2023: Financial Review
Treasurer’s Report
The balance sheet, income statements and auditor’s report presented in this Financial Review are a summary of the 2023 Financial Report, which has been approved in its detailed form by the DAISY Consortium Board of Directors at its May 2024 meeting.
The Consortium finished the year with a surplus of 89 thousand dollars, which is just under 7% of revenue and exceeded expectations.
Our major sources of income have continued to be split between membership and other sources. The team have worked hard to secure the additional income for funded projects as well as deliver tools and standards for members which has resulted in the positive balance.
I am pleased to report that DAISY continues to be in a good financial position and has maintained its capital reserve at the target level as well as increase its strategic reserves.
Alison Long
Treasurer
Independent Auditor’s Report
Report of the statutory auditors to the General Meeting of the DAISY Consortium
As statutory auditors, we have audited the accounting records and the financial statements (balance sheet and income statement) of the DAISY Consortium for the year ended December 31st, 2023.
These financial statements are the responsibility of the board of management. Our responsibility is to express an opinion on these financial statements based on our audit. We confirm that we meet the legal requirements concerning professional qualification and independence.
Our audit was conducted in accordance with auditing standards promulgated by the Swiss profession, which require that an audit be planned and performed to obtain reasonable assurance about whether the financial statements are free from material misstatement.
We have examined on a test basis evidence supporting the amounts and disclosures in the financial statements. We have also assessed the accounting principles used, significant estimates made and the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the accounting records and financial statements comply with Swiss law and the company’s articles of association.
We recommend that the financial statements submitted to you be approved.
Zurich, March 14, 2024
BETSCHON TREUHAND AG
Christian Schmid
Auditor in Charge
Balance Sheet as at 31st December 2023
| ITEM | 2023 | 2022 |
| ASSETS | ||
| Bank | 527 | 540 |
| Accounts receivable | 133 | 12 |
| Accrued income | -23 | 0 |
| Current Assets | 636 | 552 |
| Capital assets | 0 | 0 |
| Fixed assets | 0 | 0 |
| TOTAL ASSETS | 636 | 552 |
| LIABILITIES | ||
| Accounts Payable | 12 | 17 |
| Accruals | 56 | 57 |
| LIABILITIES | 69 | 74 |
| Capital reserve | 300 | 300 |
| Strategic reserve | 268 | 178 |
| Equity | 568 | 478 |
| TOTAL LIABILITIES | 636 | 552 |
Operating Income and Expense 2023 – Summary
| ITEM | 2023 | 2022 |
| INCOME | ||
| Full members | 548 | 507 |
| Associate members | 69 | 70 |
| Friends | 77 | 93 |
| Total membership Fees | 694 | 670 |
| Technical Training and Capacity Building | 219 | 237 |
| Tools and Standards | 320 | 376 |
| Other Projects and Miscellaneous | 89 | 59 |
| Total Additional Income | 628 | 672 |
| TOTAL INCOME | 1,321 | 1,342 |
| EXPENSE | ||
| People costs | 982 | 962 |
| Administrative costs | 30 | 25 |
| Other costs | 26 | 34 |
| Standards | 3 | 9 |
| Tools | 114 | 105 |
| Technical training and support | 20 | 18 |
| Communication, marketing, fundraising | 33 | 16 |
| Organization structure and administration | 23 | 7 |
| TOTAL EXPENSE | 1,232 | 1,178 |
| BALANCE | 89 | 164 |
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