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% | |
| 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 |
| 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 | |||
