APNIC Annual Report 1998
Contents
[ Contents | Section 1 | Section 2 | Section 3 | Section 4 | Section 5 ]
The 1998 books have been audited by PricewaterhouseCoopers; the figures below are a combination of two sets of accounts kept in different currencies. In order to calculate the figures into US$, APNIC used the monthly average exchange rates published by the Australia Taxation Office.
CONSOLIDATED BALANCE SHEET
As at 31 December 1998
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Consolidated
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APNIC Ltd
|
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1998
|
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1997
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|
%
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|
in US$
|
|
$US
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change
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|
|
|
|
|
|
|
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CURRENT ASSETS
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|
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|
|
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Cash
|
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774,412
|
|
418,856
|
|
85%
|
|
Receivables
|
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128,565
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|
104,396
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|
23%
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|
Other
|
|
47
|
|
6,068
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-99%
|
|
Total current assets
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903,024
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529,320
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71%
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|
|
|
|
|
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NON-CURRENT ASSETS
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|
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|
|
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Property, plant and equipment
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129,242
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33,917
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281%
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Intangibles
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2,040
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|
2,040
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0%
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|
Total non-current assets
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|
131,282
|
|
35,957
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|
265%
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TOTAL ASSETS
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1,034,306
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565,277
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83%
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|
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CURRENT LIABILITIES
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|
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Accrued expenses
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45,074
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|
42,463
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6%
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Provisions
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19,263
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|
|
|
100%
|
|
Unearned income
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494,193
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|
0
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|
100%
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TOTAL LIABILITIES
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|
558,530
|
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42,463
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|
1215%
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|
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|
|
|
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|
|
EQUITY
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|
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Share capital
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1.63
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1
|
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63%
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|
Retained earnings
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|
475,775
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|
522,813
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-9%
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TOTAL EQUITY
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|
475,777
|
|
522,814
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|
-9%
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|
|
|
|
|
|
|
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TOTAL LIABILITIES & EQUITY
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1,034,306
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565,277
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83%
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Notes
- Change in accounting policy: APNIC has applied accrual accounting in recognising membership fee revenue to comply with the Australian Accounting Standards. The financial effect of the change was an increase in liability and a reduction on operating profit by $494,193.
- After APNIC relocated to Australia, it purchased equipment resulting in an increase of 281% in equipment value.
- Share capital balance of $1.63 represents a US$1.00 share of APNIC Seychelles' company and another AU$1.00 share of the Australian company.
- Cash holding has steadily increased by 85%. A total cash holding of fifty percent of APNIC's total budget was mandated by the Executive Council Members in January 1997 in Hong Kong. APNIC was able to meet the 50% requirement during the 1998.
CONSOLIDATED INCOME STATEMENT
For the year ended 1998
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Consolidated
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APNIC Ltd
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|
|
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1998
|
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1997
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|
%
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in US$
|
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$US
|
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change
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REVENUES
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Membership fees
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536,393
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721,561
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-26%
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Non-members fees
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12,062
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16,192
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-26%
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Start-up fees
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144,844
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105,000
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38%
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Sundry income
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15,955
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|
698
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2186%
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Interest received
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16,286
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7,433
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119%
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Foreign currency exchange gain/(loss)
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(23,158)
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-
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-100%
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TOTAL INCOME
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702,382
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|
850,884
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|
-17%
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|
|
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|
|
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EXPENSES
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Auditor's remuneration
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12,162
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|
7,000
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74%
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|
Bad and doubtful debts
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3,248
|
|
3,290
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|
-1%
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Bank charges
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|
8,144
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|
6,580
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24%
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|
Books and periodicals
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|
98
|
|
362
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-73%
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|
Cleaning
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|
226
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|
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100%
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Communication expenses
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|
9,084
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|
1,082
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|
740%
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Consultancy fees
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|
39,018
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|
66,258
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-41%
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|
Computer expenses
|
|
1,820
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|
20,377
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-91%
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|
Depreciation
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|
39,684
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|
8,268
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380%
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|
Donation and gifts
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|
500
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100%
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Electricity
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824
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100%
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Employee entitlements
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17,841
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100%
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Entertainment expenses
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74
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|
567
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-87%
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Foreign currency exchange loss
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684
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|
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100%
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Insurance
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1,092
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|
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100%
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Interest paid
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1
|
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100%
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|
Internet connection fee
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3,791
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|
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100%
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|
Legal costs
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27,279
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20,546
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33%
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|
Licencing fees
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-
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163
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-100%
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Loss on disposal of fixed assets
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7,548
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100%
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Office expenses
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|
4,818
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9,111
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-47%
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|
Parking expenses
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1,214
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|
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100%
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Payroll tax
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17,180
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13,176
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30%
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Postage
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5,880
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5,239
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12%
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Printing and stationery
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3,814
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1,793
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113%
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Professional fees
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29,852
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38,701
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-23%
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Rates and taxes
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4
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100%
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Registration fees
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4,434
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302
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1368%
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Rent
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19,003
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100%
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Repairs and maintenance
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809
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157
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415%
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Relocation expenses
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21,182
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18,914
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12%
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Service charges
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-
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50,000
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-100%
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Staff training and welfare
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680
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100%
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Superannuation contributions
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8,903
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100%
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Sundry expenses
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1,068
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100%
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Telephone
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28,430
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18,878
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|
51%
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Training levy
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44,300
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4,436
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899%
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Travelling expenses
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46,697
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110,413
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-58%
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Underwriting fee - APRICOT
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-
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86,296
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-100%
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|
Wages
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338,101
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229,669
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|
47%
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Workcare
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|
919
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100%
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TOTAL EXPENSES
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750,406
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721,578
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|
4%
|
|
OPERATING PROFIT/(LOSS)
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|
(48,024)
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|
129,306
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|
-137%
|
|
|
|
|
|
|
|
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|
Without change in accounting policies:
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|
494,193
|
|
|
|
|
|
(in revenue recognition)
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|
|
|
|
|
|
|
|
|
|
|
|
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Without APRICOT98 loss:
|
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86,296
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|
|
|
|
|
|
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|
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NET PROFIT
|
|
$ 446,169
|
|
$ 215,602
|
|
107%
|
Notes
- Registration fee – invoices from InterNIC domain name registration fee for XXNIC.NET were paid for two years in 1998 for 1997 and 1998.
APRICOT'98 & '97 FINANCIAL REPORT
|
APRICOT
|
1998
|
1997
|
|
|
|
|
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Revenues:
|
|
|
|
Sponsors
|
154,830.37
|
119,896.74
|
|
Registration
|
79,582.80
|
96,770.51
|
|
From Previous APRICOT
|
1497.05
|
15,067.41
|
|
Fellowship Fund
|
(2,500.00)
|
0.00
|
|
Total Revenues
|
233,410.22
|
231,734.66
|
|
|
|
|
|
|
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Expenses;
|
|
|
|
Hotels
|
(94,488.05)
|
(114,884.27)
|
|
Speakers
|
(48,670.51)
|
(106,015.48)
|
|
Liaison
|
(28,497.64)
|
(31,731.56)
|
|
Exhibition
|
(22,344.02)
|
(22,846.88)
|
|
Others
|
(30,041.33)
|
(42,552.50)
|
|
Total Expenses
|
(224,041.55)
|
(318,030.69)
|
|
|
|
|
|
Profit/(Loss)
|
9,368.67
|
(86,296.03)
|
Notes
- During 1998, APNIC was an underwriter for APRICOT activities.
- One of the objects of APNIC is to provide educational opportunities to further Members' technical and policy understanding of the industry – as stated in the By-laws of APNIC.
- APNIC underwrote a substantial loss from APRICOT '97; however, APRICOT '98 resulted in profit. Reasons: a) many speakers who volunteered to participate only asked for the minimum expenses or no expenses at all; b) Organisation was subcontracted to a person outside of APNIC who could hold the costs to the minimum; c) more last minute sponsors were solicited by APNIC volunteers.
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