MEDIA INSTITUTE OF SOUTHERN AFRICA BALANCE SHEET AS AT MARCH, 31 2004 N$ 2004 USD 2003 N$ 2003 USD 2,758,973 635,871 425,111 97,977 1,987,637 635,871 262,915 84,110 3,394,844 523,088 2,623,507 347,025 930,336 143,349 858,382 113,543 68,154 8,439,028 8,507,182 10,501 1,300,313 1,310,814 54,526 7,433,234 7,487,760 7,212 983,232 990,444 Accounts Payable 6,042,674 931,075 5,722,635 756,962 NET CURRENT ASSETS 2,464,508 379,739 1,765,125 233,482 3,394,844 523,088 2,623,507 347,025 FUNDS & RESERVES Accumulated Funds Capital Reserves EMPLOYMENT OF FUNDS FIXED ASSETS CURRENT ASSETS Accounts Receivable Bank Balances and Cash CURRENT LIABILITIES EXCHANGE RATES The following exchange rates were used: Rate at beginning of year Rate at end of year N$7.56/USD N$6.49/USD MISA Annual Report (April 2003 – March 2004) 116