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International Federation of Surveyors Annual report for 2002 International Federation of Surveyors Central Business Reg. No. / CVR-nr. 21 33 60 76 1 Appendix to item 17.2 Auditor’s Report FIG Accounts 2002 To the members of International Federation of Surveyors We have audited the annual report of International Federation of Surveyors for the financial year 2002. The annual report is the responsibility of the Federation’s Council and Director. Our responsibility is to express an opinion on the annual report based on our audit. Basis of opinion We conducted our audit in accordance with Danish Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance that the annual report is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the annual report. An audit also includes assessing the accounting policies used and significant estimates made by the Council and the Director, as well as evaluating the overall annual report presentation. We believe that our audit provides a reasonable basis for our opinion. Our audit has not resulted in any qualification. Opinion In our opinion, the annual report gives a true and fair view of the Federation’s assets, liabilities and financial position at 31 December 2002 and of the results of its operations for the financial year 2002. Additional information The Council and the Director have chosen to incorporate the budget approved by the Council in the annual report. Our audit has not included the budget. Copenhagen, 12 February 2003 Deloitte & Touche Statsautoriseret Revisionsaktieselskab Steen Christensen State Authorised Public Accountant statsautoriseret revisor International Federation of Surveyors 2 Accounting policies The annual report has been presented in accordance with generally accepted accounting principles of associations as well as in accordance with the accounting requirements of Danish legislation and the Regulations. The accounting policies are consistent with those applied last year and are mainly as follows: Income statement Income and expenses Items of income or expenses are stated within the period to which they relate irrespective of the payment date. Receivables from members Receivables from members are stated at the estimated value. Foreign currency transactions and translation of amounts in the annual report On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date, are translated using the exchange rate at the balance sheet date. Exchange rate differences that arise between the rate at the transaction date and the one in effect at the payment date, or the balance sheet date, are recognised in the income statement. The annual report is presented in both CHF and in DKK. The exchange rate at the balance sheet date between DKK and CHF is 510.68 (CHF 100 = DKK 510.68) is used for translation of all income, expenses, assets, equity and liabilities in CHF at 31 December 2002. Changes in the exchange rate between DKK and CHF from the beginning until the end of the year are taken directly to equity. The exchange rate between DKK and CHF was 501.50 on 1 January 2002. International Federation of Surveyors 3 Income statement for 2002 / Resultatopgørelse for 2002 2002 2002 2002 Budget 2001 Note DKK CHF CHF CHF’000 _____ ___________ ___________ ___________ _______ Income / Indtægter Subscriptions, member associations / Kontingenter, medlemsforeninger 1,721,695 337,138 355,000 326 Subscriptions, affiliated members / Kontingenter, associerede medlemmer 26,827 5,253 5,000 4 Subscriptions, corporate members / Kontingenter, sponsormedlemmer 380,390 74,487 76,000 55 Subscriptions, academic members / Kontingenter, akademiske medlemmer 75,523 14,789 17,000 10 Advertising / Reklame 8,231 1,612 7,000 0 Sale of publications / Salg af publikationer 6,823 1,336 1,000 0 Financial income / Renteindtægter 10,146 1,987 4,000 4 Projects / Projekter 1 220,769 43,230 46,000 19 Various / Diverse 2 312,915 61,274 59,000 18 ___________ ___________ ___________ _______ Income / Indtægter 2,763,319 541,106 570,000 436 ___________ ___________ ___________ _______ Expenses / Udgifter Administration, FIG Office and Council / Administration, FIG kontor og bestyrelse 3 552,652 108,220 106,000 79 Council meetings / Bestyrelsesmøder 4 173,426 33,960 31,000 27 FIG meetings / FIG-møder 5 322,868 63,223 71,000 63 Member support / Støtte til medlemsforeninger 6 322,115 63,076 112,000 55 Commission activities / Kommissionsaktiviteter 7 301,750 59,088 70,000 64 Promotion / Promovering 8 218,543 42,795 60,000 63 Projects / Projekter 9 219,061 42,896 45,000 30 ___________ ___________ ___________ _______ Expenses / Udgifter 2,110,415 413,258 495,000 381 ___________ ___________ ___________ _______ Profit for the year / Årets resultat 652,904 127,848 75,000 55 ___________ ___________ ___________ _______ Profit, the FIG Foundation / Resultat, fonden 10 282,108 55,242 - 6 ___________ ___________ ___________ _______ Net profit / Resultat 935,012 183,090 - 61 ___________ ___________ ___________ _______ ___________ ___________ ___________ _______ International Federation of Surveyors 4 Balance sheet at 31 December 2002 / Balance pr. 31.12.2002 2002 2002 2001 Note DKK CHF CHF’000 _____ ___________ ___________ _______ Receivables from members / Tilgodehavender fra medlemmer 278,065 54,450 60 Receivables from contributors, the FIG Foundation / Tilgodehavende bidragsydere, fonden 0 0 1 Prepayments / Forudbetalinger 64,641 12,658 12 ___________ ___________ _______ Receivables / Tilgodehavender 342,706 67,108 73 ___________ ___________ _______ Cash, FIG / Likvide beholdninger, FIG 1,685,709 330,091 172 Cash, the FIG Foundation / Likvide beholdninger, fonden 621,300 121,661 51 ___________ ___________ _______ Cash / Likvide beholdninger 2,307,009 451,752 223 ___________ ___________ _______ Current assets / Omsætningsaktiver 2,649,715 518,860 296 ___________ ___________ _______ Assets / Aktiver 2,649,715 518,860 296 ___________ ___________ _______ ___________ ___________ _______ International Federation of Surveyors 5 Balance sheet at 31 December 2002 / Balance pr. 31.12.2002 2002 2002 2001 Note DKK CHF CHF’000 _____ ___________ ___________ _______ Equity at 1 January 2002 / Egenkapital 01.01.2002 983,564 196,074 145 Exchange adjustment of equity at the beginning of the year / Kursregulering af egenkapital primo 0 (3,475) (3) Retained earnings / Overført resultat 652,904 127,848 55 ___________ ___________ _______ Equity, FIG / Egenkapital, FIG 1,636,468 320,447 197 ___________ ___________ _______ Equity at 1 January 2002, the FIG Foundation / Egenkapital 01.01.2002, fonden 258,093 51,451 46 Exchange adjustment of equity at the beginning of the year / Kursregulering af egenkapital primo 0 (912) (1) Retained earnings, the FIG Foundation / Overført resultat, fonden 282,108 55,242 6 ___________ ___________ _______ Equity, the FIG Foundation / Egenkapital, fonden 540,201 105,781 51 ___________ ___________ _______ Equity / Egenkapital 2,176,669 426,228 248 ___________ ___________ _______ Other payables / Anden gæld 380,928 74,593 48 Other payables, the FIG Foundation / Anden gæld, fonden 92,118 18,039 0 ___________ ___________ _______ Short-term liabilities other than provisions / Kortfristede gældsforpligtelser 473,046 92,632 48 ___________ ___________ _______ Liabilities other than provisions / Gældsforpligtelser 473,046 92,632 48 ___________ ___________ _______ Equity and liabilities / Passiver 2,649,715 518,860 296 ___________ ___________ _______ ___________ ___________ _______
