The Tax Justice Network lnternational Secretariat Limited. 31 December Report and Accounts. Registered number
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1 Regsered number The Tax Jusce Nework lnernaonal Secreara Lmed Repor and Accouns 31 December Chapman, Robnson & Moore Lmed Accounans & Regsered Audors 30 Banksde Cour Saonfelds Kdlngon Oxford OXs 1JE
2 Regsered number: Drecors' Repor The Drecors presen her repor and accouns for he perod endng 31 December. Prncpal Acves The Company's prncpal acvy durng he calendar year endng 31.' December 201"2 was he supply of research, advocacy and professonal advsoryservcesoheglobal ax.juscemovemen. Ourworkdurnghsperodnvolvedseveral researchprogrammes and a connued commmeno producngand dssemnang maerals relangohe MoblsngforTaxJusce programme. The Tax Jusce Nework also engaged wh s parners across he world n preparng for he launch of a new Global Allance for Tax Research, a new campagnng movemen commed o organsng and coordnang regonal and global campagns on core ax jusce ssues. ThecreaonofheGlobalAllancewasrafedbyheTaxJusceCouncl asmeengnlma,peru,nmarch2013. The Company made sgnfcan progress n several key areas n. Noable hghlghs ncluded organsng a hgh profle nernaonal conference on corporae axaon n Helsnk, Fnland; launchng and dssemnang a new programme oftaxcass produced by Naom Fowler; publshng an updaed edon of 'dx us l you cdn'wh an accompanyng revsed esmae of he Prce of Offshore; launchng a new ranng programme for nvesgave ournalss. The servces we provded durng ncluded (n no parcular order): - Organsng he annual AABA/TJN research workshop on he heme of Tax Avodance, Corrupon and Crss n July a Essex Unversy, England; - Supporng he launch of Canadans for Tax Farness; - Launchng a monhly seres of Taxcass (hs s par of he Moblsng for Tax Jusce programme); - Co-organsng and parcpang n he work of he Coordnang Commee of he nernaonal Task Force on Fnancal lnegry and Economc Developmen; - Supporng he preparaon of a Spansh language verson of he Tackle Tax Havens webse and accompanyng socal meda (hs s par of he Moblsng for Tax Jusce programme); - Parcpang n a new programme o research forms of wealh axaon; -Co-organlsngaranngprogrammefornvesgavejournalss. AplocoursewasheldaCyUnversy,London,nMarch20l3 nvolvnglgparcpansfrom15counres. ThecourseWasco-organsedwhheCenreforlnvesgavelournalsm(hssparofhe Moblsng for Tax Jusce programme); -Updanghefrsedonof axusfyouconandpublshngnbohdgal andhardcopyedons- Overwohousandhardcopes havealreadybeendsrbuedoparnerorgansaonsaroundheworld. (hssparofhemoblsngfortaxjusceprogramme); - Parcpang n he work on he OECD's nformal Task Force on Tax and Developmen; - Supporng he 'nernaonalsaon' of he flm We're No Broke for release wh Arabc, French, German and Spansh sub-les (hls s par of he Moblsng for Tax Jusce programme); - Provdng research and advsory servces o ncubae he developmen of a Far Tax Mark; - Provdng admnsrave, fund-rasng, secreara and advsory suppor o he global Board and regonal seerng commees; - Publshng frequen blogs on ax jusce relaed ssues; - Underakng a some nal mappng work for he scope and naure of educaonal maerals; - Advsng he nernaonal press on ax jusce relaed ssues. The Company acheved s prncpal objecves n.
3 Regsered number: Drecors' Repor Fundng ln our gran ncome amouned o f605k, comparable o 2O'J-'J-,and expendure amouned o f628k, ofwhch overheads accouned for a mere 3 per cen. n 20L2 grans were receved from: - Acon Ad - Chrsan Ad - Task Force on Fnancal negry - The Assocaon for Accounancy and Busness Affars - Joseph Rownree Charable Trus - Governmen of Fnland - The Nework for Socal Change - Norad - Oxfam-Novb Research Programmes Our programme o monorhe OECD'S Global Forum process and progress on nformaon exchange processes has suppored hgh leveladvocacyprogrammesnmanycounresandaoecd,europeancommssonandcounclof Europelevels. lnheoecd commedodevelopngsworkauomacnformaonexchangeprocesses. Wewll connueomonorherworknhsarea. ln January 2O we commssoned Jm Henry o prepare an expanded and updaed esmae of he volume of prvae wealh held unaxedoffshore. Theprevousesmaewaspreparedn2005andpublshedunderheleThePrceolOffsho/e.Jm'sesmaeled The Prce of Oflshore Revsed - was publshed n J uly, achevng exraordna ry press coverage (see chor 7 below) a nd rasng publc awareness across he world. TJN connues o organse, co-hos, fund and parcpae n research semnars, conferences, capacy-buldng workshops, and relaed evens. Thehemeofourannuaresearchworkshop(co-organsedwhheAssocaonforBusnessandAccounancyAffars)wasTax Avodance, Corrupon and Crss. We also organsed a conference on ransfer prcng, held n Helsnk wh suppor from he Fnnsh governmen. Researchforhe2013Fnancalsecrecylndexsarednquarer4, TheresulsarescheduledforpublcaonnNovember2013. WehaveconnuedoadvseoncasesudesrevealnghesysemcproblemsarsngfromheOECD'Sapproachoransferprcng. ln we wdened our research no wo new programmes: () he developmen of a Far Tax Mark (headed programme no combned reporng wh unary axaon (headed by 5ol Pccoo). Exernal Communcaons The prorles over he pas 12 monhs ncluded preparng maerals for he Moblsng for Tax Jusce Campagn (see my Drecor's repor for 2011), o prepare wo lenghy arcles fo r Vany Fob magazne, and o suppor he launch of The Prce o Ollshorc Revsed. Chdrl llusraes he seady ncrease of global meda coverage of our work, hghlghng he usefulness of our se pece oupus. TjN saff connue o work wh.ournallss and documenary makers from across he world, and we have parcpaed n dozens of rado programmes n addon o he very successful Taxcas seres launched n
4 Regsered number: Drecors' Repor cha 7: Medo covercge ol se pece TN reseorch oupus '2070 Olfuh*r fevr*d Tacke Ter Havef! s.. 9ll,r.F,E & Source: Melwoe News(wh hanks o Donel MacKenze) n Ja nua ry Dan H nd, prevously a n edor a Rando m House, was apponed edo of Tax lusce Focus, suppored by John ChrsensenandNcholasShaxsonascommssonngedors. Threeedonsof JFwerepublshedn20l2covernghefollownghemes: - occupy, gues eded by occupy London (vol 7, no.1) - nequoy,gues eded by Kae Pcke and Rchard Wlknson (vol 7, no.2) - Transle Prcng, gues eded by Davd Spencer (volume 7, no.3) Rsk assessmen TheCompanyamsomnmsesfxedcossasameansof reducngfnancal rsk. Whlecashflowwasposven2OL2-andweexpec hs o connue hroughou 201"3 - we connue o lack suffcen cash reserves o susan all our programmes hrough lean fundng perods. Followng negoaons wh our parners n he Global Allance for Tax Jusce has been agreed ha we wll rean responsbly for managngandconrollnghetaxjusceneworkbrand. Werecognsehemporanceof proeclnghenegryofhebrandname, and we devoe sgnfcan resource o ensurng he hgh qualy of our research and oher oupus and o mgang lbel rsks. Key pons on governance and accounably The followng are consdered key ssues on whch he Company bases s procedures: 1. Organsng Meengs on behalf of he Nework - Agendas for Meengs are prepared and crculaed n advance - Meengs are run on a consensual bass - AllAgenda ems are deal wlh and acon pons are noed and followed up on - Mnues are prepared and crculaed for commen whn four workng days afer he Meeng - Once agreed, Mnues are kep n a separae Mnue book and are avalable for nspeclon. They are also made avalable for download from an onlne archve. 2. Fundng and fnancal record keepng - Fundng s acceped only on he bass of no condonaly as o use; - Complee ransparency s requred on donaons from organsaons; - Donaons wll no be acceped from organsaons holdng vews ha are deemed ncompable wh he general ehos of he Tax Juslce Nework; - Donaons from ndvduals are acknowledged on an anonymous bass; - Fnancal sysems are open and ransparen.
5 , The Tax Jusce Nework lnernaonal Secreara Lmed Regsered number: Drecors' Repor 3. Accounably o sakeholders - Unl 31' March 2013 Tax Jusce Nework lnernaonal Secreara Lmed employees repored o he monhly meengs of he ; BoardofDrecorsofTaxJusceNeworkAssocaonlnernaonal SansBuLucraf. Froml'Aprl 2013employeesofTJNLmed became accounable o he newly creaed Board oftax Jusce Research Lmed. 4. Travel polcy : -TheCompanyoperaesonavrual bass. Tele-workngsencouraged,whphone,emalandSkypeprovdngheprncpal meansfor : communcaon beween offcers and across he nework.! - Physcal journeys are kep o an absolue mnmum as far as s praccable and wherever possble he use of bcycles and publc : ransporsencouraged. Carusesposvelydscouragedoherhanwhenalernavesarewhollympraccal. : - Where he Company represens he TJN a nernaonal meengs, generally seeks o secure fundng from eher he meeng, organsers or from oher donors. ln all cases, when ravellng by eher ran or arplane, he cheapes avalable ckes are bough and carbon offses are pad for where avalable., : 5. Telecoms and CT polcy - The Company sources s elecoms servces from The Phone Coop, a cusomer owned and democracally conrolled elecoms and nerne servces provder. -TheCompanyacvelyencouragessconacsousevoceovernerneservcesformosneworkcommuncaons. Weamohold he majory of our meengs onlne, bu frequen physcal meengs are consdered mporan for encouragng creavy and eam- bu ld ng. - Snce 2OO3 he Tax Jusce Nework has operaed on a vrual bass, wh Skype, Horde and Dropbox provdng nernal communcaons and flle-sharng plaforms, and usng blogs, webses, wler and oherfeeds o communcae exernally. - ln he Company commed o upgradng s nformaon and communcaon echnology plaform o enable a secure, scaleable : and fully negraed plaform for documen archvng, daabase hosng, use of socal meda, projec specfc collaboraon, hardware and sofware monorng and updae, raceably and dscovery of nernal and exernal communcaons. By end-2013 all company employees wll have mgraed o cloud based documen managemen usng he Mcrosof Offce 355 pro plaform, whch wll provde heechnologybaseforhenexenyears. ThecompanyhasreanedAkemanSoluonsLmedoadvseonandmplemenhs programme. 6. Fnancal servces, payroll managemen and nsurance - The Company uses bankng servces provded by he Cooperave Bank plc, 1 Balloon Sree, Mancheser. Through hs accounng perodwealsooperaedaeurodenomnaedaccounwhtrodosbank, Brussels. ConroloverheEuroaccounhasbeenpassedo he Global Allance for Tax Jusce. - The Company s provded wh book-keepng and acaounng servces by Glyn Prchard. - Accounng and aud servces are provded by Chapman, Robnson and Moore Lmed, Kdlngon, Oxfordshre. - Payroll servces are provded by Fensde AccounnS, Boson, Lncolnshre. - nsurance servces are provded by Farweaher lnsurance Servces, Chalfon San Peer, Bucknghamshre. 7. wase managemen polcy - The Company ams o mnmse wase oupu and recycle as much wase as possble. -Emalsarenoprnedunlessheresanabsoluerequremenforapaperrecord,andelecroncflngrecordsakeproryoverpaper flng. 8, Equal opporunes " - The Company pursues an equal opporunes polcy. 9, Pensons polcy - The Company conrbues o employee penson funds. "
6 Regsered number: Drecors' Repor 0. Language polcy - The Company follows he language polcy gudelnes promoed by he Tax Jusce Nework. l 11. Engagemen wh sakeholders - The Tax Jusce Nework ams o respond o wren enqures whn 24 hours - We gve prory o promong polcy alernaves o denfed sysemcfalures. -Wegvehghprloryosupporngjournalss,wrers,broadcasers,ec,nherreporngandanalyssofaxjuscerelaedssues :-Weacvelysupporsresearchersengagngonaxjuscerelaedresearch,andwll makeparcularefforogudeherresearch. : : ; 12. Whsleblower polcy r We are commed o he hghes possble sandards of ransparency, proby and accounably. n lne wh ha commmenwe expecemployees,andohersweworkwh,whohaveserousconcernsabouanyaspecofhetjn'sworkocomeforwardandvoce : hose concerns. : Our whsleblowng polcy apples o all employees, (ncludng hose desgnaed as consulans, emporary, agency, auhorsed :voluneersornerns). Thepolcyamsoprovdeavenuesforanemployeeoraseconcernsnconfdenceandrecevefeedbackonany : acon aken, and covers a range of ssues, ncludng: : - Conduc whch s an offence or a breach of law; : - Dsclosures relaed o mscarrages ofjusce;!-healhandsafeyrsks,ncludngrsksohepublcaswell asoheremployees; : - Damage o he envronmenu : - Unauhorsed use oftjn funds;, - Possble fraud and corrupon; :-Sexualorphyscalabuseofcolleaguesorhoseforwhomweareprovdngaservce; : - Oher unehcal conduc : Oher ssues may also be deal wh under hs polcy. ; 3.Employees A 31' December TJN employed or engaged he followng saff and projec consulans on a full or par-me bass: -John Chrsensen, drecor, based n Chesham, U.K.; - Naom Fowler, rado producer, based n Scly; - Moran Harar, researcher, based n Tel Avv, lsrael; ' - Andres Knobel, researcher, based n Buenos Ares, Argenna; - Sarah Kno, meda suppor, based n Ken, U.K.; - Markus Menzer, senor researcher, based n Marburg, Germany; - Meesha Nehru, researcher, based n Surbon, U.K.; - Lz Nelson, parnershp developmen/resources coordnaon, based n Oxford; - Glyn Prchard, fnancal accounng, based n Oxford, U.K.; - Nck Shaxson, wrer and researcher, based n Zurch, Swzerland. The company also seryes as lne manager for Nck MATHASON, who, whle echncally conraced as a consulan o he Task Force on Fnancal lnegryandeconomcdevelopmen,sbasednlondonwhtjnacngasadmnsraveagen. Thefeesareenrelyfunded by gran from Norad wh TJN-lS recevng an admnsrave fee.
7 Regsered number: Drecors' Repor 14, Drecors The Drecors who served durng hs perod were: - John Ello Chrsensen (snce January 2005). - Cahy Cross (snce Augus 2009) - Bruno Gurner (snce March resgned 7h May, 2013) -Rchard James Murphy (apponed 7h May, 2013) - Lz Nelson served as Company Secreary. Each Drecor was a guaranor of he Company from he dae of her apponmen and remaned so a he year end dae. Name Change n 2013 lnmarch2013hetaxjuscecouncl agreedhecrealonofheglobalallancefortaxjusce. Thsallancewll becoordnaedbya commeeservedbyanewnernaonal secreara. WheffecfromMarch2013,hesecrearaservlcesprevouslyprovdedo heglobal Boardof DrecorsbyTaxJusceNeworklnernaonal SecrearaLmedwll beakenoverbyhsnewsecreara. For hs reason, we have resolved o change he Company name o Tax Jusce Nework Lmed. small company specal provsons Ths repor has been prepared n accordance wh he specal provsons of Par V of he Companes Ac 1985 relang o small Ths repor was approved by he board on and sgned on s behall p An'*a,n** J Chrsensen Drecor
8 ndependen audors' repor o he shareholder of The Tax Jusce Nework nernaonal Secreara Lmed We have auded he accouns of The Tax Jusce Nework lnernaonal Secreara Lmed for he year ended 31 December whch comprse he Prof and Loss Accoun, he Balance Shee and he relaed noes. The fnancal reporng framework ha has been appled n her preparaon s applcable law and he Fnancal Reporng Sandard For Smaller Enes (effecve Aprl 2008) (Uned Kngdom Generally Acceped Accounng Pracce applcable o Smaller Enes). Ths repor s made solely o he company's members, as a body, n accordance wh Chaper 3 of Par 16 of he Companes Ac Our aud work has been underaken so ha we mgh sae o he company's members hose maers we are requred o sae o hem n an audors' repor and for no oher purpose. To he fulles exen permed by law, we do no accep or assume responsbly o anyone oher han he company and he company's members as a body, for our aud work, for hs repor, or for he opnons we have formed. Respecve responsbles of drecors and audors As explaned more fully n he Saemen of Drecors' Responsbles, he drecors are responsble for he preparaon of he accouns and for beng sasfed ha hey gve a rue and far vew. Our responsbly s o aud and express an opnon on he accouns n accordance wh applcable law and lnernaonal Sandards on Audng (UK and lreland). Those sandards requre us o comply wh he Audng Pracces Board's (APB's) Ehcal Sandards for Audors. ln accordance wh he exempon provded by APB Ehcal Sandard - Provsons Avalable for Smaller Enes (Revsed), we have prepared and submed he company's reurns o he ax auhores and asssed wh he preparaon of he accouns. Scope of he aud of he accouns A descrpon of he scope of an aud of fnancal saemens s provded on he APB's webse a rc. o rg. u k/apb/scope/prvae. cf m Opnon on he accouns ln our opnon he accouns:. gve a rue and far vew of he sae of he company's affars as a 31 December and of s prof for he year hen ended; o have been properly prepared n accordance wh Uned Kngdom Generally Acceped Accounng Pracce applcable o Smaller Enes; and o have been prepared n accordance wh he requremens of he Companes Ac Opnon on oher maers prescrbed by he Companes Ac 2006 ln our opnon he nformaon gven n he Drecors' Repor for he fnancal year for whch he accouns are prepared s conssen wh he accouns. Maers on whch we are requred o repor by excepon We have nohng o repor n respec of he followng maers where he Companes Ac 2006 requres us o repor o you f, n our opnon: r adequae accounng records have no been kep, or reurns adequae for our aud have no been receved from branches no vsed by us; or o he accouns are no n agreemen wh he accounng records and reurns; or r ceran dsclosures of drecors' remuneraon specfed by law are no made; or o we have no receved all he nformaon and explanaons we requre for our aud; or o he drecors were no enled o prepare he accouns and he drecors' repor n accordance wh he small (Senor Sauory Audor) for and on behalf of Chapman, Robnson & Moore Lmed Accounans and Sauory Audors Banksde Cour Saonfelds Kdlngon Oxford OX5 1JE
9 lncome and Expendlure Accoun for he year ended 31 December 2O12 Noes Turnover Cos of saes Gross surplus Ad m n srave expenses Operang surplus lneres recevable Surplus on ordnary acves before axaon Tax on surplus on ordnary acves f 632,355 (377,464\ 254,891 (250,725) 4, ,726 (1,101) 2011 e 533,905 (196,439) 337,466 (323,988) 13, ,949 (2,876) Surplus for he fnancal year 3,625 11,073
10 Balance Shee as a 31 December Fxed asses Tangble asses Noes e 1,050 Curren asses Debors Cash a bank and n hand Credors: amouns fallng due whn one year 5 18, , ,175 6 (244,001) 5, , ,660 (235,88e) Ne curren asses 25,174 20,771 Ne asses 25,446 21,821 Capal and reserves Reaned Funds 25,446 21,821 Shareholder's funds 25,446 21,821 The accouns have been prepared n accordance wh he provsons n Par 15 of he Companes Ac 2006 applcable o companes subjec o he small companes regme. &^,' \Wu$sr',-- J Chrsensen Drecor Approved byhe board on
11 Noes o he Accouns for he year ended 31 December 1 Accounng polces Bass of preparaon The accouns have been prepared under he hsorcal cos convenon and n accordance wh he Fnancal Reporng Sandard for Smaller Enes (effecve Aprl 2008). Turnover Turnover represens he value, ne of value added ax and dscouns, of goods provded o cusomers and work carred ou n respec of servces provded o cusomers. Deprecaon Deprecaon has been provded a he followng raes n order o wre off he asses over her esmaed useful lves. Plan and machnery 33% sragh lne Foregn currences Transacons n foregn currences are recorded a he rae rulng a he dae of he ransacon. Moneary asses and lables denomnaed n foregn currences are ranslaed a he rae of exchange rulng a he balance shee dae. All dfferences are aken o he ncome and expendure accoun. Pensons The company operaes a defned conrbuon penson scheme. Conrbuons are charged o he ncome & expendure accoun as hey become payable n accordance wh he rules of he scheme. Operang surplus Ths s saed afer chargng: Deprecaon of owned fxed asses Drecors' remuneraon Penson coss Number of drecors o whom benefs accrued under money purchase penson schemes ,675 12, ,074 35,000 10,920 10
12 Noes o he Accouns for he year ended 31 December 2O12 3 Taxaon 2011 f UK corporaon ax al20o/" 1,101 2,876 4 Tangble fxed asses Cos A 1 January A31 December Deprecaon A 1 January Charge for he year A 3'l December 2412 Ne book value A31 December A 31 December Plan and machnery ec 5,026 5,026 3, , ,050 5 Debors Trade debors e 18, c 5,722 6 Credors: amouns fallng due whn one year E 2011 Corporaon ax Deferred lncome Norad Parnershp fnal paymen for pad n 2013 Credors relang o pad n , ,000 32,000 27,900 2, ,815 27, , ,889 11
13 Noes o he Accouns for he year ended 31 December 7 Deferred Grans Deferred lncome as a 1s January lncome receved durnq vear Joseph Rownree Charable Trus GTZ Global Fnancal lnegry Programme Chrsan Ad AABA DfD Oxfam Novb Norad Nework for Socal Change Fnnsh Governmen Acon Ad Euro Gran Toal ncome receved durng year Expendure durng year Deferred lncome as a 31s December Deferred ncome made up as follows Joseph Rownree Charable Trus Global Fnancal lnegry Programme Chrsan Ad AABA Oxfam Novb (receved December 2011) Nework for Socal Change Fnnsh Governmen Acon Ad Norad Small Grans Toal deferred ncome 205,815 37,500 73, ,000 79, ,111 11,152 62,244 10, , , ,045 30,520 35,277 5,805 5,000 80,579 2,902 4,497 10,000 4,769 3, ,085 8 lncome & Expendure accoun A 1 January Surplus for he year A 31 December 21,821 3,625 25,446 12
14 Noes o he Accouns for he year ended 31 December 2O12 9 Conngenlables The company does no have a share capal and s lmed by guaranee. ln he even of he Company beng wound up he maxmum amoun each member s lable o conrbue s 1. There were 3 guaranor members a he balance shee dae. 10 Ulmae conrollng pary The company s conrolled by he Tax Jusce Nework Assocaon Sans Bu Lucraf. Tax Jusce Nework Assocaon Sans Bu Lucraf s a no for prof organsaon regsered n Belgum. Pos balance shee even On 17h July, Tax Jusce Research Lmed was ncorporaed and on 7h May, 2013 a Cerfcae of Resoluon was passed by wren resoluon ha " Tax Jusce Nework Assocaon lnernaonale Sans Bu Lucraf cease o be a member of he company and ha Tax Jusce Research becomes a member n s place". 13
15 The Tax Jusce Nework nernaonal Secreara Lmed Dealed ncome and expendure accoun for he year ended 31 December 2O12 Sales Cos of sales Gross surplus Adm n srave expenses Operang surplus lneres recevable e 632,355 (377,464) 254,891 (250,725) 4, ,905 (196,439) 337,466 (323,988) 13, Surplus before ax 4,726 '13,949 14
16 Dealed ncome and expendure accoun for he year ended 31 December 2O12 Sales Grans receved Oher lncome Cos of sales Research coss Research coss - DfD Admnsrave expenses Employee coss: Wages and salares Drecors' salares Pensons Employer's Nl Travel and subssence Premses coss: Offce renal charge Lgh and hea General admnsrave expenses: Telephone and fax Saonery and prnng Books, journals and research Bank charges lnsurance CT plaform upgrade Deprecaon Sundry expenses Legal and professonal coss: Aud fees Accounancy fees Solcors fees Markeng & webse coss 628,189 4, ,427 13, , , , ,680 18, , , , ,768 38,675 35,000 12,531 10, ,554 10,022 17,436 56, , ,986 5,542 1,566 1,233 1,566 6,775 3,127 3, , , , ,087 8,909 3,1 50 3,1 30 9,605 9, ,524 27,441 41,279 40, , ,988 15
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