~' '` _ l

. _

~ ~ ~~.., ~

~ ~ ` ~ ~ Lew ~ ~ ~ L ~ s ~ ~ ~ ~ ~ ~ ~ '`~~ ~ ~`

~ y ~ ~~ 3

• L 1.

for the year ended 31 December 2011

i,I ~'F ~

~i~anca~l state~ae~~sFoy the year enclecl 3~ I)ecernber 2011

Ccsaatents

General Information

~~g~

Certificate of the Comptroller and Auditor General 4-5

Statement of the Responsibilities of the Commission 6

Statement on Internal Financial Control 7-$

Statement of Accounting Policies 9-10

Income and Expenditure Account 11

Balance Sheet 1 ~

Cash Flow Statement 13

Notes to the Financial Statements 34-2Q

_ ~~ ! ' ~'i, "'

~e~er~ii InfmrmationF'or the yeas ended 31 De~e~rt~er 20I1

senior l~~Ianagement'I'eargaMs Patricia Gilheaney —Chief ExecutiveDr Pat Devitt — Inspector of Mental Health Services

Dr Gerry Cunningham — Director — Mental Health Tribunals {retired in January 2012)

Ms Patricia Gilheaney — Director — Standards and Quality Assurance

Mr Ray Mooney — Director — Corporate Services

Ms Rosemary Smyth — Director — Training and Development

IYle~nbeps of the Com~nissio~Dr Edmond O'Dea, Principal Clinical Psychologist (Chair)

Mr Brendan Byrne, Director of Nursing, Mental Health Services, CarlowlKilkenny

Ms Patricia O'Sullivan Lacy, Barrister

Ms Marie Devine, Bodywhys

I~r Brendan Doody, Consultant Psychiatrist, Dublin

Ivlr Padraig Heverin, Clinical Nurse Manager II, Mayo Mental Health Services

Dr Martina Kelly, GP, Cork

Dr Mary Keys, Lecturer, NUI Galway

Dr Eamonn Moloney, Consultant Psychiatrist, Cork

Mr John Redican, Irish Advocacy Network

Mr Martin Rogan, HSEMr John Saunders, Schizophrenia Ireland

Ms Vicki Somers, Principal Social Worker, HSE

Dead ~f~ceSt. Martins HouseBalisbridgeDublin 4Telephone: 01-6362400. Fax: 01-6362440

Web Site: www.mhcirl.ie

BankersA11ied Irish Bank52 Upper Baggot StreetDublin 4

t~uditorsThe Comptroller and Auditor General

Dublin CastleDublin 2

SolicitorArthur CoxEarlsfort Centre, Earlsfart TerraceDublin 2

~$CCOUIItaIltS

Crawleys DFK1.6/17 College GreenDublin 2

~~~

''"~ Ccarr~~tro~l~r a~te~ A~uciit~r ~~~e~a!l ' '`' E~e~c~~t ~o~ ~aresen~a~ion ~c~ the douses o~ ~~~ ~i~e~chfi~s

~e~a~ ~€e~(t~ Ct~mt~riission

! f~ave audited fhe financia3 statements of the Mental Health

Carnmission for the year enr3ed 31 Decem~ier 2011 under

the Mental F-leaith Ack 2007. The financial sta#ements,

which have been prepared under the accounting policies

set out therein, comprise the Statement of Accounting

Policies, the (ncame and ~~pendi#ure Accot~nl, the Balance

Sheet, the Cash ~(ow Statement ant! the related nfltes.

i ~e #financial reporting framework that has been applied in

their preparation is applicable law and Generally Accepted

F~ccounting Practice in Ireland as modified by tie directions

of the Minister fior Health in relaiion to accaun~ing for

superannuation costs.

Responsibilities of t]~e Commission

The Commission is responsible #ar the preparation a~ the

financ'sal statements, for ensuring that they give a true and

fair vicar of the state of the Mental Health Commission`s

affairs and of its income and expenditure, and for ensuring

the reguEarit}+ ofi transactions.

Responsibilities of the Comptroller and Auditor

General

My responsibility is to audit the financial statements and

report on them in accordance wi#h applicable law.

My audit is conducted ~y reference to the special

considera#ions which attach to State bodies in relation to

their rnanagsrnen€ and operation.

My audit is carriECf oaf in accordance tivi#h the In#ernational

Skandards nn Audifing {UK and lre3and) and in compliancy

with the Auditing practices Board's Ethical Standards flat

Auditors.

Scope of Audit of the Financial Ste#ements

An audit involves oaiaining evidence about the amounts

and d9sclosures in the ~n~r~cial statements, sufficseni to

give r~asanable assurance that the financial statements

a€e #tee from material misstatement, whetf~er caused by

fraud or error. This iRCfudes an assessment of

whether the accounting policies are appropriate to the

Commission's circumstances, aid have been cons~sfenily

applied and ac(equately disclosed

o the reasonableness of significant accounting estimates

made in the preparation of tS~~ fnancial statements, and

a she overall presentation of the financial statements.

1 also seek to obtain evidence abouE the regularity of

financial transactions in the coarse o; audit.

In addition, 3 read all the financial and non-fnaneial

infatm8tlQCt in the annual report to identify material

inconsistencies tivith tF~e aucfiked f[nancial statements. if

become aware of any apparent material misstatements or

inconsistencies E considarthe implieati~ns for my report.

Opinion on the Financial St~tem~~ts

In compliance witF: the directions ofi the tVlinister far Health,

the Commission racngnises the costs of superannuation

erstitlements only as they become payable. This i~asis of

accQUnting does nod comply vrith Financ~aE RepQr~ing

Standard ~ r vrh[ch regca res such cosfs to be recognised inthe year the entitlements are earned.

Except far the non-recognition of fie Commission'ssuperannuation costs and liabilities in accordance with

Financial Reporting Standard '17, in my opin9on, the

fn~nciai statements, which have been properly prepared in

accordance with Generally Accepted Accounting Prac#ice

in Ireland; give a true and fair view of the sta#e ofi the

Commission's affairs at 31 december 2Q17 and of its

income and expenditure for the year then ended.

In my opinion, proper b~otcs of account have been 3~ept by

the Commission. The financial statements are in

agreement with the books ar" accounf.

Maft~rs an wh(ch i report by exception

1 report by exception if

i gave not received a!1 the informa~ion and

explanations I required for my audit, Qr

my audi# Hated any material instance where moneys

have Hat been applied for tine purposes intender{ or wherethe €rensactions did not con~orrn to the authorities

cover nine them, or

m the information given in fie Annual Repast for the year

for which the financial statements are prepared is not

consistent vrifh the financial statements, or

a the Statement on Eniernal financial Cr~n~rol does not

re#~eci the Commission's corripliance with the Code of

Practice far the Governance of State Bodies, flr

o I find there are other maieria9 matters relating fc~ the

manner in d~rhich pubic business Sias been conducted.

! havz nothing to report in regard to these ma4ters upon

v~rhich reporting is by exception.

Andrew Harkness

For and on behalf of the

Carnptroller and Auditor General

June 2092

~ ~.

~erti~ca~e of ~~e Comptroller ~~~1 ~~adito~ ~e~zer~I

,i, :~ ,; f; ~, S .i, ,i. , t E ~;, ., ;.~, N.

C ~- ~ ;~ ~.

~t~tenaent €~f 12espoa~si~ili~ies of tae Cossgon

The Commission is required by the Mental Health Act 2001 {section 47) to preparefinancial statements for each financial year, which give a true and fair view of thestate of affairs of the Commission and of its income and expenditure for that period.

in preparing those financial statements, the Commission is required to:

~ Select suitable accounting policies and apply them consistently

~ Make judgments and estimates that are reasonable and prudent

~ Disclose and explain any material departures from applicable accountingstandards, and

~ Prepare the financial statements on the going concern basis unless it is

inappropriate to presume that the Commission will continue in operation

The Commission is responsible for the keeping of proper books of account which

disclose with reasonable accuracy at any time its financial position and which enable

it to ensure that the financial statements comply with section 47 of the Mental HealthAct, 2001. The Commission is also responsible for safeguarding its assets and fortaking reasonable steps for the prevention and detection of fraud and otherirregularities.

On behalf of the Commission

Ck~airperson2012

Chief Exec five~~ 4 2012

■ ~~ E~, "

S~~teme~t o~ ~~te~nal Fana~~ia~ ~c~~et~-ol

.. ~~ it, ,~ ~ ~ ~,,'

As Chairperson, I acknowledge the Commission is responsible for the system ofinternal financial control. The Commission has delegated responsibility to the ChiefExecutive to deal with management and operational issues and to report to the

Commission regularly. The system can only provide reasonable and not absoluteassurance that assets are safeguarded, transactions authorised and properly recorded

and that material errors or irregularities are either prevented. or would be detected in atimely manner.

~oa~trol EnvironBnerat

The following steps have been taken to ensure an appropriate control environment:

The Commission has a regular schedule of meetings (at least eight per annum)at which it is provided with regular updated reports of expenditure.

~ An audit conunittee of the Commission has been established. Its terms ofreference include ensuring systems that ,guarantee internal financial control.

~ Management responsibilities are clearly assigned, with correspondingaccountability.

Disk 1l~Ianagement

The Mental Health Commission has established processes to identify and evaluatefinancial and business risks by:

~ Identifying the nature and extent of financial risks and business risks facingthe Commission.

~ Assessing the likelihood of identified risks occurring.

Assessing the Mental Health Commission's ability to manage and mitigate t11erisks that do occur.

7

i ~;

~tat~t~er~t on ~ntern~l k'iaaanc~l C~ntr~l{coa~ti~a~ed)

~o~atrol Niecha~~sar~

The system of internal financial control is based on a framework of regular

management information, administrative procedures including segregation of duties,

and a system of delegation and accountability. In particular it includes.

~ Appropriate budgeting system with an annual budget which is reviewed

regularly by senior management.

~ Regular review by senior management of periodic and annual financial reports

which indicate financial performance against forecasts.

• Reg~.ilar senior management team meetings.

Mechanisms for ensuring the adequacy of the security of the Information and

Communication Technology (ICT) systems that include the establishment of

appropriate policies and control. procedures have been established.

Mental Health Commission has an internal audit function which reports to the Audit

Committee of the Commission. The internal audit fiinction operates in accordance

with the Code of Practice for the Governance of State Bodies. The Commission's

monitoring and review of effectiveness of the systems of internal financial control is

informed by the work of the outsourced interxial auditor and the Audit Committee.

I confirm that the Commission conducted a review of the effectiveness of the system

of internal financial control in ZOl 1.

Signed

Chairperson

~~~ 2012

~: ~;

~t~~~~taen~ ~f t~c~ouz~~a~g I'olicaes

The following accounting policies have been applied consistently in dealing with

items which are considered material in relation to the financial statements.

~asas of Preparation

The financial statements are prepared under the accrual method of accounting and in

accordance with generally accepted accounting principles under the historical cost

convention, except as indicated below. The Financial Statements are in the farm

approved by the Minister for Health.

Financial Reporting Standards recommended by the recognised accountancy bodies

are adopted, as they become operative but subject to directions issued by the Minister

for Health.

~erio~l of account

The financial statements relate to the year ended 31 December 201 l .

Income

State GrantIncome shown in the financial statements under State Grants represents the actual

receipts in the period.

Other IncomelJther income shown in the financial statements under Other Income represents the

actual receipts in the period.

~'angible Assets and Depreciation

Tangible assets are stated at their historical cost less accumulated depreciation.

I~epreciatian is charged to the Income and Expenditure Account on a straight line

basis, at the rates set out below, so as to write off the assets, adjusted for residual

value, per their expected useful lives as follows:

IT Equipment Straight-line aver 3 yearsOffice Equipment Straight-line over 5 yearsFurniture and Fittings Straight-line over 10 yeaxs

<i; ~

Statement of ~cco~nting Policies

{ca~~~i~ueci)

~. , t

The Commission has submitted a superannuation scheme far approval by the

Departxrrent of Health regarding pension arrangements as per Section 40 of the Mental

Health Act 2001.

In accordance with directions of the Minister of Health, no provision has been made

in these financial statements in respect of the staff superannuation. entitlements earned

during the year.

Pending finalisation of the Commission's Scheme, the Model Superannuation Scheme

is being operated on an administrative basis.

capital Accaun~

The Capital Account represents the unamortised value of funds used for the purchase

affixed assets.

i[~7

~: tir

~~corne and Expenditure Eiccount

~'or the year enclec~ 31 I)ece ~e~r 2011

incomeGrant incomeSuperannuation contributions

Other incomeTransfer from/(to) Capital Account

ExpenditureCommission CostsStaff CostsMental Health Tribunals

Upkeep and Overheads

General ExpensesAgency PaymentsDepreciation

(I)e~cit)/Surplus for the year

Surplus/(Deficit) carried forward from 1 January

balance as at 31 December

34S

6791Q111213

13,16,329lOB,3fi3X7,1462'7,9~~

13,355,826

69,5062,456,117x,191,64'7664,53

2,1Q2,64431,671128,713

13,644,841

{289,015}

143,362

(145,653)

2010

11,b25,0005$1,307114,39150,997

12,371,695

33,9552,609,8847,887,565688,302

1,898,37331,058106,536

13,255,673

(883,978)1,027,340143,362

The Statement of Accounting Policies on page 9 and notes 1-22 form part of these

financial statements.

The Commission has no recognised gains or losses other than those dealt with in the

Income and Expendihire Account.

On behalf of the Commission

~l

Chairperson~~ ~ 2Q12

Chief Execut e ~--'~,t G~~ 2012

11

~~~~n~e ~~~~~~s at 31 I)eceml~e~ 2011

T~~gibie ~sse~s

C~rreatt assets

Cash an hand and at bank

Debtors and prepayments

Total assets

~~rrent la~~iilities

Amo~~a~s F'~l~ing I)ue within 1 'Fear

Creditors

I~Tek current {Liabilities}/Assets

~1et Asset

Financed by:

Capitalisation Account

Income and Expenditure Account

Z~otes 2011 2010

~ €

14 23,046 259,034

160,613

15 297,113

620,390

104,427

457,726 724,817

16 603,379 5$1,455

{14,653) 143,362

85,393 402,396

17 231,046 259,034

(145,653) 143,362

8,393 402,396

The Statement of Accounting Policies on page 9 and notes 1-22 form part of these

financial statements.

CJn behalf ofthe Commission

~` ~ -° ~'d ~.

hairperson~ ~ ~~ 20.12

f

~-,~- ~_:

Chief Executive~ ~~~ 20.12

12

~: ~: ~:

~~sh ~'imw ~tatee~t~'o~- tt~e year e~dec~ 31 I~ecernber 20~ 1

-aI►

eco~c~i~tio~ of surplus/(deficit) to net cash {ou~fflm~v)1in#1aw frarn op~e~-ating activities

2010

(Deficit) for the year {289,010 (883,978)

Depreciation charge 13 12,713 106,536

{Increase)JDecrease in debtors (192,68b) 36,659

Increase/(Decrease) in creditors 21,924 (1,052,498)

(Profit) on disposal of assets (~) X17)

Capital Account movement (27,980_ {50,997)

IVet ~~sh (f~utflow) from Operating ~ctivaties (359y454) (1,844,295)

Cr~S~I F`I.~~'W STr~'I'ElV.~EI~'T

Net Cash (Outflow) from Operating Activities (359,04) (1,844,295)

return an Investments and Servicing of Finance

Capital Expenditure 17 (100,16) {55,722)

Disposal of assets 93 200

Management of Liquid Resources -

Financing

{Decrease)/increase in Cash in the year (459,777) (1,899,817)

lteconcili~tion of net cash flow to movement in net funds

Net decrease in cash and cash equivalents (459,77'7) (1,899,817)

Net funds at the beginning of the year b20,390 2,520,207

Net funds at the end of the year 160,613 b20,390

The Statement of Accounting Policies on page 9 and notes 1-22 form part of these

financial statements.

(fin behalf of the Commission

..... ~~cf ........ ̀.`:..... .Chairperson

~, ~~%~ 2012

t ~..... F .. ~ ~,... .

Chief Executive °°`~ ~ 2012

13

l~t~tes ~c~ tl~e ~ima~c al statements

For the ye~~ encieei 31 December 2011

~. Establish~aent

The Commission was established as a statutory agency by the Minister for Health and

Children in 2002. The Statutory Body, Mental Health Commission was established as

a legal entity by Statutory Instrument which commenced Section 32 of the Mental

Health Act, 2001. The effective date of establishnnent was St'' April 2002.

2» Pension levy

Pension levy was deducted in line with statutory requirements. €140,412 of pension

levy has been deducted in 2011 and paid over to the Department of Health.

3. Mate Grant

Department of Health

4. Superannuation Contributions

2011 2Q10

€ €

13,16,329 11,625,000

The Commission had sought confirmation from the Department of Health on the

appropriate treatment for superannuation contributions by staff of fine Mental Health

Commission.The Department of Heath confirmed that superannuation contributions payable by

staff should be treated as income in the accounts of the Commission.

Accordingly the Commission's State Grant allocation was reduced by the annual

income derived from staff superannuation contributions.

The €102,363 brought to account in 2011 is in respect of deductions made in the

accounting year.

The €581,307, brought to account in 2010, comprises €498,417 in respect of

accumulated deductions from previous years, together with €82,890 in respect of the

accounting year,

m

~ .

Notes to the financial statements~'or the yeap ended 31 December X01 ~

s. ether Income

Oilier Income

Contributions to Mental Health Services Collaborative

Office of the Disability Appeals Officer (1\TOte 12)

6. commission Costs

Chairperson's stipend - Dr. Edmond O'Dea

Commission meetings and conference costs

Travel and Subsistence'

2011 2010

€ €

b,$0~ -

16,667 83,333

31,b71 31;058

5,146 114,391

2011

12,9b~

17,$57

38,681

69,506

* Included in expenses for the Commission Members are claims for expenses incurred

in pres~ious accounting periods.

7. Staff Costs

2010

12,212

5.583

16,160

33,955

2011 2010

€ €

Salaries and wages (Note 8) 2,349,669 2,502,010

Travel and Subsistence 45,509 57,732

Recruitn7ent casts 27,72( -

Stafftraining and CPD 33,213 54,142

2,456,117 2,609,8$4

The average number of employees during the year was 33 (2010:37)

lS

,`r ~

I~o~es to tie ~n~n~ial statements

F'o~ the yeas ended 31 I)ece~aber 20~ 1

~. ~~A1C~EX~Cti~Ve~5I2('.II3ili1~~'~tIEDI2

2011 2010

€ €

Chief Executive's anzlual basic salary 133,583 138,701

Payments made under performance-related pay schemes - -All-in cast of the Chief Executives' total remuneration (inclsuperannuation) 133,~~3 156,3 51

The Commission's Performance Related Awards Scheme was terminated in 2009 in line with

the Financial Emergency Measures published in the Public Interest Act 2009. Accordingly,

no awards were made to the Chief Executive Offieer in 2011.

9. l~ient~l I~eaith T'ribuna~s2011 2010

€ €

Fees 6,76,243 b,365,516

Travel and subsistence 611,047 500,405

Salaried consultant psychiatrists 6b2,032 859,625

Other costs 42,285 162,019

x,191,607 7,887,565

i0. Upkeep end iJverheads2011 201.0

€ €

Repairs and maintenance 13,395 25,208

Rent and rates and service charges 64,372 6bQ,923

Insurance 2,816 2,171

664,583 688,302

~ ~ ,zit .,.

I~1~tes to the fi~anci~.l sta~em~ent~

F'~r t1~e year ended 31 I~ee~ra~ber 2011

l~. General Expenses 2011 2010

Telephone 36,375 39,204

Light and heat 2Q,367 19,38b

Printing postage stationary and storage 97,899 84,460

Courier 17,137 24,4$1

Accountancy and internal audit 140,926 143,040

Audit fees 1~~3`~~ 9~~~4

Bank charges $42 1,364

IT technical support 24,637 2b5,520

IT development costs 141,820 20,1.49

Advertising 10,5Q2 18,735

Library publications and reference material 19,233 27,662

Subscriptions 13,02 1 b,682

Cleaning 32,474 34,557

Consultancy fees 5,943 9,449

Legal fees 446,443 406,492

Donations - ~~~~~

Publications expenses 32,927 67,340

Conference and seminar expenses 11,664 40,575

Research projects 33~,~20 191,003

Licences 49,77 40,b56

Communications and media 73,632 76,457

Quality Framework ~ 7b,720 63,360

Training associated. with Mental Health Act 111,'735 44,257

insurance 14,45'7 14,279

Office rental - 14,385

Mental Health Services Collaborative ** 132,335 204,658

General office expenses 13,816 12,475

(Gains}/Loss on disposal of asses ~~) ~~7)

2,102,644 1,898,373

Included in Quality Framework is a €50,000 contribution towards the "See Change"

programme to raise public awareness of Mental Health issues.

*~= The National Mental Health Services Collaborative {NMHSC) was established in

November 2009. It is a quality improvement initiative between the Mental Health commission

(MHG) and Health Service Executive {HSE}, in partnership with St. Patrick's University

Hospital (SPUR} and St. John of God Hospital (SJOG). The aim of this project is to develop

and implement individual care and treatment plans to support recovery in accordance with

standard 1.1 of Quality Framework for Mental Health Services in Ireland {MHC, 2007) across

11 multi disciplinary teams over 18 months.

17

l~Tc~te~ ~o the ~~~x~cial statements

~or~ tote year enc~eci 31 December 2011

12. .agency Payments

In December 2009, the Mental Health Commission entered into a service level

agreement with the Office of the Disability Appeals Officer for the provision of

accountancy services and strategic financial support. The full year cost for the

provision of these services amounted to €31,671 in 2011. This was paid by way of a

grant in aid allocation from the Department of Health.

13, e}~reciatio~

Furniture and fittings depreciation

Office equipment depreciation

IT equipment depreciation

14. 'tangible r~,ssets

host

At 1 3anuary 2011

Additions

Disposals

At 31 December 2411

Depreciation

At 31 January 2011

Charge for the period

Disposals

At 31 December 2011

1~Tet hook Value

F'~arniture andFittings

0

2411 2010

€ €

3,420 38,477

17,454 17,377

72,39 50,682

12,713 106,536

efface T'T '~"otai

Equipment Equipment

~ € €

384,401 232,628 638,980 1,256,009

- 8,092 92,724 100,816

(623) - - (623}

383,778 240,720 731,704 1,356,202

217,063

~ g,a~~a(532)

254,951

199,503

17,454

~i ~i•~ a

216,957 653,248

996,975

12,713

{532)

1,125,15b

~.t 31 I?ecennber 2011 12,827 23,763 18,46 231,446

At 3I December 2010 167,338 33,125 58,571 259,034

I~IEl~T'~'1~~ I~~~~,T~i ~~11V~l~IISSI1~

Notes to the ~in~~cial stateaa~ents

For the year enc~eci 3~ I)eceanber 201

~5. ~ebgors ~aad P~repayrne~ts

Prepayments

Other debtors

16. ~reclitors az~d 1~ccr~aals

Creditors

Paye/Prsi

Accruals

Withholding tax.

VAT

Other creditors

17. capital Accaurat

As at 1st January

Transfer from/to Capital Income and Expenditure Account

Funds allocated to acquire fixed assets

Amount amortised in line with asset depreciation

Amount released on disposal of assets

2011 201fl

€ ~

296,142 104,427

971 -

297,113 104,427

2011 2010

€ €

35,292 74,988

253,962 183,146

174,510 217,118

139,615 101,662

- 4,331

- 200

b03,379 581,455

2011 2010

€ €

259,034 310,031

100,816 55,722

(12~,'Tl3) {106,536)

(91Z (183)

(12,804) (106,'719)

B31,Q4b 259,034

19

Iilotes to tie financial stake ents

for tl~e yeaa~ enr~eci 3~ ~ecean~er 2011

1~. ~perati~ag Lease

The Mental Health Commission has commitments in respect of leases on office

accommodation at St. Martins House, Waterloo Road. The leases are held by the

Office of Public Works and by way of the following:

i. A 25 year lease which commenced in 1997

ii. A 15 year lease which commenced in 2007

The annual cost of the lease including service charges is €648,372 (2010: €b60,923).

~9. ~aaa-d 1V~eber Interests

The Commission adopted procedures in accordance with the guidelines issued by the

Depat-tment of Finance in relation to the disclosure of interests by Commission

Members and. these procedures have been adhered to in the year. There were no

transactions in the year in relation to the Board's activities in which a Commission

Member had any beneficial interest.

20. ~a~ital Comrtaitments

There were no capital commitments at 31 December 201.1.

21. Contangent I.i~bilities

Proceedings were issued against the Mental Health Commission in relation to a

Mental Health Tribunal issue. The case is due to be heard in 2012. As at the financial

year end, the Commission is unable to reliably estimate the potential cost of these

proceedings.

2~. ~p~-roval ~f ~r~~~cfa~ st~ter,~~~~~

The financial statements were approved by the Commission at its meeting on 13

March 2012.

20