ANOC FINANCE AND AUDIT COMMISSION

Report to the ANOC General Assembly – October 29th, 2015

Richard Peterkin - Chairman

ASSOCIATION OF NATIONAL OLYMPIC COMMITTEES

ASSOCIATION DES COMITÉS NATIONAUX OLYMPIQUES

ASOCIACIÓN DE COMITÉS OLÍMPICOS NACIONALES

FINANCE AND AUDIT COMMISSION REPORTWashington – October 29th, 2015

OPERATING AND CAPITAL RESULTS IN 2014

Expressed in US$000’sActual2014

Budget2014

Actual2013

Income – IOC Subsidy for ANOC Activities 

12,000 

12,000 

12,000

Income – IOC Subsidy for ANOC Headquarters 

7,000 

8,000 

12,000

Operating expenditure (9,314) (12,000) (5,669)

Investment and other income (29) - 43

Overall Surplus (deficit) 9,657 8,000 18,374

Equity - Fund balance 34,695 25,038 25,038

FINANCE AND AUDIT COMMISSION REPORTWashington – October 29th, 2015

LES CHARMETTES – FINAL COST

Capital ExpenditureFINAL COSTS

(US$ Millions)

Acquisition of Land 2,286

Renovation of Building 11,278

Indoor Fittings 5,722

Office Equipment 473

Total 19,759

FINANCE AND AUDIT COMMISSION REPORTWashington – October 29th, 2015

OPERATING EXPENDITURE IN 2014

  Expressed in United States dollars

Actual2014

Budget2014

Actual2013

Meetings:      

General Assembly 3,450,823 3,500,000 3,025,579 Executive Council meetings 716,661 900,000 757,299 Commissions, Working Groups and Seminars 726,295 1,000,000 6,841International Events:       International and Continental Meetings 660,468 500,000 106,010 International Forums 140,033 1,500,000 -ANOC Offices Running expenses 3,149,236 4,280,000 1,688,610Depreciation 419,909 170,000 65,578Auditors’ fees 47,277 50,000 12,545Miscellaneous 3,676 100,000 6,122 Total expenditure

 9,314,378

 12,000,000

 5,668,584

FINANCE AND AUDIT COMMISSION REPORTWashington – October 29th, 2015

COMMISSION ACTIVITIES AND PRIORITIES

How to safeguard our assets and implement investment policies and practices that have the right balance of risk, returns. Best returns will always be returns on the efficient and effective use of our resources on behalf of the NOCs

Recommendations to the Executive Council on internal controls, risk management, compliance with the Basic Universal Principles of Good Governance and the global legislative environment

Greater transparency in our reporting. Adoption of International Financial Reporting Standards (IFRS) for the preparation of ANOC’s Audited Financial Statements

FINANCE AND AUDIT COMMISSION REPORTWashington – October 29th, 2015

BUDGETED OPERATING EXPENDITURE - 2015 & 2016

ANOC Operating Expenditure Expressed in United States dollars

ProposedBudget2016

RevisedBudget2015

ApprovedBudget2015

Meetings:      

General Assembly 4,500,000 4,500,000 4,000,000 Executive Council meetings 700,000 700,000 900,000 Commission, Working Groups, Seminars 500,000 600,000 1,000,000International Events:       International and Continental Meetings 400,000 500,000 500,000 International Forums 100,000 300,000 1,000,000World Beach Games 900,000 500,000 -ANOC Offices Running expenses 4,000,000 4,000,000 4,280,000Depreciation 800,000 800,000 170,000Auditors’ fees 50,000 50,000 50,000Miscellaneous (including bank charges) 50,000 50,000 100,000 Total expenditure

 12,000,000

 12,000,000

 12,000,000

FINANCE AND AUDIT COMMISSION REPORTWashington – October 29th, 2015

THANK YOU