Financial Statements
International Tropical Timber Organization
December 31, 2013 and 2012

International Tropical Timber Organization
Financial Statements
December 31, 2013 and 2012

Contents
Report of Independent Auditors ............................................................................................. 1
Balance Sheets ........................................................................................................................ 2
Statements of Revenues and Expenditures ............................................................................. 3
Statements of Changes in Fund Balance ................................................................................ 4
Statement of Cash Flows ........................................................................................................ 5
Notes to Financial Statements ................................................................................................ 6

International Tropical Timber Organization
Balance Sheets

December 31
2012
2013
(U.S. dollars)
AssetsCash and time deposits
Held to maturity securities
Investments in securities
Arrears in voluntary contributions
Accounts receivable from Japan
Prepaid expenses
Advances to and receivable from staff members and others
Accrued revenue

Liabilities and contributions
Accounts payable to staff members and others
Accounts payable to JapanAccrued liabilities
Membership contributions received in advance
Unappropriated fundReserve for programme support
Members’ funds
Administrative Account:
Special reserve
Reserve provided by interest income
Surplus of revenues over expenditures
Project accounts:
Appropriated for specified projects
Unappropriated funds
Surplus from completed projects
Impairment of Investments in securities
Arrears in assessed contributions
Allowance for arrears$19,861,922–
12,902,060
5,151,401–
1,038
185,622
224,214$38,326,258$23,536,955
15,061,660–
5,965,379
381,028
1,325
86,538132,120$45,165,005$$

53,330105,153
255,828
132,194
4,059,886
1,194,324
5,800,715

1,290–
893,487
348,869
1,079,419
1,105,425
3,428,490

1,500,000
2,072,728
9,180,770

1,500,000
2,063,797
7,545,803

35,422,222(5,508,905)
2,258,772(6,000,000)
38,925,588(6,424,765)
24,72032,525,542$38,326,258

39,103,581(5,272,905)
2,244,750–
47,185,027(5,448,512)–
41,736,515$45,165,005

The accompanying notes are an integral part of these financial statements.

2

International Tropical Timber Organization
Statements of Revenues and Expenditures

Year ended December 31
2012
2013
(U.S. dollars)
Revenues:
Contributions from member countries
Reimbursement by Japan
Voluntary contributions
Correction to prior year’s budget
Interest income
Dividends
Other income
Expenditures and others:
Administrative accounts:
Salaries and benefits
Installation costs
Official travel
Social security
Special activities
Data processing
Other costs
Council meetings
Communication and Outreach
Statistics, Studies and Information
Annual Report and Biennial review
Write-off of arrears in contributions
Unsettlement cost for advances
Exchange loss
Gain & Loss on Securities
Allowance expense for arrears
Time delay (Reversal of time delay) in settling advancepayments
Impairment of Investments in securities
Project accounts:
Project cost
Excess of revenues over expenditures$ 7,924,735
307,493
9,372,718(429,706)
67,763430,977
2,223
17,676,203$ 6,406,455
967,569
11,113,312–
211,635–
3,523
18,702,494

4,222,748–
138,027
807,938
24,597
129,613
189,316
197,319
241,361
259,900
7,698
125,907–
64,054(91,819)
24,720109,652

4,950,476
32,722132,080
777,065
21,166
161,678
329,135
935,427–––
75,988(4,375)95,922––(69,321)6,000,000
12,451,031–
7,437,963

12,550,791
25,001,823$ (7,325,620)

14,320,984
21,758,946$ (3,056,452)

The accompanying notes are an integral part of these financial statements.

3

––$11,109,600––$47,185,027(3,878,835)
56,072(661,582)––
4,759,382–$ 2,948,971(122,789)(149,449)(100,000)––$12,753,498–$38,925,588––$ 2,673,934$ 3,147,610(2,182,733)(115,736)–––
1,824,793

287,681(877,652)
77,003(77,003)–––(392,214)$ 1,081,179

560,50220,506––––

1,482,356–$ 892,385$

Bali
SpecialPartnership
Account
Fund Account(U.S. dollars)(7,402,197)
76,578(784,371)(149,449)––

2,016,136$11,390,138
3,932(101,588)–(173,019)(9,863)–$50,641,685(3,056,452)(140,321)(77,003)(173,019)(9,863)–

The accompanying notes are an integral part of these financial statements.

2013
Excess of revenues over expenditures
Surplus from Completed projects
Utilization of remaining funds by donors
Adjustment of prior year
Transfer to Special Account from Administrative AccountTransfer to Special Account from Executing Agencies AccountTransfer to Executing Agencies Account from
Bali Partnership Fund AccountMembers’ funds as of December 31, 2013

Members’ funds as of January 1, 2012
Excess of revenues over expenditures
Utilization of remaining funds by donors
Transfer to (from) unappropriated fund(liabilities)
Separation cost
Adjustment of prior year
Transfer to Executing Agencies Account from Special AccountTransfer to Bali Partnership Fund Account from
Executing Agencies AccountTransfer to Bali Partnership Fund Account from Special AccountMembers’ funds as of December 31, 2012

2012

Total

Administrative
Account

For the years ended December 31

Statements of Changes in Fund Balance

International Tropical Timber Organization

392,214$22,141,940(6,000,000)––––(4,759,382)(1,482,356)–$32,509,107$35,816,257
–
–
–
–
–
(1,824,793)

Executing
Agencies
Account

$

$

$

–
–

4

(100,000)–––
100,000
–

–
–
–

–
–
–
–
–
–
–

Elimination

International Tropical Timber Organization
Statement of Cash Flows

Year ended December 31,
2013(U.S. dollars)
Excess of revenues over expenditures transferred tomembers’ funds
Changes in assets and liabilities:
Arrears accountArrears in contribution
Investments in securities
Held to maturity securities
Accounts receivable from Japan
Prepaid expenses
Advances to and receivable from staff members andothers
Accrued revenue
Allowance for arrears
Accounts payable to staff members and others
Accounts payable to JapanAccrued liabilities
Contributions received in advance
Unappropriated fundReserve for programme support
Impairment of Investments in securities$(7,325,620)(976,253)
813,978(18,902,060)
15,061,660
381,028287(99,084)(92,094)
24,72052,040105,153(637,659)(216,675)
2,980,467
88,8996,000,000

Changes in members’ funds:
Adjustment of prior year
Cash disbursement as Decision 2 (XXXIV)
Utilization of remaining funds by donors
Net increase / (Net decrease) in cash

(149,449)(122,789)(661,582)(3,675,033)

Cash and time deposits at beginning of year
Cash and time deposits at end of year

23,536,955$19,861,922

The accompanying notes are an integral part of these statements.

5

International Tropical Timber Organization
Notes to Financial Statements

1.

Organization and Business

The International Tropical Timber Organization (ITTO) was established pursuant to theInternational Tropical Timber Agreement, 1983, with its headquarters in Yokohama, Japan,
and continues to operate from this location. The Agreement was succeeded by theInternational Tropical Timber Agreement, 1994 and 2006 (“the Agreement”).
The objectives of the Organization are laid down in Article 1 of the Agreement and include
the provision of a consultative forum for producing and consuming members on all aspects of
the world timber economy; promotion of the expansion, diversification, and structural
improvement of the international tropical timber trade together with more transparency andbetter distribution; the encouragement of reforestation and other forest management activities;
promotion of further processing of tropical timber in the producing countries, with researchand development as well as technology transfer to support both of these goals; and support fordevelopment of national policies in sustainable utilization and conservation of tropical forests,
with special regard for ecological balance and genetic resources.
The accounts of ITTO consist of the Administrative Account, the Special Account, the Bali
Partnership Fund, the Executing Agencies Account and Other Accounts which theInternational Tropical Timber Council (ITTC) shall deem appropriate and necessary. As of
December 31, 2013, only the first four accounts have been established. The Executing
Agencies Account was established in 2003. In addition, as of December 31, 2013, four
sub-accounts have been established under the Special Account and two sub-accounts underthe Bali Partnership Fund Account, namely: (1) the Project Sub-Account, (2) the Pre-Project
Sub-Account, (3) the Thematic Programmes Sub-Account and (4) the Japan Trust Fund under
the Special Account, and the Sub-Account “A” and the Sub-Account “B” under the Bali
Partnership Fund Account. All inter-account balance and transaction are eliminated in thefinancial statements of ITTO.
Administrative AccountContributions to the Administrative Account are payable in freely usable currencies inaccordance with the provisions of Article 22 of the Agreement.
The Government of Japan provides suitable premises, with furniture, fittings, and otherequipment, as well as conference facilities gratis for the use of ITTO, and supplies allnecessary gas, electricity, water, fire protection, and other utilities gratis for the ITTO
headquarters. The value of such items provided is not recorded in the accompanying financial
statements.

6

International Tropical Timber Organization
Notes to Financial Statements (continued)

1.

Organization and Business (continued)

Special Account
The possible sources of finance for the Special Account are:(a) The Common Fund for Commodities (CFC);(b) Regional and international financial institutions; and(c) Voluntary contributions.
The resources of the Special Account are used only for approved projects or for pre-project
activities. All expenditures under the Pre-Project Sub-Account are reimbursed from theProject Sub-Account if projects emanated from those pre-projects are subsequently approved
and funded. All receipts pertaining to specific identifiable projects are brought into the Special
Account. All expenditures incurred on such projects are charged to the Special Account.
ITTC shall, by special vote, establish terms and conditions on which it would, when andwhere appropriate, sponsor projects for loan financing, where a member or members havevoluntarily assumed full obligations and responsibilities for such loans. ITTO shall have no
obligations for such loans.
Contributions for specified approved projects are used only for the projects for which they
were originally intended, unless otherwise decided by ITTC in agreement with the contributor.
In case ITTC decides to terminate a project, ITTO shall return to each contributor for specificprojects the balance of any funds remaining pro rata to each contributor’s share in the total of
the contributions originally made available for financing that project, unless otherwise agreed
to by the contributor.
Financial contributions to the Special Account are payable in freely usable currencies and are
exempt from foreign-exchange restrictions. ITTC may decide to accept other forms ofcontributions to the Special Account, including scientific and technical equipment or
personnel, to meet the requirements of approved projects.
Actions/activities, pre-projects and projects are funded from the resources of both the Special
Account and the Bali Partnership Fund Account (co-financed projects) in accordance withapproval by ITTC.

7

International Tropical Timber Organization
Notes to Financial Statements (continued)

1.

Organization and Business (continued)

The Thematic Programmes Sub-Account
The ITTA, 2006, which is expected to enter into force in the near future, included the creationof the Thematic Programmes Sub-Account (article 20, paragraph 1(a)). In anticipation of theentry into force of the ITTA, 2006, and with a view to gain experience of the Thematic
Programmes, the Council, at its Forty-fourth Session in November 2008, adopted thefollowing three Decisions:•

Decision 8 (XLIV) The Thematic Programmes Sub-Account under the Special Account;•

Decision 9 (XLIV) on Thematic Programmes on Pilot Basis, and Operational Procedures
and Guidelines; and•Decision 10 (XLIV) Thematic Programme Profiles for the following thematic areas:a.

Forest Law Enforcement, Governance and Trade (TFLET);b.

Reducing Deforestation and Forest Degradation and Enhancing Environmental
Services in Tropical Forests (REDDES);c.

Community Forest Management and Enterprises (CFME);d.

Trade and Market Transparency (TMT); ande.

Industry Development and Efficiency (IDE).

The Council, through Decision 8 (XLIV) decided to:(1) Establish, with effect from January 1, 2009, the Thematic Programmes Sub-Account in
the Special Account of the International Tropical Timber Organization for thedevelopment, management, implementation and evaluation of Thematic Programmes;(2) Authorize the Executive Director to transfer into the Thematic Programmes Sub-Accountunearmarked contributions for the financing of specific Thematic Programmes,
consistent with the procedures for Thematic Programmes established on a pilot basis by
the Council;(3) Request the Executive Director to submit to the Council an auditor’s report on the
Thematic Programmes Sub-Account of the Special Account as soon as possible after theclose of the financial year but not later than six months after that date and in any case notlater than two months before the next session of the Council; and(4) Apply mutatis mutandis the Financial Rules of the International Tropical Timber
Organization to the Thematic Programmes Sub-Account.
The purpose of the Thematic Programmes Sub-Account shall be to facilitate unearmarked
contributions for the financing of approved pre-projects, projects and activities consistent with
Thematic Programmes established by the Council. The donors may allocate theircontributions to specific Thematic Programmes or may request the Executive Director to
make proposals for allocating their contributions. (Article 20, paragraphs 4 and 5, ITTA,
2006).
8

International Tropical Timber Organization
Notes to Financial Statements (continued)

1.

Organization and Business (continued)

Thematic Programmes Sub-Account (continued)
In accordance with the Decision 9 (XLIV) on the Operational Procedures and Guidelines, theExecutive Director will be responsible for the implementation of the thematic programmes
including the assessment and selection of proposals for financing under the Thematic
Programme. The Members and the Executive Director will develop and submit proposals forfinancing under the Thematic Programme. Each thematic programme will have a Thematic
Programme Advisory Committee to assist the Executive Director with the implementation of
the thematic programme.
Japan Trust Fund in the Special AccountPursuant to an Agreement between ITTO and Government of Japan, the Japan Trust Fund wasestablished on December 9, 1993 as a separate Sub-Account of the Special Account. The
resources of this fund consist of:(a) Interest accrued on investment of the unliquidated voluntary contribution from Japan to
the Special Account as follows:– All interest up to December 31, 1993
– A percentage agreed to between the Executive Director and Japan, but not exceeding
50 per cent of interest with effect from January 1, 1994. (Actual percentage for eachof twenty years ended December 31, 2013, was 50 percent.)(b) All interest earned from investment of funds from this Trust Fund.
This fund is used for:(a) Supplementary assistance approved by the ITTC to meet increased project cost for
projects which were originally financed fully or partially by Japan.
(b) Meeting costs related to assistance to ITTO agreed by Japan and the Executive Director.
(c) Assistance to meet ad hoc expenditures for liaison activities between the Host Country(Japan) and the ITTO.
In December 2002, in accordance with instructions from Government of Japan an amount of$15,000,000, accumulated surplus recorded in prior years in the Japan Trust Fund wastransferred into the unappropriated fund (liability) in the Bali Partnership Fund: Sub-AccountA, for subsequent financing by Japan of projects and pre-projects under the Bali Partnership
Fund: Sub-Account A. These funds were fully allocated as of December 31, 2007, and as suchthe balance is nil as at December 31, 2013.

9

International Tropical Timber Organization
Notes to Financial Statements (continued)

1.

Organization and Business (continued)

Bali Partnership Fund AccountPursuant to Article 18.1. (C) and Article 21 of the Agreement, the Bali Partnership Fund wasestablished in 1999. The Fund is used for enhancing the capacity of members to implement a
strategy for achieving exports of tropical timber and timber products from sustainably
managed sources. Resources of the Fund shall be allocated by the ITTC only for Projects,
Pre-Projects and Activities for the purpose set out in the Agreement and approved by the
ITTC. Rule 15.3 of the Financial Rules and Rules Relating to Projects of ITTO adopted by
ITTC through Decision 6 (XXIII) of December 6, 1997 (“the Financial Rules”), stipulates thatno resources shall be transferred from the Special Account to the Bali Partnership Fund
without a decision by ITTC and the consent of the original financial contributor. The activities
began to take place in this Fund in 1999.
The possible sources of finance for the Bali Partnership Fund are:(a) Voluntary contribution from members;(b) Fifty per cent of interest earned as result of activities related to the Special Account;(c) Voluntary contribution from other public and private sources; and(d) Interest earned in the Bali Partnership Fund from all deposits to that Fund.
In allocating resources of the Fund, the Council shall take into account:(a) The special needs of members whose forestry sectors’ contribution to their economies isadversely affected by the implementation of the strategy for achieving the exports oftropical timber and timber products from sustainably managed sources by the year 2000;
and(b) The needs of members with significant forest areas who establish conservation
programmes in timber producing forests.
Operational rules of the Bali Partnership Fund Account are the same as those of the Special
Account. The Bali partnership Fund Account has two sub-accounts, the Sub-Account “A” forcountry-specific and the Sub-Account “B” for non-country-specific relating toactions/activities, pre-projects and projects designed to directly assist tropical timber
producing members to achieve the objective of the Fund.

10

International Tropical Timber Organization
Notes to Financial Statements (continued)

1.

Organization and Business (continued)

Executing Agencies Account
The ITTC at its Thirty-fifth Session held during November 3 – 8, 2003, through Decision 3(XXXV), decided to establish the Executing Agencies Account with effect from the year
ended December 31, 2003, in order to exclude the funds committed from the cash and time
deposits of the Special Account and the Bali Partnership Fund Account at the end of eachfiscal year.
The source of finance for the Executing Agencies Account are mainly the funds committed forspecified Projects, Pre-Projects and Activities which are not yet disbursed to the respective
Executing Agencies, and are to be disbursed in the future years in accordance with Projects
Agreements between ITTO and the respective Executing Agencies.
The Decision 3 (XXXV) also authorized the transfer of fifty per cent interest earned on the
Executing Agencies Account into the “unearmarked funds” in the Special Account, and theremaining balance of interest earned into the Bali Partnership Fund Account.

2.

Significant Accounting Policies(1) Basis of preparation of accompanying financial statements
The accounting of ITTO is performed in accordance with provisions of the ITTA and the“Financial Rules and Rules Relating to Project of ITTO”. The accounts are maintained in
U.S. dollars. Japanese yen transactions are translated into U.S. dollars monthly at therates of exchange as determined and supplied by the United Nations. Foreign currency
exchange gains and losses on conversion are included in the revenues and expenditures
account. The accounts have been prepared primarily on an accrual basis.
(2) Investments in Securities
Financial asset is classified as Investments in Security if;1) the financial assets is designated upon initial recognition when a group of financial
assets is managed and its performance is evaluated on a fair value basis, in accordancewith a documented risk management or investment strategy, and information about thegroup is provided internally on that basis to the organization’s key management
personnel. Investments in Securities are stated at fair values, with any gains or losses
arising on measurement recognized in surplus or deficit. Fair value was measured basedon those derived from inputs that are observable for the asset, either directly or indirectly.
2) the financial assets are the investments for which the organization has the positive
intent and ability to hold to maturity. These investments are measured at amortized costusing the effective interest method less any impairment, with revenue recognized on an
effective yield basis.
11

International Tropical Timber Organization
Notes to Financial Statements (continued)

The management of LM placed their funds under voluntary administration due toshortage of liquidity to carry on their operation. In April 2013 Trustees were appointed
who explored the possibilities of reviving the Managed Performance Fund (MPF). After
their efforts to revive the MPF failed the Trustees focused their efforts towards
liquidation of the assets. They completed their review of the fund loans in February
2014 and informed the investors that they were preparing for potential litigation against
the former trustee and that the return to Unit holders will vary depending on theoutcome of their recovery actions. The Trustees have not given any time frame due tothe legal process involved and the value which may be recovered through these efforts.
ITTO have therefore recognized this impairment to their investment of six million US
dollars and the management obtained a letter written by Pinnacle Wealth Management, afinancial agency who arranged the investment. The expected collection of the principal
is in 4.5 years or less, which will be recognized as revenue when collected.
(3) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks andother short-term highly liquid investments with original maturities of three months or
less.

Administrative Account(4) Fixed assets
Fixed asset additions are written off in the year of acquisition.
(5) Special reserve
A contingency reserve was established to set aside funds to meet obligations towards thestaff members of the Organization arising in the event that the ITTO ceases to exist suchas termination indemnities, repatriation travel and removal costs, and repatriation grants.
The International Tropical Timber Council (ITTC) decided in its Resolution 1 (VIII) at
its Eighth Session that the “contingency reserve” be a “Special Reserve Fund” to be
utilized only as determined by the ITTC.
(6) Allowance for arrears
A provision for impairment of arrears is established when there is objective evidence that
ITTO will not be able to collect all amounts due according to the original terms of thearrears. The length of outstanding period of the arrears and the status of the membershipare considered indicators that the arrear is impaired. The change in the amount of theprovision is expensed and included in Allowance expense for arrears on Statements of
Revenues and Expenditures.

12

International Tropical Timber Organization
Notes to Financial Statements (continued)

2.

Significant Accounting Policies (continued)

Administrative Account (continued)(7) Reserve provided by interest income
Based on the Financial Rules of ITTO (Rule 5.5), interest income is set aside as a reserve
which constitutes a resource of the administrative budget for the next year throughapproval of the ITTC. Under Decision 2 (XXXIV) adopted at the Thirty-fourth Sessionin May 2003, the ITTC authorized the Executive Director to use the interest earned in the
Administrative Account to hire on a temporary and intermittent basis, consultants andcontractors to support the Secretariat in carrying out its duties. Therefore, for the
Administrative Budget for the financial year 2003 onward, interest income is set aside in
a separate heading to be utilized for these authorized purposes.
(8) Provident Fund
Until December 31, 2001, all staff members, except nationals of or permanent residents
of Japan, participated in a provident fund as their pension plan. Contributions to theprovident fund which are payable monthly include: (a) an amount equivalent to 7.25
percent of pensionable remuneration to be paid by the staff members and deducted fromtheir salary; and (b) an amount twice of the staff members’ contribution (14.50 percent)payable by the Organization. The ITTC, at its Forty-fourth Session held in November
2008, authorized the amendments to be made to the ITTO Staff Regulations and Rules;
and accordingly amended the contributions to the Provident Fund by both the staff
members and by the Organization to be “at the percentage rates set by the United Nations
Joint Staff Pension Fund (UNJSPF)”. The current percentages applied from November
2008 are: (a) 7.90% to be paid by the staff members, and (b) 15.80% payable by theOrganization. Beginning from January 1, 2002, the ITTC authorized the Executive
Director to implement a uniform system with regard to the contribution of theOrganization to the Provident Fund for all staff members. Under this system, and forstaff members who are nationals of or permanent residents of Japan, their contributions
to the provident fund are the contribution payable by the Organization less the amountpayable (by employer) to the Japanese national scheme. These staff members do notcontribute to the provident fund as their salary are already deducted for the
self-contribution to the Japanese national scheme.
ITTO entered into an agreement in December 1987 with an insurance company named
Assicurazioni Generali S.p.A. for the management of the Organization’s provident fundon behalf of its staff members with the firm “Generali Worldwide Insurance Company
Limited”, Guernsey, Channel Islands, United Kingdom. Subsequently, in April 2002, theagreement with the company was revised, mainly with a view to expand the scope of theprovident fund through the inclusion of the option of ITTO US Equity Own Fund, in
addition to the USD Deposit Administration Fund (USD Bond).

13

International Tropical Timber Organization
Notes to Financial Statements (continued)

2.

Significant Accounting Policies (continued)

Administrative Account (continued)(9) Contribution Discounts
Based on the Rule 4.3 of the Financial Rules, and member who has paid its fullcontribution within four months after the due date, the first day of each financial year
(Article 19.6 of the Agreement), shall receive a discount at a rate to be determined fromtime to time by the ITTC. The contribution discount for each year is recognized in thefollowing year as a reduction of the following year’s assessed contribution amount. The
discount provided during 2012 and 2011 which are recognized in 2013 and 2012 totaled$279,564 and $191,837, respectively.
Special Accounts and Bali Partnership Fund Account(10) Recognition of contributions
A voluntary contribution is recognized when a project is approved and financing isauthorized by the ITTC. However, effective from 2002, voluntary contributionscommitted to be paid on installment basis are recognized on cash receipt basis.
Contributions received before project approval are recorded as unappropriated funds inthe liabilities.
(11) Appropriation for specified projects
The outstanding balance of commitments for specified projects and pre-projects at
year-end is appropriated for specified projects. When the actual expenditure is made, theappropriated surplus is reversed to the unappropriated surplus.
(12) Surplus from completed projects
The balance returned from the executing agency for projects is appropriated for surplus
from completed projects with obligation of refund to donors.

14International Tropical Timber Organization
Notes to Financial Statements (continued)

2.

Significant Accounting Policies (continued)

Special Accounts and Bali Partnership Fund Account (continued)(13) Reserve for programme support
Based on ITTC Decisions 5 (XI), 5 (XII), and 4 (XV), the costs of administering new
projects and pre-projects may be deducted with the first disbursement of expenditure.
These include the expenses of telecommunications, bank charges, costs of financial
control and document translation costs. The rates deducted from the total projects
budgets increased from 5.5% to 6% (not exceeding 11% in the case of ITTO-executed
projects and pre-projects from 10.5%) through Decision 2 (XXX) held in June 2001 andeffective thereafter. Such administrative costs are to be co-mingled for general use of all
projects under the heading “Programme Support”. The ITTC at its 34th Session held in
November 2003 approved the increase of the above rates (from 6% to 8% and from 11%
to 13%), which are adopted for projects, pre-projects and activities approved in 2004
and after. Subsequently, the ITTC at its 48th Session held in November 2012 approved
the increase of the rates from 8% to 12% and from 13% to 14%), which are adopted for
projects and pre-projects approved in 2013 and after, and activities approved in
November 2012 and after.
ITTO meets such costs through a provision for reserve for programme support whenvoluntary contributions to individual projects are received.
The movements of the reserve for programme support for the years ended December 31,
2013 and 2012 are as follows:
2012

2013
Special
Account

Bali
Account

Total

Special
Account

Bali
Account

Total(U.S. dollars)
Beginning balance
Inter-account transfer
Provided
Usage and others$ 1,105,425
792
828,817(742,009)

$

–
(792)
2,113
(22)

$ 1,105,425–
830,930(742,031)$ 2,478,403(35,083)
1,135,342(2,473,238)$–
35,083
16,398(51,481)$ 2,478,403–
1,151,740(2,524,718)

Ending balance$ 1,193,025$ 1,299$ 1,194,324$ 1,105,425$$ 1,105,425–

15International Tropical Timber Organization
Notes to Financial Statements (continued)

2.

Significant Accounting Policies (continued)

Special Accounts and Bali Partnership Fund Account (continued)(14) Reserve for unsettled advance payment
Advances are provided to employees and others in respect to official travel, meetings,
education grants and other such related items. At the time an advance is provided, thevalue of the advance, which may not necessarily be equal to the total actual expenditure
to be incurred, is carried forward as debtors in the balance sheet until the year of
settlement.
Effective from December 31, 2007, a reserve is recorded for those advances provided
for which the expenditure has already been incurred. The total reserve recorded as at
December 31, 2013 is $285,674 (Special (Project Sub-account): $122,658, Special(Pre-project Sub-account): $107,152, Special (Thematic Programmes Sub-account):$19,875 Bali Partnership Accounts: $35,990). The total reserve recorded as at December
31, 2012 is $639,718 (Special (Project Sub-account): $566,591, Special (Pre-projectSub-account): $47,127, Special (Thematic Programmes Sub-account): $7,500, Bali
Partnership Accounts: $18,500). The reserve has been offset against the “Advances toand receivables from staff members and others” account in the balance sheet. The
reserve remains in the balance sheet until such time as all supporting documentation is
submitted to ITTO by the individuals who received the advance.
Reclassification
Certain reclassifications to the prior year’s financial statements amounts have been made toconform to the presentation for the current year.
Investment in securities, which was presented in Cash and time deposits in the prior year’sbalance sheet of Administrative Account and in held to maturity in the prior year’s balance
sheet of Executive Agencies Account, are separately presented on the balance sheet for thecurrent year.
3.

Elimination Financial Statements

During the year ended December 31, 2013, $100,000 was eliminated on consolidation due totransfer from the Working Capital Account in the Administrative Account to the Special
Account to allocate funds to to Activity PP-A/49-295, as adopted in Decision 3(XLIX).

16

Arrears in assessed contributions
Allowance for arrears
Liabilities and members’ funds

Members’ funds
Special Reserve
Reserve provided by interest income
Surplus of revenues over expenditures
Appropriated for specified projects
Unappropriated funds
Surplus from completed projects
Impairment of Investments in securities

Liabilities and contributions
Accounts payable to Special Account
Accounts payable to Executing Agencies Account
Accounts payable to staff members and others
Accounts payable to JapanAccrued liabilities
Membership contributions received in advance
Accounts payable to Bali Partnership Fund AccountUnappropriated fundReserve for programme support

AssetsCash and time deposits
Investments in securities
Arrears in voluntary contributions
Accounts receivable from Executing Agencies AccountPrepaid expenses
Advances to and receivable from staff members and others
Advances to Special Account
Accounts receivable from Bali Partnership Fund AccountInter-account balance
Accrued revenue––
53,330105,153
255,828
132,194–
4,059,886
1,194,324
5,800,715

1,500,000
2,072,728
9,180,770
35,422,222(5,508,905)
2,258,772(6,000,000)
38,925,588(6,424,765)
24,720$38,326,258$$19,861,922
12,902,060
5,151,401–
1,038
185,622–––
224,214$38,326,258

Total

–
–
–
105,153
252,337
132,194–––
489,684

1,500,000
2,072,728
9,180,770––––
12,753,498(6,424,765)
24,720$ 6,843,137$$ 3,984,872
2,661,960––
1,038
145,138–––
50,129$ 6,843,137

Administrative
Account–––
2,966,475(1,671,400)
1,646,922–
2,941,997––$33,635,122$–
28,754,150
42,149–2,699––
1,158,846
735,281
30,693,125$ 5,855,068–
4,155,311––
40,484–28,247,606(4,663,347)–$33,635,122

Project
Sub-Account–2,250,173
3,975
–
–
–
–
2,901,040
457,7445,612,932–––
29,017(22,043)
–
–
6,974
–
–
$5,619,906$––
364,287––––
592,272
4,663,347–$5,619,906

$

–
–
–
2,995,492(1,693,443)
1,646,922–
2,948,971––$39,255,028$–
31,004,323
46,124–2,699––
4,059,886
1,193,025
36,306,057$ 5,855,068–
4,519,598––
40,484–
28,839,878––$39,255,028

December 31, 2013
Special AccountThematic
Programmes
Subaccount
Sub Total(U.S. dollars)

Balance Sheet Schedule

International Tropical Timber Organization–––
4,284,790(3,815,461)
611,850–
1,081,179––$29,930,354$28,839,878
–
7,206
–
793
–
–
–
1,299
28,849,175

5,430–
631,80229,293,122
–
–
–
–
–
–
$29,930,354$

Bali Partnership
Fund Account–––28,141,940––(6,000,000)
22,141,940––$51,435,061

–
–
–
–
–
–
29,293,122––
29,293,122$$10,016,552
10,240,101––––
31,004,323––
174,086$51,435,061

Executing
Agencies

17

–
–
–
–
–
–
–
–
–
–
$(89,137,323)$(28,839,878)(31,004,323)––––(29,293,122)––(89,137,323)–––(29,293,122)––(31,004,323)(28,839,878)––$(89,137,323)$

Elimination

Schedule IExcess of revenues over expenditures/(Excess of expenditures over revenues)

Expenditures:
Salaries and benefits
Installation costs
Official travel
Special security
Special activities
Data processing
Other costs
Council meetings
Communication and Outreach
Statistics, Studies and Information
Annual Report and Biennial review
Exchange loss
Write-off of arrears in contributions
Write-off of advance payment
Project cost
Transfer of interest to Special Account andBali Partnership Fund AccountTime delay (Reversal of time delay) in settling advancepayments
Gain & Loss on Securities
Allowance expense for arrears
Impairment of Investments in securities

Revenues:
Contributions from members countries
Reimbursement by Japan
Voluntary contributions
Interest income
Dividends
Other income
Correction to prior year's budget

4,222,748–
138,027
807,938
24,597
129,613
189,316
197,319
241,361
259,900
7,698
59,927125,907–––
12,783(91,819)
24,720–6,350,035$ 2,016,136–
109,652(91,819)
24,7206,000,000
25,001,823$ (7,325,620)$7,924,735
307,493–350
131,3702,223–
8,366,171

Administrative
Account

4,222,748–
138,027
807,938
24,597
129,613
189,316
197,319
241,361
259,900
7,698
64,054125,907–
12,550,791$ 7,924,735
307,493
9,372,718
67,763430,977
2,223(429,706)
17,676,203

Total

–

–
–
–
–
–
–
–
–
–
–
–
4,165
–
–
9,261,797––
8,767,000
33,706
149,804–(341,632)
8,608,877

67,004–––
9,332,965$ (724,088)$

Project
Sub-Account

–

–
–
–
–
–
–
–
–
–
–
–
(30)
–
–
3,072,842––
74,586–––(88,074)(13,488)

12,375–––3,085,187$ (3,098,675)$––
8,841,586
33,706
149,804–(429,706)
8,595,389

79,379–––12,418,152$ (3,822,763)

–

–
–
–
–
–
–
–
–
–
–
–
4,134
–
–
12,334,639$

Year ended December 31, 2013
Special AccountThematic
Programmes
Sub Total
Subaccount
U.S. dollars

Schedule of Revenues and Expenditures

International Tropical Timber Organization

–

–
–
–
–
–
–
–
–
–
–
–
(7)
–
–
216,152––
631,132
33,707
149,804––
814,643

17,490–––233,636$ 581,007$Bali Partnership
Fund Account–––
6,000,000
6,357,301$ (6,000,000)

357,301

–
–
–
–
–
–
–
–
–
–
–
–
–
–
–

–
–
–
357,301–––
357,301$

Executing
Agencies

18

–
–
–
–
(357,301)$ (100,000)(357,301)

–
–
–
–
–
–
–
–
–
–
–
–
–
–
–

–
–
(100,000)(357,301)–––(457,301)$

Elimination

Schedule IIArrears in assessed contributions
Liabilities and members’ funds

Members’ funds
Special Reserve
Reserve provided by interest income
Surplus of revenues over expenditures
Appropriated for specified projects
Unappropriated funds
Surplus from completed projects

Liabilities and contributions
Accounts payable to Special Account
Accounts payable to Executing Agencies Account
Accounts payable to staff members and others
Accrued liabilities
Membership contributions received in advance
Accounts payable to Bali Partnership Fund AccountUnappropriated fundReserve for programme support

AssetsCash and time deposits
Held to maturity securities
Arrears in voluntary contributions
Accounts receivable from Japan
Accounts receivable from Executing Agencies AccountPrepaid expenses
Advances to and receivable from staff members and others
Accounts receivable from Special Account
Accounts receivable from Bali Partnership Fund AccountInter-account balance
Accrued interest on time deposits

–
–
1,290
893,487
348,869–
1,079,419
1,105,425
3,428,490

1,500,000
2,063,797
7,545,803
39,103,581(5,272,905)
2,244,750
47,185,027(5,448,512)$45,165,005$$23,536,955
15,061,660
5,965,379
381,028–
1,325
86,538–––132,120$45,165,005

Total

–
–
34
699,220
348,869–––
1,048,123

1,500,000
2,063,797
7,545,803–––
11,109,600(5,448,512)$ 6,709,212$$ 6,254,139––
381,028–
1,325
72,279–––440$ 6,709,212

Administrative
Account–––
2,227,705(1,251,852)
1,653,406
2,629,259–$36,022,496$–
31,783,039
200
76,075–89,280710,386
734,257
33,393,237$ 6,133,674–
5,226,958–
1,415,656–
10,008–28,188,095(4,951,897)–$36,022,496

Project
Sub-Account––706,618–––(1,500)–5,311,147–
90,000––369,032
371,168
6,141,348–––
66,749(22,074)–
44,675–$6,186,023$

529,008
4,951,897–$6,186,023

$

–
–
–
2,294,455(1,273,926)
1,653,406
2,673,934–$42,208,519$–
37,094,186
200
166,075–
89,2801,079,419
1,105,425
39,534,585$ 6,133,674–
5,933,576–
1,415,656–
8,508–
28,717,104––$42,208,519

December 31, 2012
Special AccountThematic
Programmes
Subaccount
Sub Total(U.S. dollars)

Balance Sheet Schedule

International Tropical Timber Organization–––
4,300,019(3,998,978)591,345892,385–$29,549,457$28,627,824–
1,056
28,192––––28,657,072

5,430–
31,802–29,506,685
–
5,540
–
–
–
–
$29,549,457$

Bali Partnership
Fund Account–––32,509,107––
32,509,107–$62,015,792

–
–
–
–
–
29,506,685––
29,506,685$$11,143,712
15,061,660
–
–
–
–
210
35,678,530––
131,680$62,015,792

Executing
Agencies

19

–
–
–
–
–
–
–
–
$(95,317,974)$(28,627,824)(37,094,186)–––(29,595,965)––(95,317,974)––––(30,922,341)––(35,678,530)(28,717,104)––$(95,317,974)$

Elimination

Schedule III

Excess of revenues over expenditures/(Excess of expenditures over revenues)

Expenditures:
Salaries and benefits
Installation costs
Official travel
Special security
Special activities
Data processing
Other costs
Council meetings
Exchange loss
Write-off of arrears in contributions
Write-off of advance payment
Correction to prior year’s expenditure
Project cost
Transfer of interest to Special Account andBali Partnership Fund AccountTime delay (Reversal of time delay) in settling fellowshipand other advance payments
Unsettlement cost for advances

Revenues:
Contributions from members countries
Reimbursement by Japan
Reimbursement by Special AccountVoluntary contributions
Correction to prior year’s budget
Reversal of time delay in settling fellowship and otheradvance payments
Interest income
Exchange gain
Other item-recovery of advance
Other income
–
3,595
–
–
3,523
7,512,545–
211,635––
3,523
18,702,494––
7,508,613(69,321)(4,375)21,758,946

3,932

–

–

$ (3,056,452)

4,950,476
32,722132,080
777,065
21,166
161,678
329,135
935,427
92,87675,988–––4,950,476
32,722132,080
777,065
21,166
161,678
329,135
935,427
95,92275,988––14,320,984$$6,406,455
967,569
131,403––

Administrative
Account$ 6,406,455
967,569–
11,113,312
–

Total

–
103,994–––
8,961,839–––
8,857,844–$ (1,238,642)

72,914–
10,200,481

–

–
–
–
–
–
–
–
–
2,908
–
–
–
10,124,658$

Project
Sub-Account(4,375)3,022,400

–

–
–
–
–
–
–
–
–
71
–
–
–
3,026,704

–
–
–
–
–
2,078,309

2,078,309–––$ (944,091)$$ (2,182,733)

72,914(4,375)
13,222,881

–

–
–
–
–
–
–
–
–
2,980
–
–
–
13,151,362–
103,994–––
11,040,148–––
10,936,154–$

Year ended December 31, 2012
Special AccountThematic
Programmes
Sub Total
Subaccount
U.S. dollars

Schedule of Revenues and Expenditures

International Tropical Timber Organization(142,235)–
1,158,856

–

–
–
–
–
–
–
–
–
66
–
–
–
1,301,025–
104,046–––
281,204–––
177,158–$ (877,652)$

Bali Partnership
Fund Account

–
–
–
–
–

$

–

–
–
328,396328,396

–
–
–
–
–
–
–
–
–
–
–
–
–

–
328,396–––328,396$

Executing
Agencies

$

–

20

–
–
(459,799)(328,396)

–
–
–
–
–
–
–
–
–
–
–
–
(131,403)–(328,396)–––(459,799)––(131,403)––$

Elimination

Schedule IV

Financial Statements of
the Administrative AccountInternational Tropical Timber Organization
December 31, 2013 and 2012

International Tropical Timber Organization
Administrative AccountFinancial Statements
December 31, 2013 and 2012

Contents
Report of Independent Auditors ............................................................................................. 1
Balance Sheets ........................................................................................................................ 2
Statements of Revenues and Expenditures ............................................................................. 3
Statements of Changes in Fund Balance ................................................................................ 4
Statements of Cash Flows ....................................................................................................... 5
Notes to Financial Statements ................................................................................................ 6

International Tropical Timber Organization
Administrative AccountBalance Sheets

December 31,
2013
2012
(U.S. dollars)
AssetsCash and time deposits
Investments in securities
Accounts receivable from Japan
Prepaid expenses
Advances to and receivable from staff members andothers
Accrued revenue

Liabilities and contributions
Accounts payable to staff members and others
Accounts payable to JapanAccrued liabilities
Contributions received in advance (Note 2)
Members’ funds
Special reserve (Note 1)
Reserve provided by interest income (Note 1)
Surplus of revenues over expenditures

Arrears in assessed contributions (Note 2)
Allowance for arrears$ 3,984,872
2,661,960–
1,038$ 6,254,139–
381,028
1,325

145,138
50,129$ 6,843,137

72,279440$ 6,709,212$$–
105,153
252,337
132,194
489,68434–
699,220
348,869
1,048,123

1,500,000
2,072,728

1,500,000
2,063,797

9,180,770
12,753,498

7,545,803
11,109,600(6,424,765)
24,720$ 6,843,137(5,448,512)–$ 6,709,212

The accompanying notes are an integral part of these statements.

2

International Tropical Timber Organization
Administrative AccountStatements of Revenues and Expenditures

Year ended December 31,
2013
2012
(U.S. dollars)
Revenues:
Contributions from member countries (Note 2)
Reimbursement by Japan (Note 3)
Reimbursement by Special Account (Note 3)
Interest income
Dividends
Other income
Expenditures:
Salaries and benefits
Installation costs
Official travel
Social security
Special activities
Data processing
Other costs
Council meetings
Communication and Outreach
Statistics, Studies and Information
Annual Report and Biennial review
Exchange loss, net
Time delay in settling advance payments
Gain on securities, net
Allowance expense for arrears
Excess of revenues over expenditures before write-offof arrears in contribution and advance payments
Write-off of arrears in contributions (Note 2)
Excess of revenues over expenditures$7,924,735
307,493–350
131,3702,223
8,366,171$6,406,455
967,569
131,403
3,595
–
3,523
7,512,545

4,222,748–
138,027
807,938
24,597
129,613
189,316
197,319
241,361
259,900
7,698
59,927
12,783(91,819)
24,7206,224,128

4,950,476
32,722132,080
777,065
21,166
161,678
329,135
935,427–––
92,876–––
7,432,625

2,142,043
125,907$ 2,016,136

79,92075,988$ 3,932

The accompanying notes are an integral part of these statements.

3

International Tropical Timber Organization
Administrative AccountStatements of Changes in Fund Balance
For the years ended December 31

Reserve
Surplus ofprovided byrevenues overinterest income
expenditures(U.S. dollars)Specialreserve
2012
Member’s funds as of January 1, 2012
Excess of revenues over expenditures
Utilization of members fund provided
by interest income for consultant fee(Decision 2 (XXXIV))
Separation cost
Adjustment of prior year
Transfer to reserve on interest income,net
Members’ funds as of December 31, 2012
2013
Excess of revenues over expenditures
Utilization of members fund provided
by interest income for consultant fee(Decision 2 (XXXIV))
Transfer to Special account for
selection of Executive Director
Adjustment of prior year
Transfer to reserve on interest income,net
Members’ funds as of December 31, 2013

Total

$1,500,000–$2,161,790–$7,728,348
3,932$11,390,138
3,932

–

(101,588)–––(173,019)(9,863)(101,588)(173,019)(9,863)–$1,500,000

3,595$2,063,797(3,595)$7,545,803–$11,109,600

$

$

–

$ 2,016,136$ 2,016,136–(122,789)–(122,789)

–
–

–
–

(100,000)(149,449)(100,000)(149,449)–$1,500,000

131,720$2,072,728(131,720)$9,180,770–$12,753,498–

The accompanying notes are an integral part of these statements.

4International Tropical Timber Organization
Administrative AccountStatements of Cash Flows

Year ended December 31,
2013
2012
(U.S. dollars)
Excess of revenues over expenditures transferred tomembers’ funds
Changes in assets and liabilities:
Arrears accountInvestments in securities
Accounts receivable from Japan
Prepaid expenses
Advances to and receivable from staff members andothers
Accrued revenue
Allowance for arrears
Accounts payable to staff members and others
Accounts payable to JapanAccrued liabilities
Advance received from Japan
Contributions received in advance$

2,016,136(976,253)(2,661,960)
381,028287(72,859)(49,688)
24,720(34)
105,153(446,883)–(216,675)$

3,932
405,158–(381,028)
63,858
185,950
(354)
–
–
–

511,798(16,118)
79,387

Changes in members’ funds:
Adjustment of prior year
Cash disbursement as Decision 2 (XXXIV)
Cash disbursement for separation costs
Transfer to Special account for selection of Executive
Director
Net increase / (Net decrease) in cash

(100,000)(2,269,267)

568,114

Cash and time deposits at beginning of year
Cash and time deposits at end of year

6,254,139$3,984,872

5,686,024$6,254,139(149,449)(122,789)–(9,863)(101,588)(173,019)–

The accompanying notes are an integral part of these statements.

5

International Tropical Timber Organization
Administrative AccountNotes to Financial Statements

1.

Significant Accounting Policies

See Note 2 to the financial statements of ITTO.

2.

Contributions

The contribution of each member to the administrative budget for each financial year isassessed in the same proportion as its votes bear to the total votes of all the members.
Contributions become due on the first day of each financial year. If after seven months fromthe due date a member has still not paid the full contribution, its voting rights shall besuspended until such time as it has paid in full the contribution, unless the ITTC, by special
vote, decides otherwise. Prior to December 31, 1996, interest was charged to members fordelayed payments of their contributions. The interest was calculated using the host country’s
central bank rate. Accrued interest on arrears in contributions that had been previously
charged to the members of $110,086 and $117,592 was not recorded in the financial
statements at December 31, 2013 and 2012, respectively.
The ITTC, at its Thirty-third Session, authorized the Executive Director, to write off on anannual basis, one-fifth of a Member’s arrears of the period 1986 – 1996 for any Member
which has no arrears in its contributions to the Administrative Budget in respect to its
obligations related to the year 2002 and beyond. In 2013, one Member (Togo) paid its
contribution in full and had no arrears in its contribution to the Administrative Budget inrespect of their obligation related to each year from 2002 to 2013 as of December 31, 2013.
Therefore, one-fifth of its arrears accrued in contribution for the period 1986 – 1996 in theamount of $125,908 were written off in 2013. This amount includes an additional write-off
Togo was entitled to when it had settled all its payments for the years 2002 – 2012 on 20
December 2012.

6

International Tropical Timber Organization
Administrative AccountNotes to Financial Statements (continued)

2.

Contributions (continued)

The arrears in contributions balance at December 31, 2013 consists of the following:*Prior to

Part
XXII
(2005)Part XXI
Producing members:
Benin
Bolivia
BrazilCameroon
Central African
Republic
Congo
Costa Rica
Democratic Republicof the Congo
Fiji
Gabon
Ghana
Honduras
India
Liberia (Note)
Mali
Mozambique
MyanmarNigeria
PanamaPeru
Suriname
Togo
Vanuatu
Venezuela
Consuming members:
Albania
GreeceNepal
Portugal
Republic of Korea
Russian Federation
Total

$

–
580,479
–
–

$

Part
XXIII
(2006)–
64,460––$–59,532
–
–

Part
XXIV
(2007)$–
61,083
–
–

$

Part
XXV
(2008)Part
XXVI(2009)–
68,950––$–72,10051,40874,984

$

Part
XXVII
(2010)Part
XXVIII(2011)–
78,875457,475(74,984)$–
90,575(508,883)
–

Part
XXⅨ
(2012)$Part
XXX(2013)

Total

–
–
–
–

$ 116,907–
113,136–$ 116,907
1,076,054
113,136––
400,860–

70,320––67,65063,782–

66,636
69,411–

68,95024,813–

72,10072,100–82,03082,030–97,821
81,931––(84,110)––(276,045)
8,193

525,507434,772
8,193

736,394–––
220,975–
387,804
–
–
–
4,211
–
–
223,132
149,862
34,294–73,250–––––14,064––––––41,02070,32038,090–67,650–––22,853
–
–
–
–
2,123
–
–
–
37,884–37,884–

69,412
–
–
–
–
–
–
–
–
203
–
–
–
2,140
–
36,095–

68,950
–
–
–
–
–
–
–
–
3,077
–
–
–
–
–
38,612
57,91874,984––––
38,272(59,125)––
106,708––––
68,30840,37660,56482,030
10,54258,228––(38,272)–––
138,820
82,0307,360–(104,220)(288,491)
41,015–

101,444(10,542)
101,444
30,000–101,444–––(248,833)
27,501
5,616–(111,282)–
47,09976,083

105,392

120,678

18,246(30,000)(4,936)45,792(38,790)––(2,098)–(12,976)
3,186(88,674)––(109,457)

116,907
86,90771,653
169,704
116,907
116,907
116,907
7,740––
173,832––––

1,500,184–
294,825
86,907
310,545
316,940
420,860
116,907
116,907
7,740
113,742–
177,018––
313,465
85,1082,738,011

371,524

359,358

304,980

331,270

672,779

614,468(118,582)(198,426)

1,060,334

6,135,716––––
24,720

–
–
–
–
–

–
27,060––––27,765––––27,580––––28,840––––31,550–––43,47636,23058,617
72,127–––(58,617)(72,127)–

41,828–––––41,82843,476
179,025––
24,720(130,744)

41,828289,049$(329,170) $1,102,162$6,424,765

24,720–27,06027,76527,58028,84031,550210,450$2,762,731$371,524$386,418$332,745$358,850$701,619$ 646,018$ 91,868

Note: Liberia – Reduction of arrears(a) Contributions for 1997 – 2001 were reduced by 70% in accordance with Decision 5(XLIII), Annex, item II.
(b) Contributions for 2003 – 2005 were reduced by 80% in accordance with Decision 5(XLIII), Annex, item III.

7

International Tropical Timber Organization
Administrative AccountNotes to Financial Statements (continued)

2.

Contributions (continued)
Part I to XIV(1986 – 1997)
Original
amountWrite-off in2002 – 2013

Part XV(1998)Part XVI(1999)Part XVII(2000)Part XVIII(2001)Part XIX(2002)Part XX(2003)Part XXI(2004)

Total–
32,894–$ 52,800––$ 55,680––$ 60,674––$ 580,479
400,860–(U.S. dollars)
Producing members:
Bolivia$ 351,556
Congo
330,751
Côte d’Ivoire
402,517
Democratic Republicof the Congo
339,997
Gabon
193,130
Honduras
220,975
Liberia (Note)
379,941
Nigeria–
Suriname–Togo
366,743
Vanuatu–
Consuming members:
Russian federation$–(111,510)(402,517)–
48,500–$ 59,769
51,525––(193,130)–(75,988)––(314,770)–

48,500
–
–
9,692
–
8,245
–
–

51,525––
15,458–35,03748,857–56,000––16,800–35,84016,070–59,540––17,175–36,640––57,200––––33,000––60,320––12,0644,211
34,80032,962–

63,312––
12,662–
39,570–34,294736,394–
220,975
387,804
4,211
223,132
149,862
34,294

2,585,610(1,097,915)

114,937

262,171

173,410146,249

143,000

200,037

210,5122,738,011

24,720

–

–

–

–

–

–

–

–

24,72024,720Total$2,610,330$–$(1,097,915)$–
48,700
–

$

–

–

–

–

–

–

–

24,720$114,937$262,171$173,410$146,249$143,000$200,037

210,512$2,762,731

Note: Liberia – Reduction of arrears
In 2007, contributions for 1997 – 2001 were reduced by 70% in accordance with Decision 5(XLIII), Annex, item II in the amount of $340,837.

Details of write-off of Members’ arrears incurred in the period 1986 – 1996 is as follows:
Prior to
2005

2006

Producing members:Congo
Côte d’Ivoire
Gabon
LiberiaTogo$111,510
241,510
115,878–
62,954$

Total$531,852$119,130–
80,504
38,626
–
–

2007
$

2008

2009

2010

–
80,503
–
–
–

$

–
–
38,626
–
–

$

–
–
–
–
–

$

–
–
–
–
62,954$80,503$38,626$–$ 62,954

2011
$

2012

2013

Total

–
–
–
–
62,954$–––75,988
–

$

–
–
–
–
125,907$111,510
402,517
193,130
75,988314,770$62,954$75,988$125,907$1,097,915

8International Tropical Timber Organization
Administrative AccountNotes to Financial Statements (continued)

2.

Contributions (continued)

In relation to the write-off of the above arrears in contributions, interest charged to themembers for the period from 1986 to 1996, which were not recorded in the financial
statements, were also written off. The status of interest previously charged and written-off at
December 31, 2013 is as follows:
Interest charge for arrears for the period
from 1986 to 1996
Original
Write-off in
Remaining
amount2002 – 2013balance(U.S. dollars)
Producing members:
Bolivia
Congo
Côte d’Ivoire
Democratic Republic of the Congo
Gabon
Honduras
Liberia (*)
Togo
Consuming members:
Russian federation
Total*$ 30,927
45,78641,022
15,33446,53836,23735,29518,766
269,905$–(18,315)(41,022)–(46,538)–(35,295)(18,766)(159,936)$ 30,927
27,472–
15,334–36,237––
109,970

117
117$270,022––$(159,936)

117
117$110,086

Liberia’s interest on assessed contribution from 1986 – 1996 was waived pursuant to
Decision 5 (XLII).

Contributions received in advance from Members at December 31, 2013 and 2012 are as
follows:
2012
2013(U.S. dollars)
Cameroon
Colombia
Cote d’Ivoire
Myanmar
Switzerland
Netherlands
New Zealand
Ecuador
Total

$

–
–
–
–
–
132,094–
100$132,194$110,732
14,04778
244
47,825132,094
43,849–$348,869
9

International Tropical Timber Organization
Administrative AccountNotes to Financial Statements (continued)

2.

Contributions (continued)

Assessed contributions from member countries for 2013 and 2012 were as follows:

Assessed
Budgeted receipts
Producing members:
Benin
Cambodia
Cameroon
Congo
Côte d’Ivoire
Democratic Republic of
the Congo
Ecuador
Fiji
Gabon
Ghana
Guatemala
GuyanaHonduras
India
Indonesia
Liberia
Mali
Malaysia
MexicoMozambique
MyanmarPanamaPapua New Guinea
Peru
Philippines
Togo
Trinidad and Tobago$ 116,907
82,966116,907
116,907
116,907
120,678
94,28064,110116,907
116,907
67,882
94,28071,653
169,704
422,375
116,907
116,907486,486
162,162
116,907
199,874
67,882
177,246
181,018
75,424
116,90764,1103,771,200

2013
Discount
Net(U.S. dollars)

$

2012
Net

–
3,312
5,797
–
5,797

$ 116,907
79,654111,110
116,907
111,110$–
60,224105,392
105,392
105,392

–
–
2,898
–
–
2,162
–
–
–
16,473––22,013
4,717
–
–
–
5,383
–
2,948
–
–
71,500120,678
94,28061,212
116,907
116,90765,72094,28071,653
169,704
405,902
116,907
116,907464,473
157,445
116,907
199,874
67,882
171,863
181,018
72,476116,90764,1103,699,700

105,392
52,696
52,696105,392
105,392
39,31153,60741,404105,392
299,500
105,392–
400,235
85,772–
176,908
41,404
97,864
109,156
53,607
96,248–2,503,768

10

International Tropical Timber Organization
Administrative AccountNotes to Financial Statements (continued)

2.

Contributions (continued)

Consuming members:
Albania
Australia
Austria
Belgium/Luxembourg
Bulgaria
CanadaChina
CyprusCzech Republic
Denmark
Estonia
FinlandFranceGermany
GreeceHungary
Ireland
Italy
Japan
LatviaLithuania
Luxembourg
Malta
Netherlands
New Zealand
NorwayPolandPortugal
Republic of Korea
Romania
Slovakia
Slovenia
Spain
SwedenSwitzerland
United Kingdom
United States of America

Assessed

2013
Discount
Net(U.S. dollars)$$

41,82866,92546,01162,74246,01162,742
1,008,054
41,82850,19450,194
41,82841,828133,850
79,47346,011
41,82858,559117,118
652,516
41,82841,82841,82846,011
129,667
46,011
41,82846,01162,742
267,698
41,82846,011
41,82892,02246,01150,194
108,753
301,161
4,182,800

–
3,352
2,162
3,726
–
3,559
54,970
–
–
2,549
–
1,966
7,243
4,127
2,277
–
2,948
6,418
34,720
–
–
–
–
7,265
2,162
2,277
2,359
3,312
15,112
–
–
–
4,968
2,277
2,369
5,887
15,734
193,739$

41,82863,573
43,84959,01646,011
59,183
953,084
41,82850,19447,64541,82839,862
126,607
75,34643,734
41,82855,611
110,700
617,796
41,82841,82841,82846,011
122,40243,84939,551
43,65259,430252,586
41,82846,011
41,82887,05443,73447,825
102,866
285,427
3,989,061

2012
Net

$

–
60,95239,31267,752–64,709999,456––
46,342–35,738
131,696
75,042
41,404–53,607
116,684
631,275––––
132,094
39,312
41,40442,88260,224
274,772–––
90,336
41,40443,076
107,037
286,064
3,522,574

11

International Tropical Timber Organization
Administrative AccountNotes to Financial Statements (continued)

2012
Net

2013
Discount
Net(U.S. dollars)

Assessed

Late joining members *Producing members:
Brazil
Costa Rica
Colombia
Total of budgeted receipts$

113,136
8,193
114,645
235,974
8,189,974

$

–
–
–
–
265,239$

113,136
8,193
114,645
235,974
7,924,735

$

–
–
–
–
$6,026,342

12International Tropical Timber Organization
Administrative AccountNotes to Financial Statements (continued)

2.

Contributions (continued)*

In accordance with ITTA, 2006, Article 19, Paragraph 6, “[t]he initial contribution of any
member joining the Organization after the entry into force of this Agreement shall beassessed by the Council on the basis of the number of votes to be held by that member
and the period remaining in the current financial biennium, but the assessment made uponother members from the current financial biennium shall not thereby be altered.”13International Tropical Timber Organization
Administrative AccountNotes to Financial Statements (continued)

3.

Expenditures
2013
BudgetSalaries and benefits:
Salaries
Post adjustment
Rental subsidy
Education grant
Dependence allowance
Home leave
Language allowance
Overtime
Mobility and hardship allowance
Separation benefits
Removal costs
Repatriation/Recruitment travel
Sub-Total

2012
ActualBudget(U.S. dollars)

Actual$2,353,791
1,719,894
3,506
332,524
72,197
124,521–38,961
6,116
215,646
46,16785,3794,998,702$2,189,008
1,253,970–
128,218
79,965
121,703–
19,457
9,225
98,11915,000590
3,915,255$2,470,660
1,965,217
3,058
322,653
74,313135,046–
37,11015,473
198,00744,81079,517
5,345,864$2,133,991
1,736,266–
210,427
72,55066,328–15,207
6,883
261,015
38,16639,142
4,579,974

Installation costs:
Assignment grantLump-sum benefit
Sub-Total

47,25655,178102,434–––

64,442
67,685132,127

16,094
16,62832,722

Official travel:
Transportation/Tickets
DSA and travel expenses
Sub-Total

103,750
45,783
149,533

94,81943,208138,027

125,026
48,544
173,570

88,65443,425132,080

Social security:
Provident fund
Accident/Health insurance
Japanese national scheme
Sub-Total

695,128
92,077
149,091936,296

571,137
124,569
112,232
807,938

666,148111,796111,231
889,175

569,784
97,358109,923
777,065

Special activities:
Consultants
Workshops and meetings
Other activities
Sub-Total

36,457
14,824
12,50063,781

7,950
8,000
8,647
24,59736,27814,800–51,07817,8803,286–
21,16680,11367,19878,76750,836

87,631
8,826
176,570

61,844571
129,61379,664
8,659
167,090103,573
7,270
161,678

Data processing:Computer software and servicing
Communications, user charges
and supplies
Training and staff development
Sub-Total

14

International Tropical Timber Organization
Administrative AccountNotes to Financial Statements (continued)

3.

Expenditures (continued)
2013
BudgetOther costs:
Communications
Publications
Transport
Library
Supplies
Hospitality
Bank Charges
Audit
Miscellaneous
Sub-Total$

2012
ActualBudget(U.S. dollars)

64,27037,826
101,348
14,94137,196
17,277
16,831
69,3486,426
365,463$

35,873
1,184
46,267
5,346
9,026
8,739
10,54869,3482,984
189,316$

Actual63,12947,006
99,487
14,65936,492
17,000
16,544
68,0366,314
368,667$

44,33573,00586,812
8,350
17,596
12,842
15,884
68,0362,275
329,135

Council meetings:
Costs not met by Japan
Council Session Outside Japan
Sub-Total

10,326200,000
210,326

3,056
194,264
197,319

10,159200,000
210,159

6,957
200,000
206,957

Costs met by Japan:
Staff assessment( *1)
Council meetings
Sub-Total

396,608–
396,608

307,493–
307,493

370,423–
370,423

370,502597,066
967,569

–
–

–
–

–
–

131,403
131,403

260,000
60,627
40,773
361,400

184,978
38,501
17,882
241,361

–
–
–
–

–
–
–
–

200,000
35,00040,00020,000295,000

197,000
26,67830,711
5,511
259,900

–
–
–
–
–

–
–
–
–
–

Costs met by Special Account:
Translation costs regarding
Council meetings
Sub-Total
Communication andOutreach( *2):
Publications
Outreach
ITTO Website
Sub-Total
Statistics, Studies andInformation( *2):
Market Information Services
Market Discussion
Relevant Market Studies
Work on Statistics
Sub-Total

15

International Tropical Timber Organization
Administrative AccountNotes to Financial Statements (continued)

Annual Report and Biennial
review( *2) :Annual Report

30,000

7,698

–

–

Sub-Total

30,000

7,698

–

–

Exchange loss, net–

59,927–92,876Time delay in settlingadvance payments–

12,783––––8,086,113(91,819)
24,7206,224,128––
7,708,153––
7,432,625(396,608)(307,493)(370,423)(967,569)–$7,689,505–$5,916,634–$7,337,730(131,403)$6,333,653

Gain on securities, net
Allowance expense for arrears
Total expenditures incurred
Expenditures reimbursed by
Japan
Expenditures reimbursed bySpecial AccountTotal*1 This expenditure is applied to Japanese staff only. Since actual expenditure is
reimbursable by Japan, such expenditure is not included in the budget.
*2

In accordance with ITTA, 2006, Article 19, Paragraph 2, “[t]he Administrative Accountshall include: (a) Basic administrative costs such as salaries and benefits, installation
costs, and official travel; and (b) Core operational costs such as those related tocommunication and outreach, expert meetings convened by the Council and preparationand publication of studies and assessments pursuant to articles 24, 27 and 28 of thisAgreement.”

16

International Tropical Timber Organization
Administrative AccountNotes to Financial Statements (continued)

4.

Provident FundContributions for the Provident Fund for the year 2013 and 2012 were as follows:
2013
2012
(U.S. dollars)
Contributions made during the period:
By staff members
By ITTO – Administrative Account– Other Accounts
Administrative charge paid to trustee:
From ITTO – Administrative Account– Other Accounts
Payment to an insurance company$214,701
531,726
43,651790,078$183,330
488,408
159,862
831,601

61,772
4,092
65,864$855,942

80,804
21,448102,251$933,852

The balance of net assets for the Provident Fund at December 31, 2013 and 2012 were
$8,714,592 and $8,173,328, respectively.

17

International Tropical Timber Organization
Administrative AccountNotes to Financial Statements (continued)

5.

Working Capital Account Savings from Previous Budgets

The Council in its Decision 7 (XII) created a Working Capital Account within the
Administrative Account in which to place previously paid arrears and savings for future use.
Working Capital Account savings for administrative budgets and receipts of payments ofarrears in contributions at December 31, 2013 and 2012 are as follows:
2013
2012
(U.S. dollars)
Revenues:
Contributions from member countries
Less: Arrears in contribution for current year
Expenditures, net of reimbursement
By Japan and Special AccountWorking capital savings used for current year
budgetAuthorized allocation by Council for separation costs
Transferred to Special Account for selection of
Executive Director
Working capital savings from prior year’s budgets
Receipts from members for prior year’s arrears
Working capital savings at year-end$ 7,924,735(1,381,393)
6,543,343$ 6,406,455(232,216)
6,174,239

5,916,634

6,333,653

626,708(173,019)(100,000)(159,414)––

3,198,075
279,232$ 3,830,996

2,796,103
561,386$ 3,198,075

Note:
The ITTC, through its Decision 2 (XXXIV) on the Management of the Administrative Budget,
authorized the Executive Director to use interest and dividends earned in the Administrative
Account to hire, on a temporary and intermittent basis, consultants and contractors to support
the secretariat in carrying out its duties.
2012
2013
(U.S. dollars)
The amount of interest at year end:
Brought forward
Interest and dividends during the year
Expenditures during the year

$ 396,687
131,720(122,789)$ 405,618$ 494,680
3,595(101,588)$ 396,687

18

Financial Statements of
the Special AccountInternational Tropical Timber Organization
December 31, 2013 and 2012

International Tropical Timber Organization
Special AccountFinancial Statements
December 31, 2013 and 2012

Contents
Report of Independent Auditors ............................................................................................. 1
Balance Sheets ........................................................................................................................ 2
Statements of Revenues and Expenditures ............................................................................. 3
Statements of Changes in Fund Balance ................................................................................ 4
Statements of Cash Flows ....................................................................................................... 5
Notes to Financial Statements ................................................................................................ 6

International Tropical Timber Organization
Special AccountBalance Sheets
December 31,
2013
2012
(U.S. dollars)
AssetsCash and time deposits
Arrears in voluntary contributions (Note 4):
Project Sub-AccountThematic Programmes Sub-Account
Accounts receivable:
Bali Partnership Fund AccountExecuting Agencies Account
Advances to and receivable from staff members
and others (Note 1)
Liabilities and contributions
Accounts payable:
Bali Partnership Fund AccountExecuting Agencies AccountStaff members and others
Accrued liabilities
Unappropriated fund:
Project Sub-AccountThematic Programmes Sub-AccountReserve for programme support (Note 1)
Members’ funds
Surplus of revenues over expenditures:
Project Sub-AccountAppropriated for specified projects (Note 4)
Unappropriated funds
Surplus from completed projects (Note 4)
Thematic Programmes Sub-Account:
Appropriated for specified pre-projects (Note 4)
Unappropriated funds
Surplus from completed pre-projects (Note 4)$ 5,855,068$ 6,133,674

4,155,311
364,287

5,226,958
706,618

28,839,878–

28,717,104
1,415,656

40,484$39,255,028

8,508$42,208,519$$–
31,004,323
46,124
2,699

89,28037,094,186
200
166,075

1,158,846
2,901,040
1,193,025
36,306,057

710,386
369,032
1,105,425
39,534,585

2,966,475(1,671,400)
1,646,922
2,941,997

2,227,705(1,251,852)
1,653,406
2,629,259

29,017(22,043)–6,974
2,948,971$39,255,028

66,749(22,074)–
44,6752,673,934$42,208,519

The accompanying notes are an integral part of these financial statements.
2

International Tropical Timber Organization
Special AccountStatements of Revenues and Expenditures

Year ended December 31,
2013
2012
(U.S. dollars)
Project Sub-AccountRevenues:
Voluntary contributions (Notes 2, 3 and 4)
Interest income
Dividends
Correction to prior year’s budget
Expenditures and others:
Project cost (Note 4)
Exchange loss, net
Time delay (Reversal of time delay) in settling advancepayments
Excess of revenues over expenditures

Thematic Programmes Sub-AccountRevenues:
Voluntary contributions (Notes 2, 3 and 4)
Correction to prior year’s budget
Expenditures and others:
Project cost (Note 4)
Exchange loss
Time delay (Reversal of time delay) in settling advancepayments
Excess of revenues over expenditures$ 8,767,000
33,706
149,804(341,632)
8,608,877$ 8,857,844
103,994––
8,961,839

9,261,797
4,165

10,124,658
2,908

67,004
9,332,965($724,088)

72,914
10,200,481$ (1,238,642)$ 74,586(88,074)(13,488)$ 2,078,309
2,078,309

3,072,842(30)

3,026,704
71

12,3753,085,187$ (3,098,675)(4,375)3,022,400$ (944,091)

The accompanying notes are an integral part of these financial statements.

3

(959,639)
–
–
–
–
–
–
1,698,408$ 2,966,475$$ 2,958,631–(1,607,288)
–
–
–
–
–
876,362$ 2,227,705
179,478––(599,026)––––$ (1,671,400)$$(1,247,313)(1,238,642)
1,607,288(267,560)(105,626)––––$(1,251,852)

Unappropriatedfunds

Project Sub-Account

The accompanying notes are an integral part of these financial statements.

2013
Excess of revenues over expenditures
Appropriation for specified projects
Surplus from Completed Projects
Utilization of remaining funds by donors
Transfer from unappropriated fund (liabilities)
Inter-account transaction
Transfer to/(from) Bali Partnership FundTransfer to/(from) Executing Agencies AccountMembers’ funds as of December 31, 20132012
Members’ funds as of January 1, 2012
Excess of revenues over expenditures
Appropriation for specified projects
Surplus from Completed Projects
Utilization of remaining funds by donors
Transfer from unappropriated fund (liabilities)
Inter-account transaction
Transfer to/(from) Bali Partnership FundTransfer to/(from) Executing Agencies AccountMembers’ funds as of December 31, 2012

Appropriatedfor specified
projects––
56,072(62,556)––––$ 1,646,922$$1,385,846––
267,560–––––$1,653,406

Surplus fromcompletedprojects

For the years ended December 31$ (3,098,705)
–
–
–
–
–
–
3,060,974$
29,01762,338–(944,020)–––––
948,431$
66,749

$

$

$

30
–
–
–
–
–
–
–
(22,043)(11,893)(944,091)
944,020(10,110)–––––$ (22,074)

$

$

$

–
–
–
–
–
–
–
–
–

–
–
–
10,110(10,110)
–
–
–
–
$
–

$

Thematic Programmes Sub-AccountAppropriatedSurplus fromfor specified Unappropriatedcompletedprojects
projects
fundsStatements of Changes in Fund Balance

International Tropical Timber Organization
Special Account4$ (3,878,835)–
56,072(661,582)–––
4,759,382$2,948,971$ 3,147,610(2,182,733)––(115,736)–––
1,824,793$ 2,673,934

Total

International Tropical Timber Organization
Special AccountStatements of Cash Flows

Year ended December 31,
2013
2012
(U.S. dollars)
Excess of revenues over expenditurestransferred to members’ funds$(3,822,763)$(2,182,733)

1,413,9784,016,571

Changes in assets and liabilities:
Arrears in contributions
Accounts receivable from Bali Partnership Fund
Account
Accounts receivable from Executing Agencies Account
Advance to and receivable from staff members andothers
Accrued interest on time deposits
Accounts payable to Bali Partnership Fund Account
Accounts payable to Executing Agencies Account
Accounts payable to staff members and others
Accrued Liabilities
Unappropriated fundReserve for programme support(122,774)
1,415,656(957,392)
774,373(31,976)(89,280)(6,089,863)
45,924(163,376)
2,980,467
87,60059,0294,207(1,193,551)(79)
166,075(2,149,421)(1,372,978)

Changes in members’ funds:
Transfer to/(from) Executing Agencies AccountUtilization of remaining funds by donors
Appropriated for specified project
Unappropriated funds
Surplus from completed projects
Net increase (decrease) in cash

4,759,382(661,582)(278,607)(726,514)
2,168,011
267,560(1,126,841)

6,133,674$ 5,855,068

7,260,515$ 6,133,674

Cash and time deposits at beginning of year
Cash and time deposits at end of year

The accompanying notes are an integral part of these financial statements.

5

International Tropical Timber Organization
Special AccountNotes to Financial Statements

1.

Significant Accounting Policies

See Note 2 to the financial statements of ITTO.

2.

Contributions

Cash received for contributions by countries for the years ended December 31, 2013 and 2012
are as follows:
2012

2013
Project Sub-Account:
Received from:
Government of Germany
Government of Japan (F.A.)
Government of Japan (MoFA)
Government of Republic of Korea
Government of Sweden
Government of the Netherlands
Government of U.S.A.
Common Fund for Commodities
European Commission
Administrative Account - WCA
PrivatePrivate (for other activities)
Thematic Programmes Sub-Account:
Received from:
Government of Australia
Government of Finland
Government of Japan(F.A.)
Government of The Netherlands
Government of U.S.A.
Total(U.S. dollars)$

727,308
884,096
4,543,939
40,00010,000250,000
900,000
1,535,653
100,000
31,13240,004$ 9,062,133

721,899–
6,134,843
20,000––900,000
74,001
1,781,775–
1,208
80,000$ 9,713,726$$

1,941,097–
146,125
487,882–
2,575,104$11,637,237$

386,608
63,625––50,000500,233$10,213,959

6International Tropical Timber Organization
Special AccountNotes to Financial Statements (continued)

2.

Contributions (continued)

The accumulated balance of cash received for contributions at December 31, 2013 is asfollows:
Received in
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013

Cash Received(U.S. dollars)$

2,015,449
2,359,075
4,512,761
28,552,991
11,367,530
13,657,049
14,777,664
21,532,261
17,384,781
24,458,292
18,137,365
15,122,116
13,417,709
13,054,181
15,721,129
12,433,738
9,601,789
3,250,425
6,449,698
7,296,004
8,352,459
6,687,804
14,675,509
8,825,338
9,767,374
10,213,959
11,637,237$325,261,688

7International Tropical Timber Organization
Special AccountNotes to Financial Statements (continued)

3.

Utilization of Members’ Funds by Donors AccountDuring the year ended December 31, 2013, ITTO utilized members’ funds. The details are as
follows:
Utilization of members’ fund transferred from the Administrative Account:(Project Sub-A/C)

Description

Amount transferred(U.S. dollars)

Transfer from Admin. WCA to allocate to
PP-A/49-295

100,000

Total$100,000

There was no utilization of remaining funds by donors in the Special Account during the year
ended December 31, 2013.
During the year ended December 31, 2012, ITTO utilized members’ funds. The details are as
follows:
Utilization of remaining funds by donors in the Special Account:(Project Sub-A/C)

Description
Allocation of Unearmarked Funds to
PP-A/45-249
Allocation of Unearmarked Funds to
PPD 14/00 (M)Allocation of Unearmarked Funds to
PP-A/48-285
Total

Amount transferred(U.S. dollars)$ 40,000
50,00015,626$105,626

There was no utilization of members’ fund transferred from the Administrative Accountduring the year ended December 31, 2012.

8

FOREST INDUSTRY (I)PPD 5/00 Rev.1 (I)PPD 68/03 Rev.2 (I) / C41

Sub-Total (I) :64,52280,000144,52261,452
52,402
94,50052,35879,96961,93899,27995,267
99,576
79,380776,121

REFORESTATION & FOREST MANAGEMENT (F)PPD 92/04 Rev.1 (F) C/36
PPD 94/04 Rev.1 (F) C/36
PPD 98/04 Rev.1 (F) C/37
PPD 136/07 Rev.1 (F) Spring'08
PPD 142/08 Rev.1 (F) /C44
PPD 143/09 (F) /C45
PPD 147/10 Rev.1(F) /C46
PP-F/27-62 PPD 2/99 Rev.1(F)PPD 153/11 Rev.1(F) /C47
PPD 165/12 Rev.1(F) /C48
Sub-Total (F) :--(84,505)
88,794
4,289

64,52280,000144,52261,452
52,402
94,50052,35879,96961,93899,27995,267
99,576
79,380776,121

172,000
88,794
260,794

Total 2013

FY2013

Total 2012

172,000
84,505
256,505

Title

Accumulated

BudgetAccumulated

ECONOMIC INFORMATION & MARKET INTELLIGENCE (M)PPD 14/00 (M)PPD 139/07 Rev.1 (M) Spring'08
PPD 167/13 Rev.1 (M) /C49
Sub-Total (M) :Pre-Project Sub-Account

Details of project status in Special Account for the years ended December 31, 2013 are as follows;

4. Detail of Project Status(64,522)(80,000)(144,522)(61,452)(52,402)(94,500)(52,358)(79,969)(61,938)(99,279)(95,267)(99,576)(39,380)(736,121)(171,500)(84,505)(256,005)

Total 2012

Accumulated-(40,000)(40,000)

84,505(68,794)
15,711FY2013(64,522)(80,000)(144,522)(61,452)(52,402)(94,500)(52,358)(79,969)(61,938)(99,279)(95,267)(99,576)(79,380)(776,121)(171,500)(68,794)(240,294)

Total 2013

Accumulated

Receipt--

500
20,00020,50012/31/13

Contributions at

Arrears in

64,52275,695140,21761,45249,482
89,57449,52377,01861,31796,54093,26753,576
2,918
634,666

122,849
68,342
191,191

Total 2012

Accumulated-

40,00073,500113,500

6,864
16,1637,371
30,398FY2013--(84,505)(84,505)2013

completed projects

Deletion of

Expenditure

64,52275,695140,21761,45249,482
89,57449,52377,01861,31796,54093,267
93,57676,418748,166

129,7137,371
137,084

Total 2013

Accumulated

4,305
4,305

2,920
4,926
2,835
2,951
621
2,739
2,000
6,000
2,962
27,955

9--

16,163
16,163

12/31/13

12/31/13

42,28781,423
123,710Completed
Projects at

expenditures at

Surplus fromfutureAppropriated forTitleActivities (A)PP-A/23-63
PP-A/24-71
PP-A/24-72
PP-A/29-94
PP-A/30-102 [Dec.7(XXX)]
PP-A/30-102A Staff Secondment
PP-A/30-105
PP-A/31-109
PP-A/31-110
PP-A/31-111A
PP-A/31-111C [XXXVI] Additionl
PP-A/31-112
PP-A/31-114
PP-A/32-116
PP-A/32-118
PP-A/32-119
PP-A/32-121
PP-A/32-123
PP-A/33-125 [Dec.4(XXXIII)]
PP-A/33-126
PP-A/33-126B [XXXVI]Additional
PP-A/33-127
PP-A/34-131A: C&I Add'l.Wksps
PP-A/34-131B: C&I /ITTO & ACTO
PP-A/34-131C: Country Assist.
PP-A/34-131D: C&I /Int'l Org.
PP-A/34-133 [Dec.7(XXXIV)]
PP-A/34-135 [Dec.10(XXXIV)]
PP-A/35-138 [Dec.4/35] Market
PP-A/35-139B [Dec.4/35] Guidln
PP-A/35-140A [Dec.4/35] Nat.WS
PP-A/35-140B [Dec.4/35] Supprt
PP-A/35-141 [Dec.4/35] Promotn
PP-A/35-142 [Dec.4/35] FAO/Law
PP-A/35-144 [Dec.4/35] Ex-Post
PP-A/35-145 [Dec.4/35]CSAG/TAG
PP-A/35-146 [Dec.4/35] Symposm
PP-A/35-147 [Dec.4/35] Mahogny
PP-A/36-151A [Dec.4/C35] C/36
PP-A/36-152 [Dec.4 (ix)/C36]

280,975
45,00045,000240,000
328,268
695,591
172,380
280,000
52,000264,700
220,000
174,270
2,898,490
50,00050,00050,00050,000297,980
610,000
200,000
50,000277,500
200,000
100,000
150,000
50,00066,600300,000
150,000
60,000500,000
100,000
250,000
100,000
100,000
100,000
30,000166,500
150,000
150,000

Total 2012

Accumulated

291,858-

FY2013

Budget280,975
45,00045,000240,000
328,268
695,591
172,380
280,000
52,000264,700
220,000
174,270
3,190,348
50,00050,00050,00050,000297,980
610,000
200,000
50,000277,500
200,000
100,000
150,000
50,00066,600300,000
150,000
60,000500,000
100,000
250,000
100,000
100,000
100,000
30,000166,500
150,000
150,000

Total 2013

Accumulated(280,975)(45,000)(45,000)(240,000)(328,268)(695,591)(172,380)(280,000)(52,000)(264,700)(220,000)(174,270)(2,898,490)(50,000)(50,000)(50,000)(50,000)(297,980)(610,000)(200,000)(50,000)(277,500)(200,000)(100,000)(150,000)(50,000)(66,600)(300,000)(150,000)(60,000)(500,000)(100,000)(250,000)(100,000)(100,000)(100,000)(30,000)(166,500)(150,000)(150,000)

Total 2012

Accumulated(291,858)-

FY2013(280,975)(45,000)(45,000)(240,000)(328,268)(695,591)(172,380)(280,000)(52,000)(264,700)(220,000)(174,270)(3,190,348)(50,000)(50,000)(50,000)(50,000)(297,980)(610,000)(200,000)(50,000)(277,500)(200,000)(100,000)(150,000)(50,000)(66,600)(300,000)(150,000)(60,000)(500,000)(100,000)(250,000)(100,000)(100,000)(100,000)(30,000)(166,500)(150,000)(150,000)

Total 2013

Accumulated

Receipt

12/31/13-

Contributions at

Arrears in

280,975
45,00033,708240,000
307,551695,591
144,798
277,495
49,918
243,527
86,299154,183
2,910,574
50,00049,78950,00029,386269,224
610,000
176,419
50,000277,500
200,000
99,470150,000
29,382
66,600299,769
150,000
5,946
484,401
97,609243,204
100,000
80,903100,000
30,000154,977
141,865
139,487

Total 2012

Accumulated

Notes to Financial Statements (continued)

International Tropical Timber Organization
Special Account267,691-

FY20132013-

completed projects

Deletion of

Expenditure

280,975
45,00033,708240,000
307,551695,591
144,798
277,495
49,918
243,527
86,299154,183
3,178,264
50,00049,78950,00029,386269,224
610,000
176,419
50,000277,500
200,000
99,470150,000
29,382
66,600299,769
150,000
5,946
484,401
97,609243,204
100,000
80,903100,000
30,000154,977
141,865
139,487

Total 2013

Accumulated-

10

12/31/13

12/31/13
11,292
20,717
27,5822,505
2,082
21,173
133,701
20,087
12,084211
20,61428,756
23,581
530
20,618231
54,054
15,5992,391
6,796
19,097
11,5238,135
10,513Completed
Projects at

expenditures at

Surplus fromfutureAppropriated forTitle

PP-A/37-154 [Dec.4/35]Subsidy
PP-A/37-155 [Dec.4/35] Biodiv.
PP-A/37-158A Proj.Cycle-Consul
PP-A/39-161: Recruitment of ED
PP-A/39-162A: ITTO & CITES
PP-A/39-162B: ITTO & CITES
PP-A/39-163A: Support CFP
PP-A/39-163B: GFIS
PP-A/39-164: Eval.Y'hama Plan
PP-A/39-165: Action Plan 2008
PP-A/39-165A: Thematic Program
PP-A/39-166: Outreach
PP-A/39-167: UNCTAD INFO COMM
PP-A/39-168: TAG and CSAG
PP-A/39-169: Law Enforcement
PP-A/39-170: Legality of Expts
PP-A/39-173: Timber Tracking
PP-A/39-175: Certifictn System
PP-A/39-181: FAO 2wk. course
PP-A/39-182: Forest Law AsiaWS
PP-A/39-183: Wood Bioenergy
PP-A/40-187: Parliam'tary Conf
PP-A/42-191: Forest Inventory
PP-A/43-195: FLE Workshop
PP-A/43-196: WS Publication
PP-A/43-199: Durban Workshop
PP-A/43-203: Web-based DB
PP-A/43-204: Assist Statistics
PP-A/43-205: Promote ITC, NEPD
PP-A/43-206: Investment Wksp
PP-A/43-209: Harmonize SFM
PP-A/43-211: UNFF Secondment
PP-A/43-212: UNFF8 initiative
PP-A/43-213: IUFRO-CPF-GFIS
PP-A/43-214: Outreach Activity
PP-A/43-218: Market study
PP-A/43-219: Statistics Wksp
PP-A/43-220: Timber procuremt
PP-A/43-221: Market outlook'09

20,000185,000
380,000
100,000
7,082,101
200,000
40,00040,000100,000
150,000
110,000
250,000
50,00080,000200,000
240,000
229,000
150,000
35,00050,000200,000
50,000105,000
70,00035,00070,00050,000200,000
290,000
200,000
100,000
200,000
200,000
75,000225,000
100,000
60,000143,337
140,000

Total 2012

Accumulated
1,775,657-

FY2013

Budget20,000185,000
380,000
100,000
8,857,758
200,000
40,00040,000100,000
150,000
110,000
250,000
50,00080,000200,000
240,000
229,000
150,000
35,00050,000200,000
50,000105,000
70,00035,00070,00050,000200,000
290,000
200,000
100,000
200,000
200,000
75,000225,000
100,000
60,000143,337
140,000

Total 2013

Accumulated(20,000)(185,000)(380,000)(100,000)(7,012,101)(200,000)(40,000)(40,000)(100,000)(150,000)(110,000)(250,000)(50,000)(80,000)(200,000)(240,000)(229,000)(150,000)(35,000)(50,000)(200,000)(50,000)(105,000)(70,000)(35,000)(70,000)(50,000)(200,000)(290,000)(200,000)(100,000)(200,000)(200,000)(75,000)(225,000)(100,000)(60,000)(143,337)(140,000)

Total 2012

Accumulated(1,845,657)-

FY2013(20,000)(185,000)(380,000)(100,000)(8,857,758)(200,000)(40,000)(40,000)(100,000)(150,000)(110,000)(250,000)(50,000)(80,000)(200,000)(240,000)(229,000)(150,000)(35,000)(50,000)(200,000)(50,000)(105,000)(70,000)(35,000)(70,000)(50,000)(200,000)(290,000)(200,000)(100,000)(200,000)(200,000)(75,000)(225,000)(100,000)(60,000)(143,337)(140,000)

Total 2013

Accumulated

Receipt

12/31/13-

Contributions at

Arrears in

20,000185,000
380,000
100,000
5,960,688
200,000
14,22140,000100,000
150,000
110,000
250,000
50,00080,000200,000
227,717
216,233
141,060
32,94840,279196,778
48,850102,744
70,00022,983
43,68824,274
183,938
277,538
192,692
100,000
198,353
198,81475,000225,000
99,00456,604140,313
131,701

Total 2012

Accumulated

Notes to Financial Statements (continued)

International Tropical Timber Organization
Special Account

2,125,978
5,000

FY20132013-

completed projects

Deletion of

Expenditure

20,000185,000
380,000
100,000
8,086,665
200,000
14,22140,000100,000
150,000
110,000
250,000
50,00080,000200,000
227,717
216,233
141,060
32,94840,279196,778
48,850102,744
70,00022,983
43,68824,274
183,938
277,538
192,692
100,000
198,353
198,81475,000225,000
99,00456,604140,313
136,701

Total 2013

Accumulated-

11

12/31/13

12/31/13
771,093
25,77912,283
12,767
8,940
2,052
9,721
3,222
1,150
2,256
12,01726,312
25,726
16,062
12,462
7,308
1,647
1,186
996
3,396
3,024
3,299

Completed
Projects at

expenditures at

Surplus fromfutureAppropriated forTitle

PP-A/43-222: Competitiveness
PP-A/43-223: Environmental Svc
PP-A/43-224: C&I Add. Wksp
PP-A/43-227: SFM guidelines
PP-A/43-230: Tech.&Env. Study
PP-A/43-231: Bioenergy
PP-A/43-232:Further processing
PP-A/45-241: Outreach
PP-A/45-242: Forest gov. WS
PP-A/45-243: C&I Asst.
PP-A/45-244: Initial TPAC mtg.
PP-A/45-245: Climate Change
PP-A/45-246: Conf. on Biodiv.
PP-A/45-247: Wood Prom. Tech.
PP-A/45-248: IUCN Biodiv. Guid
PP-A/45-249: CSAG-TAG('10-'11)
PP-A/45-250: 39th Exp.Panel
PP-A/45-251: 40th Exp.Panel
PP-A/46-252: IYF 2011
PP-A/45-253: Stats D-base
PP-A/46-254: FAO FLE Wksp
PP-A/46-255: Scnd.For.Guidelin
PP-A/46-256: 41st Exp. Panel
PP-A/46-257: 42nd Exp. Panel
PP-A/47-258: UN CSD('12-'13)
PP-A/47-259: Action Plan 2012
PP-A/47-260: Climate Cg.Assist
PP-A/47-261: Evaluate TP
PP-A/47-262: Wood processing
PP-A/47-263: Disseminate SME
PP-A/47-264: Natr.For.Guidelin
PP-A/47-265: GPFLR learning
PP-A/47-266: ITTO/CBD-ACTO
PP-A/47-268: 43rd Exp. Panel
PP-A/47-269: 44th Exp. Panel
PP-A/30-102B UNFF German cont.
PP-A/47-270: Outreach 2012
PP-A/48-271: Congo Basin Mtg.

150,000
110,000
200,758
300,000
60,000300,000
150,000
218,962
60,00050,00050,000200,000
200,000
100,000
76,595120,000
95,00095,000150,000
75,000200,000
24,81395,00095,000100,000
150,000
150,000
90,000250,000
100,000
130,000
100,000
1,320,224
95,00095,000347,000
50,000100,000

Total 2012

Accumulated
50,000-FY2013

Budget150,000
110,000
200,758
300,000
60,000300,000
150,000
218,962
60,00050,00050,000200,000
200,000
100,000
76,595120,000
95,00095,000150,000
75,000200,000
24,81395,00095,000100,000
150,000
150,000
90,000250,000
150,000
130,000
100,000
1,320,224
95,00095,000347,000
50,000100,000

Total 2013

Accumulated(150,000)(110,000)(200,758)(254,700)(60,000)(300,000)(150,000)(218,962)(60,000)(50,000)(40,000)(200,000)(200,000)(100,000)(76,595)(120,000)(95,000)(95,000)(150,000)(75,000)(200,000)(24,813)(95,000)(95,000)(100,000)(150,000)(100,000)(90,000)(78,755)(80,000)(130,000)(50,000)(1,320,224)(95,000)(95,000)(347,000)(50,000)(50,000)

Total 2012

Accumulated(50,000)

FY2013(150,000)(110,000)(200,758)(254,700)(60,000)(300,000)(150,000)(218,962)(60,000)(50,000)(40,000)(200,000)(200,000)(100,000)(76,595)(120,000)(95,000)(95,000)(150,000)(75,000)(200,000)(24,813)(95,000)(95,000)(100,000)(150,000)(100,000)(90,000)(78,755)(80,000)(130,000)(50,000)(1,320,224)(95,000)(95,000)(347,000)(50,000)(100,000)

Total 2013

Accumulated

Receipt

50,000171,245
70,00050,000-45,30010,000-12/31/13

Contributions at

Arrears in

150,000
55,125
173,310260,766
53,925
297,700
131,772
218,962
42,832
48,73836,146200,000
187,841
100,000
60,65567,011
59,43966,915150,000
12,359178,213
19,293
72,66565,214
71,114150,000
1,488
50,221
20,522
9,203
111,783
5,752
151,983
78,064
69,66768,42026,456
6,522

Total 2012

Accumulated

Notes to Financial Statements (continued)

International Tropical Timber Organization
Special Account(6,066)
2,748
40,73634,013
14,503376
7,856
12,863
24,104
12,574
12,55450,03325,333272,915
14,207
67,122FY20132013-

completed projects

Deletion of

Expenditure

150,000
55,125
173,310
254,700
53,925
297,700
134,520
218,962
42,832
48,73836,146200,000
187,841
100,000
60,655
107,747
59,43966,915150,000
46,372
192,717
19,293
72,66565,21471,490150,000
9,343
63,08344,626
21,777
124,337
5,752
202,016
78,06495,000341,335
40,66373,644

Total 2013

Accumulated-

12

12/31/13

12/31/13
54,87527,44845,3006,075
2,300
15,48017,168
1,262
13,854
12,15915,94012,25335,561
28,08528,628
7,283
5,520
22,33529,78628,510140,657
26,917205,374
128,223
5,663
94,2481,118,208
16,936
5,665
9,337
26,356

Completed
Projects at

expenditures at

Surplus fromfutureAppropriated forTitle31,457,538

Sub-Total (Co-finance) :Total 2012

Accumulated

Total of Pre-Project Sub-Account:

Sub-Total (A) :50,00050,00025,000116,588
50,00030,00030,000150,000
90,00080,00025,00040,00035,000155,626
97,44329,537,701

Total 2012

91,96533,22450,00020,0008,000
237,500
302,000
742,689Co-finance
PP-A/26-79 (Shifted to BPF)
pp-a/29-095 (BPF Activity)
pp-a/29-96 (BPF Activity)
pp-a/29-97 (BPF Activity)
pp-a/30-103 (BPF Activity)
pp-a/31-111b (BPF Activity)
PP-A/32-122 (Shifted to BPF)

Title

PP-A/48-272: C&I for SFM WS
PP-A/48-273 Exp.Mtg review C&I
PP-A/48-274 Int'l C&I Mtgs.
PP-A/48-275 Env.Svcs. Forum
PP-A/48-276 GPFLR '13-'14
PP-A/48-277 Fire Conf. 2013
PP-A/48-278 Side events '13-14
PP-A/48-279 Lessons learned WS
PP-A/48-280 Development of EDP
PP-A/48-281CSAG-TAG 2013-14
PP-A/48-282 Involvement in CPF
PP-A/48-283 Stats enhancement
PP-A/48-284 Prep. guidelines
PP-A/48-285 45th&46th EP, 2013
PP-A/48-286 Resource mobiliztn
PP-A/49-287 BWP2 Credit Scheme
PP-A/49-288 BWP14b Ptcp. GPFLR
PP-A/49-292 BWP35c GuidelineWS
PP-A/49-293 BWP35c Latin Am WS
PP-A/49-294 BWP54 Fundraising
CODE NOT FOUND 49295

Accumulated

3,086,548

FY2013

Budget30,000115,794
20,000100,000
245,000
90,00095,15025,00035,00075,00033,800100,000
3,082,259

FY2013

Budget34,544,086

91,96533,22450,00020,0008,000
237,500
302,000
742,689

Total 2013

Accumulated

50,00050,00055,000232,382
50,00050,000130,000
395,000
180,000
80,00025,00040,00035,000155,626
97,443
95,15025,00035,00075,00033,800100,000
32,619,960

Total 2013

Accumulated(30,693,050)(91,965)(33,224)(50,000)(20,000)(8,000)(237,500)(302,000)(742,689)

Total 2012

Accumulated(25,000)(25,000)(25,000)(116,588)(50,000)(30,000)(150,000)(90,000)(25,000)(40,000)(35,000)(155,626)(28,813,713)

Total 2012

Accumulated(3,076,421)

FY2013(33,769,471)(91,965)(33,224)(50,000)(20,000)(8,000)(237,500)(302,000)(742,689)

Total 2013

Accumulated(50,000)(50,000)(55,000)(166,588)(50,000)(30,000)(30,000)(395,000)(90,000)(80,000)(25,000)(40,000)(35,000)(155,626)(97,443)(95,150)(25,000)(35,000)(27,024)(100,000)(31,865,846)

Total 2013

Receipt(25,000)(25,000)(30,000)(50,000)(30,000)(245,000)(80,000)(97,443)(95,150)(25,000)(35,000)(27,024)(100,000)(3,052,132)

FY2013

Accumulated

Receipt

774,615

12/31/13

Contributions at

Arrears in

754,115

65,79420,000100,000
90,00047,97633,80012/31/13

Contributions at

Arrears in

26,262,429

543,041
33,22450,00020,0008,000
237,500
302,000
1,193,765

Total 2012

Accumulated

3,262
3,262
3,262
8,685
5,871
3,914
19,565
11,739
3,261
5,218
4,565
7,941
24,102,590

Total 2012

Accumulated

Notes to Financial Statements (continued)

International Tropical Timber Organization
Special Account3,469,071

FY2013

2013-(84,505)2013

completed projects

Deletion of

Expenditure

3,262
3,262
13,039(33,170)
26,053
4,744
3,913
105,539
15,442
10,43519,01930,43578,07331,19812,4103,261
10,196
3,525
3,325,173

FY2013completed projects

Deletion of

Expenditure

29,646,995

543,041
33,22450,00020,0008,000
237,500
302,000
1,193,765

Total 2013

Accumulated

6,524
6,524
16,301(24,485)
31,924
8,658
3,913
125,104
27,181
10,435
3,261
24,23735,00086,014
31,19812,4103,261
10,196
3,525
27,427,763

Total 2013

Accumulated

12/31/13

12/31/13

5,348,167

-

-

13

16,163

12/31/13

12/31/13-

Completed
Projects at

expenditures at

Surplus fromfutureAppropriated for

43,47643,476
38,699256,867
18,076
41,342126,087
269,896
152,819
69,565
21,73915,76369,612
66,24682,74021,73924,804
71,47533,800100,000
5,192,197

Completed
Projects at

expenditures at

Surplus fromfutureAppropriated forTitleSub-Total (M) :REFORESTATION & FOREST MANAGEMENT (F)PD 28/00 Rev.2 (F) (ITTC30)
PD 37/00 Rev.1 (F)PD 53/00 Rev.3 (F) C/32
PD 54/00 Rev.4 (F) C/32
PD 63/01 Rev.2 (F) C/32
PD 66/01 Rev.1 (F) C/31
PD 165/02 Rev.3 (F) C/35
PD 197/03 Rev.2 (F) C/35
PD 217/03 Rev.7 (F) C/37
PD 248/03 Rev.4 (F) C/37
PD 256/03 Rev.1 (F) C/35
PD 359/05 Rev.1 (F)PD 367/05 Rev.2 (F) /C41
PD 377/05 Rev.3 (F)PD 396/06 Rev.2 (F) /C41
PD 419/06 Rev.3 (F) /Spring'08
PD419/06R.3(F)-EXT.TICAD/SP'13
PD 424/06 Rev.2 (F) /Spring'08
PD 426/06 Rev.1 (F) /C41
PD 428/06 Rev.2 (F) /C44
PD 438/06 Rev.2 (F)PD 441/07 Rev.2 (F) /C44
PD 450/07 R.2 (F,I) SP'10
PD 451/07 Rev.1 (F)/C42
PD 454/07 Rev.3 (F) /C46

PD 168/02 Rev.1 (M) C/33
PD 182/03 Rev.2 (M) C/37
PD 479/07 Rev.2 (M) /C44
PD 480/07 Rev.2 (M) /C44
PD 47/98 Rev.2 (M)PD 599/11 Rev.1 (M) /C47
PD 620/11 Rev.1 (M) /C47
PD 621/11 Rev.3 (M) /C48
PD 678/12 Rev.1 (M) /C48
PD 692/13 Rev.1 (M) /C49

ECONOMIC INFORMATION & MARKET INTELLIGENCE (M)Project Sub-Account563,265594,678
342,795
378,584
301,570
770,751
526,401
317,093
139,898
577,800
301,750
942,166
143,856
421,060
508,234
912,764
429,138
507,903502,978
547,917463,115
402,516
1,092,960
513,527

243,594
285,768
596,419
263,520
271,198
497,930
599,872
349,032
398,704
3,506,037

Total 2012

Accumulated

1,800,000(502,978)-727,308
290,541
1,017,849

2013

Budget563,265594,678
342,795
378,584
301,570
770,751
526,401
317,093
139,898
577,800
301,750
942,166
143,856
421,060
508,234
912,764
1,800,000
429,138
507,903547,917463,115
402,516
1,092,960
513,527

243,594
285,768
596,419
263,520
271,198
497,930
1,327,181
349,032
398,704
290,541
4,523,887

Total 2013

Accumulated(563,265)(594,678)(342,795)(243,687)(301,570)(770,751)(526,401)(317,093)(139,898)(577,800)(301,750)(942,166)(143,856)(421,060)(508,234)(912,764)(429,138)(507,903)(502,978)(547,917)(463,115)(402,516)(1,092,960)(513,527)(243,594)(285,768)(596,419)(263,520)(271,198)(497,930)(434,530)(149,032)(2,741,991)

Total 2012

Accumulated(1,800,000)
502,978-(727,308)(200,000)(398,704)(84,833)(1,410,845)

2013(563,265)(594,678)(342,795)(243,687)(301,570)(770,751)(526,401)(317,093)(139,898)(577,800)(301,750)(942,166)(143,856)(421,060)(508,234)(912,764)(1,800,000)(429,138)(507,903)(547,917)(463,115)(402,516)(1,092,960)(513,527)(243,594)(285,768)(596,419)(263,520)(271,198)(497,930)(1,161,839)(349,032)(398,704)(84,833)(4,152,837)

Total 2013

Accumulated

Receipt

134,897-

165,342
205,708
371,050

12/31/13

Contributions at

Arrears in

552,324594,678
311,869
219,822
279,118
749,856
506,401
280,569
135,246
565,088259,595
928,784
126,915
344,401
481,282
817,541
288,281
487,574
474,171509,533
225,164
224,746
1,077,044
113,071

230,315
285,320586,516
260,766
271,198
36,903287,919
11,0391,969,975

Total 2012

Accumulated

Notes to Financial Statements (continued)

International Tropical Timber Organization
Special Account

7,712
43,253
8,252
22,849595,442
78,61813,80757,62295,0002,214(805)
171,000
650,382
75,275
169,745
7,132
1,072,729

2013(487,978)--projects 2013

completed

Deletion of

Expenditure552,324594,678
311,869
219,822
279,118
749,856
506,401
280,569
135,246
572,800
259,595
928,784
126,915
387,654489,534
840,390
595,442366,899
487,574
509,533
282,786
319,746
1,077,044
115,285

229,510285,320586,516
260,766
271,198
207,903
938,301
86,314
169,7457,132
3,042,704

Total 2013

Accumulated

10,94130,926
158,762
22,452
20,89520,00036,5244,652
5,000
42,155
13,382
16,941
33,406
18,70072,374
1,204,558
62,23920,32938,384
180,329
82,77015,916398,242--14

12/31/13

12/31/13

14,084
448
9,903
2,754
290,027
388,880
262,718
228,959
283,409
1,481,183

completedprojects at

expenditures at

Surplus fromfor future

AppropriatedTitlePD 456/07 Rev.4 (F) /C47
PD 459/07 Rev.1 (F) /C44
PD 460/07 R.2 (F) Ph.I /SP'10
PD 470/07 Rev.1 (F) /C44
PD 482/07 Rev.2 (F) /C44
PD 492/07 Rev.3 (F) /C44
PD 501/08 Rev.1 (F) /C45
PD 507/08 Rev.1 (F) /C44
PD 519/08 Rev.1 (F) /C44
PD 528/08 Rev.1 (F) /C45
PD 534/08 Rev.1 (F) /C46
PD 539/09 Rev.1 (F) /C45
PD 552/09 Rev.1 (F) /C45
PD 577/10 Rev.1 (F) /C46
PD 583/10 Rev.1 (F) /C46
PD 586/10 Rev.1 (F) /C46
PD 590/10 Rev.1 (F) /C46
PD 21/98 Rev.2 (F)PD 24/98 Rev.2 (F)PD 62/99 Rev.3 (F)PD 495/08 Rev.4 (F) /C47
PD 530/08 Rev.3 (F) /C47
PD 564/09 Rev.1 (F) SP'11
PD 584/10 Rev.2 (F) /C47
PD 617/11 Rev.1 (F) /C47
PD 622/11 Rev.1 (F) /C47
PD 477/07 Rev.4 (F) /C48
PD 581/10 Rev.2 (F) /C48
PD 635/12 Rev.2 (F) /C48
PD 653/12 Rev.1 (F) /C48
PD 668/12 Rev.1 (F) /C48
PD 673/12 Rev.1 (F) /C48
PD 682/13 Rev.1 (F) /C49
PD 696/13 Rev.2 (F) /C49
PD 710/13 Rev.1 (F) /C49
PD 601/11 Rev.3 (F) /C49
PD 602/11 Rev.3 (F) /C49

Sub-Total (F) :4,408,557
593,163
277,333
209,574
470,108
676,231353,435
396,310814,590465,264
424,837
149,710644,8142,051,039
149,796
414,104
517,563
647,517
177,610543,892
492,588569,665
149,904
162,788
1,283,191
149,958
338,256
345,840
517,450
245,272
641,639
464,033
31,948,750

Total 2012

Accumulated(277,333)(470,108)(676,231)(149,796)(149,904)(341,632)
149,744
310,576
479,976496,290
350,4021,019,006

2013

Budget4,408,557
593,163
209,574
353,435
396,310814,590465,264
424,837
149,710644,8142,051,039
414,104
517,563
647,517
177,610543,892
492,588569,665
162,788941,559
149,958
338,256
345,840
517,450
245,272
641,639
464,033
149,744
310,576
479,976496,290
350,40232,967,756

Total 2013

Accumulated(3,664,392)(593,163)(277,333)(209,574)(470,108)(676,231)(353,435)(396,310)(814,590)(465,264)(424,837)(149,710)(644,814)(2,051,039)(149,796)(414,104)(517,563)(647,517)(177,610)(543,892)(492,588)(569,665)(149,904)(162,788)(591,559)(149,958)(274,760)(200,000)(28,300,326)

Total 2012

Accumulated(226,290)
277,333
470,108
676,231
149,796
149,904(350,000)(338,256)(345,840)(242,690)(245,272)(441,639)(464,033)(6,223)(50,000)(2,283,893)

2013(3,890,682)(593,163)(209,574)(353,435)(396,310)(814,590)(465,264)(424,837)(149,710)(644,814)(2,051,039)(414,104)(517,563)(647,517)(177,610)(543,892)(492,588)(569,665)(162,788)(941,559)(149,958)(338,256)(345,840)(517,450)(245,272)(641,639)(464,033)(6,223)(50,000)(30,584,219)

Total 2013

Accumulated

Receipt

517,875
149,744
310,576
479,976490,067
300,4022,383,537

12/31/13

Contributions at

Arrears in

Notes to Financial Statements (continued)

480,652
572,843
268,995
15,560449,746627,590
341,082
221,131575,338
270,802247,364
131,210316,335
553,002124,796244,242
297,500
552,271
168,890
470,189
36,860191,949
149,904
66,84943,81945,37620
20,373
14,71532
18,052,508

Total 2012

AccumulatedInternational Tropical Timber Organization
Special Account457,522
3,731
5,338
65,00020,362
48,641
5,384
73,01080,61896,00090,429506,529
25,00062,83961,75650,1096,145
194,726
80,00078,581
182,273
60,00029,368
169,933
22,321
118,392
32,743
195,510461
5,190
3,752,680

2013(274,333)(470,108)(676,231)(149,796)(149,904)(2,208,350)

projects 2013

completed

Deletion of

Expenditure938,173576,574
80,560341,082
226,515
648,348
351,420
343,364
131,210
406,764
1,059,531
307,082359,257
602,380
168,890476,334
231,586
271,949
145,430
226,092
105,376
29,388
169,933
42,694
118,392
47,458
195,542461
5,190
19,596,838

Total 2013

Accumulated

15

23,641023,641-

12/31/13

12/31/13
3,470,384
16,589129,014
12,353
169,795
166,242
113,844
81,47318,500238,050
991,508
107,022
158,306
45,1378,720
67,558261,002297,716
17,358715,467
44,582308,868
175,907474,756
126,880
594,181
268,491
149,744
310,576
479,976495,829345,212
13,370,917

completedprojects at

expenditures at

Surplus fromfor future

AppropriatedTitle49,391,347

Sub-Total (I) :Total of Project Sub-Account:

Total 2012

214,364
463,670
314,678
516,927354,672
292,522398,517
278,640
490,374
605,094
2,433,135
317,149
622,191
216,017
31,210448,362
537,095
74,5205,327,423
13,936,560

FOREST INDUSTRY (I)PD 364/05 Rev.4 (I) /C43
PD 384/05 Rev.3 (I) /C41
PD 385/05 Rev.4 (I,F)
PD 433/06 Rev.3 (I) /C45
PD 448/07 Rev.2 (I) /C44
PD 506/08 Rev.1 (I) /C44
PD 512/08 Rev.2 (I) /C45
PD 513/08 Rev.1 (I) /C45
PD 521/08 Rev.3 (I) /C46
PD 523/08 Rev.1 (I) /C45
PD 687/13 Rev.1 (I) /C49
PD 722/13 Rev.1 (I) /C49
PD 01/93 Rev.1 (M,F,I)
PD 39/93 Rev.4 (I)PD 58/97 Rev.1 (I)
pd 13/99 (mfi) rev.2 ph.2 BPF
PD 457/07 Rev.5 (I) /C46
PD 540/09 Rev.2 (I) /C47
PD 600/11 Rev.1 (I) 2011
PD 39/93 Rev.4 (I) Ph.II AU'10
Freezailah Fellowship Fund

Accumulated

1,355,003(314,678)(354,672)(398,517)(605,094)
250,068
226,041
515,000(681,852)

2013

Budget50,746,350

214,364
463,670
516,927
292,522
278,640
490,374
250,068
226,041
2,433,135
317,149
622,191
216,017
31,210448,362
537,095
74,5205,842,423
13,254,708

Total 2013

Accumulated(41,956,494)(354,672)(398,517)(555,094)(2,433,135)(317,149)(622,191)(216,017)(31,210)(448,362)(537,095)(74,520)(4,926,215)(10,914,177)

Total 2012

Accumulated(5,409,160)(214,364)(463,670)(516,927)
354,672(292,522)
398,517(278,640)(490,374)
555,094(50,000)(716,208)(1,714,422)

2013(47,365,655)(214,364)(463,670)(516,927)(292,522)(278,640)(490,374)(50,000)(2,433,135)(317,149)(622,191)(216,017)(31,210)(448,362)(537,095)(74,520)(5,642,423)(12,628,599)

Total 2013

Accumulated

Receipt

3,380,696

200,068
226,041
200,000
626,109

12/31/13

Contributions at

Arrears in

31,485,548

209,266
438,495
314,678
186,257
332,941
231,878359,202263,236
402,176
582,1112,392,832
311,774
619,194
216,017
31,21090,34639,78654,5204,387,146
11,463,065

Total 2012

Accumulated

Notes to Financial Statements (continued)

International Tropical Timber Organization
Special Account6,314,343

5,097
147,711
21,73137,82968,805
19,796
5,357
190,987
140,070
851,551
1,488,934

2013(3,876,638)(314,678)(354,672)(397,031)(601,907)(1,668,288)

projects 2013

completed

Deletion of

Expenditure

33,923,253

214,364
438,495
333,968
231,878
263,236
470,982
5,357
2,392,832
311,774
619,194
216,017
31,210281,333
179,856
54,5205,238,697
11,283,711

Total 2013

Accumulated

16,823,097

16

39,909

9,551
6,053
663
16,26812/31/13

12/31/13
25,175
182,959
60,644
15,404
19,392
244,711226,041
40,304
5,375
2,997
167,029357,239
20,000603,726
1,970,997

completedprojects at

expenditures at

Surplus fromfor future

AppropriatedECONOMIC INFORMATION & MARKET INTELLIGENCE (M)
TFL-PD 003/09 Rev.2 (M)/03'10
TFL-PD 007/09 Rev.1 (M)/03'10
TFL-PD 010/09 Rev.1 (M)/03'10
TFL-PD 014/09 Rev.1 (M)/03'10
TFL-PD 017/09 Rev.2 (M)/SP'10
TMT-SPD 002/10 Rev.1 (M)/SP'10
CFM-PPD005/10 Rev.1 (M)/SP'10
TFL-PD 019/10 Rev.2 (M)/SP'10
TFL-PD 024/10 Rev.2 (M)/SP'10
TMT-PD 006/11 Rev.3 (M)/SP'11
RED-PD 045/11 Rev.2 (M)/SP'11
TMT-SPD004/11 R.2(M)/SP'11
TMT-SPD 010/12 Rev.1 (M)/SP'12
TMT-SPD 011/12 Rev.2 (M)/SP'12
TMT-SPD 012/12 Rev.1 (M)/SP'12
TMT-SPD 013/12 Rev.1 (M)/SP'12
TFL-SPD 028/12 Rev.1 (M)/SP'12
TFL-SPD 029/12 Rev.1 (M)/SP'12
TFL-SPD 030/12 Rev.1 (M)/SP'12
TFL-PPD 040/13 Rev.2 (M)/2013
TFL-PPD 001/09 Rev.2 (M)/03'10 Closed '12
Sub-Total (M) :Title

Thematic Programmes Sub-Account365,526
163,039
474,163
302,562
322,056
150,000
31,104
496,670
563,339
320,920
470,683
359,716
138,033
138,996
111,931150,000
147,701
137,941
131,236
4,975,616

Total 2012

Accumulated

74,586
74,586FY2013

Budget365,526
163,039
474,163
302,562
322,056
150,000
31,104
496,670
563,339
320,920
470,683
359,716
138,033
138,996
111,931150,000
147,701
137,941
131,236
74,586
5,050,202

Total 2013

Accumulated(365,526)(163,039)(474,163)(302,562)(322,056)(150,000)(31,104)(203,391)(150,000)(320,920)(470,683)(359,716)(138,033)(138,996)(111,931)(150,000)(147,701)(137,941)(131,236)(4,268,998)

Total 2012

Accumulated(266,883)(75,448)(74,586)(416,917)

FY2013(365,526)(163,039)(474,163)(302,562)(322,056)(150,000)(31,104)(470,274)(225,448)(320,920)(470,683)(359,716)(138,033)(138,996)(111,931)(150,000)(147,701)(137,941)(131,236)(74,586)(4,685,915)

Total 2013

Accumulated

Receipt

26,396
337,891364,287

121,198
163,039454,970
206,534
229,392
124,787
2,304
277,740
113,969
124,117
122,977
29,004
10,225
10,296
8,291
37,257
10,941
10,2189,721
2,066,979

907
907
75,61715,804(2,304)
193,897
112,632
177,626
141,556
220,31470,05968,74059,62078,87025,02837,028
7,991
1,284,294-

Total 201212/31/13

2013

completed projects

Accumulated

Contributions at
FY2013

Deletion of

Expenditure
Arrears in

Notes to Financial Statements (continued)

International Tropical Timber Organization
Special Account122,105
163,039454,970
207,441305,009140,592
471,637
226,601
301,744
264,533
249,318
80,284
10,29677,031
96,877
89,81135,246
46,7497,991
3,351,272

Total 2013

Accumulated

-

-

17

12/31/13

12/31/13

243,421
19,193
95,121
17,047
9,408
25,033
336,738
19,176
206,150
110,398
57,749128,700
34,90053,12357,890102,695
84,487
66,595
1,667,826

Completed
Projects at

expenditures at

Surplus fromfutureAppropriated forTitle60,116
60,116

14,747,435

Total of Thematic Programmes Sub-Account:

97,180400,680
56,97082,080447,071
149,493356,519
149,040
476,820
658,716
1,124,784
465,151
122,040
149,229200,000
478,894
415,384
590,922571,890
113,373
144,650
73,61381,864
149,922
253,120
142,110504,317
143,510
101,117
145,800
121,662
146,751
149,922
149,904
297,205
9,711,703

Total 2012

Sub-Total (I) :Forest Industry (I)TMT-PA 007/11 Rev.1 (I)/SP'11

REFORESTATION & FOREST MANAGEMENT (F)RED-A 004/09 Rev.1 (F)/11'09
RED-PD 005/09 Rev.2 (F)/02'10
TFL-PPD 005/09 Rev.1 (F)/11'09
RED-PPD 006/09 Rev.2 (F)/02'10
RED-PD 007/09 Rev.2(F)/03'10
RED-PD 009/09 Rev.2(F)/03'10
RED-PD 018/09 Rev.1(F)/02'10
RED-PD 020/09 Rev.1(F)/03'10
RED-A 023/09 Rev.1 (F)/02'10
RED-PD 026/09 Rev.1 (F)/02'10
RED-PD 029/09 Rev.1 (F)/03'10
CFM-PD 001/10 Rev.1 (F)/SP'10
CFM-PPD006/10 Rev.1 (F)/SP'10
CFM-SPD007/10 Rev.1 (F)/SP'10
CFM-PA 009/10 Rev.2 (F)/SP'10
RED-PD 031/11 Rev.1 (F)/SP'11
RED-PD 033/11 Rev.3 (F)/SP'11
RED-PD 037/11 Rev.2 (F)/SP'11
RED-PD 038/11 Rev.3 (F)/SP'11
RED-SPD 039/11 Rev.1 (F)/SP'11
RED-PPD 041/11 Rev.2 (F)/SP'11
RED-PPD 050/11 Rev.1 (F)/SP'11
RED-PPD 051/11 Rev.1 (F)/SP'11
RED-SPD 055/11 Rev.1 (F)/SP'11
RED-PA 056/11 Rev.1 (F)/SP'11
RED-SPD 058/11 Rev.2 (F)/SP'11
RED-PD 064/11 Rev.2 (F)/SP'11
RED-PA 069/11 Rev.1 (F)/SP'11
RED-PPD 074/12 Rev.1 (F)/SP'12
RED-SPD 075/12 Rev.1 (F)/SP'12
RED-SPD 077/12 Rev.1 (F)/SP'12
RED-SPD 079/12 Rev.1 (F)/SP'12
RED-SPD 084/12 Rev.1 (F)/SP'12
RED-SPD 092/12 Rev.1 (F)/SP'12
RED-SPD 093/12 Rev.3 (F)/'12
Sub-Total (F) :Accumulated

17,616-(56,970)(56,970)

FY2013

Budget

14,765,051

60,116
60,116

97,180400,680
82,080447,071
149,493356,519
149,040
476,820
658,716
1,124,784
465,151
122,040
149,229200,000
478,894
415,384
590,922571,890
113,373
144,650
73,61381,864
149,922
253,120
142,110504,317
143,510
101,117
145,800
121,662
146,751
149,922
149,904
297,205
9,654,733

Total 2013

Accumulated(14,040,817)(60,116)(60,116)(97,180)(400,680)(56,970)(82,080)(447,071)(149,493)(356,519)(149,040)(476,820)(658,716)(1,124,784)(465,151)(122,040)(149,229)(200,000)(478,894)(415,384)(590,922)(571,890)(113,373)(144,650)(73,613)(81,864)(149,922)(253,120)(142,110)(504,317)(143,510)(101,117)(145,800)(121,662)(146,751)(149,922)(149,904)(297,205)(9,711,703)

Total 2012

Accumulated(359,947)-

56,97056,970FY2013(14,400,764)(60,116)(60,116)(97,180)(400,680)(82,080)(447,071)(149,493)(356,519)(149,040)(476,820)(658,716)(1,124,784)(465,151)(122,040)(149,229)(200,000)(478,894)(415,384)(590,922)(571,890)(113,373)(144,650)(73,613)(81,864)(149,922)(253,120)(142,110)(504,317)(143,510)(101,117)(145,800)(121,662)(146,751)(149,922)(149,904)(297,205)(9,654,733)

Total 2013

Accumulated

Receipt--

364,287

12/31/13

Contributions at

Arrears in

7,383,948

37,91637,916

92,930390,834
4,280
82,080447,071
127,204
285,702
149,040
474,591
367,593552,537
338,025
79,040124,533
200,000
191,439
233,081
193,772
162,4388,398
81,034
8,781
66,39071,105
188,448
10,527
187,357
76,5109,388
10,8209,012
10,870
11,105
11,10422,0155,279,053

Total 2012

Accumulated

Notes to Financial Statements (continued)

International Tropical Timber Organization
Special Account3,072,842-(4,280)13,80553,736
2,229
119,773
308,318
82,83943,00013,175(7,315)
179,851
84,744
5,560
116,022
63,616
12,80078,81742,50940,00070,222
90,84030,202
34,53965,56843,980203,998
1,788,549

FY2013
2013

-

-

-

completed projects

Deletion of

Expenditure

10,456,790

37,91637,916

92,930390,834
82,080447,071
141,009339,439
149,040
476,820
487,366
860,855
420,864
122,040
137,708
192,685
371,291
317,825
199,332
278,460
8,398
144,650
8,781
79,190149,922230,957
10,527
187,357
116,510
79,610101,659
39,21445,40976,67355,084226,013
7,067,602

Total 2013

Accumulated

4,277,157

22,20022,200

-

-

-

18

12/31/13

12/31/13

4,250
9,846
8,484
17,080171,350
263,929
44,287
11,521
7,315
107,603
97,559391,590
293,430
104,975
64,832
2,674
22,163
131,583
316,960
27,00021,50744,141
82,448101,342
73,24994,82071,192
2,587,132

Completed
Projects at

expenditures at

Surplus fromfutureAppropriated forFinancial Statements of
the Bali Partnership Fund AccountInternational Tropical Timber Organization
December 31, 2013 and 2012

International Tropical Timber Organization
Bali Partnership Fund AccountFinancial Statements
December 31, 2013 and 2012

Contents
Report of Independent Auditors ............................................................................................. 1
Balance Sheets ........................................................................................................................ 2
Statements of Revenues and Expenditures ............................................................................. 3
Statements of Changes in Fund Balance ................................................................................ 4
Statements of Cash Flows ....................................................................................................... 5
Notes to Financial Statements ................................................................................................ 6

International Tropical Timber Organization
Bali Partnership Fund AccountBalance Sheets

December 31,
2013
2012
(U.S. dollars)
AssetsCash and time deposits
Arrears in voluntary contributions (Note 5)
Accounts receivable from Executing Agencies Account
Advances to and receivable from staff members andothers (Note 1)
Liabilities and contributions
Accounts payable to Special Account
Accounts payable to staff members and others
Accrued liabilities
Reserve for programme support
Members’ funds
Surplus of revenues over expenditures:
Appropriated for specified projects (Note 5)
Unappropriated funds
Surplus from completed projects (Note 5)
Total Members’ funds

$

5,430
631,80229,293,122

$

5,430
31,80229,506,685–$29,930,354

5,540$29,549,457$28,839,878
7,206
793
1,299
28,849,175$28,627,824
1,056
28,192–28,657,072

4,284,790(3,815,461)
611,850
1,081,179$29,930,354

4,300,019(3,998,978)591,345892,385$29,549,457

The accompanying notes are an integral part of these statements.

2

International Tropical Timber Organization
Bali Partnership Fund AccountStatements of Revenues and Expenditures

Year ended December 31,
2013
2012
(U.S. dollars)
Revenues:
Voluntary contributions (Notes 2, 4 and 5)
Interest income (Note 3)
Dividends(Note 3)
Expenditures and others:
Project cost (Note 5)
Exchange loss, net
Time delay (Reversal of time delay) in settling advancepayments
Excess of expenditures over revenues$ 631,132
33,707
149,804
814,643$ 177,158
104,046－
281,204

216,152(7)

1,301,025
66

17,490233,636$ 581,007(142,235)
1,158,856$ (877,652)

The accompanying notes are an integral part of these statements.

3

International Tropical Timber Organization
Bali Partnership Fund AccountStatements of Changes in Fund Balance
For the years ended December 31

Appropriatedfor specified
projects
2012
Member’s funds as of January 1, 2012
Excess of expenditures over revenues
Appropriated for specified project
Utilization of remaining funds by donors
Transfer to surplus from completed projectTransfer to/from unappropriated fundTransfer to/from Special AccountTransfer to/from Executing Agencies
Account
Other
Members’ funds as of December 31, 2012
2013
Excess of expenditures over revenues
Appropriated for specified project
Utilization of remaining funds by donors
Transfer to surplus from completed projectTransfer to/from unappropriated fundTransfer to/from Special AccountTransfer to/from Executing Agencies
Account
Other
Members’ funds as of December 31, 2013

Surplus from
Unappropriatedcompletedfunds
projects(U.S. dollars)

Total$ 4,158,762–(1,341,100)––––$(4,179,961)(877,652)
1,341,100
77,003(359,469)––

1,482,356–––$ 4,300,019–$(3,998,978)–$ 591,345$ 376,985
–
–
–
–
–

$ 183,517
–
–
–
–
–

$

(392,214)–$ 4,284,790$

308,879–––
359,469(77,003)–$287,681(877,652)–
77,003–(77,003)–
1,482,356$–
892,385–––
20,506––$ 560,502––
20,506––––(392,214)–$(3,815,461)–$ 611,850$–
1,081,179

The accompanying notes are an integral part of these statements.

4International Tropical Timber Organization
Bali Partnership Fund AccountStatements of Cash Flows

Year ended December 31,
2013
2012
(U.S. dollars)
Excess of expenditures over revenues transferred tomembers’ funds$ 581,007$ (877,652)

Changes in assets and liabilities:
Arrears in contributions
Accounts Receivable from Executing Agencies Account
Advance to and received from staff members and others
Accrued interest
Accounts Payable to Special Account
Accounts Payable to staff members and others
Accrued Liabilities
Reserve for programme support(600,000)
213,563
5,540–
212,054
6,150(27,399)
1,299–(1,584,895)(12,354)
4,207
957,392(456)
28,192–

Changes in members’ funds:
Transfer to/from Executing Agencies AccountAppropriated for specified project
Unappropriated funds
Surplus from completed projects
Net increase (decrease) in cash

(392,214)
–
–
–
1

–
141,257
1,058,634
282,465(3,208)

5,430
5,430

8,638
5,430

Cash and time deposits at beginning of year
Cash and time deposits at end of year$$

The accompanying notes are an integral part of these statements.

5

International Tropical Timber Organization
Bali Partnership Fund AccountNotes to Financial Statements

1.

Significant Accounting Policies

See Note 2 to the financial statements of ITTO.

2.

Contributions

There were no Cash received in respect to contributions from countries for the years ended
December 31, 2013 and 2012.
The accumulated balance of cash received and transfers from the Special Account forcontributions at December 31, 2013 are as follows:3.

Received in

Cash received

Transfer fromSpecial Account(U.S. dollars)

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013

$ 100,000
1,125,000
100,000–
709,642
709,262130,000
140,000
1,480,000
76,444
2,993
117,649–––$4,690,990$ 2,111,185
2,542,201
4,016,671
16,753,972
140,000
1,194,600
2,848,315
682,360
85,940544,195
50,000250,000
439,176
177,158
31,132$31,866,905

Net contribution
received$ 2,211,185
3,667,201
4,116,671
16,753,972
849,642
1,903,862
2,978,315
822,360
1,565,940
620,639
52,993367,649
439,176
177,158
31,132$36,557,895

Interest Income

For financial Bali Partnership Fund, 50 percent of interest earned as a result of activities
related to Special Account is attributable to the Bali Partnership Fund. Interest income andDividends includes those incurred in the Special Account in the amount of $183,076 for 2013
and $103,639 for 2012.

6

International Tropical Timber Organization
Bali Partnership Fund AccountNotes to Financial Statements (continued)

4.

Utilization of Members’ Funds

During the year ended December 31, 2013, there was no utilization of members’ funds to
Projects, Pre-Projects or Activities to be recorded as revenue.
During the year ended December 31, 2012, ITTO utilized members’ funds. The details are as
follows:
Utilization of remaining funds by donors’ account:
Description
Transfer to BPF-B from completed Activities
Total

Amount transferred(U.S. dollars)$77,003$77,003

During the year ended December 31, 2012, there was no utilization of members’ funds to
Projects, Pre-Projects or Activities to be recorded as revenue.

7

4,445,945
1,269,965
864,070
500,000
216,378
79,844
473,040
7,849,242

559,493
172,136
618,969
84,305
343,440
367,632
75,578
480,920
568,728
324,000
366,271514,653
610,000
790,020462,645594,432
79,920561,195
7,574,337

Sub-Total (M) :REFORESTATION & FOREST MANAGEMENT (F)
pd 20/99 r.2 (f) C28 Shift/BPF
PD 23/99 Rev.2 (F)pd 32/99 r.2 (f) C29 Shift/BPF
BPF PPD 59/02 Rev.2 (F) C36
BPF PD 199/03 Rev.3 (F) C36
BPF PD 200/03 Rev.4 (F) C37
PPD 108/04 Rev.1 (F)BPF PD 276/04 Rev.2 (F) C37
BPF PD 288/04 Rev.2 (F) C38
PD 346/05 Rev.2 (F)PD 350/05 Rev.3 (F)PD 351/05 Rev.1 (F)BPF PD 360/05 Rev.1 (F) C38
PD 372/05 Rev.1 (F)PD 376/05 Rev.2 (F,M)
PD 383/05 Rev.2 (F) / C41
PPD 123/06 Rev.1 (F)PD 493/07 Rev.1 (F) /Spring'08
Sub-Total (F) :pd 16/93 r.4 (m) ph.4 C/31
PD 124/01 R.2 (M) P.I S.I C/32
PD 124/01 Rev.2 (M) P.II C/42
PD 124/01 Rev.3 (M) P.III C/46
PD 291/04 Rev.2 (M)PPD 138/07 Rev.1 (M) / C44
PD 449/07 Rev.2 (M,I) / C43-

600,000
600,000

559,493
172,136
618,969
84,305
343,440
367,632
75,578
480,920
568,728
324,000
366,271514,653
610,000
790,020462,645594,432
79,920561,195
7,574,337

4,445,945
1,269,965
864,070
1,100,000
216,378
79,844
473,040
8,449,242

Total 2013

FY2013

Total 2012

ECONOMIC INFORMATION & MARKET INTELLIGENCE (M)

Title

Accumulated

Accumulated

BudgetDetail of project status in Bali Partnership Fund for the years ended December 31, 2013 is as follows;

5. DETAIL OF PROJECT STATUS(559,493)(172,136)(618,969)(84,305)(343,440)(367,632)(75,578)(480,920)(568,728)(324,000)(366,271)(514,653)(610,000)(790,020)(462,645)(594,432)(79,920)(561,195)(7,574,337)(4,445,945)(1,269,965)(864,070)(500,000)(216,378)(79,844)(473,040)(7,849,242)

Total 2012

Accumulated
FY2013--

Arrears in(559,493)(172,136)(618,969)(84,305)(343,440)(367,632)(75,578)(480,920)(568,728)(324,000)(366,271)(514,653)(610,000)(790,020)(462,645)(594,432)(79,920)(561,195)(7,574,337)(4,445,945)(1,269,965)(864,070)(500,000)(216,378)(79,844)(473,040)(7,849,242)

Total 2013-

600,000
600,000

12/31/13

Accumulated Contributions at

Receipt

Notes to Financial Statements

311,990
170,597
614,944
61,319296,587351,705
72,702
479,174
553,728
241,290335,754393,656
493,657
730,030
398,186
295,750
76,051
552,873
6,429,993

4,445,489
1,269,965
864,070472,072
215,178
78,324
463,7887,808,886

Total 2012

AccumulatedInternational Tropical Timber Organization
Bali Partnership Fund Account32,42149,4592,429
84,30930,793
1,520
32,313

FY2013--projects 2013

completed

Deletion of

Expenditure

311,990
170,597
614,944
61,319296,587351,705
72,702
479,174
553,728
241,290335,754393,656
493,657
762,451447,645295,750
76,051
555,3026,514,302

4,445,489
1,269,965
864,070
502,865
215,178
79,844
463,7887,841,199

Total 2013

Accumulated

12/31/12

12/31/13

247,503
1,539
4,025
22,98646,854
15,9272,876
1,746
15,00082,71030,517
120,997
116,343
27,56915,000298,6823,869
5,893
1,060,035

456
597,135
1,200
9,252
608,043

Completed
Projects at

expenditures at

8

-

-

Surplus fromfor future

Appropriated33,193,298

Sub-Total (A) :Total of Bali Partnership Fund:

Sub-Total (I) :506,6425,939,930
94,832313,200
3,557,358
210,000
10,621,962

Total 2012

661,965
402,432
196,000
832,500
411,300
649,891
728,800
10,000518,870
396,000
300,000
600,000
100,000
200,000
150,000
720,000
150,000
120,000
7,147,758

Activities (A)pp-a/26-79
PP-A/29-95
PP-A/30-103
PP-A/30-104
PP-A/31-111B Dec.6(XXXI)
pp-a/32-122 (Dec.10) c/32
PP-A/34-131 [Dec.4(XXXIV)]
PP-A/35-137 27-Exp.Panel/1'04
PP-A/36-151B (Dec.4/C35) C36
PP-A/39-178: Biodiversity
PP-A/43-193: Civil Society
PP-A/43-194: Timber tracking
PP-A/43-200: Assist Proposals
PP-A/43-202: Forest tenure
PP-A/43-207: Assess Missions
PP-A/43-208: SFM Tropics 2010
PP-A/43-225: GPFLR Workshops
PP-A/43-226: Biodiv. Guideline

FOREST INDUSTRY (I)PD 13/99 Rev.2 (M,F,I) Phase I
PD 13/99 Rev.2 (M,F,I) Ph.IIBPF PPD 97/04 Rev.1 (I) C36
BPF PD 347/05 Rev.2 (I) C38
pd 73/89 (m,f,i) Shift/BPF
pd 73/89 (mfi)b Marubeni,Brzl

Title

Accumulated

217,932(100,000)(100,000)(313,200)
31,132(282,068)

FY2013

Budget33,411,230

661,965
402,432
196,000
832,500
411,300
649,891
728,800
10,000518,870
396,000
300,000
600,000
200,000
150,000
720,000
150,000
120,000
7,047,758

506,6425,939,930
94,832
3,588,490
210,000
10,339,894

Total 2013

Accumulated(33,162,778)(661,965)(402,432)(196,000)(832,500)(411,300)(649,891)(728,800)(10,000)(518,870)(396,000)(300,000)(600,000)(100,000)(200,000)(150,000)(720,000)(150,000)(120,000)(7,147,758)(506,642)(5,939,930)(94,832)(313,200)(3,526,838)(210,000)(10,591,442)

Total 2012

Accumulated

382,068

100,000
100,000

313,200(31,132)
282,068

FY2013

Arrears in(32,780,710)(661,965)(402,432)(196,000)(832,500)(411,300)(649,891)(728,800)(10,000)(518,870)(396,000)(300,000)(600,000)(200,000)(150,000)(720,000)(150,000)(120,000)(7,047,758)(506,642)(5,939,930)(94,832)(3,557,970)(210,000)(10,309,374)

Total 2013

630,520-

30,52030,52012/31/13

Accumulated Contributions at

Receipt

31,542,232

617,834
402,226
196,000
830,443
393,860
561,165
728,800
10,000512,124
375,520
252,967
570,40234,809189,619150,000
685,539150,000
120,000
6,781,308

506,6425,939,930
84,119292,694
3,497,475
201,184
10,522,044

Total 2012

Accumulated

Notes to Financial Statements (continued)

International Tropical Timber Organization
Bali Partnership Fund Account236,658

65,191
65,191

20,50634,33954,845FY2013(413,200)(100,000)(100,000)(313,200)(313,200)

projects 2013

completed

Deletion of

Expenditure

31,365,689

617,834
402,226
196,000
830,443
393,860
561,165
728,800
10,000512,124
375,520
252,967
570,402
189,619150,000
685,539150,000
120,000
6,746,499

506,6425,939,930
84,1193,531,814
201,184
10,263,689

Total 2013

Accumulated

2,045,541

44,131205
2,057
17,44088,726
6,746
20,48047,03329,598
10,381
34,461
301,259

920,506-

20,506
20,506

12/31/12

12/31/13

10,71356,676
8,816
76,205Completed
Projects at

expenditures at

Surplus fromfor future

AppropriatedFinancial Statements ofthe Executing Agencies AccountInternational Tropical Timber Organization
December 31, 2013 and 2012

International Tropical Timber Organization
Executing Agencies AccountFinancial Statements
December 31, 2013 and 2012

Contents
Report of Independent Auditors ............................................................................................. 1
Balance Sheets ........................................................................................................................ 2
Statements of Revenues and Expenditures ............................................................................. 3
Statements of Changes in Fund Balance ................................................................................ 4
Statements of Cash Flows ....................................................................................................... 5
Notes to Financial Statements ................................................................................................ 6

International Tropical Timber Organization
Executing Agencies AccountBalance Sheets

December 31,
2013
2012
(U.S. dollars)
AssetsCash and time deposits
Held to maturity securities
Investments in securities
Advances to Special Account
Advances to others
Accrued revenue
Liabilities and contributions
Accounts payable to Bali Partnership Fund AccountMembers’ funds
Funds committed for specified projects of Special Accountand Bali Partnership Fund Account(Note 2)
Impairment of Investments in securities$10,016,552
10,240,101
31,004,323
174,086$51,435,061$11,143,712
15,061,660
35,678,530
210
131,680$62,015,792$29,293,122
29,293,122$29,506,685
29,506,685

28,141,940

32,509,107(6,000,000)
22,141,940$51,435,061

32,509,107$62,015,792

The accompanying notes are an integral part of these statements.

2

International Tropical Timber Organization
Executing Agencies AccountStatements of Revenues and Expenditures

Year ended December 31,
2013
2012
(U.S. dollars)
Revenues:
Interest income (Note 3)
Dividends (Note 3)
Expenditures and others:
Transfer of interest to Special Account andBali Partnership Fund Account (Note 3)
Impairment of Investments in securities
Excess of revenues over expenditures$57,694
299,607$328,396–

357,301

328,3966,000,000$ (6,000,000)––$

The accompanying notes are an integral part of these statements.

3

International Tropical Timber Organization
Executing Agencies AccountStatements of Changes in Fund Balance
For the years ended December 31(U.S. dollars)
2012
Members’ funds as of January 1, 2012
Transfer of funds committed for specified projects to Special AccountTransfer of funds committed for specified projects from
Bali Partnership Fund AccountExcess of revenues over expenditures
Members’ funds as of December 31, 20122013
Transfer of funds committed for specified projects to Special AccountTransfer of funds committed for specified projects from
Bali Partnership Fund AccountExcess of revenues over expenditures
Members’ funds as of December 31, 2013$35,816,257(1,824,793)(1,482,356)–$32,509,107$ (4,759,382)
392,214(6,000,000)$22,141,940

The accompanying notes are an integral part of these statements.

4International Tropical Timber Organization
Executing Agencies AccountStatements of Cash Flows

Year ended December 31,
2013
2012
(U.S. dollars)
Excess of revenues over expenditures$ (6,000,000)$

Changes in assets and liabilities:
Advances to Special Account
Account payable to Bali Partnership Fund AccountHeld to maturity securities
Investments in securities
Advance to Other
Accrued interest
Impairment of Investments in securities

4,674,207(213,563)
15,061,660(16,240,101)
210(42,406)
6,000,000

419,178
1,584,895(10,092,376)

Changes in members’ funds:
Special Account and Bali Partnership Fund AccountNet decrease in cash

(4,367,168)(1,127,160)(3,307,150)(11,525,939)

11,143,712$ 10,016,552

22,669,650$ 11,143,712

Cash and time deposits at beginning of year
Cash and time deposits at end of year––
(130,486)–

The accompanying notes are an integral part of these statements.

5

International Tropical Timber Organization
Executing Agencies AccountNotes to Financial Statements

1.

Significant Accounting Policies

See Note 2 to the financial statements of ITTO.

2.

Funds Committed for Specified Projects

The funds committed for specified projects of the Project Sub-Account, Thematic
Programmes Sub-Account and the Bali Partnership Fund are composed as below.
December 31,
2012
Project Sub-AccountThematic Programmes
Special Account Total
Bali Partnership Fund AccountTotal$23,546,894
7,311,147
30,858,041
1,651,067$32,509,107

Movement(U.S. dollars)$ (1,698,408)(3,060,974)(4,759,382)
392,214$(4,367,168)

December 31,
2013$21,848,486
4,250,173
26,098,659
2,043,280$28,141,940

These amounts are included under the heading “Appropriated for future expenditures at
December 31, 2013” of “Note 4 Detail of Project Status” in the respective financial
statements of Special Account” and “Note 5 Detail of Project Status” in those of Bali
Partnership Fund Account.

3.

Interest Income

In accordance with the Decision 3 (XXXV) of ITTC, 50 percent of the interest and dividends
earned, $178,651 was transferred to both the Special Account and the Bali Partnership Fund
Account for the year ended December 31, 2013 while $164,198 was transferred to bothaccounts for the year ended December 31, 2012.

6