Regional Press Development Institute Financial Report 2014

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Regional Press Development Institute Financial Report December 31 2014

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0 C O N T E N T S Page Independent Auditors’ Report 1 -2 Statement of profit or loss and other comprehensive income 3 Statement of financial position 4 Statement of cash flows 5 Notes to the financial statements 6 – 25

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1 INDEPENDENT AUDITORS’ REPORT TO THE MANAGEMENT OF REGIONAL PRESS DEVELOPMENT INSTITUTE Report on the financial statements We have audited the accompanying financial statements of REGIONAL PRESS DEVELOPMENT INSTITUTE the Company on pages 2 to 25 which comprise statement of financial position as at 31 December 2014 and the statements of profit or loss and other comprehensive income and cash flows for the year ended and a summary of significant accounting policies and other explan`atory information. Management’s responsibility for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the European which are the accounting instructions of REGIONAL PRESS DEVELOPMENT INSTITUTE and for such internal control as the Management determines is necessary to enable the preparation of financial statements that are free from material misstatement whether due to fraud or error. Auditors 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. Our audit procedures also included the additional procedures. International Standards on Auditing require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error. In making those risk assessments the auditor considers internal control relevant to the entitys preparation of financial statements that give a true and fair view 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 entitys internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates if any made by the management as well as evaluating the overall presentation of the financial statements.

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3 Regional Press Development Institute STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME for the year ended 31 December 2014 in UAH unless otherwise stated Notes 2014 2013 Revenue 5 5 319 373 3 485 298 Total revenue 5 319 373 3 485 298 Program expenses 6 5 319 373 3 485 298 Total expenses 5 319 373 3 485 298 Net Assets 7 Administrative expenses 50 574 13 993 Financial income/expense net 7 794 5 811 Movement in net assets 42 780 19 804

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4 Regional Press Development Institute STATEMENT OF FINANCIAL POSITION as of 31 December 2014 in UAH unless otherwise stated Notes 31-12-2014 31-12-2013 01-01-2013 Assets Non-current assets Property plant and equipment 9 37 859 35 589 29 844 Intangible assets 10 3 100 3 875 6 958 Total non-current assets 40 959 39 464 36 802 Current Assets Targeted financing - receivable 11 47 399 - 68 684 Prepayments and other assets 12 6 981 3 189 1 180 Cash in bank 13 314 252 181 828 158 814 Total current assets 368 632 185 017 228 678 Total assets 409 591 224 481 265 480 Liabilities And Net Assets Current Liabilities Targeted financing - payable 11 180 840 111 215 102 996 Accruals and other payables 14 250 282 93 512 125 587 Deferred income 15 40 959 39 464 36 802 Total current liabilities 472 081 244 191 265 385 Total liabilities 472 081 244 191 265 385 Net Assets Unrestricted 7 62 490 19 710 95 Total net assets 62 490 19 710 95 Total liabilities and net assets 409 591 224 481 265 480

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5 Regional Press Development Institute STATEMENT OF CAHS FLOWS for the year ended 31 December 2014 in UAH unless otherwise stated 2014 2013 Cash flow from operating activities Cash received to cover program services 5 067 823 3 441 821 Currency exchange net results 326 490 67 284 Total cash received 5 394 313 3 509 105 Cash paid to full-time contracted experts remuneration 2 022 926 965 350 Cash paid to employees salaries 584 823 439 646 Cash paid to cover payroll and other salary related taxes 476 916 392 057 Cash paid to other contracted experts remuneration 175 496 107 867 Cash paid to suppliers for services and goods directly related to program services 1 729 433 1 370 059 Cash paid to cover office rent and utilities 165 111 153 380 Cash paid to cover bank services 27 379 17 304 Cash paid to cover telecommunication services 19 100 21 727 Cash paid to cover audit service 18 700 13 600 Total cash paid 5 219 884 3 480 990 Net cash provided/used in operating activities 174 429 28 116 Operating exchange difference 42 005 5 102 Net increase for the year 132 424 23 014 Cash in bank Beginning 181 828 158 814 Net increase for the year 132 424 23 014 Cash in bank ending 314 252 181 828

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 6 Note 1. Nature of Activities Regional Press Development Institute RPDI or the “Organization” is the non-profit non- government organization incorporated under Ukrainian law as a legal entity in 2006. It has neither share capital nor retained earnings. The main governing body of the Organization is the Board of Directors. RPDI is based in Kiev Ukraine: Georgievskiy 7 office 407-408. RPDI promotes democratic civil society through the development of professional sustainable and pluralistic media in Ukraine. The main objectives of RPDI are : 1 to provide regular and demand- driven training and education for media professionals 2 to offer partnership opportunities and the exchange of information and experience between media outlets of Ukraine and other countries through internships study tours 3 to provide legal support to journalists and media primarily in areas of prepublication screening and defamation cases 4 to maintain information resources such as media research and manuals for access by media professionals 5 to promote transparency and facilitate access to information 6 to improve and promote unbiased media coverage of topics of public significance. RPDI has become a leader in training and networking of investigative reporters and one of the leader in providing new media and innovative technologies training in Ukraine as well as other types of special training for journalists and media employees. Having a strong team of its media lawyers and maintaining the regional network of lawyers all over Ukraine RPDI renders a comprehensive legal support and media law education to journalists and media that helps journalists to stand for their rights more effectively diminishes external pressures and self-censorship and allows them producing more professional stories. With the support from the National Endowment for Democracy in 2010-2013 and Czech Foreign Ministry in 2014 RPDI has been monitoring 56 key governmental websites Governmental portal all ministries state services central executive bodies with special status and other central authorities. The project is sought to increase governmental transparency through better passive access to public information at governmental websites by media and public as well as foster state’s commitment to e-governance development. The rating of authorities monitored is published annually. Promptly reacting on current challenges of 2014 RPDI administered IWPR’s series of training workshops for Ukrainian and Kyrgyz reporters on working in hostile environment digital security professional and ethical standards of covering war.

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 7 Note 1. Nature of Activities cont With the support from the National Democratic Institute project on the role of women in politics funded by Swedish Government in 2014 RPDI held a series of gender-related training workshops and launched a campaign website against sexism in politics and media. In 2011-2014 U-Media supported two RPDI projects 675411 in total in the areas of investigative journalism new media legal support and training for journalists as well as elections coverage and legal advice to journalists. In April 2014 U-Media in cooperation with the Canada’s Department of Foreign Affairs Trade and Development supported the RPDI’s “Strengthening Investigative Reporting in Ukraine” Project 84542 in total to be implemented before 31 March 2017. During 8years of its activity RPDI has successfully implemented more than 55 media supporting projects financed by a diverse group of donors for more than US 2.6 million. RPDI is constantly expanding its competences and its donor network which currently includes such international donors and organizations as: Internews Network National Endowment for Democracy NED International Renaissance Foundation IRF International Research Exchanges Board IREX Media Development Fund MDF at the US Embassy and Alliances for Quality Education Community Connections Program National Democratic Institute for International Relations USA funded by the Swedish government Media Legal Defense Initiative UK Institute for War and Peace Reporting IWPR USA and UK Danish international project SCOOP managed by FUJ and IMS funded by Danish then Norwegian MFA the German Embassy Polish partner Common Europe Foundation funded by International Solidarity Fund Czech partner Transitions Online funded by Czech Foreign Ministry Swedish partner Fojo Media Institute funded by Swedish Institute.

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 8 Note 2. Basis of preparation a Statement of compliance The financial statements have been prepared in accordance with International Financial Reporting Standards IFRSs as issued by the IASB. b Basis of measurement The financial statements have been prepared under the historical cost convention. c Going concern basis The financial statements have been prepared on a going concern basis. d Adoption of new and revised International Financial Reporting Standards and Interpretations As from 1 January 2014 the Organization adopted all of the International Financial Reporting Standards IFRSs and International Accounting Standards IAS which are relevant to its operations. The following Standards Amendments to Standards and Interpretations had been issued but are not yet effective for the year ended 31 December 2014:  "Defined Benefit Plans: Employee Contributions" Amendments to IAS 19 - effective for annual periods beginning from 1 July 2014  Annual improvement to IFRSs 2010-2012 cycle - effective for annual periods beginning from 1 July 2014  Annual improvement to IFRSs 2011-2013 cycle - effective for annual periods beginning from 1 July 2014  IFRS 14 "Regulatory Deferral Accounts" - Annual improvement to IFRSs 2010-2012 cycle - effective for annual periods beginning from 1 January 2016  "Accounting for Acquisition of Interests in Joint Operations" Amendments to IFRS 11 - effective for annual periods beginning from 1 January 2016  "Clarification of Acceptable Methods of Depreciation and amortization" Amendments to IAS 16 and IAS 38 - effective for annual periods beginning from 1 January 2016  "Agriculture: Bearer plants" Amendments to IAS 16 and IAS 41 - effective for annual periods beginning from 1 January 2016  IFRS 15 "Revenue from Contracts with Customers" - effective for annual periods beginning from 1 January 2017  IFRS 9 "Financial Instruments" - effective for annual periods beginning from 1 January 2018.

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 9 Note 2. Basis of preparation cont The Board of Directors expects that the adoption of these standards in future periods will not have a material effect on the financial statements of the Organization. e Use of estimates and judgments The preparation of financial statements in accordance with IFRSs requires from Management the exercise of judgment to make estimates and assumptions that influence the application of accounting principles and the related amounts of assets and liabilities income and expenses. The estimates and underlying assumptions are based on historical experience and various other factors that are deemed to be reasonable based on knowledge available at that time. Actual results may deviate from such estimates. The estimates and underlying assumptions are revised on a continuous basis. Revisions in accounting estimates are recognized in the period during which the estimate is revised if the estimate affects only that period or in the period of the revision and future periods if the revision affects the present as well as future periods. f Functional and presentation currency The functional currency of the Organization is the Ukrainian Hryvnia UAH. Transactions in currencies other than the functional currency are treated as transactions in foreign currencies. Management decided to use Ukrainian Hryvnia UAH as the presentation currency for financial and management reporting purposes. .

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 10 Note 3. Significant Accounting Policies The following accounting policies have been applied consistently for all the years presented in these financial statements and in stating the performance and financial position of the Organization. Foreign currency translation i Transactions and balances Transactions in foreign currencies are initially recorded by the Organization at their respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities are translated into the functional currency at the rates ruling at the end of the reporting period. Foreign exchange gains and losses arising from transactions in foreign currency and also from translation of monetary assets and liabilities into the functional currency at the rate ruling at the end of the year are recognized in profit or loss. ii Presentation currency As the presentation and functional currencies are the Ukrainian Hryvnia UAH no relevant translation differences arise. Property plant and equipment Property plant and equipment are measured at cost less accumulated depreciation and impairment losses. Depreciation is recognized in profit or loss on the straight-line method over the useful lives of each item of property plant and equipment. Useful lives applied for the current and comparative periods are as follows: Type of Asset years Computers and office equipment 2-5 Furniture 4 Other equipment 1 Depreciation methods useful lives and residual values are reassessed at the reporting date. Depreciation starts from the following month of the date an asset is available for use and depreciation is fully accumulated when useful life terminates. Where the carrying amount of an asset is greater than its estimated recoverable amount the asset is written down immediately to its recoverable amount.

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 11 Note 3. Significant Accounting Policies cont An item of property plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. Intangible assets Intangible assets are measured initially at purchase cost and are amortized on a straight-line basis over their estimated useful lives. Useful live applied for the current and comparative periods is equal to 5 years. An intangible asset is derecognized on disposal or when no future economic benefits are expected from use or disposal. Gains or losses arising from de-recognition of an intangible asset measured as the difference between the net disposal proceeds and the carrying amount of the asset are recognized in profit or loss when the asset is de-recognized. Targeting financing – receivable Targeting financing – receivable arises when cumulative cash tranches received as at reporting date to fund program expensesare less than recognized program expenses as at the same date. Prepayments and other current assets Prepayments and other current assets represent regular prepayments to suppliers for goods and services. These are recognized when cash payments are made and are originally measured in the amount of payments. Subsequently these are carried at historic cost less impairment provision. Cash and cash equivalents For the purpose of the statements of financial position and cash flows cash and cash equivalents comprise cash at bank. Deferred income Deferred income represents reallocation from program revenues and other income to the extent of cash payments made for which expenses will be recognized in future periods. Targeting financing – payable Targeting financing represents current balance of settlements with donors of program revenues. These are recognized when cash tranches are received from donors. During the recognition of expenses directly related to specific program activities these balances are released to program revenues in the equivalent amount.

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 12 Note 3. Significant Accounting Policies cont Accruals and other payables Accruals and other payables represent liabilities incurred by the Organizations in the course of its ordinary activities when relevant payments have not yet been settled. These are carried at amortized cost. Net Funding Position A positive net funding position represents unrestricted resources available to support organizational operations which arise from prior activities of Organization when expenses incurred for specific programs and unallocated expenses were less then assets received from donors for the same purpose and zero targeting financing balances were confirmed by the donors. Conversely if expenses incurred for specific programs and unallocated expenses exceed assets received from donors for the same purpose and zero targeting financing balances are confirmed by the donor a negative net funding position arises. At each reporting date net funding position represents undesignated own funds and property plant and equipment unrestricted for use less accrued liabilities not related to any donor-financed program activities. Program revenues Program revenues are recognized in the amount of expenses incurred for program activities and in the period when these expenses are incurred. RPDI does not account for contributions to be received in the form of unconditional promises to give or pledges. The Organization receives funding from donors. The Organization does not have any sources of income other than funds obtained as grants sub-grants or under cooperation agreements partnership agreements and service contracts. Expenses Expenses are recognized on the accrual basis. Program expenses includedirect program expenses and allocated joint costs. Tax status The Foundation is a not-for-profit organization exempt from income tax and VAT under Ukrainian Law.

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 13 Note 4. Operating segments A reportable segment is a detachable component of the Organizations activities which represents main areas of statutory objectives. The Organization receives financing from donors for implementation of these statutory objectives. Reportable segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The operating components have independent revenues and are managed separately. As the Organization is established as non-profit NGO reportable segments expenses are equals to relevant revenues and managed separately from other segments as well. All expenses are allocated to specific reportable segments except general administrative expenses which could not be directly allocated. Similar to profit and losses at each reporting date all balance sheet items are allocated to specific reportable segments except those which could not be allocated. In each reporting period there were no intra-segment transactions as well as vertical integration between reportable segments. In the year ended 31 December 2014 the Organization identified the following reportable segments: 1 Training and education for media professionals 2 Legal support and media law education 3 Promoting of government transparency and facilitation of access to information 4 Improvement of unbiased media coverage of topics of public significance 5 Organization development.

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 14 Note 4. Operating segments cont Information by operating segments for the year ended 31 December 2014 is presented as follows: Training and education for media professionals Legal support and media law education Promoting of government transparency and facilitation of access to information Improvement of unbiased media coverage of topics of public significance Organization development Unallocated TOTAL Program revenues 2 654594 1 585 616 351 721 526 910 200 532 - 5 319 373 Program expenses 2 654594 1 585 616 351 721 526 910 200 532 - 5 319 373 Net unallocated expenses - - - - - 42 779 42 779 Change in net funding position - - - - 42 779 42 779 As at 31 December 2014 Non-current assets 20 440 12 209 2 708 4 057 1 545 - 40 959 Current assets 153 626 91 192 11 953 87 985 7 828 16 049 368 633 Total assets 174 066 103 401 14 661 92 042 9 373 16 049 409 592 Current liabilities 178006 74 911 12 117 109 612 36 544 60 892 472 082 Total liabilities 178 006 74 911 12 117 109 612 36 544 60 892 472 082

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 15 Note 4. Operating segments cont Information by operating segments for the year ended 31 December 2013 is presented as follows: Training and education for media professionals Legal support and media law education Promoting of government transparency and facilitation of access to information Improvement of unbiased media coverage of topics of public significances Organization development Unallocated TOTAL Program revenues 1 569 329 782 757 723 025 298 516 111 671 - 3 485 298 Program expenses 1 569 329 782 757 723 025 298 516 111 671 - 3 485 298 Net unallocated expenses - - - - - 19 804 19 804 Change in net funding position - - - - 19 804 19 804 As at 31 December 2013 Non-current assets 17 770 8 863 8 187 3 380 1 264 - 39 464 Current assets 47 133 44 180 71 696 - 6 858 15 150 185 017 Total assets 64 903 53 043 79 883 3 380 8 122 15 150 224 481 Current liabilities 64 626 52 971 86 896 3 380 26 811 9 507 244 191 Total liabilities 64 626 52 971 86 896 3 380 26 811 9 507 244 191

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 16 Note 5. Revenues During 2014 the Organization obtained funding from different donors under grans sub-grants cooperative partnership and service agreements: 2014 2013 Program revenues 5 322 590 3 495 132 Deduction from revenue 3 217 9 834 5 319 373 3 485 298 Deduction from revenue represents deferral of revenue in the amount of expenses that will be recognized in future periods Program revenues per type of agreements are presented as follows: 2014 2013 Grant 707 014 1 460 824 Cooperative agreement 526 910 - Sub-grant 3 313 993 1735 792 Partnership agreement 540 158 298 516 - Services agreement 234 515 - 5 322 590 3 495 132

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 17 Note 5. Revenues cont Program revenues by Donors are presented as follows: 2014 2013 Internews Network Ukraine U-Media program 3 048 035 1 735 792 National Democratic Institute USA 526 910 - Transitions Czech Republic 522 714 - German Embassy Kiev Ukraine 317 196 - Canadian International Development Agency 265 958 - The Institute of War and Peace Reporting USA 234 514 - US Embassy Kiev Ukraine 217 941 47 255 nternational Renaissance Foundation Ukraine 105 092 690 544 National Endownment for Democracy USA 66 785 334 643 Fojo Media Institute Sweeden 17 445 - IREX - 388 382 Common Europe Foundation - 298 516 5 322 590 3 495 132

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 18 Note 6. Program Expenses During 2014 the Organization incurred the following expenses directly related to programs: 2014 2013 Full-time contracted experts remuneration 2 118 826 1 146 827 Travel per diem and accommodation of program participants 844 423 454 655 Employee salaries and related taxes 929 764 716 070 Other contracted experts remuneration and related taxes 545 692 411 329 Rent of premises for program activities 288 188 118 425 Organizational services 195 100 119 932 Office rent expenses and utilities 166 698 153 380 Cost of materials used 51 729 20 529 Unused vacation expenses and related taxes 49 743 43 030 Audit services 35 000 18 700 Depreciation and amortization 22 977 19 983 Telecommunication services 20 992 20 646 Bank services 27 385 17 304 Other direct program expenses 22 856 224 488 5 319 373 3 485 298

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 19 Note 7. Movement In Net Funding Position 2014 2013 As at 1 January 19 710 94 Exchange differences 7 794 5 811 Movement in unallocated unused vacations reserve 32 225 9 193 Other unallocated administrative expenses 18 349 4 800 As at 31 December 62 490 19 710 Note 8. Payroll and related charges 2014 2013 Full-time contracted experts remuneration 2 118 826 1 146 827 Employee salaries 710 289 533 817 Contributions to social funds 219 475 182 254 Unused vacations accrual and related charges 81 968 52 223 3 130 558 1 915 121

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 20 Note 9. Property Plant Equipment Cost Computer and office equipment Non-current low-value equipment Total Balance at 1 January 2013 105 997 60 670 166 667 Additions 21 388 8 429 29 817 Disposals - - - Balance at 31 December 2013 127 385 69 099 196 484 Depreciation Balance at 1 January 2013 76 153 60 670 136 823 Charge for the year 15 643 8 429 24 072 Balance at 31 December 2013 91 796 69 099 160 895 Carrying amounts Balance at 31 December 2013 35 589 - 35 589 Balance at 1 January 2014 127 385 69 098 196 484 Additions 22 622 5 417 28 039 Disposals 3 016 2 033 5 049 Balance at 31 December 2014 146 991 72 482 219 474 Depreciation Balance at 1 January 2014 91 796 69 098 160 894 Charge for the year 18 507 5 417 23 924 On disposals 1 170 2 033 3 203 Balance at 31 December 2014 109 133 72 482 181 615 Carrying amounts Balance at 31 December 2014 37 859 - 37 859

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 21 Note 10. Intangible Assets As at each reporting date intangible assets represent computer software used for program activities. Changes in the carrying amount fully relate to amortization charge. During 2014 amortization charge is UAH 785 2013: UAH 3 083. The amounts of cost and accumulated amortization as at 31 December 2014 2013 and 1 January 2013 are presented below: Cost Accumulated amortization Net book value As at 1 January 2013 15 417 8 459 6 958 As at 31 December 2013 15 417 11 542 3 875 As at 31 December 2014 15 417 12 317 3 100 Note 11. Targeted Financing Targeted financing by donors is presented as follows: 31-12-2014 31-12-2013 1-01-2013 Internews Network Ukraine U-Media program 33 244 39 519 48 209 National Democratic Institute USA 87 985 - - Canadian International Development Agency 14 155 - 20 475 The Institute of War and Peace Reporting USA 16 574 - - US Embassy Ukraine 32 087 - - International Renessance foundation Ukraine 11 953 - 102 996 National Endownment for Democracy USA - 71 696 - Fojo Media Institute Sweeden 32 241 - - 133 441 111 215 34 312

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 22 Note 11. Targeted Financing cont Summary of Targeted financing outstanding amounts is presented as follows: 31-12-2014 31-12-2013 1-1-2013 Targeted financing payable 180 840 111 215 102 996 Targeted financing - receivable 47 399 - 68 684 133 441 111 215 34 312 Note 12. Prepayments and other assets At each reporting dateprepayments and other assets consist of the following: 31-12-2014 31-12-2013 1-1-2013 Prepayments for services 3 341 3 022 1 030 Payroll taxes and contributions prepaid 3 640 167 150 6 981 3 189 1 180 Note 13. Cash in Bank Cash and cash equivalents at each reporting date include accounts opened with Procredit Bank in USD EUR and UAH. 31-12-2014 31-12-2013 1-1-2013 Cash in bank denominated in USD 143 652 88 121 - Cash in bank denominated in UAH 120 458 93 707 158 814 Cash in transit 50 144 - - 314 254 181 828 158 814

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 23 Note 14. Accruals and other payables At each reporting date accruals and other payables consist of the following: 31-12-2014 31-12-2013 1-1-2013 Payables for goods and services 27 029 5 630 1 539 Provision for audit services 35 000 18 700 13 600 Provision for other assurance services - - 300 Unused vacations reserve 84 958 34 186 31 734 Payroll related taxes and contributions 103 295 34 995 78 414 250 282 93 512 125 587 Note 15. Deferred income Ateach reporting date deferred income consists of the following: 31-12-2014 31-12-2013 1-1-2013 Deferred income on restricted in use PPE 7 056 8 778 15 950 Deferred income on unrestricted in use PPE 33 903 30 686 20 852 40 959 39 464 36 802

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 24 Note 16. Related Party Transactions The organization is managed by the Board of Directors. For the purposes of these financial statements parties are considered to be related if one party has the ability to control the other party is under common control or can exercise significant influence over the other party in making financial or operational decisions. In considering each possible related party relationship attention is directed to the substance of the relationship not merely the legal form. According to these criteria the related parties of the Organization are divided into the following categories: a. Key management personnel b. Members of the Board of Directors a Key managementremuneration 2014 2013 Payroll and related taxes 320 268 229 717 / 320 268 229 717 b Services 2014 2013 Organizational services 195 100 119 932 Contracted experts remuneration 190 535 90 759 385 635 210 691 There are no outstanding balances with identified related parties as of 31 December2014 2013 and 1 January 2013.

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REGIONAL PRESS DEVELOPMENT INSTITUTE NOTES TO FINANCIAL STATEMENTS for the year ended 31 December 2014 all amounts are in UAH unless stated otherwise 25 Note 17. Contingent liabilities Pension and other liabilities Organization’s employees receive pension benefits from the State Pension Fund a Ukrainian Government organization in accordance with the applicable laws and regulations of Ukraine. The Organization is obliged to contribute a specified percentage of salaries to the State Pension Fund to finance the benefits. The only obligation of the Organization with respect to this pension plan is to make the specified contribution from salaries. As at 31 December 2014 2013 and 1 January 2013 the Organization had no liabilities for any supplementary pension payments health care insurance or retirements indemnities to its current or former employees. The Organization had no contingent liabilities as at 31 December 2014. Note 18. Events after reporting date There were no material events after the reporting period which affect the financial statements as at 31 December 2014.

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