WORLD TRADE  
ORGANIZATION  WT/BFA/W/114 
16 August 2004 
 (04-3428) 
Committee on Budget, Finance and Administration  
  
 
     
DIRECTOR GENERAL'S BUDGETARY AND FINANCIAL REPORT 
 
FOR 2003 
 
AND REPORT OF THE EXTERNAL AUDITOR THEREON 
 
    WT/BFA/W/114 
Page 2  
 
 TABLE OF CONTENTS
 
 
 PAGE  
 
I. INTRODUCTION ................................................................................................................... .3 
II. OVERALL EXPENDITURE IN THE WTO IN 2003...........................................................3  
III. 2003 REGULAR BUDGET......................................................................................................3  
IV. INCOME......................................................................................................................... .........11  
V. SURPLUS ACCOUNT ...........................................................................................................12  
VI. ASSETS AND LIABILITIES ................................................................................................13  
VII. WORKING CAPITAL FUND...............................................................................................14  
VIII.  EARLY PAYMENT ENCOURAGEMENT SCHEME ......................................................14  
IX. EXTRA-BUDGETARY FUNDS ...........................................................................................15  
X. NEW ANNEXE BUILDING FOR THE WTO ....................................................................16  
XI. REPORT OF THE EXTERNAL AUDITOR ON THE ACCOUNTS OF THE 
WORLD TRADE ORGANIZATION FOR THE YEAR ENDED 31 
DECEMBER 2003 .................................................................................................................. 16 
OPINION OF THE EXTERNAL AUDITOR ON THE ACCOUNTS 
OF THE WORLD TRADE ORGANIZATION FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2003 ..........................................................19  
Statement 1a: WTO Secretariat  20 
Statement 1b: Appellate Body and its Secretariat  21 Statement 2: Income and Expenditure Account  for the year ended 31 December 2003 22 
Statement 3: Surplus Account for the year ended 31 December 2003  23 
Statement 4: Statement of Assets and Liabiliti es as at 31 December 2003 - General Fund 24 
Statement 5 : Statement  of Assets and Liabilities as at 31 December 2003 -  
  Working  Capital Fund  25 
SCHEDULE A 2003 Early Payment Encouragement Scheme..............................................26 
SCHEDULE B Statement of Outstanding C ontributions as at 31 December 2003...............30 
SCHEDULE C Investments Held on 31 December 2003(in USD) .......................................34 
SCHEDULE D Investments Held on 31 December 2003 (in EUR) ......................................35 
SCHEDULE E Investments Held on 31 December 2003 (in GBP) ......................................36 
SCHEDULE F Investments Held on 31 Decem ber 2003 – Working Capital Fund..............37 
SCHEDULE G Statement of Outstanding C ontributions as at 31 December 2003...............38 
Annex  Statement Of Significant Accounting Policies .............................................39 
 
  WT/BFA/W/114 
 Page 3 
 
 
 I. INTRODUCTION 
1. In accordance with Regulations 24, 26 and 29  of the World Trade Organization Financial 
Regulations (WT/L/156), the Director-General hereby  submits the Budgetary and Financial Report of 
the World Trade Organization (WTO) for the fina ncial year ended 31 December 2003.  The annual 
accounts are presented in Swiss francs.   
2. At its meeting on 14, 16 and 23 October 1998, the General Council adopted the resolution in 
document WT/GC/W/102/Rev.1 which set out the conditions  of service applicable to the staff of the 
WTO Secretariat.  These conditions of service have been applied in the WTO Secretariat with effect from 1 January 1999. 
3. The WTO Financial Rules and Regulations were approved by th e General Council in 
November 1995 (WT/GC/M/8).  They have been applied as from 1 January 1996. 
II. OVERALL EXPENDITURE IN THE WTO IN 2003 
4. In the course of 2003, expenditure was incurre d in respect of the annual budget of the WTO 
as well as extra budgetary funds, made up of trus t funds and other funds.  The total overall 
expenditure of the Organization in 2003 amounted  to CHF 174,486,843.  Expenditure under the 
annual budget of the Organization accounted for 88.3 per cent of the total, corresponding to 
CHF 154,078,369.  Expenditure against various  trust funds represented 11.7 per cent or 
CHF 20,408,474 (excluding overhead).   
5. It will be recalled that the Committee on Bu dget, Finance and Administration recommended 
to the General Council in February 2003 (WT/BFA/65)  the transfer of 24 posts subject to fixed term 
contracts from the temporary assistance line to the regular staff costs line of the WTO budget
1.  The 
conditions applying to such a transfer were that th e individual had been working in the same job for a 
minimum of four years.  This transfer, representing five months expenditure, was made to the budgetary 
allocations and reflected under 'Statement 1'. 
III. 2003 REGULAR BUDGET 
6. Pursuant to the recommendations of the Co mmittee on Budget, Finance and Administration  
(Document WT/BFA/62), Members of the WTO ap propriated CHF 154,954,350 for the financial year 
2003, CHF 151,983,150 for the WTO Secretariat and CH F 2,971,200 for the regular expenditure of the 
Appellate Body and its Secretariat (Document WT/GC/M/77).   
                                                      
1 Recommendation approved by the General Council (document WT/GC/M/81). WT/BFA/W/114 
Page 4  
 
 EXPENDITURE:  WTO 
 2003 Budgetary Situation
 
 
7. Expenditure for the WTO and the Appellate Body Secretariat for 2003 amounted to 
CHF 154,078,3692 equating to a budgetary saving of CHF 875,981 .  This budgetary saving is 
comprised of CHF 1,538,600 for WTO Regular B udget and a budgetary deficit of CHF 662,619 for 
Appellate Body and its Secretariat.   
8. Considering that the proposal of the Direct or-General in the budget estimates for 2003 to 
replenishment of the Appellate Body Operating Fund  (ABOF), had not been retained, the Secretariat 
in document WT/BFA/W/110 indicated, in the light of a regular budgetary surplus and the views 
expressed by members of the Committee on Budget, Finance and Administration (WT/BFA/68, paragraph 30), that the deficit of the ABOF would be considered as an extra-ordinary expenditure in 
2003.  Accordingly, the budgetary saving of the Appellate Body and its Secretariat of CHF 157,155 
has been reduced to a budgetary deficit of CHF 66 2,619 after charging the 2003 deficit of the ABOF 
of CHF 819,774. 
 
WTO Regular Budget
 
 
PERSONNEL -RELATED COSTS  
 
9. These sections (1 and 2) include the cost of salaries, pension contributions and common staff 
costs associated to established posts an d temporary assistance respectively.   
10. Under spending of CHF 151,608 on Personnel-related costs is th e net result of various under 
and over-expenditures under a number of sub-items.  The savings that occurred under Section 1 (Staff 
Work Years) sufficed to cover the over-expend iture under Section 2 (Temporary Assistance): 
 
  CHF  
 Section 1 - Staff Work Years   5,971,333  Section 2 - Temporary Assistance  (5,819,725)
  
 Total     151,608  
 
11. Under Section 1  (Staff Work Years), the saving can be subdivided into under-expenditures of 
CHF 3,650,019 in respect of salaries, CHF 1,313,0 69 in respect of pensions and CHF 1,008,246 in 
respect of common staff costs (other than pensi ons).  Savings occurred on salaries and pensions 
primarily as a result of vacant posts including th e six new posts, which were established on 
1 January 2003 and were not immediately filled.  In addition, as mentione d under paragraph 5, a 
transfer in appropriation of CHF 1,032,0003 from Section 2 –Temporary Assistance to Section 1- 
Work Years was made to fund the 24 consolidated posts (5 months expenditure).  In the interim, 
staffing needs were partially met through tem porary assistance.  The corresponding saving under 
Pensions amounted to CHF 1,313,069.   
                                                      
2 Includes the refund of overhead charges made on activities funded through the Program Support Fund 
CHF 314,803 (Translation- CHF 62,961; Documentation (copies) – CHF 62,961; Documentation reproduction – 
CHF 62,960 and Telecommunications – CHF 125,921). 
 
3 CHF 768,000 with respect to Salaries and CHF 264,000 with respect to Pensions.  WT/BFA/W/114 
 Page 5 
 
 
 12. The saving under ‘Common Staff Costs' of CHF 1,008,246 is due staff turnover, changes in 
staff profiles from those anticipated and variations  resulting under which year an entitlement is taken 
as well as an unforeseen number of staff who decided to end their contracts with the WTO in 2003. 
 The savings are comprised of:  
(a) Medical Insurance – CHF 517,611:  due partially to the fact that the ‘loss of earnings' 
element of the insurance cover could not be separated from the 24 hour accident 
coverage in the re-negotiated insurance contract.  This item of expenditure is 
therefore transferred and considered unde r Section 8 – Staff Overheads - Insurance4.  
In addition, the medical insurance element asso ciated to vacant posts was not utilised.   
 
(b) Separations – CHF 193,307; untaken l eave upon termination CHF 189,310; and 
Installation Grants – CHF 18,835, all of  which are linked to staff turnover. 
 
(c) Family Allowances – CHF 149,437 and Edu cation Grants - CHF 181,106, where both 
reflected variances in staff profiles. 
 
(d) Language Allowances – CHF 32,600 and Non -residence Allowance – CHF 3,960.  
As both these entitlements are payable to staff recruited prior to 1998, expenditure is, 
as anticipated, decreasing as staff separate. 
 (e) Repatriation Grants – CHF 183,042. 
 
 Offset by over-expenditure under the following sub-items:  
(f) Rental Subsidy – CHF 66,862. 
 
(g) Travel and Removal Costs – CHF 324,708: CHF 166,937 was for staff departures; 
CHF 19,247 for interview travel costs of  candidates and installation travel CHF 
138,525 for the recruitment of the successful candidates. 
 (h) Home leave – CHF 69,393: influenced by increased entitlements taken in 2003. 
 
13. Section 2
 (Temporary Assistance): this section's over-expenditure amounted to 
CHF 5,819,7255 , incurred primarily as a result of two of the WTO's activities which either continued 
to grow and/or where resources were inadequate to  meet the demands.  The activities relate to the 
volume of documentation produced as well as th e number of meetings held where the over-
expenditures amounted to CHF 1,212,440; (T ranslators-CHF 484,257; Text-processing –
 CHF 39,830, Document Reproduction – CHF 24,266 a nd Interpreters – CHF 664, 087).  In addition, 
divisions with vacant posts called upon more tempor ary assistance to supplement their work force.  
Over-expenditure has also been r ecorded under the following: Replacement of staff on maternity or 
long sick leave - CHF 372,583; Messengers/Drivers /Guards/Manual Workers - CHF 492,409 Clerical 
and Secretarial assistance - CHF 2,257,217; Over time – CHF 214,166; Informatics Consultants – 
CHF 47,848; Conference ushers CHF 7,971; Inte rnships - CHF 188,440 and Temporary Assistance 
Common Staff Costs - CHF 1,285,442.  This over-e xpenditure was offset by savings of CHF 258,791 
under the subheading of Other Professionals.   
                                                      
4 Referred in document WT/BFA/SPEC100. 
 
5 Includes the over-expenditure under the development of the Distance Learning module CHF 6,950, 
Two Special Trade Policy Courses CHF 7,766 and CHF 3,666, and the University Outreach Program 
CHF 24,100 all under the WTO Training Institute. WT/BFA/W/114 
Page 6  
 
 A
DMINISTRATIVE COSTS  
 14. This section of the budget covers  items related to premises, pe rmanent equipment, expendable 
supplies, and contractual services such as reproduction costs, EDP software etc.  For Part B, a net 
budgetary saving of CHF 706,987 has been realised in  2003.  In general, divisions did not exceed 
their budget allocations concerning their specific re quirements; however, variances against approved 
appropriations were primarily influenced from ch anges in project priorities and unforeseen activities 
e.g.  expenditure to enhance the security measures at the WTO during the G8 summit in Evian, France 
as well as, the redistribution of EDP allocations to accommodate the re-prioritizing of projects to 
match the approved budget allocations.   
 
15. The overall budgetary saving of CHF 706,987 on administrative costs is the net result of 
various under and over-expenditur es on a number of sub-items.   
Budgetary savings were incurred for the following sections:  
  CHF
  
Section 3 - Communications  397,265 
Section 5 - Permanent Equipment  301,724 Section 6 - Expendable Equipment  258,184  And, was reduced by an over-expenditure under: Section 4 - Building Facilities  (99,153) 
Section 7 - Contractual Services  (151,033)
 
 Total     706,987
 
 16. Under Section 3
 (Communications), the overall budgetary saving of CHF 397,265 is 
comprised of  under-expenditures of CHF 156,840 for telecommunications (telephones and faxes) and 
CHF 240,425 with respect to postal services.  Expe nditure reductions were  realised under postal 
services as more and more document demands are satisfied through the Documents-on-line service as well as encouraging competition amongst service s uppliers.  Reference is also made to 
Section 6 (Expendable Supplies - Reproduction), where due to the lighter paper used for documentation reproduction, savings were also realised in postal charges.  In addition, this budgetary 
saving includes the refund from the Program Support Fund of CHF 126,921 with respect to 
communication costs utilised with respect to  the activities conducted for Trust Funds.   
17. Section 5
 (Permanent Equipment), the overall budget saving of CHF 301,724 is comprised of 
CHF 286,451 under purchase of equipment and CH F 15,273 under leased purchases.  Primarily, 
savings were realised under EDP purchases as th e internal EDP Steering Committee prioritised 
requests and re-distributed the EDP allocation.  This  saving was utilised to offset the over-expenditure 
under other specific EDP allocations associated with  the projects retained.  Furthermore, as the 
enhancements to security required some capital expe nditure, this was partly offset by these savings 
under EDP, as well as savings on other sub-items  as certain other acquisitions were postponed 
to 2004.   
18. Section 6  (Expendable Equipment), refers to purch ases in respect of office, building and 
reproduction supplies.  The expenditure was CHF 258,184 less than the appropriation and was 
primarily realised under reproduction.  It is estim ated that the re-configuration of the Documents 
Reproduction Unit, moving the printing process from an ‘offset' system to a ‘hi-speed' copier 
configuration (documents-on-demand) has saved some 5 million copies in reducing stocks of 
documents to a minimum.  Furthermore, after a call for tenders, the paper used for documents was  WT/BFA/W/114 
 Page 7 
 
 
 reduced from 80g/m2 quality to 70g/m2 saving on the cost per ream as well as generating savings 
under postage as mentioned under paragraph 16.   
These savings were offset by ove r-expenditure under the following: 
 19. Under Section 4
 (Building Facilities), the overall ove r-expenditure of CHF 99,153 is the net 
result of over-expenditure under: i) Rental of Pr emises – CHF 4,130 wher e, additional parking 
facilities and storage space was necessary and ii) Maintenance and Insurance - CHF 163,452 where 
additional expenditure was necessary to implem ent the enhanced security facilities at the WTO 
premises prior to the June 2003 G8 meeting in Ev ian, France.  This over-expenditure was reduced by 
savings under iii) Utilities- CHF 68,429.   
20. Under Section 7  (Contractual Services), expenditure exceeded the budgetary appropriation by 
CHF 151,033.  The budgetary savings under:  Reproduction - CHF 223,731; Other – CHF 20,647 
have been entirely offset by an over-expend iture of CHF 395,410 under the sub-heading Office 
Automation.  This over-expenditure has, as menti oned under paragraph 17, been entirely funded from 
the budgetary savings under EDP permanent equipmen t under Section 5.  For the same reasons as 
mentioned under Section 6, savings were also rea lised under the sub-item Reproduction in this section 
of the budget.   
 
OTHER  
21. The overall budgetary saving of CHF 680,005 unde r Part C is the net result of various under 
and over-expenditures on a number of sub-items.  These savings were incurred for the following 
sections:  
  CHF   
 Section 9 - Missions  212,292 Section 10 - Trade Policy Training Courses  1,301,303 
Section 11 - Contribution to the ITC  150,000 
Section 13 - Unforeseen  100,000  And was reduced by an over-expenditure under:  Section 8 - Staff Overheads   (539,053) 
Section 12 - Various  (544,537)
 
 T o t a l                 6 8 0 , 0 0 5
 
 22. The overall under-expenditure for Section 9
 (Missions) amounted to CHF 212,292 and is 
comprised of Official Missions - CHF 94,979, and Technical Missions – CHF 117,313.  The saving 
under Technical Missions includes the budgetary saving of CHF 101,588 for the University Outreach Programme, which could not be full y implemented, as this allocation is destined for staff travel. 
23. Under Section 10
 (Trade Policy Training Courses), pursuant to the Ministerial Declaration 
(document WT/MIN/(01) Dec/1), the General Counc il, in adopting the 2002 budget, approved the 
funding from the regular budget of: i) Geneva Week ; ii) two short LDC courses; and iii) one Special 
Trade Policy Course.  In 2003, this programme was extended and increased by one Special Trade 
Policy Course, the introduction of the University Outreach Programme and a fifth Regular Trade Policy Training Course.  Though the overall budgets for the above-mentioned activities, in certain WT/BFA/W/114 
Page 8  
 
 cases, have allocations under various  other sections, the majority of th eir allocations and consequently 
their savings appear under this heading.   
The overall saving of CHF 1,301,303 is comprised of the following:  
 
(a) the fifth regular Trade Policy Training Course could not be held due to the 
unavailability of accommodation in Geneva.  The entire allocation for this course of 
CHF 558,700 was unutilized.  For the other four courses, an additional saving of CHF 317,580 was realized;   
 (b) a budgetary saving of CHF 147,124 was made on the two short LDC courses; 
 
(c) a budgetary saving of CHF 105,911 was made on the two Special Short Trade Policy 
Courses; 
 
(d) Geneva Week- from an initial overa ll budget of CHF 742,600, overall under-
expenditure amounted to CHF 242,961 of wh ich CHF 176,141 is reflected under this 
section. 
 
(e) Miscellaneous expenditure amounted to CHF 4,153. 
 24. Under Section 11
 (Contribution to the International Tr ade Centre (ITC)) contributions were 
made by the WTO in accordance to the authori sed ITC's budget for 2003.  The under-expenditure of 
CHF 150,000 reflects WTO's share of the costs savings  for 2003 and relates primarily to  the increase 
in staff salaries which was not granted by the United Nations General Assembly.   
25. With respect to Section 13 (Unforeseen Expend iture), no expenditure was recorded under this 
section thereby recording a saving of the entire appropriation of CHF 100,000. 
These savings were reduced by over-exp enditures under the following sections: 
 26. Under Section 8
 (Staff Overhead Costs), the over-expenditure amounted to CHF 539,053 and 
is comprised of:  
 
(i.) Insurance – CHF 497,696: to cover the WTO's statutory obligations, insurance 
companies increased their premiums beyond budgetary allocations reflecting geo-
political uncertainties.  In addition, expenditu re with respect to the Loss of Earnings 
insurance premium, originally provided for in an allocation under Section 1 - Work Years –(Common Staff Costs), was recorded
6 under this section of the budget. 
 
(ii.) Jointly Financed Bodies – CHF 224,333: comprised of taxes CHF 137,565, Joint Medical 
Service- CHF 49,716; Contributions to the ILO Tribunal – CHF 27,320 and Contributions to SIO/OECD CHF 15,040 were offset by a budgetary saving of CHF 5,308 under the Joint Purchase Service.   
The over-expenditure was reduced by savings under: 
 
(iii.) Training – CHF 123,556: this budgetary savi ng is comprised of a saving under the sub-
heading EDP training of CHF 157,659 a nd an over-expenditure under ‘Language 
Courses' CHF 33,427 and ‘Management Training' CHF 676. 
                                                     
 
6 See paragraph 10a.  WT/BFA/W/114 
 Page 9 
 
 
 (iv.)  Miscellaneous – CHF 59,421 of which, CHF 56, 500 pertained to savings on advertising 
of vacancies in the press, as more extensiv e use was made of the WTO Website.   
 27. Under Section 12
 (Various), savings were realized unde r certain items whilst others incurred 
over-expenditures, this section recorded an aggr egate over-expenditure of CHF 544,537.  The over-
expenditures were under: Permanent Group of Ex perts – CHF 24,600; Publications – CHF 123,930 
and Ministerial Operating Fund - CHF 790,981 whic h was reduced by savings under: Representation 
and Hospitality – CHF 17,345; Dispute Settlement  Panels – CHF 299,478; Library – CHF 17,552; 
Public Information Activities – CHF 34,482; Intern ational Organization on Standardisation (ISO)– 
CHF 132, External Auditors – CHF 22,621 and Other – CHF 3,364. 
28. To avoid budgetary fluctuations  with respect to expenditure for Ministerial Conferences, the 
Committee on Budget Finance and Administration decided in 1999 (WT/BFA/44) to create a provision in the regular budget for this event and for it  to be carried forward in Non-Ministerial years.  
The expenditure under this heading concerns any t ype of expenditure that the organization would 
have had to incur if the Ministerial were to be held at the duty station, and should exclude all 
expenditure relating to its change of venue. 
29. The overall amount foreseen for each Minist erial Conference is CHF 800,000 and is 
comprised of a provision of CHF 400,000 from 2002 and budgetary allocation of CHF 400,000 in 2003.  In 2002, after recording preparatory expenditure, the balance of this appropriation, amounting to CHF 312,098, was carried forward to 2003 bringing the level of the funds available to 
CHF 712,098.  Ministerial conference expenditure  in 2003 amounted to CHF 1,503,079 exceeding the 
funds available by CHF 790,981. 
30. In accordance with WTO Financial Regulation 24 and WTO Financial Rule 4.4, transfers 
between WTO budgetary sections of CHF 7,153,501 are necessary  in order to cover excess 
expenditure over approved appropr iations by savings as detailed in  paragraphs 9 through 29.  
Authority is sought to increase these appropriations accordingly, as follows: 
    Transfers from  Transfers to  
    CHF  CHF  
 Section 1 - Staff Work Years (5,819,725) Section 3 - Communications (99,153) Section 6 -  Expendable Equipment (151,033) 
Section 10 -  Trade Policy Training Courses (1,083,590) 
  Section 2 - Temporary Assistance  5,819,725 Section 4 - Building Facilities  99,153 
Section 7 - Contractual Services  151,033 
Section 8 - Staff Overhead Costs  539,053 Section 12 - Various  544,537     __________ _________      (7,153,501)
 7,153,501  
 
 
EXPENDITURE:  APPELLATE BODY 
 
31. Pursuant to the recommendation of the Committee on Budget, Finance and Administration 
(WT/BFA/51), the General Council approved (WTGC/M/61)  that the financing of the Appellate Body WT/BFA/W/114 
Page 10  
 
 would be divided into two categories:  (i) permanen t costs, and (ii) variable costs.  The permanent 
costs form part of the regular budget pro cedure and are charged against the corresponding 
appropriations according to the financial regulati ons and rules within the limits set up by the WTO 
Members.  In this respect, WTO Members appropriated CHF 2,971,200 for the permanent costs of the Appellate Body for the financial year 2003. 
32. The General Council also endorsed the recommendation of the Committee on Budget, 
Finance and Administration that the variable costs would be charged to the Appellate Body Operating 
Fund (ABOF).  In 2001, an amount of CHF 1,800,0 00 was provided to replenish the ABOF from the 
2000 surplus (W/BFA/56).  For 2003, no such surplu s was available and as no additional funds were 
provided for the ABOF, expenditure therefore exceeded the available funding by CHF 819,774.  
Consequently, the Committee on Budget Finance and Administration endorsed the Secretariat's 
position that in view of a budgetary surplus, this  over-expenditure be considered, in 2003, as an extra-
ordinary expenditure and charged against the regular budget.   
33. Against the approved 2003 budget for the permanen t costs of the Appellate Body, obligations 
incurred amounted to CHF 3,633,819, inclusive of  the above-mentioned extra-ordinary expenditure, 
leading to a budgetary deficit of CH F 662,619 (Statements 1b, 2 and 3). 
34. The aggregate cost for the Appellate Body  comprising permanent costs (under the 2003 
budget) and the variable costs (under the ABOF -see paragraph 67) amounted to CHF 4,121,888. 
P
ERSONNEL -RELATED COSTS  
35. The budgetary savings of CHF 168,972 on personne l-related costs was the net result of under-
expenditure of CHF 180,969 in Section 1 and over-e xpenditure of CHF 11,997 in Section 2.  Under 
Section 1  (Staff Work Years), the saving resulted from staff rotation; with respect to Section 2  
(Temporary Assistance), over-expenditure was primarily due to additional internships.   
ADMINISTRATIVE AND OTHER COSTS  
36. The over-expenditure of CHF 831,591 on administrative and other costs, is the net result of 
various over and under-expenditur es on a number of sub-items. 
Over-expenditure was incurred for the following sections:  
  CHF   
 Section 8 - Staff Overheads  (21,968) Section 12 - Various  (838,989)  
which were offset by savings under the following sections: 
 Section 3 - Communications  1,406 Section 4 - Building Facilities  3,000 Section 5 - Permanent Equipment  11,886 
Section 6 - Expendable Equipment  7,772 
Section 7 - Contractual Services  2,685 Section 9 - Missions  2,617
 
 Total     (831,591)  
37. Under Section 8 (Staff Overhead Costs), expenditure under this section amounts to 
CHF 28,968, exceeding the budget allocation by CHF 21,968.  The staff of the Appellate Body  WT/BFA/W/114 
 Page 11 
 
 
 Secretariat is covered by the same policy as that for the WTO Secretariat staff, and the re-negotiation 
of the insurance policy was the principle fact or contributing to this overspending.    
38. Under Section 12 (Various), the over-expenditure  of CHF 838,989 is the net result of over-
expenditure for some sub-items and savings fo r others.  Over-expenditure was incurred under 
‘Hospitality - CHF 41; Publications - CHF 14,110  and Member's fees - CHF 5,955 as departing 
Members had to overlap with their replacements to assure the continuity of appeals procedure.  In 
addition, as mentioned in paragraph 32, an extra- ordinary charge of CHF 819,775 was made to the 
regular budget of the Appellate Body Secretaria t for the 2003 deficit under the Appellate Body 
Operating Fund (see document WT/BFA/W/110).  This  over-expenditure was offset by a saving of 
CHF 892 under the sub-heading Library 
39. Under Section 3  (Communications), budgetary savi ngs of CHF 1,406 were made on 
telephone charges. 
40. Concerning Section 4  (Building Facilities), budgetary savi ngs of CHF 3,000 were realised 
after charging the amount calculated as the Appellate Bodies Secretariat's participation to the cost of 
utilities. 
41. For Section 5  (Permanent Equipment), Section 6 (Expendable Equipment), Section 7 
(Contractual Services) and Section 9 (Missions),  savings amounting to CHF 11,886, CHF 7,772, 
CHF 2,685, and CHF 2,617 were realised respectively. 
42. In accordance with WTO Financial Regulation 24  and Financial Rule 4.4, transfers between 
budgetary sections of CHF 210,335 necessary  in order to cover excess  expenditure over approved 
appropriations by savings as detailed in paragraphs  31 through 41.  Authority is sought to increase 
these appropriations accordingly, as follows: 
  Transfers from  Transfers to  
    CHF  CHF   
 
Section 1 - Staff Work Years (180,969) 
Section 3 - Communications    (1,406) 
Section 4 - Building Facilities (3,000) Section 5 - Permanent Equipment (11,886)  Section 6  - Expendable Equipment  (7,772)  Section 7 - Contractual Services (2,685)  Section 9 - Missions (2,617)  
  
Section 2 - Temporary Assistance  11,997 Section 8 - Staff Overhead Costs  21,968 Section 12 - Various  176,370  
    _______ _____ 
      Total    (210,335
) 210,335  
  
IV. INCOME 
43. 2003 expenditure was to be f unded from two sources:  (i) contributions assessed on Members 
and (ii) miscellaneous income. WT/BFA/W/114 
Page 12  
 
 44. At the adoption of the income budget, contributions for 2003 were assessed on Members in 
the amount of CHF 153,800,000 (Statement 2).  S ubsequently, contributions of CHF 20,858 and 
CHF 31,919 were assessed on Armenia and Former  Yugoslav Republic of Macedonia, respectively, 
as new WTO Members.  Collectio ns as at 31 December 2003 in respect of 2003 contributions 
represented CHF 153,852,777 (including interest of CHF 903,116 earned by Members in 2001 in the 
context of the Early Payment Encouragement Scheme). 
45. The details of miscellaneous income regarding (i) a comparison with 2002 figures and (ii) the 
excess of actual 2003 miscellaneous income over es timates by CHF 384,931 (Statements 2 and 3), is 
provided below: 
  2002 2003 2003 2003 
  Actual
 Estimated  Actual  Balance  
  CHF   CHF   CHF  CHF  
Sale of Publications/Souvenir s & Royalties 68,813 100,000 301,0987 201,098 
Profit or (loss) on exchange (96,378) -  (124,785) (124,785) Savings on previous year's  
  outstanding obligations 358,683 105,000 198,533 93,533 
Rental of meeting rooms and office    space at Centre William Rappa rd 161,695 130,000 125,345 (4,655) 
Contributions of Observer countries 674,372 680,000 700,022 20,022 Interest on Current Account  18,323 35,000 20,042 (14,958) Various  (4,872)
 104,350  319,026  214,676  
 
Total  1,180,636  1,154,350  1,539,281  384,931   
 
46. Various other income for 2003 comprises the following: 
  CHF  
Refund of prior year's expenditure 107,809 
Discount on suppliers' invoices  15,191 Miscellaneous (identity photos, sale of used computers, travel commission, etc.)  196,026
 
 Total                                                                                                                            319,026
 
 
V. SURPLUS ACCOUNT 
47. The Surplus Account (Statement 3) show s a deficit amounting to CHF 6,587,883 as at 
31 December 2003, due to:  
(a) the opening deficit balance of CH F 1,000,789 on 1 January 2003;  
(b) the increase in the provision for contri butions in arrears of CHF 6,900,7838. 
 
                                                      
7 Includes royalties CHF 53,043 for the sale of publications.   
 
8 Contributions receivable from WTO members amounted  to CHF 31,453,248 at 31 December 2003 as 
compared with CHF 24,552,465 at the end of 2002, i.e.  an increase of CHF 6,900,783 in contributions outstanding.   
  WT/BFA/W/114 
 Page 13 
 
 
 This was offset by: 
 
(c) the overall 2003 budgetary surplus of CHF 875,981 for the WTO Secretariat and the 
Appellate Body Secretariat;  
(d) a contribution amounting to CHF 52,777 asses sed on two new Members subsequent 
to the adoption of the 2003 scale of contributions;  
(e) an excess in actual versus estimated mi scellaneous income of CHF 380,138 (WTO 
Secretariat) and CHF 4,793 (Appellate Body Secretariat). 
 
48. Taking into account the opening deficit balance of CHF 1,000,789 in the Surplus Account on 
1 January 2003, the net effect of the movements e xplained in paragraph 47 above resulted in an 
accumulated deficit of CHF 6,587,883 at the end of 2003.  This amount was covered from the 
Working Capital Fund in accordance with WTO Financial Regulation 26.4. 
VI. ASSETS AND LIABILITIES 
Assets  
 
49. At 31 December 2003, cash in hand represented CHF 10,000; cash at bank and in the postal 
checking account amounted to CHF 14,820,220.  Investments held on 31 December 2003, were 
CHF 1,300,000 worth held in US dollars (Schedule C), CHF 4,323,200 worth held in Euros (schedule D), and CHF 886,000 worth held in Pounds sterling (Schedule E).   
50. Funds remaining with UNDP in the amount of  CHF 95,566 (equivalent USD 73,513) were 
transferred from the Extra-budgetary Fund to the General Fund. 
51. Contributions receivable from Members am ounted to CHF 31,453,248 at 31 December 2003 
as shown in Schedule B.  This corresponding amount for 31 December 2002 was CHF 24,552,465. 
52. At the recommendation from the External Auditors
9, contributions receivable from WTO 
Observers were recorded from 2000 as a re ceivable asset and amount to CHF 667,3579 as at 
31 December 2003. 
53. A receivable of CHF 344,618 is due for th e Cancun Ministerial Meeting in 2003. 
54. Prepaid 2004 expenditure is  CHF 70,915.  Miscellaneous accounts receivable at 
31 December 2003 totalled CHF 4,324,927.  This am ount includes staff advances of CHF 1,603,549 
for salary, travel and education grants of which, CHF 11,700 is in respect of the Appellate Body and 
Its Secretariat.   In respect of United States ta xes, an amount of CHF 354,326 is partially due from 
their authorities.  CHF 116,255 was recorded as r ecoverable Swiss taxes, an amount which includes 
VAT refunds and withholding taxes on interest.  Accrued interest on investments amount to 
CHF 6,406.  A total of CHF 1,363,067 recorded as receivable represents the value of stock of WTO 
publications, co-publications and souvenirs.  Various other items amounted to CHF 881,324 of which 
outstanding invoices on the sale of publications amounted to CHF 102,258; advance to suppliers 
CHF 582,911, other receivables of CHF 143,702, leaving a balance of CHF 52,453 for receivable 
WTO invoices on rental of offices and meeting rooms and travel costs funded by outside entities.   
                                                      
9 Document WT/BFA/W/42 para 77. 
 WT/BFA/W/114 
Page 14  
 
  Liabilities
 
 55. Miscellaneous accounts payable at 31 December 2003 amounted to CHF 4,570,010 and 
included the following: (i) amounts payable to suppliers: CHF 3,457,159; (ii) amounts payable to WTO staff (e.g.  travel claims) and to consul tants for unliquidated payments on contracts:  
CHF 584,041 and other payables CHF 528,810. 
56. CHF 128,493 (Schedule A) in respect of interest earned in 2003 will be applied against 
assessed contributions for the year 2005 in accord ance with the provisions of the Early Payment 
Encouragement Scheme (see paragraph 66).  The 2 002 interest of CHF 181,224 has been apportioned 
and deducted from the 2004 assessments  on relevant Members.   
57. Advance contributions pertaining to 2004 and 2005 amounted to CHF 5,401,235 and 
CHF 66,398, respectively.  Advance payments from WTO Observers amounted to CHF 24,937. 
58. Total outstanding obligations amount to CHF 1,85 0,527 with respect to the WTO Secretariat. 
59. CHF 31,453,248 covered all contributions in a rrears as at 31 December 2003.  (Statement 4 
and Schedule B). 
60. In accordance with the decision of the General Council (WT/GC/M/72) a provision 
CHF 1,000,000 has been created to be used as  buffer account in connection with the ‘Doha 
Development Agenda Global Trust Fund' buffer account. 
61. The Appellate Body Operating Fund (ABOF) showed a zero balance on 31 December 2003. 
62. The balance sheet of all other extra-budgetary funds stood at CHF 20,181,800 on the same 
date.  (see document WT/BFA/W/116). 
63. The amount of CHF 26,062 represented the a dvance received from the Former Yugoslav 
Republic of Macedonia held in General Fund as at  31 December 2003 and was transferred to the 
Working Capital Fund in January 2004 (Statements 4 and 5). 
64. As mentioned in paragraph 47, the 2003 Deficit amounted to CHF 6,587,883. 
VII. WORKING CAPITAL FUND 
65. The principal of the Fund amounted to CHF 9,013,253 as at 31 December 2003.  This amount 
included CHF 3,646,971 in advances made by Memb ers as at 31 December 2003.  Interest amounting 
to CHF 22,169
10 was credited to the Working Capital F und.  An amount of CHF 223,538 has been 
recorded as receivable from Members as at 31 December 2003 as well as CHF 7,842 as withholding 
tax on interest (Statement 5).  The balance of the current accounts of the Working Capital Fund 
amounted to CHF 5,811.  In accordance with WTO Financial Regulation 26.4 the accumulated deficit 
for 2003, of CHF 6,587,883, was covered by the Working Capital Fund (see paragraph 48). 
VIII.  EARLY PAYMENT ENCOURAGEMENT SCHEME 
66. Pursuant to the Council's approval (C/M/226) of the recommendation of the Committee on 
Budget, Finance and Administration (L/6384) to introduce a system to encourage payment of contributions, interest earned on the current year's contributions is refunded to Members on the basis 
                                                     
 
10 Inclusive of the interest on the current account of the Working Capital Fund CHF 1,511. 
  WT/BFA/W/114 
 Page 15 
 
 
 of calculations which take account of the amount and date of payment.  Schedule A shows the 
apportionment of CHF 128,493 earned as interest in 2003 (Schedule A/Statement 4).  The apportioned 
amounts will be deducted from the releva nt Members' contributions for 2005. 
IX. EXTRA-BUDGETARY FUNDS 
Appellate Body Operating Fund (ABOF)  
 
 67. Permanent costs expenditure of the Appellate B ody and its Secretariat has been reported on in 
the previous section.  This section considers the va riable cost expenditure of the Appellate Body 
consisting of the number cases and their duration brought before the Body.  The balance of the 
Appellate Body Operating Fund (ABOF) on 1 Jan uary 2003 amounted to CHF 476,805 (Document 
WT/BFA/W/97).  Expenditure, excluding commitments, for 2003 amounted to CHF 1,307,843.   
68. Interest amounting to CHF 11,264 was earned during the first quarter of 2003 on the credit 
balance of the ABOF.   
69. In accordance with the proposal as set out in document WT/BFA/W/110, the 2003 deficit of 
CHF 819,774 has been cleared through and extra-ordi nary charge made against the regular budget.  
Consequently, there is no balance carried forward to 2004.   
Statement of Appellate Body Operating Fund Expenditure
 
as at 31 December 2003  
 
    CHF   CHF  
 
Opening balance as at 1 January 2003    476,805  Expenditure as at 31 December 2003   
Interpreters   10,224 
Transcribers   25,885 Temporary Assistance 191,577 Travel of Members  561,153 Member's fees   502,800 Miscellaneous   6,774 
Postage    9,430
 
 Less: Total expenditure  (1,307,843)  Interest earned during the course of the year  11,264
 
 
Balance as at 31 December 2003    (819,774)   Transfer from the regular WTO budget  819,774
 
 Closing balance as at 31 December 2003  NIL
 
 
 WT/BFA/W/114 
Page 16  
 
 Decision: 
 70. In accordance with the proposal as set out in document WT/BFA/110, the Committee on 
Budget Finance and Administration recommends th at the 2003 Appellate Body Operating Fund 
deficit of CHF 819,774 be considered as an extra-or dinary expenditure in 2003 and be charged to the 
regular budget.   
Ministerial Operating Fund (MOF)  
 
71. In 1999 (WT/BFA/44), the Committee on Budget Finance and Administration decided to 
reduce the burden of the costs associated with a Ministerial Conference by spreading the costs over 
two years with a budgetary appropriation in each  year of the regular budget of the WTO of 
CHF 400,000.   
72. Pursuant to this decision, the full cost of the 2003 Ministerial Conference held in Cancun, 
Mexico, less the balance of the provision made in 2002, has been charged to the regular budget of the 
WTO (see paragraphs 28 and 29).  Consequently, there is no balance carri ed forward to 2004. 
X. NEW ANNEXE BUILDING FOR THE WTO11 
73. Pursuant to the agreement between the WT O and the Swiss authorities on the funding 
arrangements as set out in document WT/BFA/ SPEC/67, the Swiss Confederation through the 
‘Fondation pour les immeubles des organisations intern ationales (FIPOI)' has arranged for an interest-
free loan facility of CHF 5 million to be made availa ble to the WTO.  This loan facility, considered as 
part of the original loan, will be used in connec tion with the construction of the new premises.   
74. As at 31 December 2003, no call has been made on this facility.   
XI. REPORT OF THE EXTERNAL AUDITOR ON THE ACCOUNTS OF THE WORLD 
TRADE ORGANIZATION FOR THE YEAR ENDED 31 DECEMBER 2003 
GENERAL  
 
75. The Financial Rules and Regulations of the World Trade Organization (WTO) came into 
effect on 1 January 1996 and have b een applied to the financial administration of the Secretariat to the 
WTO of that date.  The examination has been ca rried out in accordance with those regulations and 
rules, and with the financial resolutions and decisions of the WTO.   
76. The audit of the 2003 accounts has been carri ed out on the assumption that the transfers 
between budgetary sections proposed in documen t WT/BFA/W/114, paragraphs 30 and 42, in 
accordance with WTO Financial Regulation 24 and WTO Financial Rule 4.4, will be approved by the 
WTO General Council. 
                                                      
11 WT/BFA/SPEC104. 
  WT/BFA/W/114 
 Page 17 
 
 
 EXPLANATORY NOTES TO THE ACCOUNTS  
 
Outturn in 2003  
 77. Appropriations authorized by the Members of the WTO for 2003 were CHF 151,983,150 for 
the WTO Secretariat (Statement 1a), and CHF 2, 971,200 in respect of the Appellate Body and its 
Secretariat (Statement 1b).  The overall budget of CHF 154,954,350 (WTO Secretariat and the 
Appellate Body and its Secretariat) was to be financed by contributions of CHF 153,800,000 and 
estimated miscellaneous income of  CHF 1,154,350 (WT/BFA/62).   
78. Expenditure under the WTO Secretariat in 2003 amounted to CHF 150,444,550, leaving a 
budgetary surplus of CHF 1,538,600.  With respect to the Appellate Body and its Secretariat, 2003 
expenditure amounted to CHF 3,633,819, resulting in  a budgetary deficit of CHF 662,619.  The total 
excess of income over expenditure tota lled CHF 1,313,689 (Statement 2). 
Outstanding Contributions
 
 79. Contributions outstanding at 31 December 2003 for WTO Members amounted to 
CHF 31,453,248 (Schedule B).  This was CHF 6,900,783 more than at 31 December 2002.  The 
provision for contributions in arrears was increase d accordingly (Statement 3) .  This provision takes 
no account of the degree of collectibleness of the cont ributions outstanding; it is maintained for the 
whole amount of it (47.4 per cent) of the grand to tal amount outstanding (Statement 4) related to 
contributions for 2003.   
Outstanding obligations for the WTO as at 31 December 2003
 
 
80. The total provision for outstanding obligations at the end of 2003 amounted to 
CHF 1,850,527.  This is comprised of: an amount of  CHF 1,821,726 with respect to the regular budget of the WTO;   
 
Section CHF 
Section  1 Work Years 91,000
Section  2 Temporary Assistance 351,985
Section  4 Building Facilities 76,447
Section  5 Permanent Equipment 627,512
Section  6 Expendable Equipment 94,621
Section  7 Contractual Services 456,819
Section  8 Staff Overheads 56,223
Section  12 Various 67,120
Total 1,821,726
and  
 
81. An additional amount of CHF 28,801 was recorded as an outstanding obligation with respect 
to financial accounts.   
Outstanding obligations for th e Appellate Body Secretariat as at 31 December 2003  
 82. No outstanding obligation provisions were retain ed for 2003 with respect to the Appellate 
Body and Its Secretariat.   WT/BFA/W/114 
Page 18  
 
 83. The General Fund contained an amount of CHF 20,181,800 that remained available under 
extra-budgetary funds.  In addition, the closing position on 31 December 2003 of the Appellate Body 
Operating Fund amounted to zero balance. 
Procedures
 
 
84. With respect to a question relating to taxation, the auditors were of the opinion that, even 
though there would have been no change in the fi nal financial results, the procedure as outlined in 
WTO Financial Regulation 44 may have been preferable  in order to close an outstanding situation.  In 
this context, the auditors referred to the fact th at one country considers income from its nationals 
working in international organizations to be taxa ble.  When the fiscal authorities of that country 
changed the system for reimbursement of taxes on institutional income in 1988, the management 
agreed that staff members who had come under the original provisions should not consequently be 
burdened in this respect by a change in their condit ions of service.  Senior Management decided in 
1990 that the difference between the taxes which could be claimed for reimbursement from that 
country and the system which had originally been app lied to staff members serving prior to the date of 
change should be borne by the WTO.  An exercise undertaken in 2003 with regard to this decision 
was able to finally establish that the cumulative pending amount was CHF 147,564.64, which was charged to the WTO budget in order to bring this outstanding situation to closure. 
Yugoslavia
: 
 85. We recommend that the question regarding the outstanding 1991 and 1992 contributions for 
the former Yugoslavia be examined with a view  to collection or write-off of these amounts. 
 
   
_________________________________________ 
 
Josef Moser 
President of the Austrian Court of Audit 
   WT/BFA/W/114 
 Page 19 
 
 
 OPINION OF THE EXTERNAL AUDITOR ON THE ACCOUNTS 
OF THE WORLD TRADE ORGANIZATION FOR THE 
FINANCIAL YEAR ENDED 31 DECEMBER 2003 
 
 
86. The representatives of the Austrian Court of A udit have examined the Financial Statements 
contained in document WT/BFA/W/114, comprising Stat ements 1 to 5, Schedules A, B, C, D, E, F 
and G and the Annex, of the World Trade Organiza tion for the year ended 31 December 2003.  Their 
examination included a general review of the acc ounting procedures and such tests of the accounting 
records and other supporting evidence, as they consider ed necessary in the circ umstances.  As a result 
of the examination, the opinion is given that th ese statements, which were prepared in conformity 
with the accounting policies describ ed in the Annex of Document WT/BFA/W/114 and applied on a 
basis consistent with that of the preceding financia l period, present fairly the financial position of the 
World Trade Organization as at 31 December 2003 and th e operations for 2003.  They properly reflect 
the financial transactions for the financial period,  which transactions were in accordance with the 
applied Financial Regulations and Rules and legislative authority and with the financial resolutions 
and decisions of the Members of the World Trade Organization.   
Cash at banks and investments  
 
87. The auditors were informed that, as there were no investments in Swiss francs held on 
31 December 2003.  The current accounts used for the tr ansfer of the funds (Schedule C of last year's 
financial report) have been reclassified to cash at banks for a more appropr iate presentation in the 
financial statements. 
IT accounting system  
 
88. Referring to last year's External A uditor's recommendation regarding the WTO 
Administrative Manual, the auditors suggest estab lishing a written procedure for the maintenance of 
accounts in the existing IT accounting system. 
 
 
     
_________________________________________ 
 
Josef Moser 
President of the Austrian Court of Audit 
.
 
 
  
 WT/BFA/W/114 
Page 20 Statement 1a  
WORLD TRADE ORGANIZATION  
WTO Secretariat  
 
Statement of Budgetary Expenditure 2003  
(in Swiss francs) 
 
 
Original Proposed Final  
Appropriation Transfers Appropriations   
(WT/GC/M/77)     Expenditure Balance 
 
   
PART A.        
 
1.  Work/Years 94,332,400 (5,819,725) 88,512,675 88,361,067 151,608  
2.  Temporary Assistance 15,472,580 5,819,725 21, 292,305 21,292,305 0  
        
PART B.  ADMINISTRATIVE COSTS        
3.  Communications 2,335,000 (99,153) 2,235,847 1,937,735 298,112  
4.  Building Facilities 2,974,900 99,153 3,074,053 3,074,053 0  
5.  Permanent Equipment  3,653,600 0 3,653,600 3,351,876 301,724  
6.  Expendable Equipment 1,394,670 (151,033) 1,243,637 1,136,486 107,151  
7.  Contractual Services  3,997,600 151,033 4,148,633 4,148,633 0  
        
PART C.  OTHER COSTS        
8.  Staff Overhead Costs 2,304,200 539,053 2,843,253 2,843,253 0  
9.  Missions 2,564,300  2,564,300 2,352,008 212,292  
10.  Trade Policy Training Courses 4,297,500 (1,083,590) 3,213,910 2,996,197 217,713  
11.  Contribution to ITC 15,374,000  15,374,000 15,224,000 150,000  
12.  Various 3,182,400 544,537 3,726,937 3,726,937 0  
13.  Unforeseen Expenditure 100,000  100,000 0 100,000  
        
  151,983,150 0 151,983,150 150,444,550 1,538,600   
 
    
  _____________________________________ _____________________________________   Supachai Panitchpakdi Jacques E. Chabert   Director General Director 
   Administration and General Services Division  
  WT/BFA/W/114
 Page 21 
Statement 1b
WORLD TRADE ORGANIZATION  
Appellate Body and its Secretariat  
 
Statement of Budgetary Expenditure 2003  
(in Swiss francs) 
    
 Original Proposed Final  
 Appropriation Transfers Appropriations  
  
(WT/GC/M/77)     Expenditure Balance 
 
          
 PART A.          
 Section 1.  Work/Years 2,192,800 (180,969) 2,011,831 2,011,831 0  
 2.  Temporary Assistance 36,000 11,997 47,997 47,997 0  
          
 PART B.  ADMINISTRATIVE COSTS         
 3.  Communications 6,500 (1,406) 5,094 5,094 0  
 4.  Building Facilities 18,000 (3,000) 15,000 15,000 0  
 5.  Permanent Equipment  44,000 (11,886) 32,114 32,114 0  
 6.  Expendable Equipment 17,700 (7,772) 9,928 9,928 0  
 7.  Contractual Services  15,000 (2,685) 12,315 12,315 0  
          
 PART C.  OTHER COSTS         
 8.  Staff Overhead Costs 7,000 21,968 28,968 28,968 0  
 9.  Missions 10,000 (2,617) 7,383 7,383 0  
 10.  Trade Policy Training Courses   0  0  
 11.  Contribution to ITC   0  0  
 12.  Various 624,200 176,370 800,570 1,463,189 (662,619)   
 13.  Unforeseen Expenditure     0  
          
   2,971,200 0 2,971,200 3,633,819 (662,619)   
             
  _____________________________________ _____________________________________ 
  Supachai Panitchpakdi Jacques E. Chabert 
  Director General Director 
   Administration and General Services Division  
 WT/BFA/W/114 
Page 22  
              Statement 2  
 WORLD TRADE ORGANIZATION   
               
 Income and Expenditure Account for the year ended 31 December 2003   
 (in Swiss francs)   
               
               
EXPENDITURE INCOME 
                  
2003 Expenditure      Contributions  assessed on Members    153,800,000 
  WTO Secretariat (Statement 1a) 150,444,550            
  Appellate Body and Its Secr etariat (Statement 1b) 3,633,819 154,078,369 Contribution assessed on ne w Members subsequent     
         to the adoption of the 2003 scale of contributions     
Excess of income over expenditure         Armenia   20,858
  WTO Secretariat  1,971,515      Former Yugoslav Republic of Macedonia 31,919 52,777
    
Miscellaneous:       
Excess of expenditure over income      Sa le of publications and souvenirs  248,055   
 Appellate Body and Its Secretariat (657,826) 1,313,689  Royalties on sale  of publications  53,043 
     Loss on exchange   (124,785)  
          Savings on previous  year's outstanding obligations    
            WTO Secretariat  193,740    
            Appellate Body and Its Secretariat 4,793 198,533   
          Rental of meeting rooms, office space and parking     
           at Centre W illiam Rappard to others  125,345   
          Contributions of Observers   700,022   
          Interest on current accounts   20,042   
          Various   319,026  1,539,281
             
                  
                  
                  
          155,392,058                 155,392,058
               
               
         
 Supachai Panitchpakdi    Jacques E. Chabert  
 Director-General    Director  
       Administration and Gene ral Services Division 
   
  WT/BFA/W/114
 Page 23 
            Statement 3  
 WORLD TRADE ORGANIZATION   
               Surplus Account for the year ended 31 December 2003
  
 (in Swiss francs)   
              
              
DEBITS CREDITS 
                  
Balance as at 1 January 2003   1,000,789 Excess of income over expenditure:  
          Contribution assessed on new Members subsequent    
Increase of provision for contributions in arrears  6,900,783   to the adoption of the 2003 scale of contributions   
           Armenia 20,858   
         Former Yugoslav Republic of Macedonia 31,919 52,777
                
       Excess of actual miscellaneous income     
    over estimated miscellaneous income  384,931 437,708 
             
             
                  
        2003 overall budgetary surplus   
           WTO Secretariat (surplus) 1,538,600  
           Appellate Body and Its Secretariat (deficit) (662,619)  875,981
            
            
                  
         Accumulated deficit as at 31 December 2003  6,587,883
                  
                  
          7,901,572               7,901,572
              
              
          
 Supachai Panitchpakdi     Jacques E. Chabert  
 Director-General     Director  
        Administration a nd General Services Division  
  
 WT/BFA/W/114 
Page 24 
 Cash in hand 10,000 Accounts payable
Miscellaneous 528,810
Cash at bank and in postal cheques accoun t 14,820,220 Suppliers 3,457,159
Staff / SSA 584,041 4,570,010
Investments in US Dollars (Schedule C) 1,300,000
Interest earned in 2002 and 2003 to be distributed to Members
Investments in Euro (Schedule D) 4,323,200 2002 181,224
2003 128,493 309,717
Investments in GBP (Schedule E) 886,000 21,329,420
Receivable Deposit - UNDP 95,566 Contributions paid in advance by MembersAccounts receivable: 2004 5,401,235
Contributions from Members (Schedule B) 31,453,248 2005 66,398
5,467,633
Contributions from Observers (Schedule G) 667,357 Payments made in advance by Observers 24,937
Reserve for 2003 obligations outstanding as at 31 December 2003
WTO Secretariat 1,850,527
Appellate Body and Its Secretariat 0 1,850,527
Provision for contributions in arrears 31,453,248Provision for Doha Development Agenda Global Trust Fund 1,000,000Appellate Body Operating Fund (WT/BFA/W/114) 0
Receivable Cancun Ministerial Meeting in 2003 344,618 Extra-budgetary funds (document WT/BFA/W/116) 20,181,800
Miscellaneous accounts receivable Due to Working Capital Fund
WTO Secretaria
t 4,313,227 Advance by the Former Yugoslav Republic of Macedonia 26,062
Appellate Body and Its Secretaria t 11,700 4,324,927
Prepaid expenditure 70,915Accumulated deficit as at 31 December 2003 6,587,883
(covered by the Working Capital Fund)
64,883,934 64,883,934
1) The value of the Centre William Rappard donated by the Swiss authorities in application of the Headquarters Agreement has be en estimated at CHF 56,000,000
2) Furniture equipment and vehicles are charged to the budget at time of purchase; The value at cost of items still held at 31 December 2003 was CHF 20,648,152 (including leased equipment)
3) Stocks of publications, for sale and free distribution, and other expendable stores were also held.
Administration and General ServicesDirectorLIABILITIES
Jacques E. ChabertWORLD TRADE ORGANIZATION
Statement of Assets and Liabilities as at 31 D ecember 2003
GENERAL FUND
Director-General(in Swiss francs)
ASSETS
Supachai PanitchpakdiStatement 4 
  WT/BFA/W/114
 Page 25 
          Statement 5  
 WORLD TRADE ORGANIZATION   
             Statement of Assets and Liab ilities as at 31 December 2003
  
 WORKING CAPITAL FUND   
 (in Swiss francs)   
            
ASSETS LIABILITIES AND CAPITAL FUND 
                
Investments (Schedule F)      Principal of Fund:    
  Advance to cover 2003 Accumulated Deficit 6,587,883    Sums held to the credit of WTO:    
  Unencumbered Balance 2,162,117 8,750,000     Balance as at 1 January 2003 5,344,113   
            Interest on investments during 2003 20,658   
Receivable from Members   223,538     Interest on current account during 2003 1,511 5,366,282 
                
Receivable "Withholding tax"   7,842   Advances ma de by Members as at 1 January 2003 3,557,652   
           New Members:    
Working Capital Fund held in Current  Accounts  5,811     Armenia 44,529
            Former Yugoslav Republic of Macedonia 44,790 3,646,971
Due from General Fund           
  Advance by the Former Yugoslav Republic of Macedonia 26,062       
             
                
                
                
                
                
          9,013,253          9,013,253 
            
            
                                           
 Supachai Panitchpakdi    Jacques E. Chabert  
 Director-General    Director  
  Administration and General Services 
 
 WT/BFA/W/114 
Page 26  
 
 SCHEDULE A 
2003 Early Payment Encouragement Scheme  
Interest to distributed 
Members CHF 
Albania 20 
Angola 122 
Australia 2,374 
Austria 2,793 
Bahrein 71 
Bangladesh 72 
Barbados 29 
Belgium 4,902 
Benin 6 
Botswana 51 
Brunei Darussalam 60 
Bulgaria 190 
Burkina Faso 15 
Cameroon 45 
Canada 7,616 
Chile 224 
China 441 
Costa Rica 169 
Croatia 125 
Cuba 159 
Cyprus 79 
Czech Republic 999 
Denmark 2,068 
Ecuador 86  WT/BFA/W/114 
 Page 27 
 
 
 Members CHF 
Egypt 197 
Estonia 145 
Fiji 26 
Finland 1,425 
France 10,097 
Germany 8,783 
Greece 448 
Grenada 29 
Guatemala 87 
Honduras 44 
Hong Kong, China 7,171 
Hungary 594 
Iceland 98 
India  578 
Indonesia 610 
Ireland 2,729 
Israel 1,062 
Italy 6,162 
Jamaïca 39 
Japan 7,693 
Jordan 65 
Kenya 80 
Korea 4,818 
Kuwait 56 
Kyrgyz Republic 2 
Latvia 100 WT/BFA/W/114 
Page 28  
 
 Members CHF 
Lesotho 31 
Liechtenstein 56 
Lithuania 133 
Luxembourg 712 
Macao, China 128 
Malaysia 2,555 
Maldives 12 
Mali 16 
Malta 62 
Mauritius 78 
Mexico 2,204 
Moldova 22 
Mongolia 20 
Morocco 154 
Mozambique 3 
Myanmar 32 
Namibia 38 
Netherlands 6,543 
New Zealand 490 
Nicaragua 45 
Norway 1,787 
Oman 120 
Pakistan 236 
Panama 130 
Poland 1,493 
Portugal 965  WT/BFA/W/114 
 Page 29 
 
 
 Members CHF 
Qatar 123 
Romania 306 
Saint Lucia 7 
Senegal 50 
Singapore 3,179 
Slovak Republic 416 
Slovenia 328 
South Africa 814 
Spain 3,705 
Sri Lanka 55 
St Kitts and Nevis 29 
St Vincent and the Grenadines 17 
Swaziland  30 
Sweden 2,505 
Switzerland 3,207 
Chinese Taipei 1,201 
Thailand 1,903 
Trinidad and Tobago 80 
Tunisia 231 
Turkey 680 
Uganda 12 
United Kingdom 12,260 
United Arab Emirates 425 
United States 3,011 
Grand Total 128,493 
  
 WT/BFA/W/114 
Page 30 SCHEDULE B/TABLEAU B/CUADRO B 
 
 
ADMINISTRATIVE MEASURES 2003 
CURRENT YEAR SITUATION 
MESURES ADMINISTRATIVES 
MEDIDAS ADMINISTRATIVAS SITUATION DE L'ANNEE COURANTE STATEMENT OF OUTSTANDING CONTRIBUTIONS AS AT 31 DECEMBER 2003/ ETAT DES ARRI ERES DE CONTRIBUTIONS 
AU 31 DECEMBRE 2003/ ESTADO DE CONTRIBUCIONES PENDIENTES AL 31 DE DICIEMBRE DE 2003 
((see/voir/véase p.  6) SITUACI'ÓN DEL AÑI EN CURS 2004 
 Swiss Francs/Francs suisses/Francos suiz os CATEGORY/CATEGORIE/CATEGORÍA Swiss Fr ancs/Francs suisses/Francos suizos CHF 
  1969- 1989-             IV Assessm ent Interest Payments Outstanding Advance 
  1988  1999 2000  2001  2002  2003  TOTAL I II III INACTIVE / Contribution Intérêts Paiements Arriérés Avance 
Members / Membres / Miembros                     INACTIVA Contribución Intere ses Pagos Pendiente Adelantado 
Albania/Albanie/Albania 0  0  0  0  0  0  0          23,070  (165)  (22,905)  0    
Angola  0  0  0  0  0  0  0          106,122  (323)  (105,799)  0  202  
Antigua and Barbuda/Antigua-et-Barbuda/ 
  Antigua y Barbuda 119,131  314,169  18,990  19,935  21,315  23,070  516,610        1  23,070  - 0  23,070  - 
Argentina/Argent ine/Argentina 0  0  0  0  0  713,388  713,388          713,632  (244)  0  713,388  - 
Armenia/Arménie/Armenia           20,858  20,858          20,858    0  20,858    
Australia/Australie 0  0  0  0  0  0  0          1,757,934  (18,200)  (1,739,734)  0  - 
Austria/Autriche 0  0  0  0  0  0  0          2,111,674  (20,830)  (2,090,844)  0  - 
Bahrain/Bahreïn 0  0  0  0  0  0  0          106,122  (987)  (105,135)  0  - 
Bangladesh 0  0  0  0  0  0  0          163,028  - (163,028)  0  - 
Barbados/Barbade 0  0  0  0  0  0  0          30,760  (190)  (30,570)  0  - 
Belgium/Belgique/Bélgica 0  0  0  0  0  0  0          4,107,998  (34,283)  (4,073,715)  0  - 
Belize/Belice 0  0  0  0  0  22,852  22,852          23,070  (218)  0  22,852  - 
Benin/Bénin 0  0  0  0  0  0  0          23,070  (91) (22,979)  0  - 
Bolivia/Bolivie 0  0  0  0  201  38,234  38,435          38,450  (216)  0  38,234  - 
Botswana 0  0  0  0  0  0  0          58,444  (362)  (58,082)  0  - 
Brazil/Brésil/Brasil 0  0  0  0  0  1,413,207  1,413,207          1,424,188  (10,981)  0  1,413,207  - 
Brunei Darussalam/Brunéi Darussalam 0  0  0  0  0  0  0          63,058  (552)  (62,506)  0  - 
Bulgaria/Bulgarie 0  0  0  0  0  0  0          144,572  (591)  (143,981)  0  - 
Burkina Faso 0  0  0  0  0  0  0          23,070  - (23,070)  0  21,380  
Burundi 666,623  314,169  18,990  19,935  21,315  23,070  1,064,102        1  23,070  - 0  23,070  - 
Cameroon/Cameroun/Camerún 0  0  0  0  0  7,611  7,611          38,450  (426)  (30,413)  7,611  - 
Canada/Canadá 0  0  0  0  0  0  0          6,067,410  (49,028)  (6,018,382)  0  - 
Central African Republic/République centrafricaine/ 
    República Centroafricana 550,128  314,169  18,990  19,935  21,315  23,070  947,607        1  23,070  - 0  23,070  - 
Chad/Tchad 813,684  286,977  18,990  19,935  21,315  23,070  1,183,971        1  23,070  - 0  23,070  - 
Chile/Chili 0  0  0  0  0  70,351  70,351          446,020  (368)  (375,301)  70,351  - 
China, People's Republic of/Chine, République populaire 
de/ China, Repúb lica Popular de   0    0  0  0  0          4,852,390    (4,852,390)  0  - 
Colombia/Colombie 0  0  0  0  109,352  324,133  433,485          324,518  (385)  0  324,133  - 
Congo 570,280  295,136  32,916  34,554  34,104  35,374  1,002,364        1  35,374  - 0  35,374  - 
Costa Rica   0  0  0  0  0  0  0          149,186  (1,303)  (147,883)  0  29,481  
Côte d'Ivoire 0  0  0  13,553  96,610  96,894  207,057    1      96,894  - 0  96,894  - 
Croatia/Croatie/Croacia   0  0  0  0  0  0          204,554  (1,824)  (202,730)  0  - 
Cuba 0  0  0  0  0  0  0          107,660  (620)  (107,040)  0  - 
Cyprus/Chypre/Chipre 0  0  0  0  0  0  0          93,818  (575)  (93,243)  0  - 
Czech Republic/République tchèque/República Checa 0  0  0  0  0  0  0          767,462  (7,817)  (759,645)  0  - 
Democratic Republic of the Congo/République 
démocratique du Congo/República Democrática del Congo 496,277  373,402  25,320  33,225  34,104  24,608  986,936        1  24,608  - 0  24,608  - 
Denmark/Danemark/Dinamarca 0  0  0  0  0  0  0          1,462,638  (13,013)  (1,449,625)  0  - 
Djibouti 0  198,090  18,990  19,935  21,315  23,070  281,400        1  23,070  - 0  23,070  - 
Dominica/Dominique 0  0  0  19,853  21,237  23,070  64,160      1    23,070  - - 23,070  - 
Dominican Republic/République dominicaine/ 
    República Dominicana 673,388  0  129,587  159,480  177,625  196,864  1,336,944      1    196,864  - 0  196,864  - 
Ecuador/Equateur 0  0  0  0  0  1,370  1,370          118,426  (382)  (116,674)  1,370  - 
Egypt/Egypte/Egipto 0  0  0  0  0  0  0          398,342  (3,873)  (394,469)  0  - 
El Salvador 0  0  0  0  129  90,352  90,481          90,742  (390)  0  90,352  - 
Estonia/Estonie/Estonia 0  0  0  0  0  0  0          98,432  (888)  (97,544)  0  102,566  
European Communities/Communautés européennes/ 0  0  0  0  0  0  0          0       -  
  WT/BFA/W/114
 Page 31 
 
ADMINISTRATIVE MEASURES 2003 
CURRENT YEAR SITUATION 
MESURES ADMINISTRATIVES 
MEDIDAS ADMINISTRATIVAS SITUATION DE L'ANNEE COURANTE STATEMENT OF OUTSTANDING CONTRIBUTIONS AS AT 31 DECEMBER 2003/ ETAT DES ARRI ERES DE CONTRIBUTIONS 
AU 31 DECEMBRE 2003/ ESTADO DE CONTRIBUCIONES PENDIENTES AL 31 DE DICIEMBRE DE 2003 
((see/voir/véase p.  6) SITUACI'ÓN DEL AÑI EN CURS 2004 
 Swiss Francs/Francs suisses/Francos suiz os CATEGORY/CATEGORIE/CATEGORÍA Swiss Fr ancs/Francs suisses/Francos suizos CHF 
  1969- 1989-             IV Assessm ent Interest Payments Outstanding Advance 
  1988  1999 2000  2001  2002  2003  TOTAL I II III INACTIVE / Contribution Intérêts Paiements Arriérés Avance 
Members / Membres / Miembros                     INACTIVA Contribución Intere ses Pagos Pendiente Adelantado 
Comunidades Europeas  (a) 
Fiji/Fidji 0  0  0  0  0  0  0          23,070  (256)  (22,814)  0  - 
Finland/Finlande/Finlandia 0  0  0  0  0  0  0          987,396  (8,730)  (978,666)  0  - 
Former Yugoslav Republic of  Macedonia/Ex-République 
Yougoslave de Macédoine/Ex República Yugoslava De   
Macedonia 0  0  0  0  0  31,919  31,919          31,919      31,919    
France/Francia 0  0  0  0  0  0  0          8,108,336  (49,907)  (8,058,429)  0  - 
Gabon/Gabón 0  0  0  11,712  47,995  52,292  111,999    1      52,292  - 0  52,292  - 
Gambia/Gambie 590,173  242,237  18,990  19,935  21,315  23,070  915,720        1  23,070  - 0  23,070  - 
Georgia/Georgie   0  0  2,274  21,315  22,940  46,529    1      23,070  (130)  0  22,940  - 
Germany/Allemagne/Alemania 0  0  0  0  0  0  0          13,718,960  (81,533)  (13,637,427)  0  - 
Ghana 0  0  0  46,396  59,448  66,134  171,978      1    66,134  - - 66,134  - 
Greece/Grèce/Grecia 0  0  0  0  0  0  0          632,118  (1,685)  (630,433)  0  1,685  
Grenada/Grenade/Granada 0  0  0  0  0  0  0          23,070  (175)  (22,895)  0  - 
Guatemala 0  0  0  0  0  0  0          96,894  (795)  (96,099)  0  - 
Guinea/Guinée 0  198,090  18,990  19,935  21,315  23,070  281,400        1  23,070  - 0  23,070  - 
Guinea-Bissau/Guinée-Bissau 0  198,090  18,990  19,935  21,315  23,070  281,400        1  23,070  - 0  23,070  - 
Guyana 0  0  0  0  4,056  23,070  27,126          23,070  - 0  23,070  - 
Haiti/Haïti/Haití 0  0  0  0  0  22,928  22,928          23,070  (142)  0  22,928  - 
Honduras 0  0  0  0  0  0  0          59,982  (139)  (59,843)  0  30,483  
Hong Kong, China/Hong Kong, Chine 0  0  0  0  0  0  0          4,869,308  (52,655)  (4,816,653)  0  5,121,415  
Hungary/Hongrie/Hungría 0  0  0  0  0  0  0          641,346  (5,487)  (635,859)  0  - 
Iceland/Islande/Islandia 0  0  0  0  0  0  0          69,210  (643)  (68,567)  0  - 
India/Inde 0  0  0  0  0  0  0          1,307,300  (2,975)  (1,304,325)  0  - 
Indonesia/Indonésie 0  0  0  0  0  0  0          1,190,412  - (1,190,412)  0  8,153  
Ireland/Irlande/Irlanda 0  0  0  0  0  0  0          1,847,138  (13,993)  (1,833,145)  0  - 
Israel/Israël 0  0  0  0  0  0  0          873,584  (6,900)  (866,684)  0  - 
Italy/Italie/Italia 0  0  0  0  0  0  0          6,361,168  (47,290)  (6,313,878)  0  - 
Jamaica/Jamaïque 0  0  0  0  0  0  0          83,052  (659)  (82,393)  0  - 
Japan/Japon/Japón 0  0  0  0  0  0  0          9,780,142  (72,459)  (9,707,683)  0  - 
Jordan/Jordanie/Jordania 0  0  0  0  0  0  0          93,818  (823)  (92,995)  0  - 
Kenya 0  0  0  0  0  0  0          67,672  (507)  (67,165)  0  - 
Korea, Republic of/Corée, République de/  Corea, 
República de  0  0  0  0  0  0  0          3,640,446  (32,981)  (3,607,465)  0  - 
Kuwait/Koweït 0  0  0  0  0  0  0          292,220  (1,634)  (290,586)  0  - 
Kyrgyz Republic/République kirghize/República Kirguisa 0  0  0  0  0  0  0          23,070  - (23,070)  0  13,922  
Latvia/Lettonie/Letonia 0  0  0  0  0  0  0          75,362  (621)  (74,741)  0  - 
Lesotho 0  0  0  0  0  0  0          23,070  (173)  (22,897)  0  - 
Liechtenstein 0  0  0  0  0  0  0          38,450  (409)  (38,041)  0  - 
Lithuania/Lituania   0    0  0  0  0          116,888  (224)  (116,664)  0    
Luxembourg/Luxemburgo 0  0  0  0  0  0  0          530,610  (2,598)  (528,012)  0  - 
Macao, China/Macao, Chine 0  0  0  0  0  0  0          95,356  (843)  (94,513)  0  - 
Madagascar 0  0  0  0  0  1,639  1,639          23,070  (202)  (21,229)  1,639    
Malawi 2,755  102,150  18,990  19,935  21,315  23,070  188,215        1  23,070  - 0  23,070  - 
Malaysia/Malaisie/Malasia 0  0  0  0  0  0  0          1,948,646  (17,601)  (1,931,045)  0  - 
Maldives/Maldivas 0  0  0  0  0  0  0          23,070  (163)  (22,907)  0  - 
Mali/Malí 0  0  0  0  0  0  0          23,070  - (23,070)  0  5,446  
Malta/Malte 0  0  0  0  0  0  0          75,362  (644)  (74,718)  0  - 
Mauritania/Mauritanie 708,847  314,169  18,990  19,935  21,315  23,070  1,106,326        1  23,070  - 0  23,070  -  
 WT/BFA/W/114 
Page 32  
 
ADMINISTRATIVE MEASURES 2003 
CURRENT YEAR SITUATION 
MESURES ADMINISTRATIVES 
MEDIDAS ADMINISTRATIVAS SITUATION DE L'ANNEE COURANTE STATEMENT OF OUTSTANDING CONTRIBUTIONS AS AT 31 DECEMBER 2003/ ETAT DES ARRI ERES DE CONTRIBUTIONS 
AU 31 DECEMBRE 2003/ ESTADO DE CONTRIBUCIONES PENDIENTES AL 31 DE DICIEMBRE DE 2003 
((see/voir/véase p.  6) SITUACI'ÓN DEL AÑI EN CURS 2004 
 Swiss Francs/Francs suisses/Francos suiz os CATEGORY/CATEGORIE/CATEGORÍA Swiss Fr ancs/Francs suisses/Francos suizos CHF 
  1969- 1989-             IV Assessm ent Interest Payments Outstanding Advance 
  1988  1999 2000  2001  2002  2003  TOTAL I II III INACTIVE / Contribution Intérêts Paiements Arriérés Avance 
Members / Membres / Miembros                     INACTIVA Contribución Intere ses Pagos Pendiente Adelantado 
Mauritius/Maurice/Mauricio 0  0  0  0  0  0  0          58,444  (604)  (57,840)  0  - 
Mexico/Mexique/México 0  0  0  0  0  1,037,041  1,037,041          3,486,646  (5,066)  (2,444,539)  1,037,041  - 
Moldova/Moldova   0    0  0  0  0          23,070  (37) (23,033)  0    
Mongolia/Mongolie 0  0  0  0  0  0  0          23,070  (147)  (22,923)  0  - 
Morocco/Maroc/Marruecos 0  0  0  0  0  45,000  45,000          239,928  (1,504)  (193,424)  45,000  - 
Mozambique 0  0  0  0  0  18,990  18,990          23,070  (9) (4,071)  18,990  - 
Myanmar, Union of/Myanmar, Union du/ 
  Myanmar, Unión de 0  0  0  0  0  0  0          49,216  (383)  (48,833)  0  - 
Namibia/Namibie 0  0  0  0  0  0  0          41,526  (250)  (41,276)  0  - 
Netherlands, Kingdom of/Pays-Bas, Royaume des/ 
    Países Bajos, Reino de los 0  0  0  0  0  0  0          5,353,778  (44,608)  (5,309,170)  0  - 
New Zealand/Nouvelle-Zélande/Nueva Zelandia 0  0  0  0  0  0  0          373,734  (3,677)  (370,057)  0  - 
Nicaragua 0  0  0  0  0  0  0          30,760  (265)  (30,495)  0  72,138  
Niger/Níger 342,864  281,855  18,990  19,935  21,315  23,070  708,029        1  23,070  - 0  23,070  - 
Nigeria/Nigéria 0  0  0  234,616  289,884  291,941  816,441    1      292,220  (279)  0  291,941  - 
Norway/Norvège/Noruega 0  0  0  0  0  0  0          1,261,160  (12,014)  (1,249,146)  0  - 
Oman/Oman/Omán   0  0  0  0  0  0          161,490  (1,089)  (160,401)  0  - 
Pakistan/Pakistán 0  0  0  0  0  0  0          235,314  (285)  (235,029)  0  - 
Panama/Panamá 0  0  0  0  0  7,992  7,992          175,332  (1,674)  (165,666)  7,992  - 
Papua New Guinea/Papou asie-Nouvelle-Guinée/
    Papua Nueva Guinea 0  0  0  0  0  47,175  47,175          47,678  (503)  0  47,175  - 
Paraguay 0  0  0  37,170  90,944  79,711  207,825    1      79,976  (265)  0  79,711  - 
Peru/Pérou/Perú 0  0  0  108,417  194,180  193,759  496,356    1      193,788  (29) 0  193,759  - 
Philippines/Filipinas 0  0  0  0  448,513  850,514  1,299,027          850,514  - 0  850,514  - 
Poland/Pologne/Polonia 0  0  0  0  0  0  0          1,068,910  (10,194)  (1,058,716)  0  - 
Portugal 0  0  0  0  0  0  0          879,736  (5,762)  (873,974)  0  - 
Qatar 0  0  0  0  0  0  0          127,654  (569)  (127,085)  0  - 
Romania/Roumanie/Rumania 0  0  0  0  0  0  0          256,846  (1,730)  (255,116)  0  - 
Rwanda 0  266,210  18,990  19,935  21,315  23,070  349,520        1  23,070  - 0  23,070  - 
Saint Kitts and Nevis/Saint-Kitts-et-Nevis/ 
  Saint Kitts y Nevis 0  0  0  0  0  0  0          23,070  (205)  (22,865)  0  - 
Saint Lucia/Sainte-Lucie/Santa Lucía 0  0  0  0  0  0  0          23,070  (36) (23,034)  0  - 
St.  Vincent and the Grenadines/Saint-Vincent-et-les 
    Grenadines/San Vicen te y las Granadinas   0  0  0  0  0  0  0          23,070  - (23,070)  0  808  
Senegal/Sénégal 0  0  0  0  0  0  0          33,836  (352)  (33,484)  0  59,954  
Sierra Leone/Sierra Leona 724,091  314,169  18,990  19,935  21,315  23,070  1,121,570        1  23,070  - 0  23,070  - 
Singapore/Singapour/Singapur 0  0  0  0  0  0  0          3,034,474  (20,030)  (3,014,444)  0  - 
Slovak Republic/République slovaque/ 
  República Eslovaca 0  0  0  0  0  0  0          304,524  (3,112)  (301,412)  0  - 
Slovenia/Slovénie/Eslovenia 0  0  0  0  0  0  0          246,080  (1,482)  (244,598)  0  - 
Solomon Islands/Iles Salomon/Islas Salomón 0  0  18,990  19,854  21,315  23,070  83,229        1  23,070  - 0  23,070  - 
South Africa/Afrique du Sud/Sudáfrica 0  0  0  0  0  9,873  9,873          739,778  (8,288)  (721,617)  9,873  - 
Spain/Espagne/España 0  0  0  0  0  0  0          3,740,416  (23,153)  (3,717,263)  0  - 
Sri Lanka 0  0  0  0  0  82,870  82,870          144,572  (832)  (60,870)  82,870  - 
Suriname 0  0  9,050  19,935  21,315  23,070  73,370      1    23,070  - 0  23,070  - 
Swaziland/Swazilandia 0  0  0  0  0  0  0          24,608  (237)  (24,371)  0  - 
Sweden/Suède/Suecia 0  0  0  0  0  0  0          2,208,568  (21,671)  (2,186,897)  0  - 
Switzerland/Suisse/Suiza 0  0  0  0  0  0  0          2,251,632  (22,906)  (2,228,726)  0  - 
Chinese Taipei/Taipei Chinois/Taipei Chino   0      0  0  0          3,123,678  - (3,123,678)  0    
Tanzania/Tanzanie/Tanzanía 437,059  0  0  26,707  35,525  36,912  536,203    1      36,912  - 0  36,912  -  
  WT/BFA/W/114
 Page 33 
 
ADMINISTRATIVE MEASURES 2003 
CURRENT YEAR SITUATION 
MESURES ADMINISTRATIVES 
MEDIDAS ADMINISTRATIVAS SITUATION DE L'ANNEE COURANTE STATEMENT OF OUTSTANDING CONTRIBUTIONS AS AT 31 DECEMBER 2003/ ETAT DES ARRI ERES DE CONTRIBUTIONS 
AU 31 DECEMBRE 2003/ ESTADO DE CONTRIBUCIONES PENDIENTES AL 31 DE DICIEMBRE DE 2003 
((see/voir/véase p.  6) SITUACI'ÓN DEL AÑI EN CURS 2004 
 Swiss Francs/Francs suisses/Francos suiz os CATEGORY/CATEGORIE/CATEGORÍA Swiss Fr ancs/Francs suisses/Francos suizos CHF 
  1969- 1989-             IV Assessm ent Interest Payments Outstanding Advance 
  1988  1999 2000  2001  2002  2003  TOTAL I II III INACTIVE / Contribution Intérêts Paiements Arriérés Avance 
Members / Membres / Miembros                     INACTIVA Contribución Intere ses Pagos Pendiente Adelantado 
Thailand/Thaïlande/Tailandia 0  0  0  0  0  0  0          1,461,100  (14,204)  (1,446,896)  0  - 
Togo 111,427  272,538  18,990  19,935  21,315  23,070  467,275        1  23,070  - 0  23,070  - 
Trinidad and Tobago/ Trinité-et-Tobago/ 
  Trinidad y Tabago 0  0  0  0  0  0  0          63,058  (487)  (62,571)  0  - 
Tunisia/Tunisie/Túnez 0  0  0  0  0  2,611  2,611          195,326  (1,306)  (191,409)  2,611  - 
Turkey/Turquie/Turquía 0  0  0  0  0  0  0          1,150,424  - (1,150,424)  0  - 
Uganda/Ouganda 0  0  0  0  0  8,737  8,737          27,684  (224)  (18,723)  8,737  - 
United Arab Emirates/E mirats arabes unis/ 
    Emiratos Árabes Unidos 0  0  0  0  0  0  0          855,128  (6,291)  (848,837)  0  - 
United Kingdom of Great Britain and Northern 
Ireland/Royaume-Uni de Gra nde-Bretagne et  d'Irlande du 
Nord/Reino Unido de Gran Bretaña e Irlanda del Norte 0  0  0  0  0  0  0          8,800,436  (80,330)  (8,720,106)  0  - 
United States of America/Etats-Unis d'Amérique/  Estados 
Unidos de América 0  0  0  0  0  7,874,118  7,874,118          24,452,662  (31,786)  (16,546,758)  7,874,118  - 
Uruguay 0  0  0  0  81,845  89,199  171,044          89,204  (5) 0  89,199  - 
Venezuela 0  0  0  433,013  446,166  485,873  1,365,052    1      486,008  (135)  0  485,873  - 
Zambia/Zambie 0  23,882  27,852  29,238  29,841  23,070  133,883        1  23,070  - 0  23,070  - 
Zimbabwe 0  0  0  0  0  69,210  69,210          69,210  - 0  69,210  - 
Sub-Total/Total partiel/Total parcial 6,806,727  4,309,502  509,575  1,509,087  2,564,114  14,923,804  30,622,809  0  8  4  18  153,852,777  (903,116)  (138,025,857)  14,923,804  5,467,633  
                 
                 
Former Contracting Parties to GATT 1947 which are not WTO Members /Anciennes partie scontractantes au GATT de 1947 qui ne sont pa s  Membres de l'OMC/Antiguas Part es Contratantes del GATT de 1947 qu e no son Miembros de la OMC   
Yugoslavia/Yougoslavie* 0  830,439  - -   830,439           
Sub-Total/Total partiel/Total parcial 0  830,439  0  0    830,439           
             
GRAND TOTAL / TOTAL GENERAL 6,806,727  5,139,941  509,575  1,509,087  2,564,114 14,923,804 31,453,248 0  8  4  18  153,852,777  (903,116)  (138,025,857)  14,923,804  5,467,633  
* See paragraph 51. 
  
 2003: Summary /Résumé /Resumen  
CHF % 
        
Contributions assessed on Members       
Contributions mises à la charge des Membres 153,800,000      
Contribuciones señaladas a los Miembros       
(1) New Members       
(1) Nouveaux Membres 52,777      
(1) Nuevos Miembros   153,852,777    
Less interest returned       
Moins intérêts ristournés (903,116)      
Menos intereses devengados       
Less payments for 2003       
Moins paiements pour l'année 2003 (138,025,857)      
Menos montos pagados para 2003   (138,928,973)  90.30%  
2003 Contributions outstanding       
Arriérés pour 2003       
Contribuciones pendien tes para 2003   14,923,804  9.70%  
     100.00%  
       
(1) Armenia/Arménie/Armenia     20,858  
 Former Yugoslav Republic of Macedonia/Ex-
République Yougoslave de Macédoine/       
 Ex Répública Yugoslava de macedonia     31,919  
        
      52,777  
 WT/BFA/W/114 
Page 34  
 
 SCHEDULE C
 
 
 Deposit account with: Amount Interest Rate % Maturity Date
UBS SA, Geneva 1,000,000 1.05 12 January 2004
TOTAL IN USD 1,000,000 1/
1/ USD 1,000,000 at 1.30 = CHF 1,300,000INVESTMENTS HELD ON 31 DECEMBER 2003
(in USD)
Jacques E. Chabert
Director
Administration and General Services DivisionSupachai Panitchpakdi
Director-General WT/BFA/W/114 
 Page 35 
 
 
  
SCHEDULE D 
INVESTMENTS HELD ON 31 DECEMBER 2003  
(in EUR) 
                              
Deposit account with:
 Amount Interest Rate %   Maturity Date  
      
        UBS SA, Geneva  2,800,000 2.05  12 January 2004                  TOTAL IN EUR 2,800,000
1/    
                                1/ EUR 2,800,000 at 1.544 = CHF 4,323,200                                                                     
     ______________________________ 
Supachai Panitchpakdi  Jacques E. Chabert 
Director-General  Director 
    Administration and General Services Division 
 WT/BFA/W/114 
Page 36  
 
  
SCHEDULE E 
INVESTMENTS HELD ON 31 DECEMBER 2003
 
(in GBP) 
                              
Deposit account with:
 Amount Interest Rate %   Maturity Date  
      
        UBS SA, Geneva  400,000 3.82  12 January 2004                  TOTAL IN GBP 400,000
1/    
                                1/ GBP 400,000 at 2.215 = CHF 886,000                                                                     
     ______________________________ 
Supachai Panitchpakdi  Jacques E. Chabert 
Director-General  Director 
    Administration and General Services Division 
  WT/BFA/W/114 
 Page 37 
 
 
  
SCHEDULE F 
INVESTMENTS HELD ON 31 DECEMBER 2003  
WORKING CAPITAL FUND 
(in CHF) 
                    
Deposit account with:
 Amount Interest Rate %  Maturity Date  
     
        UBS SA, Geneva  8,750,000 0.15 23 June 2004        UBS SA, Geneva  5,391 0.125       Credit Suisse  420 0.125                     TOTAL IN CHF  8,755,811
  
                                                    ________________________________
 
Supachai Panitchpakdi  Jacques E. Chabert 
Director-General  Director 
    Administration and General Services Division 
 WT/BFA/W/114 
Page 38  
 
 SCHEDULE G 
 
Observers Statement of Outstanding Contributions
 
As at 31 December 2003  
(in Swiss Francs ) 
 
 
  1995 1996 1997 1998 1999 2000 2001 2002  2003  Total Advance/ 
OBSERVER  GOVERNMENTS/ 
GOUVERNEMENTS 
OBSERVATEURS /                    Avances/ 
GOBIERNOS OBSERVADORES                    Anticipos 
para 
                      2004 
Algeria /Algérie /Argelia 0 0 0 0 0 0 0 0 0 0 24,084 
Andorra /Andorre /Andorra 0 0 0 0 0 0 0 0 0 0   
Azerbaijan /Azerbaïdjan /Azerbaiyán 0 0 0 0 0 0 4,844 21,315 23,070 49,229   
Bahamas / Bahamas / Bahamas 0 0 0 0 0 0 0 0 0 0   
Belarus /Bélarus / Belarús 0 0 0 0 0 0 0 0 8,833 8,833   
Bhutan /Bhoutan /Bhután 0 0 0 0 0 0 0 0 0 0   
Bosnia and Herzegovina /Bosnie-
Herzégovine /Bosnia y Herzegovina         0 0 0 0 0 0   
Cambodia /Cambodge /Camboya 0 0 0 0 0 0 0 0 0 0   
Cap Verde /Cap-Vert /Cabo Verde 0 0 0 0 0 12,953 19,935 21,315 23,070 77,273   
Equatorial Guinea 0 0 0 0 0 0 0 13,607 23,070 36,677   
Ethiopia /Éthiopie /Etiopía 0 0 0 0 0 0 0 0 0 0   
Holy See /Saint-Siège /Santa Sede 0 0 0 0 0 0 0 0 0 0   
Kazakhstan /Kazakhstan /Kazajstán 0 0 0 0 0 0   0 188 188   
Lao People's Democratic Republic 
/République démocratique populaire 
lao /         0 0           
  República Democrática Popular Lao 0 0 0 0 0 0 0 0 0 0   
Lebanon /Liban /Líbano 0 0 0 0 0 0 0 0 23,070 23,070   
Nepal /Népal /Nepal 0 0 0 0 0 0 0 0 0 0   
Russian Federation /Fédération de 
Russie /Federación de Rusia 0 0 0 0 0 0 0 0 0 0   
Samoa /Samoa /Samoa 0 0 0 0 0 0 0 0 0 0   
Sao Tome And Principe /Sao Tomé-et-
Principe /Santo Tomé y Príncipe 0 0 0 0 0 0 17,860 21,315 23,070 62,245   
Saudi Arabia /Arabie Saoudite /Arabia 
Saudita 0 0 0 0 0 0 0 0 0 0   
Serbia and Montenegro/Serbie-et-
Monténégro/Serbia y Montenegro            0 0 0 0   
Seychelles /Seychelles /Seychelles       17,160 18,165 18,990 19,935 21,315 23,070 118,635   
Sudan /Soudan /Sudán 0 0 4,152 17,160 18,165 18,990 19,935 21,315 23,070 122,787   
Tajikistan /Tadjikistan /Tayikistán 0 0 0 0 0 0 0 0 0 0 853 
Tonga /Tonga /Tonga 0 0 0 0 0 0 0 0 0 0   
Ukraine /Ukraine /Ucrania 0 0 0 0 0 0 0 0 0 0   
Uzbekistan /Ouzbékistan /Uzbekistán 0 0 0 0 0 0 0 0 0 0   
Vanuatu /Vanuatu /Vanuatu 15,660 16,995 17,130 17,160 18,165 18,990 19,935 21,315 23,070 168,420   
Viet Nam /Viet Nam /Viet Nam             0 0 0 0   
Yemen /Yémen /Yemen 0 0 0 0 0 0 0 0 0 0   
TOTAL  15,660 16,995 21,282 51,480 54, 495 69,923 102,444 141,497 193,581 667,357 24,937 
 
  WT/BFA/W/114 
 Page 39 
 
 
 ANNEX 
 
STATEMENT OF SIGNIFICAN T ACCOUNTING POLICIES 
 
 
1. Following decisions by the World Trade Organization, the accounts of WTO were maintained in 
accordance with the Financial Regulations and Rules of the WTO, as adopted by the General Council 
(WT/GC/M/8). 
2. The accounts are maintained on a fund basis.  A General Fund and a Working Capital Fund, 
supplemented when appropriate by Tr ust Funds, have been established in accordance with Chapters V, VI and 
VII of the Financial Regulations of the WTO. 
3. The financial period consists of one calendar year. 
4. The accounts are maintained and contributions are assessed in Swiss francs.  Assets or liabilities in 
other currencies are converted to Swiss francs at the offici al United Nations rate of ex change at the date of the 
transaction. 
5. Gains or losses on exchange are added to or deducted from miscellaneous income. 
6. Income, including contributions assessed on WTO Memb ers, and expenditure are accounted for on an 
accrual basis. 
7. Any achieved surplus for the financial year is at  the disposal of the Members of World Trade 
Organization. 
8. Provisions are made for the entire amount of contributions receivable from Members of World Trade 
Organization and for losses and returns in respect of pu blications sales.  A reserve is maintained for all 
outstanding obligations at the end of the financial year. 
9. Fixed assets purchased during the financial year are charged to the budget at the time of purchase.  
The value at cost of items still held in inventory is recorded in a note on the Statement of Assets and 
Liabilities. 
 
         
 _______________________  ______________________  
  Supachai Panitchpakdi Jacques E. Chabert   Director -General Director    Administration and General Services Division  
 
__________