General commentary

Capital
The foundations’ capital consists of subsidies, donations and gifts obtained via inheritance, as well as other means.

Fiscal position
All three foundations are exempt from sales tax and the corporate tax.

Valuation grounds and grounds for result determination

General
Insofar as not stated otherwise, the assets and liabilities are listed against their nominal values. In coming to valuation of the assets and liabilities, the continuity principle was adhered to.

Foreign currencies
Amounts in foreign currencies were converted into Euros using the exchange rates valid on the balance date. Exchange rate fluctuations are processed in the profit and loss account.
Assets and liabilities in foreign currencies are converted at the average exchange rate for the period in question. Any rate differences are accounted for as either profit or loss.

Tangible fixed assets
The tangible fixed assets are valued against acquisition cost minus the write-offs. Write-offs are calculated based on expected economic lifespan, taking into account any expected residual value. Write-offs are based on the following percentages:
Office interiors -20%
PC system - 33 1/3%
Website - 33 1/3%

Accounts receivable
Accounts receivable are valued based on nominal value, if necessary reduced by an amount as provision for funds which cannot be collected.

Stocks
Stocks are valued against stock market value on balance date.

Result determination
Profits are only listed insofar as they have been realised on the balance date. Losses and risks that fall before the end of the booking year are taken into consideration if they were known before drawing up the annual account.

Period determination
All income is assigned to the period in which it was realised, all expenses to the period that they are linked to.