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					International Federation of University Women, Geneva

   Report of the Statutory Auditors
      to the General Meeting
            Financial Statements 2005




                 KPMG Fides Peat
                Geneva, May 11, 2006
                  Ref. WDL / KV
                             KPMG Fides Peat
                             Audit
                             14, Chemin De-Normandie                                   P.O. Box 449                                         Telephone +41 22 704 15 15
                             CH-1206 Geneva                                            CH-1211 Geneva 12                                    Fax +41 22 347 73 13
                                                                                                                                            Internet www.kpmg.ch




Report of the Statutory Auditors to the General Meeting of the

International Federation of University Women, Geneva


As statutory auditors, we have audited the accounting records and the financial statements
(balance sheet, statement of revenues and expenses and notes) of the International Federation of
University Women as of and for the year ended December 31, 2005.

These financial statements are the responsibility of the board of directors. Our responsibility is
to express an opinion on these financial statements based on our audit. We confirm that we meet
the legal requirements concerning professional qualification and independence.

Our audit was conducted in accordance with auditing standards promulgated by the Swiss
profession, which require that an audit be planned and performed to obtain reasonable assurance
about whether the financial statements are free of material misstatement. We have examined on
a test basis evidence supporting the amounts and disclosures in the financial statements. We
have also assessed the accounting principles used, significant estimates made and the overall
financial statement presentation. We believe that our audit provides a reasonable basis for our
opinion.

In our opinion, the accounting records and financial statements comply with Swiss law and the
Federation's statutes.

We recommend that the financial statements submitted to you be approved.


KPMG Fides Peat




William D. Laneville                                     ppn Karina Vartanova
Auditor in Charge




Geneva, May 11, 2006



Enclosures:
- Financial statements (balance sheet, statement of revenues and expenses and notes)




                             KPMG Fides Peat is a subsidiary of KPMG Holding. KPMG Holding, a Swiss   Member of the Swiss Institute
                             corporation, is the Swiss member firm of KPMG International, a Swiss     of Certified Accountants and Tax Consultants
                             cooperative.
                                                     International Federation of University Women, Geneva




Contents


Report of the Auditors on the Financial Statements                                                  3

Balance Sheet                                                                                     4-5

Statement of Revenues and Expenses                                                                6-7

Notes to the Financial Statements                                                                 8-9

Movement in Unrestricted Funds                                                                     10

Statement of Receipts and Disbursements for 28th Conference in Perth, Australia                    11

Movement in Restricted Funds                                                                    12 – 13
                                         International Federation of University Women, Geneva




Enclosure 1.1



Balance Sheet as at December 31,                               2005                 2004



                                                               CHF                  CHF

ASSETS

Current assets

Cash and banks                                                 497,218              431,804
Short term investments                                         848,893              962,517
Prepaid expenses                                                 1,001                4,002
Local Arrangements Committee - advance                               -               53,775

                                                             1,347,112            1,452,098


Fixed assets

Fixed assets                                                     1,000                 1,000

Total assets                                                 1,348,112            1,453,098




                                                                                           4
                                           International Federation of University Women, Geneva




Enclosure 1.2



Balance Sheet as at December 31,                                 2005                 2004



                                                                 CHF                  CHF

LIABILITIES AND FUNDS
Current liabilities
Sundry creditors and accrued liabilities                         236,354               58,870
Dues received in advance                                         137,095              206,206

                                                                 373,449              265,076

Undesignated Funds
Accumulated Funds at the end of the year                          84,180              160,023

Designated Funds
Unrestricted funds:
  Contingency Fund                                               197,917              169,594
  IFUW Special Fund                                               84,379               84,379
  Conference Reserve Fund                                        219,027              426,022
  Exchange Equalization Reserve                                  161,003               24,726
  Equipment Reserve                                              112,709              134,816
  28th Perth Conference                                                -               23,920

                                                                 775,035              863,457

Restricted Funds:
  Fellowships and Grants Fund                                     29,130                58,110
  Hegg-Hoffet Fund                                                70,722                70,736
  Bina Roy Partners in Development Fund                            8,234                21,676
  Funds administered by the Federation                             7,362                14,020

                                                                 115,448              164,542

Total designated funds                                           890,483            1,027,999


Total liabilities and funds                                    1,348,112            1,453,098




                                                                                             5
                                                          International Federation of University Women, Geneva




Enclosure 2.1


Statement of Revenues and Expenses
for the year ended December 31,                                                 2005                 2004



                                                 Notes                          CHF                  CHF
INCOME AND EXPENDITURE

Subscription fees                                                               441,509              558,428
Net income on short term investments                  4                          54,294               45,398
Subscription fees for mailings                                                      100                  688
Donations                                                                        70,782                    -
Miscellaneous                                                                     4,499                9,567

Total income                                                                    571,184              614,081

Total expenditure (Enclosure 2.2)                                              (866,833)            (765,698)

Excess of expenditure before transfers                                         (295,649)            (151,617)

Transfer from Conference Reserve Fund                                                 -                50,000
Transfer from Contingency Fund                                                  197,699                     -
Transfer from Equipment Reserve                                                  22,107                     -


Excess of expenditure for the year, after transfers                             (75,843)            (101,617)
Accumulated Funds at the beginning of the year                                  160,023              261,640

Accumulated Funds at the end of the year                                         84,180              160,023




                                                                                                            6
                                     International Federation of University Women, Geneva




Enclosure 2.2


Statement of Revenues and Expenses
for the year ended December 31,                            2005                 2004


                                                           CHF                    CHF
EXPENDITURE
Headquarters
Salaries and social benefits                               530,747              588,968
Social plan indemnities                                    197,699                    -
Office rent and upkeep                                      48,646               48,353
Equipment                                                    6,739                8,372
Moving expense                                              22,107                    -
General administration                                      26,959               29,918

                                                           832,897              675,611

Professional fees
Audit and consulting fees                                    8,608                11,494


Taxation                                                         31                  417

Governance and Statutory Bodies
Council meeting                                                  -                36,252
Board and Committee meetings                                11,040                20,920
President’s travel                                           3,319                 3,000
Administrative expenses                                        995                 1,520

                                                            15,354                61,692

Publications
News                                                             -                   363
Leaflets                                                     4,938                   145
Various                                                          -                 3,106

                                                             4,938                 3,614

Programme Development                                           921               6,014

International Advocacy
Expenses of representatives                                  1,390                 3,454
Participation in UN and NGO bodies                           2,694                 3,402

                                                             4,084                 6,856

Total expenditure for the year                             866,833              765,698



                                                                                        7
                                                        International Federation of University Women, Geneva




Enclosure 3.1


Notes to the Financial Statements
December 31, 2005



1     Organization and activity

      The International Federation of University Women (IFUW) is a non-governmental federation
      with Headquarters in Geneva, Switzerland. The Federation is active in 79 countries through
      national federations or associations.

      The IFUW's main objectives are to promote understanding and friendship among the university
      women of the world; to encourage international co-operation; to further the development of
      education and to represent university women in international organizations.

      IFUW is a not-for-profit organization and is financed mainly by subscription fees paid by the
      members through their national federation or association and by donations from members.
      Grants for special projects are occasionally provided by outside agencies.


2     Significant accounting policies

      The accounting policies followed for dealing with items which are judged material or critical in
      determining the results for the year and stating the financial position, are as follows:

2.1   Basis of preparation

      The financial statements of IFUW have been prepared in accordance with generally accepted
      accounting principles prevailing in Switzerland.

2.2   Revenue recognition

      Subscription fees are recorded when collected. Subscriptions received in advance, of due date
      are deferred.

2.3   Short term investments

      Money Market Funds and securities are carried at market value prevailing at year-end.
      Provision is made for unrealised exchange gains and risk exposures. Unrealised losses are
      compensated with the provisions or the investment equalization reserve.

2.4   Conversion of foreign currencies

      Assets and liabilities which arise in currencies other than Swiss francs are translated at rates of
      exchange prevailing at year end. Revenues and expenses are translated at the approximate rates
      of exchange prevailing during the year.

      Losses on exchange are taken into account in arriving at the net results for the year. Unrealised
      gains on exchange are deferred.




                                                                                                          8
                                                       International Federation of University Women, Geneva




Enclosure 3.2


Notes to the Financial Statements
December 31, 2005



2.5   Funds

      Funds are defined as follows:

      Undesignated funds

      The accumulated fund represents amounts over which the Council has discretionary control.

      Designated funds
      •     Unrestricted funds comprise the working reserves over which the Board of Officers has
            discretionary control.
      •     Restricted funds represent amounts received from donors where the purpose of the
            contribution is specific to activities as well as outside funds administered by the
            Federation.


3     Exchange rates

      The exchange rate used for balance sheet translation was 1 US dollar = 1.32 Swiss francs
      (2004: 1 US dollar = 1.14 Swiss francs).


4     Net income from short-term investments
                                                                             2005                   2004
                                                                             CHF                    CHF
          Realised gain on sale of investments                                11,630                 1,308
          Interest and dividends                                              42,664                44,090
          Net unrealised exchange gain / (loss) on investments               127,825               (82,320)
          Net unrealised gain on investments' market value                     8,452                36,185

                                                                             190,571                  (737)

          (Increase) / decrease of exchange equalization reserve            (136,277)               46,135

                                                                              54,294                45,398


5     Commitments

      The annual commitment for the leasing of office space is CHF 22,440. The total commitment
      for the leasing of office space, for the period between 2 and 5 years amount to CHF 89,760.

      Rental guarantees amounting to CHF 4,950 have been provided in favour of third parties.



                                                                                                         9
                                                          International Federation of University Women, Geneva




Enclosure 4.1




Movement in Unrestricted Funds                                                  2005                 2004


                                                                                CHF                   CHF
Movements in unrestricted funds are analysed as follows:

Contingency Fund
Opening balance                                                                 169,594                      -
Transfer from Conference Reserve Fund                                           226,022                      -
Transfer to revenue account for social plan indemnities                        (197,699)                     -

Balance as at December 31                                                       197,917                      -


IFUW Special Fund
Opening balance                                                                  84,379               88,885
Grants to new affiliates, for membership increase and
  project challenge                                                                     -             (4,506)

Balance as at December 31                                                        84,379                84,379


Conference Reserve Fund
Opening balance                                                                 426,022              476,542
Partial refund enrolment fee 27th Conference                                          -                 (520)
Grant to general budget                                                               -              (50,000)
Transfer to Contingency Fund                                                   (226,022)                   -
Balance 28th Conference                                                          19,027                    -

Balance as at December 31                                                       219,027              426,022


Exchange Equalization Reserve
Opening balance                                                                  24,726                70,861
Change in value of short-term investments                                       136,277               (46,135)

Balance as at December 31                                                       161,003                24,726


Equipment Reserve
Opening balance                                                                 134,816                      -
Transfer to revenue account for moving expenses                                 (22,107)                     -

Balance as at December 31                                                       112,709                      -




                                                                                                            10
                                                    International Federation of University Women, Geneva




Enclosure 4.2



Statement of Receipts and Disbursements relating
To the 28th Conference held in 2004 in Perth, Australia


                                                                                                CHF
RECEIPTS

Enrolment fees                                                                                 348,006
Donation Australian universities                                                                 5,500

                                                                                               353,506

DISBURSEMENTS


Salaries                                                                                        22,228
Fees                                                                                            16,535
Travel / hotel / subsistence                                                                    37,809
Communication / stationery / printing & equipment                                               52,661
Audio visual                                                                                    34,551
Rental charges                                                                                 125,752
Catering                                                                                         8,099
Insurance                                                                                        1,392
GST                                                                                             29,105
Miscellaneous                                                                                    6,347

                                                                                               334,479


Excess of receipts over disbursements transferred
to Conference Reserve Fund                                                                       19,027




                                                                                                     11
                                                         International Federation of University Women, Geneva




Enclosure 4.3



Movement in Restricted Funds                                                     2005               2004


                                                                                 CHF                 CHF

Movements in restricted funds are analysed as follows:
Fellowships and Grants Fund
Opening balance                                                                 58,110                32,380
Legacy                                                                               -                13,516
Donations received                                                              10,727                11,281
Interest Ida Smedley McLean Trust fund                                           8,974                     -
Raffle Perth Conference                                                              -                 5,475
Administration fee 15%                                                          (1,609)               (4,542)
Grants paid                                                                    (47,072)                    -

Balance as at December 31                                                       29,130                58,110



Hegg-Hoffet Fund
Opening balance                                                                 70,736                64,067
Donations received                                                               4,172                 3,409
Hegg-Hoffet Shop at Perth                                                            -                 7,193
Interest and gain on securities                                                    464                   837
Grants paid                                                                     (4,494)               (4,550)
Bank charges, exchange difference                                                 (156)                 (220)

Balance as at December 31                                                       70,722                70,736



Bina Roy Partners in Development Fund
Opening balance                                                                 21,676                23,834
Donations received - earmarked                                                  12,123                 8,558
Donations received - unrestricted                                                7,947                 8,623
Grants                                                                         (33,512)              (19,339)

Balance as at December 31                                                        8,234                21,676




                                                                                                           12
                                           International Federation of University Women, Geneva




Enclosure 4.4



Movement in Restricted Funds (continued)                           2005               2004


                                              CHF                  CHF                 CHF


Funds administered by the Federation
UNESCO ID Seminar book
Opening balance                               3,216                                      4,970
Expenses ID Seminar book                          -                                     (1,754)

                                                                   3,216                 3,216


VGIF Communications Workshop Perth
Grant from VGIF                               4,146                                     19,536
Grants paid                                       -                                    (15,390)

                                                                   4,146                 4,146

IFUW Task Force
Grant received                                6,658                                     35,400
Expenses                                     (6,658)                                   (28,742)

                                                                          -              6,658

Balance as at December 31                                          7,362                14,020




                                                                                             13

				
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