UNIDROIT FOUNDATION Foundation for the Support of UNIDROIT

Transcription

1 UNIDROIT FOUNDATION Foundation for the Support of UNIDROIT Board of Governors 16 th Session Rome, 5 May 2015 BG(16) 6 Rev Item 5(1) on the Agenda: Approval of the Accounts for the Financial Year ended 31 December 2014 Attached, the Annual Report 2014 prepared by Baker Tilly Berk N.V., Almere (The Netherlands) for the approval of the Board.

2 UNIDROIT FOUNDATION Foundation for the Support of UNIDROIT 2

3 STICHTING VOOR EENMAKING VAN HET RECHT/ THE UNIFORM law FOUNDATION located, 'S-GRAVENHAGE ANNUAL REPORT 2014

4 TABLE OF CONTENTS Page AUDITORS' REPORT Accountant's compilationreport General 2 3 MANAGEMENT BOARD REPORT 4 FINANCIAL STATEMENTS Balance sheet as at 31 December 2014 Statement of activities for the year 2014 Notes to the financial statements Notes to the balance sheet Notes to the statement of activities OTHER INFORMATION Statement regarding the absence of the Auditor's report Appropiation of result ANNEXES

5 AUDITORS' REPORT 1/13

6 Auditors ~AKER TILLY BERK To the board of directors Stichting voor eenmaking van het recht/ The Uniform Law Foundation Alexander Gagelweg 2517 JS 'S-GRAVENHAGE Baker Tilly Berk N.V. Radioweg 1e-f PO Box AA Almere T: +31 (0) F: +31 (0) KvK: Date 17 June 2015 Reference R14.10S MvdV/PM Dear Sir/Madam, We hereby offer you the report concerning the annual report 2014 for Stichting voor eenmaking van het recht/ The Uniform Law Foundation, 's-gravenhage. ACCOUNTANT'SCOMPILATIONREPORT Introduction In accordance with your instructions we have compiled the financial statements 2014 of Stichting voor eenmaking van het recht/ The Uniform Law Foundation, 's-gravenhage, which comprise the balance sheet as at 31 December 2014, the statement of activitiesfor the year then ended and the notes. Management's responsibility The distinctive feature of a compilation engagement is that we compile financial information based on information provided by the board of the foundation of the entity. The board of the foundation is responsible for the accuracy and completeness of the information provided and the financial statements based thereon. Accountant's responsibility Our responsibility as accountant is to perform our engagement in accordance with Dutch Law, including the professional and ethical requirements applying to accountants. In accordance with the professional standard applicable to compilation engagements, our procedures were limited primarily to gathering, processing, classifying and summarizing financial information. Furthermore we have evaluated the appropriateness of the accounting policies which are used to compile the financial statements, based on the information provided by management. The nature of our procedures does not enable us to express any assurance on the true and fair view of the financial statements. Confirmation Based on the information provided to us, we have compiled the financial statements using the accounting policies as included in RJ 640 nonprofit organizations. An independent member of Baker Tilly International Baker Tilly Berk N.V. is a limited liability company and is the exclusive contracting party in respect of all commissioned work. The company's general terms and conditions, filed with the registry of the Dutch chamber of commerce under no , which include a limitation of liability, are applicable to all work performed and all legal relationships with third parties.

7 ~AKER BERK TILLY Please do not hesitate to contact us if you require further details. Yours sincerely, Baker Tilly Berk N.V. Signed H.E. van Enkhuijzen RA An independent member of Baker Tilly International 3/13 Long-form report 2014

8 STICHTING VOOR EENMAKINGVAN HET RECHT/ THE UNIFORM LAW FOUNDATION 'S-GRAVENHAGE MANAGEMENT BOARD REPORT General Board and management During the financial year the Board of Directors of Stichting voor eenmaking van het recht/ The Uniform Law Foundation consists of: - A.S. Hartkamp - K. Siehr - D. Wallace - MJ. BoneIl - M. Gioscia Poggi Bonifanti - J.A. Wool - J.A. Estrella Faria - G. Affaki (since 28 March 2014) - A.E.M.J. Caillemer du Ferrage (since 18 April 2014) - A. Mazzoni (since 18 April 2014) 4/13

9 FINANCIAL STATEMENTS 5/13

10 STICHTING VOOR EENMAKING VAN HET RECHT/ THE UNIFORM LAW FOUNDATION 'S-GRAVENHAGE BALANCE SHEET AS AT 31 DECEMBER 2014 (after resultappropiation) ASSETS CURRENT ASSETS Stock Miscellaneous stock 1 3,883 Receivables Trade debtors 2 28,292 54,991 Other receivables and accrued assets ,301 55,004 Cash at bank and in hand 4 1,647 2,201 Total assets 29,948 61,088 6/13 Compilation report issued

11 STICHTING VOOR EENMAKING VAN HET RECHT/ THE UNIFORM LAW FOUNDATION 'S-GRAVENHAGE EQUITY AND LIABILITIES CAPITAL General reserves 5 29,948 61,088 Total liabilities 29,948 61,088 7/13 Compilation report issued

12 STICHTING VOOR EENMAKING VAN HET RECHT/ THE UNIFORM LAW FOUNDATION 'S-GRAVENHAGE STATEMENT OF ACTIVITIES FOR THE YEAR c Other income 6 28,292 54,991 Expenses Other expenses 7 55,574 4,128 Operating result -27,282 50,863 Financial income and expense Net result -27,273 50,876 8/13 Compilation report issued

13 STICHTING VOOR EENMAKINGVAN HET RECHT/ THE UNIFORMLAW FOUNDATION 'S-GRAVENHAGE NOTES TO THE FINANCIAL STATEMENTS GENERAL The financial statements have been prepared in accordance with Chapter 9, Book 2 of the Netherlands Civil Code. Valuation of assets and liabilities and determination of the result takes place under the historical cost convention, unless presented otherwise. Income and expenses are accounted for on accrual basis. Profit is only included when realized on balance sheet date. Liabilities and any losses originating before the end of the financial year are taken into account if they have become known before preparation of the financial statements. Activities The objects of Stichting voor eenmaking van het recht/ The Uniform Law Foundation, having its legal seat at 's-gravenhage, are to support the activities of the International Institute for the Unification of Private Law (UNIDROIT), in the advancement of education in the field of international uniform law and comparative law both in the Netherlands and elsewhere, and the promotion of the development of international uniform law, in particular (but without prejudice to the generality of the foregoing) by facilitating and providing support for: (i) research into uniform law and comparative law and the dissemination of the results of such research by the means stated in (ii), (iii) and (iv) below; (ii) the formulation, through study, research and international consultation, of international conventions, model laws and restatements, and the promotion of an awareness and understanding of such activities and instruments by means of meetings, courses, conferences and seminars and the publication of books, guides, journals, articles and other publications in the fields of uniform and comparative law; (iii) fellowships, studentships, scholarships and bursaries for those engaged in the study, teaching or preparation of uniform and comparative law; and (iv) the establishment and expansion of databases, library materials and other information systems and facilities to support and make generally available such education, study and research, and in pursuit of any of the above objects to undertake any activities, not having a commercial purpose, which are connected with or may be conducive to the attainment of these objects, all the above in the widest sense of the word. ACCOUNTING POLICIES IN RESPECT OF THE VALUATION OF ASSETS AND LIABILITIES Stocks Stocks are valued at purchase cost or lower market value. Accounts receivable Upon initial recognition the receivables are valued at fair value and then valued at amortized cost. The fair value and amortized cost equal the face value. Provisions deemed necessary for possible bad debt losses are deducted. These provisions are determined by individual assessment of the receivables. 9/13 Compilation report issued

14 STICHTING VOOR EENMAKING VAN HET RECHT/ THE UNIFORM LAW FOUNDATION 'S-GRAVENHAGE NOTES TO THE BALANCE SHEET CURRENT ASSETS Stock 1 Miscellaneous stock Official Commentaries 3,883 Since 2014, the foundation decided to no longer account for any stock of Official Commentaries since they only have a claim on the related royalties after the sale of such commentaries. As the stock have been included in the general reserves in previous year, the adjustment is made directly in de general reserves. Receivables 2 Trade debtors Receivables Unidroit 28,292 54,991 3 Other receivables and accrued income Interest deposit account Cash at bank and in hand ING Bank N.V. 1,647 2,201 5 General reserves Balance as at 1 January Appropriated of result Adjustment of Official Commentaries Balance as at 31 December ,088 10,212-27,273 50,876-3,867 29,948 61,088 10/13 Compilation report issued

15 STICHTING VOOR EENMAKINGVAN HET RECHT/ THE UNIFORM LAW FOUNDATION 'S-GRAVENHAGE NOTES TO THE STATEMENT OF ACTIVITIES Other income Royalties Official Commentaries 28,292 54,991 Average number of employees During 2014 and 2013 no employees were employed on the basis of a full time contract of service Other expenses General expenses 55,574 4,128 General expenses Donations to Unidroit Notarial expenses Bankcasts Revision of website 45,000 3,591 10, ,574 4,128 8 Financial income and expense Received interest on deposits 9 13 's-gravenhage, Stichting voor eenmaking van het recht/ The Uniform Law Foundation Name Director: Date: 11/13 Compilation report issued

16 OTHER INFORMATION 12/13

17 STICHTING VOOR EENMAKING VAN HET RECHT/ THE UNIFORM LAW FOUNDATION 'S-GRAVENHAGE STATEMENT REGARDING THE ABSENCE OF THE AUDITOR'S REPORT No audit has been performed in accordance with the statutory size exemption under article 2:396, chapter 9 of the Netherlands Civil Code. APPROPIATION OF RESULT The management of the entity proposes to appropriate the result as follows: The loss for the year 2014 in the amount of 27,273 will be deducted from in full to the other reserves. 13/13 Compilation report issued