Abstract
The Board has this day approved the financial statements for the International Society for Prosthetics and Orthotics.
The financial statement has been presented in accordance with Danish legislation on accounting for foundations.
In our opinion the accounting policies used are proper to give a fair presentation of the assets, liabilities, the financial position and the result for the year.
We recommend the Board to approve the financial statements.
June 23, 2005
Board of Directors
Harold Shangali Dan Blocka
Eiji Tazawa John Fisk
Heinz Trebbin Carolina Schiappacasse Domenico Menager Dirk van Kuppelvelt
J. Steen Jensen
Independent auditors' report
The board of directors of ISPO
We have audited the accompanying statements of financial position of ISPO as of December 31, 2004 and 2003 and the related statement of activities for the years then ended. These financial statements are the responsibility of the ISPO's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and supplemental schedules are free of material mis-statement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also include assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of ISPO as of December 31, 2004 and 2003 and the activities for the years then added in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of income and expenses are presented for purposes of additional analysis and are not a required part of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
RevisionsGruppen June 23, 2005
Søren Wonsild Glud, State Authorized Public Accountant
Accounting policies
Securities
Bonds have been stated at market value at year-end and shares have been stated at the lower of cost of market.
Office equipment
Computer and office equipment have been stated at cost less accumulated depreciation computed straight line over 5 years.
Accrual concept
The accrual concept of accounting has been used in these Financial Statements.
Translation of Financial Statements
Foreign currency transactions have been translated using year end exchange rates.
Statements of activities for 2004 and 2003
| SUMMARY | ||
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| Notes | 2004 | 2003 |
| DKK | DKK | |
| 1 Society membership fees | 1.142.098 | 1.132.913 |
| 2 Sponsorship | 170.835 | 19.800 |
| 3 Meetings in other organisations | −67.425 | −33.023 |
| 4 Conferences, courses etc | 30.847 | −1.857.147 |
| 5 Periodicals | −494.192 | −186.523 |
| 6 Publications | 30.814 | 35.730 |
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| 7 Administrative expenses | −1.403.580 | −1.046.324 |
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| Interest | 365.757 | 486.178 |
| Dividend | 6.157 | 4.465 |
| Change in market value of securities | 141.777 | −134.190 |
| Exchange rate variance | −226.229 | −145.891 |
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Statement of financial position as of December 31, 2004 and 2003
| Notes | 2004 | 2003 |
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| Accrued interest | 186.836 | 123.060 |
| Advertising receivable | 261.826 | 477.807 |
| Receivable World Congress Hong Kong 2004 | 434.467 | 100.000 |
| Receivables | 65.337 | – |
| Prepaids World Congress Vancouver 2007 | 36.500 | 31.469 |
| USAID Receivable | 71.502 | 97.206 |
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| Accrued expenses | 978.852 | 382.024 |
| Prepaid income | 96.677 | 150.000 |
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| Net assets January 1 | 9.758.387 | 11.482.399 |
| Net results | −303.141 | −1.724.012 |
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Notes to the financial statements
| 1 SOCIETY MEMBERSHIP FEES | 2004 | 2003 | ||
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| DKK | DKK | |||
| Membership fees consists of fee payments from members. | ||||
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| SAHVA | 21.230 | 19.800 | ||
| Private donations | 149.605 | – | ||
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| Interbor | −18.651 | – | ||
| Norwegian Orthopaedic Engineers Associations | −4.808 | – | ||
| AOPA | 1.284 | −17.387 | ||
| WHO | −14.765 | −8.613 | ||
| Landmine Survivors | −8.669 | – | ||
| Miscellaneous | – | −5.834 | ||
| BUFA | – | −1.189 | ||
| Orthopaedie Technik | −21.816 | – | ||
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| Education Committee | −67.854 | −147.943 | ||
| Meetings | −241.377 | −15.211 | ||
| WHO Consultation | −5.160 | −190.433 | ||
| School Inspection | −20.576 | −35.349 | ||
| Category-1 School visit | −10.273 | −33.406 | ||
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| Polio Course | −69.431 | −10.296 | ||
| Developing World Amputation Course | −7.349 | −11.081 | ||
| Cons Conference: Stroke | 7.888 | −573.869 | ||
| Cons Conference: Clubfoot | – | −6.479 | ||
| Course Cerebral Palsy | −56.961 | −105.643 | ||
| Course Groningen Holland | 37.166 | – | ||
| World Congress Hong Kong 2004 | 608.297 | – | ||
| Participant support World Congress Hong Kong 2004 | −45.251 | – | ||
| World Congress Glasgow 2004, receivable adjustment | – | −48.022 | ||
| Reserve for loss on Congress in Hong Kong | – | −654.759 | ||
| Regional ISPO meetings | −2.794 | −1.387 | ||
| Working Group Industrial World | 839 | −23.269 | ||
| NMS Support | −17.789 | – | ||
| Awards | −78.528 | – | ||
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| Advertising | 410.030 | 544.157 | ||
| Subscriptions | 219.851 | 250.025 | ||
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| Printing and mailing postage | −613.498 | −486.561 | ||
| Production editor | −56.302 | −47.885 | ||
| Meeting expenses | −160 | – | ||
| Staff salary | −212.922 | −125.000 | ||
| Other direct expenses | −26.025 | −25.000 | ||
| Publication committee | −206.636 | −275.000 | ||
| OrthoLetter | −8.530 | −21.259 | ||
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| Booksales | 63.897 | 35.381 | ||
| Book purchase | −33.083 | – | ||
| Amputation Video | – | 349 | ||
| Royalty payments | – | – | ||
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| Working Group, Developing World | ||||
| Protocol and Nomination Committee | ||||
| Executive Board meetings | −619.908 | −821.821 | ||
| Share to Congress accounts – Hong Kong 2004 | 206.636 | 275.000 | ||
| Share to Publication Committee | 206.636 | 275.000 | ||
| Executive Board Hong Kong expenses | −573.962 | – | ||
| Officers representation | −7.460 | −21.473 | ||
| Late claims Executive Board 2003 | −21.260 | – | ||
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| Staff salaries | −611.503 | −581.138 | ||
| Labour tax | −21.258 | −18.497 | ||
| Expense secretary | −4.835 | – | ||
| Dataløn | −1.170 | – | ||
| Share to periodicals | 212.922 | 125.000 | ||
| Share to World Congress – Hong Kong 2004 | 212.922 | 121.000 | ||
| Data service and website | −71.248 | −91.438 | ||
| EDP | −14.941 | −18.277 | ||
| Meeting expenses | −558 | −3.247 | ||
| Postage & bankcharges | −99.496 | −75.641 | ||
| Telephone | −17.744 | −15.330 | ||
| Stationery | −15.007 | −6.080 | ||
| Constitutions | −576 | – | ||
| Office supplies | −20.386 | −39.366 | ||
| Auditing | −106.309 | −26.081 | ||
| Bookkeeping | −104.581 | −33.562 | ||
| Consulting fees | −16.798 | – | ||
| Other | −43.201 | −9.740 | ||
| Rental leasehold | −55.433 | −39.600 | ||
| Depreciation | – | −10.200 | ||
| Society promotion | −13.357 | – | ||
| Insurance | −40.798 | −41.974 | ||
| USAID administration expenses | −16.000 | −167.145 | ||
| USAID administration refund 9% | 255.093 | 178.286 | ||
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| Computer equipment, at cost | 99.400 | 99.400 | ||
| Office equipment, at cost | 30.482 | 30.482 | ||
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| Depreciation January 1 | −129.882 | −119.682 | ||
| Depreciation during the year | – | −10.200 | ||
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| Nykredit 2032 | 6% | – | – | 400.569 |
| Nykredit 2002/2015 | 4% | 2.073.730 | 2.109.253 | – |
| Nykredit 2006 | 4% | 1.109.168 | 1.125.384 | – |
| Realkredit Danmark 2025 | 4% | – | – | 1.212.846 |
| Realkredit Danmark 2035 | 6% | – | – | 3.684.256 |
| Realkredit Danmark 2025 | 5% | 1.728.928 | 1.761.915 | 1.860.666 |
| Realkredit Danmark 2035 | 5% | – | – | 2.069.384 |
| Realkredit Danmark 2007 | 4% | 2.503.000 | 2.564.849 | – |
| Kommunekredit 2004/2014 | 1.100.000 | 1.131.625 | – | |
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| Den Danske Bank | 940 | 72.560 | 157.469 | 130.453 |
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