Financial Report 2023 - Swedish Chamber of Commerce in China: Highlights and Budget Forecast
The financial report for 2023 of the Swedish Chamber of Commerce in China showcases a significant increase in total income, successful recruitment of new members and partners, and improved overall profitability. The detailed analysis of the income statement, balance sheet, and budget for 2024 reveals a positive outlook with plans for continued growth and prudent financial management.
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Financial report 2023 / Ekonomisk rapport 2023 SWEDISH CHAMBER OF COMMERCE IN CHINA SINCE 1998
INCOME STATEMENT 2023 BALANCE SHEET 2023 BUDGET 2024 CONTENT
Comments: Income Total income: 3.73M (2022:1.88M), net increase of 98% YoY Events: 1.57M (2022:0.91M), net increase of 73% YoY 31 new members recruited, i.e. net increase of 151% in membership fee 1 new Gold Partner gained and low base of 2022 due to changes in accounting approach, resulting in CNY211K additional income 6 new silver partner gained, i.e. CNY114K additional income Costs Admin expenses increased by 14% New Bonus program approved by the Board CNY214K (2022:CNY144K) Profitability Net Result 159K (2022: -987K) Income Statement 2023 (In CNY 000) Membership fees Gold/Silver partners Events income YP income 1,458 692 1,568 Event costs YP event costs Other costs 1,103 2 0 7 Services total 3,724 Service total Admin expenses Financial items Total costs 1,105 2,471 Other income Total income 2 -9 3,726 3,567 Net Profit 159
Balance Sheet 2023 (In CNY 000) Comments: Solid cash position of 1.4M, up 8% YoY Receivables of CNY 169K from event bank Other receivables of CNY56K, primarily the office rental deposits Advance Payments CNY82K: primarily the office rent, health insurance and software Receipted in advance of CNY1.1M, including membership fees, gold/silver partners Cash 0 Trade payables 0 Bank and deposit 1,400 Receipted in advance 1,147 Receivables 169 Payable tax 35 Other Receivables 56 Accrued payroll 0 Advance payment 82 Other payables 32 Prepaid expenses 0 Accrues expenses 0 Fixed Assets 57 Net profits from previous years 346 Accum Dep. - Fixed Assets (45) Net profits ( Dec.2023) 159 Total Assets 1,719 Total Equity 1,719
Budget 2024 (In CNY 000) Comments: 1. Continue with the good performance in 2024 2. Expect slight increase of income from gold/silver partners 3. Increase in admin expenses includes staff insurance, interns, disable fund and investment budget for new projects. Actual 2023 Budget 2024 Diff (%) -3% 11% -3% 1,420 770 1,520 Membership fees Gold/Silver partners Event income YP income Services total Other income Total income 1,458 692 1,568 3 7 3,713 3,724 0% 3 2 3,716 3,726 0% 1,000 Event costs YP event costs Other costs Service total Admin expenses Financial items Total costs 1,103 -9% 0 0 2 0 1,000 2,705 1,105 2,471 -10% 9% 1 -9 3,706 3,567 4% Profit 159 10
