedamount. • On the expenditureside, operating expensedwere 14% below budget mainlyrelating to the ANOC WBG and to ExecutiveCouncil and Commissions’ meetings. • Investment income for 2017 amounted to USD 130 thousand. • This resultreflectsANOC’s prudent and risk adverse investmentpolicy as well as the currentinterest rates environment.

  7. Finance and audit commission report Tokyo – November 28th, 2018 FINANCIAL STATEMENTS 2017: Main Items (3/3) The ANOC Finance and Audit commission notedthatfinancialgovernance, internalcontrols and financialreportingare adequate. It has taken note of the ExternalAuditors’ report and has recommended to the ExecutiveCouncil to approve the 2017 financialstatements as are presentedtoday to the ANOC 2018 General Assembly.

  8. Finance and audit commission report Tokyo – November 28th, 2018 Budgeted operating expenditure for 2018

  9. Finance and audit commission report Tokyo – November 28th, 2018 budget for 2018 Subsidy from the IOC for the 2017-2020 quadrennial amounts to $53,800,000or $13,450,000 per annum. Agreement with the IOC and Olympic Solidarity for annual subsidy does not include non-cash expenditure (i.e. amortisation charges) so the budget for 2018 has been reduced to $12,650,000 (same as 2017) The budgeted expenses amount to $ 13.8 million for 2018. The increase compared to 2017 (+ 8%) is related to the budgeted expenses for the 2018 General assembly compared to 2017 and to increase in the forecasted expenses related to organization of the ANOC WBG. The expenses for the first 9 months 2018 are in line with the budget.

  10. Finance and audit commission report • Tokyo – November 28th, 2018 • THANK YOU - ARIGATO

More Related