IIW 2016 Annual Report

2016 TREASURER’S REPORT

Once again in 2016, the IIW ended in a solid finan- cial position with almost 9,000 € of surplus after tax. From a revenue perspective, the largest va- riance was the additional revenue realised from the IIW Journal, Welding in the World . This is due in no small part to the Editors of the IIW journal who put in a tremendous effort throughout the year to ensure this document truly represents the IIW well. From an expenditure perspective, although some variance in individual accounts occurred at the end of 2016, the overall expenditures were on budget which reflects how well the IIW Secretariat continues to manage expenses. I would be remiss if I did not mention the upco-

Mr Douglas Luciani (Canada) IIW Treasurer

ming IIW History Book which has been funded by several generous IIW members, in lieu of funding by the IIW itself. This important history of the IIW will be completed in 2017 and the overall reve- nue and expenses are captured in the financial statements. In addition, throughout 2016 and into 2017, the IIW is reviewing and will be implemen- ting several recommendations that came from an internal financial audit conducted by the IS Group which will help the IIW Secretariat conti- nue to ensure our internal financial processes

2015 K

2016 K

ASSETS Website investments in progress

0

0

Current Assets Cash Other securities Trade receivables Tax receivables Deferred charges

276

287

0

73 34

67 29

1

0

384

383

Fixed Assets Other tangible assets

0

0

TOTAL ASSETS

384

383

LIABILITIES AND EQUITY Creditors Advances and trade deposits

45

34 10 10

Trade creditors

3

Tax and social liabilities

11

Deferred revenues

4 1

Other debts

1

Cash shortage

65

55

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

0

0

280

319

39

9

319 384

328 383

TOTAL LIABILITIES AND EQUITY

6 IIW ANNUAL REPORT 2016