North European Oil Royalty Trust (NRT) 2004年年度报告「NYSE」.pdf

1、Annual Report 2004NorthEuropean OilRoyalty TrustATTENTION:PLEASE RETAINCRITICAL TAX INFORMATION ENCLOSEDTable of ContentsReport to Unit Owners .2-3Selected Financial Data .4Description of Trust Assets .5Managements Discussion and Analysis .6-10Distributions and Trading .12Report of Independent Regis

2、tered Public Accounting Firm .12Financial Statements.13-16Notes to Financial Statements .17-20Disclosure Controls and Procedures .21Internal Control Over Financial Reporting.21-23Dollar Royalties-Western and Eastern Oldenburg .24Note to Unit Owners(Removable).25-26Ten Year History of Net Gas Sales .

3、27Net Gas Reserves(Estimated)and Volume of Net Gas Sales .28The Annual Meeting of Unit Owners will be held on Wednesday,February 9,2005,at 1:30 P.M.,in Rooms 3 and 4,Ninth Floor,at the University Club,1 West 54th Street,New York City(northwest corner of 5th Avenue;entrance on 54th Street).All unit o

4、wners are cordially invited to attend.If you plan to attend the meeting,please note that The University Club has a dress code.Gentlemen are required to wear a jacket and ladies are required to wear business attire.The University Club does not make exceptions.1IMPORTANT TAX INFORMATIONFor your conven

5、ience the information necessary to prepareyour 2004 tax return is included in the removable“Note to Unit Owners”on Pages 25 and 26.Please note there will be no separate mailing of the tax letter.2NORTH EUROPEAN OIL ROYALTY TRUSTReport to Unit Owners:FOURTH QUARTER 2004Net income for the Trust for th

6、e fourth quarter of fiscal 2004 was$2,962,955,a decrease of25.9%from the fourth quarter of fiscal 2003.At this level of royalties the Trust was able to pay adistribution of 33 cents per unit,twelve cents lower than the distribution for the fourth quarter of fiscal2003.The combination of declines in