Notes to the Financial Statements 2004
     
 

Note 1 - Accounting Principles
The financial statement is prepared in accordance with The Norwegian Accounting Act and generally accepted accounting principles in Norway for small entities.

General accounting principles income and expenses
Income is recorded when earned, normally at the time of delivery of goods and services. Expenses are recorded at the same time as related income. Expenses with no relation to income, are recorded when incurred.

Valuation and classification of assets
Assets meant for permanent ownership are classified as fixed assets. Other assets are classified as current assets. Debtors due within one year are classified as current assets. When classifying short-term liabilities similar criteria are used.

Fixed assets are valued based on purchase price, but written down to actual cost when the fluctuation in the value is not expected to be incidental. Fixed assets with a minimum life expectancy are depreciated systematically. Current assets are valued at the lower of the purchasing price and actual value.
   
         
   
Note 2 - PAYROLL COSTS, BENEFITS ETC.    
 
2004
2003
Salary
19,186,248
18,928,802
Social Security tax
2,735,286
2,166,977
Other personell expenses
1,598,887
651,507
Total
23,520,421
21,747,286
Average number of employees
51.09
54.3
 
Payments to leading personell
 
Manager
Board
Salary
717,667
0
Other benefits
9,025
0
Total
726,692
0
 
Fees to Auditor
Deloitte Statsautoriserte Revisorer AS
2004
2003
Auditing
46,800
38,616
Non-audit services
6,000
8,800
Other services
3,000
         
   
Note 3 - PROPERTY, PLANT AND EQUIPMENT    
 
Machines and furniture
Vehicles
Housing Facilities
Buildings
Total
Purchasing cost 01.01
1,350,454
561,742
15,576,099
52,372
17,541,027
Retired items
0
0
0
0
0
Purchase cost new assets
205,908
431,620
0
0
637,528
Purchase cost 31.12
1,556,362
993,362
15,576,099
52,732
18,178,555
Total depreciation
1,142,480
199,707
0
9,131
1,351,318
Book value 31.12
413,882
793,655
15,576,099
43,601
16,827,236
Annual depreciations
348,701
132,000
0
5,200
485,901
Depreciation method
Linear
Linear
Linear
Depreciation percentage
10-30%
20%
0%
10%
 
    The housing facilities are not exposed to decrease in value beyond normal wear and tear and the facilities are therefore not depreciated
Property provided at no acquisition cost:  
  Buildings from Statsbygg Gift from the Leif Hoegh Foundation
  Administration building House for cultural events
  Auditorium/Cantina Boathouse
  Two classroom facilities  
  Four dormitories for students and four teachers/mentor houses  
  Laundry facilities  
     
Year of acquisition 1995 1997
Total Value 70,000,000 9,742,000
     
As donations and gifts cover the acquisition cost for the buildings, they are only entered with a value of NOK1 in the Balance Sheet.
Note 4 - EQUITY ETC    
 
Basic Capital
Other equity
Total
Equity 01.01
50,000
768,079
818,079
Result for the year
1,233,415
1,233,415
Equity 31.12
50,000
2,001,494
2,051,493
     
Note 5 - PROJECT RELATED FUNDS     
The foundation receives yearly gifts and contributions to defined projects. Funds intended for such projects are shown as liabilities in the balance sheet and recorded in the income statement when used.
         
 
Balance 01.01
Received
Spent
Balance 31.12
Amnesty Internl. Student Group
7,582
0
0
7,582
Culture-house fund
16,721
0
0
16,721
Total
23,853
0
0
23,853
     
Note 6 - SECURITY FOR MORTGAGE LOANS  
 
2004
2003
Nominal value of mortgage loans
13,242,548
13,859,948
Book value of pledged assets:
Machines, furniture
413,882
556,675
Buildings
15,576,099
15,576,099
 
15,989,981
16,132,774
Note 7 - OTHER LONG TERM LIABILITIES      
Other long term liabilities consist of an interest free loan from Utviklingsstiftelsen.
           
Note 8 - RENTAL AGREEMENT ETC      
The foundation has a rental agreement regarding lease of plant and buildings from Rode Kors Haugland Rehabiliteringssenter AS.
           
Note 9 - BANK DEPOSITS      
The bank deposits include tied-up assets of NOK 1,108,312 related to witheld payroll taxes. The amount covers taxes payable per 31.12.04
           
Note 10 - JOINT VENTURES      
Company
Starting Date
Business Office
Ownership/voting share
Owners Equity
Annual result
Haugland Internasjonale Senter AS
08.06.05
Fjaler
50%
70,040
234
 
Intercompany accounts:
2004
2003
Accounts receivable
39,707
36,707
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