Financial statements - International Planned Parenthood Federation

IPPF Financial statements 2012 47
11 Investments (group and charity)
Unrestricted
$’000
Restricted
$’000
Endowment
$’000
Listed on the American and New York Stock Exchanges
Shares and securities at market value:
At 1 January 2012 23,146 1,013 1,010 25,169
Additions 5,750 12,712 – 18,462
Disposal proceeds (6,530) (57) – (6,587)
Unrealized/realized gains for the year 2,296 288 105 2,689
Shares and securities at 31 December 2012 24,662 13,956 1,115 39,733
Total
$’000
Investment property at market value:
At 1 January 2012 – – – –
Additions 1,131 – – 1,131
Investment property at 31 December 2012 1,131 – – 1,131
Investments at 31 December 2012 25,793 13,956 1,115 40,864
Investments at 31 December 2011 23,146 1,013 1,010 25,169
Shares and securities at historical cost:
At 31 December 2012 27,392 13,953 1,115 42,460
At 31 December 2011 26,050 1,013 1,000 28,063
The above figures include no cash held as part of the investment portfolio (2011: $nil).
Investment property at market value:
The investment property was acquired on 31 December 2012 for no cost, following the early termination of a leasehold on a property for
which IPPF holds the freehold. It is included in the balance sheet at open market value and the last independent property valuation was
carried out as at 13 February 2013 by the external valuer Nesbitt and Co Ltd (Chartered Surveyors). Management have used this valuation
as the basis for market value at 31 December 2012. They do not believe there to be any material movement between these two dates.
Investment in subsidiary:
International Contraception & SRH Marketing Limited (trading as ICON) is a wholly owned trading subsidiary incorporated and registered
in England and Wales. The principal activity of the subsidiary is the supply of commodity services and social marketing of contraceptives in
conjunction with Member Associations.
Financial statements for the period ending 31 December 2012 have been prepared. The company ordinarily transfers its profits to IPPF
via gift aid. A summary of ICON’s turnover and expenditure for the year is below. These figures include intercompany income and
expenditure recorded between IPPF and ICON, which is eliminated from the IPPF consolidated financial statements. Intercompany income
primarily comprises revenue from the sale of commodities to IPPF for distribution to Member Associations, plus a management fee
paid by IPPF for the procurement and logistics service provided by ICON. Intercompany expenditure removed on consolidation primarily
comprises the cost of sales of commodities sold to IPPF, since these are recorded on the group balance sheet and recorded as commodity
grant expenditure once distributed. ICON’s turnover and expenditure excluding these intercompany transactions are US$1,513,861 and
US$2,007,483 respectively.