In all there were three presentations covered over the duration of the conference, outlining an in-depth summary of ITTF’s financial reflections and forecasts:
- 2019 Financial Statements – an overview of the financial position, including balance sheet and income statement analysis, and an overview of various incomes and expenses.
- 2020 Financial Update – due to the unique experience the world is facing in 2020, it was beneficial for the ITTF to provide an update on how the it has been impacted by, and reacted, to COVID-19 and the financial implications which have been faced.
- Beyond 2020 – looking towards the future. Following significant investment during 2019, and then the uncertainty of the flow on effects from COVID-19, this has presented an opportunity to explore the next stage of growth for table tennis, aligning with the ITTF Strategic Plan.
A warm welcome delivered courtesy of ITTF President Thomas Weikert to open the conference, the following speakers then proceeded update attendees on the financial report:
- Petra Sörling, ITTF Executive Vice President (Finances)
- Michael Brown, ITTF Chief Financial Officer
- Michael Ackermann, Auditor – Mazars
An important update on ITTF’s financial standings, the conference highlighted the main challenges posed by the COVID-19 pandemic and the key steps taken to minimise the impact. However, the Finance Forum’s smooth transition to a new online set up proved successful, while the message of optimism surrounding the future of the sport remains strong:
“2020 is certainly a unique year, life has been halted by the COVID-19 pandemic, and financially we have all suffered very much. It also made our Finance Forum this year slightly different from previous years. For the first time the forum was held virtually, and, on a positive note, many took the chance to follow and interact. For example, it was requested that we start a financial management course for our members – a positive suggestion that’s fully in line with the ITTF Strategic Plan and how we can improve together with our members and get our sport started again.” Petra Sörling, ITTF Executive Vice President (Finances)
“The Finance Forum provides an opportunity for our members to better understand the financial lifecycle of the ITTF. The way in which the financial movements take place is not straightforward in an international sports federation, therefore it was an opportunity to provide a detailed overview of not just the past financial statements, but also an insight into the current day-to-day financial impacts of living through a pandemic. It was positive to finish on a bright note in focusing towards the future and continued growth of table tennis globally.” Michael Brown, ITTF Chief Financial Officer
Six interactive video conferences have been organised in the build-up to the AGM, according to the following schedule:
1) ITTF Foundation 1st September 13:00 CEST
2) High Performance and Development 4th September 13:00 CEST
3) Governance: Propositions and Resolutions to AGM 7th September 13:00 CEST
4) Finance Forum 10th September 13:00 CEST
5) World Table Tennis 14th September 13:00 CEST
6) World Championships 2023 bids 21st September 13:00 CEST
7) ITTF Annual General Meeting 28th September 13:00 CEST