BBSR 2002 Annual Report - Bermuda Institute of Ocean Sciences

FINANCIAL STATEMENTSINDEPENDENT AUDITORS’ REPORTThe Board of Trustees and MembersThe Bermuda Biological Station for Research, Inc.We have audited the accompanying statements of financial position of The Bermuda Biological Stationfor Research, Inc. (“Station”) as of December 31, 2002 and 2001, and the related statements of activitiesand cash flows for the years then ended. These financial statements are the responsibility of the Station’smanagement. Our responsibility is to express an opinion on these financial statements based on ouraudits.We conducted our audits in accordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audits to obtain reasonable assuranceabout whether the financial statements are free of material misstatement. An audit includes examining,on a test basis, evidence supporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. We believe that our audits provide areasonable basis for our opinion.In our opinion, the financial statements referred to above present fairly, in all material respects, thefinancial position of The Bermuda Biological Station for Research, Inc. as of December 31, 2002 and2001, and the changes in its net assets and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.O’Connor Davies Munns & Dobbins, LLPNew York, New YorkMarch 8, 200323