IIW 2017 Annual Report

ping a focused website where the IIW History will be continuously updated in years to come. The IIW accounts were audited in the current year by an external organisation; even through this is not a mandatory requirement for an organisa- tion the size of the IIW, it is done to assure IIW Members of proper impartiality and to give confi- dence in the IIW finances.

In 2018, the budget considers a scenario of reve- nues and expenditures in line with the previous years. Nevertheless, I would encourage all IIW Member Societies to pay their membership fees in a timely manner to ensure IIW can have sound finances that will enable IIW to continue to provide the level of service expected of its members.

2016 BUDGET

2016 REALISED

2017 BUDGET

2017 REALISED

2017 BUDGET FOLLOW-UP ( e )

INCOME Membership fees

456,951 101,082  11,000  21,500   6,000

456,951 102,319   4,671  33,936   5,788  51,500 655,166 471,617  35,197   1,839    740  32,825  12,182  20,969   1,957   503

461,521 103,093  8,000  30,000   5,000 51,500 659,114 477,695  36,000   3,000   1,000   10,000  60,500  25,000  15,000   2,200

462,522 106,103   7,968  30,298   6,280  33,290 646,462 480,546  43,009   1,564    4,933  63,708  16,657  6,679   2,160   2,272   1,017    123  1,306 624,399   234   191

Fees from IIW events

Other incomes

Welding in the World

Interest from bank accounts

Available funds IIW for History Book

TOTAL

596,533

EXPENDITURE Secretariat

470,806  30,000   3,000   1,000   10,000  25,000  25,000  15,000   2,200

Travelling and reception expenses Direct costs for meetings and prizes Office supplies and computer maintenance

Postage and telephone Promotion, communication

IIW website (hosting and maintenance)

Audit fees and legal fees

Bank charges

Straight-line method of depreciation

  0

   0

6,000

Insurance

  3,500    1,000

  3,331   1,025

  3,000    1,012

Business Tax Other charges

   14

Dedicated fund (IIW History Book) to be spent

 34,731 616,930

0

TOTAL

586,506

640,407

OPERATING RESULT

 10,027

 38,236

 18,707

 22,063

BAD DEBTS INVENTORY Bad debts recovered

3,923

  3,821  -9,974  -21,575 -27,728  10,508   1,576  8,931

 21,569  -36,663  -23,825 -38,919

Provision for doubful accounts

Irrecoverable debt

TOTAL

3,923

NET RESULT BEFORE TAX

 13,950   2,093   11,858

 18,707   2,806   15,901

 -16,856

Tax result

  0

RESULT AFTER TAX

 -16,856

7 ANNUAL REPORT 2017 - IIW