Treasurer’s report Gavin English, FIDIC treasurer.
BDO Geneva Office were appointed as FIDIC auditors to audit the 2019 accounts at the GAM in Mexico City in September 2019. They completed the audit of the financial statements (balance sheet, profit and loss account and notes) for the period ending 31 December 2019 in April 2020. BDO carried out the audit remotely due to the Covid-19 lock down in Geneva, but despite this the audit process went well. The budget for the year 2019 was approved by the GAM in Berlin 2018. The FIDIC accounts for the year 2019 show an overall negative result of CHF 272,918 against the original budget loss of CHF 220,000. The reasons for this increase in loss are an unexpected and late announced loss from the contract user conference and a loss from the FIDIC Mexico conference.
2,000,000
1,886,958
1,500,000 1,000,000
Income and expenditure
2,700,352
2,500,000
1,303,749
500,000
22%
0 Total liabilities
Reserve fund
Secretariat expenses
59%
Reserve fund
Equity & Liabilities
Deferred income
18%
Current liabilities
2% 2%
Balance sheet At the end of 2019 the balance sheet remained strong although reserves decreased by CHF 337,135 mainly due to the loss in 2019. This continues to be slightly higher than one year’s secretariat expenses. The total liabilities remained at a similar level as 2018.
Income from subscriptions was CHF 63,584 below budget due to lower than expected subscriptions from affiliate members. Revenue streams from publications was around CHF 60,000 lower than the budget, due to lower than expected document sales. Income from events was CHF 705,897 down on budget due to a significant loss from the Mexico Conference and the contract user conference. Overall, the income for the year 2019 was down by CHF 746,434 against the budget. At the same time expenses were lower than budget by CHF 693,517. This was mainly due to secretariat cost savings of CHF24,648, committee expense cost savings of CHF 127,735, publications cost savings of CHF 189,552, events cost savings of CHF 314,458 and CHF 150,000 savings in transition costs which were not required.
6% 6%
2%
Income Income Income 2019 2019 2019
37% 37% 37%
25% 25% 25% 37% 37% 37%
23% 23% 23% Events Publications Events Publications Events Publications Secretariatexpenses expenses Other Secretariat Secretariat expenses Other Other
9
6% 6% 6% 6% 5% 5%5%
Expenditure Expenditure Expenditure 2019 2019 2019 58% 58% 58% Committee expenses Committee expenses Committee expenses Subscriptions Subscriptions Subscriptions
