World Economic Forum Annual Report 2006/2007

World Economic Forum Annual Report 2006/2007 44OurfinancialresultsOur financial resultsIn 2006/2007, we achieved strong financialresults as income from all our initiatives andactivities continued to grow. We did not touchour reserve funds during the year, despiteinvesting a significant sum in the launch of ourGlobal Growth Companies. The most notablerevenue drivers continued to be the growingnumber of Forum members choosing to becomepartners and participating in our activities. In total,this trend added Sfr. 2,769,846 to our reserves.This figure was also due to important costreductions and efficiencies we achieved duringthe year. In finance, as throughout ourorganization, we aim for excellence and mostefficient use of the funds received.Financial policyThe World Economic Forum’s financial policystates that membership fees in principle shouldcover operational costs, that events are fundedthrough cost contributions and that projects aresupported by income from partnership contracts.The Forum may accept grants, donations,legacies and other contributions or subsidies thatare consistent with its purpose of ‘integratingleaders from business, politics and society at largeinto a community for global action committed toimproving the state of the world and the well-beingand prosperity of human society’. The WorldEconomic Forum makes no payments to politicalpersonalities, parties or other organizations andavoids involvement in national politics.AuditorsThe World Economic Forum’s financial resultsare audited by PricewaterhouseCoopers,who examine the balance sheet and accounts.The annual report, as well as all institutionaldocuments, are submitted to the SwissFederal Government, which in law actsas the supervisory body for the Foundation.Year 2002/2003 2003/2004 2004/2005 2005/2006 2006/2007Total income* 66,454,727 74,058,911 83,336,839 104,766,543 114,574,874out of whichmembers’ fees 25,530,325 25,137,257 26,546,382 26,410,294 27,763,874participation fees 21,465,398 20,543,108 20,824,213 27,063,138 30,160,303partnership 17,390,452 24,552,385 31,035,927 44,668,943 50,881,934Total expenditure 66,454,522 72,307,790 82,083,503 102,735,578 111,805,027out of whichpersonnel costs 26,584,768 29,620,236 35,723,308 40,035,452 47,887,856office costs 8,360,352 9,044,738 9,253,213 12,537,175 11,884,632activity-related costs 31,509,401 33,642,815 37,106,982 42,732,347 52,032,539Surplus to be added to theFoundation capital 205 1,751,121 1,253,336 2,030,965 2,769,846Foundation capital 12,114,958 13,866,079 15,119,415 17,150,380 19,920,227Total stafffull time 130 134 162 204 247out of which seconded by Forum members 4 5 5 7 8part time 28 28 31 25 30*all key figures in Swiss francs