Report of the epi-Finances Committee
The 92nd Meeting of Finances Committee took place online on 11 April 2024.
The Treasurer and Deputy Treasurer attended, as did the Internal Auditors and their substitutes. The Head of Finance also attended.
Mr Quintelier was re-elected as Chair of the Committee; and Mr Powell was re-elected as Secretary.
The Treasurer gave an extensive presentation. This included summaries of the balance sheet and major expenditure and income elements in 2023; and (as is customary) a snapshot of the current year to date.
The result in 2023 was a deficit of €397000. This was approximately €130000 less than the deficit predicted in the 2023 budget. Educational events in 2023 realised less than budgeted; but on the other hand the Head of Finance had recovered significant costs related to the (COVID-postponed) Sofia meeting of Council. Additionally Presidium, Board and Council costs had been contained compared with the budget.
The reduction in income from educational events primarily resulted from a shift away from hybrid events, and also because the number of events was reduced compared with the planned programme.
The Committee questioned whether the change in EQE format would lead to a requirement for more educational meetings and events. This will indeed be the case, but presently it is not known whether these will require in-person attendance ( which significantly affects meeting costs).
Membership of the Institute increased in net terms in 2023 by 434 members.
The Treasurer also reported on the performance of epi’s investments.
Overall the Committee supports the investment policies, and was content to adopt the 2023 balance sheet.
The Committee and the Internal Auditors urged the Treasurer to keep close control of the costs of committees. One committee meeting in particular appeared to involve high expenditure and the Treasurer was asked to investigate this.
The Internal Auditors gave a presentation on their extensive activities. The Committee greatly appreciates the efforts of the Internal Auditors.
The Internal Auditors were able to commend the accounts to the External Auditors. The latter have affirmed that the accounts of epi can be signed off, such that the liabilities of the Treasurer for 2023 can be discharged. The External Auditors’ report could not be produced in time for inclusion in the accumulated file; but it will be available to the members of the epi Finances Committee for inspection via the Secretariat.
There was extensive analysis of proposals for a double-signature regime in respect of various major aspects of expenditure. The Committee noted that this subject has been under discussion for a considerable time and should now be concluded efficiently. The Committee supports the amendments of the By-Laws proposed by the Internal Auditors.
The Head of Finance presented a summary of changes in financial workflows in the Secretariat; and some potential plans for adjustments to the team structure in existence. The Committee discussed the financial implications of the proposals and noted that the changes help to reduce the workload associated with incoming debit notes.
The Committee observed that the 2024 year to date snapshot is broadly in line with expectations.
The Committee received a report from its Chair on the Professional Liability Insurance product.
