Abstract
The financial result for 2004 again came out with a deficit. As has been the case over the past few years the international monetary market has been very volatile with fluctuating currency exchange rates and historically low interest rates. Consequently the financial income has been low.
The journal, Prosthetics Orthotics International, normally contributes with a significant income for the Society, but this year it shows a considerable loss. The main reason is a dramatically reduced income from advertising, which has been halved over the past five-year period. This is a general problem for scientific medical journals, as commercial companies find other ways to promote their products. In the prosthetics and orthotics industry this problem is magnified by the many mergers of the larger companies. It could be hoped that the new publishing house, Taylor & Francis, will be able to address this situation.
The administrative expenses have increased. This is mainly due to a high demand for advice about financial and accounting matters partly in relation to the World Congresses in Hong Kong 2004 and Vancouver 2007 and partly in relation to the change of Honorary Treasurer.
The World Congress in Hong Kong 2004 was a scientific success. The final economical settlement has yet to be finalized. In this year's accounts an income of 608297 DKK is displayed. This helps equalizing the significant expenses accrued on educational activities, such as courses and the conference of European prosthetics and orthotics schools; the report of the latter will be published in 2005. However, the balance shows receivables not yet being cleared from Hong Kong, but also some accrued expenses which are related to costs for the Executive Board and Society meeting activities before and after the Congress.
ISPO has this year extended the committed staff, Anette Jørgensen and Aase Larsson, with a part-time secretary, Karen Schmidt, to deal with the extra workload from the Education Committee and the grant from the Leahy War Victims Fund, USAID. The Society is indebted to this group and also expresses its gratitude to SAHVA for their continuous support in providing some office space.