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 2023
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 2023
| 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 2023
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 2023. 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 | |
|---|---|
| Ghalib ALHOSNI | Oman |
| Dr Mohammad BIN FAHAD | UAE |
| Dr Nancy Burns | USA |
| Dr (Ms) Anita CHAUHAN | India |
| Dr Vinayshil Gautam | India |
| Dr (Mrs) Tayo Ola GEORGE | Nigeria |
| Mr Ayush GUPTA | India |
| Mrs Janet Iyabo Kofo JOLAOSO | Nigeria |
| Mr Raed Khanfar | Jordan |
| Mr Ranjan Kumar Mohapatra | India |
| Dr Harris NEELIAH | Mauritius |
| Dr Patricia PHILLIPS | USA |
| Prof Dr. Abraham PIUS | UK |
| Tayo ROTIMI | Nigeria |
| Dr Helmi Ibrahim SALLAM | Egypt |
| Company Secretary | |
| Dr Uddesh Kumar Kohli | India |
Dr. Luis Pedro SERRA RAMOS Portugal Dr. Cheing-Chung SHEN Taiwan Dr. Haidamous WAFAA Lebanon
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 2023
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
50th IFTDO World Conference and Golden Jubilee Celebrations, Cairo, which were to be held in November 2023, had to be postponed to April 22-24, 2024. A Conference Task Force, under the Chairmanship of the President Helmi Sallam has been very actively working during 2023 on Conference Program and arrangements.
Strategic Action Plan – An elaborate Strategic Plan was prepared by the Strategy Committee headed by Tayo Rotimi. The Action Plan, recommended by the Committee, was largely approved by the Board.
Webinars - 3 webinars were organized, conducted by Dr. Ahmed, Dr. Patti Phillips, and Dr. Abdullah Al Hamed, between June to Dec 2023.
Website : A new website has been developed and launched after revamping the existing website.
Newsletter: Three Newsletters, edited by Dr. A C Joshi, were released during 2023.
Women Empowerment Project in Nigeria - The second IFTDO-TOTAL Energies Project approved in 2022 by Total Energies, Nigeria, was implemented during 2023. The third Empowerment grant was also paid to 23 widows across two states on December 12 and 19, 2023, and the Program was very successful, with widows expressing their gratitude and joy. Two Orientation Programs were organized for freshers at the Covenant University, Nigeria
IFTDO continues to have consultative status with ECOSOC of UN . It continued to participate in United Nations activities, including the UN Global Compact Program which is aimed at corporate citizenship in which over 10,000 organisations are participating in over 130 countries.
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
04 Mar 2024
U K Kohli
(This document was digitally signed with Signable)
Dr Uddesh Kumar Kohli (Secretary)
Page 3
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725 For the year ended 31st December 2023
| 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 Provision for Bad debts Total resources expended Net incoming resources for the year 6 Total funds brought forward Total funds carried forward |
Unrestricted funds 2023 £ 29,385 - - - 9,660 - 39,046 - - - 1,033 24,152 942 26,127 12,919 328,816 341,735 |
Unrestricted funds 2022 £ 15,657 15,704 -1,924 - 11,097 - |
|---|---|---|
| 40,533 | ||
| - - - 4,704 25,580 - |
||
| 30,284 | ||
| 10,249 318,567 |
||
| 328,816 |
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 2023
| Notes CURRENT ASSETS Debtors 2 Provision for Bad debts 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 |
£ £ £ £ 17,313 - 17,313 - - 408,133 393,645 408,133 393,645 -66,398 -64,829 341,735 328,816 341,735 328,816 341,735 328,816 341,735 328,816 2023 2022 |
£ £ £ £ 17,313 - 17,313 - - 408,133 393,645 408,133 393,645 -66,398 -64,829 341,735 328,816 341,735 328,816 341,735 328,816 341,735 328,816 2023 2022 |
|---|---|---|
| 328,816 | ||
| 328,816 | ||
| 328,816 |
For the year ended 31st December 2023, 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. 04 Mar 2024
The accounts were approved by the Board of Trustees on ………………………................. and were signed on its behalf by:
U K Kohli
(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
1 ACCOUNTING POLICIES
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725
For the year ended 31st December 2023
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
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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.
Change in presentation currency
On 1 January 2023, The International Federation of Training and Development Organisations Limited changed its reporting currency from US Dollars to sterling to provide greater transparency for stakeholders in the UK. In accordance with IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, this change in presentational currency was applied retrospectively and accordingly, prior year comparatives have been restated.
Page 6
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725 For the year ended 31st December 2023
| 2 DEBTORS Trade Debtors less Provision for Bad debts 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 |
2023 £ 17,313 -17,313 - - 2,484 22,617 383,032 - 408,133 1,162 18,160 20,988 15,999 50 7,852 2,188 66,398 14,133 6,831 1,468 1,450 269 24,152 |
2022 £ - - |
|---|---|---|
| - - 2,359 18,547 372,709 30 |
||
| 393,645 | ||
| 785 18,160 20,061 15,999 49 7,852 1,923 |
||
| 64,829 | ||
| 9,422 8,307 5,936 1,566 349 |
||
| 25,580 |
Page 7
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725
For the year ended 31st December 2023
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 £14,133.
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 2023
| 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 Provision for Bad debts - increase |
2023 £ 29,385 - 0 - - 9,660 - 39,046 - - - 1,450 - - 761 14,133 - 1,468 - 6,831 269 272 942 26,127 12,919 |
2022 £ 15,657 15,704 -1,924 - - 11,097 - |
|---|---|---|
| 40,533 | ||
| - - - 1,566 - - 3,923 9,422 - 5,936 522 8,307 349 259 - |
||
| 30,284 | ||
| 10,249 |
Page 9
Issuer
TaxAssist Accountants
Document generated Mon, 4th Mar 2024 13:36:16 UTC Document fingerprint 678505b12bc554fa45ee5adf250bd121
Parties involved with this document
Document processed
Party + Fingerprint
Tue, 5th Mar 2024 13:19:35 UTC Dr Uddesh Kohli - Signer (ecb945ad625b83e9c3659fb395e214cc) Tue, 5th Mar 2024 13:19:36 UTC Sergey Pimonov - Copied In (e1cc24767f5a90cee8bdcb98ade894f7) Audit history log Date Action Tue, 5th Mar 2024 13:19:38 UTC Dr Uddesh Kohli viewed the envelope (49.36.138.57) Tue, 5th Mar 2024 13:19:36 UTC Document emailed to party email (18.170.57.59) Tue, 5th Mar 2024 13:19:36 UTC This envelope has been signed by all parties (49.36.138.57) Tue, 5th Mar 2024 13:19:36 UTC Sent the envelope to Sergey Pimonov for signing (49.36.138.57) Tue, 5th Mar 2024 13:19:35 UTC Dr Uddesh Kohli signed the envelope (49.36.138.57) Tue, 5th Mar 2024 13:17:27 UTC Dr Uddesh Kohli viewed the envelope (49.36.138.57) Mon, 4th Mar 2024 13:36:25 UTC Document emailed to party email (13.40.209.74) Mon, 4th Mar 2024 13:36:18 UTC Sent the envelope to Dr Uddesh Kohli for signing. (18.134.205.28) Mon, 4th Mar 2024 13:36:18 UTC Envelope has been set to automatically remind the active signer every 3 day(s). (18.134.205.28) Mon, 4th Mar 2024 13:36:18 UTC Sergey Pimonov has been assigned to this envelope. (18.134.205.28) Mon, 4th Mar 2024 13:36:18 UTC Dr Uddesh Kohli has been assigned to this envelope. (18.134.205.28) Mon, 4th Mar 2024 13:36:18 UTC Envelope generated. (18.134.205.28) Mon, 4th Mar 2024 13:36:18 UTC Document generated with fingerprint 678505b12bc554fa45ee5adf250bd121. (18.134.205.28) Mon, 4th Mar 2024 13:36:16 UTC Envelope generated with fingerprint 6c1bc4f1c9871685f98b039209dd906d (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 2023
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 2023
| 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 2023
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 2023. 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 | |
|---|---|
| Ghalib ALHOSNI | Oman |
| Dr Mohammad BIN FAHAD | UAE |
| Dr Nancy Burns | USA |
| Dr (Ms) Anita CHAUHAN | India |
| Dr Vinayshil Gautam | India |
| Dr (Mrs) Tayo Ola GEORGE | Nigeria |
| Mr Ayush GUPTA | India |
| Mrs Janet Iyabo Kofo JOLAOSO | Nigeria |
| Mr Raed Khanfar | Jordan |
| Mr Ranjan Kumar Mohapatra | India |
| Dr Harris NEELIAH | Mauritius |
| Dr Patricia PHILLIPS | USA |
| Prof Dr. Abraham PIUS | UK |
| Tayo ROTIMI | Nigeria |
| Dr Helmi Ibrahim SALLAM | Egypt |
| Company Secretary | |
| Dr Uddesh Kumar Kohli | India |
Dr. Luis Pedro SERRA RAMOS Portugal Dr. Cheing-Chung SHEN Taiwan Dr. Haidamous WAFAA Lebanon
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 2023
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
50th IFTDO World Conference and Golden Jubilee Celebrations, Cairo, which were to be held in November 2023, had to be postponed to April 22-24, 2024. A Conference Task Force, under the Chairmanship of the President Helmi Sallam has been very actively working during 2023 on Conference Program and arrangements.
Strategic Action Plan – An elaborate Strategic Plan was prepared by the Strategy Committee headed by Tayo Rotimi. The Action Plan, recommended by the Committee, was largely approved by the Board.
Webinars - 3 webinars were organized, conducted by Dr. Ahmed, Dr. Patti Phillips, and Dr. Abdullah Al Hamed, between June to Dec 2023.
Website : A new website has been developed and launched after revamping the existing website.
Newsletter: Three Newsletters, edited by Dr. A C Joshi, were released during 2023.
Women Empowerment Project in Nigeria - The second IFTDO-TOTAL Energies Project approved in 2022 by Total Energies, Nigeria, was implemented during 2023. The third Empowerment grant was also paid to 23 widows across two states on December 12 and 19, 2023, and the Program was very successful, with widows expressing their gratitude and joy. Two Orientation Programs were organized for freshers at the Covenant University, Nigeria
IFTDO continues to have consultative status with ECOSOC of UN . It continued to participate in United Nations activities, including the UN Global Compact Program which is aimed at corporate citizenship in which over 10,000 organisations are participating in over 130 countries.
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
04 Mar 2024
U K Kohli
(This document was digitally signed with Signable)
Dr Uddesh Kumar Kohli (Secretary)
Page 3
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725 For the year ended 31st December 2023
| 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 Provision for Bad debts Total resources expended Net incoming resources for the year 6 Total funds brought forward Total funds carried forward |
Unrestricted funds 2023 £ 29,385 - - - 9,660 - 39,046 - - - 1,033 24,152 942 26,127 12,919 328,816 341,735 |
Unrestricted funds 2022 £ 15,657 15,704 -1,924 - 11,097 - |
|---|---|---|
| 40,533 | ||
| - - - 4,704 25,580 - |
||
| 30,284 | ||
| 10,249 318,567 |
||
| 328,816 |
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 2023
| Notes CURRENT ASSETS Debtors 2 Provision for Bad debts 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 |
£ £ £ £ 17,313 - 17,313 - - 408,133 393,645 408,133 393,645 -66,398 -64,829 341,735 328,816 341,735 328,816 341,735 328,816 341,735 328,816 2023 2022 |
£ £ £ £ 17,313 - 17,313 - - 408,133 393,645 408,133 393,645 -66,398 -64,829 341,735 328,816 341,735 328,816 341,735 328,816 341,735 328,816 2023 2022 |
|---|---|---|
| 328,816 | ||
| 328,816 | ||
| 328,816 |
For the year ended 31st December 2023, 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. 04 Mar 2024
The accounts were approved by the Board of Trustees on ………………………................. and were signed on its behalf by:
U K Kohli
(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
1 ACCOUNTING POLICIES
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725
For the year ended 31st December 2023
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
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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.
Change in presentation currency
On 1 January 2023, The International Federation of Training and Development Organisations Limited changed its reporting currency from US Dollars to sterling to provide greater transparency for stakeholders in the UK. In accordance with IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, this change in presentational currency was applied retrospectively and accordingly, prior year comparatives have been restated.
Page 6
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725 For the year ended 31st December 2023
| 2 DEBTORS Trade Debtors less Provision for Bad debts 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 |
2023 £ 17,313 -17,313 - - 2,484 22,617 383,032 - 408,133 1,162 18,160 20,988 15,999 50 7,852 2,188 66,398 14,133 6,831 1,468 1,450 269 24,152 |
2022 £ - - |
|---|---|---|
| - - 2,359 18,547 372,709 30 |
||
| 393,645 | ||
| 785 18,160 20,061 15,999 49 7,852 1,923 |
||
| 64,829 | ||
| 9,422 8,307 5,936 1,566 349 |
||
| 25,580 |
Page 7
The International Federation of Training and Development Organisations Limited Registered Company No. 1829725
For the year ended 31st December 2023
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 £14,133.
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 2023
| 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 Provision for Bad debts - increase |
2023 £ 29,385 - 0 - - 9,660 - 39,046 - - - 1,450 - - 761 14,133 - 1,468 - 6,831 269 272 942 26,127 12,919 |
2022 £ 15,657 15,704 -1,924 - - 11,097 - |
|---|---|---|
| 40,533 | ||
| - - - 1,566 - - 3,923 9,422 - 5,936 522 8,307 349 259 - |
||
| 30,284 | ||
| 10,249 |
Page 9
Issuer
TaxAssist Accountants
Document generated Mon, 4th Mar 2024 13:36:16 UTC Document fingerprint 678505b12bc554fa45ee5adf250bd121
Parties involved with this document
Document processed
Party + Fingerprint
Tue, 5th Mar 2024 13:19:35 UTC Dr Uddesh Kohli - Signer (ecb945ad625b83e9c3659fb395e214cc) Tue, 5th Mar 2024 13:19:36 UTC Sergey Pimonov - Copied In (e1cc24767f5a90cee8bdcb98ade894f7) Audit history log Date Action Tue, 5th Mar 2024 13:19:38 UTC Dr Uddesh Kohli viewed the envelope (49.36.138.57) Tue, 5th Mar 2024 13:19:36 UTC Document emailed to party email (18.170.57.59) Tue, 5th Mar 2024 13:19:36 UTC This envelope has been signed by all parties (49.36.138.57) Tue, 5th Mar 2024 13:19:36 UTC Sent the envelope to Sergey Pimonov for signing (49.36.138.57) Tue, 5th Mar 2024 13:19:35 UTC Dr Uddesh Kohli signed the envelope (49.36.138.57) Tue, 5th Mar 2024 13:17:27 UTC Dr Uddesh Kohli viewed the envelope (49.36.138.57) Mon, 4th Mar 2024 13:36:25 UTC Document emailed to party email (13.40.209.74) Mon, 4th Mar 2024 13:36:18 UTC Sent the envelope to Dr Uddesh Kohli for signing. (18.134.205.28) Mon, 4th Mar 2024 13:36:18 UTC Envelope has been set to automatically remind the active signer every 3 day(s). (18.134.205.28) Mon, 4th Mar 2024 13:36:18 UTC Sergey Pimonov has been assigned to this envelope. (18.134.205.28) Mon, 4th Mar 2024 13:36:18 UTC Dr Uddesh Kohli has been assigned to this envelope. (18.134.205.28) Mon, 4th Mar 2024 13:36:18 UTC Envelope generated. (18.134.205.28) Mon, 4th Mar 2024 13:36:18 UTC Document generated with fingerprint 678505b12bc554fa45ee5adf250bd121. (18.134.205.28) Mon, 4th Mar 2024 13:36:16 UTC Envelope generated with fingerprint 6c1bc4f1c9871685f98b039209dd906d (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 31.12.2023 Charity no (if any) 326633 Set out on pages ftiimb&.r8 ol addi',ional sheelsl I report to the trustees on my examination of the accounts of the above charity {"the Trust.) for the year ended 31.12.2023. Responsibilities and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements 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 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 confirm 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 Charities Act. or the accounts did not accord with the accounting records., or the accounts did not comply with the applicable requirements concerning the 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 concerns 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. Signed: Date: 1110312024 Name: Alison Redwood IER 2018 Oct
Relevant professional qualification(s) or body {if any): Address: AFA Institute of Financial Accountants TaxAssist Accountants B7 Kestrel Court. Harbour Road Portishead BS20 7AN Section B Disclosure Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and uidance for examiners Give here brief details of any items that the examiner wishes to disclose. IER 2018 Oct