Brussels, 23 April 2024

Financial report 2023: € 369.506 spent on regular activities and projects

In 2023, ECSWE’s total income was €442.038, the total expenses were €369.506, and €50.000 were allocated to the reserves. We ended the year with a positive result of €22.532 after the reserve allocation.

Successfully recharging our reserves

As part of our risk man­age­ment plan of 2023, the board com­mit­ted to grad­u­al­ly bring up the reserves from €50.000 to €100.000. These reserves are meant to cov­er unex­pect­ed loss­es of rev­enue and unex­pect­ed spend­ing needs aris­ing dur­ing the course of the finan­cial year, allow­ing for a more dynam­ic approach to finan­cial plan­ning. Sav­ings made in 2023 enabled us to reach this goal already in 2023.
The income from our EU oper­at­ing grant was also small­er than bud­get­ed and required cor­re­spond­ing spend­ing adjust­ments. Due to changed fund­ing cri­te­ria for oper­at­ing grants and the cor­re­spond­ing finan­cial impact in 2024, we also increased our pro­vi­sions for staff costs.

Two factors explain lower income and expenses

ECSWE had orig­i­nal­ly planned with €70.000 high­er income than was realised. Still, the final result is only slight­ly low­er than planned, and this is most­ly due to delayed spend­ing. First­ly, in 2023 we had less expens­es with­in the HERMMES project and the unused funds will be income car­ried for­ward into 2024. Due to changed fund­ing and report­ing cri­te­ria for our oper­at­ing grant, we could fur­ther­more only safe­ly plan with €140.000 of the bud­get­ed €175.000 and had to con­se­quent­ly reduce our spend­ing lev­els to cov­er a poten­tial loss.The income from our EU oper­at­ing grant was also small­er than bud­get­ed and required cor­re­spond­ing spend­ing adjust­ments. Due to changed fund­ing cri­te­ria for oper­at­ing grants and the cor­re­spond­ing finan­cial impact in 2024, we also increased our pro­vi­sions for staff costs.

Budget versus profit and loss statement (€)