The International Federation of Training and Development Organisations Limited
Registered Company No. 1829725
For the year ended 31st December 2022
NOTE TO ACCOUNTS
The charity's accounts were prepared in accordance with Charities SORP, using US dollars as the presentation currency due to the charity's predominant operation in a non-British currency. However, due to the Annual return submission's default currency being British pounds, all US dollar amounts are displayed with the British pounds sign without being converted.
ON BEHALF OF THE BOARD
29/09/2023
(This document was digitally signed with Signable)
Dr Uddesh Kumar Kohli (Secretary)
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 2022
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 2022
| 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 2022
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
Ahmed Al Banna (Bahrain) Anita Chauhan (India) Christopher McDonagh (Ireland) Chien-Chung Shen (Taiwan) Chung-Cheng Lee (Taiwan) Harris Neeliah (Mauritius) CM Vignaesvaran (Malaysia) Tayo O. George (Nigeria) Ebrahim Al Dossary (Bahrain) Vinayshil Gautam (India) Ghalib Saif Al Hosni (Oman) Helmi Sallam (Egypt) Janet Lyabo Kofo Jolaoso (Nigeria) Meshack Justin Tafa (Botswana) Mohammad Bin Fahad (UAE) Patricia Phillips (USA) Raed Khanfar (Jordan) Rajcoomar Auckloo (Mauritius) Ranjan Kumar Mohapatra (India) Sanja Miovcic (Bosnia) Tayo Rotimi (Nigeria) 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 2022
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 about 25 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 was organized in New Delhi, India, on May 20-23, 2022, on the Theme:‘STRATEGIES FOR AN AGILE WORK CULTURE: PATHWAYS TO THE NEW AGE'. It was agreat success with 37 speakers and over 350 delegates. It has been decided to hold the 50th IFTDO World Conference and Golden Jubilee celebrations in Cairo in November 2023.
The IFTDO – CWE Committee implemented the Project on ‘Agribusiness Empowerment for Women Small Holder Farmers within Local Communities’ funded by Total Energies, Nigeria. Proposal for a second IFTDO – CWE Project on Cassava Flour production was submitted to Total Energies, Nigeria which was approved and implementation commenced. CWE-Asia was inaugurated Registration of IFTDO-Africa was taken up. An MOU for Strategic Partnership Agreement between CWE and Ghana Women in Business Leadership Association to formally establish a mutually beneficial working relationship between the two parties, was signed.An MOU was signed with The Institute of Training & Occupational Learning (ITOL), UK, to initiate the Certification Programme with 3 Objective- (i) to raise and acknowledge increased professionalism and (ii) increase the membership of IFTDO, (iii) give IFTDO a Development & f
An IFTDO- Certificate in Employability skills was launched which is designed as a specialized certificate provided by the IFTDO in order to develop the necessary skills that are required globally in the work field by Job Seekers.
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.
A Research Project on “Future of work' with focus on Post Pandemic work structure: select emergent issues” was undertaken. Four Issues of IFTDO News were published. IFTDO Website was redeveloped to meet the current and future top emerging technologies in terms of digitalization, and cloud base, etcA Project proposal “Social Justice for All through democratic leadership, positive learning and governance: Publication & Dissemination” for $200,000 grant from UN Democracy Fund was submittedIFTDO Website was redeveloped to meet the current and future top emerging technologies in terms of digitalization, and cloud base, etc during the year.
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.
ON BEHALF OF THE BOARD
(This document was digitally signed with Signable)
Dr Uddesh Kumar Kohli (Secretary)
20 Mar 2023
Page 3
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725 For the year ended 31st December 2022
| 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 2022 $ 19,940 20,000 -2,450 - 14,133 - 51,623 - - - 5,991 32,579 38,570 13,053 405,724 418,777 |
Unrestricted funds 2021 $ 41,915 - - - 6,877 - |
|---|---|---|
| 48,792 | ||
| - - - 2,601 33,220 |
||
| 35,821 | ||
| 12,772 392,952 |
||
| 405,724 |
The notes on pages 6 to 8 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 2022
| 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 |
$ $ $ $ - - 501,343 479,363 501,343 479,363 -82,566 -73,639 418,777 405,724 418,777 405,724 418,777 405,724 418,777 405,724 2022 2021 |
$ $ $ $ - - 501,343 479,363 501,343 479,363 -82,566 -73,639 418,777 405,724 418,777 405,724 418,777 405,724 418,777 405,724 2022 2021 |
|---|---|---|
| 405,724 | ||
| 405,724 | ||
| 405,724 |
For the year ended 31st December 2022, 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.
The accounts have been prepared in accordance with the Charities SORP (FRS102) and the Charities Act 2011. 20 Mar 2023
The accounts were approved by the Board of Trustees on ………………………................. and were signed on its behalf by:
(This document was digitally signed with Signable)
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 2022
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 2022
| 2 DEBTORS Trade Debtors 3 CASH AT BANK Cash in hand Lloyds TSB sterling account Lloyds TSB dollar account Longer term deposit account Prepayments 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 Deferred income - conference Accruals and deferred income 5 GOVERNANCE COSTS Management Accounting CEO fee Bank charges (Profit) / Loss on foreign exchange |
2022 $ - - 3,005 23,621 474,679 38 501,343 1,000 23,128 25,550 20,376 63 10,000 2,449 82,566 12,000 10,580 7,560 1,995 444 32,579 |
2021 $ - |
|---|---|---|
| - 2,335 29,226 447,802 - |
||
| 479,363 | ||
| 2,107 23,128 24,525 21,467 63 - 2,349 |
||
| 73,639 | ||
| 12,000 7,233 10,410 2,421 746 |
||
| 32,810 |
Page 7
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725
For the year ended 31st December 2022
6 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 $12,000.
7 CHARITIABLE STATUS
The company is a registered charity.
8 TAXATION
The directors are of the opinion that the company's present activities are exempt from corporation tax.
9 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 2022
| 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 |
2022 $ 19,940 20,000 -2,450 - - 14,133 - 51,623 - - - 1,995 - - 4,996 12,000 - 7,560 665 10,580 444 330 38,570 13,053 |
2021 $ 41,915 - - - - 6,877 - |
|---|---|---|
| 48,792 | ||
| - - - 2,421 - - 1,417 12,000 - 10,410 - 7,233 746 1,594 |
||
| 35,821 | ||
| 12,971 |
Page 9
Issuer
Issuer TaxAssist Accountants Document generated Mon, 20th Mar 2023 12:40:59 UTC Document fingerprint 693e59938b89862319ef71e1468b7736
Parties involved with this document
Document processed
Party + Fingerprint
Mon, 20th Mar 2023 13:23:28 UTC Dr Uddesh Kohli - Signer (bd1acadb3644c9969460637bed6d86ba) Mon, 20th Mar 2023 13:23:28 UTC Sergey Pimonov - Copied In (3aea6bf548540a8494c8ccd84bcc9c68) Audit history log Date Action Mon, 20th Mar 2023 13:23:30 UTC Dr Uddesh Kohli viewed the envelope. (49.36.139.71) Mon, 20th Mar 2023 13:23:29 UTC Document emailed to party email (3.10.151.89) Mon, 20th Mar 2023 13:23:28 UTC The envelope has been signed by all parties. (49.36.139.71) Mon, 20th Mar 2023 13:23:28 UTC Sent a copy of the envelope to Sergey Pimonov (sergeypimonovs@taxassist.co.uk). (49.36.139.71) Mon, 20th Mar 2023 13:23:28 UTC Dr Uddesh Kohli signed the envelope. (49.36.139.71) Mon, 20th Mar 2023 13:19:49 UTC Dr Uddesh Kohli viewed the envelope. (49.36.139.71) Mon, 20th Mar 2023 12:41:08 UTC Document emailed to party email (52.56.82.52) Mon, 20th Mar 2023 12:41:01 UTC Sent the envelope to Dr Uddesh Kohli for signing. (3.9.147.99) Mon, 20th Mar 2023 12:41:01 UTC Envelope has been set to automatically remind the active signer every 3 day(s). (3.9.147.99) Mon, 20th Mar 2023 12:41:01 UTC Sergey Pimonov has been assigned to this envelope. (3.9.147.99) Mon, 20th Mar 2023 12:41:01 UTC Dr Uddesh Kohli has been assigned to this envelope. (3.9.147.99) Mon, 20th Mar 2023 12:41:01 UTC Envelope generated. (3.9.147.99) Mon, 20th Mar 2023 12:41:01 UTC Document generated with fingerprint 693e59938b89862319ef71e1468b7736. (3.9.147.99) Mon, 20th Mar 2023 12:40:59 UTC Envelope generated with fingerprint 080949e5491409677e89b5f7b5b93b3b (35.176.231.177)
(HARITY COMMISSION FOR ENGLAND ANO 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 LIMITEDITHEI On accounts for the year ended 31.12.2022 Charity no ,, 326633 (if anyl Set out on pages I report lo the Iruslees on my examinalion of the accounts of the above charity ("the Trust") for the year ended 31.12.2022 Responsibilities and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordance wilh the requiremenls of the Charities Act 2011 ("the Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under seckn'on 145{5}{bl of the Act. Independent examiner's statement I have completed my examination. I confiTh that no malerial matters have come to my attention in connection with the examination (other than thal 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 Charities Act- or the accounts did nol accord with the accounting records,. or the accounts did not comply with the applicable requirements conmIng Ihe form and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent 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 th rds in the b ckets rfthey do not apply. Signed: Date: 2310312023 Name: Alison Redwood IER 2018 Oct
Relevant professional AFA qualification(s) or body Institute of Financial Accountants {if any}- Address: TaxAssist Accountants B7 Kestrel Court. Harbour Road Porlishead BS20 7AN Section 8 Disclosure Only complete if the examiner needs to highlight material matters of concern {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 2018 Oct