Plan Worldwide Annual Review and Combined Financial ...

9d Fund balances
Fund balances held at 30 June 2012 of €313 million, were €22 million higher than at 30 June 2011. This reflects a €11 million surplus for
the year and a €11 million translation gain from the revaluation of non Euro net assets. The increase in fund balances is represented by a
€24 million increase in cash and investments, an €8 million decrease in inventory plus an €6 million increase in other net assets. The decrease
in inventory mainly comprises lower inventory arising from anti-malaria bed nets in Togo that were distributed to beneficiaries during 2012.
Of the €313 million reserves at 30 June 2012, €33 million is represented by property, plant, equipment and intangibles and €15 million is
permanently restricted. The remaining €265 million cash reserves globally includes €129 million of donations designated for specific projects
by donors and funds received from sponsors in advance that together equate to over 2 months’ global expenditure.
Fund balances held in the NOs account for €123 million of total reserves, whilst PI Inc holds the balance of €190 million. PI Inc reserves of
€190 million are €15 million higher than required by the reserves policy set by the International Board (explained in note 1f to the combined
financial statements). €12m has been designated for investments over 2013 and 2014, which will contribute to delivery of the Global Strategic
Plan to 2015. These include €6 million allocated for fundraising investments, €4 million for taking specific programmes to scale and €2 million
for a business operating model reform programme. The remaining €3 million represents net timing differences in spending on individual
country sponsorship programmes.
10. Statement of directors’ responsibilities in relation to the combined financial statements
The directors of PI Inc are responsible for the preparation of this annual report and the combined financial statements in respect of Plan.
The directors have chosen to prepare combined financial statements for each financial year in accordance with the basis of preparation as set
out in note 1 of the combined financial statements. They are responsible for ensuring that the combined financial statements present fairly,
in all material respects, the combined financial position of Plan and also its combined results of operations, combined comprehensive income,
combined cash flows and combined changes in fund balances.
In preparing the combined financial statements, the directors are required to select suitable accounting policies and then apply them
consistently; make judgements and estimates that are reasonable and prudent; state that the combined financial statements comply with the
basis of preparation set out in Note 1 of the combined financial statements; and prepare the combined financial statements on a going concern
basis, unless it is inappropriate to presume that PI Inc and the NOs will continue in business. The directors of PI Inc confirm that they have
complied with the above requirements in preparing the combined financial statements.
The directors of PI Inc, together with the directors of the NOs, are responsible for keeping proper accounting records that are sufficient to
show and explain Plan’s transactions and disclose with reasonable accuracy at any time the combined financial position of Plan, and enable
the directors of PI Inc to prepare combined financial statements that comply with the basis of preparation set out in Note 1 of the combined
financial statements. They are also responsible for safeguarding Plan’s assets and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
The directors of Plan Ltd are responsible for the maintenance and integrity of Plan’s website, www.plan-international.org on behalf of PI
Inc. Information published on the internet is accessible in many countries with different legal requirements relating to the preparation and
dissemination of financial statements.
The directors of PI Inc confirm that, in the case of each director in office at the date the directors’ report is approved, so far as the director
is aware there is no relevant audit information of which the company’s auditors are unaware; and he/she has taken all the steps that he/she
ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the company’s
auditors are aware of that information.
Approved by the International Board and signed on its behalf by
Ellen Løj
Chair
17 October 2012
Plan International Worldwide Combined Financial Statements for the year ended 30 June 2012
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