IPLOCA Treasurer's Report 2020-2021 October 2021 I am honoured to have served another year as IPLOCA Treasurer and am pleased to report that IPLOCA’s finances continue to be stable, particularly considering the economic environment in which our industry currently finds itself, along with the addition of the negative effects of COVID-19. After having to postpone our Convention in Prague twice, I am very much looking forward to September 2022 when we can all once again meet up at the Annual Convention. I expect that many of you also share this view!
IPLOCA Treasurer's Report 2020-2021
In the last audited accounts at 31/12/2020, IPLOCA’s assets were reported at CHF 2,717,993.95, a decrease of approximately CHF 350,000 on the previous year’s result, including a foreign exchange loss of CHF 118,000. You will recall that IPLOCA reports in CHF but holds its monetary assets in three currencies CHF/EUR/USD. The Association continues to support committee initiatives to provide value to our members, as well as for the benefit of the pipeline industry. In our 2020 financial year these initiatives, requested by the Board, were supported from central funds without the income generated from a convention. The IPLOCA scholarship programme, in its 6th year, continues to evolve and will be mainly supported from central funds until at least 2023 and hopefully beyond that when the Board review the programme in 2022.
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In June this year, working under the effects of the pandemic restrictions, our independent auditors RSM Audit Switzerland, approved the Association’s accounts for the 2020 financial year and confirmed that they are compliant with Swiss Law. Our Board of Directors subsequently met and fully endorsed the auditors’ conclusions, and approved their reappointment subject to ratification at the Annual General Meeting. As of the end of September 2021, IPLOCA membership stands at 82 Regular Members, 106 Associate Members, 29 Corresponding Members, 3 Academic Members and 6 Honorary Members. The total membership has slightly decreased during the year since the 2020 report. The Board is of the opinion that two main factors have contributed to this: the economic effect of market conditions, and the lack of face-to-face events due to the restrictions in place because of the COVID-19 pandemic. IPLOCA remains in a good position to support the development of initiatives to further add value to membership and I would like to take this opportunity to thank all of our members for their support of the Association. I am grateful to all my colleagues on the Board of Directors, the Executive Secretary Juan Arzuaga, the Accounting Manager Sebastien Goetschmann and the rest of the IPLOCA Secretariat for their invaluable support.
Adam Wynne Hughes IPLOCA Treasurer 2020-2021
THE IPLOCA YEARBOOK 2021-2022