ISMA Financial Report ISMA accounts and auditors report

Transcription

1 ISMA Financial Report 2001 ISMA accounts and auditors report

2 Balance Sheet Balance Sheet Note as at December 31 Assets Cash at bank Accounts receivable Securities Fixed assets Investment in other entities Investment in subsidiaries Liabilities Current liabilities and provisions Deferred income Capital Surplus (loss) for the year Retained surplus at January General reserves

3 Income and Expenditure Account Income and Expenditure Account Note for the year ended December 31 Income Membership fees Net result from activities 10 - Membership services (3.497) ( ) - Publications and information services TRAX Interest and other income Intragroup services Expenditure Administration costs Taxation IT re-engineering expenses Research and development provision Surplus (loss) for the year Retained surplus at January Retained surplus at December Zurich, February 5, 2002 John L. Langton Peter C. Maier

4 Notes to the Financial Statements 1 Cash at bank Cash at bank and in hand Accounts receivable Inter-company Accounts due from members: - Prepaid expenses Publications and information services Sundry debtors TRAX items Securities Securities are valued at nominal value as at December 31, 2001: Rheinhyp Finance NV 4.25% Inter-American Development Bank 4.75% European Investment Bank 4.25% Umwelt- und Wasserwirtschaftsfond, Vienna 4.375% SNCF 4.125% * *CHF pledged in favour of third parties

5 Notes to the Financial Statements (continued) 4 Fixed assets Office equipment, fixtures, vehicles TRAX TOTAL TOTAL Net book value January Purchases Depreciation charge ( ) ( ) ( ) ( ) Net book value December Investment in other entities EMCC, New York TOTAL TOTAL Net book value January Purchases Depreciation Net book value December

6 Notes to the Financial Statements (continued) 6 Investment in subsidiaries Wholly-owned subsidiaries: International Securities Market Association (ISMA) AG Subordinated Loan to ISMA AG ISMA (Holdings) Limited Current liabilities and provisions Inter-company Other accounts payable Accrued expenses: - Legal, consultancy, audit fees Other accruals Taxation Research and development provision (see note 13) General provision (see note 13) Deferred income Deferred income relates to prepaid subscriptions for: - Membership and other fees Publications and information services Seminars TRAX Membership fees The annual membership fee for 2001 was CHF (2000 CHF ). The number of members as at December 31, 2001 was 535 (2000 = 598).

7 Notes to the Financial Statements (continued) 10 Net results from activities Membership services - Education services Income Expenditure AGM and Conference Income Expenditure ( ) ( ) (3.497) ( ) - Publications and Income information services Expenditure TRAX Income Expenditure

8 Notes to the Financial Statements (continued) 11 Interest and other income Interest from term deposits and securities Other income Administration costs Administration costs are made up as follows: Personnel, board and committee expenses Office accommodation, maintenance etc Communications and mail Supplies, printing and secretariat expenses Insurance Legal and consultancy fees Audit fees General promotion Depreciation Losses / (gains) from foreign exchange differences ( ) Charge from ISMA Limited Changes in provisions Research and development provision General provision Net release of passive reserves Legal and administrative procedures In 1997 a member has sued the Association for the amount of CHF 10 million, reserving further claims for monies. The Association denies the claim and is defending against the action. The board and management, having taken advice from counsel, consider it unlikely that there are any merits to the claim.

9 Report of the statutory auditors to the General Meeting of International Securities Market Association Zurich PricewaterhouseCoopers AG Stampfenbachstrasse Zürich Telephone Facsimile As statutory auditors we have audited the accounting records and the financial statements (Balance Sheet, Income and Expenditure Account and Notes) of International Securities Market Association for the year ended December 31, 2001 in accordance with the provisions of the law prescribed for corporations. These financial statements are the responsibility of the board of directors. Our responsibility is to express an opinion on these financial statements based on our audit. We confirm that we meet the legal requirements concerning professional qualification and independence. Our audit was conducted in accordance with auditing standards promulgated by the profession, which require that an audit be planned and performed to obtain reasonable assurance about whether the financial statements are free from material misstatement. We have examined on a test basis evidence supporting the amounts and disclosures in the financial statements. We have also assessed the accounting principles used, significant estimates made and the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the accounting records and financial statements comply with the law applicable to corporations and the Association's articles of incorporation. We recommend that the financial statements submitted to you be approved. PricewaterhouseCoopers AG Pascal Portmann Klaus Morscher Zurich, February 5, 2002 Enclosures - Balance Sheet - Income and Expenditure Account - Notes to the Financial Statements PricewaterhouseCoopers ist weltweit in über 150 Ländern und in der Schweiz in Aarau, Basel, Bern, Chur, Freiburg, Genf, Lausanne, Lugano, Luzern, Neuenburg, Sitten, Solothurn, St. Gallen, Thun, Winterthur, Zug und Zürich vertreten.