Plan Worldwide Annual Review and Combined Financial ...

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Independent auditors’ report to the Board of Directors of Plan International, Inc. We have audited the accompanying combined financial statements of Plan International Worldwide which comprise the combined statement of financial position of the entities set out in Note 1 of the combined financial statements as at 30 June 2012, and the related combined income statement, the combined statement of comprehensive income and expenditure, the combined statement of cash flows and the combined statement of changes in fund balances for the year then ended, and a summary of significant accounting policies and other explanatory information. Directors’ responsibilities for the combined financial statements The directors are responsible for the preparation and fair presentation of these combined financial statements in accordance with the basis of preparation set out in Note 1 of the combined financial statements, for determining that the basis of presentation is acceptable in the circumstances and for such internal control as management determines is necessary to enable the preparation of combined financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ 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 whether the financial statements are free of 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 auditors’ 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 auditors consider internal control relevant to the 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 internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, 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 reasonable basis for our audit opinion. Opinion In our opinion, the accompanying combined financial statements present fairly, in all material respects, the combined financial position of the entities set out in Note 1 of the combined financial statements, comprising Plan International Worldwide as at 30 June 2012, and the combined results of its operations and its combined cash flows for the year then ended in accordance with the basis of preparation set out in Note 1 of the combined financial statements. Emphasis of matter Without modifying our opinion, we draw attention to the fact that, as described in note 1 to the combined financial statements, the entities included in the combined financial statements have not operated as a single entity during the year. Other matters This report, including the opinion, has been prepared for and only for the Directors of Plan International, Inc. for reasons of good corporate governance and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. PricewaterhouseCoopers LLP Chartered Accountants London United Kingdom 19 October 2012 10
Combined income statement for the year ended 30 June Notes 2012 2011 €000 €000 Income Child sponsorship income 2a 362,996 353,368 Grants 2a 153,219 139,657 Gifts in kind 2a 27,088 14,615 Other contributions 2a 84,553 77,366 Investment income 2a 2,975 2,807 Trading income 2a 2,997 3,605 Total income 2a,b 633,828 591,418 Expenditure Programme expenditure 3a 487,545 417,665 Fundraising costs 3a 90,927 73,707 Other operating costs 3a 52,607 49,583 Trading expenditure 3a 2,934 3,491 Total expenditure before foreign exchange 634,013 544,446 Net (gains)/losses on foreign exchange 3a (10,867) 16,773 Total expenditure 3a,b,c 623,146 561,219 Excess of income over expenditure 10,682 30,199 Combined statement of profit or loss and other comprehensive income and expenditure for the year ended 30 June Notes 2012 2011 €000 €000 Excess of income over expenditure 10,682 30,199 Other comprehensive income and expenditure Unrealised (losses) / gains on investments available for sale (244) 522 Exchange rate movements 11,313 (6,105) Total comprehensive income and expenditure 6 21,751 24,616 There is no corporation taxation arising on the items set out above as explained in note 1p. to these financial statements. The notes on pages 15 to 39 form part of these financial statements. Plan International Worldwide Combined Financial Statements for the year ended 30 June 2012 11
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