IIW 2017 Annual Report

2017 TREASURER’S REPORT

Dr Luca Costa (Italy) Treasurer

In 2017, the IIW had to face the financial conse- quences of the decision to terminate some Member Societies. As a result, the year ended with a deficit of 16,856 Euro due to the applicable irrecoverable debts, despite the operating result, which was positive. However, thanks to the posi- tive financial results of previous years, the deficit will not significantly affect the IIW reserve funds. From a revenue perspective, it is important to un- derline that revenues realised from the IIW Jour- nal, Welding in the World , are on a positive level and aligned with the budgeted value. This is the result

of the enormous effort given by the IIW commu- nity in producing and selecting good papers, but also of the effective management by the IIW Edi- tors and the support given by the IIW Secretariat to keep the journal well over the reader’s expecta- tions. The overall expenditures were slightly below budget, thus reflecting the good management of the IIW accounts. In 2017 the project of the IIW History Book which was funded by IIW members was finalised; due to very good management of the activities, some funds are still left that will be invested in develo-

2016 K e

2017 K e

ASSETS Website investments in progress

  0

 21

Current Assets Cash Other securities Trade receivables Tax receivables Deferred charges

287

 251

 67  29   0 383

 68  31   3 375

Fixed Assets Other tangible assets

  0 383

  0 375

TOTAL ASSETS

LIABILITIES AND EQUITY Creditors Advances and trade deposits

 34  10  10

  3

Trade creditors

 51  10

Tax and social liabilities

Deferred revenues Other debts

  1

Cash shortage

55

 64

NO CURENT LIABILITIES Bad debts recorded Equity Capital Accumulated surplus Result of the current year

  0

  0

319

328 -16 311 375

 9

328 383

TOTAL LIABILITIES AND EQUITY

6 IIW - ANNUAL REPORT 2017