figlogo.gif (1705 bytes)   FIG 22nd General Assembly
  31 May and 4 June 1999
  Sun City, South Africa

Appendix to item 14: Finance
1. Finance

FINANCE


1. UNAUDITED ACCOUNTS, 1998

1.1 During the period of the UK administration the management and auditing of FIG’s accounts are being undertaken by the RICS, which prepares a full set of audited accounts annually in accordance with the (UK) Companies Act. This accounting period runs from August to July. In order to avoid excessive accountancy fees and with the agreement of the Honorary Auditors, a consolidated set of FIG audited accounts will be provided for the complete period of the UK administration.

1.2 In the meantime, the FIG income and expenditure account for the calendar year 1998 is attached.

1.3 Income is invoiced and almost always received in Swiss francs; and is therefore shown in this currency in the accounts. With only one exception (see paragraph 4), expenditure is incurred and paid in sterling: it is therefore shown in that currency; and a corresponding Swiss franc equivalent is shown against each total amount.

1.4 The exception is commission grants, where the total figures represent the actual amount paid in Swiss francs and the sterling cost of that amount.

1.5 The consolidated figures (in Swiss francs) for the UK period of administration up to 31 December 1998 are as follows:

deficit shown in unaudited accounts for 1995

(44,620.20)

surplus shown in unaudited accounts for 1996

26,495.10

deficit c/f at 31 December 1996

(18,125.10)

pre-1997 subscriptions received in 1997

26,072.00

surplus b/f at 1 January 1997

7,946.90

gross surplus shown in unaudited accounts for 1997

51,365.00

less allowance for 1997 expenses to be included in 1998 accounts

(19,012.00)

surplus in unaudited accounts for 1997

32,353.00

surplus c/f at 31 December 1997

40,299.90

surplus shown in unaudited accounts for 1998

69,142.41

less allowance for 1998 expenses to be included in 1999 accounts

(2,405.00)

less FIG office start-up costs

(19,893.63)

surplus in unaudited accounts c/f at 31 December 1998

46,843.78

surplus c/f at 31 December 1998

87,143.68

pre-1999 subscriptions received by 31 March 19998

nil

surplus b/f at 1 January 1999

87,143.68

1.6 Prior to taking over responsibility for the Bureau, and particularly from 1 August 1993, when Jane Woolley became solely involved in preparing for the UK administration of FIG, the RICS accumulated costs directly associated with FIG amounting to 70,963 (approximately Sw.frs. 149,000).

2.    UP-DATED BUDGET, 1999

An up-dated budget for the current year is also attached.

3. The General Assembly is invited to adopt the unaudited accounts for 1998 and to note the up-dated budget for 1999.


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