Registered Company No. 1829725 Registered Charity No. 326633
The International Federation of Training and Development Organisations Limited
Reports of the Trustees and Financial Statements
For the year ended 31st December 2020
TaxAssist Accountants
Kestrel Court Portishead Somerset BS20 7AN
The International Federation of Training and Development Organisations Limited
Registered Company No. 1829725 Contents for the year ended 31st December 2020
| Page | ||
|---|---|---|
| Report of the Trustees | 1 | to 3 |
| Statement of Financial Activities | 4 | |
| Balance Sheet | 5 | |
| Notes to the Financial Statements | 6 | to 8 |
| Detailed Income and Expenditure Account | 9 |
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725
For the year ended 31st December 2020
The Trustees who are also Directors of the Charity for the purposes of the Companies Act 2006, present their report with the financial statements of the Charity for the year ended 31st December 2020. The Trustees have adopted the provisions of the Statement of Recommended Practise (SORP 'Accounting and Reporting by Charities' issued in March 2005.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
1829725
Registered Charity number
326633
Registered office
B7 Kestrel Court, Harbour Road, Portishead, BS20 7AN , United Kingdom
Trustees
| Trustees | |
|---|---|
| Ahmed Al Banna | (Bahrain) |
| Ebrahim Al-Dossary | (Bahrain) |
| Mohammad Alshujaieh | (Jordan) |
| Ahmed Ateya | (Bahrain) |
| Rajcoomar Auckloo | (Mauritius) |
| Mohammad Bin Fahad | (UAE) |
| Janet Jolaoso | (Nigeria) |
| Chung-Cheng Lee | (Taiwan) |
| Christopher McDonagh | (Ireland) |
| Sanja Miocvic | (Bosnia) |
| Patricia Phillips | (USA) |
| Tayo Rotimi | (Nigeria) |
| Helmi Sallam | (Egypt) |
| Meshack Justin Tafa | (Botswana) |
| Ranjan Kumar Mohapatra | India |
| Nataraj Ray | India |
| Dickson Onuoba | Nigeria |
| Ghalib Al Hosni | Oman |
| Company Secretary | |
| Dr Uddesh Kumar Kohli | (India) |
| Accountants |
TaxAssist Accountants Kestrel Court, Portishead Somerset, BS20 7AN
Page 1
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725 For the year ended 31st December 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
The General Body of IFTDO consists of all Full members of the IFTDO and members of the Executive Board. The Board consists of a President, President- Elect, Past President, Chair, Chair Elect, Honorary Treasurer and ten Members at Large and four representatives of the Associate Members, one representing each Region. The General Body, at the Annual General Meeting (held at the time of the Annual Conference), (i) appoints the President and President-Elect and Past President for a term of about one year, from one Annual Conference to the next, and (ii) elects the Chair and Honorary Treasurer and ten Members at Large for a two-year term, beginning the following January. It also elects a Chair-Elect for a one year term, who is normally elected the Chair in the following year. The four Associate Member Representatives are elected region-wise by the respective Associate Members in the region. The Secretary can be elected or appointed, and is presently appointed. The Executive Board runs the affairs of the Charity. It has appointed several Committees to help in different areas of activity.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
IFTDO is the most multinational, multicultural Training and Development organization in the world with a truly diverse Board of Directors leading the organization. Our members form a highly diverse network of human resource management and development organizations globally, linking HR professionals in HR societies, corporations, universities, consultancies, government organizations and enterprises. IFTDO currently represents more than 500,000 professionals in over 30 countries. IFTDO's vision is to be a unique and effective resource to the HRD profession working globally for the betterment of life. IFTDO has as its fundamental and driving mission, to promote the concept of HRD as an effective tool, across all sectors of society, in order to increase personal and organizational effectiveness. The main object of the Charity is the development and maintenance of a worldwide network of information and HR dedicated to developing, expanding and transferring the knowledge, technology and impact of HR development throughout national and multi-national professional, educational, government and commercial organisations and their members.
The main activities of the charity to support of its objectives are: an annual World Conference held in different parts of the world, IFTDO News and IFTDO Journal for members, a web site to enable exchange of knowledge, annual awards to recognize and promote outstanding HRD practices. In addition, the IFTDO participates in Training and Development events and provides a forum for the exchange of ideas and experiences. It also participates in activities of concerned UN agencies.
Page 2
ACHIEVEMENTS AND PERFORMANCE
The 49th IFTDO World Conference and Exhibition whic was to be organized in New Delhi, India, had to be postponed due to Covid 19 Pandemic. A 1-day Virtual Global Conference was held on November 25 2020 on the Theme ‘RESHAPING THE FUTURE OF HRD IN A FAST CHANGING WORLD’; chaired by Dr. Patti Phillips, it had renowned international keynote speakers such as Dave Ulrich, Johnny Taylor Jr and Jack Philips, registration of 1083 and participation of 786 from 62 countries.
Six Webinars/talks were organized through video conferencing during the year as follows:
-
May 5, 2020 -The Bottom-line on ROI: Demonstrating the role of ROI Virtual Training Programs- Speakers: Dr. Jack Philips and Dr. Patti Phillips
-
June 2, 2020 – Covid 19, Does it really make a difference- Speaker: Ms Brenda Crowley
-
July 16, 2020 - New Reality and new Opportunity- Speaker: Martin Mossler
-
July 22, 2020 – The CHRO’s Talent Plan for Recovery- Speakers: Marc Effron and Ranjan Kumar Mohapatra
-
August 18, 2020 – Human Capital reporting: ISO’s Recommendations for Public Disclosure and Internal reporting for Small, Medium and Large Organizations- Speaker: Dr. David Vance
-
September 17, 2020 – Talent Miggration-Challenges & Opportunities during Covid 19: Speakers: Kevin Tan, Jimmy Ong, Christian Quirino and James Bryden
IFTDO Certification and coaching/training Programme was launched during 2020
IFTDO has consultative status with ECOSOC of UN. It continued to participate in United Nations activities, including the UN Global Compact Programme which is aimed at corporate citizenship in which over 10,000 organisations are participating in over 130 countries.
Issues of IFTDO News were published during the year.
IFTDO’s web site www.iftdo.net was further revamped. It provides more information and is very useful for exchange of knowledge and experiences. All members have been given specific passwords to access the members only area.
FINANCIAL REVIEW AND RESERVES POLICY
IFTDO's policy is to maintain reserves at around US$400,000 to ensure continuity of operation under all circumstances and to demonstrate sound financial management practices.
ukkohli
ON BEHALF OF THE BOARD 27 Sep 2021
Dr Uddesh Kumar Kohli (Secretary)
Date
The International Federation of Training and Development Organisations Limited
Registered Company No. 1829725 For the year ended 31st December 2020
| Notes Incoming resources Incoming resources from generated funds Subscriptions Conferences Certification and training Awards Bank Interest Development fund Total incoming resources Resources expended Charitable activities Award expenditure Research expenditure Development expenditure Other costs Governance costs 5 Total resources expended Net incoming resources for the year 6 Total funds brought forward Total funds carried forward |
Unrestricted funds 2020 $ 29,730 2,000 2,500 - 11,013 - 45,243 - - - 20,033 22,293 42,326 2,917 361,483 364,400 |
Unrestricted funds 2019 $ 42,086 - - 78 10,593 6,561 |
|---|---|---|
| 59,318 | ||
| 78 - 6,561 19,570 23,943 |
||
| 50,152 | ||
| 9,166 352,317 |
||
| 361,483 |
The notes on pages 5 to 7 form part of these financial statements.
Page 4
The International Federation of Training and Development Organisations Limited
Registered Company No. 1829725 For the year ended 31st December 2020
| Notes CURRENT ASSETS Debtors 2 Cash at the bank and in hand 3 CREDITORS Amount falling due within one year 4 NET CURRENT ASSETS NET ASSETS RESERVES Profit and loss account TOTAL FUNDS |
$ $ - 468,370 468,370 -74,818 393,552 393,552 364,400 364,400 2020 |
$ $ 1,550 459,866 461,416 -71,656 389,760 389,760 361,483 361,483 2019 |
$ $ 1,550 459,866 461,416 -71,656 389,760 389,760 361,483 361,483 2019 |
|---|---|---|---|
| 389,760 | |||
| 361,483 | |||
| 361,483 |
For the year ended 31st December 2020, the company was entitled to exemption from audit under section 477(2) of the Companies Act 2006.
The Members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibility for:
(i) ensuring the company keeps accounting records which comply with Sections 386; and
(ii) preparing accounts which give a true and fair view if the state of affairs of the company as at the end of the financial year, and its profit or loss for the financial year, in accordance with the requirements of Section 393, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far is applicable to the company.
27 Sep 2021
The accounts have been prepared in accordance with the Charities SORP (FRS102) and the Charities Act 2011.
The accounts were approved by the Board of Trustees on …………………….. and were signed on its ukkohli behalf by:
Dr Uddesh Kumar Kohli (Secretary)
The notes on pages 6 to 8 form part of these financial statements.
Page 5
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725 For the year ended 31st December 2020
1 ACCOUNTING POLICIES
The following accounting policies have been used consistently in dealing with items which are considered material to the company's financial statements.
Basis of accounting
The financial statements have been prepared under the historical cost accounting convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Companies Act 2006 and the requirements of the Statement of Recommended Practice Accounting and Reporting by Charities' issued in March 2005.
Foreign currency
Assets and liabilities denominated in the foreign currencies are translated into US Dollars at the rates of the exchange ruling at the Balance Sheet date. Transactions in foreign currencies are translated into US dollars at the average rate of exchange for the financial year. Exchange differences are taken into account in arriving at the surplus or deficit for the financial year.
Conference contributions
The guaranteed minimum conference contribution is recognised as income in the conference year. Any conference surplus is not recognised as income until actually received unless its receipt is reasonably certain.
Subscriptions
Subscriptions are recognised when they are received. Any subscriptions relating to future periods are treated as deferred income.
Page 6
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725 For the year ended 31st December 2020
| 2 DEBTORS Trade Debtors 3 CASH AT BANK Cash in hand Current account Lloyds TSB sterling account Lloyds TSB dollar account Longer term deposit account 4 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Deferred income - Development Fund Deferred income - subscriptions in advance Deferred income - awards Deferred income - research Accruals and deferred income 5 GOVERNANCE COSTS Management Accounting Equipment rental Bank charges (Profit) / Loss on foreign exchange |
2020 $ - - - 1,032 27,318 440,020 468,370 481 23,128 26,725 21,467 63 2,954 74,818 14,000 4,993 - 1,719 1,581 22,293 |
2019 $ 1,550 |
|---|---|---|
| - 29,706 1,078 11,704 417,378 |
||
| 459,866 | ||
| 500 23,128 25,170 21,467 63 1,328 |
||
| 71,656 | ||
| 12,000 4,457 6,000 612 874 |
||
| 23,943 |
Page 7
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725 For the year ended 31st December 2020
7 RELATED PARTY DISCLOSURES
During the year Dr Uddesh Kumar Kohli, company secretary, provided secretarial and other services to the company for which total fees and expenses payable amounted to $14,000.
8 CHARITIABLE STATUS
The company is a registered charity.
9 TAXATION
The directors are of the opinion that the company's present activities are exempt from corporation tax.
10 COMPANY LIMITED BY GUARANTEE
The company is limited by guarantee and therefore there are no individual controlling parties. The company is controlled by the directors and its members.
Page 8
The International Federation of Training and Development Organisations Limited
Registered Company No. 1829725 For the year ended 31st December 2020
| INCOME Subscriptions Conferences Certification and training Awards Sponsorship Bank Interest Development fund EXPENDITURE Award expenditure Research expenditure Development expenditure Bank service charges Office and equipment expenses Postage and delivery Printing,website and other Management fees Marketing CEO fee Travel and subsistence Accountancy (Profit) / Loss on foreign exchange Others - Miscellaneaous |
2020 $ 29,730 2,000 2,500 11,013 45,243 3,033 14,000 2,000 14,750 250 4,993 3,300 42,326 2,917 |
2019 $ 42,086 - - 78 - 10,593 3,036 |
|---|---|---|
| 55,793 | ||
| 78 - 3,036 612 6,000 - 1,756 12,000 2,451 - 2,165 4,457 874 1,396 |
||
| 34,825 | ||
| 20,968 |
Page 9
Issuer
Issuer TaxAssist Accountants Document generated Sun, 26th Sep 2021 14:55:11 BST Document fingerprint 28cab81f96b9d104c84aab7d68645243
Parties involved with this document
Document processed
Party + Fingerprint
Mon, 27th Sep 2021 8:30:33 BST Dr Uddesh Kohli - Signer (35a2a51c98be2eeba8f595ae0765dc08) Audit history log Date Action Mon, 27th Sep 2021 8:30:33 BST The envelope has been signed by all parties. (49.36.176.178) Mon, 27th Sep 2021 8:30:33 BST Dr Uddesh Kohli signed the envelope. (49.36.176.178) Mon, 27th Sep 2021 8:29:01 BST Dr Uddesh Kohli viewed the envelope. (49.36.176.178) Sun, 26th Sep 2021 16:03:25 BST Dr Uddesh Kohli viewed the envelope. (49.36.176.178) Sun, 26th Sep 2021 14:55:21 BST Document emailed to party email (18.134.206.92) Sun, 26th Sep 2021 14:55:12 BST Sent the envelope to Dr Uddesh Kohli for signing. (3.8.87.8) Sun, 26th Sep 2021 14:55:12 BST Envelope has been set to automatically remind the active signer every 3 day(s). (3.8.87.8) Sun, 26th Sep 2021 14:55:12 BST Dr Uddesh Kohli has been assigned to this envelope. (3.8.87.8) Sun, 26th Sep 2021 14:55:12 BST Envelope generated. (3.8.87.8) Sun, 26th Sep 2021 14:55:12 BST Document generated with fingerprint 28cab81f96b9d104c84aab7d68645243. (3.8.87.8) Sun, 26th Sep 2021 14:55:11 BST Envelope generated with fingerprint 5d09896a1649b8888894bf666d09ef68 (18.133.63.166)
Registered Company No. 1829725 Registered Charity No. 326633
The International Federation of Training and Development Organisations Limited
Reports of the Trustees and Financial Statements
For the year ended 31st December 2020
TaxAssist Accountants
Kestrel Court Portishead Somerset BS20 7AN
The International Federation of Training and Development Organisations Limited
Registered Company No. 1829725 Contents for the year ended 31st December 2020
| Page | ||
|---|---|---|
| Report of the Trustees | 1 | to 3 |
| Statement of Financial Activities | 4 | |
| Balance Sheet | 5 | |
| Notes to the Financial Statements | 6 | to 8 |
| Detailed Income and Expenditure Account | 9 |
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725
For the year ended 31st December 2020
The Trustees who are also Directors of the Charity for the purposes of the Companies Act 2006, present their report with the financial statements of the Charity for the year ended 31st December 2020. The Trustees have adopted the provisions of the Statement of Recommended Practise (SORP 'Accounting and Reporting by Charities' issued in March 2005.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
1829725
Registered Charity number
326633
Registered office
B7 Kestrel Court, Harbour Road, Portishead, BS20 7AN , United Kingdom
Trustees
| Trustees | |
|---|---|
| Ahmed Al Banna | (Bahrain) |
| Ebrahim Al-Dossary | (Bahrain) |
| Mohammad Alshujaieh | (Jordan) |
| Ahmed Ateya | (Bahrain) |
| Rajcoomar Auckloo | (Mauritius) |
| Mohammad Bin Fahad | (UAE) |
| Janet Jolaoso | (Nigeria) |
| Chung-Cheng Lee | (Taiwan) |
| Christopher McDonagh | (Ireland) |
| Sanja Miocvic | (Bosnia) |
| Patricia Phillips | (USA) |
| Tayo Rotimi | (Nigeria) |
| Helmi Sallam | (Egypt) |
| Meshack Justin Tafa | (Botswana) |
| Ranjan Kumar Mohapatra | India |
| Nataraj Ray | India |
| Dickson Onuoba | Nigeria |
| Ghalib Al Hosni | Oman |
| Company Secretary | |
| Dr Uddesh Kumar Kohli | (India) |
| Accountants |
TaxAssist Accountants Kestrel Court, Portishead Somerset, BS20 7AN
Page 1
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725 For the year ended 31st December 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
The General Body of IFTDO consists of all Full members of the IFTDO and members of the Executive Board. The Board consists of a President, President- Elect, Past President, Chair, Chair Elect, Honorary Treasurer and ten Members at Large and four representatives of the Associate Members, one representing each Region. The General Body, at the Annual General Meeting (held at the time of the Annual Conference), (i) appoints the President and President-Elect and Past President for a term of about one year, from one Annual Conference to the next, and (ii) elects the Chair and Honorary Treasurer and ten Members at Large for a two-year term, beginning the following January. It also elects a Chair-Elect for a one year term, who is normally elected the Chair in the following year. The four Associate Member Representatives are elected region-wise by the respective Associate Members in the region. The Secretary can be elected or appointed, and is presently appointed. The Executive Board runs the affairs of the Charity. It has appointed several Committees to help in different areas of activity.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
IFTDO is the most multinational, multicultural Training and Development organization in the world with a truly diverse Board of Directors leading the organization. Our members form a highly diverse network of human resource management and development organizations globally, linking HR professionals in HR societies, corporations, universities, consultancies, government organizations and enterprises. IFTDO currently represents more than 500,000 professionals in over 30 countries. IFTDO's vision is to be a unique and effective resource to the HRD profession working globally for the betterment of life. IFTDO has as its fundamental and driving mission, to promote the concept of HRD as an effective tool, across all sectors of society, in order to increase personal and organizational effectiveness. The main object of the Charity is the development and maintenance of a worldwide network of information and HR dedicated to developing, expanding and transferring the knowledge, technology and impact of HR development throughout national and multi-national professional, educational, government and commercial organisations and their members.
The main activities of the charity to support of its objectives are: an annual World Conference held in different parts of the world, IFTDO News and IFTDO Journal for members, a web site to enable exchange of knowledge, annual awards to recognize and promote outstanding HRD practices. In addition, the IFTDO participates in Training and Development events and provides a forum for the exchange of ideas and experiences. It also participates in activities of concerned UN agencies.
Page 2
ACHIEVEMENTS AND PERFORMANCE
The 49th IFTDO World Conference and Exhibition whic was to be organized in New Delhi, India, had to be postponed due to Covid 19 Pandemic. A 1-day Virtual Global Conference was held on November 25 2020 on the Theme ‘RESHAPING THE FUTURE OF HRD IN A FAST CHANGING WORLD’; chaired by Dr. Patti Phillips, it had renowned international keynote speakers such as Dave Ulrich, Johnny Taylor Jr and Jack Philips, registration of 1083 and participation of 786 from 62 countries.
Six Webinars/talks were organized through video conferencing during the year as follows:
-
May 5, 2020 -The Bottom-line on ROI: Demonstrating the role of ROI Virtual Training Programs- Speakers: Dr. Jack Philips and Dr. Patti Phillips
-
June 2, 2020 – Covid 19, Does it really make a difference- Speaker: Ms Brenda Crowley
-
July 16, 2020 - New Reality and new Opportunity- Speaker: Martin Mossler
-
July 22, 2020 – The CHRO’s Talent Plan for Recovery- Speakers: Marc Effron and Ranjan Kumar Mohapatra
-
August 18, 2020 – Human Capital reporting: ISO’s Recommendations for Public Disclosure and Internal reporting for Small, Medium and Large Organizations- Speaker: Dr. David Vance
-
September 17, 2020 – Talent Miggration-Challenges & Opportunities during Covid 19: Speakers: Kevin Tan, Jimmy Ong, Christian Quirino and James Bryden
IFTDO Certification and coaching/training Programme was launched during 2020
IFTDO has consultative status with ECOSOC of UN. It continued to participate in United Nations activities, including the UN Global Compact Programme which is aimed at corporate citizenship in which over 10,000 organisations are participating in over 130 countries.
Issues of IFTDO News were published during the year.
IFTDO’s web site www.iftdo.net was further revamped. It provides more information and is very useful for exchange of knowledge and experiences. All members have been given specific passwords to access the members only area.
FINANCIAL REVIEW AND RESERVES POLICY
IFTDO's policy is to maintain reserves at around US$400,000 to ensure continuity of operation under all circumstances and to demonstrate sound financial management practices.
ukkohli
ON BEHALF OF THE BOARD 27 Sep 2021
Dr Uddesh Kumar Kohli (Secretary)
Date
The International Federation of Training and Development Organisations Limited
Registered Company No. 1829725 For the year ended 31st December 2020
| Notes Incoming resources Incoming resources from generated funds Subscriptions Conferences Certification and training Awards Bank Interest Development fund Total incoming resources Resources expended Charitable activities Award expenditure Research expenditure Development expenditure Other costs Governance costs 5 Total resources expended Net incoming resources for the year 6 Total funds brought forward Total funds carried forward |
Unrestricted funds 2020 $ 29,730 2,000 2,500 - 11,013 - 45,243 - - - 20,033 22,293 42,326 2,917 361,483 364,400 |
Unrestricted funds 2019 $ 42,086 - - 78 10,593 6,561 |
|---|---|---|
| 59,318 | ||
| 78 - 6,561 19,570 23,943 |
||
| 50,152 | ||
| 9,166 352,317 |
||
| 361,483 |
The notes on pages 5 to 7 form part of these financial statements.
Page 4
The International Federation of Training and Development Organisations Limited
Registered Company No. 1829725 For the year ended 31st December 2020
| Notes CURRENT ASSETS Debtors 2 Cash at the bank and in hand 3 CREDITORS Amount falling due within one year 4 NET CURRENT ASSETS NET ASSETS RESERVES Profit and loss account TOTAL FUNDS |
$ $ - 468,370 468,370 -74,818 393,552 393,552 364,400 364,400 2020 |
$ $ 1,550 459,866 461,416 -71,656 389,760 389,760 361,483 361,483 2019 |
$ $ 1,550 459,866 461,416 -71,656 389,760 389,760 361,483 361,483 2019 |
|---|---|---|---|
| 389,760 | |||
| 361,483 | |||
| 361,483 |
For the year ended 31st December 2020, the company was entitled to exemption from audit under section 477(2) of the Companies Act 2006.
The Members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibility for:
(i) ensuring the company keeps accounting records which comply with Sections 386; and
(ii) preparing accounts which give a true and fair view if the state of affairs of the company as at the end of the financial year, and its profit or loss for the financial year, in accordance with the requirements of Section 393, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far is applicable to the company.
27 Sep 2021
The accounts have been prepared in accordance with the Charities SORP (FRS102) and the Charities Act 2011.
The accounts were approved by the Board of Trustees on …………………….. and were signed on its ukkohli behalf by:
Dr Uddesh Kumar Kohli (Secretary)
The notes on pages 6 to 8 form part of these financial statements.
Page 5
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725 For the year ended 31st December 2020
1 ACCOUNTING POLICIES
The following accounting policies have been used consistently in dealing with items which are considered material to the company's financial statements.
Basis of accounting
The financial statements have been prepared under the historical cost accounting convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Companies Act 2006 and the requirements of the Statement of Recommended Practice Accounting and Reporting by Charities' issued in March 2005.
Foreign currency
Assets and liabilities denominated in the foreign currencies are translated into US Dollars at the rates of the exchange ruling at the Balance Sheet date. Transactions in foreign currencies are translated into US dollars at the average rate of exchange for the financial year. Exchange differences are taken into account in arriving at the surplus or deficit for the financial year.
Conference contributions
The guaranteed minimum conference contribution is recognised as income in the conference year. Any conference surplus is not recognised as income until actually received unless its receipt is reasonably certain.
Subscriptions
Subscriptions are recognised when they are received. Any subscriptions relating to future periods are treated as deferred income.
Page 6
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725 For the year ended 31st December 2020
| 2 DEBTORS Trade Debtors 3 CASH AT BANK Cash in hand Current account Lloyds TSB sterling account Lloyds TSB dollar account Longer term deposit account 4 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Deferred income - Development Fund Deferred income - subscriptions in advance Deferred income - awards Deferred income - research Accruals and deferred income 5 GOVERNANCE COSTS Management Accounting Equipment rental Bank charges (Profit) / Loss on foreign exchange |
2020 $ - - - 1,032 27,318 440,020 468,370 481 23,128 26,725 21,467 63 2,954 74,818 14,000 4,993 - 1,719 1,581 22,293 |
2019 $ 1,550 |
|---|---|---|
| - 29,706 1,078 11,704 417,378 |
||
| 459,866 | ||
| 500 23,128 25,170 21,467 63 1,328 |
||
| 71,656 | ||
| 12,000 4,457 6,000 612 874 |
||
| 23,943 |
Page 7
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725 For the year ended 31st December 2020
7 RELATED PARTY DISCLOSURES
During the year Dr Uddesh Kumar Kohli, company secretary, provided secretarial and other services to the company for which total fees and expenses payable amounted to $14,000.
8 CHARITIABLE STATUS
The company is a registered charity.
9 TAXATION
The directors are of the opinion that the company's present activities are exempt from corporation tax.
10 COMPANY LIMITED BY GUARANTEE
The company is limited by guarantee and therefore there are no individual controlling parties. The company is controlled by the directors and its members.
Page 8
The International Federation of Training and Development Organisations Limited
Registered Company No. 1829725 For the year ended 31st December 2020
| INCOME Subscriptions Conferences Certification and training Awards Sponsorship Bank Interest Development fund EXPENDITURE Award expenditure Research expenditure Development expenditure Bank service charges Office and equipment expenses Postage and delivery Printing,website and other Management fees Marketing CEO fee Travel and subsistence Accountancy (Profit) / Loss on foreign exchange Others - Miscellaneaous |
2020 $ 29,730 2,000 2,500 11,013 45,243 3,033 14,000 2,000 14,750 250 4,993 3,300 42,326 2,917 |
2019 $ 42,086 - - 78 - 10,593 3,036 |
|---|---|---|
| 55,793 | ||
| 78 - 3,036 612 6,000 - 1,756 12,000 2,451 - 2,165 4,457 874 1,396 |
||
| 34,825 | ||
| 20,968 |
Page 9
Issuer
Issuer TaxAssist Accountants Document generated Sun, 26th Sep 2021 14:55:11 BST Document fingerprint 28cab81f96b9d104c84aab7d68645243
Parties involved with this document
Document processed
Party + Fingerprint
Mon, 27th Sep 2021 8:30:33 BST Dr Uddesh Kohli - Signer (35a2a51c98be2eeba8f595ae0765dc08) Audit history log Date Action Mon, 27th Sep 2021 8:30:33 BST The envelope has been signed by all parties. (49.36.176.178) Mon, 27th Sep 2021 8:30:33 BST Dr Uddesh Kohli signed the envelope. (49.36.176.178) Mon, 27th Sep 2021 8:29:01 BST Dr Uddesh Kohli viewed the envelope. (49.36.176.178) Sun, 26th Sep 2021 16:03:25 BST Dr Uddesh Kohli viewed the envelope. (49.36.176.178) Sun, 26th Sep 2021 14:55:21 BST Document emailed to party email (18.134.206.92) Sun, 26th Sep 2021 14:55:12 BST Sent the envelope to Dr Uddesh Kohli for signing. (3.8.87.8) Sun, 26th Sep 2021 14:55:12 BST Envelope has been set to automatically remind the active signer every 3 day(s). (3.8.87.8) Sun, 26th Sep 2021 14:55:12 BST Dr Uddesh Kohli has been assigned to this envelope. (3.8.87.8) Sun, 26th Sep 2021 14:55:12 BST Envelope generated. (3.8.87.8) Sun, 26th Sep 2021 14:55:12 BST Document generated with fingerprint 28cab81f96b9d104c84aab7d68645243. (3.8.87.8) Sun, 26th Sep 2021 14:55:11 BST Envelope generated with fingerprint 5d09896a1649b8888894bf666d09ef68 (18.133.63.166)
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examinerfs Report Report to the trusteesl members of INTERNATIONAL FEDERATION OF TRAINING AND DEVELOPMENT ORGANISATIONS LIMITED(THE) On accounts for the year ended 31.12.2020 Charity no (if any) 326633 Set out on page5 Iretnember to IVde Int oaoe Yumbers of *dilional stteetsi I report to the trustees on my examination of the accounts of the above charity (Ihe Trust-) for the year ended Responsibilities and basis of report As the charity's trustees, you are responsible for the preparation of Ihe accounts in accordance with the requirements of the Charities Act 2011 (Ihe Acf). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b} of the Act. Independent examiner's statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination (other than that disclosed below ") which gives me cause to believe that in, any material respect: the accounting records were not kept in accordance with section 130 of the Chartties Act. or the accounts did not accord with the accounting records. or the accounts did not comply with the applicable requiremenls conceming the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Yrue and fairf view which is not a matter considered as part of an independenl examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. . Please delete the words in the brackets rf they do not apply. Signe Date: f.10 Aison Redwood Relevant professional qualification(s) or body (if any): AFA InstitLrte of Financial Accountants IER Oct 2018
Address: TaxAssist Accountants Kestrel Court, Harbour Road Portishead BS20 7AN Section B Disclosure Only complete if the examiner needs to highlight material matters of concem (see CC32. Independent examination of charity accounts: directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disclose. IER Oct 2018