Financial Review

2022: Financial Review

2022 Annual Report cover

Treasurer’s Report

The balance sheet, income statements and auditor’s report presented in this Financial Review are a summary of the 2022 Financial Report, which has been approved in its detailed form by the DAISY Consortium Board of Directors at its May 2023 meeting.

The Consortium finished the year with a surplus of 164 thousand dollars, which is just over 12% of revenue and exceeded expectations.

Our major source of income has traditionally been member fees and I am very happy to report that this year it has been matched by funded projects in 2022.  The uncertainties brought about by the pandemic significantly impacted funding opportunities in recent years, but as we indicated last year, we were hopeful opportunities would emerge in 2022.  The team have worked hard to secure the additional income for funded projects which has resulted in a 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 bolster its strategic reserves.  Whilst high inflation is a cause for concern and will no doubt impact DAISY finances to some degree in 2023/24 the Consortium has the financial stability to deal with it.

Alison Long


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, 2022.

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 31, 2023

Christian Schmid
Auditor in Charge

Balance Sheet as at 31st December 2022

ITEM 2022 2021
Bank 540 403
Accounts receivable 12 55
Current Assets 552 458
Capital assets 0 0
Fixed assets 0 0
Accounts Payable 17 4
Accruals 57 140
Capital reserve 300 300
Strategic reserve 178 14
Equity 478 314


Operating Income and Expense 2022 – Summary

ITEM 2022 2021
Full members 507 488
Associate members 70 79
Friends 93 53
Total membership Fees 670 629
Technical Training and Capacity Building 237 279
Tools and Standards 376 164
Other Projects and Miscellaneous 59 108
Total Additional Income 672 552
TOTAL INCOME 1,342 1,180
People costs 962 944
Administrative costs 25 22
Other costs 18 27
Standards 9 30
Tools 105 193
Technical training and support 18 21
Communication, marketing, fundraising 16 30
Organization structure and administration 7 0
TOTAL EXPENSE 1,178 1,267
BALANCE 164 -87

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