International Care Ministries Foundation Inc.

International Care Ministries Foundation Inc.

(formerly International Care Ministry of the Philippines Incorporated) [A Nonstock, Nonprofit Corporation] Financial Statements May 31, 2013 and 2012 and Independent Auditors' Report

SyCip Gorres Velayo & Co.

INDEPENDENT AUDITORS' REPORT

SyCip Gorres Velayo & Co. 6760 Ayala Avenue 1226 Makati City Philippines

Phone: (632) 891 0307 Fax: (632) 819 0872 .ph

BOA/PRC Reg. No. 0001, December 28, 2012, valid until December 31, 2015

SEC Accreditation No. 0012-FR-3 (Group A), November 15, 2012, valid until November 16, 2015

The Board of Trustees International Care Ministries Foundation Inc.

Report on the Financial Statements

We have audited the accompanying financial statements of International Care Ministries Foundation Inc., formerly International Care Ministry of the Philippines Incorporated (a nonstock, nonprofit corporation), which comprise the statements of financial position as at May 31, 2013 and 2012, and the statements of revenue and expenses, statements of changes in fund balance and statements of cash flows for the years then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Philippine Financial Reporting Standards for Small and Medium-sized Entities, and for such internal control as 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 audits. We conducted our audits in accordance with Philippine Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the 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 auditor's 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 entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

*SGVFS002803*

A member firm of Ernst & Young Global Limited

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Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of International Care Ministries Foundation Inc. as at May 31, 2013 and 2012, and its financial performance and its cash flows for the years then ended in accordance with Philippine Financial Reporting Standards for Small and Medium-sized Entities. Report on the Supplementary Information Required Under Revenue Regulations 19-2011 and 15-2010 Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information required under Revenue Regulations 19-2011 and 15-2010 in Notes 14 and 15 to the financial statements, respectively, is presented for purposes of filing with the Bureau of Internal Revenue and is not a required part of the basic financial statements. Such information is the responsibility of the management of International Care Ministries Foundation Inc. The information has been subjected to the auditing procedures applied in our audit of the basic financial statements. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

SYCIP GORRES VELAYO & CO.

Dhonabee B. Se?eres Partner CPA Certificate No. 97133 SEC Accreditation No. 1196-A (Group A),

March 8, 2012, valid until March 8, 2015 Tax Identification No. 201-959-816 BIR Accreditation No. 08-001998-98-2012,

January 11, 2012, valid until January 10, 2015 PTR No. 3670027, January 2, 2013, Makati City August 20, 2013

*SGVFS002803*

INTERNATIONAL CARE MINISTRIES FOUNDATION INC.

(formerly International Care Ministry of the Philippines Incorporated) [A Nonstock, Nonprofit Corporation]

STATEMENTS OF FINANCIAL POSITION

ASSETS

Current Assets Cash Receivables (Note 4) Inventories (Note 5) Other current assets (Note 6) Total Current Assets

Noncurrent Assets Property and equipment (Note 7) Security deposits (Note 13) Total Noncurrent Assets

TOTAL ASSETS

LIABILITIES AND FUND BALANCE

Current Liability Accounts payable and others (Note 8)

Noncurrent Liabilities Accrued retirement benefits (Note 12) Other noncurrent liabilities (Notes 11 and 12) Total Noncurrent Liabilities Total Liabilities

Fund Balance General fund Accumulated excess of revenue over expenses Total Fund Balance

TOTAL LIABILITIES AND FUND BALANCE

See accompanying Notes to Financial Statements.

May 31

2013

2012

P=8,836,346 1,856,301 52,729,985 422,478

63,845,110

P=4,768,211 2,174,816 27,130,053 1,046,618

35,119,698

24,156,907 449,850

24,606,757

P=88,451,867

30,470,468 156,500

30,626,968

P=65,746,666

P=2,037,833

P=1,010,523

3,650,134 849,715

4,499,849 6,537,682

3,264,613 ?

3,264,613 4,275,136

5,000 81,909,185 81,914,185

P=88,451,867

5,000 61,466,530 61,471,530

P=65,746,666

*SGVFS002803*

INTERNATIONAL CARE MINISTRIES FOUNDATION INC.

(formerly International Care Ministry of the Philippines Incorporated) [A Nonstock, Nonprofit Corporation]

STATEMENTS OF REVENUE AND EXPENSES

REVENUE Donations from ICM Hong Kong (Note 11) Donations of goods Donations from Global Development Group Others

PROJECT COSTS (Note 9) Strategic Program Mercy Program Program Development Special Project Vision Trip Red Rope Others

GENERAL AND ADMINISTRATIVE EXPENSES (Note 10)

OTHER INCOME Income from Red Rope Gain on disposal of property and equipment Interest and other income

EXCESS OF REVENUE OVER EXPENSES

See accompanying Notes to Financial Statements.

Years Ended May 31

2013

2012

P=81,361,639 99,748,386 15,320,824 5,972,521

202,403,370

P=91,790,766 60,125,991 4,982,258 1,378,111

158,277,126

117,080,280 16,505,770 16,470,739 4,370,308 2,908,250 ? 8,866,990

166,202,337

16,020,385

95,825,539 18,076,068 15,075,688 2,560,152 2,448,763

919,964 ?

134,906,174

15,129,036

? ? 262,007 262,007

P=20,442,655

930,625 119,464 169,294 1,219,383

P=9,461,299

*SGVFS002803*

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