IAH Annual Report 2021

Finance

Although IAH has income and expenditure in sterling, euro and dollars, owing to the the Association being based in the UK it is required to prepare its formal reports and accounts in sterling. Recognising IAH’s international status, for ease of reference to everyone, we have summarised financial information here in all three currencies.

As the table shows, in 2021 there was an overall surplus of £48,326 (2020: surplus of £76,252). Some explanatory information to explain this outcome is provided below.

IAH’s trading activities are carried out through the Association’s subsidiary company World-Wide Groundwater Ltd. There was no activity during 2020. The company is, however, maintained at a small charge in the event of further requirements arising for its use in the future.

IAH’s financial outturn in 2021 is attributed to the Association’s income being set against continued, lower costs – partly owing to the continuing impact of the Covid-10 pandemic.

Income for the year saw increased payments from our publisher, Springer, to contribute to the administration costs for our journal; an amount that was significant – and helpful to IAH. Cost for the journal was also reduced as an increasing number of our members now take online versions of our journal rather than hard copies, which is more-cost effective.

Relating to expenditure, the Covid pandemic meant that our Executive Committee and Council members could not travel to meetings, which resulted in significant savings in associated costs. Furthermore, development work on our website was deferred and these costs were not incurred.

It should be noted that income from membership subscriptions during the pandemic has been lower than previous highs, and currency exchange variation has resulted in a lower valuation of our reserves (held in sterling, euro and dollars, but reported in sterling). However, these shortfalls were outweighed by the reductions in expenditure and other sources of income.

As global economic uncertainties continue, set against the backdrop of pandemic recovery and the UK’s departure from the European Union, Council will consider how to balance use of the surplus for charitable purposes with the need for financial safeguards.

INTERNATIONAL ASSOCIATION OF HYDROGEOLOGISTS

Statement of Financial Activities for the year ending 31 December 2020

Incoming Resources				£	£	EUR(€)	USD($)

Membership fees					221,440	263,513.6	299,608.32
Contract and subvention income					60,421	71,900.99	81,749.613
Investment income					10	11.9	13.53
Donations					5,355	6,372.45	7,245.315
Royalties					27,834	33,122.46	37,659.402
Other income					6,677	7,945.63	9,033.981
Total resources received					321,737	382,867.03	435,310.161

Resources Expended
Member services	Salaries			20,322
	Printing and publications			104,954
	Hydrogeology Journal Editorial Office			11,651
	Refunds to National Chapters and other grants			18,674
	Website development			426
	Other			8,035	164,062	195,233.78	221,975.886
Donations and grants payable					5,008	5,959.52	6,775.824

Support costs	Salaries			32,432
	Travel and subsistence			8,851
	Printing, stationery and database administration			14,066
	Other			4,921	60,270	71,721.3	81,545.31

Management and administration of the charity	Salaries			21,365
	Accountancy fee			2,280
	Other			1,101	24,746	29,447.74	33,481.338
Finance costs (bank charges) and depreciation					3,582	4,262.58	4,846.446

Total resources expended					25,7668	306,624.92	348,624.804

Net Income/Expenditure					64,069	76,242.11	86,685.357
Net foreign exchange gains/(losses)					-15,744	-18,735.36	-21,301.632

Net Incoming resources					48,325	57,506.75	65,383.725

Balance brought forward at 1 January 2021					199,426	237,316.94	269,823.378

Balance carried forward at 31 December 2021					247,751	294,823.69	335,207.103


Balance sheet as at 31 December 2018
		2021	2020	2021	2020	2021	2020
		£	£	EUR(€)	EUR(€)	USD($)	USD($)

Fixed Assets		137	891	163.03	1060.29	185.361	1,205.523

Current Assets
	Cash and debtors due	277,887	238,069	330,685.53	283,302.11	375,981.111	322,107.357
Creditors
	Amounts due within one year	-31,273	-39,534	-37,214.87	-47,045.46	-42,312.369	-53,489.502

Net Assets		246,751	199,426	293,633.69	237,316.94	333,854.103	269,823.378
Represented by:
	Unrestricted Funds	215,583	167,417	256,543.77	199,226.23	291,683.799	226,515.201
	Burdon Fund	32,168	32,009	38,279.92	380,90.71	43,523.304	43,308.177

Funds		247,751	199,426	294,823.69	237,316.94	335,207.103	269,823.378

Statement by the Association’s reporting accountant: These summarised accounts are extracted from the full financial statement of the Association which were subject to an unqualified Independent Examination report by Locke Williams Associates LLP, Blackthorn House, St Pauls Square, Birmingham, B3 1RL. The independent examiners have confirmed that the summarised accounts are consistent with the full annual financial statements and the Trustees’ Annual Report of International Association of Hydrogeologists for the year ended 31 December 2021. The annual report and accounts were adopted by the IAH Council on XX September 2022 and will be submitted to the Charity Commission and the Registrar of Companies.

These summarised accounts may not contain sufficient information to gain a complete understanding of the financial affairs of the Association. For further information, the full accounts, the reporting accountants’ report on those accounts and the trustees’ annual report should be consulted; copies of these can be obtained from the IAH International Office or downloaded from www.iah.org.

Throughout this report the conversion from sterling (£) to Euro (€) is at the rate of €1.190 = £1 and to US Dollar ($) is at the rate of $1.353 = £1.

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