The ITTF Finance Forum returned to its in-person format, held alongside the ITTF World Team Table Tennis Championships 2024 in Busan, as part of the ITTF Summit series of meetings. With more than 100 individuals in attendance, it marked the largest gathering since the inception of the ITTF Finance Forum in 2018. The Forum served as a platform for transparency, accountability, and reflection on the financial status of the ITTF, following a series of challenging years.
ITTF President, Ms. Petra Sörling, welcomed the attendees: “After several years of organising the Finance Forum online, it is a pleasure to welcome you all today in person. In 2018, we organized the first ITTF Finance Forum, and I was encouraged by the dialogue it fostered. Today, I encourage you to engage in open conversations and raise any questions you may have.”
In his opening remarks, the recently appointed ITTF Executive Vice-President in charge of Finances, Dr. Alaa Meshref, noted, “There have been challenging times the world has faced in recent years, and ITTF has not been exempt from these challenges. However, with recent adjustments, today we will discuss the path toward greater financial stability. In recent months, I have had several meetings with the ITTF President, ITTF CEO, and ITTF CFO, and I see a positive approach moving forward.”
The Finance Forum commenced with a detailed report on the 2022 Financial Statements, offering insights into the financial statements at a consolidated level and across the different organizations within the ITTF Group – ITTF, World Table Tennis, and ITTF Foundation. The 2022 Financial Statements are up for approval at the ITTF AGM scheduled for February 27, 2024.
An update on the 2023 finances was also provided, noting that they are yet to be audited and that the figures presented were management accounts. 2023 is expected to be a challenging financial year for the ITTF, with ambitious growth plans following the emergence of COVID-19 not materialising as quickly as anticipated.
Efforts have been made to mitigate the impacts of the challenges faced in 2023, and while the adjustments made in the latter half of the year are not fully reflected in the 2023 finances, the forecast for 2024, as well as the budgets for 2025-2028, indicate a conservative and improved financial position for the ITTF.
The presentations also included an overview of the Risk Management work currently underway, following a Risk Management Project undertaken in late 2022. The ITTF continues to monitor key risks that pose the greatest impact on the operational management of the Federation, taking a proactive approach toward risk.
Additionally, an introduction was made during the Forum by the new auditors, PwC, appointed as the ITTF auditors from 2023. Interim work for the 2023 audit took place during the fourth quarter of 2023.