CESSDA AS Profit & Loss Statement

	NOTE	2015	2014
Operating income and expenses
Other operating income	6	9 152 196	7 966 857
Operating income		9 152 196	7 966 857
Payroll expenses	1	3 274 722	919 358
Depreciation and amortisation expense	4	65 400	42 276
Other operating expenses	1	7 669 009	8 181 044
Operating expenses		11 009 131	9 142 678
Operating profit		-1 856 935	-1 175 821
Financial income and expenses
Other interest income		15 108	31 967
Other financial income		2 474 644	1 144 942
Other interest expenses		2 178	0
Other financial expenses		630 639	1 088
Net financial income and expenses		1 856 935	1 175 821
Annual net profit		0	0

_{NB: values in NOK}

 

CESSDA AS Balance Sheet

Assets	NOTE	2015	2014
Fixed assets Tangible fixed assets
Equipment and other movables	4	155 600	221 000
Total tangible fixed assets		155 600	221 000
Total fixed assets		155 600	221 000
Current assets Debtors
Accounts receivables		185 789	17 268
Other receivables		204 099	459 576
Total debtors	5	389 888	476844
Cash and bank deposits
Cash and bank deposits	7	28 673 556	19 521 192
Total current assets		29 063 554	19 998 035
Total assets		29 219 045	20 219 035

_{NB: values in NOK}

 

CESSDA AS Balance Sheet

Equity and liabilities	NOTE	2015	2014
Equity Restricted equity
Share capital	2,3	50 000	50 000
Total restricted equity		50 000	50 000
Total equity	3	50 000	50 000
Liabilities Current liabilities
Trade creditors		141 418	515 479
Deduction of tax and other public liabilities		150 360	271 525
Other short-term liabilities		4 624 032	5 022 912
Deferred income	6	24 253 235	14 359 119
Total short term liabilities	5	29 169 045	20 169 035
Total liabilities		29 169 045	20 169 035
Total equity and liabilities		29 219 045	20 219 035

_{NB: values in NOK}

Notes to the Financial Statements

Accounting Principles

The accounts have been prepared in accordance with the Norwegian Accounting Act and good accounting practice in Norway. The accounting principles are described below.

Operating Income and Expenses

Dividends from investments in stocks and shares are recognized in the year in which they are received. Gains and losses are recognized in the year of realization, except when recognition in an earlier period is in accordance with good accounting practice.

Expenses are recognized in accordance with the matching principle. This means that expenses are recognized in the same period as the related income.

Classification of Assets and Liabilities

Assets meant for long-term ownership or use are classified as fixed assets. Other assets are classified as current assets. Outstanding receivables to be repaid within one year are classified as current assets. The classification of liabilities is based on analogous criteria.

Fixed assets are valued at acquisition cost. Fixed assets which have a limited economic life shall be depreciated in accordance with a reasonable depreciation schedule. Fixed assets shall be written down to their fair value when a decline in value is not expected to be temporary. The write down shall be reversed when the basis for the write down is no longer present.

Current assets are valued at the lower of acquisition cost and fair value. Liabilities are appraised at the nominal value on the acquisition date.

Currency

Assets in foreign currency are translated at the exchange rate on the balance sheet date, NOK/EUR = 9,0365 for 2014 and NOK/EUR = 9,6190 for 2015.

Taxes

Since the business is a not for profit organization it is not liable for corporation tax in accordance with Tax Law § 2-32.

Pension

The company has established a defined benefit pension scheme. The pension premium is classified as payroll expenses.

 

Note 1 – Payroll Expenses, Numbers of Employees, Loans to Employees etc

Payroll expenses consist of:

	2015	2014
Wages and holiday allowance	2 362 492	756 522
Payroll tax	404 182	106 734
Pension premium	239 726	0
Other benefits	268 321	56 102
Total	3 274 722	919 358
Average number of full time equivalent	3	1

_{NB: values in NOK}

Three employees were hired during the autumn of 2014.

The total remuneration paid to directors was € 126 253. The company changed directors in 2015. The fee paid to Members of the Board was € 24 951. Each board member was paid € 3 119 and the chairman of the board was paid € 6 238.

The company is obliged to have a pension scheme according to the Norwegian Law of compulsory occupational pension scheme and have established a defined benefit pension scheme which satisfies the requirements.

Amounts paid to the company’s auditor were € 5 783 for audit and € 5 809 for other services.

 

Note 2 – Ownership Structure

The company’s share capital is NOK 50 000. The share capital comprises of 10 shares with a nominal value of NOK 5 000. The shares have equal voting rights.

On the 31 December the company had the following shareholders:

	Antall aksjer	Eierandel
Kunnskapdepartementet	10	100%

 

Note 3 – Changes in Equity

	Aksjekapital	Sum
Shareholders' equity 01.01	50 000	50 000
Profit for the year	0	0
Shareholders' equity 31.12	50 000	50 000

_{NB: values in NOK}

 

Note 4 – Tangible Fixed Assets

	Fixtures, fittings and equipment
Acquisition cost 01.01	266 276
Purchase in accounting year	0
Acquisition cost 31.12	266 276
Accumulated depreciation	110 676
Book value 31.12	155 600
Annual depreciation	65 400
Expected economic life	3–5 years

_{NB: values in NOK}

 

Note 5 – Maturity of Receivables and Payables

Liabilities that fall due more than five years after the end of the accounting year are € 0.

Receivables that fall due more than one year after the end of the accounting year are € 0.

 

Note 6 – Breakdown of Income

Income in the year was derived from the following sources:

	2015	2014
Funding from Norwegian Research Council	7 410 640	6 582 960
Other grant income	11 635 672	8 987 991
Total	19 046 312	15 570 951

Available as future operating budget:

	Deferred income
Deferred income pr. 01.01	14 359 119
Grant income in accounting year	19 046 312
Operating expenses	-11 009 131
Net financial income and expenses	1 846 935
Deferred income until 31.12	24 253 235

_{NB: values in NOK}

 

Note 7 – Fixed Assets

In the cash and bank deposits record are fixed tax deduction funds included with NOK 200 000.

 

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