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Center for the Study of Democracy
BALANCE SHEET AS AT 31 DECEMBER 2000

1. Significant accounting policies

(a) Activity background

Founded in late 1989, the Center for Study of Democracy (CSD) is an interdisciplinary public policy institute dedicated to the values of democracy and market economy. CSD is a non-partisan, independent organization fostering the reform process in Bulgaria through impact on policy and civil society.

CSD objectives are:

  •   to provide an enhanced institutional and policy capacity for a successful European Integration process;

  •   to promote institutional reform and the practical implementation of democratic values in legal and economic practice;

  •   to monitor public attitudes and serve as well as to monitor the institutional reform process in the country;

  •   to strengthen the institutional and management capacity of NGOs in Bulgaria, and reform the legal framework for their operation.

CSD encourages an open dialogue between scholars and policy makers and promotes public-private coalition building. As a full-service think tank, the Center achieves its objectives through policy research, process monitoring, drafting of legislation, dissemination and advocacy activities, building partnerships, local and international networks.

(b) Basis of preparation

These financial statements have been drawn up in conformity with International Accounting Standards.

Hyperinflation adjustments have been made in order to show the effect of inflation on the purchasing power of the equity interest. This is achieved by stating the current year non monetary assets of the Center, which operated in a hyperinflationary economy in 1996 and 1997, in terms comparable to the previous year balances of these items.

All items in the statement of changes in net assets for the year ended 31 December 1999 are expressed in terms of the measuring unit current at 31 December 1999.

(c) Foreign currencies

Monetary assets in foreign currencies have been revalued on a monthly basis as required by the Accountancy Act. As a result foreign exchange differences have arisen. Other liabilities denominated in foreign currencies are carried at their historical values. The BNB official exchange rates of the USD as at 31 December 1999 and the average for 1999 are 1.95 BGN/USD and 1.84 BGN/USD respectively.

(d) Property, plant and equipment

Tangible and intangible fixed were inflated for the year ended 31 December 1998 in accordance with International Accounting Standard 29, Financial reporting in hyperinflationary economies. The monthly inflation indices as officially published by the National Institute of Statistics have been used. Since these are computed using the month of December of the previous year as a basis, chain indices from the month of purchase to the end of the year under review, have been used to measure the cumulative effect of inflation.

The tangible and the intangible fixed assets for the year ended 31 December 1999 have not been inflated. Their inflated values as at 31 December 1998 have been depreciated using the straight line method. The inflation rate for the twelve months ended 31 December 1999 of 6.2 % is considered insignificant, and no restatement of the financial statements as of and for the year ended 31 December 1999 have been made.

The rates of depreciation used are as follows:

Buildings

4%

Machinery and equipment

20%

Fixtures and fittings

25%

Vehicles

15%

Intangible assets

20%

 

 

 

 

(e) Investments

Investments classified as long-term assets which are not considered to be material as compared to the overall balance sheet value of the CSD are carried at cost, less any amounts written off to recognise a decline in the value of the investment. As the subsidiaries perform economic activity the investments in them are not included in the parent’s separate financial statements because if included the statements will not give a true and fair presentation of the activity of the CSD. Due to the above mentioned reason the investments have not been consolidated.

(f) Revenue recognition and expense reporting

The income of the Center for the study of democracy consists of funds extended by international financing bodies for the completion of accepted projects. The amounts are carried in the balance sheet as deferred revenue at their historic values. Every project is commenced with a signing of a contract where the financing body determines the budget, payment instalments and the rates at which expenses incurred in BGN are to be translated into the respective foreign currency. The respective amount of BGN expenses are translated at the specified rate and an expense report in foreign currency is produced. It is used to report on the progress of the project before the financing organization. These reports are prepared at a frequency determined by the contract for the project assignment.

Revenue is recognised in the income and expenditure account on the basis of completed stage as reported by the SCD to the commissioning bodies. Revenue is recognised as income for the period to match the related costs, on a systematic basis. Project contracts are denominated in foreign currency, while the related expenses are incurred in BGN. Expenses as revalued in foreign currency correspond to the revenues in the same foreign currency.

(g) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and balances with banks.

(h) Taxation

SCD is a non profit organization. No corporate tax is levied in accordance with current Bulgarian legislation. For the period ended 31 December 2000 there are no trade operations on which tax is due. Therefore International Accounting Standard 12 Income Taxes is not applied.

2. Revenue fom grants, contributions and projects

In BGN
31 December 2000
31 December 1999

IDLI

1,943,758

517,420

ETF

-

197,906

CE

104,475

103,267

CIPE 98

-

40,441

SOCO

-

35,341

Legal reform - European Commission

-

97,469

Santander group - Phare Democracy Program

-

50,533

LMFI (Pension funds)

-

19,240

World bank

-

28,956

UNDP training

5,388

46,327
SELDI
236,547
-
CIPE 1999
79,809
14,592
GMF
53,350
-
Mc Arthur Foundation
137,433
-

Other projects

520,108

333,388
Income from fiancing NCA
17,472
8,656
 
3,098,340
1,493,545

3. Expenses on grants, contributions and projects

In BGN
31 December 2000
31 December 1999
Salaries and benefits
106,481

411,213

Hired services
1,416,144

284,065

Depreciation
43,335

52,322

Supplies and consumable
142,529

44,141

Other expenses
659,350

325,757

 
2,367,839

1,117,498

4. Foreign exchange gains - net

In BGN
31 December 2000
31 December 1999
Exchange rate gains from operations

350,723

244,154

Exchange rate losses from operations

(187,844)

(127,521)

 
162,879
116,633

Differences on exchange rates have arisen in the cases when debtors, cash and creditors denominated in foreign currencies have been revalued on a monthly basis.

5. Provisions

In BGN
31 December 2000
31 December 1999

Balance at the beginning of the year

(20,873)

-

Increase/(Decrease) in provisions

11,306

(20,873)

Write off receivable against provisions incurred in previous years

9,567

-

Balance at the end of the year
11,306
(20,873)

 

6. Receivables

In BGN
31 December 2000
31 December 1999

Completed Projects

579,075

49,257

Receivables from ARC Fund

-

75,613

Other receivables

32,247

44,459

Provision

-

(20,873)

 
613,322
148,456

 

7. Cash and cash equivalents

In BGN
31 December 2000
31 December 1999

At bank

1,523,083

1,555,498

In local currency

9,042

9,042

In foreign currency
1,473,055
1,546,456

Deposits

800

-

In hand

21,778

25,506

In local currency

12,406

9,877

In foreign currency

9,372

15,629

 
1,544,861
1,581,004

 

8. Deferred expenses

In BGN
31 December 2000
31 December 1999

CIPE 1999

-

72,562

CIPE 2000

43,468

-

Urban Institute

16,892

-

Interrights

-

103

COLPI

8,729

2,756

OSF

5,198

356

OSF Book Donation

15,237

-

Phare Democracy (Santander)

85,601

85,601

GMF
49,971
-

IDLI Coalition 2000

-

563,747

McArthur Foundation

-

22,464

European commission

-

35,797

ICEG
-
1853
IMSI
787
-

Other Projects

352

-

 
226,235
791,239

 

9. Property, plant and equipment

In BGN

Land

Plant & equipment

Vehicles

Fixtures & fittings

Assets in construction

Total

Cost or valuation

           

At 1 January 2000

115,769

177,699

186,081

102,843

335,923

918,315

Additions

-

92,476

-

1,591

-

94,067

Disposals

-
(91,962)
(37,054)
(13,699)
-
(142,715)

At 31 December 2000

115,769

178,213

149,027

90,735

335,923

869,667

Accumulated depreciation

           

At 1 January 2000

-

108,636

139,490

97,878

-

346,004

Charge for year

-
32,006
6,752
3,638
-
42,369

Disposals

-

(91,962)

(37,054)

(13,699)

-

(142,715)

At 31 December 2000

-

46,680

109,188

87,817

-

245,685

Net book value as at 31 December 2000

115,769

129,533

39,839

2,918

335,923

623,311

Net book value as at 31 December 1999

115,769

69,063

46,591

4,965

335,923-

572,311

 

10. Intangible fixed assets

In BGN

Software

Patents and licenses

Total

Cost or valuation

     

At 1 January 2000

9,639

412

10,051

Additions

12,123
-
12,123
Disposals
(8,534)
-
(8,534)

At 31 December 2000

13,228

412

13,640

Accumulated depreciation

     

At 1 January 2000

9,205

344

9,549

Charge for year

871

68

939

Disposals
(8,534)
 
(8,534)

At 31 December 2000

1,542

412

1,954

Net book value as at 31 December 2000

11,686

-

11,686

Net book value as at 31 December 1999

434

68

502

 

11. Investments

In BGN
31 December 2000
31 December 1999
Agency Vitosha EOOD
5,006
5,006
Radio Vitosha
-
229
Vitosha Research
5000
-
Provisions
-
(229)
 
10,006
5,006

Investments have not been consolidated. CSD is a not-profit organization but the subsidiaries perform economic activity. Thus if their separate financial statements are included in the parent’s separate financial statements, these will not give a true and fair presentation of the activity of the CSD

12. Payables

In BGN
31 December 2000
31 December 1999
Payables to the budget
16,391
17,377
Salaries, benefits and social security payable
16,047
7,145
Payable to suppliers
1,441
-
Payable related to VISA credit cards
3,095
-
Other payables
23,693
20,821
 
60,667
45,343

 

13. Deferred revenue

In BGN
31 December 2000
31 December 1999
For project activities
135,922
1,165,368
For fixed assets
156,458
69,068
 
292,380
1,234,436

 

14. Unrestricted fund balance

In BGN
31 December 2000
31 December 1999
Balance at 1 January 1999
1,818,903
1,349,861
Revaluation for the period
-
-
Excess of revenue over expenditure for the year
858,271
469,042
Balance at 31 December 1999
2,677,174
1,818,903

 

15. Related parties

Related party receivables

Nature of the related party relationship

Transaction during the year

Amount

Outstanding balance
31 December 1999

Agency Vitosha

100% of the capital owned by CSD

paid off financing

 

1,715 USD

26,177 BGN

-

-

Radio Vitosha

Significant influence

written off investment

 

229,73 BGN

504,43 USD

399 GBP

 

-

-

-

ARC Fund

CSD and ARC Fund are both represented by the Chairman of the Board of Trustees

paid off financing

project financing fot Coallition 2000

69,839 USD

 

21,000 USD

-

Related party payables

   

ARC Fund

 

paid off liability

1,411.35 BNG

-

16. Events subsequent to the balance sheet date

There have been no material changes or transactions subsequent to the balance sheet date that require adjustment or disclosure in the financial statements prepared for the period ended 31 December 2000.

17. Contingencies

There are no contingencies to report on.

 

 

 
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