INTERNATIONAL FEDERATION OF RED CROSS AND RED CRESCENT SOCIETIES, GENEVA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Page 41
Public
4.4 Loans and borrowings 2022 2021 CHF 000s CHF 000s Current liabilities Loans for building
1,415
1,415
Lease liabilities
2,587
2,258
4,002
3,673
Non-current liabilities Loans for building
58,915
60,331
Lease liabilities
1,087
1,904
60,002
62,235
FIPOI building loans The IFRC has two loans from the
Fondation des Immeubles pour les Organisations Internationales (FIPOI). Both loans are
for the construction of office buildings at the Geneva headquarters. Both loans are at 0% interest, are unsecured and repayable
in equal annual instalments over 50 years.
It is common practice that international organisations have access to interest free loans for building improvements from the
Government of Switzerland through the FIPOI. As such, a market for such loans exists and the market rate of interest for
them is 0%. The amortised cost of the financial liability is equal to the actual costs of the financial liability as recorded in
the IFRC’s accounts, and there is no in-kind benefit from a below-market interest.
Reconciliation of movement of liabilities to cashflows arising from financing activities: 2022 2021 CHF 000s CHF 000s Balance at 1 January 65,908
66,956
Changes from financing cash flows:
Repayment of borrowings
( 1,416)
( 1,415)
Payment of lease liabilities
( 3,172)
( 3,084)
Total changes from financing cash flows
