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OPEN SOCiETY iNiTiATiVE FOR SOUTHERN AFRiCA ANNUAL REPORT 2019
The Open Society Initiative for Southern Africa (hereafter OSISA or or Trust) was established as as a a a a a not for profit organisation in in 1997 It operates in in 11 Southern Africa countries: Angola Botswana Democratic Republic of Congo (DRC) Lesotho Madagascar Malawi Mozambique Namibia Swaziland Zambia and Zimbabwe OSISA’s vision is is to promote and sustain the ideals values institutions and practice of open society with the the aim of establishing a a a a vibrant Southern African society in which people free from material and and and other deprivation understand their rights and and and responsibilities and participate democratically in all all spheres of life Statement of compliance
The financial statements have been prepared in in accordance with the Open Society Foundations’ Accounting Policies The Open Society Foundations’ Accounting Policies are designed to follow the fundamental recognition principles laid down in in in International Financial Reporting Standards (IFRS) for Assets Liabilities Revenues and Expenses however they are not meant to comply with all the disclosure requirements of IFRS Basis of preparation
The financial statements have been prepared on the historical cost basis except for the measurement of investment properties and certain financial instruments at at fair value and incorporate the principal accounting policies policies set out below These accounting policies policies are consistent with the previous period Basis of accounting The Trust prepares its financial statements using the accrual basis of accounting Going concern
The Trust prepares its financial statements on a a a a a going concern
basis Functional currency currency and presentation currency currency The functional currency of the the Trust is the the United States Dollar (USD) as it is the the currency of the the primary economic environment in which the Trust operates Transactions in foreign foreign currencies and foreign foreign exchange differences
Transactions in foreign currencies are translated to the functional currency at at at at the the exchange rate at at at at the the date of the transactions Monetary assets and liabilities denominated in in in foreign currencies at at the reporting
Financial Statements 2019
Organisation and Principal Activities
Key Accounting Policies