© GEO Secretariat 10.1 - GEO 2013 Financial Statements GEO XI Plenary 13-14 November, 2014 Geneva.

© GEO Secretariat

10.1 - GEO 2013 Financial Statements

GEO XI Plenary13-14 November, 2014Geneva

Introduction• Fourth year of International Public Sector Acctg Stds

(IPSAS)• WMO Finance Support• Oversight : Audit Committee, Internal Audit & Ext’l

Audit• Unqualified external audit opinion• Five Statements required by IPSAS:• Sttmt I – Financial Position• Sttmt II – Financial Performance• Sttmt III – Changes in Net Assets /Net Equity• Sttmt IV – Cash Flow• Sttmt V – Comparison of Budget and Actual

© GEO Secretariat

Financial position at 31 December 2013 (Statement I)

• Total assets have increased by CHF 0.4 m from CHF 2.9 m at 31 Dec 2012 (which included cash of CHF 2.6 m) to CHF 3.3 m (including cash of CHF 3.1 m)

• Total liabilities have decreased by CHF 0.3 m from CHF 0.9 m at 31 Dec 2012 to CHF 0.6 m (primarily for long-term employee benefits)

• As a result of the above changes in total assets and total liabilities the Group’s net assets increased by CHF 0.7 m during 2013, from CHF 2.0 m at 31 Dec 2012 to CHF 2.7 m (approx=cash requirements for 10 months)

• Overall: sound financial status

Financial performance in 2013 (Statement II)

• 2013 Surplus of CHF 0.4 m compared to deficit of CHF 0.2 m in 2012 (however, 2.0 m carry over)

• Revenue of CHF 4.7 m in 2013, increased from CHF 4.5 m in 2012

• 2013 expenditure of CHF 4.3 m, compared to CHF 4.8 m in 2012. Expenditure well within budget of CHF 5.9 m

• As in previous years, difficult to align expenditure with actual income because of unpredictable timing and amount of contributions; helpful if this could be less unpredictable

• Positive effect of valuations of liabilities for employee benefits

Internal & External auditor

• Our appreciation to internal and external auditors

© GEO Secretariat

Thank you