On this occasion the accounts presented are a simple update of those for the period 1 January 1990 to 30 September 1991, already approved by the meeting of the Federal Council held in Zagreb from 31 October to 3 November 1991.

The statement of the accounts, on the basis of the decision adopted on that occasion, are in the form of a unified model relative to all the income of the Party, including that from state financing.

The balance

The balance over the three months shows a deficit of 1,125,382,747 lire (907,108 US dollars), made up of total expenditure of 2,457,783,254 lire (1,981,081 US dollars) and total income of 1,332,400,827 lire (1,073,973 US dollars)

Expenditure

The breakdown of expenditure is as follows: 938,549,917 lire (756,512 US dollars) for the realization of the project through the newspaper "The New Party", which, added to the 742,227,767 lire (598,268 US dollars) spent during the course of the year and entered in the accounts of 30 September, produce a total on 31 December of 1,680,777,248 lire (1,354,780 US dollars). Added to the approximately 45 million lire (36,000 dollars) of technical equipment acquired directly by the T.A.S: S.p.A. company, which were taken into account in the general estimate of expenditure, this produces a total cost for the year of about 1,725 million lire (1,390,000 dollars).

The fact that the total cost is less than was estimated for 1991 (1,983 million lire - 1,598,000 dollars) is due partly to the publication in 1992 of one of the issues planned for 1991 (the fifth): had this been distributed during the Christmas and New Year holidays, it would probably not have reached addressees.

With the publication of the fifth and sixth issues, the total cost of the production of the newspaper to 30 April 1992 amounts to 2,550 million lire, which added to the cost of extending the distribution of "Radical Newsletter" produces a total of 2,800 million lire (2,256,000 dollars), the amount which was laid aside for written communication in the overall framework of the project.

Expenditure for activities (448,120,533 lire - 361,204 dollars) and for information in countries other than Italy (147,931,408 lire - 119,239 dollars) has been entered in the period under consideration in these accounts, despite the fact it refers largely to the whole of 1991. This delay in the registration of expenditure highlights the problem of the administrative and accounting management of the activities carried out in countries other than Italy, a problem which tends to become more serious in a period such as the present, with an increase of the number of centres and the great distance between the the central offices and the various national offices.

Expenditure outside Italy refers almost entirely to the ex-Communist countries, both in Europe and Asia, and added to the proportion of the costs of producing the newspaper for those countries (over 50%), and to the costs sustained by the central offices for activities in this area, it represents over 50% of the total expenditure of the Party in 1991.

This is an considerable percentage, especially when compared to the accounts of any other undertaking or organization, whether public or private. This represents an unequalled record for the Radical Party, but is also a measure of the difficulties and the risks connected to the undertaking it is attempting to carry out.

Expenditure for the meetings of the Federal Council (308,078,261 lire - 248,324 dollars) refer to the two sessions: the first held in Rome, from 19 to 22 September, which was not entered entirely in the accounts up to 30 September, and the second held in Zagreb from 31 October to 1 November. It is worth pointing out, in this respect, that the changing composition of the Federal Council - there are now almost 200 non-Italian members, parliamentarians from 34 countries who have enrolled in the Party - despite being a significant sign of the success of the transnational party, will be the cause in the future of a considerable increase in the cost of meetings, both because of the number of languages which require simultaneous translation and because of travel and accommodation expenses for members.

The collection of signatures on the referendums promoted by the Radical Party for the abrogation of the law on state financing for political parties and against the prohibitionist drugs law, and the collection of signatures on the other seven referendums which the Party supported, involved a total loss on the part of the Radical Party of 575,563,877 lire (463,929 dollars).

The expenses borne directly by the Party for the period of these accounts amounts to 352,323,065 lire (283,987 dollars)

Income

There was no income from state financing, as this had been received entirly during the first nine months of the year, which means that income is formed prevalently of the salary quotas of parliamentarians in Italy. Italian parliamentarians paid the party 488,283,103 lire (393,577 dollars) over the period, whilst the total of salary quotas accumulated over the year and still unpaid, entered in accounts at the end of the year, amounts to 442,382,097 lire (356,579 dollars). Of this figure, over half can probably be exacted, whilst the rest is relative to the quotas due from parliamentarians who do not recognize the principle of payment to the Party of salary quotas.

Assets and liabilities

Party assets amount to a value of 2,730,569,567 lire (2,200,959 dollars) and liabilities to 2,135,254,777 lire (1,721,109 dollars) with an active balance of 594,314,799 lire (479,043 dollars). The difference of 1,125,382,747 lire (907,108 dollars) compared to the active balance recorded on 30 September 1991 highlights the loss which was expected for the end of the year.

The most significant variations in assets compared with the situation recorded on 30 September are the reduction of credit towards the Torre Argentina S.p.A. company, the services company which owns the property in which the Party premises are located (357 million lire - 287,757 dollars), and a reduction of availability of 165 million lire.

The liabilities, on the other hand, have increased from the situation on 30 September by 572,402,253 lire (461,381 dollars).

Note: the accounts and balance sheets of the Radical Party are calculated in Italian Lira. The equivalent amount in US Dollars is given without wishing tocreate any precedent. The rate of exchange adopted is the average rate for 1991

(1,000 It. Lira = 0.806 US Dollars).