IIW 2018 Annual Report

An external accounting company audited the ac- counts in the current year; this non-mandatory activity is performed to reassure IIW Members of proper impartiality and to give confidence in the IIW finances. The budget for the year 2019 represents a scena- rio of revenues and expenditures in line with the previous years. As IIW membership fees are the main source of income to the IIW, it is my duty

to remind Member Societies that the payment of fees in a timely manner is extremely important to ensure that IIW has the finance to provide appro- priate services to its members.

2017 BUDGET

2017 REALISED

2018 BUDGET

2018 31 December

REALISED vs BUDGET 2018 ( )

INCOME Membership fees

461,521

462,522

466,136

466,136

Fees from IIW Annual Assembly and International Congress

103,093

106,103

103,114

107,520

Other incomes

8,000

7,968

8,000

7,011

Welding in the World

30,000 5,000 51,500

30,298

40,000

50,670 1,565 3,461

Interest from bank accounts Remaining funds History Book

6,280

3,000

31,864

Operations on History Book fund

1,426

TOTAL

659,114

646,462

620,250

636,363

EXPENDITURE Secretariat

477,695 36,000

480,546 43,009

488,664 38,000

487,040 29,717

Travelling expenses

Direct costs for meetings and prizes Office supplies and computer maintenance

3,000 1,000

1,564 4,933

2,000 1,000 3,000

2,564

790 816

Postage and telephone

10,000 60,500 25,000 15,000

234

Promotion and communication

63,708 16,657

25,000 10,000 15,000 2,000 5,000 3,500 1,025

14,358 9,600 33,067 1,979 4,310 2,427 12,320

IIW website (hosting and maintenance) Audit and legal fees, general sub-contracting

6,679 2,160

Bank charges

2,200 6,000 3,000 1,012

Straight-line method of depreciation

192

Insurance

2,272 1,017

Business tax Other charges

123

474

Dedicated fund (History Book)

0

1,306

0

TOTAL

640,407

624,399

594,189

599,462

OPERATING RESULT

18,707

22,063

26,061

36,901

BAD DEBTS INVENTORY Bad debts recovered

21,569 -36,663 -23,825 -38,919

42,800 -27,575 -51,846 -36,621

Provision for doubful accounts

Irrecoverable debt

TOTAL

NET RESULT BEFORE TAX

18,707 2,806 15,901

-16,856

280

Tax result

0

0

RESULT AFTER TAX

-16,856

280

7 ANNUAL REPORT 2018 IIW