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IPLOCA Treasurer's Report 2023-2024
September 2024
I am honoured to have served another year as IPLOCA Treasurer. I am pleased to report that IPLOCA’s finances continue to be well managed but challenged as our costs increase Year over Year. This has meant we were not able to have a balanced budget in 2023 as the Board continued to support our strategic initiatives.
In the last audited accounts at 31/12/2023, IPLOCA assets were stated at CHF 1,547,737.15, a decrease of approximately CHF 526,000 on previous year result. There was a foreign exchange loss of CHF 116,000 for our full year. You will recall we report in CHF but hold our monitory assets in three currencies CHF/Euro/USD.
IPLOCA continues to support committee initiatives to provide value to our members and for the benefit of the pipeline industry. In our 2023 financial year these initiatives requested by the Board were again supported from central funds; they included scholarships, workshops for innovation, CSR & HSE and Energy Transition. The Vancouver Convention was a success, and I am grateful to all attendees and sponsors for their support. Membership fees had remained fixed for a number of years and the September 2023 AGM supported the increase of fees payable from 1st January 2024.
In April this year, our independent auditors reviewed the association’s accounts for the 2023 financial year and in June issued their final report which confirmed that we are compliant with Swiss Law. Our Board of Directors subsequently met and fully endorsed their findings along with supporting their reappointment subject to AGM ratification. Our membership, as at the end of July 2024, stands at 79 Regular Members, 110 Associate Members, 34 Corresponding Members and 4 Academic and 8 Honorary Members. The total membership has not changed during the year since the 2023 Report.
I would like to take this opportunity to thank all of our members for their support of our association. I am grateful to all my colleagues on the Board of Directors, to Executive Secretary Georges Hage, our Accounting Manager Sebastien Goetschmann and to the rest of the staff of the Geneva Secretariat for their invaluable support.
