ABCKLMNOPQRSTUVWXYZAA
1
BUDGET DETAIL
2
3
4
ALL FIGURES IN EURO
5
6
7
CATEGORYDESCRIPTION QUARTER TOTALYEARCLARFIFICATION
8
 19Q1 19Q2 19Q3 19Q4 20192020
9
PERSONNEL - RELATED EXPENSESTotal 281,034 583,723 669,306 766,306 2,300,369 2,943,223
10
SALARIES & WAGESSalaries for employees and contracted staff. More info about distribution in pie chart below. 200,893 477,631 587,215 687,215 1,952,954 2,878,858 This is the all-in cost for salaries. For employees it comprises social security expenses etc.
This is the main cost of the entity and it's increasing based on the hiring plan. Q1 cost includes existing team members and some new hires. Later quarters are higher due to ramping up the hining.
11
SEMINAR & TRAININGSeminar & Training for Staff 14,591 14,591 14,591 14,591 58,363 58,363
12
RECRUITMENT EXPENSESRecruitment agency, job ads post, work permit processing fees 64,050 90,000 66,000 63,000 283,050 - Provision to cover recruitement expenses. Mostly to cover fees for e.g. LinkedIn , Indeed etc. But for positions that are difficult to fill, headhunders will be used.
13
STAFF WELFARE & REFRESHMENTTeam lunch, company outings 1,251 1,251 1,251 1,251 5,003 5,003
14
INSURANCE - WORK ACCIDENT
Legally obliged insurance in case of work accident
 250 250 250 250 1,000 1,000 Legally required insurance for employed staff.
15
CAT - TRAVEL AND RELATED EXPENSESTotal 12,110 47,957 11,110 48,861 120,038 114,348
16
TRAVELLING -PARKING, PUBLIC TRANSPORTATION AND TAXIParking and transportation expenses for on location travel. 435 2,140 435 2,103 5,112 5,742 Covers transportation expenses. Q2 and Q4 are higher because of planned seminar and teambuilding for the entire team. Teambuilding will only take place if on track with majority of business objectives.
17
HOTEL & LODGINGhotel stay, airbnb 2,700 20,232 2,700 18,708 44,340 50,820 Policy is to be lean, that also applies to hotel and lodging expenses. We always look for the best value for money given the occasion. E.g. low cost hotels or AirBnB where possible. For extended stays ( whatever the reason may be - e.g. even when performing professional services ) AirBnB or serviced appartments will be uses since they are more cost effective.
18
PER DIEM MEALS per diem meal on trip to outstation 1,200 9,723 1,200 10,538 22,661 25,811 Since the administration burden for expenses is quite high ( both claiming and checking ) we are using daily 'per diem' rates for business trips. This on average is about 50€ per day to cover meals, drinks and other small expenses. It's a common practice to do so in businesses. If people have meals paid by the company or clients the per diems are reduced.
19
CLIENT INCIDENTALSLunch, dinner , ... 900 900 900 900 3,600 3,600 It's important to not misunderstand this category :-)
This is a provision to pay for business lunches or dinner strictly when it involves clients.
This also includes e.g. sandwiches when clients visit the office over lunch time.
20
GIFTS - EXTERNAL CUSTOMERSGift purchase for clients/partners - - - 1,400 1,400 4,200 This is a provision that is intended for e.g. small christmas gifts strictly for paying customers.
21
TRAVELLING - AIRFARE, TRAINS, TAXIS, CAR RENTALAirfare, High Speed Train ( e.g. Eurostar ), Ferry 1,875 7,963 1,875 10,213 21,925 24,175 Policy is to be lean. First of all, business travel is only allowed when it has a clear advantage to the organsiation. We use low cost carriers where possible, so the cheapest combination of flights and hotels will be chosen. So only if the flight times are as such that it incurs an additonal overnight stay we may opt to book a more expensive flight.
22
TRAVEL EXPENSES FOR TRAINING REMOTE STAFF
Onboarding remote staff by internal training. 5,000 7,000 4,000 5,000 21,000 - Some staff will benefit from in person onboarding and training. This is a provision to allow that.
23
CAT - FACILITIES EXPENSESTotal 26,228 26,228 26,228 26,228 104,912 104,912
24
OFFICE RENTALOffice rental, including electricity , water , cleaning , insurance. 13,440 13,440 13,440 13,440 53,760 53,760 This is a provision for our office in Antwerp but it also allows for setting up an additional office. We have plans to set up an office in Barcelona in order to employ developers there since based on experience we came to the conclusion that it benefits staff cost.
25
TELEPHONE, FAX & INTERNET - OFFICEOffice telephone, fax, internet 400 400 400 400 1,600 1,600
26
PRINTING & STATIONERYAll printing & stationeries, e.g. toner for printer, name cards for staff 210 210 210 210 840 840 For small office supplies cost. The main expense here is business cards as we work mostly paperless.
27
NEWSPAPERS, MAGAZINES & BOOKSAll newspaper, magazines or books - - - - - -
28
COURIER & POSTAGEAll courier company charges, postal stamp/fee 210 210 210 210 840 840 To send mail or packages ( e.g. business cards ) to staff working remotely.
29
IT. EXPENSES - - - - - -
30
LOW VALUE ASSETS/ ACCESSORIESAll IT related stuff, office furniture or accessories which is below capitalised amount. (<1k€) 3,750 3,750 3,750 3,750 15,000 15,000 E.g. to buy desk, computer screen for employees or office furniture and accessories.
31
DOMAIN NAME & HOSTINGDomain name & hosting charges 338 338 338 338 1,350 1,350 This includes running costs for domain names and some VPS costs.
32
SUBSCRIPTION FEE - IT
All subscription related to IT such as google emails
 7,880 7,880 7,880 7,880 31,522 31,522 This is for all subscription based software. It includes, email, cloud storage, CRM, developer tools ...
33
CAT - PR, BRANDING AND MARKETING EXPENSESTotal 26,875 28,875 26,875 26,875 109,500 107,500
34
PR/ COMMUNICATIONSAll PR related activities 1,250 1,250 1,250 1,250 5,000 5,000 To cover Press Releases or similar expenses.
35
EVENTS SPONSORSHIPCompany sponsorship of self or 3rd party events - - - - - - We don't plan to attend any events until we have enough revenue to support those activities.
36
PREMIUMS & SOUVENIRSPurchase of Premium & souvenirs carrying the image of company 625 2,625 625 625 4,500 2,500 This is mainly for some activities we have in mind to cover expenses for open source community building. E.g. limited edition ( not for sale ) t-shirts for developers that do open source contributions.
37
SUBSCRIPTION & MEMBERSHIP FEES - CORP.
Subscription/membership fee for company e.g. industry annual membership fee (e.g. Blockchain 4 Europe association )
 25,000 25,000 25,000 25,000 100,000 100,000 Currently we only have a fraction of this to cover the Blockchain 4 Europe membership fee.
Since it may be usefull to join other associations or similar we have provisioned a higher budget.
38
CAT - LEGAL AND PROFESSIONAL FEESTotal 44,500 4,500 4,500 4,500 58,000 33,000
39
COST OF INCORPORATIONIncorporation cost for new company 40,000 - - - 40,000 - One time cost for incorporation and establishement of the Trust and CLG + operational entity.
40
LEGAL & STAMPING FEELawyer's fee, stamping fee, court case fee 3,000 3,000 3,000 3,000 12,000 12,000 To cover legal expenses.
41
AUDIT FEEAudit fee - - - - - 15,000 The fee for a financial audit of 2019.
42
PROFESSIONAL SERVICESOther professional services/consultant 1,500 1,500 1,500 1,500 6,000 6,000 This covers the accounting firm since we don't have in house finance staff because the cost does not justify that.
43
CAT - OPERATING EXPENSESTotal 3,060 3,060 3,060 3,060 12,240 12,240
44
BANK CHARGESBank charges 60 60 60 60 240 240 Costs related to bank account.
45
OTHER OPERATING EXPENSESOther operating expenses not specified in any other accounts (Clarify by providing additional information for each item ) 3,000 3,000 3,000 3,000 12,000 12,000 A provision to cover costs for branch office. E.g. secretary services, social security administration etc.
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100