IIW 2016 Annual Report

and procedures are as effective as possible. Going forward, a new platform for the IIW website continues to be reviewed and this will need to be supported financially beginning in 2018. Finally, the recording of bad debt in 2016 in the amount of 31,500 € will be needed due to challenges in

receiving some IIW member society dues. As in the past, I would ask all IIW member societies to pay their membership fees in a timely manner to ensure IIW can continue to provide the level of service expected by all IIW member societies.

2015 BUDGET

REALISED 31/12/2015

2016 BUDGET

REALISED 31/12/2016

2016 BUDGET FOLLOW UP

INCOME Membership fees

447,992 101,082 10,000 22,000

458,904 102,495

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

456,951 102,319 4,671 33,936 5,788 51,500 655,166

Fees from IIW events (A.A.+ Congress)

Others incomes

7,956

Welding in the World

27,036

Interest from bank accounts

5,000

7,816

6,000

Funding of IIW History Book (cumulated)

46,000 650,207

TOTAL

586,074

596,533

EXPENDITURE Secretariat

450,000 35,000 3,000 2,000 6,500 35,000 18,000 13,000

463,500 15,252

470,806 30,000

471,617 35,197

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

6,790

3,000 1,000

1,839

293

740 503

Postage and telephone Promotion, communication

7,705

10,000 25,000 25,000 15,000

10,407 20,137 16,882

32,825 12,182 20,969

IIW website (hosting and maintenance)

Audit fees and legal fees

Bank charges

2,000 5,000 3,200

2,099

2,200

1,957

Straight-line method of depreciation

231

0

0

Insurance

2,727 1,012

3,500 1,000

3,331 1,025

Business Tax Other charges

950

217

14

Dedicated fund (IIW History Book) to be realised

45,289 592,541

34,731 616,930

TOTAL

573,650

586,506

OPERATING RESULT

12,424

57,666

10,027

38,236

BAD DEBTS INVENTORY Bad debts recovered

7,369 -9,957 -7,691 -10,279 47,387 8,807 38,580

3,923

3,821 -9,974 -21,575 -27,728

Provision for doubful accounts

Irrecoverable debt

TOTAL

3,923

NET RESULT BEFORE TAX

12,424 1,864 10,561

13,950 2,093 11,858

10,508

Tax result

1,576 8,931

RESULT AFTER TAX

7 ANNUAL REPORT 2016 IIW