ENGAGE EMPOWER - Amicorp Group€¦ · in the villages of Les, one of Bali’s poorest communities,...

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w w w . a m i c o r p . c o m

AMICORP

COMMUNITYFOUNDATION

Engage . Embrace . Empower

EMBRACEENGAGE

EMPOWER

2 STAND OUT FROM THE CROWD | www.amicorp.com


STAND OUTFROM THE CROWD

w w w . a m i c o r p . c o m


NAME AMICORP COMMUNITY FOUNDATION

STATUSFOUNDATION

DOMICILECURAÇAO

CENTRAL OFFICEBANGALORE, INDIA


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0607

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THE CEO’S MESSAGE

BOARD OF MANAGEMENT

ACF: KNOWING NO BOUNDARIES

ACF’S SOCIAL RESPONSIBILITY PROJECTS

OUR PEOPLE’S COMMITTMENT – GIVING & VOLUNTEERING

RAISING FUNDS FOR THE AMICORP COMMUNITY FOUNDATION

COMMUNITY EMPOWERMENT

ENVIRONMENTAL CARE

HEALTHCARE

RECOGNIZING EMPLOYEE EFFORTS

OUR PRIORITIES IN 2015

ABOUT ACF

ABOUT AMICORP

FINANCIAL STATEMENTSFOR THE YEAR ENDED, 31 DECEMBER, 2014

TABLE OF CONTENTS


2014 was a milestone in the history of Amicorp Community Foundation (ACF).

We increased our efforts in our sanitation project in the villages of Les, one of Bali’s poorest communities, and in December we successfully completed 400 of the 480 promised kamar mandis (outhouses with latrine and bathing facilities). By doing so, we brought better hygiene and health to more than 1,600 people. This has allowed villagers to spend more time on education and work. Their children are less likely to face premature deaths from diarrhea and contamination, and we reduced the risk of women and girls being sexually assaulted. We have also reduced our costs from $800 to $640 for each kamar mandi.

CEO’S MESSAGE

TOINE KNIPPINGCEO - AMICORP GROUP


To deepen our commitment to these communities who we have pledged to support, we also laid the groundwork for the Amicorp Community Center (ACC), a vocational training school that we will establish in Les. The ACC will train the local community in food and beverage service; permaculture; cultural heritage and life skills that will lift thousands of people out of poverty by giving them the means to gain employment. P.T. Pusat Komunitas Amicorp and P.M.A. Pusat Masyarakat Amicorp were established, and we are in process of acquiring an unspoilt plot of land upon which we will set up a school. In May, we welcomed Bali-based Rucina Ballinger to our team as director of the companies to move the project along. We aim to get the school operational by early 2016.

Within Amicorp we strive to be environmentally responsible. We continue to raise environmental consciousness by tracking our air miles through our internal travel desk and we are working towards finalizing the acquisition of land to plant trees for reforestation as our way to offset emissions. Many of our local offices are also matching our efforts by adopting eco-friendly practices at work.

We have also made considerable progress towards our twin goals of:

1. Reaching out and creating awareness with a wider audience, and

2. Soliciting support and funds to deepen our commitment to these underprivileged communities.

In August, we published our very first CSR-Philanthropy Brochure. This brochure provides an overview of all our global projects, and ways we can assist companies, individuals and families to realize their philanthropy goals. This was followed by the “Les Empowerment Program Fundraising Kit”, which provides donors with more details of our Bali projects, and ways to get involved. In the same month, we launched the “Voluntary CSR Charge” into invoices, creating an easy

option for all our clients to contribute for a very small cost. We also published our first ever ACF Annual Report, for 2013. December saw the launch of a three-month long fundraising campaign with crowd funding company Mynbest.

Social responsibility ranks high with all of our employees. In 2014, we had 100% participation in all 40 plus offices in at least one CSR activity, compared to 70% in 2013. Increasingly, we see greater pro-activeness and creativity emerging from more employees who are taking the lead in organizing CSR events, and gaining a higher level of appreciation to maximize resources. For instance, our Curaçao office organized a car rally to raise funds for Tuma mi Man (our daycare center in Curaçao), and the Singapore office organized a futsal tournament to support our Bali empowerment program.

When you work together with us, be assured that 100% of your funds are channeled to the causes and its beneficiaries. Amicorp Group channels up to 1% of its revenue to ACF which in turn funds our operations and to date, our projects. Should you wish to get involved, a copy of our brochure can be made available upon your request, or you may reach out to our CSR - Sustainable Development team: Chan Sue Meng - Director or Aditi Wanchoo - Senior Manager.

Toine Knipping CEO Amicorp GroupCEO Amicorp Community Foundation

CEO’S MESSAGE


BOARD OF MANAGEMENT

TOINE KNIPPINGChief Executive Officer

JOE TENGBoard member

SOURAYA RADWANChairwoman

MARGARET SANKATSINGTreasurer

DERK SCHELTEMABoard member

SUE MENG CHANSecretary & DirectorSustainable Development

ADITI WANCHOOSenior ManagerSustainable Development


ACF: KNOWING NO BOUNDARIES BOARD OF MANAGEMENT

ACF: SOCIAL RESPONSIBILITY PROJECTS

At Amicorp Community Foundation (ACF), social responsibility goes beyond the traditional concept of ‘charity’. Our goal is to bring self-sufficiency to communities by ensuring they have a livelihood, and that they are operating in conjunction with environmental consciousness. It is about preserving natural resources for future generations and inspiring people to action.

ACF’s current portfolio of projects are focused in Bali, Indonesia and Curaçao. Our day care center in Curaçao (Tuma Mi Man – TMM) was established in 2008. The goal was to care for children of different social background and origin, offering free day care and opening up opportunities to a brighter future with better chances to develop their full potential.

Since 2012, ACF has also worked in the poor northern communities of Bali. Initiatives include delivering better sanitation, vocational and life skills training, supporting a sustainable eco-tourism project, funding nursing training and salaries of a medical facility.

Since 2013, ACF also began the Ami-Carbon offset project, working directly with Amicorp Groups’ 40 plus offices to reduce and offset CO2 emissions.

AMICORP COMMUNITY CENTER

170,000 of 300,000 employable people live in abject poverty, despite Bali being a tourism haven welcoming10 million (international and domestic) tourists a year (Bali Government Tourism website; 2014). In 2014, we started the process of setting up the Amicorp Community Center (ACC) our flagship vocational training center at Desa Les in the northern part of Bali, Indonesia to provide high quality vocational and life skills training for youth from low and no income families.

The ACC will provide employment-building skills in hospitality including food, beverage, front office, housekeeping, English, computer literacy, life skills,

permaculture and basic administrative skills. In the second phase of the project, classes in Balinese dance, gamelan music and hand-loomed textiles will be conducted with a view to developing cottage industries and preserving their cultural heritage.

ACC’s vision is to prepare as many less privileged people as possible to access employment opportunities that will come once hotels and restaurants are established in this region of Bali when the island’s second airport in nearby Kubutambahan is expected to be completed in 2018. Our aim is to ensure the center’s self-sustainability and economic viability.


SANITATION SOLUTIONS

Open defecation compromises women’s safety and creates health problems such as diarrhea that impacts the ability to eat, sleep, think, work and study. Diarrhea also claims many lives of children aged under 5 years. Approximately 480 households in the subsistence villages of Les in the Buleleng regency in north Bali live without toilets. In 2012 we established a project to improve the villagers’ sanitation standards. By the end of 2014, the ACF delivered better health and hygiene to these families by providing close to 400 units of kamar mandi (outhouses built from cement with a zinc roof, containing a latrine and a water storage unit for flushing and bathing).

COMMUNITY IMPACT

On the island of Curaçao, ‘Tuma mi Man’ (which means ‘Take My Hand’) day care center which the ACF started in 2008 has gained recognition in the community for delivering high quality childcare services. Childcare is offered free of charge to children whose parents or caregivers do not have the means to pay for this. Our childcare offers these children opportunities to develop to their full potential.

In 2014, we implemented a series of measures towards our goal to be the leading, quality daycare center on Curacao.

To create more transparency in our operations, we developed a communication booklet that addresses the most frequently asked questions by parents, and implemented the use of an observation form to track and discuss all aspects of the development of children at the center. We also renovated the center’s main building and upgraded the quality of our human resource by replacing staff and conducting appraisals on all employees. Along with funds raised for us by Amicorp Curacao, we were also the chosen beneficiary of a charity art event organized by Eleqt, a social discovery network company, which raised about $14,000. Several kids at Tuma mi Man were also adopted by corporates, including Price Waterhouse Coopers and Eclipse Consulting.


ENVIRONMENTAL CONSCIOUSNESS

As part of our environmental stewardship program we have deepened our commitment to raise consciousness across Amicorp as we work to neutralize and offset our carbon footprint. Along with the actions taken by our offices towards reducing and offsetting CO2 emissions, we have made provisions to plant a tree for every 200 kilometers of air travel made by Amicorp Group’s employees. We implemented our centralized air travel bookings initiative in 2013 to enable mileage calculation. E-tickets issued by our central travel desk inform of mileage and CO2 incurred. With data collected from our travel desk and transition management provisions made for employees who continued to book their travel directly, we intend to plant 90,000 trees to offset our carbon emissions from flying in 2013 and 2014. At the end of 2015, we believe 100% of our travel bookings will be channeled through our travel desk.

OUR PEOPLE’S COMMITTMENTGIVING & VOLUNTEERING

RAISING FUNDS FOR THE AMICORP COMMUNITY FOUNDATION

We are very proud of our people’s passion and commitment towards CSR. By the end of 2014, we witnessed 100% participation from our 40 plus offices across the globe. Our people engaged in CSR either by partnering with the ACF or by contributing to the local communities in which they live and work. The broad themes that we focused on included:

CHARITY EVENT – AMI-RALLY CAR TREASURE HUNT

Amicorp Curaçao raised funds for our day care center, Tuma mi Man, by organizing a car treasure hunt which helped raise over $5,000. The car treasure hunt was a public event that began early in the morning from Amicorp Curacao’s office, and ended with a succulent BBQ sale with entertainment and prize presentations, including tickets to Colombia and Bonaire.


CHARITY EVENT – ACF 5S FUTSAL TOURNAMENT

Amicorp Singapore organized a charity futsal (mini football) tournament which saw the participation of 120 people from different companies, including our competitors. The event helped raised $2,700 from sponsorships, beverages and registration fees. A sampling of the positive feedback included that of Eric Boes, our Amsterdam-based colleague who was in Singapore: “… it took me 2 foot massages to recover but it was worth it.”, and David McCoo of the Royal Bank of Scotland, Singapore: “thank you very much, we loved every minute of it. And all for a very worthy cause.” The funds were channeled to ACF to be used for the “Les Empowerment Program”* in north Bali to deliver better sanitation and create a vocational training center to help people from low and no income families. Six kamar mandis (outhouse with latrine and bath facilities) will bear placards with the Singapore office’s name on it owing to their generous contributions!

CHARITY EVENT - ULTRA MARATHON

As a group we all came together to raise funds for one of our colleagues, Raghavendra Rao, who successfully ran the Ultra Marathon (50kms) in support of ACF’s “Les Empowerment Program”*. Raghu completed the distance of 50 kms/31 miles in 5 hours and 45 minutes on a cold November morning. We raised $2,100 which was ploughed back for our social empowerment projects in Bali, Indonesia.

* The “Les Empowerment Program” covers two projects - sanitation and education which the Amicorp Community Foundation is working on in the northern Bali villages of Les, which has one of the highest percentage of the island’s poor people. For further info on our group’s social projects, please visit http://www.amicorp.com/csrprojects.html.


COMMUNITY EMPOWERMENT AMICORP AMSTERDAM partnered with Save the City charity and spent time cheering up lonely and homeless people a few days before Christmas. The office also donated gift items to the needy.

AMICORP BARCELONA donated clothes and items of personal use like toiletries to the Arrels Foundation whose main aim is to assist homeless people. In another event, Saint George’s Day was celebrated with contributions to ‘Make a Wish Foundation’ to help terminally ill children with their wishes. To end the year on a happy note, the team also worked with the local food bank, Fundacio Banc Dels Aliments to classify, sort and pack thousands of kilos of food supplies for underprivileged communities.

AMICORP BUENOS AIRES partnered with FUNDACIÓN SÍ Toy Factory, a nonprofit that makes toys to donate to poor children. The team created and packaged the gifts that were delivered to less privileged children during Christmas.

AMICORP BRAZIL partnered with Lar Divina Providência where each member adopted a child/teen for the day and prepared a Christmas package containing clothes, toys and played games. They also organized a bingo night and a vegetable sale to raise funds for AMEO (bone marrow transplant association) in order to distributed traditional Christmas season cake and poultry to families registered with AMEO. Members offered support & comfort to the patients.

AMICORP BVI conducted an inter-office 7 week food drive and made a financial contribution to the BVI Family Support Network that provides support to victims of domestic violence.

AMICORP CYPRUS joined forces to assist Cyprus Red Cross to prepare Christmas packages for elementary school children and their families that were in need.

AMICORP DUBAI in a unique fundraising activity set aside their lunch money through 4 week days in the month of December. This was donated to the ACF for the Desa Les empowerment program.

AMICORP HONG KONG partnered with Well Family and The Neighbourhood Advice Action Council by visiting homes of the elderly and distributing down jackets and woolly scarves to them.

AMICORP INDIA volunteered their time at a school for poor children in Bangalore where they taught Basic English, cooked a meal for the kids, distributed gifts and painted the walls of the school building. The Mumbai office ran a Reusable Items Donation drive and collected clothes, footwear, household articles, stationery and toys which were donated to a local charity.

AMICORP LUXEMBOURG collected 5 large bags of toys and gifts which were donated to Wildgen4 Children, a charity working for the welfare & wellbeing of disadvantaged children.

AMICORP MALTA raised funds from the sale of stamps which was donated to the Mission Fund whose main aim is to send Maltese missionaries to poor African countries. They also brought Christmas joy to all at the St. Joseph’s Home for Boys by raising funds together with a couple of clients to buy needed items.


AMICORP MAURITIUS provided relief to a poverty stricken family by supplying them with basic food items, repairing their home and helping the children with their school materials.

AMICORP MIAMI continued their sponsorship program for 7 children from impoverished backgrounds which included funding the children’s education and healthcare.

AMICORP MONACO participated in the ‘No Finish Line’/’Children & Future’ fund raiser held to sponsor projects for under privileged children including providing critical cardiac treatment.

AMICORP PERU conducted a workshop for ex-addicts and ex-gang teenagers and inspired them to establish goals, develop their entrepreneurial skills sand strengthen their self-esteem. The team donated school kits to all the participants.

AMICORP SAN DIEGO visited the Hacienda Orphanage where they interacted with the children, helped them on their crafts project and gifted them much needed supplies.

AMICORP SINGAPORE participated in the Yellow Ribbon Prison Run to demonstrate their solidarity for ex-offenders. Proceeds from the run will help start an empowerment program for the ex-prisoners.

AMICORP SOUTH AFRICA team members personally made blankets out of fleece and donated them to a child welfare institute working with children living on the streets and underprivileged orphans.

AMICORP URUGUAY volunteered their time at a school for poor children where they painted playground floor games, built an organic orchard, planted trees and cleaned & designed the school garden. In-kind donations were also made.

AMICORP UK partnered with the ‘First Step Opportunity’ charity and donated funds for their projects which include assisting children with special needs.

AMICORP VILNIUS participated in the national Cake Day and baked cakes which were sold to their colleagues. The proceeds from the sale were donated to sponsor the needs of poor children.

AMICORP ZURICH organized a toy donation drive by the children of employees who were invited to spend the afternoon with their parents in the office. The toys collected were thereafter distributed to poor children.


AMICORP CHILE transformed a dirty open space in a poor neighborhood by using recyclable materials like old rubber tires and converted it into a colorful garden & playground.

AMICORP CHINA participated in a training on recyling and waste reduction and learned how to perform an environmental assessment on utilities related to paper, power and waste.

AMICORP DAVAO in partnership with the City Environment and Natural Resources Office (CENRO) along with school children planted 60 seedlings to promote environmental sustainability.

AMICORP INDIA calculated the carbon emissions caused by the usage of laptops, desktops, printers, air conditioners, electricity and diesel consumption at the office level and planted 400 trees to offset their emissions.

AMICORP NEW ZEALAND along with a local school planted over 80 native eco-sourced trees and plants around the school premises to offset the office’s carbon emissions. Students were taught the importance of environmental sustainability.

AMICORP SAN DIEGO participated in two separate cleanliness drives, the Pacific Beach Clean Up and Imperial Beach Clean Up drive to promote cleanliness and remove trash from the beaches.

AMICORP SOUTH AFRICA sponsored the planting of seedlings on employee’s birthdays. For each sponsored tree the employee received a CerTREEficate.

ENVIRONMENTAL CARE


HEALTHCARE AMICORP BARBADOS continued their long term involvement with ‘Variety the Children’s Charity’ by par-ticipating in a charity walk and organizing a car wash, the proceeds of which were used to purchase Christmas gift boxes for the children. The team also joined Sagicor Life Inc. and the Barbados Cancer Society on a walkathon in support of breast cancer awareness.

AMICORP BARCELONA completed the 15th annual Respiralia swimming marathon to raise funds for people affected by cystic fibrosis.

AMICORP BRAZIL partnered with the AMEO (Asso-ciation for Bone Marrow Transplant) by selling candies at a popular local fair, the proceeds from the sale were donated to the association. Additionally the team donated items from their homes as well.

AMICORP BVI partnered with the ‘BVI Cancer Society’ in a charity walk to raise funds for cancer awareness and treatment.

AMICORP CURAÇAO registered 21 of their col-leagues as blood donors to support the Curaçao Lions Club in their blood donor drive 2014.

AMICORP INDIA wore pink to work and distributed information leaflets on cancer detection to commemorate breast cancer awareness day.

AMICORP LUXEMBOURG sold chocolate truffles and raised funds for a charity APEM-T21 that works for people with disabilities affected by trisomy 21.

AMICORP MALTA raised awareness of the Global Genes Project, a leading rare & genetic disease patient advocacy organization. The team wore blue denims and ribbons to show their solidarity.

AMICORP MAURITIUS participated in a blood dona-tion campaign which was appreciated by the Ministry of Health & Quality of Life.

AMICORP MIAMI participated in the Sixth Annual Families for Fragile X Walk/Run in support of autism.

AMICORP UK joined the ‘Movember’ movement in support of prostate cancer research by disposing off their razors for the month and making donations to the Prostate Cancer UK.


HEALTHCARE


RECOGNIZING EMPLOYEE EFFORTSAt Amicorp we feel that not only is it important to do good for others but, it is equally important to bring smiles to the faces of our employees who take the time and effort to help others less fortunate. With colleagues all over the world joining hands to do their bit to spread smiles, we have created our own special way to acknowledge both group and individual contributions to CSR initiatives.

Once a year the following awards are handed out:• The AmiBlue award recognizes meaningful office team contributions to Amicorp’s corporate social responsibility initiatives for communities.

• The AmiGreen award recognizes significant office team achievements related to Amicorp’s environmental consciousness initiatives.

The winners of the 2014 AmiBlue awards are Amicorp Curaçao and Amicorp Singapore.

The winners of the 2014 AmiGreen awards are Amicorp Chile and Amicorp Mumbai.

OUR PRIORITIES IN 2015We have identified four key priorities for ACF in 2015:

AMICORP COMMUNITY CENTRE

For the Amicorp Community Center to be 75% complete and operational by early 2016.

AMI-CARBON

With data collected from our travel desk in 2013 and 2014, and transition management provisions made for employees who continued to book their travel directly, we want to plant over 90,000 trees to offset our CO2 emissions for the two years. We also aim to have 100% of our travel bookings channeled through our travel desk.

SHARED UNIVERSE (An ACF supported project)

The “critically endangered” black hook lipped rhinoceros and the “near threatened” white, square-lipped species, number no more than 4,000 and 18,000 respectively. Shared Universe will offer these endangered species a space to live and procreate in safety at Mapesu Ranch, a secluded area of 5,851 ha (14,458 acres) bordering Mapungubwe National Park in the Vembe area of Limpopo.

EXPANDING OUR OUTREACH AND COMMUNICATION

We continue to raise funds so that we can deepen our commitment to the communities we have pledged to support. We will work together with our global offices to organize events that create awareness, raise funds and solicit support for underprivileged communities around the world. Additionally, we will roll out our CSR & Philanthropy Service to augment Amicorp Group’s ‘one stop shop’ proposition. With the CSR & Philanthropy Service, Amicorp Group will be able to assist individuals, corporates and families to realize their social responsibility goals by providing services such as CSR project identification or creation, establishing charitable structures such as trusts and foundations, and interim or long term project or entity management such as accounting, internal auditing and reporting.


RECOGNIZING EMPLOYEE EFFORTS ABOUT ACFAmicorp Community Foundation was set up by Amicorp Group in 2001 to run global social projects. These projects are focused on helping people from low and no income families to gain empowerment, self-confidence and dignity by giving them the means to remove themselves from poverty. It also focuses on creating environmental consciousness as a way towards better lives and livelihoods.

LONG TERM MISSION AND VISION

At Amicorp Community Foundation, we are committed to:

OUR BOTTOM LINE

People, Planet, Profit and Passion—In Action to Reach Everyone’s Full Potential

OUR MISSION

To motivate and stimulate Amicorp’s employees, clients and vendors to participate in increasing environmental consciousness and support underprivileged people around the world by offering them sustainable and durable ways to achieve a better life through self-sufficiency.

OUR VISION

To deliver the highest quality vocational and life skills training for underprivileged communities, leaving this planet cleaner for the generations to come, and to create opportunities that inspire us all to develop self-esteem and grow to our full potential.

OUR VALUES

INTEGRITYwe do what we say and say what we do.

HONESTYwe will not to participate in, or accept any type of corruption, bribery or nepotism.

QUALITYwe do the best we can in all we do.

EQUALITYwe treat every person with equal importance.

CAREwe treat all - people, animal and environment - well.

FUNwe ensure we all enjoy what we are doing and do not forget why we are doing it.


ABOUT AMICORPAmicorp Group (Amicorp) is an independent global fiduciary services provider specializing in entity administration services and financial support services. We provide company, trust and fund administration and outsourcing services to a broad range of mostly corporate but also high net-worth clients.

We are a Hong Kong based Group with an international network of 40 plus offices in over 30 countries, offering access to the expert knowledge and skills of professionals globally.

OUR OFFICESArgentinaBarbadosBrazilThe British Virgin IslandsCayman IslandsChileChinaColombia

CuraçaoCyprusHong KongIndiaLithuaniaLuxembourgMaltaMauritius

MexicoMonacoNew ZealandPeruSingaporeSouth AfricaSpainSwitzerland

TaiwanThe NetherlandsThe PhilippinesThe SeychellesUnited Arab EmiratesUnited KingdomUnited StatesUruguay


AMICORP COMMUNITYFOUNDATION, CURAÇAO

FINANCIAL STATEMENTSFOR THE YEAR ENDED31 DECEMBER, 2014


INDEPENDENT AUDITOR’S REPORT

The Board of Amicorp Community Foundation

Report on the financial statementsWe have audited the accompanying financial statements 2014 of Amicorp Community Foundation, Curaçao, which comprise the balance sheet as at December 31, 2014, and the income statement for the year then ended and a summary of the accounting policies and other explanatory information.

Management’s responsibilityManagement is responsible for the preparation and fair presentation of these financial statements in accordance with Book 2 of Curaçao Civil Code. Management has elected to prepare the financial statements in accordance with accounting principles used for the valuation of assets and liabilities and used for the method of income recognition as stated in note 2 of these financial statements. Furthermore management is responsible for such internal control as it determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibilityOur 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 about whether the financial statements are free from 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 judgment, 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 policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements give a true and fair view of the financial position of Amicorp Community Foundation as at December 31, 2014 and of its financial performance for the year then ended in accordance with accounting principles used for the valuation of assets and liabilities and used for the method of income recognition as stated in note 2 of the financial statements.

Curaçao, May 11, 2015Baker Tilly Curaçao

V. T. M Bergisch RA

Snipweg 30Willemstad, CuraçaoT: +5999 736 6300 F: +5999 736 [email protected]


Note 2014

In USD2013

In USDASSETSCurrent assetsAdvances 3 299,065 -

Cash and cash equivalents 4 17,935 2,622

Total assets 317,000 2,622

FOUNDATIONS’S EQUITY AND LIABILITIESReserveAccumulated surplus / (deficit) 5 (52,240) (148,028)

ProvisionProvision for CO2 Offset project 6 315,000 146,650

Provision for Bali Sanitation project 50,000 -

Provision for audit fees 4,240 4,000

Total liabilities 369,240 150,650

Total foundation’s equity and liabilities 317,000 2,622

Note 2014

In USD2013

In USDIncomeDonation income 7 913,604 258,475

Total income 913,604 258,475EXPENDITUREDonation expenses 8 198,065 129,294

Bali Crisis project expenses 29,000 46,000

Bali Desa Les project expenses 288,690 85,200

Employee compensation expenses 91,232 -

Consultancy fee 20,000 -

Staff welfare expenses 9,328 -

Expenditure towards CO2 Offset Project 168,350 146,650

Audit Fees 4,480 4,000

Bank charges 8,671 2,385

Total expenditure 817,816 413,529Result, net 95,788 (155,054)

AMICORP COMMUNITY FOUNDATION, CURAÇAO BALANCE SHEET AS AT 31 DECEMBER 2014

AMICORP COMMUNITY FOUNDATION, CURAÇAO INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2014


ReceiptsIn USD

PaymentsIn USD

Cash & Cash EquivalentsBeginning balanceBank account with RBC Royal Bank - USD account 1,723 -

Bank account with RBC Royal Bank - ANG account 899 -

Receipts during the yearDonation from Amicorp 669,372 -

Donation from Amicorp employees 1,000 -

Application of receipts:

Funds Transferred to -

Advance towards purchase of land 249,065

Advance to Ruchina 50,000

Bali Crisis project - 29,000

Bali Desa Les project - 238,690

Contribution to expenses of Tuma Mi Man 46,065

Consultancy fee 20,000

Staff welfare expenses 9,328

Audit fee 4,240

Bank charges - 8,671

Cash & Cash EquivalentsEnding balanceBank account with RBC Royal Bank - USD account - 5,909

Bank account with RBC Royal Bank - ANG account - 12,026

Total 672,994 672,994

AMICORP COMMUNITY FOUNDATION, CURAÇAO RECEIPTS & PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2014


4. CASH AND CASH EQUIVALENTS

AMICORP COMMUNITY FOUNDATION, CURAÇAO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 (EXPRESSED IN US DOLLARS)

1. GENERAL “Amicorp Community Foundation is a foundation, incorporated under the laws of the Netherlands Antilles on 21 December 2001. As per 10 October 2010, the Netherlands Antilles was dissolved and ceased to exist as a political entity due to a constitutional reform of the Kingdom of the Netherlands. Since 10 October 2010, Curaçao has become an autonomous territory within the Kingdom of the Netherlands. Moreover, Curaçao is a legal successor of the Netherlands Antilles and will continue using the existing laws and treaties of the Netherlands Antilles. The registered address of the foundation is Pareraweg 45, Curaçao.“ “The purpose of the foundation is to look after and to promote the common interest and common good of the societies where Amicorp Holding Ltd. or its subsidiaries are active in the widest sense of the word by doing, among other things, donations in kind or in money.“ 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES Basis of presentation: The financial statements of the foundation have been prepared in accordance with generally accepted accounting principles, recognized in Curaçao and consistently applied. Income: Income is recognized in the period it is earned. Expenses: Expenses are recognized in the period these are incurred. Foreign currency translation principle Assets and liabilities denominated in currencies other than US Dollars are translated at the rate prevailing at the Balance Sheet date. Transactions in currencies other than US Dollars during the year are translated into US Dollars at the rate prevailing on the transaction date. Foreign exchange gains and losses are included in the Profit and Loss Account. 3. ADVANCES

2014USD

2013USD

Advance towards purchase of land 249,065 -

Advance to Ruchina 50,000 -

299,065

2014USD

2013USD

Bank account with RBC Royal Bank - USD account 5,909 1,723

Bank account with RBC Royal Bank - ANG account 12,026 899

17,935 2,622


2014USD

2013USD

Balance beginning of the year (148,028) 7,026

Correction previous year - reversal of audit fee - -

Accumulated surplus of previous years brought forward 95,788 (155,054)

Balance at end of year (52,240) (148,028)

2014USD

2013USD

Funding from Amicorp Holding Limited and its subsidiaries 669,372 128,000

Contribution from Amicorp employees 1,000 1,181

Employee compensation expenses paid by Amicorp on behalf of Amicorp Community Foundation 91,232 -

Fund transferred by Amicorp on behalf of Amicorp Community Foundation to Fundashon Tuma Mi Man 152,000 129,294

913,604 258,475

5. RESERVE

6. PROVISION FOR CO2 OFFSET PROJECT

Amicorp Community Foundation commits to plant a tree for every 200 kilometers of all air travel made by Amicorp employees. Hence, Foundation provided for the cost of USD 315,000 (90,000 plants @ USD 3.5 per plant) till end of December 2014 based on travel made. 7. DONATION INCOME

2014USD

2013USD

Balance beginning of the year 146,650 -

Addition during the year 168,350 146,650

Balance at end of year 315,000 146,650

8. DONATION EXPENSES

2014USD

2013USD

Fund transferred by Amicorp on behalf of Amicorp Community Foundation to Fundashion Tuma Mi Man 152,000 129,294

Contribution to expenses of Tuma Mi Man 46,065 -

198,065 129,294


AMICORP COMMUNITY FOUNDATION, CURAÇAO TRIAL BALANCEFOR THE YEAR ENDED 31 DECEMBER 2014 (EXPRESSED IN US DOLLARS)

Debit amountIn USD

Credit amountIn USD

ParticularsAmicorp 669,372

RBTT 54299274 ANG 12,026

RBTT 54299193 USD 5,909

Advance to Ruchina 50,000

Advance to PMT - Indonesia 249,065

Bank Charges 8,671

Retained earnings 148,028

Employee compensation expenses of ACF paid by Amicorp of-fices 91,232

Donation Income 152,000

Donation from Amicorp employees 1,000

Donation Expenditure towards projects:

Bali Crisis Care 29,000

Bali Desa Les 288,690

Consultancy fee 20,000

Employee compensation expenses 91,232

Staff welfare expenses 9,328

Donation Expenditure (TMM + Office Level donation) 152,000

Contribution to expenses of TMM 46,065

Expenditure for CO2 Offset Project 168,350

Audit Fees 4,480

Payable to Amicorp Management India Private Ltd.

Payable to Amicorp Singapore Pte. Ltd.

Provision for CO2 Offset project 315,000

Provision for Bali Sanitation project 50,000

Provision for Audit Fees 4,240

Total 1,282,844 1,282,844


AMICORP GROUP - ACF 2014 ANNUAL REPORTPUBLISHED BY AMICORP GROUP - ENGLISH 05/15


AMICORP COMMUNITY FOUNDATIONPareraweg 45, Curaçao

This report is printed on Environmentally friendly paper

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