ANNUAL REPORT 2011 - IFAD

Appendix D
(a) Provisions against promissory notes
As at 31 December 2011, IFAD replenishment contributions
deposited in the form of promissory notes up to and
including the Seventh Replenishment have been fully drawn
down. The comparable figure is 65 per cent for the Eighth
Replenishment. (31 December 2010 – 35 per cent for the
Eighth Replenishment).
As at 31 December 2011 and 2010, all first and second
phase SPA contributions have been fully drawn down.
In accordance with the policy, the Fund has established
provisions against promissory notes as at 31 December:
Thousands of United States dollars
2011 2010
IFAD
Initial contributions
Iran (Islamic Republic of) 29 358 29 358
Iraq 13 717 13 717
43 075 43 075
First Replenishment
Iraq 31 099 31 099
31 099 31 099
Third Replenishment
Democratic People’s Republic of
Korea
600 600
Libyan Arab Jamahiriya 6 087 6 087
6 687 6 687
Total IFAD 80 861 80 861
Grand total 80 861 80 861
(b) Provisions against amounts receivable from
contributors
In accordance with its policy, the Fund has established
provisions against some of these amounts:
Thousands of United States dollars
2011 2010
Initial contributions
Comoros 10 10
Iran (Islamic Republic of) 83 167 83 167
Second Replenishment
83 177 83 177
Iraq 2 000 2 000
Third Replenishment
2 000 2 000
Iran (Islamic Republic of) 2 400 2 400
Sao Tome and Principe 10 10
Seventh Replenishment
2 410 2 410
Bolivia (Plurinational State of) 100 0
100 0
Total 87 687 87 587
NOTE 7
OTHER RECEIVABLES
Thousands of United States dollars
2011 2010
Receivables for
investments sold 120 479 71 019
Other receivables 21 457 32 077
Total 141 936 103 096
The amounts above are all expected to be received within
one year of the balance sheet date. The balance of other
receivables includes reimbursements from the host
country for expenditures incurred during the year.
15
NOTE 8
FIXED AND INTANGIBLE ASSETS
1 Jan
2011
Thousands of United States dollars
Increase/
(decrease)
Cost
Computer
hardware
Computer
1 792 48
software 2 024 751 a
Furniture and
fittings
Leasehold
401
improvement 267 414
Revaluation
31 Dec
2011
1840
2 775
(16) b 384
Total cost
Depreciation
Computer
4 484 1 212 (16) 5 681
hardware
Computer
(665) (347)
(1 012)
software
Furniture and
(149) (343)
(492)
fittings (195) (78) 10 b Leasehold
(263)
improvement
Total
(17) (142)
(159)
depreciation
Net fixed and
intangible
(1 026) (910)
10 (1 926)
assets 3 458 296
(6) 3 755
a This movement relates to the net of total software acquisition costs
incurred during the year of US$2,239,000 and the reclassification of
US$1,487,000 for LGS research costs. These costs have been
reclassified to the statement of comprehensive income as they no
longer relate to the current project following a shift in contractual
arrangements.
b Due to foreign exchange movements on an item of fixed assets held in
a euro denominated unit.
NOTE 9
LOANS
(a) Accumulated allowance for impairment losses
An analysis of the accumulated allowance for loan
impairment losses is shown below:
Thousands of United States dollars
2011 2010
Balance at beginning of year 95 494 98 424
Net (decrease) in
allowance (12 060) (2 187)
Revaluation (374) (743)
Balance at end of year at
nominal value 83 060 95 494
Fair value adjustment (59 694) (71 395)
Total 23 366 24 099
All loans included within the accumulated allowance are
100 per cent impaired.
681