stichting access to medicine foundation annual report 2015in january, the index team spoke...

Stichting Access to Medicine Foundation

Annual Report 2015

Stichting Access to Medicine Foundation – Annual Report 2015

Access to Medicine FoundationScheepmakersdijk 5aNL-2011 AS HaarlemThe Netherlands

On behalf of the Access to Medicine Foundation,please contact Damiano de FeliceE [email protected] + 31 (0)23 53 39 187W www.accesstomedicineindex.org

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Table of contents

Executive Board Report


Financial Statements

Balance sheet as at 31 December 2015

Statement of income and expenses for the year ended 31 December 2015

Notes to the financial statements Appropriation of result

Independent auditor's report

Appendix 1 - Budget of income and expenses 2016

Organisation

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30

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Executive Board ReportIn 2015, the Access to Medicine Foundation significantly expanded its reporting range, with the introduction of a new tool for change, the Access to Vaccines Index, alongside developing the methodology for the next Access to Medicine Index and publishing its first series of studies into specific access-to-medicine topics. The Foundation has invested further in its people and processes, with Wim Leereveld handing over the leadership of the Foundation to Jayasree K. Iyer and an expansion of the in-house research team. The Foundation’s reputation and influence has continued to grow, underscored by the results of an independent third-party evaluation. This study confirms that the Index is viewed both as a catalyst and an inspiration for pharmaceutical companies’ access-to-medicine activities.

Heightened interest in findings of the 2014 Access to Medicine Index The Index team continued to build awareness of its insights and model for change throughout 2015. Q1 brought a peak in demand for insight into the 2014 Access to Medicine Index. In the first few months of 2015, the Foundation presented its findings to many audiences, including the French, UK and Swiss governments, at the European Parliament in Brussels and the World Economic Forum in Davos, Switzerland. Media interest in the 2014 Index continued, with coverage in the Guardian, New York Times, Le Temps and Volkskrant, among others. At key points in the 2015 news cycle, the Foundation contributed to current debates on access to medicine (e.g., for BBC about access to forth-coming vaccines and in Fortune's Change the World list: Companies that are doing well by doing good).

In January, the Index team spoke individually with each company covered by the Index to provide deeper insight into their performances in the 2014 Index. Later

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in the year, the team was invited to meet the leadership of several companies in the 2014 Index, as well as with pharmaceutical companies beyond its scope. These meetings were frequently used to explore specific opportunities for companies to develop and deploy priority products.

Bringing new insights to the access-to-medicine debateAlso during 2015, the Foundation further expanded its role in the access-to-medicine debate. Through conferences and individual meetings, the Foundation has provided input to the priority-setting processes of various stakeholders, including a growing pool of governments. The Index team has met with key departments of the UN, the US government and various European governments (e.g., Belgium, Denmark, Germany, Ireland and the Netherlands). At the EU level, the team has joined policy discussions and presented its findings to the Euro-pean Commission. Team members have addressed access issues at the WHO, for the UN Foundation, at the World Healthcare Summit in Berlin, at the PharmaAf-rica Market Access conference and for the Dutch Society of Tropical Medicine. Compared with the previous Index cycle, visitors to the Foundation website saw a steep increase and so did the downloads of the new Index report.

Investor viewThe Foundation has seen growing appetite among both pharma-focused and ESG investors for its insights into pharma company activities. The Index team held one-on-one briefing calls with institutional investors on the 2014 Index, and with pharmaceutical analysts and engagement teams prior to planned company engagements. The team also presented to the global health working group of the Interfaith Center of Corporate Responsibility (ICCR) with 70 investors inter-ested in the findings to inform engagement activities with companies.

Over 2015, the number of signatories to the Access to Medicine Index investor statement has grown to 54 investors, with over USD 5.31 trillion in assets under management. Mainstream investors and sell-side analysts continue to view the Index as an important source for detailed information regarding companies’ access-to-medicine policies and practices. Amid a surge of interest in account-ability mechanisms, the Access to Medicine Index has been routinely cited by investors as a leading benchmarking tool.

New research targeting key issuesIn 2015, the Foundation published its first series of standalone thematic studies, which each contribute new insights to the conversation around specific access-to-medicine topics and the role of the private sector: on maternal health and

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access to contraceptives, on vaccines in development and their future acces-sibility; and on access to hepatitis C medicines. All three studies have been positively received by key stakeholders, hailed as useful tools for engaging with companies and for building partnerships.

The first study helped to secure formal commitments from pharmaceutical companies to improve maternal health. The appetite for more studies has increased, covering issues such as antimicrobial resistance, access to oncology medicines and child health.

2016 Access to Medicine Index – a new agenda for actionA key operational priority in 2015 was to once again build consensus on the role for the pharmaceutical industry on access to medicine. This consensus formed the basis for the methodology review for the next Access to Medicine Index. For the fifth time, the Foundation applied its multi-stakeholder process, and aligned the Index methodology with changes in global access-to-medicine priorities. Qualitative and quantitative assessments of 2014 data were carried out in-house to reaffirm the robustness of the next Index analysis, while maintaining the capacity for trend analysis.

Compared to previous methodology reviews, stakeholder outreach was broader and deeper. Specialist advice on key areas of analysis was gathered from the Technical Sub-Committees and a range of independent experts, including experts from governments and the global health and investor communities. Pharmaceutical companies were consulted on the process and feasibility of gathering, submitting and verifying data in 2014. Strategic guidance was provided by the Expert Review Committee (ERC) of independent experts, including from the WHO, IFPMA, NGOs, patient organisations and academia. Four new members joined the ERC in 2015: from the Danish Government, World Health Organization, Gavi the Vaccine Alliance and BNP Paribas Investment Partners.

The 2015 Methodology for the 2016 Access to Medicine Index gives greater emphasis to what companies do in practice, and has a deeper focus on how they

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approach people with the highest access needs, through, e.g., pricing strategies and R&D. The number of indicators has been reduced from 95 to 83, improving efficiencies in analysis and data capture. The corresponding data collection system has been updated and audited and an ISAE 3000-statement has been issued for the system. For the first time, the methodology has explicitly been presented as “expectations for company behaviour”.

The impact of the Access to Medicine Index In 2015, Technopolis Group (an organisation with long-lasting experience performing impact assessments for global health donors) performed a third-party evaluation study on how, and to what extent, the Access to Medicine Index has contributed to changes in the behaviour and performance of research-based pharmaceutical companies with respect to access to medicine. Technopolis Group was selected by an independent reference group chaired by Paul Engel, Senior Fellow and former Director at ECDPM. The independent reference group also validated the methodology of the study. Technopolis Group interviewed representatives of companies, NGOs, investors, the media, governments and others. The findings of the study support previous evidence that “the Index has managed to establish itself as the gold standard against which a pharmaceutical company’s access-to-medicine policies and practices are measured”, and that the Index “can be viewed as both a catalyst for accelerating on going access-to-medicine activities and as an inspiration for development of new activities.”

2017 Access to Vaccines Index – a new tool for spurring changeIn response to stakeholder demand, the Foundation has extended its research activities to the vaccine sector. With funding from the Dutch National Post-code Lottery, the Foundation developed the methodology for the first Access to Vaccines Index, which will provide an initial baseline of vaccine companies’ efforts to increase access to vaccines. The new Index follows the Foundation’s consensus-based model for spurring industry engagement in access issues. It reflects consensus between key stakeholders in the vaccine ecosystem, and essential strategic insight from a group of Expert Advisors (from Clinton Health Action International, Gavi the Vaccine Alliance, UNICEF and the International Federation of Pharmaceutical Manufacturers and Associations). The meth-odology has been presented as a new tool for spurring industry change, and welcomed by stakeholders as providing a solid platform for new discussions with vaccine companies, including those based in developing countries. The first Access to Vaccines Index will be published in the first quarter of 2017.

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Organisational developmentOn 1 October, 2015, Wim Leereveld handed over the leadership of the Foundation to Jayasree K. Iyer. In her new role as Executive Director, Jayasree has continued intensive engagements with pharmaceutical companies and key stakeholders in access to medicine and vaccines, while overseeing the development of the meth-odologies for the next Access to Medicine Index and the first Access to Vaccines Index. After 12 years of building the Foundation and taking the initial idea of ranking the top 20 pharmaceutical companies to the next level, Wim has joined the Super-visory Board of the Foundation and will stay involved in a strategic role. The Chair of the Foundation’s Supervisory Board has been transferred from Professor Hans Hogerzeil (with effect from 17/09/14) to John Schaetzl. In 2015, the Foundation has continued to strengthen its in-house research capabilities, with new expertise spanning clinical settings, corporate transparency and health policy.

Financials The Foundation ended 2015 with a net surplus of €58,374. The Foundation's income in 2015 was €1.56 million, approximately €110,000 less than the budgeted income, while total expenses were about €150,000 lower than expected. The most relevant variances between actuals and budget are in the following categories.

Income/deferred income - The deferred income is higher due to the receipt of several grant instalments in 2015. Part of them were received for future activities, and should therefore be recognised as deferred income. Deferred income from the Bill & Melinda Gates Foundation (BMGF) and the Dutch Ministry of Foreign Affairs (MinBuZa) is higher than the 2015 budget in order to better reflect the larger amount of activities in the second year of the Access to Medicine Index cycle (2016).

Consultants and similar expenses - The positive variance in this category is mainly due to consultancy savings. The Foundation reduced its consultancy costs in 2015.

Sub-contracts and similar expenses - This category includes the Impact Assess-ment and the IT platform development. The positive variance in this category is mainly due to savings with respect to the Impact Assessment.

“The 2014 Index shows that the pharmaceutical industry

has made progress in improving access to vital medi-

cines for the globe’s poorest people, helping to tackle

some of the world’s worst diseases. The deadly Ebola

outbreak reminds us that there is still much to be done

to stop the spread of diseases in developing countries.”

Justine Greening MP, Secretary of State for Interna-

tional Development, UK

“The Access to Medicine Index

mobilizes the strength of the

private sector, impacting the lives

of millions of the most vulnerable

people on earth. It showcases the

synergy of aid, trade and invest-

ment.” Lilianne Ploumen, Minister

for Foreign Trade and Development

Cooperation, The Netherlands

“The companies at the top of the

Access to Medicine Index want to

do more. The ones at the bottom

see that and push forward on it.”

Bill Gates, Co-Chair of the Bill and

Melinda Gates Foundation

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Supplies and similar expenses - The positive variance in this category is due to savings and to the fact that the budget figure also includes what was “Unforeseen costs”.

ContinuityIn 2015, the Foundation received funds from BMGF, the UK Department for Inter-national Development (DFID), MinBuZa and the Dutch National Postcode Lottery (NPL). The grant from the NPL was awarded in January, and exclusively funds the Access to Vaccines Index. The Foundation has now received the final instalment of the current DFID grant. The grants from the BMGF and MinBuZa will expire in 2016 and 2017 respectively. The Foundation will apply for the renewal of all three grants when the application processes open. The Foundation is also pursuing additional funding streams.

Outlook In 2016, we will further pursue our three-part model for change: 1) to build consensus on what society expects from companies, and on where incentives and disincentives exist; 2) stimulate a “race to do well” in key access-to-medicine areas; and 3) diffuse best practices to share new insights into the best approaches for driving change. A core operational priority in 2016 will be the interlinked data-collection, analysis and reporting processes, leading to the publication of the 2016 Access to Medicine Index and 2017 Access to Vaccines Index. The 2016 budget for the Foundation is enclosed as Appendix 1.

We see significant appetite for deeper engagement with healthcare companies and other change-makers in the access-to-medicine ecosystem. We are entering an era where global priorities such as antimicrobial resistance and non-communicable diseases are becoming increasingly urgent, highlighting the importance of tracking action to commitment. Engagement with stakeholder groups such as governments, NGOs and institutional investors is critical to drive real solutions forward with the industry in the upcoming years.

Haarlem, 18 March 2016Stichting Access to Medicine Foundation

The Executive Board

Jayasree K. IyerExecutive Director

Former member of the Executive Board active during this financial reporting period:

Wim LeereveldChief Executive Officeruntil 1 October 2015

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Financial Statements

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Balance sheet as at 31 December 2015 (after appropriation of result)

31 December 2015 31 December 2014Note EUR EUR EUR EUR

AssetsNon-current assets

Property, plant and equipment 4 30,131 38,601Financial fixed assets 5 11,250 12,000

Current assetsReceivables, prepayments and

accrued income 6 315,578 5,450Cash and cash equivalents 7 548,803 270,346

905,762 326,397

Equity and liabilitiesEquity

General Reserve 8 (77,565) (135,939)

Current liabilities 9Accounts payables 2,858 33,905

Taxes and social security contributions 10 14,859 32,511 Deferred income 11 781,000 300,000

Other debts and accruals 12 184,609 95,920 983,327 462,335

905,762 326,397

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Statement of income and expenses for the year ended 31 December 2015

Budget Results Results2015 2015 2014

Note EUR EUR EUR

IncomeGrants and subsidies 14 1,680,673 1,557,016 1,802,463

Donations 15 - - 10,000 Financial income 16 - 6,132 1,714

Exchange difference 17 - 4,522 1,711

Total income 1,680,673 1,567,670 1,815,889

ExpensesSalaries and wages 18 832,792 839,859 863,963

Social security and pension contributions 19 136,169 122,270 135,485 Other personnel expenses 20 72,030 55,221 74,785

Depreciation of plant, property and equipment 12,900 11,634 11,419 Bookloss disposals - 700 -

Travel expenses 63,750 54,727 84,534 Financial expenses - 936 1,054 Housing expenses 21 45,000 39,677 69,595

Consultants and similar expenses 22 110,000 79,274 301,602 Sub-contracts and similar expenses 23 287,000 264,112 200,000

Supplies and similar expenses 24 103,000 40,887 48,489

Total expenses 1,662,640 1,509,296 1,790,925

Net result 18,033 58,374 24,964

Distribution of net result

Addition to general reserve 58,374 24,964

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Notes to the financial statements

General information Activities Stichting Access to Medicine Foundation (the 'Foundation'), domiciled in Haarlem, the Netherlands, is a foundation ('stichting') incorporated according to Dutch law. The Foundation's registered office is Scheepmakersdijk 5A, 2011 AS Haarlem.

The Access to Medicine Foundation is primarily involved in the promotion of access to health care (in the widest sense) in developing countries and, in particular, to encourage the pharmaceutical industry to accept a larger role regarding access to medicine in less developed countries. To achieve this the Foundation develops and publishes the Access to Medicine Index report every 2 years.

The Foundation was established on 5 February 2003 and its first accounting period ended on 31 December 2003. Thereafter, the Foundation has reported its figures on a calendar-year basis (12 months). The current reporting period covers the period from 1 January to 31 December 2015.

Going concern The negative equity of the Foundation amounts to EUR 77,565 as at 31 December 2015. The negative equity has decreased gradually over the last three years. It is the Foundation's goal to reach a positive equity position.

The funding needs for the next year are for a major part already covered by the commitments of the Dutch Ministry of Foreign Affairs, the Bill & Melinda Gates Foundation and the Dutch National Postcode Lottery.

The continuity of the Foundation depends to a significant extent on the willing-ness of funding organisations to continue these financing facilities. On this basis, the accounting principles applied to the valuation of assets and liabilities and the determination of results in these financial statements are based on the assumption of continuity of the Foundation.

Estimates In applying the principles and policies for drawing up the financial statements, the management of the Foundation makes different estimates and judgments that may be essential to the amounts disclosed in the financial statements. If it is necessary in order to provide the transparency required under Book 2, article 362, paragraph 1, the nature of these estimates and judgments, including related assumptions, is disclosed in the notes to the relevant financial statement item.

Accounting policies for the balance sheet General informationThe financial statements are drawn up in accordance with the provisions of Title 9, Book 2 of the Dutch Civil Code and the general accepted accounting policies for non-profit organisations, as published by the Dutch Accounting Standards Board ('Richtlijn voor de Jaarverslaggeving 640').

11.1

1.2

1.3

22.1

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Assets and liabilities are generally valued at historical cost or at fair value at the time of acquisition. If no specific valuation principle has been stated, valuation is at historical cost. In the balance sheet, statement of income and expenses, refer-ences are made to the notes.

Prior-year comparison The accounting policies have been consistently applied to all the years presented.

Foreign currencies Functional currencyThe financial statements are presented in euros, which is the functional and presen-tation currency of the Foundation.

Items included in the financial statements of the Foundation are measured using the currency of the primary economic environment in which the respective Founda-tion operates (the functional currency).

Transactions, assets and liabilitiesForeign currency transactions in the reporting period are translated into the func-tional currency using the exchange rates prevailing on the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the rate of exchange prevailing on the balance sheet date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates are recognised in the income statement.

Translation differences on non-monetary assets held at cost are recognised using the exchange rates prevailing on the dates of the transactions.

Property, plant and equipmentProperty, plant and equipment are stated at historical cost plus expenditure that is directly attributable to the acquisition of the items, less straight-line deprecia-tion over their estimated future useful lives. Allowance is made for any impairment losses expected on the balance sheet date.

Financial fixed assetsFinancial fixed assets like deposits are valued at historical cost. Impairment losses are deducted from amortised cost and expensed in the income statement.

ReceivablesTrade receivables are recognised initially at fair value and subsequently measured at amortised cost. If payment of the receivable is postponed under an extended payment deadline, fair value is measured on the basis of the discounted value of the expected revenues. Interest gains are recognised using the effective interest method. When a trade receivable is uncollectible, it is written off against the allow-ance account for trade receivables.

Cash and cash equivalentsCash and cash equivalents include cash in hand, bank balances and deposits held at call with maturities of less than 12 months. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet. Cash and cash equivalents are valued at nominal value.

2.2

2.32.3.1

2.3.2

2.4

2.5

2.6

2.7

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Current liabilities and deferred income Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost, being the amount received taking into account any premium or discount, less transaction costs.

Any difference between the proceeds (net of transaction costs) and the redemp-tion value is recognised as interest in the income statement over the period of the borrowings using the effective interest method.

All donor payments received by the Access to Medicine Foundation but not spent, are presented as 'deferred income' under current liabilities.

Accounting policies for the income statement General information The result is determined as the difference between total income and total expenses. Income and expenses are recognised in the income statement in the period that they are realised.

Grants and subsidies Donations, grants and subsidies are recognised as income when there is reasonable assurance that they will be received and that the Foundation will comply with the conditions associated with these contributions. Donations, grants and subsidies that compensate the Foundation for expenses incurred are recognised as income on a systematic basis in the same periods in which the expenses are recognised. Donations, grants and subsidies that compensate the Foundation for the cost of an asset are recognised as income on a systematic basis over the useful life of the asset.

Financial income Interest income is recognised on a time-weighed basis, taking into account the effective interest rate of the assets concerned.

Other income Other income refers to incoming amounts other than donations, grants and subsi-dies and is recognised as income when there is a reasonable assurance that the contribution will be received.

Exchange differences Exchange differences arising upon the settlement or conversion of monetary items are recognised in the income statement in the period that they arise.

Expenses Development costs for the Access to Medicine Index are recognised as expenses, since no future benefits are expected.

The Foundation is the owner of the intellectual property rights of the Access to Medicine Index. These rights are internally developed and on that basis not capital-ised (in accordance with Dutch law).

2.8

33.1

3.2

3.3

3.4

3.5

3.6

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Employee benefits Salaries, wages and social security contributions are reported on the income state-ment based on the terms of employment, where they are due to employees.

Depreciation Property, plant and equipment are depreciated over their estimated useful lives from the inception of their use. Future depreciation is adjusted if there is a change in estimated future useful life.

Financial expenses Interest paid is recognised on a time-weighed basis, taking into account the effec-tive interest rate of the liabilities concerned. When recognising interest paid, allow-ance is made for transaction costs on loans received as part of the calculation of effective interest.

TaxesThe Foundation is exempt from both income taxes and VAT.

3.7

3.8

3.9

3.10

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Property, plant and equipment Movements in property, plant and equipment can be broken down as follows:

Furniture Equipment TotalEUR EUR EUR

Balance as at 31 December 2014Cost 31,017 22,595 53,613

Accumulated depreciation (7,697) (7,314) (15,012)

Book value 23,320 15,281 38,601

Movements in book valueAdditions - 4,490 4,490

Depreciation (6,203) (5,431) (11,634) Disposals 1,089 (3,560) (2,471)

Depreciation disposals (472) 1,617 1,145

Balance (5,586) (2,883) (8,470)

Balance as at 31 December 2015Cost 32,106 23,525 55,631

Accumulated depreciation (14,373) (11,128) (25,500)

Book value 17,734 12,398 30,131

Depreciation rate 20% 20% – 33%

Financial fixed assets 12/31/2015 12/31/2014EUR EUR

Security deposit for rental payments 11,250 12,000

Receivables, prepayments and accrued income

12/31/2015 12/31/2014EUR EUR

Receivables from funding partners 300,000 - Prepayments 8,140 3,736

Interest income 6,132 1,714 Current account Access to Seeds Foundation 1,306 -

315,578 5,450

The fair value of the receivables equals the book value, given the short-term char-acter of these receivables.

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5

6

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Cash and cash equivalentsCash and cash equivalents are at the Foundation’s free disposal.

EquityMovements in the Foundation’s reserves can be broken down as follows:

General Reserve

EURBalance as at 1 January 2014 (160,902)

MovementsResult for the year 24,964

Balance as at 31 December 2014 (135,939)

Balance as at 1 January 2015 (135,939) Movements

Result for the year 58,374

Balance as at 31 December 2015 (77,565)

Current liabilitiesAll current liabilities are due in less than one year. The fair value of the current liabilities approximates the book value due to their short-term character.

Taxes and social security contributions 12/31/2015 12/31/2014EUR EUR

Wage tax 14,859 32,511

Deferred grant incomeDeferred grant income amounts to EUR 781,000 (2014: EUR 300,000). These amounts were paid by the Dutch National Postcode Lottery (EUR 650,000), the Bill & Melinda Gates Foundation (EUR 81,000) and the Dutch Ministry of Foreign Affairs (EUR 50,000).

Deferred income from the Bill & Melinda Gates Foundation and the Dutch Ministry of Foreign Affairs is higher than the 2015 budget in order to better reflect the larger amount of activities in the second year of the Access to Medicine Index cycle (2016).

Their payment schedule was changed to match the calendar year from 2015. The Foundation allocated the grant arrangements based on the final budget.

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Other debts and accruals 12/31/2015 12/31/2014EUR EUR

Accrued vacation days 24,382 25,494 Accrued vacation allowance 19,890 31,184

Accrued auditor's fees 8,990 9,000 Current account Access to Seeds Foundation - 1,794

Other liabilities 131,347 28,447 184,609 95,920

Contingencies and commitmentsFinancial obligationsThe Foundation has an office rent obligation of EUR 3,750 per month with Nexthing B.V., which will terminate on 30 April 2017.

Grants and subsidiesResults

2015Results

2014EUR EUR

Bill & Melinda Gates Foundation 740,283 614,101 Dutch Ministry of Foreign Affairs 550,000 600,000

British Government - DFID UK 166,733 588,362 Dutch National Postcode Lottery 100,000 -

1,557,016 1,802,463

DonationsResults

2015Results

2014EUR EUR

Contributions ICCO - 10,000

Financial incomeResults

2015Results

2014EUR EUR

Interest 6,132 1,714

Exchange rate differencesResults

2015Results

2014EUR EUR

Exchange rate differences 4,522 1,711

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1313.1

14

15

16

17

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Salaries and wages Results 2015

Results 2014

EUR EURGross salaries and wages 783,972 788,071

Vacation allowance 48,363 60,794 Vacation days 7,524 15,099

839,859 863,963

Social security and pension contributions

Results 2015

Results 2014

EUR EURSocial security charges and pension costs 91,075 99,943

Compensation health care insurance 31,195 35,542 122,270 135,485

Other personnel expensesResults

2015Results

2014EUR EUR

Expert Review Committee (advisory expenses) 19,820 23,240Travel expenses employees 6,744 17,600

Salary administration 1,385 1,123 Training expenses 822 15,835

Public relations and comm. manager - 436 Other personnel expenses 26,450 16,551

55,221 74,785

Housing expensesResults

2015Results

2014EUR EUR

Office rent 26,707 55,915 Cleaning 7,701 7,266

Energy 3,645 2,506 Other housing expenses 1,624 3,908

39,677 69,595

Consultancy and similar expensesResults

2015Results

2014EUR EUR

PR and communications expenses 33,927 92,944 Professional services 26,157 175,156

Auditor fees and administrative expenses 8,981 9,000 Research consultants 5,805 -

Website & graphic design expenses 4,404 24,502 79,274 301,602

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Sub-contracts and similar expensesResult

2015Results

2014EUR EUR

Access to Medicine Index research, developm. & delivery 264,112 200,000 264,112 200,000

Supplies and similar expensesResults

2015Results

2014EUR EUR

Telecommunications expenses 14,665 16,297 ICT expenses 8,675 8,806

Canteen expenses 7,615 12,066 Print expenses 4,616 3,066

Insurance premium 3,250 2,852 Office supplies expenses 1,105 2,307

Subscriptions 398 1,263 Postage expenses 345 207

Other office expenses 218 1,626 40,887 48,489

Audit feesThe following audit fees were expenses in the income statement in the reporting period.

Results 2015

Results 2014

EUR EURStatutory audit of annual accounts 8,990 9,000

Other audit fees (10) - 8,981 9,000

Average number of employeesDuring the financial year, the average number of employees, based on full-time equivalents, was 11.8 (2014: 11.0).

Management remunerationDuring the reporting period, the Foundation paid EUR 141,143 as remuneration for the Executive Director (during the reporting period 2014, the Foundation paid EUR 288,214 as remuneration for the Executive Director and the Chief Operating Officer). Supervisory Board members of the Founda-tion are not remunerated.

Results 2015

Results 2014

EUR EURGross wage salary 116,613 241,410

Vacation allowance 11,409 20,157 Social charges 9,267 19,486

Pensions 3,853 7,161 141,143 288,214

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The Supervisory Board

John SchaetzlChair of the Supervisory Board

Wilfred GriekspoorMember of the Supervisory Board

Hans V. Hogerzeil Member of the Supervisory Board

Haarlem, 18 March 2016Stichting Access to Medicine Foundation

The Executive Board

Jayasree K. IyerExecutive Director

Knut KjaerMember of the Supervisory Board

Wim LeereveldMember of the Supervisory Board

Joelle TanguyMember of the Supervisory Board

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Appropriation of resultThe profit for the reporting period (1 Jan. 2015 – 31 Dec. 2015) of EUR 58,374 is added to equity.

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Appendix 1 Budget of income and expenses 2016

Budget2016EUR

IncomeGrants and subsidies 1,717,430

Donations - Financial income 5,000

Exchange difference -

Total income 1,722,430

ExpensesSalaries and wages 965,587

Social security and pension contributions 170,252 Other personnel expenses 80,100

Depreciation of plant, property and equipment 13,000 Travel expenses 92,000

Financial expenses 1,000 Housing expenses 57,060

Consultants and similar expenses 151,350 Sub-contracts and similar expenses 81,000

Supplies and similar expenses 38,020 Unforeseen costs 30,000

Total expenses 1,679,369

Net result 43,060

Equity at year end (34,505)

NotesConsultants and similar expenses = External consultants + Communications + IT platformSub-contracts and similar expenses = Impact assessment + IT platform

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Supervisory Board

Executive Board

Team

Wim Leereveld

Member of the Supervisory Board

Knut Kjær


Joelle Tanguy


John Schaetzl

Chair of the Supervisory Board

Jayasree K. Iyer

Executive Director

Damiano de Felice

Deputy Director for Strategy

Suzanne Wolf

Director of Communications

Amal El Basrhiri

Financial Controller

Anna Massey

Communications Manager

Mireille Deen – Le

Belle, Personal Assistant

Andreas Oszkiel

Operations Manager

Danny Edwards

Research Progr-amme Manager

Tara Prasad

Research Progr-amme Manager

Namratha Rao

Communications Officer

Suvi Ristolainen

ResearcherLuca Genovese

ResearcherCatherine Gray

ResearcherClarke Cole

Researcher

Hans Hogerzeil


Wilfred Griekspoor


Organisation

Disclaimer

The report is intended to be for information purposes only and is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The report is not intended to provide accounting, legal or tax advice or investment recommendations. Whilst based on information believed to be reliable, no guarantee can be given that it is accurate or complete.

Photo Disclaimer

The Access to Medicine Foundation gratefully respects the permission granted to reproduce the copyright material in this report. Every reasonable effort has been made to trace copyright holders and to obtain their permission for the use of copyright material. Should you believe that any content in this report does infringe any rights you may possess, please contact us at [email protected] or +31 (0)23 53 39 187.

Copyright

No part of this report may be reproduced in any manner without the written permission of the Access to Medicine Foundation. The information herein has been obtained from sources which we believe to be reliable, but we do not guarantee its accuracy or completeness. All opinions expressed herein are subject to change without notice.

© 2015 Access to Medicine Foundation - All rights reserved

Photo credits

CASAIvy Lahon/ Save the ChildrenPatricia Wolf (ERC & organisation photos)

Design

Explanation Design BV, Netherlands Paper

Scheepmakersdijk 5aNL-2011 AS HaarlemThe Netherlands

W www.atmindex.orgE [email protected] +31 (0)23 533 91 87

The Access to Medicine Foundation is independently funded by the Bill & Medina Gates Founda-

tion, the UK Department for International Development, the Dutch Ministry of Foreign Affairs

and the Dutch National Postcode Lottery.

stichting access to medicine foundation annual report 2015in january, the index team spoke...

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