IIW Annual Report 2022

2021 is the first year when IIW finances have been significantly affected by the management of the new secretariat, which moved from France to Italy under IIW CEO Luca Costa. Under a final result that was significantly positive, important initiatives have been taken to allow IIW to follow its mission and vision. • Foremost, IIW has established the IIW Charity fund, to support projects that are aligned with the scope of the association. The fund welcomes donations from IIW members, organizations and individuals trusting IIW and its ability to manage projects. The fund is opened with an initial allocation of 23.000€ from the 2021 accounts enabling the organization to run the first projects in 2022. • In adherence with the IIW strategy, IIW spent a significant number of resources on the marketing of the organization and its members, with a 28% increase in respect of the budgeted amount. • The IIW Annual Assembly and International Conference were run in 2021 online due to the contingency of the Pandemic, but good management and the very positive reaction from the community resulted in a very successful event, not only from the technical perspective but also from a financial point of view with a result that is aligned with the budgeted amount for a face-to-face event. Due to the pandemic, travel expenses were significantly reduced, and, in addition, incomes were 2.5% higher than budgeted. IIW thus closes the financial year with a positive result of 54,801€, most of which has been allocated by the IIW General Assembly to the fund for irrecoverable debts. Even if not required by the law, the closure of accounts for the year 2021 has been approved by the independent auditor with the opinion that the financial statements present fairly in all material respects the financial position of the IIW as of December 31, 2021. At the date of delivery of this report, it is possible to offer a perspective on the financial situation for the year 2022. The year will be significantly affected by the increase of inflation, which impacts on IIW expenditures, mostly to the very significant increase in the cost of travelling for the secretariat resources. In 2022, IIW also supported the Ukrainian Welding Community through the IIW Charity Fund, which was used for the payment of the Membership Fee and past dues of our Ukrainian Member (Paton Welding Institute). Investments in the marketing of IIW were also increased, in adherence with the budget amount. In total, the year 2022 may finally result in a limited ability to allocate resources to our funds, however allowing IIW to close the year in Balance. IIW is very thankful to the members of the IIW for their trusting the organization and support through their membership fees. Finally, the Working Group Finance, Audits and Risks is a unit supporting the IIW Board of Directors in various areas and ensures that the organization is consistent with a low-risk profile. The Group continuously maintains the IIW Risk Registry by reviewing potential harms, their likelihood of occurrence, and setting recommendations for action. No material action was required in 2021, but this activity is proof of efforts taken by the IIW Board of Directors in keeping the organization reliable and safe.




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