GREENPEACE MED AUDIT REPORT 31 12 2007

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• Publié par: Tanid
• Nombre de lectures: 18
• Langue: English

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GREENPEACE MEDITERRANEAN FOUNDATION

FINANCIAL STATEMENTS FOR 2007



31 December 2007






Greenpeace Mediterranean Foundation was founded in 1995. The Foundation is a non-profit foundation in
accordance with Maltese Law.


As of 31 January 2003 Greenpeace Mediterranean Foundation is exempted from income tax by virtue of the
powers vested by Article 12 (2) of the Income Tax Act (Cap.123).


















GREENPEACE MEDITERRANEAN FOUNDATION
Annual Financial Statements for the year ended 31 December 2007



DIRECTOR’S REPORT

The Executive Director submits his annual report and the audited financial statements of the Foundation for
the year ended 31 December 2007.

Principal activity

The Foundation’s principal activity is the organization of campaigns to prevent environmental abuse and
increase the public’s awareness of environmental issues. The Foundation primarily deals with environmental
issues in the East Mediterranean Region.

The foundation is funded through subscriptions, donations and other fundraising activities.

Review of the Foundation’s financial operations

The Greenpeace Mediterranean Foundation’s financial statements for the year show a surplus of 53,677
( 2006: a deficit of 168,035).

The Foundation continues in its resolve to recruit more supporters and therefore increase the amount of
funding available in order to continue and increase the environmental campaigns operating throughout the
Mediterranean.



Statement of Executive Director’s responsibilities

The Executive Director is responsible for the task of preparing financial statements for each financial year
which give a true and fair view of the state of affairs of the Foundation as at the end of the financial year and
of the surplus or deficit for the financial year.

In preparing the financial statements, the Executive Director is required to ensure that:-

 Appropriate accounting policies have been consistently applied and supported by reasonable and
prudent judgment and estimates;
 The financial statements have been drawn up in accordance with International Financial Reporting
Standards;
 The financial statements are prepared on the basis that the Foundation must be presumed to be carrying
on its activities as a going concern; and
 Account has been taken of income and charges relating to the accounting period, irrespective of the date
of receipt or payment.

The Executive Director is responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the Foundation. The Executive Director is also responsible for
safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.

Auditors

Net Denetim Yeminli Mali Musavirlik Ltd. Sti. have been appointed as auditors.

The report was approved and signed by:

Omer F. Ozveren
Finance and Organizational Support Director
21 March 2008
GREENPEACE MEDITERRANEAN FOUNDATION
Annual Financial Statements for the year ended 31 December 2007







REPORT OF THE AUDITORS


To the Supervisory Board of Greenpeace Mediterranean Foundation


We have audited the financial statements of Greenpeace Mediterranean Foundation for the year ended 31
December 2007, which comprise the income and expenditure account, balance sheet, statement of changes
in equity, cash flow statement and the related notes .

The Executive Director is responsible for the preparation of the financial statements. Our responsibility is to
express an independent 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 plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles used
and significant estimates and judgments made by the Executive Director, as well as evaluating the overall
financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements give a true and fair view of the financial position of the Foundation
as of 31 December 2007 and of the results of its operations and its cash flows for the year then ended and
have been properly prepared in accordance with International Financial Reporting Standards.

Without qualifying our opinion we draw attention to note 1 to the financial statements which states that
these financial statements have been drawn up on a going concern basis which assumes that the Foundation
will continue to have the on-going support of the Stichting Greenpeace Council for the foreseeable future.





This copy of the audit report has been signed by
Argun Ozdemir (Partner) for and on behalf of



Net Denetim Yeminli Mali Musavirlik Ltd. Sti.
Certified Public Accountants

21 March 2008



GREENPEACE MEDITERRANEAN FOUNDATION
Annual Financial Statements for the year ended 31 December 2007











INCOME AND EXPENDITURE ACCOUNT


2006 2007
Notes EURO EURO
INCOME
Grants from Greenpeace organizations 542,688 369,804
Subscriptions, donations and income from fund raising
1,146,100 1,070,649
events
Other income 13,375 100
1,688,888 1,453,829

(1,620,076) EXPENDITURE (1,633,441)
SURPLUS/(DEFICIT) ON ORDINARY
3 (166,247) 55,447
ACTIVITIES
Net interest (payable)/receivable 4 (1,788) (1,770)
SURPLUS (DEFICIT) FOR THE YEAR 53,677 (168,035)




The accounting policies and explanatory form an integral part of the financial statements.
























GREENPEACE MEDITERRANEAN FOUNDATION
Annual Financial Statements for the year ended 31 December 2007







BALANCE SHEET
As at 31 December 2007


2007 2006
Notes EURO EURO
ASSETS
Fixed assets
Tangible assets 6 11,507 16,734
Financial asset 7 220 220
11,727 16,954


Current assets
Debtors and prepayments 8 79,752 93,296
Cash at bank and in hand 258,309 63,341
143,093 351,605

TOTAL ASSETS 154,820 368,559

FUND BALANCE AND LIABILITIES
Fund balance
Accumulated fund 9 (221,383) (275,057)


Creditors: Amounts falling due after more than one year
Loans and borrowings 10 211,509 10,002


Creditors: Amounts falling due within one year
Loans and borrowings 10 42,003 -
Other creditors and accruals 11 366,141 390,104
366,141 432,107

TOTAL LIABILITIES 376,143 643,616

TOTAL FUND BALANCE AND LIABILITIES 154,820 368,559



The accounting policies and explanatory notes form an integral part of the financial statements.

The financial statements on have been authorised for issue by the Executive Director on
21 March 2008.



GREENPEACE MEDITERRANEAN FOUNDATION
Annual Financial Statements for the year ended 31 December 2007







STATEMENT OF CHANGES IN EQUITY



Accumulated
Fund
EURO
FINANCIAL YEAR ENDED 31 DECEMBER 2006
Balance at 1 January 2006 (107,025)
Deficit for the financial year (168,035)
Balance at 31 December 2006 (275,060)
FINANCIAL YEAR ENDED 31 DECEMBER 2007
Balance at 1 January 2007 (275,060)
Surplus for the financial year 53,677
Balance at 31 December 2007 (221,383)



The accounting policies and explanatory form an integral part of the financial statements.



























GREENPEACE MEDITERRANEAN FOUNDATION
Annual Financial Statements for the year ended 31 December 2007









CASH FLOW STATEMENT


2006 2007
EURO EURO
Cash flows from operating activities
Surplus/(deficit) for the year before taxation (168,035) 53,677
Adjustments for:
Depreciation of tangible fixed assets 12,575 13,159
Interest receivable (757) (1,652)
Interest payable 3,422