Having prepared the annual accounts for g10^code GmbH, the legal entity employing some of the GnuPG hackers, I can now share a financial report. Please read on if you are interested in how well the donation campaign last year worked and how we spend your money.

Let us start by looking at the balance sheet, which describes our financial status. The following table shows the actual balance sheet with a few accounts pooled up. Note that for display purposes all values have been rounded to a full Euro, and thus there are minor mismatches in the Sums.

The Bank balance KSD is the money that we had at the end of the year in our accounts at the local savings bank. The PayPal row gives the amount of money in the PayPal account and in a Gandi prepaid account. Accounts receivable are mostly outstanding demands from the Linux Foundation for work done in December.

From the Common capital stock of 25000 Euro 50% are held by Walter Koch and 50% by Werner Koch, the owners of g10^code. The Net profit gained in 2014 was back then used to make up for the Loss carried forward in 2014 and the remaining 11000 Euro are set as Profit carried forward to 2015.

The major part of the Accounts payable other is due to my profit sharing bonus. The GnuPG development fund is the rest of a campaign which collected prize money for the GnuPG logo.

Now let us see how much money we earned and how we spent it. The following table shows the actual profit and loss sheet with a few accounts pooled up. As above, the values have again been rounded to the nearest Euro.

The Revenues are mainly due to funding from the Linux Foundation for 60,000 USD (54,000 EUR). The Revenues from donations are mainly made up of 100,000 USD from Stripe and Facebook (89,000 EUR), 113,000 EUR received via PayPal, and 80,000 EUR via Stripe (credit cards). Note that in 2014 we posted all donations to the Revenues account and not to a separate donations account.

As with almost all software companies, the majority of expenses are staff costs (we've hired three programmers). Not counting taxes, which are due to the annual profit, we have total costs of 180,000 EUR with 160,000 spent on Salaries, Social insurance, and Contractors. My share is 47,400 EUR regular salary of which I need to pay social insurances myself plus a profit sharing bonus of 25000 EUR. That bonus is exceptionally high due to the huge net profit that we made in 2015; it is very unlikely that a bonus will be due this or next year.

The Rents are for the room used as an office in my house. The Interest was paid for a loan that I gave to g10^code in 2012 and which was redeemed in 2015. Other expenses sums up money spent for magazines, power, office supplies, advertising, conference fees, legal costs, etc.

Having received a lot of donations I considered it to be fair to put some money (5100 EUR) to support Netzpolitik.org, FSFE, Kindernothilfe, Freundeskreis für Flüchtlinge in Erkrath, Wikimedia, and OpenMusicContest.

Because g10^code GmbH is still not tax exempted we will need to pay about 45,000 Taxes in 2015 on the 115,000 Euro of Net profit. Due to the net loss that we expect for 2016, a tax refund can be expected in 2017.

Along with the paid projects we are currently working on, the two large donations that we are expecting (from Facebook and Stripe), the Linux Foundation grant, and a small stream of individual donations, g10^code will be able to operate with its current staff until the end of 2017. Obviously, we need a longer term plan. Things are a bit delayed, because the original plan to turn g10^code into a charitable company did not worked out and we need to look into other options before starting a new campaign.