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Find out more FINANCIAL  
PERFORMANCE  
  REPORT
2021
 Administration and General Services Division
Committee on Budget, Finance and Administration  
WT/BFA/W/588/Rev.1 Committee on Budget, Finance and Administration  
WT/BFA/W/588/Rev.1  
22-7455FINANCIAL  
PERFORMANCE  
  REPORT
2021
TABLE OF CONTENTS
1  INTRODUCTION    6
2  REGULAR BUDGET PERFORMANCE  8
2.1  WTO Budget Composition  8
2.2  Outstanding Contributions 9
2.3  WTO Budget Performance 10
2.4  Part A - Staffing Resources 11
 2.4.1  Staff Expenditure 11
 2.4.2  Temporary Assistance Expenditure 11
2.5  Part B - Other Resources 12
 2.5.1  General Services 13
 2.5.2  Travel and Hospitality 14
 2.5.3  Implementing Partners 15
 2.5.4  Capital Expenditure 15
 2.5.5  Financial Expenditure 15
2.6  Part C – Operating Funds and ITC 16
2.7  Transfers between Budgetary Sections 16
2.8  Expenditure by Output Chapter  17
 2.8.1  Comparison of 2021 Budget and Expenditure by Output Chapter 17
2.9  Facilitating Negotiations 17
2.10  Administering Agreed WTO Rules 18
2.11  Monitoring Trade Policies 18
2.12  Settling Disputes 18
2.13  Capacity Building 18
2.14  Assisting Accessions 18
2.15  Conducting Research 18
2.16  Reaching Out 19
3  EXTRA-BUDGETARY PERFORMANCE 20
3.1  Trust Funds 20
 3.1.1  Trust Fund Landscape 20
 3.1.2  Contribution and Expenditure per Trust Fund 21
 3.1.3  Global Trust Fund 22
3.2  Trade Facilitation Agreement Facility (TFAF) 23
3.3  Standards and Trade Development Facility 24
3.4  The French Irish Mission Internship Programme 24
3.5  Netherlands Trainee Programme 24
3.6  China LDCs and Accessions Programme 25
3.7  LDCs’ Participation in WTO Ministerial Conferences  25
3.8  Transferring Technologies for the Development of Cotton Project 25
3.9  WTO LDC Fisheries Negotiations Trust Fund 25
3.10  WTO LDC Graduation Trust Fund 26
3.11  China Development Cooperation Research Initiative (CDCRI) 26
3.12  Administrative Funds 27
3.13  Enhanced Integrated Framework Executive Secretariat 27
3.14  Independent Entity – Pre-Shipment Inspection – Deposits 27
3.15  Programme Support Fund 28
WT/BFA/W/588/Rev.1
4 2021 FINANCIAL PERFORMANCE REPOR TDue to rounding of figures in various tables and summary charts, minor differences 
can result between subtotals and totals.4  FINANCIAL STATEMENTS 29
4.1  Management Letter of Representation 29
4.2  Opinion of the External Auditor 30
4.3  WTO Financial Statements 32
4.4  Notes to the Financial Statements 35
 4.4.1  Note 1 Accounting Policies 35
 4.4.2  Note 2 Financial Risk Policy 40
 4.4.3  Note 3 Negative Interest and Negative Equity 40
 4.4.4  Note 4 Cash and Cash Equivalents 40
 4.4.5  Note 5 Receivables from Members and Observers 40
 4.4.6  Note 6 Inventories 41
 4.4.7  Note 7 Advances, Prepayments and Other Receivables 42
 4.4.8  Note 8 Property, Plant and Equipment 42
 4.4.9  Note 9 Intangible Assets 43
 4.4.10  Note 10 Accounts Payable and Accruals  44
 4.4.11  Note 11 Provisions 44
 4.4.12  Note 12 Assessed Contributions Paid in Advance 44
 4.4.13  Note 13 Refundable Voluntary Contributions  45
 4.4.14  Note 14 Employee Benefits 45
 4.4.15  Note 15 Loan 49
 4.4.16  Note 16 Working Capital Fund 49
 4.4.17  Note 17 Reserves 49
 4.4.18  Note 18 Revenue 50
 4.4.19  Note 19 Expenses 51
 4.4.20  Note 20 Reconciliation of Budgetary Performance and Financial Results 52
 4.4.21  Note 21 Related Party Transactions  54
 4.4.22  Note 22 Contingent Assets and Contingent Liabilities 54
 4.4.23  Note 23 Segment Reporting 54
 4.4.24  Note 24 Events After the Reporting Date 55
5  SCHEDULES 56
5.1  Schedule A 2021 Statement of Assessed Contributions for Members and Observers 56
5.2  Schedule B Statement of Outstanding Contributions and Advances as of  
 31 December 2021 – Members 59
5.3  Schedule C Voluntary Contributors Received During 2021 64
5.4  Schedule D Balance Due to Contributors as of 31 December 2021 65
2021 FINANCIAL PERFORMANCE REPORT  5
WT/BFA/W/588/Rev.11  INTRODUCTION   
1.1  In accordance with WTO Financial Regulation 36, the Annual Financial Statements of the WTO for the year ended 
31 December 2021 are being presented to the Committee on Budget, Finance and Administration for its examination, 
with a view to making a recommendation to the General Council to approve them. The COVID-19 pandemic continued 
throughout 2021. Economic and social activities were constrained. Governments implemented strict measures in a bid 
to curtail the spread of the virus and launched a worldwide vaccination campaign. In the context of the WTO budget, 
expenditures in some areas were much lower than budgeted amounts, mainly due to travel restrictions and staff 
members working remotely. Technical Assistance activities were conducted virtually as Participants could not travel 
for regional and advanced trade policy courses. 
1.2  The Financial Performance Report comprises of the following key sections: Regular Budget Performance,  
Extra-Budgetary Performance and the Financial Statements.
1.3  The year 2021 represented the 11th year of a Zero Nominal Growth budget for the WTO, CHF 197.2 million. The 
budgetary result of approximately CHF 6 million for the year was composed of a budgetary surplus of CHF 4.7 million 
and CHF 0.9 million under miscellaneous income and a reduction of the provision (thereby creating a positive variance) 
of CHF 0.4 million under the provision for contributions in arrears.
1.4  The budgetary result is adjusted by incorporating International Public Sector Accounting Standards (IPSAS) 
requirements to determine the financial result. IPSAS make the disclosure of the long-term assets and liabilities 
obligatory. Hence, the WTO Pension Plan (WTOPP) and After Service Health Insurance (ASHI) assets and liabilities are 
reflected in the financial statements. This has a considerable effect on the financial result. 
WT/BFA/W/588/Rev.1
6 2021 FINANCIAL PERFORMANCE REPOR T1.5  The WTOPP is separately administered and managed and has distinct regulations and rules from those of the WTO. 
The governing body is the WTOPP Management Board, which directly reports to the General Council. The members of 
the WTOPP Management Board comprise of individuals who are appointed by the Director-General (WTO Secretariat 
staff members and retirees) and individuals appointed by the General Council (delegates of WTO Members).  
1.6  ASHI does not have a governing body that has representation from WTO Members. 
1.7  Within the WTO Secretariat, there is a Medical Insurance Management Committee, whose responsibilities 
include the following: Keeping under review the working and the financial status of the Medical Insurance (the Plan), 
taking account of the provisions of the group contract concluded with the Plan Administrator;  Recommending to the  
Director-General, for decision, the total premium for each year; Analysing, and where necessary, renegotiating the 
insurance premiums and benefits in light of the specific needs of staff members and retired staff members and their 
dependents. 
1.8  The contributions received for Trust Funds in 2021 did not vary much from those received in 2020. Expenditure for 
Technical Assistance activities was low due to restrictions imposed by the pandemic.
1.9  Ultimately, the financial result obtained in 2021 is a deficit of CHF 48.2 million. This includes the budgetary result of 
CHF 6 million and the IPSAS adjustments amounting to (CHF 54.2 million). IPSAS adjustments are led by the long-term 
pension and ASHI liabilities, which are based on actuarial valuations.
Budgetary
surplus
Miscellaneous
income
Contributions 
in arrears
Figure 1 – Financial Result Process (CHF million)
4.7
0.9Budgetary
result
6
Financial
result
-48.2
IPSAS
adjustments
-54.20.4
2021 FINANCIAL PERFORMANCE REPORT  7
WT/BFA/W/588/Rev.12  REGULAR BUDGET  
 PERFORMANCE 
2.1  WTO Budget Composition 
2.1  The budget for 2021, amounting to CHF 197.2 million, was approved by the General Council in December 2020 (refer 
to WT/BFA/191 and WT/GC/M/188).
2.2  The WTO Regular Budget is financed through assessed contributions from Members and miscellaneous income:
a. The share to be contributed by each Member is based on the Member’s international trade (imports plus exports) 
in relation to the international trade of all WTO Members.  
b. Miscellaneous income is mainly derived from the sale of publications; royalties; savings or refunds from prior year 
obligations; rental of meeting rooms; contributions from Observers; and an allocation of an equivalent of 10% of 
the annual expenditure of the Programme Support Fund. 
Table 1 – 2021 WTO Income (kCHF)
Item Budget Receipts Balance 
Contributions from WTO Members 195,500 195,500 -
Miscellaneous Income 1,704 2,596 892
Total 197,204 198,096 892
WT/BFA/W/588/Rev.1
8 2021 FINANCIAL PERFORMANCE REPOR T2.3  The details of miscellaneous income for 2021 are shown in the table below: 
Table 2 – 2021 Miscellaneous Income (kCHF)
ItemBudgeted 
Miscellaneous 
Income 2021Income 2021 Balance 2021
Contributions from Observer Countries 600 645 45
Sale of Publications & Royalties 270 127 -143
Trust Funds – Contribution to Direct Costs 190 137 -53
Refund of Prior Years’ Expenditure 180 984 804
Rental of Meeting Rooms & Office Space 125 5 -120
Profit/Loss on Exchange - 80 80
Other 339 618 279
Total 1,704 2,596 892
2.4  The receipts under Sale of Publications & Royalties are lower than expected which is mainly a result of the pandemic. 
The same applies to the receipts under the Rental of Meeting Rooms and receipts under Trust Funds – Contribution to 
Direct Costs.
2.5  Under Refund of Prior Years’ Expenditure, the surplus is mainly due to a reimbursement by the ITC relating to the ITC 
surplus for 2018 and 2019 (CHF 0.6 million) and the release of provisions for legal damages (CHF 0.27 million).
2.6  The positive result under ‘Other’ includes a gift from the Government of Kazakhstan (CHF 0.23 million), the 
contribution of the Enhanced Integrated Framework for administrative cost (CHF 0.2 million) and reimbursement by 
the insurance company for staff on long-term sick leave.
2.7  The positive evolution of the USD vis-à-vis the Swiss Franc and the negative evolution of the EUR vis-à-vis the 
Swiss Franc resulted in a positive net variation of CHF 80,000. 
2.2  Outstanding Contributions
2.8  The outstanding contributions in 2021, amounting to CHF 38.4 million, were slightly lower than those in 2020.  
The table below depicts the outstanding contributions for each year since 2001.
Figure 2 – Outstanding Contributions (MCHF)
200126.8
200224.6
200331.5
200431.3
200531.0
200627.6
200725.3
200825.4
200925.9
201023.7
201125.9
201225.1
201322.0
201419.3
201522.9
201616.5
201733.8
201825.7
2019 2020 202124.241.2
38.4
2021 FINANCIAL PERFORMANCE REPORT  9
WT/BFA/W/588/Rev.12.3  WTO Budget Performance
Table 3 – 2021 WTO Budget Performance (kCHF)
Part Section Line Budget Expenditure Balance
A Staffing 
Resources1. Staff Expenditure i) Staff Remuneration 88,520 87,499 1,021
   ii) Staff Pension & Post-
Employment Benefits23,380 21,582 1,798
   iii) Staff Health & Invalidity 
Insurance6,794 6,769 25
   iv) Staff Family & International 
Benefits10,971 10,239 732
    v) Other Staff Expenditure 1,900 2,484 -584
 2. Temporary 
Assistancei) Short-Term Staff 9,850 16,363 -6,513
    ii) Consulting 6,124 7,539 -1,415
    iii) Panellists 1,300 517 783
A Staffing Resources Total   148,840 152,992 -4,152
B Other 
Resources3. General Services i) Telecommunications & Post 641 498 143
   ii) Contractual Services & 
Maintenance11,613 11,363 250
    iii) Energy & Supplies 2,066 1,063 1,003
   iv) Documentation & 
Publications1,458 1,320 138
    v) Other / Miscellaneous 48 18 30
  4. Travel & Hospitality i) Travel 7,993 716 7,277
    ii) Hospitality 214 40 173
 5. Implementing 
Partnersi) Implementing Partners 213 191 22
 6. Capital 
Expenditurei) Procurement of Fixed Assets 2,255 2,716 -461
   ii) Rental & Leasing of 
Equipment640 226 414
 7. Financial 
Expenditurei) Bank & Interest Charges 580 712 -132
    ii) Building Loan Reimbursement 1,200 1,200 -
B Other Resources Total   28,921 20,065 8,856
C Operating 
Funds and 
ITC8. Contributions 
to ITC & Special 
Reservesi) Contribution to ITC 18,243 18,243 -
   ii) Ministerial Conference 
Operating Fund600 600 -
    iii) Building Renovation Fund 600 600 -
C Operating Funds and ITC Total  19,443 19,443 -
Grand Total   197,204 192,500 4,704
WT/BFA/W/588/Rev.1
10  2021 FINANCIAL PERFORMANCE REPOR T2.4  Part A - Staffing Resources
2.9  Part A is composed of expenditure for regular staff members such as salary, pension, health insurance, death and 
invalidity insurance, staff benefits, and expenditure related to removal, installation, and separation of staff members. 
Expenditure for short-term staff, consultants and panellists is also included under this Part.
2.4.1  Staff Expenditure
1 Documents WT/BFA/W/431 and WT/BFA/168 (Establishment of the Special Reserve Account).Table 4 – Staff Expenditure (in kCHF)
Section Line Budget Expenditure Balance
1. Staff Expenditure i) Staff Remuneration 88,520 87,499 1,021
  ii) Staff Pension & Post-Employment 
Benefits23,380 21,582 1,798
  iii) Staff Health & Invalidity Insurance 6,794 6,769 25
  iv) Staff Family & International 
Benefits10,971 10,239 732
  v) Other Staff Expenditure 1,900 2,484 -584
1. Staff Expenditure Total  131,565 128,573 2,993
2.10  The expenditure under Staff Remuneration is slightly below budget. This is mainly due to the high number of 
vacant posts throughout the year. This also had an impact on Pension Contributions, Family Allowances and Education 
Grant.  
2.11  Savings are realized under Staff Family & International Benefits as not many staff members were able to travel on 
home leave due to the pandemic. The savings under Health Insurance were transferred to the Special Reserve Account1. 
he budget lines for Annual Leave, Travel and Removal, Separation and Termination also reflect the travel and other 
associated expenses for the outgoing and incoming senior management teams and officials of the Director General’s 
Office.  
2.4.2  Temporary Assistance Expenditure
Table 5 – Temporary Assistance Expenditure (in kCHF)
Section Line Account Description Budget Expenditure Balance
2. Temporary 
Assistancei) Short-Term Staff Short-Term Staff / Salary 2,191 6,960 -4,768
    Short-Term Staff / Pension 725 997 -272
   Short-Term Staff / Health 
Insurance200 453 -253
    Short-Term Staff / Annual Leave - 505 -505
    Short-Term Staff / Overtime - 52 -52
    Translators / Daily and Monthly 2,434 1,842 592
   Translators / Special Service 
Contract2,029 1,962 67
    Interpreters 1,755 3,251 -1,497
    Interns 516 342 174
  ii) ConsultingConsulting Firms & 
Employment Agencies2,653 3,351 -698
2021 FINANCIAL PERFORMANCE REPORT  11
WT/BFA/W/588/Rev.1Section Line Account Description Budget Expenditure Balance
    Special Service Agreement 1,315 1,670 -355
   Translators / External Translator 
Contract2,156 2,518 -362
  iii) Panellists Panellists’ Fees 1,300 517 783
Grand Total  17,275 24,419 -7,145
2.12  The budget line for short-term staff includes the expenditure for temporary assistance costs of CHF 8.9 million, 
Translators paid under short-term contracts of CHF 3.8 million, Freelance Interpreters’ expenditure of CHF 3.2 million 
and Interns of CHF 0.3 million.
2.13  The main over-expenditure under temporary assistance costs is due to the recruitment of additional short-term 
staff for the organization’s needs as well as replacements for staff members on leave without pay and filling of vacant 
posts on a temporary basis. 
2.14  The expenditure for Interpreters increased by 45%, relative to 2020. This was due to the shift to virtual meetings 
and the necessity for additional Freelance Interpreters to cover both in presence and virtual meetings. 
2.15  Under Translation, which covers the savings on short-term translators of CHF 0.66 million and an overspending on 
External Translators of CHF 0.36 million, an overall saving of CHF 0.3 million was realized.
2.16  Under Consulting, the expenditure relates to the recruitment of consultants for various IT projects (CHF 1.6 million), 
the HR Training Program (CHF 0.9 million), the WTO Secretariat structural review diagnostic (CHF 0.4 million) and the 
Technical Assistance Training Activities (CHF 0.2 million).
2.17  Under Special Service Agreements which relate to individual consultants, the main expenditure items include 
IT consultants (CHF 0.4 million), text processing staff (CHF 0.4 million), consultants working on research projects 
(CHF 0.3 million), consultants for the HR Training Program (CHF 0.08 million) and consultants for Technical Assistance 
Training Activities (CHF 80,000).
2.18  Under Panellists’ Fees, the savings of CHF 0.8 million are due to the reduced expenditure as a result of the 
pandemic.
2.5  Part B - Other Resources
Table 6 – Part B Expenditure (kCHF)
Section Line Budget Expenditure Balance
3. General Services i) Telecommunications & Post 641 498 143
  ii) Contractual Services & 
Maintenance11,613 11,363 250
  iii) Energy & Supplies 2,066 1,063 1,003
  iv) Documentation & Publications 1,458 1,320 138
  v) Other / Miscellaneous 48 18 30
3. General Services Total  15,826 14,263 1,563
4. Travel & Hospitality i) Travel 7,993 716 7,277
  ii) Hospitality 214 40 173
4. Travel & Hospitality Total  8,207 756 7,451
5. Implementing Partners i) Implementing Partners 213 191 22
5. Implementing Partners Total 213 191 22
WT/BFA/W/588/Rev.1
12  2021 FINANCIAL PERFORMANCE REPOR TSection Line Budget Expenditure Balance
6. Capital Expenditure i) Procurement of Fixed Assets 2,255 2,716 -461
  ii) Rental & Leasing of Equipment 640 226 414
6. Capital Expenditure Total  2,895 2,942 -47
7. Financial Expenditure i) Bank & Interest Charges 580 712 -132
  ii) Building Loan Reimbursement 1,200 1,200 -
7. Financial Expenditure Total  1,780 1,912 -132
Grand Total  28,921 20,065 8,856
2.19  Part B comprises the budget and expenditure for general services, travel and hospitality, activities jointly funded 
by the WTO and third parties as well as capital and financial expenditure. Overall, savings approximating CHF 8.9 million 
resulted under this category. 
2.5.1  General Services
Table 7 – General Services Expenditure (kCHF)
Section Line Account Description Budget Expenditure Balance
3. General Servicesi) Telecommunications 
& PostTelecommunications 324 380 -56
    Post & Freight 317 118 199
 ii) Contractual 
Services & 
MaintenanceContractual Services 7,659 7,860 -201
    Equipment Maintenance 2,312 1,944 369
    Building Maintenance 1,433 1,435 -2
    Insurance 194 121 73
    Rental of Premises 15 4 11
  iii) Energy & Supplies Electricity 570 251 319
    Water 54 30 24
    Gas & Fuel 461 320 141
    Supplies 981 463 518
 iv) Documentation & 
PublicationsBooks 15 1 14
    Subscriptions 385 470 -85
    Printing 320 336 -16
    Publications 438 220 218
    Media & Public Relations 300 276 24
    Adjustments & Write-Offs - 17 -17
 v) Other / 
MiscellaneousMembership and 
Registration Fees15 7 8
    Advertising 20 12 8
    Other / Miscellaneous 13 - 13
3. General Services Total   15,826 14,263 1,563
2.20  Under General Services, the positive result of CHF 1.6 million was mainly due to savings pertaining to the pandemic. 
2.21  The savings under Post & Freight partly cover the over-expenditure under Telecommunications. The  
over-expenditure under Contractual Services comprises of CHF 1 million for the UNICC, which is partially offset by 
2021 FINANCIAL PERFORMANCE REPORT  13
WT/BFA/W/588/Rev.1savings of CHF 0.7 million for the physical security contract and CHF 70,000 for cleaning services. The savings reflect 
the reduced physical presence on the WTO premises whereas the over-expenditure is in line with IT tools for virtual 
meetings, cyber security and teleworking.
2.22  Savings under Equipment Maintenance relate to IT, Security and Conference Maintenance. The savings under 
Electricity, Water and Gas & Fuel are a consequence of the reduced occupation of the WTO premises and a mild Winter.
2.23  The savings under Supplies include savings of Documents Reproduction supplies (CHF 0.3 million), IT supplies 
(CHF 80,000) and office supplies (CHF 0.11 million). 
2.24  Savings were realized under Publications. The amount under Adjustments and Write-offs pertains to obsolete 
publications.
2.25  Financial Regulation 22 stipulates that commitments for future financial periods for normal ongoing activities 
that are more effectively procured using a multi-year approach are listed in the financial reporting, when they exceed 
CHF 2 million. The following multi-year contracts were in force as at 31 December 2021:
i. Physical Security: CHF 18 million over the period 1 January 2019 until 31 December 2023.
ii. IT Service Desk: CHF 8,324,320 from 1 Jan 2015 to 31 August 2022.
iii. United Nations International Computing Centre: USD 5.7 million over the period 1  January 2022 until 
31 December 2023.
iv. Cleaning Services: CHF 5 million over the period 1 January 2019 until 31 December 2023.
v. Travel Management and Visa Processing Services: CHF 4.5 million over the period 1 January 2014 until 
31 December 2022.
vi. Multi-technical maintenance for the WTO buildings: CHF 2.2 million over the period 1 January 2020 until 
31 December 2024.
2.5.2  Travel and Hospitality
Table 8 – Travel and Hospitality (in kCHF)
Section Line Account Description Budget Expenditure Balance
4. Travel & 
Hospitalityi) Travel Travel 7,773 383 7,390
    Insurance / Participants 220 333 -113
 ii) HospitalityHospitality & Meeting 
Refreshments214 40 173
4. Travel & Hospitality Total 8,207 756 7,451
2.26  Under Travel very few missions were conducted in 2021 due to the restrictions of the pandemic. Savings were also 
realized under Hospitality. Insurance/Participants includes the SOS Travel Insurance and a partial premium advance 
for 2022.
WT/BFA/W/588/Rev.1
14  2021 FINANCIAL PERFORMANCE REPOR T2.5.3  Implementing Partners
Table 9 – Implementing Partners (in kCHF)
Section Line Account Description Budget Expenditure Balance
5. Implementing 
Partnersi) Implementing 
PartnersImplementing Partners 213 191 22
2.27  This budget line relates to events that are partially or fully funded by the WTO and executed by third party 
organizations, as well as contributions to professional networks, contributions to the Staff Assistance Fund and to the 
International Labour Organisation (ILO) Administrative Tribunal. 
2.5.4  Capital Expenditure
Table 10 – Capital Expenditure (in kCHF)
Section Line Account Description Budget Expenditure Balance
6. Capital 
Expenditurei) Procurement of 
Fixed AssetsOffice Furniture and 
Equipment75 110 -35
    Computing Hardware 630 619 11
    Computing Software 1,100 1,322 -222
    Audio Visual & 
Telecommunications 
Equipment250 510 -260
    Security Equipment 180 - 180
    Reproduction Equipment - 155 -155
    Vehicles 20 - 20
  ii) Rental & Leasing of 
EquipmentRental and Leasing of 
Equipment640 226 414
6. Capital Expenditure Total   2,895 2,942 -47
2.28  The slight overspending under this budget section pertains to software and tools for hosting virtual meetings and 
the purchase of a new printing machine under Reproduction Equipment.
2.29  Notable savings were realized under Security Equipment and Rental and Leasing of Equipment.
2.5.5  Financial Expenditure
Table 11 – Financial Expenditure (in kCHF)
Section Line Account Description Budget Expenditure Balance
7. Financial 
Expenditurei) Bank & Interest 
ChargesBank Charges 580 712 -132
  ii) Building Loan 
ReimbursementBuilding Loan 
Reimbursement1,200 1,200 -
7. Financial Expenditure Total   1,780 1,912 -132
2.30  The Section Financial Expenditure includes the reimbursement of the 50-year interest free loan for the new 
administrative building of the WTO, as well as bank and interest charges.
2.31  Since 2015, Swiss banks have been charging negative interest on the current account balances, above certain 
negotiated thresholds. These vary according to the market conditions. For 2021, the thresholds amounted to 
approximately CHF 50 million.
2021 FINANCIAL PERFORMANCE REPORT  15
WT/BFA/W/588/Rev.12.6  Part C – Operating Funds and ITC
Table 12 – Operating Funds and ITC (in kCHF)
Section Line Account Description Budget Expenditure Balance
8. Contributions 
to ITC & Special 
Reservesi) Contribution to ITC Contribution to ITC 18,243 18,243 -
  iii) Ministerial 
Conference Operating 
FundMinisterial Conference 
Operating Fund600 600 -
  iv) Building 
Renovation FundBuilding Renovation Fund 600 600 -
8. Contributions to ITC & Special Reserves Total  19,443 19,443 -
2.32  Part C is related to the contribution to the budget of the International Trade Centre and allocation of funds to the 
Operating Funds of the WTO. The contribution to the ITC was CHF 18.2 million. Allocations to the Ministerial Conference 
Operating Fund and the Building Renovation Fund were CHF 0.6 million, respectively. No expenditure was incurred 
under the Building Renovation Fund. The Ministerial Conference Operating Fund Expenditure was as follows:
Table 13 – Ministerial Conference Operating Fund (MOF) Expenditure (kCHF)
MOF  kCHF 
Fund Allocation 2018 600 
Expenditure 2018 -4 
Balance MOF 31/12/2018 596
Fund Allocation 2019 600 
Expenditure 2019 -71 
Balance MOF 31/12/2019 1,125
Fund Allocation 2020 600 
Expenditure 2020 -178 
Balance MOF 31/12/2020 1,547 
Allocation 2021 600 
Expenditure 2021 -1,118 
Balance 31/12/2021 1,028 
2.7  Transfers between Budgetary Sections
2.33  In accordance with Financial Regulation 21 and Financial Rule 4.4, transfers between WTO budgetary sections are 
necessary to cover excess expenditure over approved appropriations by using savings from other budgetary sections. 
Approval is requested to affirm the following transfers and revised appropriations of budget amounts:
Table 14 – Proposed Transfers between Sections of the 2021 WTO Budget (kCHF)
Part Section Budget Expenditure BalanceProposed 
TransfersRevised 
Appropri-
ationsBalance
A Staffing 
Resources1. Staff 
Expenditure131,565 128,573 2,993 -2,993 128,573 -
  2. Temporary 
Assistance17,275 24,419 -7,145 7,145 24,419 -
A Staffing Resources Total  148,840 152,992 -4,152 4,152 152,992 -
WT/BFA/W/588/Rev.1
16  2021 FINANCIAL PERFORMANCE REPOR TPart Section Budget Expenditure BalanceProposed 
TransfersRevised 
Appropri-
ationsBalance
B Other 
Resources3. General 
Services15,826 14,263 1,563 - 15,826 1,563
 4. Travel & 
Hospitality8,207 756 7,451 -4,332 3,875 3,119
 5. Implementing 
Partners213 191 22 - 213 22
 6. Capital 
Expenditure2,895 2,942 -47 47 2,942 -
 7. Financial 
Expenditure1,780 1,912 -132 132 1,912 -
B Other Resources Total  28,921 20,065 8,856 -4,152 24,769 4,704
C Operating 
Funds and ITC8. Contributions 
to ITC & Special 
Reserves19,443 19,443 - - 19,443 -
C Operating Funds and ITC Total  19,443 19,443 - - 19,443 -
Grand Total  197,204 192,500 4,704 - 197,204 4,704
2.8  Expenditure by Output Chapter 
2.8.1  Comparison of 2021 Budget and Expenditure by Output Chapter
Table 15 – Budget and Expenditure by Output Chapter (kCHF)
Output Chapter 2021 Budget % of TotalExpenditure 
2021% of TotalDifference 
Budget vs 
Expenditure
1  Facilitating Negotiations 9,500 5% 9,146 5% 354
2  Administering Agreed WTO Rules 46,500 24% 58,530 30% -12,030
3  Monitoring Trade Policies 28,000 14% 25,957 13% 2,043
4  Settling Disputes 37,000 19% 23,158 12% 13,842
5  Capacity building 42,000 21% 35,561 18% 6,439
6  Assisting Accessions 5,000 3% 4,386 2% 614
7  Conducting Research 15,500 8% 18,515 10% -3,015
8  Reaching Out 13,704 7% 17,247 9% -3,543
Grand Total 197,204 100% 192,500 100% 4,704
2.9  Facilitating Negotiations
2.34  This Output Chapter includes various committees and negotiating groups related to the Doha Development 
Agenda negotiations such as the Trade Negotiations Committee, other negotiating groups and special sessions.
2.35  At the end of 2021, the expenditure was in line with the projection. The expenditure for 2020 was slightly less, 
totalling CHF 8.88 million.
2021 FINANCIAL PERFORMANCE REPORT  17
WT/BFA/W/588/Rev.12.10  Administering Agreed WTO Rules
2.36  This Output Chapter includes the Ministerial Conference, all Committees related to the General Council and 
its Subsidiary Bodies, Committees related to the Council for Trade in Goods and its Subsidiary Bodies, Committees 
related to the Council for Trade in Services and its Bodies, and the Council for Trade-related Aspects of Intellectual 
Property. The expenditure for 2021 exceeded the projection. This was mainly due to the Ministerial Conference planned 
for 2021, as well as increased activity under the General Council and its Bodies and the Council for Trade Related 
Aspects of Intellectual Property. The expenditure for 2021 is higher than the expenditure for 2020, which amounted to 
CHF 55 million. 
2.11  Monitoring Trade Policies
2.37  This Output Chapter is mainly composed of expenditure related to the WTO Trade Policy Review Body, Trade Policy 
Reviews and Trade Policy Monitoring. The expenditure for 2021 was slightly lower than the projection, which was due to 
the fact that all reviews were undertaken in virtual mode due to the pandemic, which therefore generated savings under 
the travel expenditure. The expenditure for 2021 was higher than that for 2020 i.e. CHF 26 million in 2021 compared to 
CHF 22.2 million in 2020.  
2.12  Settling Disputes
2.38  This Output Chapter includes the Dispute Settlement Body, as well as pre-dispute activities, panels, and 
arbitrations. Under this output, the most significant decrease in expenditure can be observed. Compared to 2020, the 
actual expenditure for 2021 decreased from CHF 31.5 million to CHF 23.2 million. This is also impacted by the fact that 
most panels took place in virtual mode.
2.13  Capacity Building
2.39  This Output Chapter comprises all activities related to capacity building courses and training; the Aid for Trade 
work programme; and the contribution to the International Trade Centre (ITC). The actual expenditure for 2021 was 
slightly lower than the projection, but in line with the expenditure in 2020. That is CHF 34 million in 2020 compared to 
CHF 35.5 million in 2021. This was mainly due to the impact of the ongoing pandemic due to which all travel activity had 
been cancelled and all activities had been conducted in virtual mode.
2.14  Assisting Accessions
2.40  This Output Chapter includes all activities related to the support of accessions. The actual expenditure for 
2021 was at the level of the projection. Compared to 2020, it was lower, that is CHF 4.3 million in 2021 compared to 
CHF 5 million in 2020.
2.15  Conducting Research
2.41  This Output Chapter relates to the WTO’s publications such as the World Trade Report and the WTO Annual Report; 
research reports and papers; knowledge management activities; and the management of WTO publications. The 
expenditure for 2021 was slightly higher than the projection. The increase was mainly in the areas of special research 
reports and papers, knowledge management activities and WTO publications. Compared to the total expenditure of 
CHF 14.8 million in 2020, the expenditure for 2021 was CHF 18.5 million.    
WT/BFA/W/588/Rev.1
18  2021 FINANCIAL PERFORMANCE REPOR T2.16  Reaching Out
2.42  This Output Chapter includes all outreach activities of the WTO, such as general press relations; general outreach 
to Members and the private sector; key events such as the Public Forum and the Open Day; and work done with other 
international organizations. The actual expenditure for 2021 was higher than originally projected. The areas of increase 
included general outreach to Members and NGOs, work with other international organisations, Press Relations and 
dissemination of trade related materials. The expenditure increased from CHF 15 million in 2020 to CHF 17.3 million 
in 2021.
2021 FINANCIAL PERFORMANCE REPORT  19
WT/BFA/W/588/Rev.13  EXTRA-BUDGETARY  
 PERFORMANCE
3.1  This part describes the activities undertaken in 2021 using extra-budgetary funds, which are managed through 
Trust Funds and Administrative Funds. Trust Funds receive voluntary contributions whereas Administrative Funds are 
used to account for other fund flows that the WTO is responsible for managing.
3.1  Trust Funds
3.1.1  Trust Fund Landscape
3.2  In addition to its Regular Budget, the WTO receives voluntary contributions for selected programmes that are 
managed through Trust Funds. In 2021, Trust Fund expenditures amounted to CHF 13.6 million as shown in the notes to 
the financial statements further below.
3.3  The DDAGTF (hereinafter referred to as “the Global Trust Fund” or “GTF”) is the core Trust Fund for technical 
assistance. Activities financed through the Global Trust Fund, in 2021, were carried out based on the 2020-21 Biennial 
Technical Assistance and Training Plan.   
3.4  Figure 3 is a consolidated depiction of key contributors to Trust Funds since 2011.
3.5  Figure 4 depicts the evolution in contributions to the GTF and other Trust Funds since the inception of the GTF .  
From this data one can see the gradual movement of support from the GTF , to other funds, over the past 20 years.
Figure 3 – Key contributors to Trust Funds since 2011
 3% 
China (People’s
Republic)14%
Others  3%
Denmark
   4% Canada
10% Netherlands 8% France5% Australia
 8% Germany6%
United States10%
European 
Union13%
Norway16%
Sweden
WT/BFA/W/588/Rev.1
20  2021 FINANCIAL PERFORMANCE REPOR T3.1.2  Contribution and Expenditure per Trust Fund
2 Adjustments are comprised of negative bank interest for the year applied to contributions, reimbursements of contributions 
made to donors during the year and other expenditure refunds.Table 16 – Summary of Contributions and Expenditures (in CHF thousands)
Trust Funds & ProjectsFunds as at 
1 January 2021Contributions 
receivedExpenditures Adjustments2 Balance as at 
31 December 
2021
Global Trust Fund 11,677 5,451 -2,578 -108 14,442
French-Irish Mission 
Internship Programme1,254 1,206 -1,143 -8 1,309
Netherlands Trainee 
Programme994 875 -905 -4 960
China LDCs & Accessions 
Programme1,101 - -242 -8 851
Subtotal 15,026 7,532 -4,868 -128 17,562
Standards and Trade 
Development Facility (STDF)10,903 8,563 -3,294 -92 16,080
Trade Facilitation 
Agreement Facility4,976 23 -308 -40 4,651
Subtotal 15,879 8,586 - 3,602 -132 20,731
LDCs’ Participation in WTO 
Ministerial Conferences 455 126 -81 6 506
LDC Graduation Fund 176 - -127 -1 48
WTO Fisheries LDCs 
Participation125 126 - -1 250
Transferring Technologies 
for the Development of 
Cotton61 - -6 -55 -
CDCRI: ASYCUDA TIVA 
Databases Project591 - -16 -5 570
CDCRI: Investment 
Facilitation for Development 
Project194 - -169 -1 24
Subtotal 1,602 252 -399 -57 1,397
Total 32,507 16,370 -8,869 -317 39,691Figure 4 – Number of Contributors since the inception of the Global Trust Fund 
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201922 243
27 22 23 27 24 19 19 19 14 15 13 13 12 13 12 1212
11
2020 2021128 713
10
15 12 15
13 12 12 17 13 12 14 13 15
Global Trust Fund Contributions Other Contributions
2021 FINANCIAL PERFORMANCE REPORT  21
WT/BFA/W/588/Rev.13.1.3  Global Trust Fund
3.6  The Global Trust Fund was established in December 2001 to finance technical assistance programmes and training 
activities for developing and least-developed countries as well as economies in transition. One of the main purposes 
for creating a core Trust Fund was to consolidate the numerous extra-budgetary funds in a single Trust Fund, so as to 
provide a stable financial basis for the delivery of the Technical Assistance Plan (TA Plan) adopted by Members3. The 
TA Plan is funded through a mixture of funds from the Regular Budget, the Global Trust Fund and other distinct Trust 
Funds. Over the past decade, the GTF has traditionally represented approximately two thirds of the funds available to 
finance the implementation of the TA Plan.
3.7  In 2021, the GTF received CHF 5.5 million of new contributions from 12 different contributors (Austria, Australia, 
Estonia, EU, Finland, France, Japan, Korea, Lichtenstein, Lithuania, Sweden and USA).
3.8  On the expense side, the pandemic and the resulting travel restrictions continued the interruption of face-to-face 
TA activities. Meanwhile, TA activities were delivered virtually in 2021 and online courses remained available throughout 
the year.
3.9  The Young Professional Programme was the key exception as the pandemic did not cause any disruption to the 
programme in 2021. Young professionals were still able to travel to Geneva. The programme targets young graduates 
from LDCs and developing Members not currently represented or with few staff members at the professional level in 
the Secretariat. Selected young professionals are posted in the Secretariat for a year, giving them an opportunity to 
practically learn to work on matters dealt with in the WTO. 
3.10  Offering TA activities through virtual platforms led to significant savings in the GTF (-27% expenses compared 
to 2020). Since online and virtual TA activities do not fully substitute face-to-face ones and cannot achieve the same 
objectives, the pandemic led to a reduced TA effectiveness. Therefore, there was no real efficiency gain during the year 
despite the much lower costs registered.
3.11  Consequently, for the first time since 2016, the GTF expenses did not exceed the contributions received during 
the year. 
3  The TA Plan for 2020-21 can be seen in document WT/COMTD/W/248/Rev.1.Figure 5 – Receipts and expenditures of the Global Trust Fund from 2012-2021
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Expenditures
Contributions received 
& Transfers
Available year-end balance
Technical Assistance 
Plan - Target
-2.04.06.08.010.012.014.016.018.020.0Millions CHF
WT/BFA/W/588/Rev.1
22  2021 FINANCIAL PERFORMANCE REPOR TFigure 6 – Expenditure by key results (Outcomes) of WTO Technical Assistance Plan
47%
Key Result 1
Implementation of 
WTO Agreements 
4%
Key Result 3
Academic institutions 
and other stakeholders are 
analysing WTO issues and 
reaching out to policy maker   13%
Key Result 4
Non-governmental 
stakeholders and 
legislators are aware 
of and knowledgeable 
about WTO work and issues  
3%
Key Result 2
Acceding governments are 
participating in accession 
negotiations  33%
Staff Costs L-Posts RBM 
and E-learning 
3.12  A detailed report on the TA implemented by the WTO is presented annually to the CTD. 
3.2  Trade Facilitation Agreement Facility (TFAF)
3.13  The objective of the TFAF is to assist developing and least developed countries find the support they need to 
implement the Trade Facilitation Agreement. The Facility complements existing support efforts, seeking to enhance 
their effectiveness.
3.14  The role of the Facility is to support the Committee’s work in relation to assisting developing Members and LDCs 
in implementing the Agreement. 
3.15  To fulfil its role, the Facility will prioritize the following activities:
a. The Grant Programme
b. Technical Assistance and Capacity Building
c. Engagement with Annex D and Development partners
d. Maintain the TFAF website.
3.16  In 2021 TFAF focused on delivery of the grant programme. TFAF also launched the procurement process for 
an external evaluation. There was a moratorium on all TFAF technical assistance activities, not including the grant 
programme, from October 2020 to late October 2021. The delivery of the TFAF grant programme was also impacted by 
the continued COVID-19 pandemic and its knock-on effects on travel and remote-working. 
2021 FINANCIAL PERFORMANCE REPORT  23
WT/BFA/W/588/Rev.13.17  By the end of 2021, a total of 18 expressions of interest had been circulated by the TFAF grant programme. This 
represents just under 30% of eligible Members whose needs have either been matched with a development partner or 
have led to a draft application for a TFAF project preparation grant. In 2021 seven unmatched expressions of interest 
were developed into a successful TFAF project preparation grant project. Of those seven, four completed PPGs led to 
development partner(s) stepping forward to propose implementation assistance for a total of 33 provisions of the Trade 
Facilitation Agreement notified under Category C. Discussions to identify a partner for other PPGs continue.
3.3  Standards and Trade Development Facility
3.18  The Standards and Trade Development Facility (STDF) is a global Aid-for-Trade partnership, established by the 
WTO, together with the Food and Agriculture Organization (FAO) of the United Nations, the World Organization for Animal 
Health (OIE), the World Bank and the World Health Organization (WHO). The STDF promotes improved food safety, animal 
and plant health capacity in developing countries and helps imports and exports to meet sanitary and phytosanitary 
(SPS) requirements for trade, based on international standards. The STDF contributes to sustainable economic growth, 
poverty reduction and food security. 
3.19  The work of the STDF is guided by a five-year strategy (2020-2024) , which further strengthens STDF’s role as a 
global platform for dialogue and learning on SPS capacity development. Drawing on the expertise of its partners, the 
STDF identifies, develops, and disseminates good practices and knowledge products that focus attention on topics 
that cut across food safety, animal and plant health, and trade. Through its grant mechanism, the STDF also finances 
the development and implementation of collaborative and innovative SPS projects aiming to expand market access for 
developing countries. More information is available in STDF’s Annual Report , which is presented to all STDF members 
and widely disseminated across STDF’s broader network. The Annual Report is approved by the STDF Working Group. 
The report for 2021 is currently under preparation. 
3.4  The French Irish Mission Internship Programme
3.20  The French Irish Mission Internship Programme was launched in 2001. It aims to: enhance the Interns’ knowledge 
and understanding of the Multilateral Trading System and of trade policy in general; strengthen the understanding of 
the negotiation process at the WTO; and support small Missions in participating more actively in the daily activities 
at the WTO. The Interns work in their own country’s Mission in Geneva for a period of up to ten months and represent 
their country on selected WTO Committees. This hands-on approach is designed to provide them with exposure to the 
activities taking place at the WTO.
3.21  France contributed CHF 0.9 million and Ireland CHF 0.2 million to this programme during the year.
3.22  In 2021, this Trust Fund financed the costs related to 20 interns from the following countries: Bangladesh, Burkina 
Faso, Chad, Côte d’Ivoire, Gabon, Gambia, Guinea, Haiti, Lao People’s Democratic Republic, Madagascar, Mali, Nepal, 
Nigeria, Rwanda, Senegal, Sri-Lanka, Togo, Uganda, Zambia, and Zimbabwe.
3.5  Netherlands Trainee Programme
3.23  The Netherlands Trainee Programme was launched in 1999. Its most recent extension was from 2018 to 2022. The 
objective of the Programme is to generate tangible, measurable and lasting capacity building in areas related to trade 
policy in LDCs, low-income countries and comparable poor and vulnerable economies to assist in their economic and 
social development. Selected junior public officials are posted to the Secretariat for a duration of up to ten months, 
giving them an opportunity to learn, by doing, about the matters dealt with in the WTO.
3.24  The Netherlands contributed CHF 0.9 million to this programme during the year.
3.25  In 2021, this trust fund financed the costs related to 16 interns from the following countries: Afghanistan, Bhutan, 
Botswana, Cameroon, Ecuador, Guatemala, Kyrgyz Republic, Lesotho, Malawi, Mauritania, Myanmar, Namibia, Pakistan, 
St Lucia, Sudan, and Tanzania. 
WT/BFA/W/588/Rev.1
24  2021 FINANCIAL PERFORMANCE REPOR T3.26  The total number of trainees who have benefited from the Programme since its launch in April 2005 reached 221 
at the end of 2021.
3.6  China LDCs and Accessions Programme
3.27  The China LDCs and Accessions Programme was established in July 2011. Its aim is to help strengthen LDC 
Members’ participation in the WTO activities and to help acceding LDCs to improve their capacity for accession.
3.28  Regarding the Accession internships financed by this programme, due to the COVID-19 pandemic, the WTO had 
to adjust its hiring policies to extend internship offers only to candidates who were already in Switzerland on a right 
type of visa/permit valid for the entire internship duration. In 2021, seven internships were made available to interns 
from the following countries: Brazil, China, Ghana, India, Venezuela, and Vietnam; an intern from Kenya participated 
remotely and was unpaid.
3.29  As for the other components of the programme, the Fourth South-South Dialogue on LDCs and Development was 
organized in Montreux, Switzerland, on 16 and 17 September 2021. Over 80 delegates, with nearly half of them being at 
Ambassadors’ level, participated in the event. 
3.30  The Tenth China Round Table on WTO Accessions took place virtually in January 2022.
3.7  LDCs’ Participation in WTO Ministerial Conferences 
3.31  Since the first WTO Ministerial Conference held in Singapore in 1996, the WTO has facilitated the participation of 
LDCs in Ministerial Conferences, using voluntary contributions. Costs related to travel, accommodation and per diem 
of LDC delegations, comprised of one Minister and two high level officials, are covered.
3.32  At the end of a given Ministerial Conference, the remaining balances are usually carried forward and added to the 
new contributions to be utilized for the same purpose in the subsequent Ministerial Conference, unless any specific 
contributor requests return of funds.
3.33  The COVID-19 pandemic, and particularly the unexpected emergence of the Omicron variant, resulted in the 
postponement of MC12. However, as the postponement was very sudden, some activities had already taken place in 
the fund including costs for hotel, airfares, and subsistence allowance. 
3.8  Transferring Technologies for the Development of Cotton Project
3.34  The project on “Technology Transfer for the Development of Cotton by-products in eight African LDCs” , started on 
7 July 2019. The project concluded at the end of 2020. In 2021 the final transactions were made in the fund and at the 
year end the balance stood at zero.
3.9  WTO LDC Fisheries Negotiations Trust Fund
3.35  This Trust Fund has the sole purpose of financing the travel costs of fisheries officials from LDC capitals to take 
part in Negotiating Group on Rules fisheries subsidies cluster meetings. This fund was established in response to 
requests for financial support by LDCs in the Rules Negotiating Group and HODs/TNC/GC meetings. 
3.36  COVID-19 interrupted in person activities under this fund in 2021.
2021 FINANCIAL PERFORMANCE REPORT  25
WT/BFA/W/588/Rev.13.10  WTO LDC Graduation Trust Fund
3.37  The LDC Graduation Fund, started on 12 March 2019. The project concluded operations at the end of 2020. In 2021 
the closing administrative entries were finalized and the remaining balance returned to the donor in early 2022.
3.11  China Development Cooperation Research Initiative (CDCRI)
3.38  The Government of the People’s Republic of China and the WTO established this agreement to strengthen 
collaboration in research and research-related technical assistance and capacity building for trade.
3.39  There are two projects under this agreement: Investment Facilitation for Development and ASYCUDA/TiVA 
Databases.
a. CDCRI: Investment Facilitation for Development Project 
3.40  The Investment Facilitation for Development project was established in 2017 to assist developing and  
least-developed countries to deepen their understanding of multilateral approaches to facilitating investment for 
development. The initial activities of this project were the organization of regional investment facilitation partnership 
forums. The focus transitioned to research and database development with the launch of a global database integrating 
trade and investment data with an expanded database of investment facilitation measures. The substantive 
implementation started in 2020 through partnership with relevant institutions and experts.
a. CDCRI: ASYCUDA TIVA Databases Project 
3.41  The “Improving Access to Trade and Market Access Statistics and Developing Trade In Value-Added Databases” 
project was established in the second half of 2019. The objective being to assist least- and less-developed Members to 
notify WTO relevant data through a tool integrated into the UNCTAD ASYCUDA (Automated System for Custom Data) and 
to build national trade in value added (TiVA) data collection and production capabilities in selected African economies. 
3.42  The substantive implementation started in 2020 through partnerships with relevant international, regional and 
national institutions and experts from academia or National Statistical Offices. The next step was to engage with 
beneficiary governments and data providers (online training and regional workshops were organized). The scope includes 
providing IT and statistical or other expert advice, piloting the system in selected beneficiary countries, organizing 
relevant workshops and seminars and providing of administrative implementation support. The COVID-19 pandemic 
inevitably led to some difficulties and delays in finalizing arrangements with several Members and implementing the 
initial work schedule.
3.43  The following Members are participating in the projects: Cameroon, Côte d’Ivoire, Egypt, Madagascar, Nigeria, 
Senegal and Togo. A few more Members are actively discussing their involvement. It is currently anticipated that the 
project will continue through 2023 to complete the work with the beneficiaries.  
WT/BFA/W/588/Rev.1
26  2021 FINANCIAL PERFORMANCE REPOR T3.12  Administrative Funds
4 Adjustments are comprised of negative bank interest for the year applied to contributions, reimbursements of contributions 
made to donors during the year and other expenditure refunds. Overheads are equivalent to 13% of the direct costs incurred by 
Trust Funds administered by the WTO and are transferred to the Programme Support Fund (PSF).Table 17 – Summary of contributions and Expenditures per Administrative Fund
ProgrammeFunds as at 
1 January 
2021Contributions 
receivedExpendituresAdjustments 
or Overheads4Balance as at 
31 December 
2021
Enhanced Integrated 
Framework Executive 
Secretariat          1,567 3,500 -4,519  -15   534 
Independent Entity –  
Pre-Shipment Inspection – 
Deposits       88 - -         -    88 
Programme Support Fund 804 - -1,505 1,409 709
Total 2,459 3,500 -6,024 1,395 1,330
3.13  Enhanced Integrated Framework Executive Secretariat
3.44  The EIF partnership, composed of beneficiary countries, donors and partner agencies, works closely with 
governments, development organizations and the civil society to assist Least Developed Countries (LDCs) use trade 
as an engine for development and poverty reduction. EIF works with partner countries to harness trade for economic 
growth, poverty reduction and sustainable development.
3.45  The EIF’s executive secretariat was established in 2008 and is housed at the WTO. The International Bank for 
Reconstruction and Development, the International Monetary Fund, the International Trade Centre, the United Nations 
Conference on Trade and Development, the United Nations Development Programme and the World Trade Organization 
(collectively “EIF Agencies”), EIF Least-Developed Countries (“EIF LDCs”) and all contributors, constitute the partners 
of the EIF .
3.46  Under the agreement to host the EIF’s executive secretariat the administrative funds that pass-through WTO 
accounts cover its operational cost like staff compensation, office rental, travel and insurance expenses, monitoring 
and evaluation costs, and communications-related costs. These funds do not include any of the programmatic activities 
which are funded through a separately managed and administered trust fund that is not part of the WTO accounts. 
3.14  Independent Entity – Pre-Shipment Inspection – Deposits
3.47  Independent Entity (IE) is a mechanism for settling disputes between exporters and pre-shipment inspection 
companies/agencies. It is constituted by the WTO, International Chamber of Commerce and the International Federation 
of Inspection Agencies. The fund is established under Article 4 of the Agreement on Pre-shipment Inspection.
3.48  Deposit payments from the following pre-shipment inspection companies have been received to cover the 
estimated costs of an independent review in the event of a dispute, as required by the terms of reference of the 
Agreement: Bureau Veritas International, Cotecna Inspection Limited, Inspectorate Griffith Limited and Inchcape 
Testing Services International Limited.
3.49  This Trust Fund has never been drawn down since its establishment in 1995.
2021 FINANCIAL PERFORMANCE REPORT  27
WT/BFA/W/588/Rev.13.15  Programme Support Fund
3.50  Programme Support Costs are generally charged at a rate of 13% of the direct costs incurred by Trust Funds 
administered by the WTO and are transferred to the Programme Support Fund (PSF). 
3.51  The WTO may allocate a portion of the Programme Support Costs to Trust Funds that it manages with implementing 
partners. 
3.52  Overhead fees are collected and calculated as of 31 December of each year.
3.53  In accordance with Financial Regulation 19, 10% of the expenses in the PSF are statutorily credited back to the 
WTO Regular Budget to cover some overheads (e.g. utilities) for services used in the delivery of activities financed from 
the extra-budgetary funds.
WT/BFA/W/588/Rev.1
28  2021 FINANCIAL PERFORMANCE REPOR T4  FINANCIAL STATEMENTS
4.1  Management Letter of Representation
4.1  These financial statements are prepared in accordance with the World Trade Organization’s (hereinafter “WTO”) 
Financial Regulations, Financial Rules and International Public Sector Accounting Standards (IPSAS). The management 
of the WTO Secretariat is responsible for the annual financial statements of the WTO and all other information presented 
therewith. The financial disclosures form part of the financial statements and are intended to fairly present the WTO’s 
financial results in a manner that is complete and understandable.
4.2  The Management of the WTO is responsible for establishing and maintaining adequate internal controls over 
financial reporting so as to provide reasonable assurance regarding the reliability of the financial statements. This 
includes policies and procedures that: enable the maintenance of records that accurately and fairly reflect the 
transactions of the WTO; provide reasonable assurance that transactions are authorized and recorded in compliance 
with the WTO’s Financial Regulations and Financial Rules; and provide reasonable assurance regarding the prevention 
or timely detection of unauthorized acquisition, use or disposal of the WTO’s assets. However, due to the inherent 
limitations of internal controls, they will not prevent or detect all misstatements.
4.3  The Management of the WTO is of the view that these financial statements fairly present the WTO’s financial 
performance for the year ended 31 December 2021 and financial position as at 31 December 2021. These statements 
have been audited by External Auditors appointed by the WTO General Council. The report from the External Auditors 
with the opinion is contained in the following pages.
 
Ngozi Okonjo-Iweala 
Director-General 
Nthisana Phillips 
Director  
Administration and General Service Division
2021 FINANCIAL PERFORMANCE REPORT  29
WT/BFA/W/588/Rev.14.2  Opinion of the External Auditor
Le Premier président
Paris, 27 July 2022 
To
H.E. Dr. Bettina WALDMANN
Chair of the Committee on Budget, Finance and  
Administration  
of the World Trade Organization
AUDIT OPINION
Opinion
We have audited the Financial Statements of the World Trade Organization (WTO) for the 12 months period ended 
31 December 2021. These Financial Statements include a Statement of Financial Position as at 31 December 2021, 
a Statement of Financial Performance, a Statement of Changes in Net Assets/Equity, a Statement of Cash Flow and 
Notes including a summary of the accounting policies and other information.
In our opinion, the Financial Statements give a fair view of the Financial Position of the World Trade Organization as at 
31 December 2021, as well as the Financial Performance, the Changes in Net Assets/Equity the Cash Flow and for the 
12 months period ended 31 December 2021 in conformity with the International Public Sector Accounting Standards 
(IPSAS).
Basis for Opinion
We have conducted our audit in accordance with the International Standards on Auditing (ISA) and in accordance with 
the Financial Regulations of the Organization. These Standards require us to comply with the ethical rules and to plan 
and perform our audit in order to obtain a reasonable assurance that the financial statements are free from material 
misstatements. As required by the Charter of ethics of the Cour des comptes, we guarantee the independence, the 
fairness, the neutrality, the integrity and the professional discretion of the auditors. Furthermore, we also fulfilled our 
other ethical obligations in compliance with the Code of Ethics of the International Organization of Supreme Audit 
Institutions (INTOSAI). The responsibilities of the External Auditor are more extensively described in the section 
“Auditor’s Responsibilities for the Audit of the Financial Statements” .
We believe that the audit evidence collected is sufficient and appropriate to constitute a reasonable basis for our 
opinion.WT/BFA/W/ 556 
- 22 - 
  
4.2  Opinion of the External Auditor  
 
 
 
 
 
 
 
Le Premier président    
  Paris, June 16th 2021  
 
To 
H.E. Dr. Bettina WALDMANN  
Chair of the Committee on Budget, Finance and Administration  
of the World Trade Organization  
  
Opinion  
 
We have audited the Financial Statements of the World Trade Organization (WTO) for the 12 months 
period ended 31 December 2020. These Financial Statements include a Statement of Financial 
Position as at 31 December 2020, a Statement of Financial Performance, a Statement of Changes in 
Net Assets/Equity, a Statement of Cash Flow and Notes including a summary of the accounting 
policies and other information.  
 
In our opinion, the Financial Statements give a fair view of the Financial Position of the World Trade 
Organization as at 31 December 2020, as well as the Financial Performance, the Changes in Net 
Assets/Equity the Cash Flow and for the  12 month period ended 31 December 2020 in conformity 
with the International Public Sector Accounting Standards (IPSAS).  
 
 
Basis for Opinion  
 
We have conducted our audit in accordance with the International Standards on Auditing (ISA) and 
in accordance wit h the Financial Regulations of the Organization.  These Standards require us to 
comply with the ethical rules and to plan and perform our audit in order to obtain a reasonable 
assurance that the financial statements are free from material misstatements. As required by the 
Charter of ethics of the Cour des comptes , we guarantee the independence, the fairness, the 
neutrality, the integrity and the professional discretion of the auditors. Furthermore, we also fulfilled 
our other ethical obligations in complianc e with the Code of Ethics of the International Organization 
of Supreme Audit Institutions (INTOSAI). The responsibilities of the External Auditor are more 
extensively described in the section "Auditor 's Responsibilities for the Audit of the Financial 
Statements ". 
 
 
We believe that the audit evidence collected is sufficient and appropriate to constitute a reasonable 
basis for our opinion.  
 
 
WT/BFA/W/588/Rev.1
30  2021 FINANCIAL PERFORMANCE REPOR TManagement’s Responsibilities for the Financial Statements
Within the framework of Article 35 of the Financial Regulations of the World Trade Organization the Director General 
of the World Trade Organization is responsible for preparing and presenting the financial statements. By virtue of 
Article 32 of the aforementioned regulations these statements are to be in conformity with the International Public 
Sector Accounting Standards. This responsibility includes the design, implementation and monitoring of internal 
control procedures to ensure the preparation and the fair presentation of financial statements, free of significant 
misstatements, resulting either from fraud or error. This responsibility also includes the determination of fair accounting 
estimates adapted to the circumstances.
Auditor’s Responsibilities for the Audit of the Financial Statements
The goal of the audit is to obtain reasonable assurance about whether the financial statements as a whole are free from 
material misstatement, whether due to fraud or error. Reasonable assurance is a high level of assurance but is not a 
guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could 
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
An audit therefore consists in implementing audit procedures in order to collect audit evidence regarding the amounts 
and the information presented in the financial statements. The External Auditor takes into account the internal control 
in effect in the entity, relative to the establishment and preparation of financial statements, so as to define appropriate 
audit procedures in the circumstances, and not with the aim of expressing an opinion on the effectiveness of this 
control. The choice of the audit procedures is based on the External Auditor’s professional judgment, as is the case for 
the risk evaluation of the financial statements, for the assessment of the appropriateness of the accounting policies 
and of the accounting estimates, and for the overall presentation of the financial statements.
2021 FINANCIAL PERFORMANCE REPORT  31
WT/BFA/W/588/Rev.14.3  WTO Financial Statements
Table 18 – Statement of Financial Position
Statement of Financial Position      
Expressed in ‘000 CHF Notes 31/12/2021 31/12/2020
ASSETS      
Current Assets      
Cash and Cash Equivalents 4 186,944 145,934
Receivables from Members 5 26,261 28,633
Receivables from Observers 5 912 764
Inventories 6 351 350
Other Receivables 7 3,764 2,978
Advances and Prepayments 7 3,993 3,765
Total Current Assets   222,223 182,424
       
Non-current assets      
Building 8 109,352 112,351
Equipment 8 4,816 6,406
Intangible Assets 9 1,319 660
WTO Pension Plan Assets 14 739,122 664,496
Total Non-current Assets   854,609 783,913
       
Total Assets (A)   1,075,909 966,337
       
LIABILITIES      
Current Liabilities      
Payables 10 4,355 4,301
Surplus Transfer due to Members 10 9,800 -
Accruals 10 249 59
Provisions 11 11,682 7,975
Assessed Contributions Received in Advance 12 26,225 4,742
Voluntary Contributions Refundable to Donors 13 41,247 35,745
Short-term Employee Benefits 14 14,913 15,200
Total Current Liabilities   108,471 68,022
       
Non-current Liabilities      
Loan 15 49,200 50,400
Pension Benefits 14 1,437,748 1,379,162
After Service Health Insurance benefits 14 293,655 295,511
Other Long-term Employee Benefits 14 11,462 9,290
       
Total Non-current Liabilities   1,792,063 1,734,363
Total Liabilities (B)   1,900,535 1,802,385
       
Total Net Assets/Equity (A-B)   -823,702 -836,048
       
WT/BFA/W/588/Rev.1
32  2021 FINANCIAL PERFORMANCE REPOR TStatement of Financial Position      
Net Assets/Equity      
Working Capital Fund 16 71,199 69,227
Actuarial Gain/(Loss) 14 92,513 23,251
Accumulated Surplus/(Deficit)   -1,053,020 -992,948
Provision for Right of Use – Centre William Rappard 8 56,162 56,768
Reserves 17 34,646 32,256
IPSAS Budget Allocation and Provisions for Building 
Renovation Fund17 -22,060 -21,460
IPSAS Budget Allocation and Provisions for Special Reserve 
Account 17 -3,142 -3,142
Total Net Assets/Equity   -823,702 -836,048
Table 19 – Statement of Financial Performance
Statement of Financial Performance      
Expressed in ‘000 CHF Notes 31/12/2021 31/12/2020
INCOME      
Contributions Assessed on Members 18 195,500 195,500
Contributions of Observers 18 645 624
Voluntary contributions on Trust Funds 18 13,684 15,837
Revenue from Publications 18 354 269
Other revenue 18 1,606 5,868
       
Total Income (A)   211,789 218,098
       
EXPENSES      
Staff Expenditure 19 136,765 130,127
Actuarial Cost for ASHI 19 16,408 13,351
Actuarial Cost for pension 19 33,130 36,029
Actuarial Net Return for pension 19 1,827 -830
Temporary Assistance 19 27,980 24,240
Supplies and Other General Service Costs 19 17,621 16,024
Travel & Hospitality 19 977 2,526
Implementing Partners 19 2,286 3,717
Contribution to ITC 19 18,243 18,243
Ministerial Conference Operating Fund (variation) 19 -518 422
Appellate Body Operation Fund (variation) 19 - 1,901
Depreciation 19 5,413 5,271
Provision for contribution in arrears 19 -436 2,453
Depreciation of provision for right of use - CWR 19 -606 -606
Finance Costs 19 999 714
Loss on foreign exchange transactions 19 -88 1,670
       
Total Expenses (B)   260,001 255,252
       
Surplus/(Deficit) for the Period (A-B)   -48,212 -37,154
2021 FINANCIAL PERFORMANCE REPORT  33
WT/BFA/W/588/Rev.1Table 20 – Statement of Changes in Net Assets/Equity
5 Working Capital Fund
6 Building Renovation Fund
7 Special Reserve Account FundWORLD TRADE ORGANIZATION
AS AT DECEMBER 31, 2021 (CHF)
Expressed in ‘000 CHF
WCF5Actuarial 
(loss)/
gainAc. 
Surplus/ 
(Deficit) Right of 
UseBRF6SRA7ReservesTotal Net 
Assets/ 
Equity
Balance at 31/12/2020 69,227 23,251 -992,948 56,768 -21,460 -3,142 32,256 -836,048
Increase in WCF 1,972   -1,972         -
Adjustment IPSAS 
Opening Balance    -88         -88
Actuarial (loss)/gain   69,262           69,262
Recognition right of 
surface      -606       -606
Allocation to BRF         -600     -600
Allocation to SRA             -
Surplus/Deficit for the 
period    -48,212         -48,212
Reserves             2,390 2,390
Surplus Transfer due to 
Members-9,800 -9,800
Balance at 31/12/2021 71,199 92,593 -1,053,020 56,162 -22,060 -3,142 34,646 -823,702
Table 21 – Statement of Cash Flow 
WORLD TRADE ORGANIZATION 
AS AT DECEMBER 31, 2021 (Expressed in Thousands of CHF) 2021 2020
Cash Flows from Operating Activities    
Surplus/Deficit from Ordinary Activities -48,212 -37,154
Depreciation and Amortisation 5,413 5,271
Right of Use - Centre William Rappard -606 -606
Provision for Contribution in Arrears -436 2,453
(Increase) / Decrease in Receivables from Members and Observers 2,660 -16,957
(Increase) / Decrease in Inventories -1 -6
(Increase) / Decrease in Other Receivables -786 800
(Increase) / Decrease in Pension Assets -74,626 -29,809
(Increase) / Decrease in Advances and Prepayments -228 2,013
Increase / (Decrease) in Payables 54 -2,196
Increase / (Decrease) in Payables due to Members from Surplus 9,800 -
Increase / (Decrease) in Accruals 189 -1,394
Increase / (Decrease) in Provisions 3,707 -1,635
Increase / (Decrease) in Contributions Received in Advance 21,483 -7,706
Increase / (Decrease) in Voluntary Contributions Refundable 5,502 4,229
Increase / (Decrease) in Employee Benefits 58,613 114,039
Increase/ (Decrease) IPSAS Opening Balance -88 -
Actuarial Gain / (Loss) 69,262 -31,436
WT/BFA/W/588/Rev.1
34  2021 FINANCIAL PERFORMANCE REPOR TWORLD TRADE ORGANIZATION 
Increase / (Decrease) Reserves 2,390 6,910
Increase/ (Decrease) Extraordinary Budgetary re-allocation -600 -6,142
Increase/(Decrease) Surplus Account -9,800 -
Net Cash Flows from Operating Activities 43,693 674
     
Cash Flows from Investing Activities    
(Increase) / Decrease Property, Plant and Equipment -824 -446
(Increase) / Decrease of Intangible Assets -659 -549
Net Cash Flows from Investing Activities -1,483 -995
     
Cash Flows from Financing Activities    
Increase / (Decrease) of Loans -1,200 -1,200
     
Net Cash Flows from Financing Activities -1,200 -1,200
     
Net Increase /(Decrease) in Cash and Cash Equivalents 41,009 -1,521
     
Cash and Cash Equivalents as at 1 January 145,934 147,456
     
Cash and Cash Equivalents as at 31 December 186,943 145,935
4.4  Notes to the Financial Statements
4.4.1  Note 1 Accounting Policies
4.4.1.1  Basis of preparation
4.4  The financial statements of the WTO have been prepared on the accrual basis of accounting in accordance with IPSAS.
4.4.1.2  Consolidation
4.5  The International Trade Centre (ITC) is a technical co-operation agency of the United Nations (UN) and the WTO for 
Trade-related Technical Assistance. The ITC has been in operation since 1968 under the joint aegis of the GATT and the 
UN, the latter acting through the United Nations Conference for Trade and Development (UNCTAD). 
4.6  In accordance with IPSAS 35, 36 and 37 ITC is not considered as being a jointly-controlled entity. Therefore, its 
financial statements are not consolidated into those of the WTO. 
4.4.1.3  Foreign currency
4.7  The functional and reporting currency of the WTO is Swiss Francs (CHF). Transactions denominated in foreign 
currencies (other than assessed contributions from Members and Observers), are converted into CHF using the official 
United Nations exchange rate on the date of the transaction. For assessed contributions received in a currency other 
than CHF , they are converted and credited at the bank rate of exchange applicable on the value date. Monetary assets 
and liabilities in currencies other than CHF are converted into CHF applying the year -end United Nations exchange rate.
2021 FINANCIAL PERFORMANCE REPORT  35
WT/BFA/W/588/Rev.14.4.1.4  Segment reporting
4.8  A segment is a distinguishable activity or group of activities for which financial information is reported separately. 
WTO activities are classified into two segments: i) Regular Budget and ii) Trust Funds.
4.4.1.5  Use of estimates
4.9  The preparation of financial statements includes the use of accounting estimates as well as management 
assumptions and judgement. The areas where estimates are used include obligations for post-employment benefits; 
provision for litigation; accrued charges; the risk of lack of collection of accounts receivable; contingent assets and 
liabilities; and the degree of impairment of fixed assets. Actual results could differ from these estimates. Changes in 
estimates are reflected in the period in which they become known.
4.4.1.6  Cash and cash equivalents
4.10  Cash and cash equivalents comprise cash in hand and cash accounts at banks. Cash and cash equivalents that 
can only be used for a specific purpose are considered as restricted.
4.11  The Cash Flow Statement is prepared using the indirect method.
4.4.1.7  Receivables
4.12  Receivables are recognised at nominal value less any allowances for estimated irrecoverable amounts. Discounting 
on receivables is not applied unless the effect is expected to be significant.
4.13  For uncollected assessed contributions, an allowance for non-recoverable receivables is recorded as described in 
Annex B of the WTO Financial Regulations. The methodology for provision for outstanding assessed contributions from 
Members and Observers is based on the number of years of outstanding contributions as per Table below.
Table 22 – Level of Provisions for Outstanding Contributions
Members and Observers with Outstanding Contributions at Year -end Level of Provision
Greater than 3 years 100%
From 2 to 3 years 75%
Greater than 1 year but less than 2 years 50%
≤ 1 year 0%
4.4.1.8  Advances and prepayments
4.14  Applying a discount factor on advances and prepayments is only done if the effect is expected to be significant 
and material.
4.4.1.9  Inventories
4.15  Inventories include the value of publications and souvenirs held for sale and those distributed free of charge. The 
cost of acquired publications and souvenirs includes the purchase price as well as the transport costs. The cost of 
publications produced in-house includes the cost of supplies (paper), rental of equipment (including maintenance and 
ink) as well as the staff costs directly attributed to inventory. For in-house publications sent to the WTO’s outsourced 
distribution storage, the cost also includes the relevant transportation costs. The cost of inventories is assigned in line 
with the weighted average cost formula.
WT/BFA/W/588/Rev.1
36  2021 FINANCIAL PERFORMANCE REPOR T4.16  An annual physical inventory is conducted for the stock of publications and souvenirs held in-house and at the 
distributor’s storage. At the end of each year, items that are either damaged or obsolete are written down to reflect net 
realizable value. Obsolete publications are identified by making a title-by-title analysis based on statistics of the last 
three years’ sales and distribution.
4.4.1.10  Property, Plant and Equipment
4.17  Property, Plant and Equipment is recognised at historical cost less any accumulated depreciation and impairment 
loss. Buildings and constructions in use are valued at the cost of construction plus the cost of subsequent improvements, 
less accumulated depreciation.
4.18  The following thresholds are defined for the recognition of Property, Plant and Equipment:
• Any asset with a value above CHF 5,000 is fully capitalized when acquired individually.
• Any asset with a value above CHF 2,500 is fully capitalized when acquired as part of a lot with a total value above 
CHF 50,000.
• Any asset, irrespective of its value, is fully capitalized when acquired as part of a lot with a total value above  
CHF 500,000.
4.19  Contributions in-kind relating to Property, Plant and Equipment, such as the donated surface right to use the land 
on which WTO headquarters stand, are recognised in the financial statements and disclosed in the notes.
4.20  The carrying values of Property, Plant and Equipment are reviewed for impairment if events or changes in 
circumstances indicate that the book value of the asset may not be recoverable. If such an indication exists, the 
recoverable amount of the asset is estimated to determine the extent of impairment loss, if any. Any impairment loss is 
recognized in the Statement of Financial Performance.
4.21  Depreciation is provided for Property, Plant and Equipment using the straight-line method, except for land which 
is not subject to depreciation. 
4.22  The useful lives of major classes of assets have been estimated as follows:
Table 23 – Useful Life of Classes of Assets
Class Estimated useful life (years)
Centre William Rappard building 99 years
Structural components of the building 50 years
Building carpentry 25 years
Waterproof system and elevator 15 years
Furniture 10 years
Reproduction equipment 5 or 10 years
Audio- visual equipment 10 years
Computer equipment 4 years
Security equipment 10 years
Windows Heating Ventilation and Air Conditioning 
equipment25 years
Vehicles 5 years
4.23  Damaged assets are impaired at year-end based on information received.
4.24  Heritage assets are not recognised in the financial statements.
2021 FINANCIAL PERFORMANCE REPORT  37
WT/BFA/W/588/Rev.14.4.1.11  Intangible Assets
4.25  Intangible assets are stated at historical cost less accumulated depreciation and impairment. Depreciation is 
provided over the estimated useful life (4 years) using the straight-line method. Licence rights lasting one year are 
expensed during the year.
4.26  Maintenance and upgrade costs for software are recognised as expenditure. The cost of software bought at the 
same time as associated hardware is included in the hardware cost.
4.27  Copyrights, preproduction costs for publications, WTO website costs and internal and external development costs 
for databases are not recognised as intangible assets.
4.28  Acquired computer software licenses are capitalized based on costs incurred to acquire and bring to use the 
specific software following the same thresholds applicable to Property, Plant and Equipment. The cost of software 
bought at the same time as associated hardware is included in the hardware cost. Internally developed software is 
recognized as an asset if the value exceeds CHF 500,000.  
4.4.1.12  Employee benefits
4.29  WTO employee benefits are classified as follows:
a. Short-term employee benefits are due to be settled within 12 months of the reporting date and are measured at 
their nominal values based on accrued entitlements at current rates of pay. They include first-time employment 
benefits (installation grants); regular monthly benefits (wages, salaries, and allowances); compensated absences 
(paid sick leave or maternity leave); annual leave; and other short-term benefits for international staff members 
(education grant, home leave).
b. Post-employment benefits comprise the estimated actuarial liability of defined benefit plans for retirement and 
the ASHI cover.
4.30  The actuarial liability is the present value of the defined benefit obligations (relating to pension and ASHI) at the 
reporting date. Similarly, the fair value of the WTO Pension Plan (WTOPP) is shown among the non-current assets of 
the Financial Statements. The assets of the WTOPP shall be exclusively used for the purposes outlined in the Pension 
Plan’s Regulations.
4.31  The WTOPP is a separate entity with its own management, governance processes and reporting mechanisms to 
the General Council. It produces its own financial statements that are reported and approved by the General Council, 
independently from the financial statements of the WTO Secretariat.
4.32  The benefit obligation is calculated annually by an independent actuary using the projected unit credit method. 
The actuarial gains or losses arising from experience adjustments and changes in actuarial assumptions are recognized 
immediately in net assets.
4.33  The ASHI liability is funded on a pay-as-you-go basis. An annual report updating Members about ASHI and the 
medical plan is presented separately.
4.34  Post-employment benefits include the lump sum option for removal costs for international staff members and 
separation grant. These are calculated in-house and are discounted using the same rate as the one used for the 
valuation of the WTOPP and ASHI.
4.4.1.13  Provisions and contingent liabilities
4.35  Provisions are recognized when the WTO has a legal or constructive obligation as a result of a past event, whereby 
it is probable that an outflow of resources will be required to settle the obligation and where a reliable estimate of the 
amount of the obligation can be made.
WT/BFA/W/588/Rev.1
38  2021 FINANCIAL PERFORMANCE REPOR T4.4.1.14  Segment reporting
4.36  A segment is a distinguishable activity or group of activities for which financial information is reported separately. 
WTO activities are classified into two segments: i) Regular Budget and ii) Trust Funds.
4.4.1.15  Tax
4.37  The WTO assets, income and other property are exempt from taxation.
4.4.1.16  Revenue recognition
4.38  Revenue from assessed contributions as well as voluntary contributions is recognised as non-exchange 
transactions as per IPSAS 23:
a. Assessed contributions are recognised as revenue at the beginning of the year to which they relate.
b. Voluntary contributions received by the WTO have conditions governing their use. At the reception of the funds, the 
WTO recognises an asset (cash and cash equivalent) and a liability (refundable voluntary contributions). Revenue 
is recognised when carrying out the specified performance and the conditional liability is therefore discharged. 
Voluntary contributions are therefore recognised up to the amount expensed in the period. Such agreements 
require initial recognition of a liability to defer revenue recognition and then revenue is recognized as the liability 
is discharged through performance of the specific conditions included in the agreement
4.39  Revenue from exchange transactions (mainly sale of publications, interest earned and rental of meeting rooms) is 
recognised when goods or services are delivered.
4.40  In-kind contributions of services are not recognised in the financial statements.
4.4.1.17  Expenses
4.41  Under accrual accounting, expenses are recognised at the time of delivery of goods or services by the supplier or 
service provider.
4.42  The WTO signs agreements with partners to implement Trade-related Technical Assistance activities. Recognition 
is based on the delivery principle. Most of the projects relate to activities which last a maximum of two months. For 
multi-year projects, the recognition principle is based on the disbursement as disbursement is made upon validation 
of progress reports and corresponds to the costs incurred by the beneficiary.
4.4.1.18  Use of Estimates
4.43  The preparation of financial statements includes the use of accounting estimates as well as management 
assumptions and judgement. Estimates include but are not limited to: post-employment benefits; other employee 
benefits; provision for litigation; financial risk on accounts receivable; accrued charges; and the degree of impairment 
of fixed assets. Actual results could differ from these estimates. Changes in estimates are reflected in the period in 
which they become known.
4.4.2  Note 2 Financial Risk Policy
4.44  Counterparty risk: The preservation of capital is the primary objective when investing funds. In order to limit 
counterparty risk, funds are deposited with three internationally recognized financial institutions: UBS AG, Credit 
2021 FINANCIAL PERFORMANCE REPORT  39
WT/BFA/W/588/Rev.1Suisse AG and PostFinance. The three institutions have credit ratings equivalent to Standard & Poor’s A - or better. 
4.45  Foreign currency exchange risk: The exposure to the foreign exchange rate risk is reduced by maintaining most 
funds in CHF , the Organization’s base currency. The combined permissible maximum holding in foreign currency is 10% 
of overall funds. 
4.46  Interest and market risks: Interest and market risks are mitigated against as speculation on interest rates is 
strictly forbidden. The Treasury Policy prescribes that a minimum of 70% be held in cash and cash equivalents and 
up to a maximum of 30% in bonds. Investment in equities, hedge funds, derivatives and alternative asset classes is 
prohibited.
4.47  Liquidity risk: The level of funds available is maintained to meet the payment requirements of the WTO.  
The investment duration takes the uncertain timing of the receipt of Members’ contributions and the cash-flow 
requirements into account. 
4.4.3  Note 3 Negative Interest and Negative Equity
4.48  In 2021 the Swiss National Bank (SNB) continued to implement its policy of negative interest on deposits over a 
certain threshold. Therefore, no interest was available for distribution to Members.
4.49  Negative equity continued in 2021. The amount of the accumulated surplus represents IPSAS adjustments dating 
back to the restatement of the financial statements as of 31.12.2012 and the subsequent impact of each year’s IPSAS 
financial results.
4.4.4  Note 4 Cash and Cash Equivalents
Table 24 – Cash Situation
Expressed in ‘000 CHF 31/12/2021 31/12/2020
Cash in Hand 5 5 
Deposits with Banks 105,043 65,715 
Term Deposits - Money Market 11,438 11,325 
Deposit with Bank (Restricted) - Working Capital Fund 70,458 68,889 
Total 186,944 145,934 
4.50  The bank balance in CHF includes restricted funds held by the Working Capital Fund for an amount of CHF 70.5 
million, of which CHF 59.6 million is the accumulated budgetary surplus for the period 2012-2021.
4.51  In 2021, the Swiss National Bank continued to implement its policy of negative interest on deposits over a certain 
threshold. The WTO invested in several Money Market investments with a less onerous negative interest. 
4.4.5  Note 5 Receivables from Members and Observers
4.52  Receivables from Members and Observers comprise of receivable assessed contributions. The details for 
contributions due from Members and Observers are presented in Schedules A and B, respectively.
WT/BFA/W/588/Rev.1
40  2021 FINANCIAL PERFORMANCE REPOR TTable 25 – Receivables from Members and Observers
Expressed in ‘000 CHF 31/12/2021 31/12/2020
Receivable Assessed Contributions Members 38,396 41,203
Provision Contributions -12,135 -12,571
Total 26,261 28,633
Receivable Assessed Contributions Observers 912 764
Grand Total 27,173 29,397
Table 26 – Provision for Outstanding Contributions Breakdown
Expressed in ‘000 CHFProvision for Outstanding 
Contributions as at  
31 December 2020Adjustment of the 
Provision during 2021Provision for Outstanding 
Contributions as at  
31 December 2021
Members -11,994 -603 -11,391
Observers -577 167 -744
Total -12,571 -436 -12,135
4.53  As of 31 December 2021, 10 Members, with a total amount outstanding of CHF 10 million and 8 Observers, with a 
total amount of CHF 0.8 million, were subject to Administrative Measures.
4.54  The provision for contributions in arrears is calculated at 50% of the outstanding balance for balances older 
than one year, 75% for balances older than two years and 100% for balances older than three years. No provision is 
calculated for balances less than 1 year.  
4.55  In the 2021 the provisions for Members were approximating CHF 11.3 million and for Observers CHF 0.75 million. 
4.4.6  Note 6 Inventories
4.56  Inventories consist of WTO publications, co-publications, other non-WTO publications and souvenirs held for sale.
Table 27 – Inventories per Type
Expressed in ‘000 CHF 31/12/2021 31/12/2020
WTO Publications and Co-publications 242 243
Non-WTO Publications 27 27
Souvenirs 82 79
Total 351 349
Table 28 – Write-offs and Adjustments
Expressed in ‘000 CHF 31/12/2021 31/12/2020
Adjustments -5 -12
Write-offs -13 -8
Total -18 -20
4.57  The adjustment corresponds to the reconciliation between the value of the inventory in the financial accounts and 
the value of the actual physical inventory. Write-offs relate to obsolete inventories. Obsolete publications are identified 
by making a title-by-title analysis based on statistics of the last three years’ sales and distribution. The amount of the 
adjustment including write off is well below industry variance standards of 5% of difference between physical and 
accounting inventory.
2021 FINANCIAL PERFORMANCE REPORT  41
WT/BFA/W/588/Rev.14.4.7  Note 7 Advances, Prepayments and Other Receivables
8 As per IPSAS 23.Table 29 – Advances and Prepayments 
Expressed in ‘000 CHF 31/12/2021 31/12/2020
Staff Advances for Education Grant 2,695 2,830 
Staff Advances for Travel 358        304 
Advances Relating to Trust Funds Activities 51         48 
Other Advances 889        583 
Total 3,993          3,765 
Table 30 – Other Receivables 
Expressed in ‘000 CHF 31/12/2021 31/12/2020
Taxes Pertaining to US Taxes Payers 2,763 2,003
Accrued Interest 622 638
Due from Government of Argentina for MC11 209 209
Various Other Receivables 170 127
Total 3,764 2,978 
4.58  Various other receivables include receivables from non-exchange8 transactions relating to taxes and receivables 
from exchange transactions under the line item “various other receivables” .
4.59  Staff advances for education grants and travel remained in line with the previous year. Advances relating to Trust 
Fund activities remained low due to th e reduced volume of activities due to the pandemic. 
4.60  Other advances correspond to deferred expenditure, staff advances, payments made to suppliers, consultants 
and insurance service providers.
4.4.8  Note 8 Property, Plant and Equipment
Table 31 – Buildings
Expressed in ‘000 CHF Building
Original Cost/Fair Value as at 01/01/2021 134,543
Additions - 
Balance as at 31/12/2021 134,543
Accumulated Depreciation as at 01/01/2021 -22,193
Depreciation -2,999
Accumulated Depreciation as at 31/12/2021 -25,191
Net Carrying Value as at 31/12/2021 109,352
4.61  The registration of the infrastructure contract signed between the WTO and the Swiss Authorities regarding the 
Centre William Rappard building, dated 7th August 2015, defines the beginning of the process of depreciation over  
99 years.
WT/BFA/W/588/Rev.1
42  2021 FINANCIAL PERFORMANCE REPOR T4.62  The agreement restricts the resale of the Centre William Rappard Building. A provision for the right of use of the 
building is reported as part of the equity of the WTO and has been revised upwards using the same rate as that used for 
depreciation of the Building. This resulted in a net-off effect.
4.63  The Centre William Rappard and the new administrative building belong to the WTO. 
4.64  The WTO has benefited from contributions in-kind relating to the use of different buildings:
a. Free right to use the Salle William Rappard. This conference centre is owned by the Canton of Geneva and 
maintained by the “Fondation des Immeubles pour les Organizations Internationales” (FIPOI).
b. Free right to use the Villa Rappard and two small neighbouring villas. These villas are the property of the Canton 
of Geneva. The WTO bears the maintenance costs.
c. Free right to use an underground parking lot with 400 parking spaces, located in the neighbourhood.
Table 32 – Equipment
Expressed in ‘000 CHF Furniture Audio visual Security Reproduction IT Vehicle Total
Original Cost/Fair Value 
as at 01/01/219,336 8,419 4,451 1,777 3,598 276 27,859 
Additions 7 383 - 146 85 - 620 
Balance as at 31/12/21 9,343 8,802 4,451 1,923 3,684 276 28,479 
Accumulated 
Depreciation as at 
01/01/21-7,234 -5,881 -3,129 -1,579 -3,405 -225 -21,453 
Depreciation -905 -836 -258 -85 -106 -21 -2,210 
Accumulated 
Depreciation 
as at 31/12/21-8,139 -6,717 -3,387 -1,664 -3,511 -245 -23,663 
Net Carrying Value  
as at 31/12/211,204 2,085 1,064 259 173 31 4,816 
4.4.9  Note 9 Intangible Assets
Table 33 – Intangible Assets
Expressed in ‘000 CHFPurchased 
Software Internally 
Developed 
Software Total Intangible 
Assets
Original Cost/Fair Value as at 01/01/2021 1,647 466 2,113 
Additions 863         - 863 
Disposals       -         -    - 
Balance as at 31/12/2021 2,510 466 2,976 
Accumulated Depreciation as at 01/01/2021 -987 -466 -1,452 
Depreciation -205 - -205 
Disposals       -         -    - 
Impairment Losses       -         -    - 
Accumulated Depreciation as at 31/12/2021 -1,191 -466 -1,657 
Net Carrying Value as at 31/12/2021 1,319         - 1,319 
2021 FINANCIAL PERFORMANCE REPORT  43
WT/BFA/W/588/Rev.14.4.10  Note 10 Accounts Payable and Accruals 
Table 34 – Payables and Accruals
Expressed in ‘000 CHF 31/12/2021 31/12/2020
Suppliers 3,956 3,554 
WTO Staff, Consultants and Interns 369 747 
Other Payables 31 -   
Payable due to Members from Surplus 9,800 -
Total Payables 14,155 4,301 
Accruals 249 59 
Total 14,404 4,360 
4.65  Payables and accruals include as yet to be settled invoices received from suppliers, WTO staff members, 
consultants and interns. Payable due to Members represent the amount to be transferred against 2022 assessed 
contribution from the Surplus Account.
4.4.11  Note 11 Provisions
Table 35 – Provisions
Expressed in ‘000 CHF
Balance as at December 31, 2020 7,975 
Movements in 2021  
 Additional provisions made 11,402 
 Amounts used or reversed -7,695 
Balance as at December 31, 2021 11,682 
4.66  Provisions include amounts for invalidity cases and legal damages. 
4.4.12  Note 12 Assessed Contributions Paid in Advance
Table 36 – Assessed Contributions Paid in Advance
Expressed in ‘000 CHF 31/12/2021 31/12/2020
Contributions Paid in Advance by Members and Observers 26,173 4,666
Contributions Paid in Advance by Observers 52 76 
Total 26,225 4,742
4.67  Details per Member & Observer are in Schedule B. 
WT/BFA/W/588/Rev.1
44  2021 FINANCIAL PERFORMANCE REPOR T4.4.13  Note 13 Refundable Voluntary Contributions 
Table 37 – Refundable Voluntary Contributions 
Expressed in ‘000 CHF 2021 2020
Balance due to Donors 35,745 31,516
Contributions Paid in Advance for following year’s Activities -779 -670
Balance Due to Donors as of 1 January 34,966 30,846
Voluntary Contributions Received 19,868 19,956
Reimbursement -132 -
Expenses Incurred on Trust Funds (Note 20) -13,684 -15,837
Balance Due to Donors as of 31 December 41,019 34,966
Contributions Paid in Advance for following year’s Activities 229 779 
Balance Due to Donors (including advances) 41,247 35,745
4.68  In accordance with IPSAS 23, voluntary contributions subject to conditions (i.e. use of funds exclusively for specific 
activities within a project) have been classified under deferred revenue. Revenue is recognised up to the amount 
expensed in the period, corresponding to the completion of the specified activities. In accordance with IPSAS, expenses 
are no longer recognised based on commitments but rather on accruals. Refundable voluntary contributions include 
commitments made to third parties regarding Trust Fund activities.
4.69  The balance due of CHF 41 million, excluding the advances for 2022 activities, is reported in detail by country and 
by fund in Schedule D.
4.4.14  Note 14 Employee Benefits
Table 38 – Provision for Employee Benefits
Expressed in ‘000 CHF 31/12/2021 31/12/2020
Short-term benefits Untaken Annual Leave and Overtime      11,591     11,468 
  Home Leave          935       1,589 
  Education Grant       1,329       1,389 
  Provision for Bonus          741          480 
  Separation Grant          268          224 
  Dependency Allowance  50 50 
Subtotal         14,913        15,200 
Long-term Benefits Removal Indemnity       1,747       1,308 
  Separation Grant       9,715       7,982 
Post-employment Benefits ASHI    293,655    295,511 
  Pension  1,437,748 1,379,162 
Subtotal   1,742,865  1,683,962 
Total   1,757,778  1,699,162 
4.70  The short-term employee benefits include the following:
a. Untaken Annual Leave and Overtime - The maximum allowable accumulated annual leave is 60 days, which 
corresponds to a two-year entitlement of 30 days per year that the employees can carry forward. 
b. Untaken Home Leave - Eligible staff members are entitled to go on home leave every two years. The provision for 
home leave is established to cover the amount due to eligible staff members, each year, for their home leave. The 
decrease of untaken home leave, compared to the previous year, is due to the lifting of travel restrictions. 
2021 FINANCIAL PERFORMANCE REPORT  45
WT/BFA/W/588/Rev.1c. Education Grant - The provision for education grant is associated with the first four out of ten months of the 
school year, corresponding to the closing period for 2021 (i.e. from September to December).
d. Provision for Bonus – Based on the 2021 performance review, some staff members will be eligible for bonus to be 
distributed in2022.
e. The provision for dependency allowances is determined in order to provide sufficient financial coverage to 
unexpected dependency cost adjustments between the end of one financial year and the beginning of the 
following one.
4.71  Long-term employee benefits include the following:
a. Removal Indemnity and Separation Grants - The Organization has a contractual obligation to provide benefits 
such as repatriation grants, travel and removal for eligible staff members at the time of their separation from 
service. The estimated amount of the provision for these benefits is calculated by the WTO based on average costs 
for eligible staff members, based on data from the past six years. 
b. Post-employment Benefits: Staff members retiring from the service are eligible for ASHI coverage if they continue 
to participate in the collective medical insurance plan after separation from service. Both pension and ASHI 
related benefits are calculated by an independent actuary and the principal actuarial assumptions applied in 
determining the liabilities are detailed below:
9 For Premium Paid refer to a death and disability reinsurance policy the WTOPP had taken out to mitigate the risks of disability 
claims on the plan. Table 39 – Actuarial Assumptions to Define Benefit Obligations and Costs (Pension - ASHI)
Actuarial Assumptions 31/12/2021 31/12/2020
Defined Benefit Obligation 
Discount Rate 1.87% 1.68%
Defined Benefit Cost
Discount Rate 1.68% 1.83%
Other Assumptions   
Rate of Compensation Increase1.0% for 3 years, 1.5% 
thereafter plus merit 
increases1.0% for 3 years, 1.5% 
thereafter plus merit 
increases
Rate of Inflation Increase 1.0% 1.0%
Medical Inflation Rate 3.1% 3.1%
Table 40 – Financial Asset – Pension Asset
Expressed in ‘000 CHF 31/12/2021 31/12/2020
Fair Value of Plan Assets as at 1 January 664,495 634,687 
Interest Income 11,137 11,604
Return on Plan Assets Excluding Amounts Included in Interest 
Income66,626 19,369
Employer Contributions 19,487 19,218
Plan Participants’ Contributions 9,778 9,609
Benefits Paid from Plan -30,515 -28,221
Expenses Paid -1,228 -1,073
Premium Paid9 -708 -697
Fair Value of Plan Assets as of 31 December 739,122 664,495 
WT/BFA/W/588/Rev.1
46  2021 FINANCIAL PERFORMANCE REPOR TTable 41 – Defined Benefit Obligations – Pension Benefit
10 Interest cost represents the interest accumulated on the unpaid balance of the projected benefit obligation.Expressed in ‘000 CHF 31/12/2021 31/12/2020
Benefit Obligations as of 1 January 1,379,163 1,287,399 
Service Costs 42,714 42,685
Interest Cost1022,868 23,337
Plan Participants’ Contributions 9,778 9,609
Actuarial (Gain)/Loss 15,677 46,125
Benefits Paid -30,515 -28,221
Premium Paid -708 -697
Expenses Paid -1,228 -1,074
Benefit Obligations as of 31 December 1,437,748 1,379,163 
Table 42 – History of Pension Defined Benefit Obligations
Expressed in ‘000 CHF 31/12/2021 31/12/2020
Defined benefit obligation -1,437,748 -1,379,163 
Fair value of plan assets 739,122 664,495 
Surplus / Deficit -698,626 -714,668 
Table 43 – Defined Benefit Obligations – ASHI
Expressed in ‘000 CHF 31/12/2021 31/12/2020
Benefit Obligations as of 1 January 295,511    277,159 
Service Costs 14,404 11,532
Interest Cost 5,178 5,254
Actuarial (Gain)/Loss -18,263 4,680
Benefits Paid -3,174 -3,115
Benefit Obligations as at 31 December 293,655 295,511
4.72  The discount rate applied to the pension and ASHI liabilities is based on the reference interest rate for Swiss 
pension plans (1.87%) and calculated by the Swiss Chamber of Pension Fund Experts (CSEP) as follows: two thirds is 
determined according to the average performance of a representative pension fund index over the last 20 years and one 
third is determined according to the yield on ten-year Federal bonds adjusted for surcharges and discount for longevity.
4.73  The fair value of the defined benefit assets for pension and present values of defined benefit obligations for 
pension and ASHI liabilities, are determined using the projected unit credit method including discounting the estimated 
future cash outflows. 
2021 FINANCIAL PERFORMANCE REPORT  47
WT/BFA/W/588/Rev.1Table 44 – Sensitivity Analysis
Expressed in ‘000 CHF 31/12/2021 31/12/2020
Discount Rate minus 50 basis points 1.37% 1.18%
Effect if decrease of - 50 basis points in discount rate (‘000 CHF) 147,084 135,214
Effect if decrease of - 50 basis points in discount rate (%) 10.23% 9.80%
Benefit Obligations as of 31 December 1,584,832 1,514,377
Discount rate + 50 basis points 2.37% 2.18%
Effect if increase of + 50 points in discount rate (‘000 CHF) -127,707 -118,166 
Effect if increase of + 50 points in discount rate (%) -8.88% -8.57%
Benefit Obligations as of 31 December 1,310,040 1,260,997
4.74  Sensitivity analysis is based on a differential of 0.5% applied to the current discount rate and shows the variability 
and impact of any changes in the rates.
4.75  In accordance with IPSAS, the WTO’s ASHI liability is reflected as unfunded as no ASHI assets exist. 
4.76  The valuation of the post-employment benefit obligations reflects the term of the expected payments under the 
pension and ASHI liabilities. The volatility in the actuarial valuations has significant impact on the financial results. 
Actuarial gains or losses may result from increases or decreases in either the present value of a defined benefit 
obligation or the fair value of any related assets. Defining a discount rate with a reduced volatility across the years 
allows a better decision-making process and facilitates the identification of trends in benefits liabilities. In addition to 
the discount rate variations other causes of actuarial gains and losses include:
a. unexpectedly high or low rates of employee turnover, early retirement or mortality, increases in salaries, changes 
in benefits or medical costs.
b. the effect of changes in the estimates of future employee turnover, early retirement, or mortality, or of increases 
in salaries, benefits, or medical costs; and
c. differences between the actual return and the expected return on pension assets.
4.77  In 2021 the Contracted Actuary revised the demographic assumptions used in the model. This change, together 
with the yearly fluctuation of the discount rate, determined an actuarial result as depicted in the table below:
Table 45 – Total Pension Actuarial Gains or Losses During the Year  
Expressed in ‘000 CHF 31/12/2021 31/12/2020
Pension    
Actuarial (Loss)/Gain on Pension Assets Net of Actual Investment Expense -15,677 -46,125
Actuarial (Loss)/Gain on Pension Benefits 66,676 19,369
Total 50,998 -26,756
Table 46 – Total ASHI Actuarial Gains or Losses During the Year  
Expressed in ‘000 CHF 31/12/2021 31/12/2020
ASHI    
Actuarial (Loss)/Gain on ASHI Benefits 18,264 -4,680
Total 18,264 -4,680
WT/BFA/W/588/Rev.1
48  2021 FINANCIAL PERFORMANCE REPOR T4.4.15  Note 15 Loan
4.78  The Organization received a CHF 60 million interest free loan from the Swiss Authorities, in 2012 and repayable 
over 50 years, for the transformation of the Centre William Rappard and for the new administrative building. The current 
value of the loan, after accumulated depreciation, is CHF 49.2 million.
4.4.16  Note 16 Working Capital Fund
4.79  Governments acceding to the WTO are obligated to make an advance to the Working Capital Fund. In addition, 
some budgetary surpluses have been transferred to the Working Capital Fund.
Table 47 – Working Capital Fund Statement
Expressed in ‘000 CHF 31/12/2021 31/12/2020
ASSETS    
Cash and cash equivalents 68,486 63,879
Addition from previous year’s Budgetary Surplus 1,972 5,010
Total Assets 70,458 68,889
LIABILITIES AND WORKING CAPITAL FUND    
Advances made by Members 4,724 4,724
Transferred Accumulated Budgetary Surplus 60,327 58,355
TOTAL WCF Members + Cumulative Budgetary Surplus 65,052 63,080
Cumulated Interest Earned prior 2015 6,148 6,148
Liabilities and Working Capital Fund 71,199 69,227
Cumulated Negative Interest -742 -338
Balance as at 31 December 70,458 68,889
4.4.17  Note 17 Reserves
Table 48 – Reserves
Expressed in ‘000 CHF Ministerial 
Operating 
Fund Doha 
Development 
Agenda 
Global Trust 
Fund Building 
Renovation 
Fund Special Reserve 
Account - 
Medical 
InsuranceTotal 
Reserves
Balance as at 01/01/2021 1,547 1,000 23,900 5,809 32,256 
Allocation to Reserves 600 - 600 2,308 3,508 
Utilisation of Reserves -1,118 - - - -1,118 
Balance as at 31/12/2021 1,028 1,000 24,500 8,117 34,646 
4.80  In 2021, CHF 1.12 million was spent from the Ministerial Conference Operating Fund to cover expenses pertaining 
to the Ministerial Conference that was scheduled for December 2021. The amount spent relates to contracts that had 
to be honoured as the announcement of the postponement came on the eve of the start of the Ministerial Conference 
and cancellation clause dates had passed. The concerned contracts were for security services and equipment, rental 
of meeting rooms and equipment, IT services, interpretation services and document reproduction. 
4.81  For compliance with IPSAS 19, budget provisions to the Building Renovation Fund and to the Special Reserve 
Account for Medical Insurance were recorded within equity. 
2021 FINANCIAL PERFORMANCE REPORT  49
WT/BFA/W/588/Rev.14.4.18  Note 18 Revenue
4.82  Revenue from non-exchange transactions includes revenue from assessed contributions from Members and 
Observers and voluntary contributions.
a. Assessed Contributions amount to CHF 195.5 million and are presented in the Budget Performance Section of the 
Financial Performance Report and in detail in Schedule A of the Financial Statements.
b. Contributions from Observers amount to kCHF 645 and are detailed in Schedule A of the Financial Statements.
4.83  Voluntary Contributions from Trust Funds are presented in the Extra-budgetary Performance Section of the 
Financial Performance Report and are summarized in the table below and in Schedule D.
Table 49 – Voluntary Contributions (Trust Funds)
Expressed in ‘000 CHF 31/12/2021 31/12/2020
Contributions from Donors 19,868 20,955
Reimbursement of Contributions -132 -58
Voluntary Contributions net of Reimbursement (Schedule D) 19,736 20,897
(Increase)/ Decrease in Amount due to Donors for the Year -6,052 -5,060 
Total 13,684 15,837
4.84  Revenue from publications includes sales through the WTO bookshop, WTO distributor and Royalties. The 
breakdown is depicted in the table below.
Table 50 – Revenue from Publications
Expressed in ‘000 CHF 31/12/2021 31/12/2020
Publications - Stocked Production 227  149 
Sales of WTO Publications 58  41 
Sales of non-WTO Publications 22  21 
Sales of Souvenirs 9  12 
Other Sales 38  47 
Total 354  269 
4.85  Other revenue is summarized in the table below:
Table 51 – Other Revenue
Expressed in ‘000 CHF 31/12/2021 31/12/2020
Refund of Prior Years’ Outstanding Obligations 984 3,528 
Rental of Meeting Rooms and Office Spaces 5 30 
Miscellaneous 618 2,310 
Total 1,606 5,868 
WT/BFA/W/588/Rev.1
50  2021 FINANCIAL PERFORMANCE REPOR T4.4.19  Note 19 Expenses
4.86  The main categories of expenses are summarized in the two tables below:
Table 52 – Staff Expenditure – Permanent 
Expressed in ‘000 CHF 2021 2020
Staff / Salary                       90,768                     85,954 
Variation Provision for Medical Insurance                             -                          -369 
Staff / Annual Leave                           683                         513 
Variation Provision for Annual Leave                           123                      2,682 
Staff / Overtime                           192                           40 
Staff / Representation Allowance                           147                         141 
Staff / Pension                       18,435                     18,392 
Staff / Retiree Health Insurance                        4,025                      3,555 
Staff / Health Insurance                         6,932                       5,711 
Death and Invalidity Insurance                           488                         478 
Staff/ Allowances for Dependents                         5,177                       5,249 
Staff / Education Grant                        4,143                      3,942 
Variation Provision for Education Grant                            -61                           55 
Staff / Home Leave                         1,102                         547 
Variation Provision for Home Leave                          -654                         748 
Staff / Rental Subsidy                           397                         373 
Staff / Travel and Removal                           700                         401 
Variation Provision for Travel & Removal                           439                         112 
Staff / Installation Grant & Medical Examinations                           403                         210 
Staff / Separation Grant                           930                         773 
Variation for Separation Indemnity                        1,733                         280 
Staff / Negotiated Termination Indemnity                           432                         117 
Staff / Tax                           230                         226 
Sub Total                        136,765                      130,127 
Staff / Pension Actuarial Cost 33,130 36,029 
Staff / Retiree Health Insurance Actuarial Cost                       16,408                     13,350 
Staff / Pension Net Return 1,827 -830
Grand Total                        188,131                      178,677 
Table 53 – Staff Expenditure – Temporary 
Expressed in ‘000 CHF 2021 2020
Short-Term Staff / Salary 7,545 7,039
Short-Term Staff / Pension 1,092 915
Short-Term Staff / Health Insurance 483 432
Short-Term Staff / Annual Leave 526 488
Short-Term Staff / Overtime 52 18
Language and Translation Costs 9,696 7,410
Consulting Costs 5,291 4,156
Panellists’ Fees 517 762
Interns 2,804 3,053
Consolidation with Trust Funds -27 -32
Total 27,980 24,240
2021 FINANCIAL PERFORMANCE REPORT  51
WT/BFA/W/588/Rev.14.87  Other categories of expenditures reported in the Statement of Financial Performance are the following:
a. Supplies and other general services expenditures such as the cost of utilities, maintenance costs, and publication 
costs. Write-offs for obsolete publications are also part of this category.
b. Travel & Hospitality expenditure represents the costs related to travel on official mission; accommodation; 
tickets for staff members, panellists and participants at trade-related technical activities and daily subsistence 
allowances. Hospitality expenses are related to costs incurred by Senior Management for the provision of food 
and refreshments during official meetings or official meals. 
c. Implementing partners’ expenditures represent costs for activities funded by the WTO which are executed by 
third-party organizations.
d. Contribution to ITC represents the WTO’s contribution to the budget of the ITC for its core activities. 
e. The depreciation of assets includes the amortisation of the liability related to the Centre William Rappard 
following the concession of a right of use of the Centre William Rappard premises by the Canton de Genève.
f. Finance and foreign exchange costs refer mainly to interest paid to banks and expenses due to exchange rate 
transactions among different currencies.
4.4.20  Note 20 Reconciliation of Budgetary Performance and Financial Results
4.88  The WTO Financial Statements comprise of the Regular Budget of the WTO Secretariat and the activities financed 
by WTO Trust Funds. The WTO Budget is prepared on a modified cash basis (no capitalisation of assets and no recognition 
of long-term employee benefits) whereas the Financial Statements are issued on an accrual basis (IPSAS).
4.89  A statement of comparison of the original 2021 budget and actual expenditure amounts is presented below and 
reflects the same information disclosed in the first part of this report where material differences are also explained.
Table 54 – Statement of Comparison of Budget and Actual Amounts - 2021
Statement of Comparison of Budget and Actual Amounts for the Year Ended 31 December 2021
Expressed in ‘000 CHF Budget Actual Difference Actual 
minus Budget
RECEIPTS      
Contributions from WTO Members 195,500 195,500 -   
Contributions of Observer Countries 600 645 45
Sale of Publications & Royalties 270 127 -143
Trust Funds - Participation in Indirect Costs 190 137 -53
Refund of Prior Years’ Expenditure 180 984 804
Rental of Meeting Rooms & Office Space 125 5 -120
Profit/(Loss) on Exchange -   80 80
Interest on Investments - 10 10
Other 339 608 269
Total receipts 197,204 198,096 892
       
PAYMENTS      
Staff Expenditure -131,565 -128,573 2,993
Temporary Assistance -17,275 -24,419 -7,145
General Services -15,826 -14,263 1,563
WT/BFA/W/588/Rev.1
52  2021 FINANCIAL PERFORMANCE REPOR TStatement of Comparison of Budget and Actual Amounts for the Year Ended 31 December 2021
Travel & Hospitality -8,207 -756 7,451
Implementing Partners -213 -191 22
Capital Expenditure (Procurement Fixed Assets) -2,255 -2,716 -461
Capital Expenditure (Rental & Leasing) -640 -226 414
Financial Expenditure -1780 -1912 -132
Contributions to ITC & Special Reserves -19,443 -19,443 -
Total Payments -197,204 -192,500 4,704
       
Net RECEIPTS / (PAYMENTS) - 5,596 5,596
Adjustments      
Provision for Contribution in Arrears     436
Net Budgetary Result     6,032
4.90  The following table reconciles the budgetary result with the financial results as per IPSAS. 
Table 55 – Reconciliation of the Budgetary Result and Financial Result
Expressed in ‘000 CHF  
Budgetary Savings for the Year Ended 31 December 2021 4,704
Miscellaneous Income                           892 
Provision for Contribution in Arrears                           436 
Budgetary Surplus for the Year Ended 31 December 2021                            6,032 
   
Loan Repayment (Amortized)                        1,200 
Production Stocked                           227 
Allocation to the Building Renovation Fund                           600 
Acquisition of Property, Plant and Equipment                        1,483 
Depreciation and Amortisation of Property, Plant and Equipment -5,413 
Depreciation of Provision for Right of Use - CWR                           606 
Staff Provisions (annual leave, home leave, education grants separation) -1,582  
Pension Benefits Actuarial Net Value -34,957 
After Service Health Insurance (ASHI) Benefits Actuarial Valuation -16,408 
IPSAS Total Adjustments -54,244 
Financial Result for the Year Ended December 2021 -48,212
4.91  A reconciliation between the budgetary surplus expressed in actual amounts on a comparable basis as presented 
in Table 54, and the actual amounts as presented in the Statement of Cash Flows for the Year Ended December 31, 2021 
is presented below. 
4.92  The reconciliation shows a basis difference because the budget is prepared on a modified cash basis and the 
financial statements on the accrual basis. There are no timing differences as the financial statements and budget 
documents are prepared for the same period. There is an entity difference because the budget is prepared for the 
regular budget and the financial statements consolidate the extra-budgetary performance. 
2021 FINANCIAL PERFORMANCE REPORT  53
WT/BFA/W/588/Rev.1Table 56 – Reconciliation of the Budget Result and Financial Cash Flow Result
Expressed in ‘000 CHF Operating Financing Investing Total 
Budgetary Surplus 6,032 - - 6,032
Basis Differences 43,714 -1,200 -1,483 41,031
Time Differences - - - -
Entity Differences -6,053  -  - -6,053
Actual Amount in the Statement of Cash Flows 43,693 -1,200 -1,483 41,009
4.4.21  Note 21 Related Party Transactions 
Table 57 – Key Management Personnel
 Number of Staff 
MembersNet Salaries and 
Representation 
Allowances 
(CHF)Other 
Entitlements 
(CHF)Pension and 
Health Plans 
(CHF)Total 31/12/2021 
(CHF)
Key 
Management 
Personnel9 1,430,408 745,246 258,175 1,815,777
4.93  WTO is governed by the WTO General Council, which is composed of representatives of Members. The WTO is 
managed by a Director-General and 4 Deputy Directors-General (key management personnel). The aggregate 
remuneration paid to key management personnel includes salaries, allowances, and other entitlements paid in 
accordance with the Staff Regulations and Rules.
4.94  The Total number of Key Management Personnel in 2021 is nine as the new Director-General took up duties in 
March 2021 while the new four DDGs joined the organization during the of Summer 2021. The previous four DDGs left 
in March 2021. 
4.95  WTO has no controlled entities and no interests in other entities which would require disclosure under IPSAS 34-38.
4.4.22  Note 22 Contingent Assets and Contingent Liabilities
4.96  As of 31 December 2021, the WTO held bank guaranties with Credit Suisse of approximately CHF 0.2 million as a 
completed building guarantee for the Intra Muros building renovations contracted in 2010. The guarantee expires on 
30 June 2022.
4.97  As of 31 December 2021, the WTO has four claims raised by internal staff concerning staff entitlements attribution 
and one external claim related to a dispute with an external provider.
4.4.23  Note 23 Segment Reporting
4.98  Segment information is based on: i) the Regular Budget of the WTO, and ii) Trust Funds. Segment reporting is only 
presented for the Statement of Financial Performance.
4.99  The only transfer across segments relates to the mandatory reallocation of 10% of annual expenditure against 
the Programme Support Fund to the WTO Regular Budget. The amount transferred in 2021 is CHF 136,000. 
4.100  In table 58 the column WTO reports the data of the expenditure occurred under the regular budget including the 
IPSAS adjustments such depreciation, provisions for staff expenditures and actuarial costs for ASHI and Pension. The 
column Trust Funds instead reports the expenses and the corresponding revenue for Trust Funds. The column Total 
WTO reports the overall value as stated in the Financial Performance in Table 19.
WT/BFA/W/588/Rev.1
54  2021 FINANCIAL PERFORMANCE REPOR TTable 58 – Financial Performance by Segments 
2021
Expressed in ‘000 CHF WTO Trust FundsInter-Fund 
TransactionsTOTAL WTO
INCOME        
Contributions assessed on Members 195,500 - - 195,500
Contributions assessed on Observers 645 - - 645
Voluntary Contributions (Trust Funds) - 13,684 - 13,684
Revenue from publications 354 -   354
Other revenue 1,744 - -137 1,607
Total Income 198,242 13,684 -137 211,789
         
EXPENSES        
Staff -130,153 -6,612 - -136,765
Actuarial cost for Pension -33,130 - - -33,130
Actuarial cost for ASHI -16,408 - - -16,408
Actuarial WTOPP net return -1,827 - - -1,827
Temporary Assistance -23,975 -4,032 27 -27,980
Supplies and Other General Services 
Costs-17,364 -366 109 -17,621
Travel & Hospitality -678 -300 - -978
Implementing Partners -191 -2,095 - -2,286
Contribution to ITC -18,243 - - -18,243
Ministerial Conference Operating Fund 518 - - 518
Depreciation -5,413 - - -5,413
Provision for contributions in Arrears 436 - - 436
Depreciation of provision for right of 
use - CWR606 - - 606
Finance Costs -712 -287 - -999
Loss on foreign exchange transactions 80 9 - 88
         
Total Expenses -246,455 -13,684 137 -260,113
         
Surplus/(deficit) for the period -48,212 - - -48,212
4.4.24  Note 24 Events After the Reporting Date
4.101  No material events that would have impacted on these statements occurred between the reporting date and the 
date when the Financial Statements were authorised for issue.
2021 FINANCIAL PERFORMANCE REPORT  55
WT/BFA/W/588/Rev.15  SCHEDULES
5.1  Schedule A 2021 Statement of Assessed Contributions for Members and 
Observers
Table 59 – Assessed Contributions for Members in 2021 (in CHF)
CountryContributions 
in CHF 20212021
Denmark         1,509,260 0.772%
Djibouti   31,280 0.016%
Dominica   29,325 0.015%
Dominican Republic 172,040 0.088%
Ecuador 213,095 0.109%
Egypt 496,570 0.254%
El Salvador   80,155 0.041%
Estonia 175,950 0.090%
Eswatini   29,325 0.015%
European Union11        -   0.000%
Fiji   29,325 0.015%
Finland 850,425 0.435%
France         7,458,325 3.815%
Gabon   64,515 0.033%
Georgia   72,335 0.037%
Germany       14,031,035 7.177%
Ghana 172,040 0.088%
Greece 635,375 0.325%
Grenada   29,325 0.015%
Guatemala 142,715 0.073%
Guinea   31,280 0.016%
Guinea-Bissau   29,325 0.015%
Guyana   29,325 0.015%
Haiti   29,325 0.015%
Honduras   78,200 0.040%
Hong Kong, China         5,575,660 2.852%
Hungary         1,024,420 0.524%
Iceland   86,020 0.044%
India         4,510,185 2.307%
Indonesia         1,657,840 0.848%
Ireland         2,955,960 1.512%
Israel 860,200 0.440%
Italy         5,034,125 2.575%
Jamaica   52,785 0.027%
Japan         7,599,085 3.887%
Jordan 164,220 0.084%
11 The European Union is not subject to contributions. Its 
Members are assessed individually. The total share of 
members of the European Union represents 33.94% of the 
total assessed contributions for 2021.CountryContributions 
in CHF 20212021
Afghanistan   41,055 0.021%
Albania   43,010 0.022%
Angola 326,485 0.167%
Antigua and 
Barbuda  29,325 0.015%
Argentina 692,070 0.354%
Armenia   41,055 0.021%
Australia         2,521,950 1.290%
Austria         1,927,630 0.986%
Bahrain, Kingdom of 230,690 0.118%
Bangladesh 391,000 0.200%
Barbados   29,325 0.015%
Belgium         3,587,425 1.835%
Belize   29,325 0.015%
Benin   31,280 0.016%
Bolivia, Plurinational 
State of  99,705 0.051%
Botswana   68,425 0.035%
Brazil         2,189,600 1.120%
Brunei Darussalam   54,740 0.028%
Bulgaria 324,530 0.166%
Burkina Faso   35,190 0.018%
Burundi   29,325 0.015%
Cabo Verde   29,325 0.015%
Cambodia 140,760 0.072%
Cameroon   66,470 0.034%
Canada         4,779,975 2.445%
Central African 
Republic  29,325 0.015%
Chad   39,100 0.020%
Chile 684,250 0.350%
China       20,419,975 10.445%
Chinese Taipei         3,165,145 1.619%
Colombia 502,435 0.257%
Congo   70,380 0.036%
Costa Rica 162,265 0.083%
Côte d’Ivoire 107,525 0.055%
Croatia 232,645 0.119%
Cuba 121,210 0.062%
Cyprus 136,850 0.070%
Czech Republic         1,431,060 0.732%
Democratic Republic 
of the Congo119,255 0.061%
WT/BFA/W/588/Rev.1
56  2021 FINANCIAL PERFORMANCE REPOR TCountryContributions 
in CHF 20212021
Kazakhstan         461,380 0.236%
Kenya 123,165 0.063%
Korea, Republic of         5,577,615 2.853%
Kuwait, the State of 568,905 0.291%
Kyrgyz Republic   35,190 0.018%
Lao People’s 
Democratic Republic  52,785 0.027%
Latvia 164,220 0.084%
Lesotho   29,325 0.015%
Liberia   29,325 0.015%
Liechtenstein   62,560 0.032%
Lithuania 310,845 0.159%
Luxembourg         1,018,555 0.521%
Macao, China 256,105 0.131%
Madagascar   33,235 0.017%
Malawi   29,325 0.015%
Malaysia         1,896,350 0.970%
Maldives   29,325 0.015%
Mali   35,190 0.018%
Malta 152,490 0.078%
Mauritania   29,325 0.015%
Mauritius   54,740 0.028%
Mexico         3,884,585 1.987%
Moldova, Republic of   37,145 0.019%
Mongolia   56,695 0.029%
Montenegro   29,325 0.015%
Morocco 371,450 0.190%
Mozambique   64,515 0.033%
Myanmar 134,895 0.069%
Namibia   48,875 0.025%
Nepal   56,695 0.029%
Netherlands         5,741,835 2.937%
New Zealand 467,245 0.239%
Nicaragua   54,740 0.028%
Niger   29,325 0.015%
Nigeria 543,490 0.278%
North Macedonia   60,605 0.031%
Norway         1,282,480 0.656%
Oman 342,125 0.175%
Pakistan 369,495 0.189%
Panama 242,420 0.124%
Papua New Guinea   60,605 0.031%
Paraguay 113,390 0.058%
Peru 418,370 0.214%
Philippines 821,100 0.420%
Poland         2,326,450 1.190%
Portugal 803,505 0.411%
Qatar 703,800 0.360%
Romania 766,360 0.392%
Russian Federation         3,407,565 1.743%
Rwanda   29,325 0.015%CountryContributions 
in CHF 20212021
Saint Kitts and Nevis   29,325 0.015%
Saint Lucia   29,325 0.015%
Saint Vincent and 
the Grenadines  29,325 0.015%
Samoa   29,325 0.015%
Saudi Arabia, 
Kingdom of        2,037,110 1.042%
Senegal   50,830 0.026%
Seychelles           29,325 0.015%
Sierra Leone   29,325 0.015%
Singapore         4,803,435 2.457%
Slovak Republic 783,955 0.401%
Slovenia 324,530 0.166%
Solomon Islands   29,325 0.015%
South Africa 905,165 0.463%
Spain         3,782,925 1.935%
Sri Lanka 187,680 0.096%
Suriname   29,325 0.015%
Sweden         2,037,110 1.042%
Switzerland         3,573,740 1.828%
Tajikistan   29,325 0.015%
Tanzania   87,975 0.045%
Thailand         2,389,010 1.222%
The Gambia   29,325 0.015%
Togo   29,325 0.015%
Tonga   29,325 0.015%
Trinidad and Tobago   97,750 0.050%
Tunisia 183,770 0.094%
Türkiye         2,050,795 1.049%
Uganda   54,740 0.028%
Ukraine 508,300 0.260%
United Arab 
Emirates        3,059,575 1.565%
United Kingdom         7,473,965 3.823%
United States of 
America      22,949,745 11.739%
Uruguay 130,985 0.067%
Vanuatu   29,325 0.015%
Venezuela, 
Bolivarian Republic 
of559,130 0.286%
Viet Nam         1,757,545 0.899%
Yemen   78,200 0.040%
Zambia   80,155 0.041%
Zimbabwe   50,830 0.026%
TOTAL       195,500,000 100%
2021 FINANCIAL PERFORMANCE REPORT  57
WT/BFA/W/588/Rev.1Table 60 – Assessed Contributions for Observers in 2021 (in CHF)
Observers Contributions in CHF
Algeria   29,325 
Andorra   29,325 
Azerbaijan   29,325 
Bahamas   29,325 
Belarus   29,325 
Bhutan   29,325 
Bosnia and Herzegovina   29,325 
Comoros   29,325 
Curaçao   29,325 
Equatorial Guinea   29,325 
Ethiopia   29,325 
Holy See   29,325 
Iran   29,325 
Iraq   29,325 
Lebanese Republic   29,325 
Libya   29,325 
Sao Tome and Principe   29,325 
Serbia   29,325 
Somalia   29,325 
South Sudan   29,325 
Sudan   29,325 
Syrian Arab Republic   29,325 
Timor-Leste   29,325 
Turkmenistan   29,325 
Uzbekistan   29,325 
SUB-TOTAL     733,125 
Suspension - Sao Tome and Principe (31/12/21) -29,325
Suspension - Libya (31/12/21) -29,325
Suspension - Somalia (31/12/21) -29,325
TOTAL     645,150 
WT/BFA/W/588/Rev.1
58  2021 FINANCIAL PERFORMANCE REPOR T5.2  Schedule B Statement of Outstanding Contributions and Advances as of 
31 December 2021 – Members
12 As per the Annex B of the Financial Regulations, administrative measures are applied to Members and Observers only when full 
year’s assessed contributions are outstanding at the end of the year. Table 61 – Outstanding Contributions from and Advances by Members as of 31 December 2021 (in CHF)
Members Contributions  
(Swiss Francs) Cat.122019 and 
previous 
years2020 2021 TOTAL Advance
Afghanistan   -   -   41,055 41,055 -   
Albania   -   -   -   -   -   
Angola   -   -   -   -   -   
Antigua and Barbuda  III     117,533       29,325       29,325     176,183 -   
Argentina   -       719,241     692,070  1,411,311 -   
Armenia   -   -   -   -   -   
Australia   -   -   -   -   2,399,244 
Austria   -   -   -   -   1,831,002 
Bahrain, Kingdom of   -   -   -   -   -   
Bangladesh   -   -   -   -   -   
Barbados   -   -   -   -   -   
Belgium   -   -   -   -   -   
Belize  I -         29,325       29,325       58,650 -   
Benin   -   -   -   -   49 
Bolivia, Plurinational State of   -   -   99,705 99,705 -   
Botswana   -   -   -   -   -   
Brazil   -   -    2,189,591  2,189,591 -   
Brunei Darussalam   -   -   -   -   -   
Bulgaria   -   -   -   -   -   
Burkina Faso   -   -   -   -        24,482 
Burundi*  III     609,606       29,325       29,325     668,256 -   
Cabo Verde   -          1,614       29,325       30,939 -   
Cambodia   -   -   -   -   -   
Cameroon   -         34,568       66,470     101,038 -   
Canada   -   -   -   -   -   
Central African Republic*  III     819,676       29,325       29,325     878,326 -   
Chad*  III     542,861       39,100       39,100     621,061 -   
Chile   -   -   -   -        13,126 
China   -   -   -   -   -   
Colombia   -   -   -   -   -   
Congo  III     181,106       70,380       70,380     321,866 -   
Costa Rica   -   -         10,572       10,572 -   
Côte d’Ivoire   -   -   -   -   -   
Croatia   -   -   -   -   -   
Cuba  II     139,278     129,030     121,210     389,518 -   
Cyprus   -   -   -   -   -   
Czech Republic   -   -   -   -   -   
Democratic Republic of the Congo   -   -   -   -   -   
Denmark   -   -   -   -   -   
Djibouti  I        1,219       29,325       31,280       61,824 -   
2021 FINANCIAL PERFORMANCE REPORT  59
WT/BFA/W/588/Rev.1Members Contributions  
(Swiss Francs) Cat.122019 and 
previous 
years2020 2021 TOTAL Advance
Dominica   -   -         29,325       29,325 -   
Dominican Republic   -   -   -   -      166,240 
Ecuador   -   -   -   -   25 
Egypt   -   -   -   -   -   
El Salvador   -         80,050       80,155     160,205 -   
Estonia   -   -   -   -      165,273 
Eswatini   -   -   -   -   -   
European Union   -   -   -   -   -   
Fiji   -   -   -   -   -   
Finland   -   -   -   -   -   
France   -   -   -   -   -   
Gabon  I -         66,470       64,515     130,985 -   
The Gambia   -          2,681       29,325       32,006 -   
Georgia   -   -   -   -        72,423 
Germany   -   -   -   -   -   
Ghana   -   -         39,038       39,038 -   
Greece   -   -   -   -   -   
Grenada   -   -         29,325       29,325 -   
Guatemala   -   -   -   -   -   
Guinea  II       30,808       29,325       31,280       91,413 -   
Guinea-Bissau*  III     708,113       29,325       29,325     766,763 -   
Guyana   -   -   -   -   143 
Haiti   -   -   -   -   -   
Honduras   -   -   -   -        51,648 
Hong Kong, China   -   -   -   -   5,283,165 
Hungary   -   -   -   -      986,067 
Iceland   -   -   -   -   -   
India   -   -   -   -   4,756,121 
Indonesia   -   -   -   -   -   
Ireland   -   -   -   -   -   
Israel   -   -   -   -      881,705 
Italy   -   -   -   -   -   
Jamaica   -   -   -   -   -   
Japan   -   -   -   -   -   
Jordan   -   -   -   -   -   
Kazakhstan   -   -   -   -   -   
Kenya   -   -   -   -   -   
Korea, Republic of   -   -   -   -   -   
Kuwait, the State of   -   -   -   -   -   
Kyrgyz Republic   -          2,969       35,190       38,159 -   
Lao People’s Democratic Republic   -   -   -   -   -   
Latvia   -   -   -   -   -   
Lesotho   -   -   -   -   -   
Liberia  I -   -   -   -   -   
Liechtenstein   -   -   -   -        61,281 
Lithuania   -   -   -   -      287,835 
Luxembourg   -   -   -   -   -   
Macao, China   -   -   -   -   -   
Madagascar   -   -    5  5 -   
WT/BFA/W/588/Rev.1
60  2021 FINANCIAL PERFORMANCE REPOR TMembers Contributions  
(Swiss Francs) Cat.122019 and 
previous 
years2020 2021 TOTAL Advance
Malawi   -   -    538  538 -   
Malaysia   -   -   -   -   -   
Maldives   -   -   -   -   -   
Mali   -   -   -   -   472 
Malta   -   -   -   -   -   
Mauritania  I       29,242       29,325       29,325       87,892 -   
Mauritius   -   -   -   -        51,996 
Mexico   -   -   -   -   -   
Moldova, Republic of   -   -   -   -        37,145 
Mongolia   -   -   -   -   -   
Montenegro   -   -   -   -        27,855 
Morocco   -   -   -   -   -   
Mozambique   -   -   -   -   -   
Myanmar   -   -          2,871        2,871 -   
Namibia   -   -   -   -        48,875 
Nepal   -   -   -   -   -   
Netherlands   -   -   -   -   -   
New Zealand   -   -   -   -      467,245 
Nicaragua   -   -   -   -   -   
Niger  III     189,164       29,325       29,325     247,814 -   
Nigeria   -   -   -   -         2,586 
North Macedonia   -   -   -   -        59,424 
Norway   -   -   -   -   -   
Oman   -   -   -   -   -   
Pakistan   -   -          5,948        5,948 -   
Panama   -   -   -   -         4,939 
Papua New Guinea  I -         62,560       60,605     123,165  
Paraguay   -   -   -   -   63 
Peru   -         15,187     418,370     433,557 -   
Philippines   -   -   -   -   -   
Poland   -   -   -   -   -   
Portugal   -   -   -   -      774,369 
Qatar   -   -   -   -   -   
Romania   -   -   -   -   -   
Russian Federation   -   -   -   -   -   
Rwanda   -   -         29,325       29,325 -   
Saint Kitts and Nevis   -   -          2,978        2,978 -   
Saint Lucia   -   -         29,300       29,300 -   
Saint Vincent and the Grenadines   -   -         11,667       11,667 -   
Samoa   -   -   -   -   45 
Saudi Arabia, Kingdom of   -   -   -   -   -   
Senegal  I -   -          8,078        8,078 -   
Seychelles   -   -   -   -   -   
Sierra Leone  III     202,701       29,325       29,325     261,351 -   
Singapore   -   -   -   -   4,583,076 
Slovak Republic   -   -   -   -   -   
Slovenia   -   -   -   -   -   
Solomon Islands   -   -   -   -   -   
South Africa   -   -   -   -      835,650 
2021 FINANCIAL PERFORMANCE REPORT  61
WT/BFA/W/588/Rev.1Members Contributions  
(Swiss Francs) Cat.122019 and 
previous 
years2020 2021 TOTAL Advance
Spain   -   -   -   -   -   
Sri Lanka   -   -   -   -   -   
Suriname  I       29,126       29,325       29,325       87,776 -   
Sweden   -   -   -   -   -   
Switzerland   -   -   -   -   -   
Chinese Taipei   -   -   -   -   -   
Tajikistan   -   -          4,890        4,890 -   
Tanzania   -   -          4,005        4,005 -   
Thailand   -   -   -   -   2,298,966 
Togo   -   40       29,325       29,365 -   
Tonga   -   -   -   -   -   
Trinidad and Tobago   -   -   -   -   -   
Tunisia   -   -   -   -   -   
Türkiye   -   -   -   -   -   
Uganda   -          3,299       54,740       58,039 -   
Ukraine   -   -   -   -   -   
United Arab Emirates   -   -   -   -   -   
United Kingdom   -   -   -   -   -   
United States of America   -   -   22,949,745 22,949,745 -   
Uruguay   -   -   -   -   -   
Vanuatu   -   -   -   -   494 
Venezuela, Bolivarian Republic of  III  4,202,227     568,905     559,130  5,330,262 -   
Viet Nam   -   -   -   -   -   
Yemen  I        6,516       80,155       78,200     164,871 -   
Zambia   -   -         80,155       80,155 -   
Zimbabwe  I -         14,526       50,830       65,356 -   
TOTAL 21 7,809,176 2,213,350 28,373,541 38,396,067 26,173,029 
* Members not compliant with agreed payment plans terms
WT/BFA/W/588/Rev.1
62  2021 FINANCIAL PERFORMANCE REPOR TTable 62 – Outstanding Contributions from and Advances by Observers as of 31 December 2021 (in CHF)
13  As per the Annex B of the Financial Regulations, administrative measures are applied to Members and Observers only when more 
than one full year’s assessed contributions are outstanding at the end of the year. Observers Cat.132001-2019 2020 2021Total 
OutstandingAdvance
Comoros I 16,617 29,325 29,325 75,267 -   
Equatorial Guinea   -   -   -   -   22,949 
Ethiopia   -   -   29,325 29,325 -   
Holy See   -   -   -   -   29,325 
Iran I  197 29,325 29,325 58,847 -   
Iraq I  118 29,325 29,325 58,768 -   
Lebanese Republic   -   -   29,325 29,325 -   
Libya* III 55,221  n/a  n/a 55,221 -   
Sao Tome and Principe* III 306,529  n/a  n/a 306,529 -   
Somalia* III 89,984  n/a  n/a 89,984          -   
South Sudan -   2,989 29,325 32,314 -   
Sudan I  28,513 29,325 29,325 87,163          -   
Syrian Arab Republic II  29,325 29,325 29,325 87,975          -   
Timor-Leste   -   -   296 296 -   
Uzbekistan   -   -           556 556 -   
TOTAL 8 526,504 149,614 235,452 911,570 52,274 
* Annual contributions suspended for Inactive Observers
2021 FINANCIAL PERFORMANCE REPORT  63
WT/BFA/W/588/Rev.1Funds/ Donors
Global Trust Fund
STDF Standards and 
Trade Development 
Facility
Enhanced Integrated 
Framework – 
Executive Secretariat
French-Irish Mission 
Internship Programme
Netherlands Trainee 
Programme
Trade Facilitation 
Agreement Facility
WTO Fisheries for 
the Participation of 
LDC Capital-Based 
Officials
LDCs’ Participation 
in WTO Ministerial 
Conferences
Total
Australia 139,000   -    -    -    -    -    -    -  139,000 
Austria       213,800   -    -    -    -    -    -    -  213,800 
Canada   -    140,077   -    -    -    -    -    -  140,077 
Czech Republic   -    -    -    -    -   22,565   -    -    22,565 
Estonia        21,380   -    -    -    -    -    -    -    21,380 
European Union       757,600   625,200   -    -    -    -    -   48,510 1,431,310 
Finland       548,000   548,000   -    -    -    -    -   27,389 1,123,389 
France       602,800   438,400   -    986,400   -    -    -    -  2,027,600 
Germany   -  2,958,926   -    -    -    -    -    -  2,958,926 
Ireland   -    219,200   -    219,200   -    -    -    -  438,400 
Japan       162,121   -    -    -    -    -  125,588   -  287,709 
Korea       289,927   -    -    -    -    -    -    -  289,927 
Liechtenstein        40,000   -    -    -    -    -    -    -    40,000 
Lithuania        32,340   -    -    -    -    -    -    -    32,340 
Netherlands   -    575,000   -    -  875,000   -    -    -  1,450,000 
New Zealand   -    -    -    -    -    -    -   50,000   50,000 
Norway   -  1,246,209   -    -    -    -    -    -  1,246,209 
Sweden    2,081,312 1,069,427   -    -    -    -    -    -  3,150,739 
United States       562,340   742,400   -    -    -    -    -    -  1,304,740 
UNOPS14   -    -  3,500,000   -    -    -    -    -  3,500,000 
TOTAL *  5,450,620 8,562,840 3,500,000 1,205,600 875,000 22,565 125,588 125,899 19,868,112 
*  The Total of Voluntary Contributions received in 2021 includes the contributions spent in the year amounting to KCHF 13,684 reported in Table 19 as well as unspent 
contributions amounting to kCHF 6,052 as depicted in Table 49. 
14 Details of UNOPS contribution are reported in Table 17.5.3  Schedule C Voluntary Contributors Received During 2021
Table 63 – Voluntary Contributions Received in 2021 by Trust Fund
WT/BFA/W/588/Rev.1
64  2021 FINANCIAL PERFORMANCE REPOR T5.4  Schedule D Balance Due to Contributors as of 31 December 2021
Table 64 – Balance Due to Contributors as of 31 December 2021 by Trust Fund or Project  Funds/ Donors
Global Trust Fund
Enhanced Integrated 
Framework – Executive 
Secretariat
French-Irish Mission 
Internship Programme
Independent Entity
Programme Support 
Fund
Netherlands Trainee 
Program
CDCRI: Investment 
Facilitation for 
Development
CDCRI: ASYCUDA TIVA 
Databases
WTO Fisheries for the 
Participation of LDC 
Capital-Based Officials 
Trade Facilitation 
Agreement Facility
STDF Standards and 
Trade Development 
Facility
EIF -LDC Graduation 
Fund
China LDCs and 
Accessions Programme
LDCs’ Participation 
in WTO Ministerial 
Conferences
Total
Australia 471,462   -    -   -  -   -   -  - 2,067 473,148    552,053   -    -  131,079 1,629,809
Austria 612,769   -    -   -  -   -   -  -   123,673     -    -   - 736,442
Canada  88,525   -    -   -  -   -   -  -        644,092   -    -   26,951 759,568
China     -    -   -  -   -  24,474 569,819   597,929    - 850,568  - 2,042,789
Czech Republic   -    -    -   -  -   -   -  -   -    40,947   -    -    -    -  40.947 
Denmark  91,643   -    -   -  -   -   -  -        985,715   -    -    -  1,077,357
European 
Union    -    -   -  -   -   -  -         -    -   50,250 50,250
Finland 807,641   -    -   -  -   -   -  -   251,160    738,871   -    -   40,191 1,837,862
France      
1,482,463   -  1,054,992  -  -  -  -  -   246,453    711,416   -    -    -  3,495,324
Germany 1,294,667   -    -   -  -   -    -    -          
36,293   2,879,571   -    -    -  4,210,532
Ireland     -  253,680  -  -  -  -  -     20,259    545,972   -    -   33,161 853,073
Japan 460,615   -    -   -  -   -    -    -        
125,448       29,223   -    -    -  615,286
Korea Rep. of 753,209   -    -   -  -   -    -    -          -    -    -  753,209
Liechtenstein 110,430   -    -   -  -   -    -    -          -    -    -  110,430
Lithuania  68,260   -    -   -  -   -    -    -          -    -    -  68,260
Netherlands  14,551   -    -   -  - 960,235   -    -      1,831,881   -    -    -  2,806,667
New Zealand     -    -   -  -  -  -  - 5,120   27,751     -    -   40,876 73,747
Norway 1,211,121   -    -   -  -  -  -  - 80,722 2,614,170 2,400,999   -    -   55,721 6,362,733
Sweden 5,237,547   -    -   -  -  -  -  -  -  - 3,196,667   -    -    -  8,434,213
Switzerland  50,173   -    -   -  -  -  -  -  -  -     22,813   -    -   18,773 91,759
2021 FINANCIAL PERFORMANCE REPORT  65
WT/BFA/W/588/Rev.1Funds/ Donors
Global Trust Fund
Enhanced Integrated 
Framework – Executive 
Secretariat
French-Irish Mission 
Internship Programme
Independent Entity
Programme Support 
Fund
Netherlands Trainee 
Program
CDCRI: Investment 
Facilitation for 
Development
CDCRI: ASYCUDA TIVA 
Databases
WTO Fisheries for the 
Participation of LDC 
Capital-Based Officials 
Trade Facilitation 
Agreement Facility
STDF Standards and 
Trade Development 
Facility
EIF -LDC Graduation 
Fund
China LDCs and 
Accessions Programme
LDCs’ Participation 
in WTO Ministerial 
Conferences
Total
Chinese Taipei   -    -    -   -  -  -  -  -  -  19,735     34,089   -    -  108,796   162,620
United 
Kingdom    -    -   -  -  -  -  -  - 210,000    903,518   -    -    -  1,113,518
United States 1,686,696   -    -   -  -  -  -  -  -   25,342    602,799   -    -    -  2,314,837
Organizations:   
UNOPS   532,705   -   -  -  -  -  -  -  -  -  48,000   -    -  580,705
Others:   
Bureau Veritas 
International     -    -  17,565   -    -    -    -    -    -    -    -    -    -  17,565
Cotecna 
International 
Ltd.     -    -  17,472   -    -    -    -    -    -    -    -    -    -  17,472
Inchape Testing 
Services 
International 
Ldt.     -    -  17,565   -    -    -    -    -    -    -    -    -    -  17,565
Inspectorate 
Griffith Ltd.    -    -  17,567   -    -    -    -    -    -    -    -    -    -  17,567
Société 
Général de 
Surveillance    -    -  17,406   -    -    -    -    -    -    -    -    -    -  17,406
WTO Members     -    -     709,262   -    -    -    -    -    -    -    -    -  709,262
Total* 14,441,770 532,705 1,308,672 87,576 709,262 960,235 24,474 569,819 249,650 4,650,568 16,079,678 48,000 850,568 505,798 41,018,776
*  Total of balance due to donors in Schedule D excludes advances payments of kCHF 229 as depicted in Note 13.
WT/BFA/W/588/Rev.1
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FINANCIAL  
PERFORMANCE  
  REPORT
2021
 Administration and General Services Division
Committee on Budget, Finance and Administration  
WT/BFA/W/588/Rev.1