Financial Review

2021: Financial Review

Annual Report 2021 cover image

Treasurer’s Report

The balance sheet, income statements and auditor’s report presented in this Financial Review are a summary of the 2021 Financial Report, which has been approved in its detailed form by the DAISY Consortium Board of Directors at its May 2022 meeting.

The Consortium finished the year with a deficit of 87 thousand dollars, which is just over 7% of revenue and broadly in line with expectations.  The decision was taken to continue to deliver planned activity and fund the deficit from strategic reserves in order to achieve our objectives.

Our major source of income remains full member fees; however, a significant proportion comes from funded projects and, as with the previous year, 2021 has also been challenging.  The continued uncertainties brought about by the pandemic significantly impacted funding opportunities.  Whilst this is starting to abate, any financial awards will not materialise until 2022.

I am pleased to report that DAISY continues to be in a good financial position to handle challenges 2022 may bring and has maintained its capital reserve at the target level.  I have no doubt the Consortium will continue to deliver its Strategic Plan whilst managing resources effectively and seeking opportunities to diversify income sources.

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, 2021.

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, April 8, 2022

BETSCHON TREUHAND AG
Christian Schmid
Auditor in Charge

BALANCE SHEET AS AT 31st DECEMBER 2021

ITEM 2021 2020
ASSETS
Bank 403 645
Accounts receivable 55 101
Current Assets 458 746
Capital assets 0 0
Fixed assets 0 0
TOTAL ASSETS 458 746
LIABILITIES
Accounts Payable 4 0
Accruals 140 248
LIABILITIES 144 248
Capital reserve 300 300
Strategic reserve 14 199
TOTAL LIABILITIES 458 746

 

OPERATING INCOME AND EXPENSE 2021 – SUMMARY

ITEM 2021 2020
INCOME
Full members 488 463
Associate members 79 66
Friends 53 61
Total membership Fees 629 599
Technical Training 279 167
Additional income 272 419
Earned interest 0 1
TOTAL INCOME 1,180 1,182
EXPENSE
People costs 944 914
Administrative costs 22 20
Other costs 27 22
Standards 30 35
Tools 193 128
Technical training and support 21 9
Communication, marketing, fundraising 30 24
Organization structure and administration 0 1
TOTAL EXPENSE 1,267 1,152
BALANCE -87 29

Next: Your DAISY Consortium Board

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