2022: Financial Review
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.
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
BETSCHON TREUHAND AG
Auditor in Charge
Balance Sheet as at 31st December 2022
Operating Income and Expense 2022 – Summary
|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|
|Technical training and support||18||21|
|Communication, marketing, fundraising||16||30|
|Organization structure and administration||7||0|
2022 Annual Report Index: