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TRANSPARENCY INTERNATIONAL E.V. FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015

Transparency International is a global movement with one vision: a world in which government, business, civil society and the daily lives of people are free of corruption. Through more than 100 chapters worldwide and an international secretariat in Berlin, we are leading the fight against corruption to turn this vision into reality.

© 2016 Transparency International. All rights reserved.

TABLE OF CONTENTS TABLE OF CONTENTS ................................................................................................................................. 1

GENERAL INFORMATION ............................................................................................................................ 2

MANAGING DIRECTOR’S REPORT ............................................................................................................. 4

AUDIT REPORT ............................................................................................................................................. 9

CONSOLIDATED STATEMENT OF FINANCIAL POSITION ...................................................................... 11

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ............................................................ 12

CONSOLIDATED STATEMENT OF CHANGES IN RESERVES ................................................................ 13

CONSOLIDATED STATEMENT OF CASH FLOWS ................................................................................... 14

NOTES ......................................................................................................................................................... 15

ANNEXES .................................................................................................................................................... 44

2 GENERAL INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2015

GENERAL INFORMATION Board of Directors: :NAME COUNTRY NOTES

José Ugaz Peru Chair

Elena A. Panfilova Russia Vice Chair

Nada Abdelsater Abusamra Lebanon Elected Sept. 2015

Iftekhar Zaman Bangladesh

Sion Assidon Morocco

Emile Carr Sierra Leone

Jeremy Carver United Kingdom

Mercedes de Freitas Venezuela

Mark Mullen Georgia

Natalia Soebagjo Indonesia

Elizabeth Ungar Bleier Colombia

J.C. Weliamuna Sri Lanka

Sergej Muravjov Lithuania Until Sept. 2015

Managing Director: Cobus de Swardt

Address: Alt Moabit 96 10559 Berlin Germany Tel: +49 - 30 - 34 38 20 0 Fax: +49 - 30 - 34 70 39 12 email: [email protected] website: www.transparency.org

Registration : Registration office: Amtsgericht Charlottenburg Registration number: VR 13598 B Date of latest change: 27/11/2014

Tax registration : Registration office: Finanzamt für Körperschaften I Tax number: 27/678/51105

3 GENERAL INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2015

Date of latest triennial exemption: 05/05/2014 Value Added Tax (VAT) identification number: DE273612486

Auditors :

KPMG AG Wirtschaftsprüfungsgesellschaft Klingelhöferstraße 18 10785 Berlin Germany

Banks :

Commerzbank AG Theodor-Heuss-Platz 6 10877 Berlin Germany

Deutsche Bank AG Unter den Linden 13/15 10117 Berlin Germany

Citibank NA 6400 Las Colinas Blvd Irving, TX 75039 United States Bank of America NA 100 North Tryon Street Charlotte, NC 28255 United States

4 MANAGING DIRECTOR’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2015

MANAGING DIRECTOR’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2015

The Managing Director presents his annual report on the affairs of Transparency International e.V. – henceforth referred to as TI-S or the Secretariat – for the year ended 31 December 2015.

GOVERNANCE STRUCTURE

The TI Movement Transparency International (TI) is an unincorporated, international coalition, which has the objective to stop corruption and promote transparency, accountability and integrity at all levels and across all sectors of society. The TI movement consists of more than 100 National Chapters, Chapters in Formation and National Contacts in different countries throughout the world and an international Secretariat in Berlin. Additionally, the movement comprises Transparency International Liaison Office to the European Union (TI-EU), based in Brussels, and Friends of Transparency International (FOTI) based in New York. All other movement entities are referred to as coalition partners.

TI-Secretariat Transparency International e.V. (TI-S) is an incorporated membership association registered in Berlin and recognised as being exempt from income tax in Germany. Its governing document is the Charter of Transparency International.

The members of the association are independent persons or entities. Their accreditation is the result of a formal process, awarding them the status “Individual Member” (physical persons) or accredited “National Chapter” (entities). These statuses grant voting rights at Membership Meetings.

Representatives of National Chapters and Individual Members meet on an annual basis at the Annual Membership Meeting (AMM) to learn from each other, coordinate their activities, hold the Board of Directors to account and elect new Board members. The Board is comprised of twelve members who are elected for a three-year term and hold the Secretariat to account, including by review and approval of its budget. The Board has several committees, including the Finance and Audit Committees, which advise the Board on financial matters.

The Secretariat’s operations are led by the Managing Director, who has registered power of attorney for the organisation. The Managing Director reports to the Board of Directors.

OBJECTIVES AND ACTIVITIES

Overview In line with the TI Charter, the main objective of TI-S is “to take action to combat corruption and prevent criminal activities arising from corruption so as to help build a world in which Government, politics, business, civil society and the daily lives of people are free of corruption, because of the


potential of corruption to undermine economic development, generate poverty, foster political instability and create global insecurity”.

In particular, this is done by:

Raising public awareness of the occurrence and impact of corruption; Developing coalitions to address it; Developing and disseminating tools to curb it; Promoting transparency and accountability in politics and business; Monitoring the control of corruption; and Supporting institutions and mechanisms to combat it.

2015 achievements and impacts The Unmask the Corrupt campaign has reached a new level this year by asking people all over the world to nominate and then vote for the worst cases of grand corruption, i.e. those that have the biggest impact on society. This has made TI’s voice stronger and bolder, and broadened its supporters’ base: more than 125,000 cast their vote, and the social media reach went over 20,000,000 people. Even though the vote started quite late in the year, it can already be said that the campaign had impact on the Bautista case (Dominican Republic), in Tunisia and at FIFA.

Beyond campaigns, TI kept focusing on the engagement of more and more people, mostly through outreach to youth and support to victims and witnesses of corruption. TI published more stories about how citizens have been helped by Chapters to find a solution to their grievances. For example, TI Zimbabwe gave advice to the family of a girl who had been raped, and whose attacker bribed an official in order to get away with it. He was eventually brought to court and sentenced thanks to the Chapter’s intervention. Cases like this provide invaluable data on corruption, and TI is focusing on improving data collection and analysis.

With a new sectoral focus, the Transparency in Corporate Reporting publication on telecommunication companies was one of the highlights on business integrity, with almost half of the assessed firms engaging with us in the process. Tools that have been developed by the Secretariat, such as the Business Integrity Country Agenda or the national forums to engage business, have gained momentum in the TI Movement and Chapters are getting more and more involved in this area of work.

TI’s global advocacy and policy work has focused on several fronts. The approval of a stand-alone goal on governance (Goal 16) and a specific target to reduce corruption and bribery (target 16.5) as part of the new Sustainable Development Goals (SDGs) was the highpoint of several years of TI’s engagement in the post-2015 process. Another achievement was the inclusion of anti-corruption and open data commitments in the outcome document for the Third International Financing for Development Conference. Finally, TI pushed for the G20 Beneficial Ownership Transparency Principles to be implemented in practice after the commitment made in 2014.

TI’s main research product this year was the Global Corruption Barometer for Africa, which provides invaluable data on what people in the region think about corruption and what they can do against it. The timing of the Corruption Perceptions Index launch was moved to January 2016, in order to give more space for Chapters to do advocacy and communications work around anti-corruption day on 9th December. The Helpdesk developed 75 new answers to corruption-related queries, and thereby informed the work of many Chapters. At the national level, five new National Integrity System assessments were launched in Europe and Central Asia, giving Chapters a thorough evidence base for their future advocacy. The Secretariat has supported these efforts, while reducing its involvement in the research in order to be able to focus on other strategic priorities.


All these activities have largely contributed to boost TI’s visibility worldwide, supported by a new style of communications (based for example on more visual storytelling), which better suits our bolder campaigning efforts. Following the redesign of the public website homepage to adapt it better to mobile devices, visits went up by 30% (from September 2014 to September 2015). Social media reach significantly increased: Facebook fans were up from 180,000 to 269,000, and Twitter followers up from 57,700 to about 90,000, with more than 4,000 retweets or mentions of TI content per month.

Achievements at the national level were also very significant. To cite just a few:

Improvements in the education sector in Honduras; Passing of a new law on beneficial ownership registries in Norway; Adoption of a whistleblower protection law in the Punjab province, proposed by TI

Pakistan; In Bangladesh, new projects related to climate change are now subject to tougher

inspections and will face regular audits from both the office of the controller and the auditor general.

Interestingly, Chapters are also taking more and more leadership in multi-country thematic initiatives. Five of them (on mining, humanitarian aid, the judiciary, defense and security, and the health sector) are now being run by a Chapter, a good example of the promotion of Chapters’ leadership and decentralisation of expertise.

At a more internal level, in addition to the strategic development process, TI-S has improved its financial management system as well as internal controls (e.g. on internal complaints mechanisms). Forging a better understanding of costs drivers, introducing a Value for Money policy and testing ways of assessing Value for Money have been essential to enhancing TI-S’s efficiency and effectiveness. Finally, in order to track the Secretariat’s contribution to the new strategy in the next five years, the Monitoring Evaluation and Learning systems have been revamped to focus much more on impact and learning.

Plans for the Future At the 2015 Annual Membership Meeting, TI adopted Together Against Corruption: Transparency International Strategy 2020. This global 5-year strategy sets an ambitious direction for the future activities of the global TI movement, focused on three key areas:

People and Partners: TI’s aim is to foster a global culture of anti-corruption action. TI will increasingly support individuals and groups of people to act and demand accountability – and will work to protect them when they are at risk. Extending the boundaries of the anti-corruption movement, TI will work with an increasingly wide range of people and partners to drive anti-corruption progress.

Prevention, enforcement and justice: In many countries, corruption prevention systems, laws and standards remain weak. TI will develop, monitor and advocate for key anti-corruption standards and implementation of the best available regulations. At the same time, TI will strengthen its ability to engage when both law enforcement and justice systems fail to pursue cases of corruption, resulting in impunity.

Strong movement: TI’s organisational model is unique and enables it to combine global and local advocacy, using locally-rooted, country-based experiences to inform their work. TI will continue to draw on this global reach, and ensure strong presence where it matters the most. TI will innovate and identify new tools and new ways to understand what works


to stop corruption. Investing in their accountability, people and performance, TI will be better equipped for the challenges ahead.

TI-S adopted a 5-year Implementation Plan, consistent with this strategy, in December 2015 to help prioritise the Secretariat’s contribution to implementing Together Against Corruption. Providing a roadmap for the years leading up to 2020, the Implementation Plan at the same time allows for flexibility to react to opportunities and events, as they may emerge, and to adapt the Secretariat’s focus based on regular reviews of progress and context of our work.

To effectively organise its work around the nine “areas of contribution” to the TI movement’s global strategy identified in the TI-S Implementation Plan and supported by a set of recommendations adopted by the TI Board of Directors, which followed a review of key TI-S structures, processes and ways of working, the Secretariat is preparing to embark on an “organisational transformation” to help the Secretariat be ready to face the challenges of the future.

RISK MANAGEMENT As an advocacy organisation, taking risks is an essential part of affecting change. The purpose of strengthening how risk is managed is not to make the movement more risk averse, but rather to make it more capable of identifying, assessing and addressing risks. In short, managing risks more effectively allows the organisation to fight corruption more successfully.

The Board has ultimate responsibility for risk management and to ensure that there are structures and processes in place for the effective management of risk. Responsibility for risk oversight has been delegated to the Audit Committee, which reports and provides advice regularly to the Board.

A Risk Management Committee operates within the Secretariat; it oversees the risk management infrastructure, which rests on five pillars that are integrated and each broadly responsible for an area of risk, including: 1) Institutional; 2) Political and Legal; 3) Personnel safety; 4) Media interest and reputation; and 5) National Chapters. Cross-cutting the five pillars is a new focus on programmatic risk, which will concentrate particularly on the fundamental shifts in how TI approaches fighting corruption, from people engagement to campaigning and case work. The Committee also leads on the implementation and maintenance of robust and effective systems and processes to manage day-to-day risks across the organisation.

The Audit Committee has reviewed current risk management arrangements, and considers that they are sufficient to ensure that major risks are identified and systems are established to manage them. The Audit Committee regularly receives updates on risk management and reviews the overall systems and processes on risk management yearly.

FINANCIAL REVIEW

Results review In 2015 total income for TI-S remained in line with previous years, increasing by approximately 1% from €26,850,094 in 2014 to €27,097,999 with both unrestricted and restricted funding being subject to minor fluctuations.

9 AUDIT REPORT FOR THE YEAR ENDED 31 DECEMBER 2015

AUDIT REPORT INDEPENDENT AUDITOR'S REPORT

To Transparency International e.V., Berlin

We have audited the accompanying consolidated financial statements of Transparency International e.V., Berlin and its subsidiary, which comprise the Consolidated Statement of Financial Position, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Changes in Reserves, the Consolidated Statement of Cash Flows and the Notes to the Financial Statements for the year ended 31 December 2015.

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of consolidated financial statements in accordance with IFRSs, as adopted by the EU and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the parent company`s preparation and fair presentation of consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group`s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

11 FINANCIAL STATEMENTS AS OF 31 DECEMBER 2015

Consolidated Statement of Financial Position ASSETS Notes

all amounts are stated in Euros

Current AssetsCash and cash equivalents 3 13,705,213 8,922,597

Accounts receivable 1,267,745 1,080,539 Debtors 4 187,149 269,435 Accrued income 5 1,080,596 811,104

Advances to project partners 6 1,609,285 5,559,159

Other current assets 7 244,074 165,163

Current Assets, total 16,826,317 15,727,458

Non Current AssetsIntangible assets 8 27,909 39,048 Tangible assets 8 218,094 169,265 Investments 9 2,500 2,500 Other f inancial assets 9 85,161 100,683

Non Current Assets, total 333,664 311,496

Assets, total 17,159,981 16,038,954

LIABILITIES AND RESERVES Notes


Current LiabilitiesAccounts payable 1,312,218 1,211,702

Liabilities to project partners 10 422,912 114,961 Liabilities to suppliers 11 546,272 294,693 Other current liabilities 12 343,034 802,048

Deferred income, current 13 7,030,536 11,204,258

Current Liabilities, total 8,342,754 12,415,960

Non Current LiabilitiesDeferred income, non current 14 4,077,933 - Other non current liabilities 9 1,250 1,250 Provisions 15 831,691 -

Non Current Liabilities, total 4,910,874 1,250

Reserves 16 3,906,353 3,621,744

Liabilities and Reserves, total 17,159,981 16,038,954

The notes on pages 15 to 43 form part of these f inancial statements

31 December 2015 31 December 2014

31 December 2015 31 December 2014


Consolidated Statement of Comprehensive Income Notes 2015 2014


Operating incomeUnrestricted income 17.a 7,778,135 7,556,694Restricted income 17.b 19,098,929 19,151,059

Other income 17.c 220,935 142,341

Operating Income, total 27,097,999 26,850,094

ExpenditurePersonnel expenses 19 10,011,855 10,362,854Partner support 20 10,944,525 10,887,399Other expenses 21 5,652,007 5,341,069Depreciation and amortisation 8 123,366 122,900

Expenditure, total 26,731,753 26,714,222

Result from Operating Activities 366,246 135,872

Financial Result, net 24 (81,805) 25,889

Comprehensive Income, total 284,441 161,761

All the above results are derived from continuing activities. There are no recognised gains and losses other than the ones stated above.The notes on pages 15 to 43 form part of these f inancial statements


Consolidated Statement of Changes in Reserves Free Reserv es Total

Special Fund Netw ork Reserv eall amounts are stated in Euros

Opening balance at 01 January 2014 2,535,483 774,500 150,000 3,459,983

Transfer from Total Comprehensive Income in 2014 161,761 - - 161,761

Balance at 31 December 2014 2,697,244 774,500 150,000 3,621,744

Opening balance at 01 January 2015 2,697,244 774,500 150,000 3,621,744

Transferred reserves on consolidation of subsidiary 168 - - 168

Transfer from Total Comprehensive Income in 2015 284,441 - - 284,441

Balance at 31 December 2015 2,981,853 774,500 150,000 3,906,353


Designated Reserv es


Consolidated Statement of Cash Flows Notes 2015 2014


Total Comprehensive Income 284,441 161,761

CASH FLOW FROM OPERATING ACTIVITIESAdjustments for:Depreciation and amortisation 8 123,366 122,900Loss on disposal of f ixed assets 8 12,473 12,887Interest income/expense 24, 9 (20,996) (9,702)Unrealised currency translation gains and losses 24 76,074 (37,557)Provisions 15 831,691 -

Adjustments: 1,022,608 88,528

Granting activities:Decrease/(Increase) in advances to project partners 6 3,949,874 2,788,919(Decrease)/Increase in liabilities to project partners 10 307,951 (217,282)Decrease/(Increase) in accrued income 5 (269,492) 2,060,499(Decrease)/Increase in deferred income 13 (4,173,722) (7,252,294)

Cash f low from granting activities (185,389) (2,620,158)

Other operating activities:Decrease/(Increase) in debtors and other current assets 4, 7 3,375 28,031(Decrease)/Increase in liabilities to suppliers and other c. liab. 11, 12 (207,435) (500,091)Decrease/(Increase) in other f inancial assets 9 15,522 -Interest income received 24 21,492 10,951Interest expense paid 24 (496) (1,249)

Cash f low from other operating activities (167,542) (462,358)

Net cash f low from operating activities 954,118 (2,832,227)

CASH FLOW FROM INVESTING ACTIVITIES Disbursements for the purchase of f ixed assets 8 (173,529) (112,445)Proceeds from sale of f ixed assets 8 - 433

Net cash f low from investing activities (173,529) (112,012)

CASH FLOW FROM FINANCING ACTIVITIESDisbursement for granted loans 7 - 17,079 Reserves transferred upon consolidation SoCR 168 - Release of former endow ment funds 14 4,077,933 -

Net cash f low from financing activities 4,078,101 17,079

Decrease/Increase in cash and cash equivalents 4,858,690 (2,927,160)

Cash and cash equivalents balance at 01 January 3 8,922,597 11,812,200(Decrease) / Increase in cash and cash equivalents 3 4,858,690 (2,927,160)Effect of exchange rate f lutuation on cash held 24 (76,074) 37,557

Cash and cash equivalents at 31 December 13,705,213 8,922,597



NOTES

Transparency International e.V. (henceforth referred to as TI-S or the Secretariat) is a registered, incorporated association (“eingetragener Verein”) based at Alt-Moabit 96, 10559 Berlin, Germany. TI-S is the Secretariat of Transparency International (TI), the global civil society organisation leading the fight against corruption.

The financial statements comprise the Statement of Financial Position, the Statement of Comprehensive Income, the Statement of Changes in Reserves, the Statement of Cash Flows and the Notes to the Financial Statements for the year ended 31 December 2015.

TI-S presents consolidated financial statements. The area of consolidation is defined in more detail below. The financial statements are presented in units of Euros, which is the entity’s functional currency.

1. ACCOUNTING POLICIES The accounting policies adopted in the preparation of the consolidated financial statements of the Secretariat are as detailed here below.

1.a Basis of preparation The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (henceforth, Adopted IFRS).

The financial statements have been prepared voluntarily, under the historical cost basis. The accounting policies adopted in preparing these statements are consistent with those applied in the year ended 31 December 2014 except for the change described in note 1.f – Basis of consolidation.

1.b Changes in adopted IFRS During the last reporting period, the following standards and interpretations have become effective. As such they been adopted by the Secretariat, although none had a significant impact on the financial statements for the year ending 31 December 2015:

Improvements to IFRS (2011-2013) IFRS 1, IFRS 3, IFRS 13 and IAS 40 Improvements to IFRS (2010-2012) IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16, IAS 24 and IAS 38 Amendments to IAS 19 Defined Benefit Plans: Employee Contributions

At the date of issue of these financial statements the following standards and interpretations, which have not been applied in these financial statements, were issued but not yet effective. TI-S is currently taking all the necessary steps to assess the impact of these standards on its statements and implement them accordingly, if necessary, by their effective date. Management anticipates that the adoption of these standards and interpretations in future periods will have no material impact on the financial statements of the Secretariat.

The International Accounting Standards Board (IASB) has issued the following- endorsed by the EU and these standards and interpretations are effective for periods beginning on or after 1 January 2016:

Amendment to IFRS 11: Accounting for Acquisitions of Interests in Joint Operations, effective for accounting periods beginning on or after 1/1/2016


Amendments to IAS 1: Disclosure Initiative, effective for accounting periods beginning on or after 1/1/2016

Amendments to IAS 16 and IAS 38: Clarification of Acceptable Methods of Depreciation and Amortisation, effective for accounting periods beginning on or after 1/1/2016

Amendments to IAS 16 and IAS 41: Agriculture - Bearer Plants, effective for accounting periods beginning on or after 1/1/2016

Amendment to IAS 27: Equity Method in Separate Financial Statements, effective for accounting periods beginning on or after 1/1/2016

Improvements to IFRS (2012-2014) IFRS 5, IFRS 7, IAS 19 and IAS 34, effective for accounting periods beginning on or after 1/1/2016

The International Accounting Standards Board (IASB) has issued the following- not yet endorsed by the EU and these standards and interpretations have not been adopted by TI-S:

Amendments to IFRS 10, IFRS 12 and IAS 28: Investment Entities - Applying the Consolidation Exception, effective for accounting periods beginning on or after 1/1/2016

IFRS 14 Regulatory Deferral Accounts (no endorsement agreed) Amendments to IAS 7: Disclosure Initiative, effective for accounting periods beginning on or after

1/1/2017 Amendments to IAS 12: Recognition of Deferred Tax Assets for Unrealised Losses, effective for

accounting periods beginning on or after 1/1/2017 IFRS 9 (2014) Financial Instruments, effective for accounting periods beginning on or after 1/1/2018 IFRS 15 Revenue from Contracts with Customers, effective for accounting periods beginning on or

after 1/1/2018 IFRS 16 Leases, effective for accounting periods beginning on or after 1/1/2019 Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its

Associate or Joint Venture (effectiveness not yet agreed)

1.c Preparation of the accounts on a going concern basis The entity reported a net surplus of €284,441, in line with prior years’ results. Secured funding to date will be adequate to sustain it going forward: the 2016 budget approved by the Board in December 2015 indicated that grants awarded at that date were sufficient to fund the large majority of budgeted expenditure; in line with previous years, after the approval of the budget, additional income was secured through newly signed grants.

With reference to the liquidity of the entity at year end, current assets exceed current liabilities by €8,483,563; cash is €13,705,213 or 80% of total assets. The entity appears protected from potential cash flow shortages. As such, there is no significant doubt on the financial sustainability of the entity in the next 12-18 months. The accounts are therefore being prepared on a going concern basis.

1.d Use of estimates The preparation of financial statements in conformity with IFRS requires management to make judgements and estimates that affect the valuation of assets, income, liabilities and expenses. These estimates and judgements are based on asumptions that are considered reasonable in the circumstances, having regard to historical experience. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.


1.e Basis of consolidation These financial statements aggregate the results of the Secretariat and of Friends of Transparency International (FOTI) on a line-by-line basis. A separate set of financial statements for the Secretariat is not presented.

As per the assessment performed by the Secretariat, based on the provisions of IFRS 10, FOTI is the only organisation to be consolidated into the Secretariat’s accounts. On the basis of current arrangements, TI-S has significant influence over Transparency International Liaison Office to European Union AISBL (henceforth TI-EU); however, since TI-S has no direct equity interest in TI-EU, this is presented at nil value in TI-S’s Statement of Financial Position. Full disclosure on the transactions between TI-S and TI-EU is given under note 18 – Related parties.

Other entities belonging to the TI Movement –subsequently referred to as “coalition partners”- share common strategic goals and meet certain agreed accreditation requirements; however, these are fully independent from the Secretariat per the criteria set by IFRS 10 and therefore report separately.

1.e.1 Consolidated entity FOTI is a charity incorporated in the state of Minnesota, USA, and granted tax exempt status as per art. 501(c)3 of the United States Internal Revenue Code. It was founded in 2014 with TI-S as its sole member. The entity has currently no employees, and its registered address is:

777 UN Plaza, Suite 3D, New York NY 10017 – United States

During 2015, TI-S and FOTI jointly implemented two projects, which originated the following intragroup transactions:

Project Main Donor01-Jan-2015

Deferred income/ (open adv ance)

Cash receiv ed/(sent)

Project income/ (ex penditure)

31-Dec-2015 Deferred income/ (open adv ance)


Land Grabbing Wellsprings - 253,479 (128,271) 125,208 Advocacy Omydiar - 284,638 (172,164) 112,474

N OT E: headings refer to the relevant account in TI-S's separate books and, in brakets, to the correspondent account in FOTI's

INTRAGROUP TRANSACTIONS between TI-S and FOTI

Additionally, TI-S provided administrative and accounting services to FOTI on a pro-bono basis. The value of the services was estimated based on the total standard cost for TI-S of the resources employed as €12,175.

1.e.2 Change in accounting policy The relationship between FOTI and the Secretariat was re-assessed during 2015, as the US entity became operational. The analysis performed concluded that, considering the notion of control included in IFRS 10, the entity is to be consolidated. This constitutes a change in accounting policy compared to the prior year, when TI-S did not present consolidated financial statements. Complying with IAS 8, the effects of a restropective application of the current accounting policy are given in the below summary statements :


STATEMENT OF FINANCIAL POSITION 31-Dec-15 31-Dec-2014RESTATED


AssetsCurrent assets 16,826,317 15,961,633 Non-current assets 333,664 311,496

Assets, total 17,159,981 16,273,129

Liabilities and reservesCurrent liabilities 8,342,754 12,649,971 Non-current liabilities 4,910,874 1,250 Reserves 3,906,353 3,621,907

Liabilities and reserves, total 17,159,981 16,273,129

STATEMENT OF COMPREHENSIVE INCOME 2015 2014Operating income - 26,850,277 Operating expenses - (26,714,237)Financial result - 25,893

Comprehensive income, total - 161,929

STATEMENT OF CHANGES IN RESERVES Free Designated Total01-Jan-14 2,535,483 924,500 3,459,983 Surplus 161,929 161,929

31-Dec-14 2,697,412 924,500 3,621,912 Surplus 284,441 284,441

31-Dec-15 2,981,853 924,500 3,906,353

Specifically, the increase in “current assets” by €234,175 in 2014, reflects the receipt in cash of a grant from the Wellsprings Foundation, which has its corresponding entry in “current liabilities” (deferred income). The project, named “Women, Land and Corruption”, is being implemented by TI-S in 2015 and 2016.

1.f Cash and cash equivalents

Cash and cash equivalents include cash in hand, cash at bank and short term deposits. Short term bank deposits are funds not immediately accessible, where deposits mature within six months of the date of the Statement of Financial Position.

Cash and cash equivalents denominated in foreign currencies are measured at fair value, using the bank exchange rate at the date of the Statement of Financial Position.

1.g Current assets and liabilities Current assets are measured at their recoverable amount, while current liabilities are measured at the amount expected to be paid. All current balances are due within one year.

Allowances for the impairment of “accounts receivable” and “advances to project partners” are made if the collection of the balance is doubtful. The amount of the allowance is the difference between the carrying amount of the asset and its recoverable amount.


1.h Non-Current assets Non-current assets include tangible and intangible fixed assets, and financial assets. The recognition criteria for each category of non-current asset is detailed below.

1.h.1 Tangible and intangible fixed assets Tangible assets include office equipment and furniture, while intangible assets comprise software and licences. Compliant with IAS 16 and 38, both are initially recorded at cost and thereafter presented at the lower of historical cost less accumulated depreciation and their recoverable amount.

TI-S can obtain licences for certain software at highly discounted or nil price. Availability of open source or favourably priced software appears customary for charities; as such, licences obtained at these conditions are not considered in-kind donations in these financial statements.

Depreciation is calculated on a straight-line basis over the useful life of each item; on average, the useful lives of TI-S’s main classes of assets are estimated as follows :

ASSET CLASS yearsFurniture 12Servers and other IT hardw are 8Computers, softw are, licences 3

Disposals are recorded when the assets are scrapped or sold. Cost of maintenance is expensed as incurred.

1.h.2 Financial assets Financial assets include a minority equity interest presented at fair value and deposits on leases due beyond one year, which are presented at amortised cost, using the effective interest method in accordance with IFRS 9. 1.i Non-Current liabilities Non-current liabilities include funds available to TI-S for the purpose of supporting the long-term sustainability of the TI Movement, therefore not relating to the continuing activities of the Secretariat. Funds are currently kept in cash and cash equivalents, while the Board is evaluating options to use them.

The funds are recognised at their historical value at the time TI-S was entitled to use the principal of the awarded funds. In previous years, since TI-S was only allowed to spend the interest matured, the principal was disclosed as a contingent asset in the notes.

1.j Provisions Provisions are recognised in accordance with IAS 37, when TI-S has a present obligation resulting from a past event that will determine a probable outflow of economic benefits, of which a reliable estimate can be made.

A provision has been set aside this year in relation to an “organisational transformation”, to which the Board committed in December 2015. The provision is accrued in compliance with IAS 37:73-80, Entity restructuring, considering that:

a) the envisaged changes constitute a “fundamental reorganisation that has a material effect on the focus of the entity’s operations”;


b) the set of recommendations adopted by the Board constitutes a detailed plan, particularly with reference to certain activities;

c) Management has committed to the restructuring through several statements preceding the Board’s resolution, through the resolution itself and through the start of its implementation in late 2015.

Compliant with accounting standards, the provision is estimated by including costs that are not associated with the continuing operations of the Secretariat.

1.k Changes in reserves Changes in reserves are accounted for in accordance with TI’s Charter. Additionally, TI-S is subject to the requirements of the German Tax Code (Abgabenordnung § 55, 62) which defines maximum and minimum levels of reserves, and requires that the reserves are used exclusively for charitable purposes, as defined in the entity’s charter.

1.l Accounting for income TI-S receives income mainly from grants, with residual amounts of funds being raised through individual donations, performance of charitable activities, and finance income. Regardless of the origin of the income, all contributors to income are henceforth defined as “donors”. The recognition criteria for each category of income is detailed below.

1.l.1 Grant income Grant income is accounted for in accordance with IAS 20. As such, income is recognised when there is reasonable assurance that (a) the grant will be received and (b) the entity will comply with the conditions attached to the grant. TI-S considers proviso (a) met when the formal offer of funding is communicated in writing. Proviso (b) is met when the activities required by the grant have been performed or the objectives upon which the grant is conditional have been met.

When entitlement is dependent on certain specific performance conditions, funds are identified as “restricted” and recognised as income when conditions are satisfied. This is usually proportional to the relevant expenditure incurred. When grants are awarded to cover the general expenditure of the organisation, they are identified as “unrestricted” and recognised as income when TI-S is entitled to their receipt, over the period they are intended to fund.

Grants received but not yet utilised are presented in the Statement of Financial Position as current liabilities under “deferred income” (formerly “donors funding receive in advance” and “liabilities to donors”) ; grants committed and utilised but not yet received in cash are presented within current assets under “accrued income” (formerly “donor commitments”).

1.l.2 Individual Donations Consistent with the provisions of IAS 20, individual donations are recognised when receivable. An individual donation is deemed to be receivable when actually received, e.g. in the case of voluntary cash payments collected via TI-S’s website; or when a contract is in place and any outstanding conditions under the contract have been met, e.g. contributions from legacies are recognised when the administrator confirms the transfer of title of the equity.

Donations in kind, if any, are recognised at fair value when received using a reliable estimate of the cost of the donated goods or services.

1.l.3 Income from charitable activities In a limited number of circumstances, TI-S receives income (“Zweckbetrieb”) as a remuneration for the performance of activities directly connected with its charitable purposes (“Gemeinnützigkeit”). The related


income is recognised according to IAS 18 and therefore by reference to the stage of completion of the transaction at the end of the reporting period.

1.l.4 Finance income Finance income comprises interest income on deposits and exchange rate gains. Interest income and realised exchange rate gains are recognised when TI-S becomes entitled to them. Unrealised exchange rate gains are accounted for in compliance with IAS 21, as detailed in note 1.n.

1.m Accounting for expenditure

The expenditure of TI-S comprises operating expenditure incurred at the Secretariat, operating expenditure incurred by project partners, and finance costs. The recognition criteria for each category of expenditure are detailed below.

1.m.1 Operating expenditure incurred at the Secretariat Operating expenditure incurred at the Secretariat consists generally of staff salaries, office running costs, travel costs and consultancy fees. Service and labour costs are recognised in line with the rendering of services and labour; purchases of goods are recognised when TI-S acquires title to their property.

Office running costs include lease costs, related to office space and equipment. Under current lease contracts, a significant portion of the risks and rewards of ownership are effectively retained by the lessor. As such, in accordance with IAS 17, these are classified as operating leases, and the related payments are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease. Further information on leases is provided under note 23.

1.m.2 Operating expenditure incurred by project partners A portion of TI-S’s expenditure is incurred by project partners that recieve grants from the Secretariat, mostly for the implementation of grant-funded projects. Most project partners are National Chapters, National Chapters in Formation and National Contacts: these are referred to collectively as Coalition Partners. Expenditure is accounted for when incurred by the partner. The Secretariat estimates the expenditure incurred based on periodic reports issued by partners, which are assessed for accuracy and compliance with donor requirements and good practice. In previous financial statements, the estimate of expenditure incurred was only based on final reports, which were either audited or supported by the documentation requested by donor agreements. Considering the current quality of project reporting across partners, TI-S also bases its estimates of expenditure on interim reports. In Annex 3 to these financial statements, TI-S differentiates between expenditure reported through final and interim reports, noting that the latter amounts to €4,351,734. Grants disbursed but not yet spent by coalition partners are included in the Statement of Financial Position as “Advances on ongoing projects” (formerly: “advances to national chapters and coalition partners”). Donor funds disbursed to finance those outstanding advances are included within “deferred income, current” (formerly: “liabilities to donors”).

1.m.3 Finance costs Finance costs comprise interest cost on deposits and exchange rate losses. Interest cost are recognised on an accrual basis. Unrealised exchange rate losses are accounted for in compliance with IAS 21, as detailed in note 1.n.

1.m.4 Cost accounting and full cost recovery Direct expenditure is systematically allocated to projects and activities. Indirect costs are apportioned to each project according to a standard methodology based on staff taking part on the relevant project or activitiy.


Indirect costs include expenditure related to financial, human resources and IT management, as well as office running costs. TI-S strives to achieve full cost recovery on every implemented project.

1.n Foreign currency translation

Unrealised exchange rate gains and losses are recognised at the date of the Statement of Financial Position, as a result of the conversion of all monetary assets and liabilities denominated in a foreign currency into Euros, at the exchange rate prevailing at year end. “deferred income”, “accrued income” and “advances to project partners” are not considered monetary items.

1.o Taxation The Secretariat is registered as an incorporated charity in Germany (“eingetragener Verein”, “Gemeinnützig”); it has no trading income, and therefore no liability for income tax (“Körperschaftssteuer” and “Gewerbesteuer”). TI-S is also registered as a small entrepreneur for VAT purposes; none of its income is subject to VAT, which implies that all VAT paid on purchases is an unrecoverable cost.

1.p Pensions

The cost of pension and post-employment benefits schemes are included in the Statement of Comprehensive Income as they are incurred, according to IAS 19. None of these schemes are a defined benefit scheme.


2. FINANCIAL RISK MANAGEMENT Compliant with IFRS 7, TI-S discloses below an assessment of its exposure to financial risks, which include: market risk, credit risk and liquidity risk. Market risk is seen as resulting from the combination of foreign exchange risk and interest rate risk; as TI-S holds only one equity instrument of trivial value, price risk is considered insignificant.

TI-S does not hold any derivative financial instruments, and measures most of its financial instruments at fair value, as noted in note 2.d.

2.a Market risk

2.a.1 Foreign exchange risk Foreign currency risk relates to the potential losses incurred by the entity as a consequence of the change in the value of its financial instruments denominated in foreign currencies, due to exchange rate fluctuations.

Since the majority of expenditure is incurred in Euros, TI-S seeks to maximise receipts in Euros, as a way to naturally hedge against exchange rate fluctuations.

Income received in foreign currencies is, however, significant. Per TI-S’s Foreign Exchange policy, foreign currency held (resulting from donations’ received) has to approximate the forecast expenditure to be incurred in each currency, thus maximising the natural currency hedge. When differences between budgets denominated in a foreign currency and forecast expenditure in Euros arise, they are monitored on a timely basis and, if necessary, discussed with the donor to adapt planned activities to existing funds.

The tables below summarise the currency exposure per foreign currency and risk class, as of 31 December 2015 and 31 December 2014:


CURRENCY EXPOSUREEUR GBP USD OTHER TOTAL

Cash and cash equivalents 9,105,594 2,244,340 2,355,279 - 13,705,213 Accounts receivable 1,101,302 53 166,390 - 1,267,745 Other current assets 227,367 3,342 13,365 - 244,074 Accounts payable (1,123,591) (52,545) (87,124) (48,958) (1,312,218)

Foreign currency exposure 9,310,672 2,195,190 2,447,910 (48,958) 13,904,814

CURRENCY EXPOSUREEUR GBP USD OTHER TOTAL

Cash and cash equivalents 8,041,506 752,618 128,473 - 8,922,597 Accounts receivable 448,269 449,908 182,362 - 1,080,539 Other current assets 132,701 26,914 876 4,673 165,164 Accounts payable (1,104,946) 8,497 (96,320) (18,932) (1,211,701)

Foreign currency exposure 7,517,530 1,237,937 215,391 (14,259) 8,956,599

31 December 2015

31 December 2014

Other significant balances, including “advances to project partners”, “accrued income” and “deferred income” relate to non-monetary items, and therefore are not included as part of the currency exposure. Actual exposure decreased significantly in early 2016 with no significant impact on the organisation’s finances, as detailed in note 3.


2.a.2 Interest rate risk Interest rate risk relates to the additional costs or reduced income depending on changes in interest rates over time.

All bank deposits have a maturity date that is below one year; as of 31 December 2015, TI-S cash is invested in immediately available cash accounts and in one fixed term (6-months) deposit.

Interest income received is nil or minimal (the maximum rate received is currently 0.34% per year) and not considered for budgeting purposes. TI-S has no interest-bearing liabilities. As such, interest rate risk is considered very low and not material to the entity.

2.b Credit risk Credit risk is the risk of financial loss due to a counterparty to a financial instrument failing to meet its contractual obligations. The carrying amount of the entity’s financial assets represents its maximum credit exposure. Impairment losses, if any, are recognised in the Statement of Comprehensive Income.

Exposure to credit risk is significantly influenced by the individual characteristics of the counterparties. TI-S has two main classes of counterparties:

Banks, where significant amounts of cash are deposited, and Project partners that receive advances for project implementation.

With reference to banks, TI-S operates with four major global institutions. Below are summarised the current Standard and Poor’s ratings for the banks working with the Secretariat:

Commerzbank AG BBB+Deutsche Bank AG BBB+Citibank N.A. ABank of America N.A. A

Standard & Poor's long term rating

Project partners are small and medium-size entities, which are not publicly rated. The Secretariat systematically monitors financial risks associated with project partners.

Based on this assessment, the Secretariat estimates the fair value of outstanding advances and receivables, by provisioning or writing off the amounts deemed irrecoverable. Further detail on the receivables written off are given in notes 4 and 6.

2.c Liquidity risk Liquidity risk is the risk that the organisation encounters difficultly in meeting the obligations associated with settling its financial liabilities by the delivery of cash.

TI-S has a robust financial monitoring and reporting system, which allows it to foresee liquidity needs well in advance, and assess them against expected receipts. Expected cash flows, however, are taken into consideration starting from the project-development stage, with the aim of minimising advanced expenditure and pressure on the entity’s cash reserves.

TI-S keeps a significant portion of its reserves in cash, to minimise liquidity risk. Moreover, it is in a position to borrow short-term liquidity from its banks, although this has never been necessary to date.


The Board of Directors and its Finance Committee receive regular updates on the Secretariat’s cash position.

2.d Fair value Most of the Secretariat’s financial assets are measured at fair value, consistent with the entity’s operating model, and the contractual terms of the instruments (IFRS 9).

Due to the nature and duration TI-S’s financial instruments, their carrying amount, less any impairme mng and ptn review commentsnt noted, e.g. on receivables and advances, is considered in line with their fair value.

3. CASH AND CASH EQUIVALENTS

31-Dec-15 31-Dec-14all amounts are stated in Euros

Petty cash 2,926 9,181 Cash at bank 13,702,287 8,913,416

Cash, total 13,705,213 8,922,597

CASH AND CASH EQUIVALENTS

Part of the cash at bank is in foreign currency. Cash held by currency is as follows:

foreign currency Euro foreign currency Euro

Euro 9,105,594 8,041,506 Pound Sterling 1,649,702 2,244,340 597,493 752,618 United States Dollar 2,565,370 2,355,279 156,545 128,473

Cash, total 13,705,213 8,922,597

31-Dec-15 31-Dec-14CASH BY CURRENCY

Foreign currencies have been converted using the below exchange rates:

31-Dec-15 31-Dec-14

Pound Sterling per Euro 0.7350 0.7806 United States Dollar per Euro 1.0892 1.2185

EXCHANGE RATES

The increased exposure in USD and GBP was significantly reduced in January 2016 by converting the funds into Euro. Conversion rates were in line with those existing at year end.


4. DEBTORS


Receivables from project partners 156,731 74,609 Receivables from personnel 37,667 21,342 Receivables from others 20,108 173,484 Provision for doubtful accounts (27,357) -

Debtors, total 187,149 269,435

DEBTORS

Receivables from project partners mainly relate to balances unspent at the end of projects, which are to be given back in cash to the Secretariat. Receivables from others include mainly travel reimbursement requests. In prior years, the balance included “advances to suppliers” for €148,948, which have been reclassified to “other current assets”.

“Receivables from project partners” and “receivables from others” are classified by ageing as follows:


Neither past due nor impaired 28,478 167,963 Past due 1-30 days 106,831 15,053 Past due 31-90 days 11,288 2,091 Past due 91-180 days - 30,600 Past due greater than 180 days 30,242 32,386

Receivables from project partners and others, total 176,839 248,093

AGEING OF RECEIVABLES

On the basis of the analysis above (see note 2.b), TI-S establishes a provision for doubtful debts for amounts past the due date where there is no reasonable expectation of receiving the funds.

5. ACCRUED INCOME “Accrued income” (formerly: “donor commitments”) consists of grant income recognised in the Statement of Comprehensive Income, which has not yet been received in cash.



Government agenciesU.S. Department of State United States 47,850 - Foreign & Commonw ealth Office (FCO) United Kingdom 29,950 103,160 U.S. Agency for International Development (USAID) United States 15,989 15,989 Anti-Corruption Commission of Bhutan Bhutan 4,000 - Ministry of Foreign Affairs The Netherlands - 240,000 Department for International Development (DfID) United Kingdom - 207,001 Islamic Republic of Mauritania Mauritania - 94

Government agencies, total 97,789 566,244

Multilateral institutionsEuropean Commission 395,437 21,827 Financial Mechanism Office (FMO) 18,538 42,689 European Bank for Reconstruction and Development (EBRD) 7,000 - United Nations Development Programme (UNDP) 161,721 8,446 United Nations Office on Drugs and Crime (UNODC) - 4,448

Multilateral institutions, total 582,696 77,410

Corporate donorsErnst & Young LLP 350,000 71,768 Pricew aterhouseCoopers LLP 7,000 14,000 BP International - 7,000

Corporate donors, total 357,000 92,768

Individual donorsDetlev Elsner 2,000 - Others (low er than €1,000) 7,520 6,926

Individual donors, total 9,520 6,926

Others (e.g. research institutes, NGOs)Christian Michelsen Institute (CMI) 33,591 35,962 Universität Konstanz - 31,794

Others, total 33,591 67,756

Accrued income, total 1,080,596 811,104

ACCRUED INCOME

No accrued amounts are overdue or impaired.

6. ADVANCES TO PROJECT PARTNERS Advances to project partners include outstanding balances of payments relating to the implementation of ongoing projects. Below is an overview of advances to partners by region and type.



Coalition partnersEurope and Central Asia 244,876 2,244,105Americas 354,783 233,817Sub-Saharan Africa 359,837 481,905Middle-East and North Africa 131,680 989,614Asia-Pacif ic 326,754 1,429,066

Coalition partners, total 1,417,930 5,378,507

Other project partners 214,449 207,852

Provision for doubtful advances (23,094) (27,200)

Advances to partners, total 1,609,285 5,559,159

ADVANCES TO PARTNERS BY REGION

Advances are shown net of the expenditure reported based on interim reports received. Annex 3 includes a reconciliation by partner of advances outstanding as of 31 December 2014 and 31 December 2015. The reconciliation identifies also the amount of advances currently offset by non-final documentation.

A provision for doubtful accounts is made for certain advances that have been neither properly reported upon, nor repaid in cash. A summary of its movements is presented below:


Balance as of 01 January (27,200) - Release of allow ance 20,000 - Utilisation of the allow ance for w rite-offs 6,390 - Amount accrued at year end (22,284) (27,200)

Provision for doubtful accounts advances, total (23,094) (27,200)

MOVEMENTS IN THE PROVISION FOR DOUBTFUL ACCOUNTS, ADVANCES

The release of a prior year provision is due to the unexpected repayment of a project advance that had been put under moratorium in 2014.

7. OTHER CURRENT ASSETS


Advances to suppliers 21,407 - Prepaid expenses 207,142 149,135Deposit on leases 15,525 16,028

Other current assets, total 244,074 165,163

OTHER CURRENT ASSETS


Other current assets are mostly related to advance payments of operating costs, including pension costs, rent, licences and membership fees.

“Advances to suppliers” was reclassified here from “debtors”.

8. TANGIBLE AND INTANGIBLE FIXED ASSETS


Software Licences Equipment Furniture TotalACQUISITION COSTBalance at 01 January 2015 97,047 61,104 667,903 15,087 841,141Additions 4,321 20,157 147,170 1,881 173,529Disposals - (18,063) (23,179) - (41,242)Reclassif ied in the year 40,580 (40,580) - - -

Balance at 31 December 2015 141,948 22,618 791,894 16,968 973,428

DEPRECIATIONBalance at 01 January 2015 97,047 22,056 509,480 4,245 632,828Depreciation for the year 14,361 8,783 98,751 1,471 123,366Disposals - (5,590) (23,179) - (28,769)Reclassif ied in the year 4,509 (4,509) - - -


BOOK VALUEBalance at 01 January 2015 - 39,048 158,422 10,843 208,313


MOVEMENTS IN NON-CURRENT ASSETSTangible AssetsIntangible Assets

The significant increase in equipment relates to the purchase of 85 new laptops to replace obsolete ones.

9. FINANCIAL ASSETS Investments of €2,500 relate to a 10% stake in the International Civil Society Centre (ICSC), a global learning and exchange platform for international civil society organisations. These were purchased at their nominal value in 2009, but only €1,250 has been paid to date. The outstanding amount due of €1,250 is shown as “other non-current liabilities”.

“Other financial assets” relate to security bank deposits for office space in Berlin. The total amount of security deposits is €85,161 including interest of €2,746 at 31 December 2015.


10. LIABILITIES TO PROJECT PARTNERS Liabilities to project partners relate to balances due for ongoing and completed projects. The closing balance of €422,912 increased compared to prior year (when it was €114,961) due to the change in estimating expenditure at partner level (see note 1.m.2) which now includes interim periodic reports.


Coalition partnersEurope and Central Asia 194,600 10,390 Americas 14,545 2,247 Sub-Saharan Africa 18,601 23,938 Middle-East and North Africa 13,295 3,099 Asia-Pacif ic 6,956 23,467

Coalition partners, total 247,997 63,141

Other project partners 174,914 51,820

Liabilities to partners, total 422,911 114,961

LIABILITIES TO PARTNERS BY REGION

11. LIABILITIES TO SUPPLIERS


Liabilities to suppliers 348,481 294,693 Year-end accruals 197,791 -

Liabilities to suppliers, total 546,272 294,693


Honoraria 272,770 201,972 Travel 41,824 43,789 Utitlies 9,134 28,082 Other 24,753 20,850

Liabilities to suppliers, total 348,481 294,693

LIABILITIES TO SUPPLIERS

LIABILITIES TO SUPPLIERS

The total amount increased this year because the balance is presented including year-end accruals for invoices to be received in early 2016, which was previously disclosed under “other current liabilities”.


12. OTHER CURRENT LIABILITIES


Liabilities to staffTravel reimbursements 15,280 40,889Performance-related compensation - 210,000Vacation entitlements 229,630 261,856Additional leave entitlements 7,719 12,315Salary 224 -

Liabilities to staff, total 252,853 525,060

Liabilities to other partiesto Fiscal Authorities for VAT 71,107 71,914to Board Members 10,031 18,732to Donors for interest on deferred income 8,850 12,193Other 193 13,350

Liabilities to other parties, total 90,181 116,189

Other accruals - 160,799

Other current liabilities, total 343,034 802,048

OTHER CURRENT LIABILITIES

Performance-related compensation was paid earlier than in prior years, in December 2015. “Other accruals” included accruals for invoices to be received at year-end; it has been reclassified under “liabilities to suppliers” as of 31 December 2015.

13. DEFERRED INCOME, CURRENT “Deferred income” (formerly the sum of: “liabilities to donors” and “donor funding received in advance”) represents restricted and unrestricted funding received but not yet recognised as income. Part of the funds have been advanced to partners as disclosed in “advances to project partners” (note 6).


Government agencies 3,284,013 5,961,722Multilateral institutions 1,673,168 4,092,740Foundations and trusts 1,267,164 1,128,709Corporate donors 787,877 7,141Coalition partners - 446Others 18,315 13,500

Deferrred income, total 7,030,537 11,204,258

DEFERRED INCOME BY ENTITY TYPE



Unrestricted deferred income 1,738,844 495,000Restricted deferred income 5,291,693 10,709,258

Deferred income, total 7,030,537 11,204,258

DEFERRED INCOME BY CLASS


Government agencies Department for International Development (DfID) United Kingdom 1,738,844 495,000

Unrestricted deferred income, total 1,738,844 495,000

UNRESTRICTED DEFERRED INCOME


Government agencies Bundesministerium für Umw elt, Naturschutz, Bau und Reaktorsicherheit (BMUB) Germany 272,365 111,104 Department for International Development (DfID) United Kingdom 245,254 293,022 Ministry of Foreign Affairs and Trade New Zealand 132,984 259,133 Irish Aid Ireland 130,000 200,000 Bundesministerium für w irtschaftliche Zusammenarbeit und Entw icklung (BMZ) Germany 106,764 3,072 Gesellschaft für internationale Zusammenarbeit (GIZ) Germany 102,667 413,349 Norw egian Agency for Development Cooperation (NORAD) Norw ay 91,606 391,102 SPF Affaires étrangères, Commerce extérieur et Coopération au Développement Belgium 78,300 - Department of Foreign Affairs and Trade (DFAT) Australia 77,234 2,359,424 Ministry of Foreign Affairs Estonia 73,395 63,772 Ministere des Affaires étrangères et du Développement international France 50,000 - U.S. Department of State United States 48,169 - Ausw ärtiges Amt Germany 48,116 - Sw edish International Development Cooperation Agency (SIDA) Sw eden 30,880 1,200,964 Ministry for Foreign Affairs Finland 28,880 100,000 Ministry of Foreign Affairs Norw ay 21,110 - Independent Commission Against Corruption (ICAC) China 4,356 - Foreign & Commonw ealth Office (FCO) United Kingdom 3,089 35,760 St Maarten Sint Maarten - 22,052 Ministry of the Interior and Kingdom Relations Netherlands - 13,968

Government agencies, total 1,545,169 5,466,722

RESTRICTED DEFERRED INCOME



Multilateral institutionsEuropean Commission 1,575,556 4,005,676 United Nations Office for Project Services (UNOPS) 51,209 - United Nations Development Programme (UNDP) 39,403 85,868 European Bank for Reconstruction and Development (EBRD) 7,000 - United Nations Office on Drugs and Crime (UNODC) - 1,200 The United Nations Democracy Fund (UNDEF) - (4)

Multilateral institutions, total 1,673,168 4,092,740

Foundations and trustsWilliam and Flora Hew lett Foundation 425,481 573,612 Foundation Open Society Institute (FOSI) 254,659 171,064 Stichting Adessium 247,310 138,974 Wellspring Advisors, LLC 125,208 - Omidyar Netw ork Fund, Inc. 112,474 - Open Society Initiative for West Africa (OSIWA) 92,883 - Research Trust of Victoria University of Wellington 5,874 - Seattle International Foundation 3,275 - National Endow ment for Democracy (NED) - 181,639 Sigrid Rausing Trust - 44,018 The Tony Elumelu Foundation - 19,402

Foundations and trusts, total 1,267,164 1,128,709

Corporate donorsSiemens AG (Siemen’s Integrity Fund) 400,506 - Ernst & Young, LLP 350,000 - Warburg Pincus, LLC 12,731 7,141 Pricew aterhouseCoopers, LLP 7,000 - SGS AG 7,000 - Stora Enso Oyj 7,000 - Sanlam Life Insurance Limited 3,640 -


Coalition partnersTransparency International Deutschland e.V - 446

Coalition partners, total - 446

Other (research institutes, other NGOs, other)Center for International Policy 14,451 13,500 Results for Development Institute 3,864 -

Other (research institutes, other NGOs, other), total 18,315 13,500

Restricted deferred income, total 5,291,693 10,709,258

RESTRICTED DEFERRED INCOME


14. DEFERRED INCOME, NON CURRENT The non-current portion of deferred income includes funds formerly identified as “endowment funds”. Contract provisions did not allow disposal of the principal of the funds until 2015, when this limitation was lifted. The Board is currently defining the way to employ these amounts; it is clear though that they will be used to ensure the long-term sustainability of the movement rather than to finance its day-to-day operations: as such, they are classified as non-current.

15. PROVISIONS On 12 December 2015, the Board adopted a set of resolutions relating to an organisational transformation plan for the Secretariat. The plan is the result of an organisational review conducted in the summer of 2015 by an external consultant at the request of the Board. As noted in 1.j above, the plan constitutes an entity restructuring and, as required by IAS 37, TI-S created a provision for costs not relating to the ordinary course of business, for which management has a constructive obligation as of 31 December 2015 and can be reliably estimated. The provision includes an accrual for the hiring of an Interim HR Director, a Strategic Adviser and a Change Manager; additionally, it provides for expected legal costs and severance payments.


Organisational transformation 781,052 - Other provisions 50,639 -

Provisions, total 831,691 -

PROVISIONS

Other provisions include €19,685 for the legal and other costs associated with the ongoing court proceedings at the Berlin Labour Court to seek clarity about the nature of TI-S as an organisation in relation to the Works Constitution Act. In addition, they include €30,954 claimed back by a donor on two projects, which are still pending.

16. RESERVES Reserves include two designated funds:

Special fund: the fund is earmarked to support the organisational realignment with the Strategy Network reserve: established to support Coalition Partners in emergency situations or facing

governance challenges.


17. OPERATING INCOME Operating income in 2015 increased by €247,905 or 0.92%. The tables below present operating income by funding entity and type.


Unrestricted income 7,778,135 7,556,694Restricted income 19,098,929 19,151,059

Restricted and unrestricted income, total 26,877,064 26,707,753

Other income 220,935 142,341

Operating income, total 27,097,999 26,850,094

OPERATING INCOME


Government agencies 18,169,086 22,562,191Multilateral institutions 5,558,154 1,787,426Foundations and trusts 1,753,988 1,134,546Corporate donors 1,036,393 585,033Individual donors 45,740 351,631Coalition partners 34,265 22,363Others (e.g. research institutes, NGOs) 279,438 264,563


RESTRICTED AND UNRESTRICTED INCOME BY FUNDING ENTITY


Grants 26,240,971 25,895,439Private donations 45,740 351,369Charitable activities 590,353 460,945


RESTRICTED AND UNRESTRICTED INCOME BY TYPE

Income from private individual donations is unrestricted, with the exception of €7,374 which was donated specifically to fund the Unmask the Corrupt campaign; all income from charitable activities is restricted.


17.a Unrestricted income


Government agencies Department for International Development (DfID) United Kindgom 3,533,315 2,769,226 Ministry of Foreign Affairs Netherlands 1,200,000 1,200,000 Sw edish International Development Cooperation Agency (SIDA) Sw eden 1,064,077 1,083,510 Ministry for Foreign Affairs Finland 800,000 1,000,000 Sw iss Agency for Development and Cooperation (SDC) Sw itzerland 569,855 543,986 Royal Danish Ministry of Foreign Affairs (Danida) Denmark 332,850 333,027 Irish Aid Ireland 200,000 200,000


Foundations and trustsPestalozzi Foundation 5,000 20,000 Fondation Pierre Pfister 240 4,576

Foundations and trusts, total 5,240 24,576

Corporate donorsShell International B.V. 25,000 - The Hershey Company 6,432 - Ernst & Young GmbH 3,000 - Kohlberg Kravis Roberts & Co. - 50,000 Copenhagen Business School - 1,000


Individual donorsJohann Peter Jessen 3,000 2,260 Soren Fabian Heupel 2,925 - Detleve Elsner 2,000 2,500 Patrick Kinsch 2,000 1,500 Gregory Thomas 1,513 - Giovanna Longo 1,500 1,500 Rolf Hellenbrand 1,500 - Johannes Wery 1,000 1,000 Dorothy Parker Maloff - 320,370 Linus Boman - 1,750 Henrik Bendix - 1,050 Other (less than Euro 1,000 each) 22,928 19,439

Individual donors, total 38,366 351,369

Unrestricted income, total 7,778,135 7,556,694

UNRESTRICTED INCOME


17.b Restricted income


Government agenciesDepartment of Foreign Affairs and Trade (DFAT) Australia 2,674,151 4,332,245 Sw edish International Development Cooperation Agency (SIDA) Sw eden 1,690,364 2,901,540 Department for International Development (DFID) United Kindgom Project: TI-UK Defence and Security Programme 959,443 870,307 Project: Vietnam 415,738 435,232 Project: Global Corruption Barometer - 33,668 Norw egian Agency for Development Cooperation (NORAD) Norw ay 985,190 1,083,037

Bundesministerium für w irtschaftliche Zusammenarbeit und Entw icklung (BMZ) Germany 1,240,867 1,106,546 Gesellschaft für internationale Zusammenarbeit (GIZ) Germany 445,182 136,116 Ausw ärtiges Amt Germany 428,986 170,359

Bundesministerium für Umw elt, Naturschutz, Bau und Reaktorsicherheit (BMUB)

Germany339,013 1,714,455

Malaysian Anti-Corruption Commission Malaysia 325,000 - Ministry of Foreign Affairs and Trade New Zealand 296,053 916,189 Ministry for Foreign Affairs Finland 171,120 50,000 Irish Aid Ireland 170,000 100,000 U.S. Department of State United States 134,743 - Foreign & Commonw ealth Office (FCO) United Kindgom 53,176 644,226 Government of the Islamic Republic of Mauritania Mauritania 46,868 94 Ministry of Foreign Affairs Estonia 30,378 41,064 St. Maarten Sint Maarten 22,052 188,919 Anti-Corruption Commission of Bhutan Bhutan 20,000 - Ministry of Foreign Affairs Netherlands 13,968 - Independent Commission Against Corruption (ICAC) China 6,697 - Ministère des Affaires étrangères et europeennes France - 300,000 Government of Tunisia Tunisia - 253,878 Sw iss Agency for Development and Cooperation (SDC) Sw itzerland - 136,455 Ministry of the Interior and Kingdom Relations Netherlands - 18,112


Multilateral institutionsEuropean Commission 5,075,454 1,387,022 United Nations Development Programme (UNDP) 347,613 160,886 Financial Mechanism Office (FMO) 75,849 182,358 Inter-American Development Bank (IDB) 27,251 - United Nations Office for Project Services (UNOPS) 18,942 - United Nations Office on Drugs and Crime (UNODC) 13,045 10,589 The United Nations Democracy Fund (UNDEF) - 38,788 European Bank for Reconstruction and Development (EBRD) - 7,783

Multilateral institutions, total 5,558,154 1,787,426

Foundations and trustsWilliam and Flora Hew lett Foundation 591,865 137,427 National Endow ment for Democracy (NED) 448,567 647,103 Omidyar Netw ork Fund, Inc. 172,164 -

RESTRICTED INCOME



Foundation Open Society Institute (FOSI) 162,289 147,175 Stichting Adessium 141,664 11,026 Wellspring Advisors, LLC 128,271 - Sigrid Rausing Trust 44,018 17,976 Seattle International Foundation 20,032 - The Tony Elumelu Foundation 19,402 26 Open Society Initiative for West Africa (OSIWA) 11,350 - Research Trust of Victoria University of Wellington 9,126 - OSI Development Foundation - 142,368 The Christensen Fund - 6,869

Foundations and trusts, total 1,748,748 1,109,970

Corporate donorsSiemens AG (Siemen’s Integrity Fund) 623,498 -

Ernst & Young, LLP 228,232 264,676 Pricew aterhouseCoopers AG 111,000 -

Shell International B.V. 25,000 - Norsk Hydro 7,000 7,000 Warburg Pincus, LLC 3,871 46 Sanlam Life Insurance Limited 3,360 14,000 ENI S.p.A. - 100,000 Kohlberg Kravis Roberts & Co. - 50,000 DFL Deutsche Fußball Liga GmbH - 34,194 SGS AG - 14,000 Fundacion Ceddet - 9,600 Pricew aterhouseCoopers, LLP - 7,000 BP International - 7,000 HSBC Holdings plc. 7,000 Stora Enso Oyj - 7,000 International Federation of Inspection Agencies - 5,336 Rio Tinto Ltd. - 3,598 Aseguradora Fidelis - 3,583

Corporate donors, total 1,001,961 534,033

Coalition partnersTransparency International Schw eiz 6,411 - Transparency International Greenland 6,117 - Transparency International UK 5,879 - Transparency International Netherlands 5,501 - Transparency International Sw eden 5,272 - Transparency International Belgium 5,085 - Transparency International Deutschland e.V. - 4,124 TI Liaison Office to the European Union - 18,239

Coalition partners, total 34,265 22,363

RESTRICTED INCOME



Individual donorsOther individuals 7,374 262

Individual donors, total 7,374 262

Other (research institutes, other NGOs, other)Christian Michelsen Institute (CMI) 134,534 155,752 Center for International Policy 132,975 62,875 Universidad Rey Juan Carlos 7,441 - Results for Development Institute 4,488 - Association of European Professional Football Leagues (EPFL) - 28,847 CAFOD - 2,587 Action Aid - 2,531 Sightsavers - 2,525 Oxfam - 2,523 British Red Cross - 2,522 Bond - 1,277 Worldvision International - 1,255 HelpAge International - 1,235 Conciliation Resources - 634

Other (research institutes, other NGOs, other), total 279,438 264,563

Restricted income, total 19,098,929 19,151,059

RESTRICTED INCOME

A reconciliation of the income recognised against the cash received by funding entity is presented in Annex 1 to these financial statements. A reconciliation of income recognised against expenditure incurred by funding entity and project is presented in Annex 2 to these financial statements.

17.c Other income


IACC fees 90,000 - Maternity leave reimbursments 42,307 21,012 Travel expense reimbursements 37,933 81,498 Speakers' fees 960 513 Publications - 1,224 Other 49,735 38,094

Other income, total 220,935 142,341

OTHER INCOME

The income from IACC fees represents only the share of fees attributed to TI-S. Additional detailed disclosure on the financial results of the 16th IACC will be provided on their website.


18. RELATED PARTY TRANSACTIONS IAS 24:9 notes that a related party is a person or entity that:

Has control or joint control of the reporting entity; Has a significant influence over the reporting entity; or Is a member of the key management personnel of the reporting entity or of a parent of the

reporting entity.

Members of the Board of Directors and Executive Directors of the Secretariat constitute the key management personnel of the organisation as of 31 December 2015 and are therefore considered to be related parties. The Board of Directors do not receive any remuneration from TI-S; however, they received reimbursements in 2015 totalling €37,420 (in 2014: €77,115).

Until early December 2015, a group of six senior directors (the Management Group) were in charge of key managerial decisions pertaining to the Secretariat. Management Group members are employed by the entity and received salaries totalling €860,542 (in 2014: €870,662), excluding pension contributions of €47,500 (in 2014: €47,500) and reimbursements of €9,968 (in 2014: €14,708). Following the recommendations of the organisational review perfomed in 2015 (additional disclosure to this regard is given at notes 1.j and 15), the Management Group ceased to exist and key managerial decisions are now taken by two executive directors, i.e. the Managing Director and the Deputy Managing Director. Both were formerly members of the Management Group and they received salaries totalling €321,186 (in 2014: €336,883). This excludes pension contributions of €17,500 (in 2014: €17,500) and reimbursements of €3,769 (in 2014 : €5,482).

Although TI-S does not have any direct equity interest in TI-EU, the current arrangements between the entities are characterised by several qualitative factors constituting significant influence per IAS 28:6. These include participation of TI-S in TI-EU’s policy-making processes, material transactions between the two entities and interchange of managerial personnel. Current arrangements will be reassessed in 2016, which could lead to a change in the nature of the relationship between TI-S and TI-EU. During 2015, the transactions between the two entities were as follows:

TI-S supported TI-EU activities with an operational grant of €120,000 or 12.5% of its total income of €960,359. The grant was paid in arrears in early 2016, and is currently shown as a liability to TI-EU.

TI-S and TI-EU partnered on several projects. Total expenditure relating to jointly implemented projects was €184,389 in 2015, with unspent advances from TI-S to TI-EU of €20,386 and project funds to be paid in arrears by TI-S to TI-EU of €23,768.

Partners, including National Chapters, National Chapters in Formation and Contact groups, are legally and financially independent organisations registered in their countries. As such, the Secretariat cannot exert control or significantly influence them and no partner has, by itself, control or significant influence on the Secretariat.

19. PERSONNEL EXPENSES Personnel expenses include salaries, wage tax and social security contributions for all staff, as well as contributions to an individual pension plan for directors.



Salaries 8,190,441 8,804,000Social contributions 1,376,754 1,445,104Other benefit plans 125,417 113,750Other personnel costs 319,243 -

Personnel expenses, total 10,011,855 10,362,854

PERSONNEL EXPENSES

The pension plan is a defined contribution plan administered by Allianz SE. Contributions are made in favour of the Managing Director (€10,000), Group Directors (5 individuals, €7,500 each) and Directors (16 individuals, €5,000 each).

In 2015 TI-S employed an average of 162 employees (180 in 2014) of which 21 were part-time (20 in 2014). In addition, the organisation benefited from the support of 5 interns throughout the year.

“Other personnel costs” (formerly “other personnel and recruitment costs”), including administrative expenditure and some in-kind benefits for staff, have been reclassified here from “other expenses” (note 21).

20. PARTNER SUPPORT This includes all support given directly to project partners, either through grants or through direct reimbursement of expenses borne by the coalition partner. These amounts do not include expenditure paid to other third parties (e.g. consultants), whose activities might have nevertheless benefited the partner.


Support through grants 10,770,361 9,379,879Other direct support 174,164 1,507,520

Partner support, total 10,944,525 10,887,399

PARTNER SUPPORT


Coalition partnersEurope and Central Asia 4,368,473 2,755,821 Americas 431,172 1,202,460 Sub-Saharan Africa 1,274,074 679,865 Middle-East and North Africa 1,290,726 1,414,706 Asia-Pacif ic 2,423,610 4,290,683

Coalition partners, total 9,788,056 10,343,535

Other project partners 1,156,469 543,864

Partner support, total 10,944,525 10,887,399

PARTNER SUPPORT


Annex 3 to these financial statements includes a detailed breakdown by coalition partner of the expenditure supported by the Secretariat.

21. OTHER EXPENSES


Travel expenses 1,499,247 1,559,523Honoraria 1,545,429 1,839,035Surveys 565,988 160,000Maintenance, rent and leasing costs 559,658 563,232Miscellaneous expenses 466,181 246,899Publications and communications 440,016 374,544Audits, Legal & advisory costs 327,971 173,599Translations 61,489 165,835Meetings and w orkshops 162,805 78,948Office supplies 23,223 30,311Other Personnel and recruitment costs - 149,143

Other expenses, total 5,652,007 5,341,069

OTHER EXPENSES

“Other personnel and recruitment costs” have been reclassified within “personnel expenses”.

22. SUPPORT COSTS


Support costs 3,252,231 3,716,678 Total organisational expenditure 26,731,753 26,714,222

Support costs as % of total expenditure 12% 14%

SUPPORT COST

23. COMMITMENTS AND CONTINGENCIES TI-S has commitments related to non-cancellable operating leases for buildings and office equipment. Total future minimum operating lease payments are as follows:


rent equipment rent equipmentall amounts are stated in Euros

w ithin 1 year 324,648 11,231 325,178 17,464 betw een 2-5 years 162,422 2,499 487,070 13,729 more than 5 years - - - -

Commitments, total 487,070 13,730 812,248 31,193

31-Dec-15 31-Dec-14MINIMUM LEASE PAYMENTS

No contingent assets or liabilities to be disclosed in compliance with IAS 37 have been identified.

24. FINANCIAL RESULT


InterestInterest income 21,492 10,951Interest cost (496) (1,249)

Interest cost or income, net 20,996 9,702

Currency translationRealised gains on foreign exchange translation 15,067 5,814Realised losses on foreign exchange translation (41,794) (27,185)Unrealised gains and losses on foreign exchange translation (76,074) 37,558

Gain or loss on currency translation, net (102,801) 16,187

Financial result, net (81,805) 25,889

FINANCIAL RESULT

25. SUBSEQUENT EVENTS No event occurred between 31 December 2015 and the date of approval of these financial statements that, due to its significance and nature, required to be disclosed as a subsequent event as per the provisions of IAS 10.


ANNEXES

45

FINA

NCIA

L STA

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AS O

F 31

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15

Anne

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Com

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of

Bhu

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477,

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(428

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für

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(207

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596,

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incl

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in:

Page

6Pa

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Page

8Pa

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Page

10

Page

11

Cate

gory

Inst

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nal

supp

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TOTA

L

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De

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nnex

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re s

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Bun

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Appendix

General Engagement

Terms

1. Scope

(1) These engagement terms are applicable to contracts between Wirt-schaftsprüfer [German Public Auditors] or Wirtschaftsprüfungsgesellschaften[German Public Audit Firms] (hereinafter collectively referred to as the“Wirtschaftsprüfer”) and their clients for audits, consulting and other engage-ments to the extent that something else has not been expressly agreed to inwriting or is not compulsory due to legal requirements.

(2) lf, in an individual case, as an exception contractual relations have alsobeen established between the Wirtschaftsprüfer and persons other than theclient, the provisions of No. 9 below also apply to such third parties.

2. Scope and performance of the engagement

(1) Subject of the Wirtschaftsprüfer’s engagement is the performance of agreedservices – not a particular economic result. The engagement is performed inaccordance with the Grundsätze ordnungsmäßiger Berufsausübung[Standards of Proper Professional Conduct]. The Wirtschaftsprüfer is entitled touse qualified persons to conduct the engagement.

(2) The application of foreign law requires – except for financial attestationengagements – an express written agreement.

(3) The engagement does not extend – to the extent it is not directed thereto –to an examination of the issue of whether the requirements of tax law or specialregulations, such as, for example, laws on price controls, laws limitingcompetition and Bewirtschaftungsrecht [laws controlling certain aspects ofspecific business operations] were observed; the same applies to thedetermination as to whether subsidies, allowances or other benefits may beclaimed. The performance of an engagement encompasses auditingprocedures aimed at the detection of the defalcation of books and records andother irregularities only if during the conduct of audits grounds therefor arise orif this has been expressly agreed to in writing.

(4) If the legal position changes subsequent to the issuance of the finalprofessional statement, the Wirtschaftsprüfer is not obliged to inform the clientof changes or any consequences resulting therefrom.

3. The client’s duty to inform

(1) The client must ensure that the Wirtschaftsprüfer – even without his specialrequest – is provided, on a timely basis, with all supporting documents andrecords required for and is informed of all events and circumstances which maybe significant to the performance of the engagement. This also applies to thosesupporting documents and records, events and circumstances which firstbecome known during the Wirtschaftsprüfer’s work.

(2) Upon the Wirtschaftsprüfer’s request, the client must confirm in a writtenstatement drafted by the Wirtschaftsprüfer that the supporting documentsand records and the information and explanations provided are complete.

4. Ensuring independence

The client guarantees to refrain from everything which may endanger theindependence of the Wirtschaftsprüfer’s staff. This particularly applies tooffers of employment and offers to undertake engagements on one’s ownaccount.

5. Reporting and verbal information

lf the Wirtschaftsprüfer is required to present the results of his work in writing,only that written presentation is authoritative. For audit engagements the long-form report should be submitted in writing to the extent that nothing else hasbeen agreed to. Verbal statements and information provided by theWirtschaftsprüfer’s staff beyond the engagement agreed to are never binding.

6. Protection of the Wirtschaftsprüfer’s intellectual property

The client guarantees that expert opinions, organizational charts, drafts,sketches, schedules and caIculations – expecially quantity and costcomputations – prepared by the Wirtschaftsprüfer within the scope of theengagement will be used only for his own purposes.

7. Transmission of the Wirtschaftsprüfer’s professional statement(1) The transmission of a Wirtschaftsprüfer’s professional statements (long-form reports, expert opinions and the like) to a third party requires theWirtschaftsprüfer’s written consent to the extent that the permission totransmit to a certain third party does not result from the engagement terms.The Wirtschaftsprüfer is liable (within the limits of No. 9) towards third partiesonly if the prerequisites of the first sentence are given.(2) The use of the Wirtschaftsprüfer’s professional statements for promotionalpurposes is not permitted; an infringement entitles the Wirtschaftsprüfer toimmediately cancel all engagements not yet conducted for the client.

8. Correction of deficiencies(1) Where there are deficiencies, the client is entitled to subsequent fulfillment[of the contract]. The client may demand a reduction in fees or the cancellationof the contract only for the failure to subsequently fulfill [the contract]; if theengagement was awarded by a person carrying on a commercial business aspart of that commercial business, a government-owned legal person underpublic law or a special government-owned fund under public law, the client maydemand the cancellation of the contract only if the services rendered are of nointerest to him due to the failure to subsequently fulfill [the contract]. No. 9applies to the extent that claims for damages exist beyond this.(2) The client must assert his claim for the correction of deficiencies in writingwithout delay. Claims pursuant to the first paragraph not arising from anintentional tort cease to be enforceable one year after the commencement ofthe statutory time limit for enforcement.(3) Obvious deficiencies, such as typing and arithmetical errors and formelleMängel [deficiencies associated with technicalities] contained in aWirtschaftsprüfer’s professional statements (long-form reports, expert opinionsand the like) may be corrected – and also be applicable versus third parties –by the Wirtschaftsprüfer at any time. Errors which may call into question theconclusions contained in the Wirtschaftsprüfer’s professional statementsentitle the Wirtschaftsprüfer to withdraw – also versus third parties – suchstatements. In the cases noted the Wirtschaftsprüfer should first hear theclient, if possible.

9. Liability(1) The liability limitation of § [“Article”] 323 (2)[“paragraph 2”] HGB

[“Handelsgesetzbuch”: German Commercial Code] applies to statutoryaudits required by law.

(2) Liability for negligence; An individual case of damagesIf neither No. 1 is applicable nor a regulation exists in an individual case,pursuant to § 54a (1) no. 2 WPO [“Wirtschaftsprüferordnung”: Law regulatingthe Profession of Wirtschaftsprüfer] the liability of the Wirtschaftsprüfer forclaims of compensatory damages of any kind – except for damages resultingfrom injury to life, body or health – for an individual case of damages resultingfrom negligence is limited to € 4 million; this also applies if liability to a personother than the client should be established. An individual case of damagesalso exists in relation to a uniform damage arising from a number of breachesof duty. The individual case of damages encompasses all consequences froma breach of duty without taking into account whether the damages occurredin one year or in a number of successive years. In this case multiple acts oromissions of acts based on a similar source of error or on a source of error ofan equivalent nature are deemed to be a uniform breach of duty if the mattersin question are legally or economically connected to one another. In this eventthe claim against the Wirtschaftsprüfer is limited to € 5 million. The limitationto the fivefold of the minimum amount insured does not apply to compulsoryaudits required by law.

(3) Preclusive deadlinesA compensatory damages claim may only be lodged within a preclusivedeadline of one year of the rightful claimant having become aware of thedamage and of the event giving rise to the claim – at the very latest, however,within 5 years subsequent to the event giving rise to the claim. The claimexpires if legal action is not taken within a six month deadline subsequent tothe written refusal of acceptance of the indemnity and the client was informedof this consequence. The right to assert the bar of the preclusive deadline remains unaffected.Sentences 1 to 3 also apply to legally required audits with statutory liabilitylimits.

General Engagement Termsfor

Wirtschaftsprüfer and Wirtschaftsprüfungsgesellschaften[German Public Auditors and Public Audit Firms]

as of January 1, 2002

This is an English translation of the German text, which is the sole authoritative version

[Translator’s notes are in square brackets]

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10. Supplementary provisions for audit engagements(1) A subsequent amendment or abridgernent of the financial statements ormanagement report audited by a Wirtschaftsprüfer and accompanied by anauditor’s report requires the written consent of the Wirtschaftsprüfer even ifthese documents are not published. If the Wirtschaftsprüfer has not issued anauditor’s report, a reference to the audit conducted by the Wirtschaftsprüferin the management report or elsewhere specified for the general public ispermitted only with the Wirtschaftsprüfer’s written consent and using thewording authorized by him.(2) lf the Wirtschaftsprüfer revokes the auditor’s report, it may no longer beused. lf the client has already made use of the auditor’s report, he mustannounce its revocation upon the Wirtschaftsprüfer’s request.(3) The client has a right to 5 copies of the long-form report. Additional copieswill be charged for separately.

11. Supplementary provisions for assistance with tax matters(1) When advising on an individual tax issue as well as when furnishingcontinuous tax advice, the Wirtschaftsprüfer is entitled to assume that thefacts provided by the client – especially numerical disclosures – are correctand complete; this also applies to bookkeeping engagements. Nevertheless,he is obliged to inform the client of any errors he has discovered.(2) The tax consulting engagement does not encompass procedures requiredto meet deadlines, unless the Wirtschaftsprüfer has explicitly accepted theengagement for this. In this event the client must provide the Wirtschafts-prüfer, on a timely basis, all supporting documents and records – especiallytax assessments – material to meeting the deadlines, so that the Wirtschafts-prüfer has an appropriate time period available to work therewith.(3) In the absence of other written agreements, continuous tax adviceencompasses the following work during the contract period:

a) preparation of annual tax returns for income tax, corporation tax andbusiness tax, as well as net worth tax returns on the basis of the annualfinancial statements and other schedules and evidence required for taxpurposes to be submitted by the client

b) examination of tax assessments in relation to the taxes mentioned in (a)c) negotiations with tax authorities in connection with the returns and

assessments mentioned in (a) and (b)d) participation in tax audits and evaluation of the results of tax audits with

respect to the taxes mentioned in (a)e) participation in Einspruchs- und Beschwerdeverfahren [appeals and

complaint procedures] with respect to the taxes mentioned in (a).In the afore-mentioned work the Wirtschaftsprüfer takes material publishedlegal decisions and administrative interpretations into account.(4) If the Wirtschaftsprüfer receives a fixed fee for continuous tax advice, inthe absence of other written agreements the work mentioned underparagraph 3 (d) and (e) will be charged separately.(5) Services with respect to special individual issues for income tax, corporatetax, business tax, valuation procedures for property and net worth taxation, andnet worth tax as well as all issues in relation to sales tax, wages tax, other taxesand dues require a special engagement. This also applies to:

a) the treatment of nonrecurring tax matters, e. g. in the field of estate tax,capital transactions tax, real estate acquisition tax

b) participation and representation in proceedings before tax andadministrative courts and in criminal proceedings with respect to taxes, and

c) the granting of advice and work with respect to expert opinions inconnection with conversions of legal form, mergers, capital increasesand reductions, financial reorganizations, admission and retirement ofpartners or sharehoIders, sale of a business, liquidations and the like.

(6) To the extent that the annual sales tax return is accepted as additional work,this does not include the review of any special accounting prerequisities nor ofthe issue as to whether all potential legal sales tax reductions have beenclaimed. No guarantee is assumed for the completeness of the supportingdocuments and records to validate the deduction of the input tax credit.

12. Confidentiality towards third parties and data security

(1 ) Pursuant to the law the Wirtschaftsprüfer is obliged to treat all facts thathe comes to know in connection with his work as confidential, irrespective ofwhether these concern the client himself or his business associations, unlessthe client releases him from this obligation.

(2) The Wirtschaftsprüfer may only release long-form reports, expert opinionsand other written statements on the results of his work to third parties with theconsent of his client.

(3) The Wirtschaftsprüfer is entitled – within the purposes stipulated by theclient – to process personal data entrusted to him or allow them to beprocessed by third parties.

13. Default of acceptance and lack of cooperation on the part of the client

lf the client defaults in accepting the services offered by the Wirtschaftsprüferor if the client does not provide the assistance incumbent on him pursuant toNo. 3 or otherwise, the Wirtschaftsprüfer is entitled to cancel the contractimmediately. The Wirtschaftsprüfer’s right to compensation for additionalexpenses as well as for damages caused by the default or the lack ofassistance is not affected, even if the Wirtschaftsprüfer does not exercise hisright to cancel.

14. Remuneration

(1 ) In addition to his claims for fees or remuneration, the Wirtschaftsprüfer isentitled to reimbursement of his outlays: sales tax will be billed separately. Hemay claim appropriate advances for remuneration and reimbursement ofoutlays and make the rendering of his services dependent upon the completesatisfaction of his claims. Multiple clients awarding engagements are jointlyand severally liable.

(2) Any set off against the Wirtschaftsprüfer’s claims for remuneration andreimbursement of outlays is permitted only for undisputed claims or claimsdetermined to be legally valid.

15. Retention and return of supporting documentation and records

(1) The Wirtschaftsprüfer retains, for ten years, the supporting documents andrecords in connection with the completion of the engagement – that had beenprovided to him and that he has prepared himself – as well as thecorrespondence with respect to the engagement.

(2) After the settlement of his claims arising from the engagement, theWirtschaftsprüfer, upon the request of the client, must return all supportingdocuments and records obtained from him or for him by reason of his work onthe engagement. This does not, however, apply to correspondenceexchanged between the Wirtschaftsprüfer and his client and to any documentsof which the client already has the original or a copy. The Wirtschaftsprüfermay prepare and retain copies or photocopies of supporting documents andrecords which he returns to the client.

16. Applicable law

Only German law applies to the engagement, its conduct and any claimsarising therefrom.

FINANCIAL STATEMENTS AS OF 31 DECEMBER 2015

Transparency International International Secretariat Alt-Moabit 96 10559 Berlin Germany

Phone: +49 - 30 - 34 38 200 Fax: +49 - 30 - 34 70 39 12

[email protected] www.transparency.org

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