Administration and General Services Division
FINANCIAL  
PERFORMANCE  
  REPORT
2020
Committee on Budget, Finance and Administration  
WT/BFA/W/560  Committee on Budget, Finance and Administration  
WT/BFA/W/560  
21-4717FINANCIAL  
PERFORMANCE  
  REPORT
2020WT/BFA/W/560 4 2020 FINANCIAL PERFORMANCE REPOR TTABLE 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
 2.3.1  Part A – Staffing Resources 11
 2.3.2  Part B – Other Resources 12
 2.3.3  Part C – Operating Funds and ITC 13
 2.3.4  Transfers between Budgetary Sections 14
2.4  COVID-19 Implications 15
 2.4.1  Savings and Over-expenditure Linked to the COVID-19 Pandemic 15
2.5  Expenditure by Output Chapter  16
 2.5.1  Background 16
 2.5.2  2020 Expenditure by Output Chapter Compared to the Output Budget 16
3  EXTRA-BUDGETARY PERFORMANCE 18
3.1  Trust Funds  18
 3.1.1  Trust Fund Landscape 18
 3.1.2  Contribution and Expenditure per Trust Fund 19
3.2  Administrative Funds 24
 
Due to rounding of figures in various tables and summary charts, 
minor differences can result between subtotals and totals.a. 1 
1 2020 FINANCIAL PERFORMANCE REPORT  5
WT/BFA/W/560 4  FINANCIAL STATEMENTS  26
4.1  Management Letter of Representation 26
4.2  Opinion of the External Auditor 27
4.3  WTO Financial Statements 29
4.4  Notes to the WTO Financial Statements 33
 4.4.1  Note 1 Accounting Policies 33
 4.4.2  Note 2 Financial Risk Policy 36
 4.4.3  Note 3 Cash and Cash Equivalents 36
 4.4.4  Note 4 Receivables from Members and Observers 37
 4.4.5  Note 5 Inventories 37
 4.4.6  Note 6 Advances, Prepayments and Other Receivables 38
 4.4.7  Note 7 Property, Plant and Equipment 38
 4.4.8  Note 8 Intangible Assets 39
 4.4.9  Note 9 Accounts Payable and Accruals  39
 4.4.10  Note 10 Provisions 40
 4.4.11  Note 11 Assessed Contributions Paid in Advance 40
 4.4.12  Note 12 Refundable Voluntary Contributions  40
 4.4.13  Note 13 Employee Benefits 41
 4.4.14  Note 14 Loan 45
 4.4.15  Note 15 Working Capital Fund 45
 4.4.16  Note 16 Reserves 45
 4.4.17  Note 17 Revenue 46
 4.4.18  Note 18 Expenses 46
 4.4.19  Note 19 Reconciliation with Budget 46
 4.4.20  Note 20 Related Party Transactions  47
 4.4.21  Note 21 Contingent Assets and Contingent Liabilities 47
 4.4.22  Note 22 Segment Reporting 47
 4.4.23  Note 23 Events After the Reporting Date 48
5  Schedules  49
5.1  Schedule A 2020 Statement of Contributions on Members  49
5.2  Schedule B 2020 Assessed Contributions on Observers 53
5.3  Schedule C Balance due to Contributors as of 31 December 2020 55WT/BFA/W/560 6 2020 FINANCIAL PERFORMANCE REPOR T1.1  The COVID-19 pandemic held the world hostage throughout most of 2020. Economic and social activities were 
constrained. Governments implemented strict measures in a bid to curtail the spread of the virus, to no avail. In the 
context of the WTO budget, expenditures in some areas were much lower than budgeted amounts, mainly due to travel 
restrictions, two months of full lockdown and many months of having less than 40% of staff members working from the 
premises. Technical Assistance activities slowed down significantly as participants could not travel to foreign countries 
for the regional and advanced trade policy courses.
1.2  In accordance with WTO Financial Regulations 36, the Annual Financial Statements of the WTO for the year ended 
31 December 2020 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.
1.3  The Financial Performance Report comprises of the following key sections: Regular Budget Performance, Extra-
Budgetary Performance and Financial Statements.
1.4  The budgetary result is adjusted by incorporating International Public Sector Accounting Standards (IPSAS) 
requirements to determine the financial result.
1.5  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. 
1.6  The WTO Pension Plan is separately administered and managed and has distinct regulations and rules. The WTOPP’s 
Management Board directly reports to the General Council. 1
1 1 INTRODUCTION
2020 FINANCIAL PERFORMANCE REPORT  7
WT/BFA/W/560 Regular Budget Performance
1.7  2020 was the 10th year of a Zero Nominal Growth budget for the WTO, CHF 197.2 million. The budgetary result 
of approximately CHF 11.8 million for the year was driven by positive variances of CHF 10.9 million in budgetary 
expenditure, CHF 3.3 million under miscellaneous income and a negative variance of CHF 2.4 million under the provision 
for contributions in arrears.    
Extra-Budgetary Performance 
1.8  The number of contributors to WTO trust funds was similar to that in 2019 though the amounts contributed were 
lower. Two project-oriented funds were closed at the end of 2019, bringing the total number of active trust funds to 
12. As a result of the pandemic slowing down the Technical Assistance activities, net expenditure in 2020 decreased 
significantly.
Financial Statements
1.9  The financial result obtained in 2020 is a deficit of CHF 37.1 million. Amongst the largest IPSAS adjustments are 
the long-term pension and ASHI liabilities making up 75% of the total adjustments.    
Budgetary
surplus
Miscellaneous
income
Contributions in
arrears provision
Figure 1 – Financial Result Process (CHF million)
10.9
3.3Budgetary
result
11.8
Financial
result
-37.1
IPSAS
adjustments
-48.9-2.4
WT/BFA/W/560 8 2020 FINANCIAL PERFORMANCE REPOR T2 REGULAR BUDGET  
 PERFORMANCE
2.1  WTO Budget Composition 
2.1  The budget for 2020, amounting to CHF 197.2 million, was approved by the General Council in December 2019 (refer 
to WT/GC/M/181).
2.2  The WTO regular budget is financed through assessed contributions from Members and miscellaneous income 
received as depicted in Table 1:
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 received 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 – 2020 WTO Income (kCHF)
Item Budget Receipts Variance
Contributions from WTO Members 195,500 195,500 -
Miscellaneous Income Received 1,704 5,032 3,328
Total 197,204 200,532 3,328
2020 FINANCIAL PERFORMANCE REPORT  9
WT/BFA/W/560 2.3  The miscellaneous income result was a surplus of CHF 3.3 million as shown in Table 2. 
Table 2 – 2020 Miscellaneous Income Received (kCHF)
Item Budgeted 
Miscellaneous 
Income 2020Income 2020 Variance 2020
Contributions of Observer Countries 600 624 24
Sale of Publications & Royalties 270 119 -151
Trust Funds - Participation in Indirect Costs 190 161 -29
Refund of Prior Year's Expenditure 180 3,528 3,348
Rental of Meeting Rooms & Office Space 125 30 -95
Profit/Loss on Exchange - -1,579 -1,579
Other 339 2,149 1,810
Total 1,704 5,032 3,328
2.4  Under Miscellaneous Income, the receipts from Contributions of Observers and Trust Funds are relatively in line 
with the projected receipts. 
2.5  The positive result under “Refund from prior year’ expenditure” includes the transfer of CHF 1.9 million from 
International Trade Centre (ITC), which relates to the refund of the surplus of CHF 1 million for the biennium 2014-15 
and CHF 0.9 million for the biennium 2016-17. It also includes the release of a provision for invalidity of CHF 1.5 million.
2.6  The receipts under “Rental of Meeting Rooms & Office Space” were lower than expected due to the COVID-19 
pandemic.
2.7   The loss on foreign exchange is due to the fact that, in 2020, the USD significantly weakened against the CHF . The 
receipts under  “Other” mainly comprise the release of funds of the Appellate Body Operating Fund of CHF 1.9 million 
and the amount received from the EIF for administrative costs (CHF 0.2 million). 
2.2  Outstanding Contributions 
2.8  From 2005 to 2016, the amount of outstanding contributions from Members was generally on a lower trend, with 
the lowest level of arrears registered in 2016. There was a first peak in 2017, followed by reversion to a decline in 2018 
and 2019. The outstanding contributions as at the end of 2020 are at the highest level since 1995. This is mainly due to 
the annual contribution of one of the Top 10 Members only transferred in January 2021 and arears of contributions of 
four other Members among the Top 50.WT/BFA/W/560 10  2020 FINANCIAL PERFORMANCE REPOR T2.3  WTO Budget Performance
Table 3 – 2020 WTO Budget Performance (kCHF)
Part Section Line Budget Expenditure Variance
A Staffing 
Resources1. Staff Expenditure i) Staff Remuneration 88,530 81,776 6,753
   ii) Staff Pension & Post-
Employment Benefits22,910 21,033 1,877
   iii) Staff Health & Invalidity 
Insurance6,394 6,357 37
   iv) Staff Family & International 
Benefits11,371 9,468 1,903
    v) Other Staff Expenditure 2,210 1,587 623
 2. Temporary 
Assistancei) Short-Term Staff 9,850 13,764 -3,913
    ii) Consulting 5,818 6,062 -243
   iii) Panellists & Appellate Body 
Members Fees1,606 762 844
A Staffing Resources Total    148,690 140,809 7,881
B Other 
Resources3. General Services i) Telecommunication & Post 641 401 240
   ii) Contractual Services & 
Maintenance11,163 9,977 1,186
    iii) Energy & Supplies 2,066 1,383 683
    iv) Documentation & Publication 1,458 1,187 271
    v) Other / Miscellaneous 48 8 40
  4. Travel & Hospitality i) Travel 7,393 1,213 6,180
    ii) Hospitality 214 49 164
 5. Implementing 
Partnersi) Implementing Partners 213 443 -230
 6. Capital 
Expenditurei) Procurement of Fixed Assets 1,455 2,929 -1,474Figure 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 202024.241.22020 FINANCIAL PERFORMANCE REPORT  11
WT/BFA/W/560 Part Section Line Budget Expenditure Variance
   ii) Rental & Leasing of 
Equipment640 284 356
 7. Financial 
Expenditurei) Bank & Interest Charges 580 622 -42
    ii) Building Loan Reimbursement 1,200 1,200 -
B Other Resources Total    27,071 19,696 7,375
C Operating 
Funds and 
ITC8. Contributions 
to ITC & Special 
Reservesi) Contribution to ITC 18,243 18,243 -
   ii) Appellate Body Operating 
Fund2,000 2,000 -
   iii) Ministerial Conference 
Operating Fund600 600 -
    iv) Building Renovation Fund 600 4,960 -4,360
C Operating Funds and ITC Total 21,443 25,803 -4,360
Grand Total  197,204 186,308 10,896
2 Documents WT/BFA/W/431 and WT/BFA/168 (Establishment of Special Reserve Account).2.3.1  Part A – Staffing Resources
2.9  Part A comprises 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.
a. Staff Expenditure
2.10  The expenditure under Staff Remuneration is below budget, which is due to the high number of vacant posts in 
2020.  Along with the savings under salaries, the high number of vacant posts also had an impact on pension and health 
contributions as well as family allowances and international benefits.
2.11  Under Staff Health & Invalidity Insurance, the positive balance of CHF 0.9 million for the WTO health insurance 
premiums of regular staff has been transferred to the Special Reserve Account for medical premiums2. Under the death 
and invalidity insurance, a small saving was realised.
2.12  The savings under Staff Family & International Benefits, are mainly due a lot of staff members not being able to 
travel for home leave in 2020 because of the pandemic.
2.13  The savings under “Other Staff Expenditure” relate to installation grant, travel related to installation and  
separation of staff, removal and terminations.
b. Temporary Assistance Expenditure
2.14  The budget line for Short-Term Staff includes the expenditure for temporary assignments of CHF 7.9 million, 
translators paid under short-term contracts of CHF 3.5 million, freelance interpreters’ expenditure of CHF 1.8 million 
and interns of CHF 0.5 million.
2.15  The main over-expenditure under temporary assignments 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, on long-term sick leave 
and filling of vacant posts on a temporary basis. WT/BFA/W/560 12  2020 FINANCIAL PERFORMANCE REPOR T2.16  Under translation and interpretation, a saving of CHF 0.9 million was realized under short-term translators which was 
mainly due to the slowdown of the activity during March and April 2020. The allocation under Interpretation was fully spent.
2.17  Under Consulting, the overspending is due to the recruitment of IT consultants for various IT projects partly linked 
to the pandemic (CHF 0.6 million). This was partly offset, by savings under consultants for the HR Training Programme 
(CHF 0.2 million) and by savings under external translators (CHF 0.1 million).
2.18  Under Panellists’ Fees, the saving of CHF 0.8 million is mainly linked to the fact that the expenditure to Appellate 
Body Members’ Fees was limited to CHF 0.097 million and to a saving of CHF 0.1 million under Panellists’ Fees.
2.3.2  Part B – Other Resources
2.19  Part B comprises of 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.
a. General Services
2.20  The savings under Telecommunication and Post relate to significantly reduced postal delivery due to the pandemic 
(CHF 0.2 million) and savings under telecommunication due to the fact that most of the staff members were working 
from home (CHF 40,000).
2.21  Under Contractual Services and Maintenance, savings of CHF 0.9 million were realized under the external security 
provider and CHF 0.1 million under cleaning. This was due to the significantly reduced number of staff in the WTO 
premises. This was partly offset by overspending under the International Computing Centre (CHF 0.4 million) and the IT 
Service Desk (CHF 0.1 million).
2.22  The saving under equipment maintenance is mainly due to the reduced expenditure under security equipment 
maintenance (CHF 0.1 million) and IT equipment maintenance (CHF 0.1 million). The same applies to building 
maintenance where a saving of CHF 0.2 million was realized, as some maintenance works had been postponed to a 
later period due to the pandemic
2.23  Under Energy and Supplies, the savings mainly relate to reduced expenditure under electricity, office and 
documents reproduction supplies and gas & fuel. This was partly offset by the purchase of medical and sanitary 
supplies of CHF 0.1 million due to the pandemic.
2.24  Under Documentation and Publications, a saving of CHF 0.3 million has been realized under publications due to 
the reduced activity during the pandemic.
2.25  Under Other/Miscellaneous, the expenditure reflected the reduced activity.
2.26  Financial Regulation 22 requires 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 2020:
i. Physical Security: CHF 18 million over the period 1 January 2019 until 31 December 2023.
ii. Cleaning Services: CHF 5 million over the period 1 January 2019 until 31 December 2023.
iii. United Nations International Computing Centre: USD 4.7 million over the period 1  January 2020 until 31 
December 2021.
iv. Multi-technical maintenance for the WTO building: CHF 2.2 million over the period 1 January 2020 until 31 
December 2024.
v. Travel Management and Visa Processing Services: CHF 4.5 million over the period 1 January 2014 until 31 
December 2022.2020 FINANCIAL PERFORMANCE REPORT  13
WT/BFA/W/560 b. Travel and Hospitality
2.27  The total travel activity of the Organization came to a halt as from the month of March, which generated an overall 
saving of CHF 6.2 million. This mainly relates to savings under travel for technical assistance activities (CHF 3.5 million), 
panellists’ travel (CHF 0.6 million), divisional travel (CHF 1.7 million) and HR Training Programme (CHF 0.2 million). 
Hospitality expenditure was also notably low. 
c. Implementing Partners
2.28  Implementing Partners represent events that are partially or fully funded by the WTO and executed by third-party 
organizations, contributions to professional networks, contributions to the Staff Assistance Fund and contributions to 
the International Labour Organization (ILO) Administrative Tribunal. 
d. Capital Expenditure
2.29  The overspending under Procurement of Fixed Assets is mainly due to the following elements: an overspending 
of CHF 0.9 million under computing software and several other IT licences acquired due to the pandemic, 
purchase of new office furniture to replace old furniture (more than 10 years) with more ergonomic office furniture  
(CHF 0.4 million), audio-visual equipment due to new requirements during the pandemic (CHF 0.2 million) and the 
replacement of obsolete reproduction equipment (CHF 0.1 million). This is partly offset by savings under computing 
hardware (CHF 0.2 million).
Under Rental and Leasing of Equipment, savings were realized for the leasing of reproduction equipment.
e. Financial Expenditure
2.30  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 negative interest charges. Investment was lessened due to the strengthening 
of the Swiss Franc against the US Dollar.
2.3.3  Part C – Operating Funds and ITC
2.31  Part C is related to the contribution to the budget of the ITC and allocation of funds to the Operating Funds of 
the WTO. The contribution to the ITC was CHF 18.2 million and that for the Ministerial Conference Operating Fund was  
CHF 0.6 million.
2.32  The Building Renovation Fund (BRF) was established at the end of 2015 to reserve funds to finance medium 
and long-term building and infrastructure maintenance and renovation. Following the guidelines of the BRF , it was 
replenished with CHF 0.6 million at the beginning of 2020. An additional CHF 4.4 million was allocated at the end of 2020.
Table 4 – Appellate Body Operating Fund Expenditure (kCHF)
Appellate Body Operating Fund kCHF
Opening Balance 1 January 2020 -
Fund Allocation 2020 2,000
Expenditure 2020 -99
Release of Surplus Miscellaneous Income 2020 -1,901
Closing Balance as at 31 December 2020 -WT/BFA/W/560 14  2020 FINANCIAL PERFORMANCE REPOR T2.3.4  Transfers between Budgetary Sections
2.33  In accordance with Financial Regulation 21 and Financial Rule 4.43, transfers between WTO budgetary sections are 
necessary to cover excess expenditure over approved appropriations by using savings from other budgetary sections. 
Authority is sought to increase appropriations, as shown in Table 5:
3 Transfers between sections of the expenditure budget shall be handled through the internal control system, subject to a report 
submitted by the Secretariat to the General Council for approval at the end of the financial period. Transfers between items 
within the approved budget are only authorized pursuant to Regulation 21 of the Financial Regulations.Table 5 – Proposed Transfers between Sections of the 2020 WTO Budget (kCHF)
Part Section Budget Expenditure Variance Proposed 
TransfersRevised 
AppropriationsBalance
A Staffing 
Resources1. Staff 
Expenditure131,415 120,222 11,194 -3,312 128,103 7,881
 2. Temporary 
Assistance17,275 20,587 -3,312 3,312 20,587 -
A Staffing Resources Total  148,690 140,809 7,881 - 148,690 7,881
B Other 
Resources3. General 
Services15,376 12,956 2,420 -1,390 13,986 1,030
 4. Travel & 
Hospitality7,607 1,262 6,344 -4,360 3,247 1,985
 5. 
Implementing 
Partners213 443 -230 230 443 -
 6. Capital 
Expenditure2,095 3,213 -1,118 1,118 3,213 -
 7. Financial 
Expenditure1,780 1,822 -42 42 1,822 -
B Other Resources Total  27,071 19,696 7,375 -4,360 22,711 3,015
C 
Operating 
Funds and 
ITC8.i 
Contribution 
to ITC18,243 18,243 - - 18,243 -
8.ii Appellate 
Body 
Operating 
Fund2,000 2,000 - - 2,000 -
8.iii 
Ministerial 
Conference 
Operating 
Fund600 600 - - 600 -
8.iv Building 
Renovation 
Fund600 4,960 -4,360 - 4,960 -
C Operating Funds and ITC 
Total 21,443 25,803 -4,360 4,360 25,803 -
Grand Total  197,204 186,308 10,896 - 197,204 10,8962020 FINANCIAL PERFORMANCE REPORT  15
WT/BFA/W/560 2.4  COVID-19 Implications
2.4.1  Savings and Over-expenditure Linked to the COVID-19 Pandemic
Table 6 – Savings and Over-expenditure Related to COVID-19
The Impact of the Pandemic on the Budget Allocations MCHF
Savings
Translation 1.1
Postal 0.2
Equipment and Building Maintenance 0.5
Electricity 0.1
Gas 0.1
External Security Provider 0.9
Travel 6.2
Documents Reproduction 0.4
Office Supplies 0.1
Publications 0.3
Hospitality 0.2
Total Savings 10.1
Pandemic-induced Over-expenditure
IT Consultancies 0.9
International Computing Centre (ICC) 0.4
IT Service Desk 0.1
Security Equipment 0.1
Audio-visual Adaptation of Meeting Rooms for Virtual Meetings 0.2
Medical and Sanitary Supplies 0.1
Software for Virtual Meeting Tools and Virtual Training 0.9
Total Over-expenditure 2.7 
Net Savings Resultant from the Pandemic 7.4
2.34  During the COVID-19 pandemic the overall profile of the expenditure was impacted, which led to savings in several 
areas and over-expenditure in others.
2.35  The areas of savings were driven by the significantly reduced number of meetings and the resultant diminution of 
external translation expenditure and document reproduction. The fact that there was a lockdown for several months, 
followed by the emphasis of working from home, brought the building management, utilities, mailing and guarding 
service costs down. The travel budget was under-utilized to the extent of CHF 6.2 million. WT/BFA/W/560 16  2020 FINANCIAL PERFORMANCE REPOR T2.36  A major unforeseen was the need to offer virtual platforms to facilitate remote meetings for staff members and 
delegations. This had an impact on the expenditure of IT consultants implementing these tools, as well as the IT Service 
Desk and the International Computing Centre (ICC). In addition, physical meeting rooms had to be equipped with 
adequate audio-visual equipment compatible with the implementation of virtual meetings.
2.5  Expenditure by Output Chapter 
2.5.1  Background
2.37  The Budget for the biennium 2016-2017 was for the first time presented by Outputs, in addition to the traditional 
presentation of the budgeted expenditure by budget line. Hence, the inclusion of the Expenditure by Output Chapter in 
this Financial Performance Report.
2.38  The actual expenditure for 2020 is presented in the table below .
2.5.2  2020 Expenditure by Output Chapter Compared to the Output Budget
Table 7 – 2020 Expenditure by Output Chapter
Output Budget 2020 % of Total Expenditure 
2020% of Total Difference 
Budget vs 
Expenditure
1  Facilitating Negotiations 10,000 5% 8,771 5% 1,229
2  Administering Agreed WTO Rules 45,000 23% 55,004 30% -10,004
3  Monitoring Trade Policies 28,000 14% 22,153 12% 5,847
4  Settling Disputes 39,000 20% 31,459 17% 7,541
5  Capacity Building 42,000 21% 33,943 18% 8,057
6  Assisting Accessions 5,000 3% 5,054 3% -54
7  Conducting Research 15,000 8% 14,830 8% 170
8  Reaching Out 13,204 7% 15,093 8% -1,889
Grand Total 197,204 100% 186,308 100% 10,8962020 FINANCIAL PERFORMANCE REPORT  17
WT/BFA/W/560 Table 8 – Comparison of Expenditure by Output Chapter 2020 vs 2019
Output Expenditure 2020 Expenditure 2019 Difference  
2020 - 2019
1  Facilitating Negotiations 8,771 8,369 402
2  Administering Agreed WTO Rules 55,004 50,115 4,889
3  Monitoring Trade Policies 22,153 25,232 -3,078
4  Settling Disputes 31,459 35,330 -3,871
5  Capacity Building 33,943 41,356 -7,412
6  Assisting Accessions 5,054 5,043 11
7  Conducting Research 14,830 15,257 -427
8  Reaching Out 15,093 14,701 392
Grand Total 186,308 195,403 -9,095
2.39  The main variations in the outputs for 2020 compared to projections resulted from two main issues: the impact of 
the COVID-19 pandemic and the minimum expenditure related to the Appellate Body.
2.40  Under Output 2 Administering Agreed WTO Rules, the increased activity resulted from an increase under the 
General Council and its Bodies, followed by an increase under the Council for Trade in Goods and its Bodies, as well as 
under the Council for Trade-Related Intellectual Property Rights and the Council for Trade in Services and its Bodies. 
This increase was also realized compared to the output expenditure of 2019.    
2.41  With respect to the major decreases compared to the projection for 2020, the most significant decrease was 
realized under Capacity Building, as many technical assistance activities had to be cancelled or were replaced by 
virtual training.
2.42  The decrease under Dispute Settlement is due to the reduced activity of the Appellate Body and to the fact that all 
panels as from the month of March were held virtually.
2.43  The decrease under Monitoring Trade Policies is linked to the fact that part of the activity was on hold as of the 
beginning of the pandemic and that the trade policy reviews were conducted virtually.WT/BFA/W/560 18  2020 FINANCIAL PERFORMANCE REPOR T3 EXTRA-BUDGETARY  
 PERFORMANCE
3.1  This part describes the activities undertaken in 2020 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 2020, Trust Fund expenditures amounted to CHF 17.3 million excluding adjustments 
such as reimbursements of contributions and negative interest charges.
3.3  The DDAGTF (hereinafter referred to as “the Global Trust Fund”) is the core Trust Fund for technical assistance. 
Activities financed through the Global Trust Fund, in 2020, were carried out based on the 2020-21 Biennial Technical 
Assistance and Training Plan.  
3.4  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 10-15 years. 
Figure 3 – Key contributors to Trust Funds since 2011
 4%
China
(People’s Republic)10%
Others
 2% Japan
   4% Canada
  2%  Ireland
   2%  Korea
   3%  Finland
7% Germany
10%
European Union6%
United States6% Australia
 8% France3% Denmark10%
Netherlands13%
Norway15%
Sweden2020 FINANCIAL PERFORMANCE REPORT  19
WT/BFA/W/560 3.1.2  Contribution and Expenditure per Trust Fund
Table 9 – Summary of Contributions and Expenditures per Trust Fund (in CHF thousands)
Trust Fund Funds 
as at 
1 January 
2020Contributions 
ReceivedExpenditures Adjustments Balance as at 
31 December 
2020
Global Trust Fund 9,652 5,586 -3,532 -29 11,677 
French Irish Mission 
Internship Programme1,228 1,074 -1,046 -2 1,254 
Netherlands Trainee 
Programme1,182 875 -1,061 -2 994 
China LDCs & Accessions 
Programme749 453 -99 -2 1,101 
Subtotal of Technical 
Assistance Plan Funds 12,811 7,988 -5,738 -35 15,026 
Standards and Trade 
Development Facility - 
STDF - 9,392 5,771 -4,233 -27 10,903
Trade Facilitation 
Agreement Facility5,113 173 -295 -15 4,976 
Subtotal of Other Large 
Multi-Donor Funds14,505  5,944 -4,528 -42 15,879 
LDCs Participation in WTO 
Ministerial Conferences405           144 -93 -1      455 
EIF - LDCs Graduation 
Fund    119   136 -79               -             176 Figure 4 – Number of Contributors since the inception of the Global Trust Fund 
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201922 24 27 22 23 24 19 19 19 14 14 15 13 13 12 13 12
611
20201238 713
10 15 12
15 13 12 12 17 13 12 16 13 15
Global Trust Fund Contributions Other contributionsWT/BFA/W/560 20  2020 FINANCIAL PERFORMANCE REPOR TTrust Fund Funds 
as at 
1 January 
2020Contributions 
ReceivedExpenditures Adjustments Balance as at 
31 December 
2020
WTO LDCs Fisheries 
Participation          34  152 -61    -    125 
Transferring Technologies 
for the Development of 
Cotton By-products  78      52 -69   -          61 
China Development Cooperation Research Initiative
ASYCUDA TIVA Databases 1,089   -496 -2               591 
Investment Facilitation for 
Development   196   -1 -1               194 
Subtotal of Other Smaller 
Project Oriented Funds     1,921             484 -799 -4            1,602 
Total     29,237        14,416 -11,065 -81         32,507 
3.1.2.1  Global Trust Fund
3.5  The Global Trust Fund was established in 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 Members. The TA Plan for 
2020-21 can be seen in document WT/COMTD/W/248/Rev.1.The TA Plan is funded through a mixture of funds from the 
regular budget, the Global Trust Fund and other earmarked trust funds, as appropriate. Over the past decade, the GTF has 
traditionally represented approximately two thirds of the funds available to finance the implementation of the TA Plan.
3.6  In 2020, the GTF received CHF 5.6 million of new contributions, the lowest level ever, from 12 different contributors 
(Austria, Canada, Estonia, EU, France, Japan, Korea, Lichtenstein, Lithuania, Norway, Sweden and USA).
3.7  On the expense side, the pandemic and the resulting travel restrictions led to an abrupt interruption of all face-
to-face TA activities as of March 2020 and their progressive replacement by virtual ones in the second half of the year. 
Meanwhile, online courses remained available throughout the year.
3.8  The Young Professional Programme is for graduates from LDCs and developing Members not currently represented 
or with few staff members at 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. Since 
the travel restrictions entered into force after their arrival in Geneva, the pandemic did not cause any disruption to the 
programme in 2020.
3.9  Consequently, for the first time since 2014, the GTF expenses did not exceed the contributions received during the 
year. The balance available in the GTF at the end of 2020 went up to CHF 11.4 million, which is closer to the CHF 12.5 
million approved by Members as the GTF target for 2021.
3.10  A detailed report on the TA implemented by the WTO in 2020 is presented in the document WT/COMTD/W/259.
3.1.2.2  Trade Facilitation Agreement Facility (TFAF)
3.11  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 and enhances their 
effectiveness. Information on TFAF grants and assistance activities, contributor and development partner support 
programs, as well as trade facilitation resources can be found at  https://tfafacility.org/.2020 FINANCIAL PERFORMANCE REPORT  21
WT/BFA/W/560 Figure 5 – Receipts and Expenditures of the Global Trust Fund from 2011-2020
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Expenditures
Contributions received & Transfers
Available year-end balance
Technical Assistance Plan - 
Target
05.010.015.020.025.030.0Millions CHF
Figure 6 – Expenditure by Key Results (Outcomes) of WTO Technical Assistance Plan
9%
Key Result 4 
Non-governmental 
stakeholders and 
legislators are aware of 
and knowledgeable about 
WTO work and issues
0%
Key Result 3 
Academic institutions and 
other stakeholders are 
analysing WTO issues and 
reaching out to policy makers3%
Key Result 2 
Acceding governments are 
participating in accession negotiations54%
Key Result 1
Implementation of WTO 
Agreements and full use 
of Member's rights and 
obligations34%
Other costsWT/BFA/W/560 22  2020 FINANCIAL PERFORMANCE REPOR T3.1.2.3  Standards and Trade Development Facility
3.12  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. Its Secretariat and trust fund are housed and managed by the WTO.
3.13  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. 
3.1.2.4  French Irish Mission Internship Programme
3.14  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.
3.15  France contributed CHF 0.9 million and Ireland CHF 0.2 million to this programme during the year.
3.16  In 2020, this Trust Fund financed the costs related to 19 interns from the following countries: Angola, Benin, 
Burkina Faso, Comoros, Dominican Republic, Eswatini, Guinea, Haiti, Madagascar, Malawi, Mali, Myanmar, Namibia, 
Senegal, Tajikistan, Tanzania, Togo, Zambia and Zimbabwe. Since the travel restrictions entered into force after their 
arrival in Geneva, the pandemic did not cause any disruption to this programme in 2020.
3.1.2.5  Netherlands Trainee Programme
3.17  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.
3.18  The Netherlands contributed CHF 0.9 million to this programme during the year.
3.19  In 2020, this trust fund financed the costs related to 16 interns from the following countries: Bangladesh, Bhutan, 
Congo, Congo DRC, Côte d’Ivoire, Gabon, Georgia, Guyana, Kyrgyz Rep, Laos, Mozambique, Nepal, Nigeria, Pakistan, 
St Kitts & Nevis and Suriname. Since the travel restrictions entered into force after the interns’ arrival in Geneva, the 
pandemic did not cause any disruption to this programme in 2020.
3.20  The total number of trainees who have benefited from the Programme since its launch reached 205 at the end of 2020.
3.1.2.6  China LDCs and Accessions Programme
3.21  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.2020 FINANCIAL PERFORMANCE REPORT  23
WT/BFA/W/560 3.22  China contributed CHF 0.5 million to this Trust Fund in 2020.
3.23  The Accession internships financed by this programme were implemented as planned during the year, as the 
interns were already in Geneva when the travel restrictions entered into force. The other components of the programme, 
such as the accession round table or the South-South dialogue on LDCs and development events had to be suspended, 
leading to significant savings.
3.24  In 2020, seven internships were made available to interns from the following countries: Belarus, China, Ethiopia, 
India, Nigeria, Uzbekistan and Venezuela.
3.1.2.7  LDCs Participation in WTO Ministerial Conferences 
3.25  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.
3.26  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.
3.27  Due to COVID-19 and the postponement of MC12, the only activity in the fund was a deposit made to a hotel in 
anticipation of the event. It is expected that the deposit will be reimbursed in 2021.
3.1.2.8  Transferring Technologies for the Development of Cotton By-products 
3.28  The project started on 7 July 2019 and concluded at the end of 2020.
3.1.2.9  EIF – LDCs Graduation Fund
3.29  In response to a request from the WTO LDC Group, made in the Sub-Committee on LDCs on 30 October 2018  
(WT/COMTD/LDC/M/84) and reiterated in writing through a Note Verbale on 21 November 2018, the WTO Secretariat 
has, in collaboration with the EIF Executive Secretariat, developed a project on LDC Graduation aimed at ensuring a 
smooth graduation process for the 12 LDCs in the graduation pipeline. 
3.30  Project activities are being undertaken in line with the approved project proposal. Briefings on progress in the 
implementation of the project are being provided to Members in the Sub-Committee on LDCs, to the LDC Group, to the 
EIF Board and UNOPS – the Trust Fund Manager. The WTO keeps other inter-governmental organizations working on 
graduation informed about the project activities through the UN inter-agency task force on LDC graduation.
3.1.2.10  WTO LDCs Fisheries Participation
3.31  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 Rules Negotiating Group and HODs/TNC/GC meetings. 
3.32  COVID-19 interrupted further in person activities under this fund after the first quarter of the year.
3.1.2.11  China Development Cooperation Research Initiative (CDCRI)
3.33  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.
3.34  There are two funds under this agreement: Investment Facilitation for Development and ASYCUDA/TiVA Databases.WT/BFA/W/560 24  2020 FINANCIAL PERFORMANCE REPOR Ta. CDCRI: Investment Facilitation for Development 
3.35  The Investment Facilitation for Development Trust Fund 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 Trust Fund were the organization of regional investment facilitation 
partnership fora. 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.
b. CDCRI: ASYCUDA TIVA Databases  
3.36  The “Improving Access To Trade and Market Access Statistics and Developing Trade In Value-Added Databases” 
trust fund was established in 2019 to assist least-developed countries to notify WTO relevant data through a tool 
integrated into the UNCTAD ASYCUDA (Automated System for Custom Data) and to build trade in value added data 
collection capabilities in several African countries. 
3.37  The substantive implementation started in 2020 through partnerships with relevant international, regional and 
national institutions and experts from academia. The scope includes providing IT and other expert advice, piloting the 
system in select beneficiary countries, organizing relevant workshops and seminars and provision of administrative 
implementation support. 
3.2  Administrative Funds
Table 10 – Summary of Contributions and Expenditures per Administrative Fund (in CHF thousands)
Programme Funds 
as at 
1 January 
2020Contributions 
receivedExpenditures Adjustments* Balance 
as at 
31 December 
2020
Enhanced Integrated 
Framework Executive 
Secretariat (EIF)483 5,540 - 4,447 -9 1,567 
Independent Entity –  
Pre-Shipment Inspection 
– Deposits88  - -  - 88 
Programme Support 
Fund (PSF)1,039                    -   -1,766 1,531 804
Total 1,610 5,540 -6,213 1,522 2,459
* The adjustment for EIF relates to negative interest charge and the one for PSF relates to overheads adjusted for retrocessions.
3.2.1  Enhanced Integrated Framework Executive Secretariat
3.38  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.
3.39  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 Center, 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 .2020 FINANCIAL PERFORMANCE REPORT  25
WT/BFA/W/560 3.40  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. 
3.2.2  Independent Entity – Pre-Shipment Inspection – Deposits
3.41  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.
3.42  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.
3.43  This Trust Fund has never been drawn-down since its establishment in 1995.
3.2.3  Programme Support Fund
3.44  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). 
3.45  The WTO may allocate a portion of the Programme Support Costs to Trust Funds that it manages with implementing 
partners. 
3.46  Overhead fees are collected and calculated as of the 31 December of each year.
3.47  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/560 26  2020 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 2020 and financial position as at 31 December 2020. These statements 
have been audited by External Auditors appointed by the WTO General Council. The report of the External Auditors is 
contained in the following pages.
 
Nthisana Phillips 
Director,  
Administration and General 
Services Division 
Mihaela Roberts 
Head of Financial Operations 2020 FINANCIAL PERFORMANCE REPORT  27
WT/BFA/W/560 4.2  Opinion of the External AuditorWT/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/560 28  2020 FINANCIAL PERFORMANCE REPOR TWT/BFA/W/ 556 
- 23 - 
  Management '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 reasonab ly 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 presen ted 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 as sessment of the 
appropriateness of the accounting policies and of the accounting estimates, and for the overall 
presentation of the financial statements . 
 
 
 
 
 
 
 
 
 
(signed)  
Pierre MOSCOVICI  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020 FINANCIAL PERFORMANCE REPORT  29
WT/BFA/W/560 4.3  WTO Financial Statements
Table 11 – Statement of Financial Position
Statement of Financial Position      
Expressed in ‘000 CHF Notes 31/12/2020 31/12/2019
ASSETS      
Current Assets      
Cash and Cash Equivalents 3             145,934 147,456
Receivables from Members 4               29,210 14,075
Receivables from Observers 4                    187 818
Inventories 5                    350 344
Other Receivables 6                 2,978 3,778
Advances and Prepayments 6                 3,765 5,778
Total Current Assets              182,424 172,249
                            
Non-current Assets                            
Building 7             112,351 115,350
Equipment 7                 6,406 8,232
Intangible Assets 8                    660 112
WTO Pension Plan Assets 13             664,496 634,687
Total Non-current Assets              783,913 758,381
                            
Total Assets   966,337 930,629
                            
LIABILITIES                            
Current Liabilities                            
Payables 9                 4,301 6,497
Accruals 9                     59 1,453
Provisions 10                 7,975 9,610
Assessed Contributions Received in Advance 11                 4,742 12,448
Voluntary Contributions Refundable to Donors 12               35,745 31,516
Short-term Employee Benefits 13               15,200 11,670
Total Current Liabilities                68,022 73,193
                            WT/BFA/W/560 30  2020 FINANCIAL PERFORMANCE REPOR TStatement of Financial Position      
Non-current Liabilities                            
Loan 14               50,400 51,600
Pension Benefits 13           1,379,162 1,287,398
After Service Health Insurance Benefits 13             295,511 277,159
Other Long-term Employee Benefits 13                 9,290 8,898
Total Non-current Liabilities           1,734,363 1,625,055
Total Liabilities   1,802,385 1,698,248
                            
Total Net Assets/Equity   -836,048 -767,619
                            
Net Assets/Equity                            
Working Capital Fund 15               69,227 64,217
Actuarial Gain/(Loss) 13               23,251 54,687
Accumulated Surplus/(Deficit)              -992,948 -950,783
Provision for Right of Use – Centre William Rappard 7               56,768 57,374
Reserves 16               32,256 25,346
IPSAS Budget Allocation and Provisions for Building 
Renovation Fund and Special Reserve Account 16              -24,602 -18,460
Total Net Assets/Equity   -836,048 -767,6192020 FINANCIAL PERFORMANCE REPORT  31
WT/BFA/W/560 Table 12 – Statement of Financial Performance
Statement of Financial Performance      
Expressed in ‘000 CHF Notes 31/12/2020 31/12/2019
REVENUE  17    
Contributions Assessed on Members               195,500 195,500
Contributions of Observers                     624 616
Voluntary Contributions on Trust Funds                 15,837 21,964
Revenue from Publications                     269 536
Other Revenue                   5,868 4,267
                        
Total Revenue                218,098 222,883
                             
EXPENSES                           
Staff Expenditure 18              -130,127 -132,005
Actuarial Cost for ASHI                -13,351 -12,012
Actuarial Cost for Pension                -35,199 -26,117
Temporary Assistance                -24,240 -25,622
Supplies and Other General Service Costs                -16,024 -15,401
Travel & Hospitality                 -2,526 -14,468
Implementing Partners                 -3,717 -3,929
Contribution to ITC                -18,243 -18,243
Ministerial Conference Operating Fund (variation)                    -422 -529
Appellate Body Operating Fund (variation)                 -1,901 -766
Depreciation                 -5,271 -5,488
Provision for Contribution in Arrears                 -2,453 -394
Depreciation of Provision for Right of Use - CWR                     606 606
Finance Costs                    -714 -348
Loss on Foreign Exchange Transactions                 -1,670 -63
                            
Total Expenses              -255,252 -254,778
       
Surplus/(Deficit) for the Period                -37,154 -31,896WT/BFA/W/560 32  2020 FINANCIAL PERFORMANCE REPOR TTable 13 – Statement of Changes in Net Assets/Equity
As at December 31, 2020 (Expressed in ‘000 CHF)
WCF Actuarial 
lossAc. 
Surplus/ 
(Deficit) Right of 
useBuilding 
Renovation 
Fund and 
Special 
Reserve 
AccountReserves Total Net 
Assets/ 
Equity
Balance at 31/12/2019 64,217 54,687 -950,783 57,374 -18,460 25,346 -767,619
Increase in WCF 5,010 -5,010 -
Actuarial Loss -31,436 -31,436
Recognition Right of 
Surface-606 -606
Allocation to Building 
Renovation Fund 
and Special Reserve 
Account-6,142 -6,142
Surplus/(Deficit) for the 
Period-37,154 -37,154
Reserves 6,910 6,910
Balance at 31/12/2020 69,227 23,251 -992,948 56,768 -24,602 32,256 -836,048
Table 14 – Statement of Cash Flow 
As at December 31, 2020 (Expressed in ‘000 CHF) 2020 2019
Cash Flows from Operating Activities    
Surplus/Deficit from Ordinary Activities               -37,154             -31,896 
Depreciation and Amortisation                  5,271                5,488 
Right of use - Centre William Rappard                   -606                 -606 
Provision for Contribution in Arrears                  2,453                   394 
(Increase)/Decrease in Receivables from Members and Observers               -16,957                1,322 
(Increase)/Decrease in Inventories                       -6                   -24 
(Increase)/Decrease in Other Receivables 800                 -148 
(Increase)/Decrease in Pension Assets               -29,809             -69,840 
(Increase)/Decrease in Advances and Prepayments                  2,013                   186 
Increase/(Decrease) in Payables                -2,196                2,403 
Increase/(Decrease) in Accruals                -1,394                   613 
Increase/(Decrease) in Provisions                     -1,635                     -   
Increase/(Decrease) in Contributions Received in Advance                -7,706                7,556 
Increase/(Decrease) in Voluntary Contributions Refundable                  4,229               -2,675 
Increase/(Decrease) in Employee Benefits              114,039            208,848 
Actuarial Gain/(Loss)               -31,436           -100,872 
Increase/(Decrease) Reserves                  6,910                2,497 2020 FINANCIAL PERFORMANCE REPORT  33
WT/BFA/W/560 As at December 31, 2020 (Expressed in ‘000 CHF) 2020 2019
Increase/(Decrease) Extra Budgetary Allocation                -6,142               -4,169 
Net Cash Flows from Operating Activities                    674             19,078 
     
Cash Flows from Investing Activities    
(Increase)/Decrease Property, Plant and Equipment                   -446                 -885 
(Increase)/Decrease of Intangible Assets                   -549                   100 
Net Cash Flows from Investing Activities                  -995                -785 
     
Cash Flows from Financing Activities    
Increase/(Decrease) of Loans                -1,200               -1,200 
Increase/(Decrease) in Working Capital Negative Interest                     -13 
Net Cash Flows from Financing Activities               -1,200             -1,213 
     
Net Increase/(Decrease) in Cash and Cash Equivalents               -1,522             17,080 
     
Cash and Cash Equivalents as at 1 January              147,456            130,377 
     
Cash and Cash Equivalents as at 31 December             145,934           147,456 
4.4  Notes to the WTO Financial Statements
4.4.1  Note 1 Accounting Policies
4.4.1.1  Basis of Preparation
4.4  The financial statements have been prepared in accordance with IPSAS. The financial statements are presented 
in Swiss Francs, which is the reporting and functional currency of the WTO, and all values are rounded to the nearest 
thousand.  
4.5  The financial statements have been prepared on the basis of historical cost, unless stated otherwise, and on 
accrual and going-concern bases. The Statement of Cash Flow is prepared using the indirect method. 
4.4.1.2  Cash and Cash Equivalents
4.6  Cash and cash equivalents include cash in hand, deposits with banks and other short-term investments that are 
readily convertible to cash and are subject to insignificant risk of changes in value.
4.4.1.3  Foreign Currency Transactions
4.7  The functional currency of the WTO is Swiss Francs (CHF). All transactions, except for assessed contributions, 
occurring in other currencies are translated into CHF using the United Nations exchange rate at the date of the 
transactions. Assessed contributions, received in a currency other than CHF , are converted and credited at the bank rate 
of exchange applicable on the value date. Both realized and unrealized gains and losses resulting from the settlement 
of such transactions and from the translation, at the reporting date, of assets and liabilities denominated in currencies 
other than WTO’s functional currency are recognized in the Statement of Financial Performance.WT/BFA/W/560 34  2020 FINANCIAL PERFORMANCE REPOR T4.4.1.4  Revenue Recognition
4.8  Revenue from non-exchange transactions such as voluntary contributions supported by enforceable agreements 
is recognized as revenue at the time the agreement becomes binding unless the agreement includes conditions related 
to specific performance or the return of unexpended balances. 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. Assessed contributions are recognized as revenue at the beginning of 
the year to which they relate.
4.9  Goods-in kind are recognized as assets when the goods are received. If goods in-kind are received without 
conditions attached, revenue is recognized immediately. If conditions are attached, a liability is recognized which is 
reduced and revenue recognized as the conditions are satisfied. In accordance with IPSAS 23, WTO does not recognize 
services in-kind as assets.
4.10  Revenue from exchange transactions (mainly sale of publications, interest earned and rental of meeting rooms) is 
recognized when goods or services are delivered.
4.4.1.5  Expenses
4.11  Expenses are recognised as goods are received and as services are delivered.
4.4.1.6  Receivables
4.12  Receivables from non-exchange and exchange transactions are measured at the fair value of the consideration 
receivable. For uncollected assessed contributions, an allowance for non-recoverable receivables is recorded as 
described in Annex B of the WTO Financial Regulations.
4.4.1.7  Inventories
4.13  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 costs of supplies, the cost of the rental of equipment 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 relevant transportation costs. The cost of inventories is assigned in line with the weighted average 
cost formula.
4.14  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.
4.4.1.8  Property, Plant and Equipment
4.15  Equipment is valued at cost less accumulated depreciation and impairment. Equipment is recognized as an asset 
if it has a cost of CHF 5,000 or more per unit. When part of a lot of more than CHF 50,000, equipment is recognized as an 
asset when its unit cost is above CHF 2,500. When part of a lot of more than CHF 500,000, any equipment, irrespective 
of its value, is recognized as an asset. 
4.16  Buildings and constructions in use are valued at the cost of construction plus the cost of subsequent improvements, 
less accumulated depreciation.
4.17  WTO has elected not to recognize heritage assets as assets in the Statement of Financial Position, in accordance 
with IPSAS 17.2020 FINANCIAL PERFORMANCE REPORT  35
WT/BFA/W/560 4.18  Depreciation is provided for Property, Plant and Equipment using the straight-line method. For Equipment, the 
useful lives range from 4-10 years for IT and Communications Equipment, to 5  years for Vehicles and 10 years for 
Furniture. For Buildings, the useful lives range from 15 years for waterproof systems and elevators, to 25 years for 
building carpentry, windows and heating and 50 years for the structure.
4.19  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.
4.4.1.9  Intangible Assets
4.20  Intangible assets are valued at cost less accumulated amortization and impairment. Amortization is provided 
over the estimated useful life of 4 years using the straight-line method. The estimated useful life for a license or right 
corresponds to the duration of the license or right.
4.21  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. 
4.22  Maintenance and upgrade costs for software are recognised as expenditure. Copyrights, pre-production costs 
for publications, WTO website costs and internal and external development costs for databases are not recognised as 
intangible assets.
4.4.1.10  Employee Benefits
4.23  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 (annual leave, 
paid sick leave or maternity leave); and other short-term benefits for international staff members (education grant, 
home leave).
4.24  Post-employment benefits comprise the estimated actuarial liability of defined benefit plans for retirement and 
the After-Service Health Insurance (ASHI). The corresponding liabilities are determined by an independent actuary on 
an annual basis utilizing the unit credit methodology of valuation. The actuarial gains and losses are recognized in net 
assets. Post-employment benefits also 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.
4.4.1.11  Provisions 
4.25  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. 
4.4.1.12  Segment Reporting
4.26  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.WT/BFA/W/560 36  2020 FINANCIAL PERFORMANCE REPOR T4.4.1.13  Use of Estimates
4.27  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, provisions 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
4.28  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 
Suisse AG and PostFinance. The three institutions have credit ratings equivalent to Standard & Poor’s A  or better. 
4.29  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. With respect to the holdings in foreign currency, the risk mitigating 
factor is that the combined permissible maximum holding in foreign currency is 10% of overall funds.
4.30  Interest and market risks: Interest and market risks are mitigated against as speculation on interest rates is 
strictly forbidden and 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.
4.31  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 Cash and Cash Equivalents
Table 15 – Cash Situation
Expressed in ‘000 CHF 31/12/2020 31/12/2019
Cash in Hand 5 5 
Deposits with Banks        95,625 70,747 
Term Deposits - Money Market          11,325 12,488 
Total Unrestricted Cash      106,955     83,239 
     
Deposit with Bank - Working Capital Fund             38,979    64,217 
Total Restricted Cash        38,979   64,217 
Total Cash and Cash Equivalents      145,934   147,456 
4.32  In 2020, the Swiss National Bank continued to implement its policy of negative interest on deposits over a certain 
threshold. The WTO Secretariat negotiated a threshold of CHF 60 million with the institutions which hold WTO funds 
and invested in several Money Market investments with a “more attractive” negative interest ranging between -0.40 
and -0.60%. Given this situation no interest was available for distribution to Members, as had been envisaged by the 
early payment interest scheme. A Money Market investment of USD 12.5 million was made in order to partially offset 
the negative interests paid. 2020 FINANCIAL PERFORMANCE REPORT  37
WT/BFA/W/560 4.4.4  Note 4 Receivables from Members and Observers
4.33  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.
Table 16 – Receivables from Members and Observers
Expressed in ‘000 CHF 31/12/2020 31/12/2019
Receivable Assessed Contributions - Members          41,203 24,193
Provision for Contributions in Arrears - Members -11,994 -10,118
Net receivables from Members         29,210 14,075
Receivable Assessed Contributions - Observers               764 818
Provision for Contributions in Arrears - Observers -577 -
Net receivables from Observers              187 818
4.34  As of 31 December 2020, 11 Members, with a total amount outstanding of CHF 8.5 million and 5 Observers, with a 
total amount of CHF 0.5 million, were subject to Administrative Measures.
4.35  The provision for contributions in arrears is calculated at 50% of the outstanding balance for balances older than 
1 year, 75% for balances older than 2 years and 100% for balances older than 3 years. No provision is calculated for 
balances less than 1 year. 
4.36  In the 2019 Statement of Financial Position, the provisions for Observers approximating CHF 0.5 million and 
Members approximating CHF 9.6 million were consolidated and netted off against the Net Receivables from Members. 
4.4.5  Note 5 Inventories
Table 17 – Inventories per Type
Expressed in ‘000 CHF 31/12/2020 31/12/2019
WTO Publications and Co publications 243 229
Non-WTO publications 27 43
Souvenirs 79 72
Total Inventories 350 344
4.37  In 2020, the inventory write off amounted to CHF 20,000.  WT/BFA/W/560 38  2020 FINANCIAL PERFORMANCE REPOR T4.4.6  Note 6 Advances, Prepayments and Other Receivables
Table 18 – Advances, Prepayments and Other Receivables 
Expressed in ‘000 CHF 31/12/2020 31/12/2019
Taxes Pertaining to US Taxes Payers 2,003            2,444 
Accrued Interest 638               617 
Due from Government of Argentina for MC11 209               209 
Various Other Receivables 128               508 
Total Other Receivables                  2,978           3,778 
Staff Advances for Education Grant 2,830            2,670 
Staff Advances for Travel                     304               376 
Staff Advances for Salary 11                  2 
Advances Relating to Trust Funds Activities                       48            1,613 
Other Advances 572            1,117 
Total Advances and Prepayments                  3,765           5,778 
4.38  The decrease in Advances Relating to Trust Fund activities reflects the slowdown of activities in 2020 due to the 
pandemic. 
4.39  The remaining balance in Other advances corresponds to deferred expenditure, payments made to suppliers, 
consultants and insurance service providers.
4.4.7  Note 7 Property, Plant and Equipment
Table 19 – Property, Plant and Equipment 
Expressed in ‘000 CHF Building Equipment
Historical Cost as at 1 January 2020 134,543 27,492
Additions - 367
Total 134,543 27,859
Accumulated Depreciation at 1 January 2020 -19,194 -19,260
Depreciation for 2020 -2,999 -2,193
Accumulated Depreciation as at 31 December 2020 -22,193 -21,453
Net Carrying Amount as at 31 December 2020 112,351 6,406
4.40  WTO has been granted free rights of use of the Centre William Rappard Building, by the Swiss Authorities. As the 
resale of the building is restricted, a corresponding provision for the right of use of the building is reported as part of 
the equity of the WTO.2020 FINANCIAL PERFORMANCE REPORT  39
WT/BFA/W/560 4.41  The WTO has benefited from 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 at Rue Kazem-Radjavi, 1202 Geneve. 
4.4.8  Note 8 Intangible Assets
Table 20 – Intangible Assets
Expressed in ‘000 CHF Acquired 
Software Internally 
Developed 
SoftwareTotal
Historical Cost as at 1 January 2020 1,019 466 1,485
Additions 628 - 628
Cost at 31 December 2020 1,647 466 2,113
Accumulated Amortization as at 1 January 2020 -907 -466 -1,373
Amortization for 2020 -79 - -79
Accumulated Amortization as at 31 December 2020 -987 -466 -1,452
Net Carrying Amount as at 31 December 2020 660 - 660
4.4.9  Note 9 Accounts Payable and Accruals 
Table 21 – Payables and Accruals
Expressed in ‘000 CHF 31/12/2020 31/12/2019
Suppliers                3,554                5,314 
WTO staff, Consultants and Interns                   747                1,183 
Subtotal Accounts Payable               4,301               6,497 
Accruals                    59                1,453 
Total Accounts Payables and Accruals               4,360               7,950 
4.42  Payables and accruals include invoices received from suppliers, WTO staff members, consultants and interns not 
yet settled including the revaluation of invoices payable in currencies other than the Swiss Franc. The large balance of 
accruals in 2019 was mainly due to a change in payment terms for the retirees’ insurance provided by Allianz Worldwide 
Care Services as well as for the hosting of various IT services provided by the International Computing Centre. WT/BFA/W/560 40  2020 FINANCIAL PERFORMANCE REPOR T4.4.10  Note 10 Provisions
Table 22 – Provisions
Expressed in ‘000 CHF 2020 2019
Balance as at 1 January 9,610 8,617
Movements during the year
   Additional Provisions Made 474 2,465
   Amounts Used  -563 -1,457
   Unused Amounts Reversed  -1,547                             -15
Balance as at 31 December  7,975 9,610
4.43   Provisions include amounts for invalidity cases and legal damages. 
4.4.11  Note 11 Assessed Contributions Paid in Advance
Table 23 – Assessed Contributions Paid in Advance
Expressed in ‘000 CHF 31/12/2020 31/12/2019
Contributions Paid in Advance by Members 4,666 12,442
Contributions Paid in Advance by Observers 76                     5 
Total Contributions Paid in Advance by Members and Observers 4,742 12,448
4.44  Details per Member are in Schedule A and details per Observer are provided in Schedule B. 
4.4.12  Note 12 Refundable Voluntary Contributions 
Table 24 – Refundable Voluntary Contributions 
Expressed in ‘000 CHF 2020 2019
Balance due as of 1 January 30,846 31,913
Voluntary Contributions Received During the Year 19,956 20,955
Reimbursement in Current Year - -58
Expenses Incurred by Trust Funds -15,836 -21,964
Balance due as at 31 December (excluding advances) 34,966 30,846
Receivables - -473
Contributions Paid in Advance for Next Year's Activities 779 1,143
Balance due as at 31 December (including advances) 35,745 31,5162020 FINANCIAL PERFORMANCE REPORT  41
WT/BFA/W/560 4.45  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.
4.46  The due balance of CHF 35 million, excluding advances, is composed of CHF 32.5 million voluntary contributions 
due to trust funds and CHF 2.5 million due to administrative funds.
4.4.13  Note 13 Employee Benefits
Table 25 – Provision for Employee Benefits
Expressed in ‘000 CHF 31/12/2020 13/12/2019
Short-term Benefits Untaken Compensatory Time Off and 
Overtime 11,468 8,786
  Home Leave 1,589 841
  Education Grant 1,389 1,335
  Provision for Bonus 480 480
  Separation Grant 224 178
  Dependency Allowance 50 50
Subtotal   15,200 11,670
Long-term Benefits Removal Indemnity 1,308 1,196
  Separation Grant 7,982 7,702
Post-employment 
Benefits ASHI 295,511 277,158
  Pension 1,379,162 1,287,399
Subtotal   1,683,963 1,573,455
Total Employee Benefits 1,699,162  1,585,125
4.47  The largest balances making up the short-term employee benefits are described below:
a. There has been an increase in the untaken compensatory time off and home leave provisions in 2020 due to the 
limitations in travel caused by the pandemic.
b. Untaken compensatory time off 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 in order to 
correspond to the HR annual cycle which starts on 1 April and ends on 31 March.
c. Home Leave – Eligible internationally-recruited 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. 
d. 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 2020 (i.e. from September to December).WT/BFA/W/560 42  2020 FINANCIAL PERFORMANCE REPOR T4.48  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 recruited 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:
Table 26 – Actuarial Assumptions to Define Benefit Obligations
Actuarial Assumptions 31/12/2020 31/12/2019
Pension    
Discount Rate 1.68% 1.83%
Rate of Compensation Increase 1.0% for 3 years, 1.5% thereafter 
plus merit increases0.6% for 5 years, 1.1% thereafter 
plus merit increases  
Rate of Pension Increase 1.0% 1.0%
ASHI    
Discount Rate 1.68% 1.83%
Medical Inflation Rate 3.1% 3.1%
4.49  The discount rate applied to the pension and ASHI liabilities is based on the reference interest rate for Swiss 
pension plans 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. 
4.50  The fair value of the defined benefit asset 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. In accordance with IPSAS WTO’s ASHI liability is reflected as unfunded as no ASHI assets exist. 2020 FINANCIAL PERFORMANCE REPORT  43
WT/BFA/W/560 Table 27 – Pension – Defined Benefit Asset and Obligation 
Expressed in ‘000 CHF 31/12/2020 31/12/2019
Fair Value of Plan Assets as at 1 January                634,687             564,847 
Interest Revenue 11,604 5,083
Return on Plan Assets Excluding Amounts Included in Interest Revenue 19,369 64,808
Employer Contributions 19,218 20,904
Plan Participant's Contributions 9,609 9,680
Benefit Paid from Plan -28,221 -28,257
Expenses Paid -1,073 -1,386
Premium Paid -697 -992
Fair value of Plan Assets as at 31 December      664,496        634,687 
Benefit Obligation as at 1 January 1,287,399 1,072,042 
Service Cost 42,685 31,038
Interest Cost 23,337 21,066
Plan Participants' Contributions 9,609 9,680
Actuarial (Gain)/Loss 46,125 184,207
Benefits Paid -28,221 -28,257
Premium Paid -697 -992
Expenses Paid -1,075 -1,386
Benefit Obligation as at 31 December     1,379,162   1,287,399 
     
Surplus / (Deficit) -714,666 -652,712 
Table 28 – ASHI - Defined Benefit Obligation
Expressed in ‘000 CHF 31/12/2020 31/12/2019
Benefit Obligation as at 1 January                    277,159             283,674 
Service Cost 11,532 9,039
Interest Cost 5,254 5,826
Actuarial (Gain)/Loss 4,680 -18,527
Benefits Paid -3,115 -2,853
Benefit Obligation as at 31 December 295,510 277,159WT/BFA/W/560 44  2020 FINANCIAL PERFORMANCE REPOR TTable 29 – Summary of Experienced Actuarial Gains or Losses in Pension and ASHI  
Expressed in ‘000 CHF 31/12/2020 31/12/2019
Pension    
Actuarial (Loss)/Gain on Pension Assets Net of Actual Investment Expense -46,125 -184,207 
Actuarial (Loss)/Gain on Pension Benefits 19,369 64,808
Total Actuarial (Loss)/Gain - Pension -26,756 -119,399 
ASHI    
Actuarial (Loss)/Gain on ASHI Benefits -4,680         18,527 
Total Actuarial (Loss)/Gain - ASHI -4,680         18,527 
Total Actuarial (Loss)/Gain for 2020 -31,436 -100,872 
4.51  The valuation of the post-employment benefit obligations reflects the term of the expected payments under 
the pension and ASHI liability. 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 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.
4.52  The significant decrease in the pension actuarial loss year on year is due to only the discount rate having changed 
from 1.83% in 2019 to 1.68% in 2020. In 2019, changes were made to the demographic assumptions such as employee 
turnover, early retirement and in the financial assumptions such as discount rate, inflation rate and salary increase 
rate. The actuarial loss in 2020 for ASHI liabilities was also driven by the change of discount rate from 1.83% in 2019 to 
1.68% in 2020.  
Table 30 – Total Actuarial Gains or Losses During the Year   
Expressed in ‘000 CHF 31/12/2020 31/12/2019
Opening Balance of Actuarial (Loss)/Gain as at 1 January                     54,687             155,559 
Movement of Actuarial (Loss) During the Year -31,436 -100,872 
Total Actuarial (Loss)/Gain as at 31 December                    23,251              54,687 2020 FINANCIAL PERFORMANCE REPORT  45
WT/BFA/W/560 4.4.14  Note 14 Loan
4.53   The Organization received a CHF 60 million interest free loan from the Swiss Authorities, 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 50.4 million.
4.4.15  Note 15 Working Capital Fund
4.54  Governments acceding to the WTO are obligated to make an advance to the Working Capital Fund. In addition, 
budgetary surpluses have been transferred to the Working Capital Fund.
Table 31 – Working Capital Fund Statement
Expressed in Thousands of CHF 31/12/2020 31/12/2019
Advances Made by Members on Accession 4,724 4,724
Transferred From the Budgetary Surplus 58,355 53,345
Interest Earned 6,148 6,148
Total Liabilities and Capital Fund 69,227 64,217
4.4.16  Note 16 Reserves
Table 32 – Reserves
Expressed in 
‘000 CHF  Ministerial 
Conference 
Operating 
Fund Doha 
Development 
Global Trust 
Fund Appellate 
Body 
Operating 
Fund  Building 
Renovation 
Fund Special 
Reserve 
Account 
for Medical 
InsuranceTotal 
Opening 
Balance as at  
1 January 2020       1,125                1,000               -        18,940           4,281 25,346 
Replenishment 
of Reserves             600                       - 2,000         4,960           1,528  9,088 
Utilisation of 
Reserves -178 - -2,000                - -1 -2,179 
Balance as at 
31 December 
2020         1,547               1,000                -       23,900          5,809 32,256 
4.55  In 2020, CHF 0.2 million  was spent from the Ministerial Conference Operating Fund to cover preparatory missions 
to Kazakhstan. Following the General Council decision to host the 12th Ministerial Conference in Geneva in 2021, the 
Secretariat has taken steps to request refunds for the expenditure and CHF 0.1 million had been received as of end of 
March 2021.   
4.56  For compliance with IPSAS 19, budget provisions to the Building Renovation Fund and to the Special Reserve for 
Medical Insurance were recorded within equity. WT/BFA/W/560 46  2020 FINANCIAL PERFORMANCE REPOR T4.4.17  Note 17 Revenue
4.57  Contributions assessed on Members and Contributions assessed on Observers are presented in the Regular 
Budget Performance section of the report and in detail in Schedules A and B of the Financial Statements, respectively.
4.58  Voluntary Contributions from Trust Funds are presented in the Extra-budgetary Performance section of the report 
and further details are provided in Note 12 of the Financial Statements.
4.59  Income from publications includes sales through the WTO bookshop (CHF 0.2 million) and the WTO distributor as 
well as royalties (CHF 45,000). 
4.60  Other revenue includes CHF 2 million from the refund of prior year obligations and CHF 1.9 million from the release 
of ABOF . Further details are provided in the Regular Budget Performance section.  
4.4.18  Note 18 Expenses
Table 33 – Staff Expenditure
Expressed in ‘000 CHF 2020 2019
Staff Salaries          85,586              86,706 
Other Staff Costs          22,595              22,267 
Staff Pension Costs          18,392              20,064 
Retirees’ Health Insurance            3,555                2,969 
Total       130,127           132,005 
4.4.19  Note 19 Reconciliation with Budget
4.61  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).
4.62  A statement of comparison of the original 2020 budget and actual amounts is presented in the first narrative part 
of this report where material differences are explained. The following table reconciles the budgetary result with the 
financial results as per IPSAS.
Table 34 – Reconciliation of the Budgetary Result and Financial Result
Expressed in ‘000 CHF  31/12/2020
Budgetary Savings 10,896
Miscellaneous Income                      3,329 
Provision for Contribution in Arrears -2,453 
Surplus 11,772
  
Loan Reimbursement                      1,200 
Sales of Assets                           -   2020 FINANCIAL PERFORMANCE REPORT  47
WT/BFA/W/560 Expressed in ‘000 CHF  31/12/2020
Production Stocked                         150 
Building Renovation Fund Allocation                      4,960 
Acquisition of Property, Plant and Equipment                         995 
Depreciation and Amortisation of Property, Plant and Equipment -5,271 
Depreciation of Provision for Right of Use - CWR                         606 
Staff Provisions -3,015 
Pension Benefits Actuarial Valuation (Net Value) -35,200 
After Service Health Insurance (ASHI) Benefits Actuarial Valuation -13,351 
Financial Result -37,154
4.4.20  Note 20 Related Party Transactions 
Table 35 – Key Management Personnel
Number of 
Staff MembersNet Salaries and 
Representation 
Allowances (CHF)Other 
Entitlements 
(CHF)Pension and 
Health Plans 
(CHF)Total 
31/12/2020 
(CHF)
Key Management 
Personnel5 1,455,333 58,046 302,398 1,815,777
4.63  WTO is governed by the WTO General Council, which is composed of representatives of Members. The WTO is 
managed by a Director-General and 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. 
4.64  WTO has no controlled entities and no interests in other entities which would require disclosure under IPSAS 34-38.
4.4.21  Note 21 Contingent Assets and Contingent Liabilities
4.65   As of 31 December 2020, 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.
4.4.22  Note 22 Segment Reporting
4.66  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.
4.67  The only transfer across segments relates to the reallocation of part of the Programme Support Fund to the 
regular budget. 10% of annual expenditure against the Programme Support Fund is statutorily credited back to the 
WTO regular budget. The amount transferred in 2020 is CHF 0.2 million. WT/BFA/W/560 48  2020 FINANCIAL PERFORMANCE REPOR TTable 36 – Financial Performance by Segments
2020
Expressed in ‘000 CHF WTO Budget Trust 
FundsInter-Fund 
TransactionsTotal WTO
Revenue        
Contributions Assessed on Members 195,500 - - 195,500
Contributions of Observers 624 - - 624
Voluntary Contributions to Trust Funds  - 15,837 - 15,837
Revenue from Publications 269 -  269
Other Revenue 6,029  - -161 5,868
Total Revenue 202,422 15,837 -161 218,098
         
Expenses        
Staff Expenditure -123,236 -6,891 - -130,127
Actuarial Cost for ASHI -13,351 - - -13,351
Actuarial Cost for Pension -35,200 - - -35,200
Temporary Assistance -20,190 -4,082 32 -24,240
Supplies, Write-off and Other General Services 
Costs-15,775 -377 128 -16,024
Travel & Hospitality -1,495 -1,031 - -2,526
Implementing Partners -443 -3,273 - -3,717
Contribution to ITC -18,243 - - -18,243
Ministerial Conference Operating Fund -422 - - -422
Appellate Body Operation Fund -1,901 - - -1,901
Depreciation -5,271 - - -5,271
Provision for Contributions in Arrears -2,453 - - -2,453
Depreciation of Provision for Right of Use – CWR 606 - - 606
Finance Costs -622 -92 - -714
(Loss)/Gain on Foreign Exchange Transactions -1,579 -90 - -1,670
Total expenses -239,575 -15,837 161 -255,251
         
Surplus/(Deficit) for the Period -37,154 - - -37,154
4.4.23  Note 23 Events After the Reporting Date
4.68  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.2020 FINANCIAL PERFORMANCE REPORT  49
WT/BFA/W/560 5 SCHEDULES
5.1  Schedule A 2020 Statement of Contributions on Members 
Table 37 – Assessed Contributions on Members in 2020 (in CHF)
Member 2020  
Contribution 
CHF2020 
Contribution 
%
Afghanistan 44,965 0.023%
Albania 41,055 0.021%
Angola 379,270 0.194%
Antigua and Barbuda 29,325 0.015%
Argentina 719,440 0.368%
Armenia 39,100 0.020%
Australia 2,553,230 1.306%
Austria 1,917,855 0.981%
Bahrain, Kingdom of 238,510 0.122%
Bangladesh 365,585 0.187%
Barbados 29,325 0.015%
Belgium 3,663,670 1.874%
Belize 29,325 0.015%
Benin 29,325 0.015%
Bolivia, Plurinational 
State of101,660 0.052%
Botswana 72,335 0.037%
Brazil 2,287,350 1.170%
Brunei Darussalam 62,560 0.032%
Bulgaria 318,665 0.163%
Burkina Faso 33,235 0.017%
Burundi 29,325 0.015%
Cabo Verde 29,325 0.015%
Cambodia 129,030 0.066%
Cameroon 68,425 0.035%
Canada 4,838,625 2.475%
Central African 
Republic29,325 0.015%
Chad 39,100 0.020%
Chile 703,800 0.360%
China 20,142,365 10.303%
Colombia 531,760 0.272%
Congo 70,380 0.036%
Costa Rica 158,355 0.081%
Côte d’Ivoire 109,480 0.056%
Croatia 230,690 0.118%
Cuba 129,030 0.066%
Cyprus 123,165 0.063%
Czech Republic 1,405,645 0.719%
Democratic Republic 
of the Congo113,390 0.058%Member 2020  
Contribution 
CHF2020 
Contribution 
%
Denmark 1,515,125 0.775%
Djibouti 29,325 0.015%
Dominica 29,325 0.015%
Dominican Republic 168,130 0.086%
Ecuador 218,960 0.112%
Egypt 490,705 0.251%
El Salvador 80,155 0.041%
Estonia 175,950 0.090%
Eswatini 29,325 0.015%
European Union4- 0.000%
Fiji 29,325 0.015%
Finland 862,155 0.441%
France 7,466,145 3.819%
Gabon 66,470 0.034%
The Gambia 29,325 0.015%
Georgia 70,380 0.036%
Germany 13,976,295 7.149%
Ghana 168,130 0.086%
Greece 631,465 0.323%
Grenada 29,325 0.015%
Guatemala 148,580 0.076%
Guinea 29,325 0.015%
Guinea-Bissau 29,325 0.015%
Guyana 29,325 0.015%
Haiti 29,325 0.015%
Honduras 76,245 0.039%
Hong Kong, China 5,548,290 2.838%
Hungary 1,008,780 0.516%
Iceland 80,155 0.041%
India 4,455,445 2.279%
Indonesia 1,673,480 0.856%
Ireland 2,619,700 1.340%
Israel 856,290 0.438%
Italy 5,075,180 2.596%
4 The European Union is not subject to contributions. However, 
its current members are assessed individually. The total share 
of members of the European Union represents 33.94% of the 
total assessed contributions for 2020.WT/BFA/W/560 50  2020 FINANCIAL PERFORMANCE REPOR TMember 2020  
Contribution 
CHF2020 
Contribution 
%
Jamaica 50,830 0.026%
Japan 7,673,375 3.925%
Jordan 168,130 0.086%
Kazakhstan   508,300 0.260%
Kenya 125,120 0.064%
Korea, Republic of 5,669,500 2.900%
Kuwait, the State of 594,320 0.304%
Kyrgyz Republic 37,145 0.019%
Lao People’s 
Democratic Republic46,920 0.024%
Latvia 160,310 0.082%
Lesotho 29,325 0.015%
Liberia 29,325 0.015%
Liechtenstein 64,515 0.033%
Lithuania 322,575 0.165%
Luxembourg 999,005 0.511%
Macao, China 258,060 0.132%
Madagascar 33,235 0.017%
Malawi 29,325 0.015%
Malaysia 1,923,720 0.984%
Maldives 29,325 0.015%
Mali 35,190 0.018%
Malta 148,580 0.076%
Mauritania 29,325 0.015%
Mauritius 56,695 0.029%
Mexico 3,802,475 1.945%
Moldova, Republic of 35,190 0.018%
Mongolia 54,740 0.028%
Montenegro 29,325 0.015%
Morocco 361,675 0.185%
Mozambique 66,470 0.034%
Myanmar 127,075 0.065%
Namibia 48,875 0.025%
Nepal 50,830 0.026%
Netherlands 5,732,060 2.932%
New Zealand 465,290 0.238%
Nicaragua 56,695 0.029%
Niger 29,325 0.015%
Nigeria 586,500 0.300%
North Macedonia 56,695 0.029%
Norway 1,348,950 0.690%
Oman 365,585 0.187%
Pakistan 357,765 0.183%
Panama 252,195 0.129%
Papua New Guinea 62,560 0.032%
Paraguay 113,390 0.058%
Peru 416,415 0.213%
Philippines 768,315 0.393%
Poland 2,228,700 1.140%Member 2020  
Contribution 
CHF2020 
Contribution 
%
Portugal 787,865 0.403%
Qatar 746,810 0.382%
Romania 725,305 0.371%
Russian Federation 3,657,805 1.871%
Rwanda 29,325 0.015%
Saint Kitts and Nevis 29,325 0.015%
Saint Lucia 29,325 0.015%
Saint Vincent and 
the Grenadines29,325 0.015%
Samoa 29,325 0.015%
Saudi Arabia, 
Kingdom of2,162,230 1.106%
Senegal 48,875 0.025%
Seychelles    29,325 0.015%
Sierra Leone 29,325 0.015%
Singapore 4,744,785 2.427%
Slovak Republic 780,045 0.399%
Slovenia 310,845 0.159%
Solomon Islands 29,325 0.015%
South Africa 936,445 0.479%
Spain 3,714,500 1.900%
Sri Lanka 181,815 0.093%
Suriname 29,325 0.015%
Sweden 2,056,660 1.052%
Switzerland 3,687,130 1.886%
Chinese Taipei 3,286,355 1.681%
Tajikistan 29,325 0.015%
Tanzania 93,840 0.048%
Thailand 2,404,650 1.230%
Togo 29,325 0.015%
Tonga 29,325 0.015%
Trinidad and Tobago 107,525 0.055%
Tunisia 191,590 0.098%
Turkey 2,009,740 1.028%
Uganda 52,785 0.027%
Ukraine 561,085 0.287%
United Arab 
Emirates3,102,585 1.587%
United Kingdom 7,399,675 3.785%
United States of 
America22,855,905 11.691%
Uruguay 138,805 0.071%
Vanuatu 29,325 0.015%
Venezuela, Bolivarian 
Republic of568,905 0.291%
Viet Nam 1,583,550 0.810%
Yemen 80,155 0.041%
Zambia 86,020 0.044%
Zimbabwe  52,785 0.027%
TOTAL 195,500,000 100.000%2020 FINANCIAL PERFORMANCE REPORT  51
WT/BFA/W/560 Table 38 – Outstanding Contributions on Members as at 31 December 2020 (in CHF)
Member Cat. 1995 -2018 2019 2020 Total Advance
Antigua and Barbuda III 88,208 29,325 29,325 146,858 -
Argentina - 99,801 719,440 819,241 -
Austria - - - - 1,927,630
Belize - - 29,325 29,325 -
Benin - - - - 28,636
Bolivia, Plurinational State of - - 101,660 101,660 -
Brazil - 957,403 2,287,350 3,244,753 -
Burkina Faso - - - - 22,800
Burundi ** III 580,281 29,325 29,325 638,931 -
Cabo Verde - - 1,614 1,614 -
Cameroon - - 34,568 34,568 -
Central African Republic ** III 790,351 29,325 29,325 849,001 -
Chad * 503,761 39,100 39,100 581,961 -
Chile - - 703,800 703,800 -
Colombia - - 370,293 370,293 -
Congo II 102,906 78,200 70,380 251,486 -
Costa Rica - - 7,818 7,818 -
Côte d’Ivoire - 20,176 109,480 129,656 -
Cuba I 142,714 136,850 129,030 408,594 -
Democratic Republic of the Congo II 103,615 105,570 113,390 322,575 -
Djibouti - 1,219 29,325 30,544 -
Dominica - - 29,325 29,325 -
Dominican Republic - - - - 16
Ecuador - - 13,445 13,445 -
El Salvador - - 80,050 80,050 -
Estonia - - - - 175,950
Gabon - - 66,470 66,470 -
The Gambia - 1,668 29,325 30,993 -
Ghana I 158,749 166,175 168,130 493,054 -
Guinea I 1,483 29,325 29,325 60,133 -
Guinea-Bissau ** III 678,788 29,325 29,325 737,438 -
Guyana - - 111 111 -
Honduras - - - - 42,656
Hungary - - - - 1,024,420
Indonesia - - 1,673,480 1,673,480 -WT/BFA/W/560 52  2020 FINANCIAL PERFORMANCE REPOR TMember Cat. 1995 -2018 2019 2020 Total Advance
Israel - - - - 856,290
Kyrgyz Republic - - 25,168 25,168 -
Lesotho - - 23,446 23,446 -
Madagascar - - 5 5 -
Malawi - - 3,963 3,963 -
Mali - - 1,106 1,106 -
Mauritania - 29,242 29,325 58,567 -
Moldova, Republic of - - - - 39,100
Montenegro - - - - 7
Myanmar - - 429 429 -
Niger * 237,154 29,325 29,325 295,804 -
Nigeria - - - - 546,076
North Macedonia - - 1,695 1,695 -
Pakistan - - 25,157 25,157 -
Panama - - 1,580 1,580 -
Papua New Guinea - - 62,560 62,560 -
Peru - - 363,558 363,558 -
Saint Kitts and Nevis - - 101 101 -
Saint Lucia - - - - 25
Saint Vincent and the Grenadines - - - - 2,243
Samoa - - - - 30
Senegal II 89,815 46,920 48,875 185,610 -
Sierra Leone * 269,350 29,325 29,325 328,000 -
Suriname - 29,126 29,325 58,451 -
Tajikistan - - 4,890 4,890 -
Togo - 20 29,325 29,345 -
Uganda - - 3,299 3,299 -
United States of America - - 22,855,905 22,855,905 -
Uruguay - - 138,805 138,805 -
Vanuatu - - 6,395 6,395 -
Venezuela, Bolivarian Republic of III 3,631,367 570,860 568,905 4,771,132 -
Yemen - 6,516 80,155 86,671 -
Zimbabwe - - 14,526 14,526 -
TOTAL 11 7,378,542 2,494,121 31,330,682 41,203,345 4,665,879
*   Members compliant with agreed payment plans
** Members not compliant with agreed payment plans 2020 FINANCIAL PERFORMANCE REPORT  53
WT/BFA/W/560 5.2  Schedule B 2020 Assessed Contributions on Observers
5 Libya and Sao Tome and Principe assessed contributions are not listed as both countries are under category III.Table 39 – Assessed Contributions on Observers in 2020 (in CHF)5
Observers 2020 Approved Contributions (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
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
Uzbekistan 29,325
SUB-TOTAL 674,475
Prorated Accession Curaçao (03/03/20) 24,424
Prorated Accession Turkmenistan (22/07/20) 13,096
Suspension Sao Tome and Principe (31/12/20) -29,325
Suspension Libya (31/12/20) -29,325
Suspension Somalia (31/12/20) -29,325
TOTAL 624,020WT/BFA/W/560 54  2020 FINANCIAL PERFORMANCE REPOR TTable 40 – Outstanding Contributions on Observers as at 31 December 2020 (in CHF)
Observers Cat.62001-
20182019 2020 Total Advance
Bahamas - - 29,325 29,325 -
Comoros - 16,617 29,325 45,942 -
Equatorial Guinea - - - - 52,274
Ethiopia - - - - -
Holy See - - - - 5,270
Iran I - 29,325 29,325 58,650 -
Iraq - 118 29,325 29,443 -
Lebanese Republic - - 29,325 29,325 -
Libya * III 55,221 - - 55,221 -
Sao Tomé and Principe * III 306,529 - - 306,529 -
Serbia - - - - -
Somalia * III 60,659 29,325 - 89,984 -
South Sudan - - 2,989 2,989 -
Sudan - 28,513 29,325 57,838 -
Syrian Arab Republic I - 29,325 29,325 58,650 -
Timor-Leste - - - - 1,522
Turkmenistan - - - - 16,268
Uzbekistan - - - - 1,311
TOTAL 5 422,409 133,223 208,264 763,896 76,645
* Annual contributions suspended for Inactive Observers
6 Comoros, Sudan and Iraq made partial contributions towards their 2019 outstanding balances and are therefore not under 
administrative measures. 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. 2020 FINANCIAL PERFORMANCE REPORT  55
WT/BFA/W/560 
Global Trust Fund
French Irish Mission 
Internship Programme
Netherlands Trainee 
Program
WTO LDCs Fisheries 
Participation
Trade Facilitation 
Agreement Facility
Standards and Trade 
Development Facility
EIF-LDC Graduation
China LDCs and 
Accessions 
Programme
Transfering 
Technologies for the 
Development of Cotton 
By-products
LDC Participation 
in WTO Ministerial 
Conferences
CDCRI: Investment 
Facilitation for 
Development
CDCRI: ASYCUDA TIVA 
Databases
Total
Australia 375,434 -  - 2,085 508,565 629,321 -  - - 100,036 - - 1,615,441
Austria 451,496 - - - 132,931     -  - -            -   - - 584,427
Canada 99,784 - - - -   593,974 -  - - 33,028 - - 726,786
Czech 
Republic  - - -   21,282   -  - -   - - 21,282
China   - - - 642,686     - 1,100,472 -   -   194,357 590,509 2,528,024
Denmark 103,298 - - - - 1,123,680 -  - -          -   - - 1,226,978
European 
Union              - - - - -     -  - - 50,246 - - 50,246
Finland 360,443 - - - 269,960 292,386 -  - - 21,712 - - 944,501
France 1,059,577 996,258 - - 264,901 370,944 -  - -              -   - - 2,691,680
Germany 1,459,322 -  - 36,609   304,745 -  - -             -   - - 1,800,676
Ireland   257,539 - - 21,776 402,291 -  - - 33,960 - - 715,566
Japan 356,905 - - - - 33,313 -  - -             -   - - 390,218
Korea  
Republic of)557,711 - - - -     -  - -              -   - - 557,711
Liechtenstein 84,213 - - - -     -  - -              -   - - 84,213
Lithuania 44,458 - - - -     -  - -              -   - - 44,458
Netherlands 152,514 - 994,011 - - 1,510,014 -  - -              -   - - 2,656,539
New Zealand   - - 5,165 29,828     -  - -              -   - - 34,993
Norway 1,365,151 - - 81,424 2,809,852 1,481,720 -  - - 55,905 - - 5,794,052
Sweden 3,814,307 - - - - 2,568,348 -  - - 27,652 - - 6,410,307
Switzerland 56,554 - - - - 26,006 -  - - 22,999 - - 105,559
Chinese 
Taipei             - - - - 21,213 38,860 -  - - 109,187 - - 169,260
United 
Kingdom  - - - 225,719 1,029,979 -  - -          -   - - 1,255,698
United States 1,336,331 - - - 27,239 497,170 -  - -            -   - - 1,860,740
EIF   - - - - - 176,456 - 61,346 -  - - 237,802
Total 11,677,498 1,253,797 994,011 125,283 4,975,952 10,902,751 176,456 1,100,472 61,346 454,725 194,357 590,509 32,507,1565.3  Schedule C Balance due to Contributors as of 31 December 2020
Table 41 – Balance due as 31 December 2020 by Trust Fund Report designed by Graphic and Event Design,  
Print and Distribution Section 
Printed by the WTO Secretariat.  
 
Image credits:  
Cover and pages 4, 5, 6, 8: ©WTO (Koen Van Beversluys) 
 
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