STAND OUT FROM TE CROWD … · CEO’S MESSAGE. ... Bangalore, and made financial provision to plant one tree for every 200 kilometres flown by our employees in the course of work

1www.amicorp.com | STAND OUT FROM THE CROWD 1

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

AMICORP

COMMUNITYFOUNDATION

Engage . Embrace . Empower

2 STAND OUT FROM THE CROWD | www.amicorp.comwww.amicorp.com2


STAND OUT FROM THE CROWDw w w . a m i c o r p . c o m


NAME AMICORP COMMUNITY FOUNDATION

STATUSFOUNDATION

DOMICILECURAÇAO

CENTRAL OFFICEBANGALORE, INDIA

EMBRACEENGAGE

EMPOWER


0406070912131516171921

THE CEO’S MESSAGE

BOARD OF MANAGEMENT

ACF: KNOWING NO BOUNDARIES

ACF’S SOCIAL RESPONSIBILITY PROJECTS

SOCIAL IMPACT SOLUTIONSHOW WE (ACF & AMICORP) CAN HELP YOU

OUR PEOPLE’S COMMITTMENTGIVING & VOLUNTEERING

COMMUNITY EMPOWERMENT-ENVIRONMENTAL CARE

AWARDS-RECOGNIZING THE STARS AMONG STARS

OUR PRIORITIES IN 2016

ABOUT AMICORP

FINANCIAL STATEMENTSFOR THE YEAR ENDED, 31 DECEMBER, 2015

TABLE OF CONTENTS


Welcome to the 2015 annual report of the Amicorp Community Foundation (ACF). In Amicorp we decided many years ago to share some of what is ours with less fortunate people in our society. We wish to do so as we find ourselves in extraordinarily lucky circumstances. Not only do we employ healthy, socially capable and intelligent people, who on average make an above average monthly salary, we also work in a business that is growing and where clients pay reasonable fees. We focus our efforts on those parts of the world where business is concentrated (the money market centers) and where money is made, and as a plus we get to know and work with the most creative and successful individuals in those markets.

CEO’S MESSAGE


We therefore feel the responsibility and the urge to voluntarily share some of our good fortune with others. We have chosen a number of projects we work on, and which are described in this annual report. The ones we have chosen are of course random; we could have chosen other, perhaps better projects. What is relevant is that we started somewhere and over the years we have seen that our efforts are slowly starting to bloom. Our first step was to empower and encourage our own employees. We have tried to open the eyes of our employees to the fact that they are fortunate to be healthy, intelligent and have a well-paid job. By now all of our 42 offices are making an effort to be engaged in some form of corporate social responsibility or another. I think that is great progress. And fortunately most of the people who are really engaged do not do so for the incentives we have created (performance measurements, rewards, etc.), but just ‘because they can’ and want to genuinely contribute.

Our next step is to engage our clients. Being in the trust business, all of our clients by definition are the more fortunate in life. Most of our clients are in international trade or investments or are High Net Worth Individuals with money to invest. Many are very busy ‘making money’ and do not take the time to think about which investments give the greatest returns. Psychology studies have shown time and again that the highest return (in personal happiness) comes from relationships, from the satisfaction of doing something meaningful for someone else, from being useful for ones direct environment and from being influential in leaving behind something good.

AT ACF we communicate to our employees to think about using wealth to build a better society and to slowly influence our clients to use at least a meaningful part of their wealth to create a positive impact on society. We offer services to clients to make it easier for them. We also help select meaningful projects, take over the administrative and organizational burden and use our personal experience to avoid the pitfalls and profiteers that surround so many ‘do good’ projects. We can also make sure that the projects one starts do not end abruptly at ones death.

This annual report is to give some insights in what we do. Its key purpose is not to show how proud we are of our achievements (although we are) or how good we are compared to others, but to make people think and entice people around us to do ‘something’ for the benefit of others

as well, and to start doing those things ‘here and now’. We are all wealthy, some of us have a lot of money, some of us have a lot of skills, some of us have sympathy and time to spend, but we all have something we can give. In return there will be your internal happiness as well as gratitude from the people helped, which compares well with dividends and interest as a return on investment in other people.

I want to end this introduction with a quote by Mother Teresa:

“People are often unreasonable and self-cen-tered. Forgive them anyway.If you are kind, people may accuse you of ulterior motives. Be kind anyway.If you are honest, people may cheat you. Be honest anyway.If you find happiness, people may be jealous. Be happy anyway.The good you do today may be forgotten tomorrow. Do good anyway.Give the world the best you have and it may never be enough. Give your best anyway.For you see, in the end, it was never between you and them anyway”

TOINE KNIPPING CEO Amicorp GroupCEO Amicorp Community Foundation


BOARD OF MANAGEMENT

TOINE KNIPPINGChief Executive Officer

JOE TENGBoard member

SOURAYA RADWANChairwoman

MARGARET SANKATSINGTreasurer

SUE MENG CHANSecretary & Director Sustainable Development & Social Impact Solutions

DERK SCHELTEMABoard member


ACF: KNOWING NO BOUNDARIES Some 15 years ago when Amicorp Group decided to establish its corporate foundation as a way to drive social impact in a more structured way, ‘charity’ was not the concept in mind. We wanted to use our resources in a sustainable way to create win-win solutions, to empower disadvantaged communities by providing them with the means to a livelihood. We also wanted to cultivate in all our stakeholders, the mindfulness to operate in environmentally responsible ways so as to preserve natural resources for future generations. And we wanted to inspire our clients and our partners to join us in these goals: economic empowerment and environmental consciousness.

To celebrate the 15th anniversary of our first office, in Curacao, we established in 2008 our first social impact project, a day care center in Curaçao. Tuma Mi Man – TMM,

means Take My Hand in the local language Papiamento. The goal was to care for children of different social backgrounds, offering free quality day care and opening up opportunities to a brighter future with better chances to develop their full potential. We invited our clients to help us fund the project by adopting some of the children from the poorest neighborhood on the island.

The ACF that was born way back in 2001 remains both local and global in nature. As we grow, we continue to use our resources to help more communities globally by setting up and managing successful social impact projects. Today, we are in Bali, Indonesia, Chile and Curaçao. Our offices also organize or engage in social impact actions in local communities with ten percent of their key performance indicators dedicated to CSR participation.

AMICORP COMMUNITY FOUNDATION, STRUCTURALLY SPEAKING

AMICORP GROUP

AMICORP COMMUNITYFOUNDATION

OPTION TO SET UP CLIENTS

SOCIAL IMPACT PROJECTS

UNDER ACF UMBRELLA

ACFCHARITABLE

TRUST

CSR ACTIVITIES OFAMICORP 40+

OFFICES

4. AMI-CARBONSOCIAL ENTERPRISE

SPA

2. KAMARMANDI

PROJECT

1. ACCSOCIAL ENTERPRISE

P.M.A.

INDONESIA CURAÇAO CHILE GLOBAL INDIA

3. TUMA MI MANFOUNDATION

1. Amicorp Community Center is a social enterprise to provide hospitality and life skills training to marginalized communities in North Bali.2. Kamar Mandi Project: Sanitation project to replace open defecation in North Bali, Indonesia; improved lives of 1/3 of community.3. Tuma Mi Man Foundation: Day care center enabling children to develop to their full potential.4. Ami-carbon Project: Track, report and offset Amicorp Group’s air travel with mass tree planting.


OUR AMICORP COMMUNITY FOUNDATION; SINCE 2001

Since 2012, ACF has worked in the poor northern communities of Bali. Our initiatives to create holistic impact and self-sustainable communities include supporting a sustainable eco-tourism project, funding nursing training and salaries of a medical facility, development of a rain water harvesting system and more recently, delivering better sanitation to over some 700 over families. We built kamar mandis (outhouses complete with latrine and bathing features) that provided health and safety thereby allowing access to more economic and education time to nearly 3,000 of the 8,000 people in the small community of Desa Les. To deepen our impact in the same area, we will soon be setting up a vocational training center to empower this community with hospitality and life skills training.

Since 2013, ACF began the Ami-Carbon offset project, working directly with Amicorp Groups’ 40 plus offices to create awareness, reduce, track, report and offset CO2 emissions from our business travel. With a view of acquiring land to conduct mass planting to offset CO2 footprint from flying, we centralized travel bookings to our travel desk in Bangalore, and made financial provision to plant one tree for every 200 kilometres flown by our employees in the course of work. By August 2015, Amicorp acquired a 46-hectare plot of land (bigger than the Vatican City!) to conduct mass planting. Some 90,000 trees need to be planted on the land to offset two years of CO2 footprint from flying.

At Amicorp, we put our money where our mouth is. We channel up to 1% of our annual revenue into ACF to drive our global social impact projects and for our offices to engage in corporate social responsibility actions in the communities where we are active. The 1% also covers our overheads, which in turn assures our donors that their donations

goes directly into the projects, unlike many social impact organisations where overheads can cost donors as high as 60% of their giving.

Since 2014, we have been launching initiatives to create more opportunities for our clients to easily participate and partner in our social impact projects. In August 2014, we launched the Voluntary Opt-out CSR Charge initiative, whereby 10 currency units are added into all invoices of 1000 currency units and above. At the end of 2014, nearly 10,000 entities were billed, accompanied by information about our projects. Nearly 40% of those billed embraced this initiative, amounting to some USD 44,000 in collections. At the time of preparing this report, all but three of Amicorp’s 42 offices globally are participating in this program. Mid 2015, we launched the AMMADO application, an online global donating and fundraising platform on Amicorp Group’s new website and also on the group’s Facebook page which is dedicated exclusively to sharing CSR news. The application offers donors the option of contributing to Amicorp Community Foundation and our projects in any currency, using any credit card and as one-time or recurring donations. Additionally, many of our offices organize unique fundraising activities as part of their local CSR actions or incorporate fundraising into their marketing events. After 18 months of research and planning, in the last quarter of 2015, together with the subject matter experts across all our business services, we successfully launched the Social Impact Solutions, a unique service - that addresses the expressed needs of individuals, corporates and families for guidance and support to realize their aspirations - to drive social impact in meaningful, easy, effective and measurable ways.


ACF’S SOCIAL RESPONSIBILITY PROJECTSAMICORP COMMUNITY CENTER

In Bali, as many as 185,200 people live on less than $2 a day, close to 5% of the total population, and this figure has been on the increase. In remote villages—and “remote” in Bali means an hour or two away from the glittering 5-star hotels—the residents are very poor and most villagers lack education, access to electricity and even clean water. The largest concentration of Bali’s poorest communities are in the

north and east of Bali in Buleleng and Karangasem regencies. For young, often under aged girls, poverty leads them to falling victims to human traffickers and sexual exploiters.


In the small community of Desa Les in Buleleng, ACF has set up a social enterprise to operate a vocational training center. We want to deliver hospitality training that will lift many poverty stricken northern Balinese out of hunger and poverty.

It has been a long and arduous 18-month long journey to procure all the proper paperwork for the purchasing of our land in Les. There are many hoops we had to jump through. However, we are happy to say that we were able to do this without having to resort to additional “administrative fees”. This is part and parcel of our ethos to work with the best ethical practices.

Having overcome this obstacle at the end of 2015 we gave Oliver Gehlen, our chosen architect and long time Bali resident, the green light to start creating the Amicorp Community Center. We are excited to have great knowledgable partners supporting us in this project, among them the prestigious international hospitality brand W in Bali who, as part of their CSR actions, will be assisting us in creating a state of the art training restaurant and kitchen design. “You have our full support on this important project”, enthused Craig Seaward, General Manager, W Bali. The W Bali has also agreed to take our future graduates as interns.

In this image taken at the W Bali, from left to right are Matthew McCool, Chef de Cuisine W Bali; Rucina Ballinger, Amicorp Community Foundation’s Bali projects manager, Jack Yoss, Director of Cuisine W Bali, and Oliver Gehlen, OG Architect.

SANITATION SOLUTIONS

Open defecation can have a devastating effect on people’s health, as so many diseases are caused by poor sanitation. In particular, women’s safety and comfort is compromised and can create health problems such as diarrhea and related diseases such as hepatitis and cholera that impacts the ability to eat, sleep, think, work and study. Children miss school and their parents miss work due to these health issues.

In 2012, ACF started this project to initially provide some 480 Desa Les households with kamar mandis (free standing bathrooms). Here in Les, with a population of 8,000, open defecation is a serious issue as many people cannot afford to build toilets.

In 2012, the ACF took on the project to empower these villagers by improving their sanitation standards. By the end of 2015, we have delivered better health and hygiene by providing kamar mandis to 725 households in 8 hamlets in Desa Les, namely:

Selonding PenyumbahanTegallingahKawananLempedu TubuhKanginanPanjingan

Due diligence was conducted by Dr. Charles Jacobs, a retired Dutch anthropologist and permanent resident in Les, working with the local authorities and contractors Gede Eka and Gede Wardiasa to ascertain which families could not afford the toilets on their own. There is still one hamlet, Buktiang, where nearly everyone needs a kamar mandi, but to get there is up a steep and precarious path. It is simply not possible to get materials up there at this time.

When we began the project in 2012, it cost ACF USD 860 to build each unit. As of mid-2014, we were able to reduce the cost to approximately USD 640 per unit (this is partially due to the exchange rate fluctuations, but mostly due to our speeding up the building project). The costs include materials and employment of contractors who when possible work with the beneficiaries to build these kamar mandis. We try to ensure that these toilets are used and maintained properly so that they last up to 30 years as well-maintained toilets should. That makes it a 30 year long investment of just USD 5.70 per person. This project will be completed at the end of January 2016.

BALI

Desa Les

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So what has this investment brought to the community? Based on the official statistic of four persons per household in Bali, nearly 3000 people in this 8000-strong community now have better health and more safety. We did this by convertingthe practice of open defecation to the use of kamar mandiswith latrines. In doing this, we have enabled more time foreconomic and education pursuits, with less sick time fromdiarrhoea; women are less at risk of sexual assaults andbabies are less at risk of deaths from diarrhoea. The training that we have provided on use and maintenance is also paying off with some families being kamar mandi training ambassadors who train other families in the advantages and uses. The pride that they take in their kamar mandis comes not just from the dignity of having kamar mandis to use, but also by the fact that they themselves contributed to the process of constructing them. For our last hamlet, Panjingan, ACF worked closely with the Tejakula Community Health Center (PUSKESMAS) and three graduates from the Public Health Department of Udayana University to conduct a workshop in proper sanitation. Doctors and medical personnel presented information on good sanitary practices and then the participants were asked to fill out a questionnaire to ascertain their knowledge on sanitation. We plan to revisit the subject with the community in mid-2016. To most of us, having a toilet is taken for granted. Yet for the people of Les, it was a luxury…..until now.

TUMA MI MAN

On the island of Curaçao ‘Tuma mi Man’ day care center, started by the ACF in 2008, has gained recognition in the community for delivering high quality childcare services. Childcare is provided free of charge to one third of the centre’s 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 2015 - towards our efforts to continually improve, and ensure it remains a top quality daycare center we sought the help of some volunteers to build a wall fencing off a part of our playground so that it could no longer be accessed by the public thus increasing safety and security for our children. We received two playhouses from a sponsor to revitalize our play area for the smaller children. To increase parent-teacher engagement and mandatory participation of parents of less privileged children, we started a one-on-one parent meeting, which takes place twice a year. In this meeting we talk to parents about the development of their children. In 2015, we also started a P.T.A. (parent-teacher association). The annual Goals for Kids Tournament organized by Amicorp Curaçao to raise funds for Tuma mi Man was as big success that raised

55,030 guilders, approximately USD 33,000.

AMI-CARBON OFFSET PROJECT

“The world has come together to forge a deal that finally reflects the aspiration, and the seriousness, to preserve our planet for future generations” –Jim Yong Kim, on the Paris Climate Agreement.

We thought this was an apt quote to start sharing our exciting news, as it echoes our group’s own CSR aspirations in leaving our planet a cleaner, greener and fairer place for the generations to come.

With the help of our Amicorp Chile team, on November 30th, 2015, Amicorp acquired almost 50 hectares of land (larger than the Vatican City!) to plant trees which will offset our CO2 emissions incurred from air travel as a group. Located on the south coast of Chile, in the beautiful region of Chanco, the area is well-endowed with favorable conditions. Since 2013, we have been tracking our CO2 footprint from our business travel, and setting aside funds to plant one tree for every 200 kilometres flown in a year. Our efforts at tracking across 2013 – 2014 show that the oxygen released by aproximately 45,000 trees is required to offset the average CO2 incurred from our annual flying. There will be some 90,000 trees on the land by summer 2016.

This environmental management program has been a success because of the close collaboration between the design, CSR and travel teams, the latter not only manage and organize trips but also keep track of the distances travelled, and report the impact to employees. We’d like to thank those offices that have been mindfully embedding small changes in their daily operations towards becoming cleaner and greener. It is together with the small actions of every office that as a group, we can create significant impact.

The Ami-Carbon Offset Project began in 2013 as an initiative under the Amicorp Green Consciousness program.


SOCIAL IMPACT SOLUTIONSHOW WE (ACF & AMICORP) CAN HELP YOUAfter 18 months of research and planning in the last quarter of 2015, working together with the subject matter experts across all our business services, we successfully launched the Social Impact Solutions. This is a unique service that addresses the expressed needs of individuals, corporates and families for guidance and support to realize their aspirations to drive social impact in meaningful, easy, effective and measurable ways. Through this service, we bring our knowledge and extensive experience to our clients to help them in either corporate or personal social responsibility, and turn aspirations into successful realities, making it fun instead of painful and confusing, resulting in authentic outcomes that truly benefit communities. Working together and whatever the odds, we get the projects done and the results are something to be proud of.

From advice on defining and setting goals related to financial returns and social outcomes, to identifying types of investments that deliver the greatest impact in specific areas of interest, from guidance on structuring the investments to developing CSR/Sustainability business strategies, and from social impact program and entity set up and management, to creating and managing sustainable projects, we will be able to help at any stage of the social impact journey.

DRIVING YOUR SOCIAL IMPACT

Whilst other providers mostly offer consulting services such as helping clients to identify causes that could be opportunities to embrace, Amicorp offers is a full suite of solutions:

• Identifying social impact goals• Turning causes into opportunities• Managing the beneficiaries• Creating social impact projects• Establishment and administration of charitable trusts,

foundations, companies• Accounting, legal and IT outsourcing• Fundraising opportunities • Training, marketing and event managing services• Measuring, financial reporting and reporting social

impact ROIs


SOCIAL IMPACT SOLUTIONSHOW WE (ACF & AMICORP) CAN HELP YOU

OUR PEOPLE’S COMMITMENTGIVING & VOLUNTEERING

RAISING FUNDS FOR THE AMICORP COMMUNITY FOUNDATION

Top fund raisers were

AMICORP CURACAO Record-breaking USD 33,000 raised from the annual 3-day Goals4Kids futsal (five aside football) tournament in August. In its seventh year, G4K is a mini soccer tournament organized for companies to come together to raise funds for the Tuma mi Man Foundation to carry out its mission to sustainably fight against poverty. It was a successful event with fun, friendly competition, BBQ, raffle, and more.

AMICORP BANGALORE Raised a total of USD 7,751 from four fundraisers held over the year.

Fundraising without incurring cost

AMICORP CHILE Took advantage of the Tax Reform and Global Transparency event held for some 150 clients in May to auction Chilean celebrity football players’ autographed jerseys (which were sponsored by intermediaries) to raise funds for Amicorp Community Foundation. It was a valuable day filled with learning and meaning for the clients (law firms, family offices and auditors) who had the opportunity to learn about the Global Transparency effects in the context of the Common Reporting Standards, and also an opportunity to acquire items of value for a great cause.

AMICORP DUBAI AND URUGUAY Raised funds from clients by requesting for donations as recognition exceptional services.

Well-executed fundraising events

AMICORP CYPRUSOrganised and hosted Fun Day On Sunday in November, a fundraising event in partnership with GC School of Careers,

Hellenic Petroleum (Cyprus) Ltd (EKO), Famous Sports, Zanettos Tavern and Barrique Wine & Deli. The event received media coverage, with a host of fun-filled events from futsal for the men, to kids’ face painting, balloon creations and bouncy castles, a clown on stilts that was a photo opportunities hit, to a sale of dazzling cakes, muffins, cookies made by Amicorp Cyprus’ team bakers, and a lottery draw of three jerseys offered by APOEL FC and OMONOIA AC, the country’s biggest football clubs, autographed by their players. Professional football players from OMONOIA AC and well known Cypriot actors also attended the event to take pictures and give autographs to their fans in the event that drew 150 family, friends and associates alike. An amount of € 4,000 was raised and donated to the Amicorp Community Foundation and to the Cyprus Association for children with cancer and related diseases, “One Dream, One wish”.

AMICORP HONG KONGOrganized “Tribute to Love” jointly with Music-Go-Round (MSG) that raise funds for Amicorp Community Foundation’s projects in Bali. The brainchild of former colleague, Connie Leung, an accomplished alto saxophonist who saw an opportunity to bring her hectic career together with her dedication to performing arts to make a better world, persuaded a group of fellow musicians (MSG) to dedicate a performance to Amicorp Community Foundation.

AMICORP BRAZILTo commemorate 15 successful years in Brazil, a cocktail party highlighting a fundraising art auction was held in October that benefitted Amicorp Community Foundation, and Brazil-based Ameo and Cacau. That evening, together with intermediaries and clients, Amicorp colleagues celebrated at Local 166, a sponsored restaurant venue. A successful auction was held with the support of an old friend and intermediary, Luiz Müssnich and artworks donated by Brazilian artists living in Singapore and Brazil: Deusa Blumke, Lucas Lenci, Denise Andrade, Cassio Vasconcellos, Djan Ivson (Cripta Djan), Marcos Villas Boas and Ester Grinspum – all of whom wanted to join Amicorp in making a difference to society.

We are very proud of our people’s passion and commitment towards CSR. By the end of 2015, our offices collectively organized and carried out more than 90 CSR activities in their local communities, demonstrating thought leadership in creative fundraising, and support of environmental and economic empowerment initiatives within their offices, and in partnership with local organizations or independently reaching out to disadvantaged communities.

Highlights:


AMICORP SINGAPORE Organized a fundraising quiz and auction in February at The Black Swan Grand Café that generously sponsored venue, drinks and gifts. The event that was attended by almost 100 people formed 16 teams to pit their general knowledge against each other, bid for items that were offered by a celebrated auctioneer, and unreservedly consumed food and drinks, feeling good that 10% of the consumption would be donated to the cause.


COMMUNITY EMPOWERMENTENVIRONMENTAL CARESTANDOUT COMMUNITY EMPOWERMENT INITIATIVES THAT DEMONSTRATED EXCEPTIONAL ALIGNMENT WITH OUR CORPORATE GOALS:

AMICORP BRAZILIn May initiated a relationship with the kids of Casa Taiguara in São Paulo that hosts children and young people from underprivileged backgrounds. Casa Taiguara was founded in 1996 in the central region of the city of São Paulo. The children receive psychological, social and legal support, as well as preparation to return to school. A record of 72 hours were spent with them by taking turns on Saturday mornings to engage with them over a range of activities including painting, dancing and playing with colours, to English conversation, computers and assisting with homework. With continuing presence of the Amicorp Brazil team, they won the engagement, attention and trust of the kids.

AMICORP CHILECreated an organic orchard in Luis Garcia de la Huerta, a primary school that provides education for more than 400 children, almost 90% of whom are from disadvantaged background. Together with the children, Amicorp Chile team created nurseries by recycling and reusing discarded crates used for fruit. The children were taught to plant, and nurture the plants to grow it into a sustainable and ecologically-friendly project. The project received appreciation of the agricultural industry, which is the main economic and employment driver of the area.

AMICORP PERUIn continuing partnership with Ruwasunchis, a non-profit organization, Amicorp Peru provides ongoing support of various people in the disadvantaged community of Machay. The office is helping the 20-year old Gruver to realize his dream to be a tattoo artist by funding his tattoo training whilst Ruwasunchis supports by funding the purchase of the tattoo-making equipment . They also support a group of women who provide for their families by knitting household items out of recycled plastic bags, a smart initiative that generates income by making use of the Reduce, Reuse and Recycle principle for a cleaner environment. Thirdly, the office provides seeds to a group of mothers who plant their own “orchards” for food.

“Our dream is not simply to give Gruver money, but to help him to change his life, and then to have Gruver be a role model, to encourage other youth like him, to study and be gainfully employed. We plan in the new year to continue our support of Gruver so that he can continue a further two modules in his tattoo training and to watch and support him as he works towards realizing his full potential. We’re really content to have shared some happy moments with these children, young people and working mothers. It is always necessary to remember that there are people who need our time and affection, this also reminds us that we must thank God for everything we have: health, work and the love of our family, and we are very glad we have been able to visit these families for a second year in a row. I believe it is very important for them to know people care and don’t just visit them once in a lifetime, but that develop nice relationships. Also, we heard that some of the kids we met last year have got jobs now, which is very encouraging. I hope we can keep helping this needed community of Machay”, Amicorp Peru.

AMICORP MALTAIn its second year, Stamps of Support is an initiative that breathes second life into used stamps (received from mail to the office that would otherwise have been discarded). On Christmas Eve, some 3,000 stamps that were collected over the year were brought to the Mission Fund Malta for sale to raise funds to support disadvantaged communities globally. The initiative epitomizes the Reduce, Reuse, Recycle policy that meets Amicorp’s CSR goal of reducing environmental impact and empowering communities

AMICORP MAURITIUSCommitment to promote an eco-friendly workplace through ongoing smart work initiatives that kicked off in April. This included 1. creating a green, naturally airy and light environment; 2. by December, a measurable reduction in order of physical files by approximately 25% (from uploading all client documents on CARE); 3. maintaining level paper usage notwithstanding an increase in staff numbers by 6 new recruits. Additional sustainability actions include purchase of recycled papers for office use, and breathing new life into shredded paper through collaboration with Nestle (Mauritius) Ltd’s “Environment Sustainability” CSR project, where all shredded papers / cartons in the office are donated to a local recycling enterprise.


AWARDSRECOGNIZING THE STARS AMONG STARS

At 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 and help us to raise funds for our global CSR projects.

This year, we have introduced new awards:

1. The CSR Ami-bassador Star award recognizes two individuals across the group in driving CSR actions in their office

2. The Ami-Star Office Fundraiser award recognizes two offices across the group for leveraging on existing resources to raise funds for ACF in creative, cost and time efficient ways.

We have also rebranded old awards:

1. The Sustainable Development Office award (formerly Ami-Blue award) recognizes top two offices from across the group for expanding ACF’s foot print and fundraising goals.

2. The Eco-Champion Office award (formerly Ami-Green) recognizes top two offices from across the group for expanding their environmental consciousness goals.

With our employees all over the world demonstrating passion in driving social impact, it is never an easy decision to pick the stars among stars.

SUSTAINABLE DEVELOPMENT OFFICE AWARD

• Curacao: Organized four CSR events and raised USD 33,520 from G4K tournament

• Bangalore: Organized four CSR events and raised USD 7,751 from cycling marathon/10th year anniversary party/desktop donations/mobile phone donations/local auction

ECO CHAMPION OFFICE AWARD

• Mauritius: Implemented office-wide environmental initiatives around paper, energy consumption, and added measurability into their initiatives.

• Malta: Second year running, recycling of stamps from office correspondence to donate to a charitable organiza-tion for resale to support homeless people globally, thereby reducing environmental impact of the stamps and at the same time benefitting underprivileged com-munities.

AMI-STAR INDIVIDUAL FUNDRAISER AWARD

• No qualifiers

CSR AMI-BASSADOR STAR AWARD – NEW!

• Monica Luque (Amicorp Peru): Successfully coordinated Peru office’s fundraising event to raise funds for ACF, and CSR events that reflects most alignment with Amicorp’s goals of economic empowerment and environ-mental consciousness by ongoing support

of disadvantaged women in making and selling items recycled products and supporting a youth to realize his dream to become a professional tattooist.

• Sandra Brito (Amicorp Chile): Successfully coor-dinated Chile office’s fundraising auction for ACF within a Tax Reform and GlobalTrans-parency event, and CSR events that reflects most alignment with Amicorp’s goal of economic empowerment and environmental

consciousness by creating an organic garden in a school for underprivileged kids, thereby developing planting skills in their area where agriculture drives employment and revenue.

AMI-STAR OFFICE FUNDRAISER AWARD - NEW!

• Dubai: Raised funds creatively, effectively and time-efficiently by targeted outreach to clients to solicit donations for ACF.

• Uruguay: Raised funds creatively, effectively and time-efficiently by targeted outreach to clients to solicit donations for ACF.


AWARDSRECOGNIZING THE STARS AMONG STARS

OUR PRIORITIES FOR 2016We thank everyone who supported Amicorp Group and Amicorp Community Foundation in our efforts in environmental care, and our aspirations to help underprivileged communities to uplift themselves to better positions in life. With your help and support, and with our shared resources today, we are able to continue serving communities and leave the world a better and cleaner place for our generations to come.

We have identified five key priorities for ACF in 2016:

AMICORP COMMUNITY CENTER

In the last two years, ACF has invested USD 400,000 into the set-up of the social enterprise entities in Indonesia and acquiring the ideal plot of land in Bali. Building of the vocational center is expected to commence in May 2016. The total cost of building is expected to be around USD 1,500,000. To get 70% of the building complete by December, we will need to raise USD 800,000.

Dollar for Dollar donor matching program: To help us reach our objective, Amicorp Group has set aside a reserve of USD 400,000 to do dollar-for-dollar matching of donation from like-minded partners. Your donation will mean that people from the poorest districts in Desa Les, Bali will be trained in vocational skills eventually leading to their employment. You will thus become an indelible part of their lives.

TUMA MI MAN

We want to start an afternoon program for 4-12 year old children that includes music, sports, dancing, art sessions, to be delivered by professionals.

We also need to find sponsors for at least nine children. We have two new playsets for the playground, and would like to renew the playground with astrograss to increase safety. To promote the opening of the center on Saturdays, and on the first Saturday of each month, we will run programs for children such as baking, creative activities and sports.

To generate revenue and more self-sustainability, we will intensify our promotion of Tuma mi Man as a party venue for rental.

AMI-CARBON CO2 OFFSET PROJECT

The airmiles that we have been tracking since 2013 will start to be offset over summer 2016 when we will conduct mass planting on land Amicorp acquired in Chile. About a third of the land has existing trees, mostly pine, and some bamboo and eucalyptus. We will be planting on the remaining land, potentially some seedlings of native species on the protected areas, along with a majority of Radiata Pine seedlings. Attributes of Radiata Pine include fast growth, capability to sequester large amounts of CO2, and release of oxygen.

SANITATION PROJECT

Ongoing training on use and maintenance of kamar mandis to educate the beneficiaries to its full benefits to ensure maximum returns on investment. We will conduct a follow up training session in June to assess the extent to which having an enclosed kamar mandi has had on their health and daily life.

A picture book on the project is in progress and will be available in September 2016.

SOCIAL IMPACT SOLUTIONS

Some 36 of Amicorp Group’s top sales and relationship managers have undergone the necessary training to assist our clients in realizing their aspirations to drive social impact together with our subject matter experts. In whatever stage of the journey in philanthropy or corporate social responsibility, we hope the Social Impact Solutions will bring our clients across continents easy, effective, meaningful and measurable ways of making a difference to society.



ABOUT AMICORPAmicorp Group is an independent global service provider of a broad range of assurance, administrative, legal, corporate secretarial and support services. We provide services to a range of mostly corporate, but sometimes also high-net-worth clients around the world.

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. We have offices located in:

Argentina, the Bahamas, Barbados, Brazil, the British Virgin Islands, Cayman Islands, Chile, China, Colombia, Curaçao, Cyprus, Hong Kong, India, Lithuania, Luxembourg, Malta, Mauritius, Mexico, Monaco, the Netherlands, New Zealand, Peru, the Philippines, the Seychelles, Singapore, South Africa, Spain, Switzerland, Taiwan, the United Arab Emirates, the United Kingdom, the United States and Uruguay.

ABOUT ACF

Amicorp 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

Integrity: we do what we say and say what we do.

Honesty: we will not participate in, or accept any type of corruption, bribery or nepotism.

Quality: we do the best we can in all we do.

Equality: we treat every person with equal importance.

Care: we treat all - people, animals and the environment - well.

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


AMICORP WORLDWIDE OFFICES

OUR OFFICESArgentinaThe BahamasBarbadosBrazilBritish Virgin IslandsCayman IslandsChileChinaColombia

CuraçaoCyprusHong KongIndiaLithuaniaLuxembourgMaltaMauritiusMexico

MonacoThe NetherlandsNew ZealandPeruThe PhilippinesThe SeychellesSingaporeSouth AfricaSpain

SwitzerlandTaiwanUnited Arab EmiratesUnited KingdomUnited StatesUruguay


AMICORP COMMUNITYFOUNDATION, CURAÇAO

FINANCIAL STATEMENTSFOR THE YEAR ENDED31 DECEMBER, 2015


INDEPENDENT AUDITOR’S REPORT

The Board of Amicorp Community Foundation

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements 2015 of Amicorp Community Foundation, Curacao, which comprise the balance sheet as at December 31, 2015, and the income statement for the year then ended and a summary of the accounting policies and other explanatory information.

MANAGEMENT’S RESPONSIBILITY

Management is responsible for the preparation and fair presentation of these financial statements in accordance with generally accepted accounting principles in the Netherlands as included in title 9 Book II of the Dutch Civil Code. Management has elected to prepare the financial statements in accordance with generally accepted accounting principles in the Netherlands as included in title 9 Book II of the Dutch Civil Code. 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 RESPONSIBILITY

Our 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.

OPINION

In our opinion, the financial statements give a true and fair view of the financial position of Amicorp Community Foundation as at December 31, 2015, and of its financial performance for the year then ended in accordance with generally accepted accounting principles in the Netherlands as included in title 9 Book II of the Dutch Civil Code.

Curaçao, March 23, 2016Baker Tilly Curaçao

V. T. M Bergisch RA

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


Note 2015 In USD 2014 In USD

ASSETSCurrent assetsAdvances & Receivables 3 678,780 299,065

Funds in bank accounts 4 44,356 17,935

Total assets 723,136 317,000 FOUNDATIONS’S EQUITY AND LIABILITIES

Foundation's capital 100 100

General reserve 5 403,796 (52,340)

403,896 (52,240)

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

Provision for Bali Desa Les sanitation project - 50,000

Provision for audit fees 4,240 4,240

Total provisions 319,240 369,240 Total foundation’s equity and liabilities 723,136 317,000

Note 2015 In USD 2014 In USD

INCOMEDonation income 7 909,197 913,604

Total income 909,197 913,604EXPENDITUREFundashon Tuma mi Man 8 131,422 198,065

Bali Crisis Care project - 29,000

Bali Desa Les sanitation project 120,285 288,690

ACF employee salaries paid by Amicorp 106,381 91,232.00

Bali manager's salary 30,260 20,000.00

Health insurance 5,875 9,328.00

Expenditure towards CO2 Offset project - 168,350

Audit fees 11,681 4,480

Bank charges 3,322 8,671

Conference participation 1,271 -

Legal fees 42,221 -

Others 143 -

Promotion & marketing 200 -

Total expenditure 453,061 817,816Result, net 456,136 95,788

AMICORP COMMUNITY FOUNDATION, CURAÇAO - BALANCE SHEET AS AT 31 DECEMBER 2015

AMICORP COMMUNITY FOUNDATION, CURAÇAO - INCOME STATEMENT


2015 USD 2014 USD

Cash flow from from operations

Donation from Amicorp Group 375,793 669,372

Donation from clients and other sources 27,023 1,000

402,816 670,372Application of receipts:

Advance to Bali vocational centre (29,715) (249,065)

Bali Desa Les sanitation project (120,285) (238,690)

Bali manager's salary (30,260) -

Bali Crisis Care Project (79,000)

Fundashon Tuma mi Man (131,422) (46,065)

Health insurance (5,875) (9,328)

Audit fees (11,681) (4,240)

Conference participation (1,271) -

Legal & consultancy fees (42,221) (20,000)

Others (143) -

Promotion & marketing (200) -

Bank Charges (3,322) (8,671)

(376,396) (655,059)

Net cash flow from operations 26,421 15,313

Cash and cash equivalentsBeginning balance, January 1, 2015 17,935 2,622

Ending balance, December 31, 2015 44,356 17,935

AMICORP COMMUNITY FOUNDATION, CURAÇAO - CASH FLOW STATEMENT 2015

AMICORP COMMUNITY FOUNDATION, CURAÇAO - NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 (EXPRESSED IN US DOLLARS)

1. GENERAL Amicorp Community Foundation (ACF) 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 in the Netherlands as included in title 9 Book II of the Dutch Civil Code. (RJk) Valuation of asset and liabilities and determination of results takes place under the historical cost convention. Unless presented otherwise the relevant pricnciples for the specific balance sheet item, assets and liabilities, are presented at face value. Income and 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 Income Statement.

3. ADVANCES & RECEIVABLES

3A. ADVANCES

3B. RECEIVABLES

2015 USD 2014 USD

Advance towards purchase of land in Bali 249,065 249,065

Advance to Bali vocational centre company's USD account 29,715 50,000

278,780 299,065

2015 USD 2014 USD

Group Receivable - Dollar for dollar donor matching reserve from Amicorp Group’s 2015

400,000 -

400,000 -Total advances and receivables 678,780 299,065

2015 USD 2014 USD

RBC Royal Bank - USD account (United States Dollars account) 42,809 5,909

RBC Royal Bank - ANG account (Netherlands Antilles Guilders account) 1,547 12,026

44,356 17,935

4. FUNDS IN BANK ACCOUNTS


In 2013, Amicorp Community Foundation (ACF) committed to tracking, reporting and setting aside funds to offset our group’s CO2 footprint from air travel. ACF committed to planting a tree for every 200 kilometers of all air travel made by Amicorp employees in the course of work. Hence, ACF provided for the cost of USD 315,000 (90,000 plants @ USD 3.5 per plant) till end of December 2014 based on air travel made. Planting will be conducted between May to September 2016. 7. DONATION INCOME

8. DONATION EXPENSES

2015 USD 2014 USD

Funding from Amicorp Group 213,793 669,372

Accrued Donation Income due from Amicorp Group 400,000 -

Contribution from Amicorp Group employees - 1,000

ACF employee salaries paid by Amicorp Group on behalf of the Foundation 106,381 91,232

Collections from Voluntary CSR Charge in invoices (2014) 44,000 -

Donation from clients and other sources 27,023 -

Fund transferred by Amicorp on behalf of ACF to Fundashon Tuma Mi Man 118,000 152,000

909,197 913,604

5. FOUNDATION’S CAPITAL AND RESERVE

The Foundation is incorporated at December 21, 2001 and has a capital of USD 100.

The movement in the General Reserve is as follows:

6. PROVISION FOR CO2 OFFSET PROJECT

2015 USD 2014 USD

Balance at the beginning of the year 315,000 146,650

Addition during the year - 168,350

Balance at the end of the year 315,000 315,000

2015 USD 2014 USD

Fund transferred by Amicorp on behalf of ACF to Fundashon Tuma Mi Man 118,000 152,000

Contribution to expenses of Fundashon Tuma Mi Man 13,422 46,065

131,422 198,065

2015 USD 2014 USD

Balance at the beginning of the year (52,340) (148,128)

Net result for the year 456,136 95,788

Balance at end of the year 403,796 (52,340)

OTHER INFORMATION

APPROPRIATION OF RESULTS

The positive results of USD 456,136 will be added to the general reserve




AMICORP GROUP - ACF 2015 ANNUAL REPORTPUBLISHED BY AMICORP GROUP - ENGLISH 04/16


AMICORP COMMUNITY FOUNDATIONPARERAWEG 45, CURAÇAO

This report is printed on Environmentally friendly paper

Documents

STAND OUT FROM TE CROWD … · CEO’S MESSAGE. ... Bangalore, and made financial provision to plant one tree for every 200 kilometres flown by our employees in the course of work