IAH Annual Report 2021
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|
|Contract and subvention income||60,421||71,900.99||81,749.613|
|Total resources received||321,737||382,867.03||435,310.161|
|Printing and publications||104,954|
|Hydrogeology Journal Editorial Office||11,651|
|Refunds to National Chapters and other grants||18,674|
|Donations and grants payable||5,008||5,959.52||6,775.824|
|Travel and subsistence||8,851|
|Printing, stationery and database administration||14,066|
|Management and administration of the charity||Salaries||21,365|
|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 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|
|Cash and debtors due||277,887||238,069||330,685.53||283,302.11||375,981.111||322,107.357|
|Amounts due within one year||-31,273||-39,534||-37,214.87||-47,045.46||-42,312.369||-53,489.502|
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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