Report of the epi-Finances Committee
The 95th Meeting of Finances Committee took place as an online meeting on 10 April 2025.
The Treasurer and Deputy Treasurer attended, as did the Auditors and representatives of the Professional Education Committee as Invited Guests. The Head of Finance also attended.
The Treasurer, Deputy Treasurer and the Auditors presented extensively on the 2024 epi Balance Sheet and the process of the audit of the 2024 accounts. The Treasurer requested to be discharged from liability for the 2024 finances.
The Treasurer’s report noted savings of approximately €550000 in Secretariat expenditure, primarily as a result of elimination of the post of Executive Director and a moratorium on certain planned projects during reorganisation of the Secretariat structure. The Treasurer noted however that for assuring the well-functioning of the Secretariat appointing additional employees as well as further IT investments will be necessary.
The savings in Secretariat expenditure chiefly contributed to the surplus. Also, the lower activity on EPO EQE and on Education contributed to the surplus on the income side.
The Committee was satisfied that the financial situation is in line with plans presented in previous meetings and supports adoption of the Treasurer’s report. Based on the information presented the Committee was happy to approve discharging of the Treasurer’s responsibility for the 2024 financial year.
The Committee reviewed aspects of the costs of meetings of Council and of committees. There were plausible explanations for certain cost aspects of Council Meetings; but there seems normally to be no justification for committees to exceed their allotted budgets. The Committee has over many years urged all committees to ensure that their expenditure is within budgeted levels, but some committees consistently have been unable to achieve this. The Committee once again notes the responsibility of committee chairs to ensure budget compliance.
The Committee considered the question of access to webinars and other products produced for the PEC by non-PEC members. Serious doubts were expressed over the desirability of providing payments or payments-in-kind (which must be distinguished from honorarium payments to webinar presenters) in connection with webinar production. Payments-in-kind can create serious tax and employment law liabilities for the Institute and therefore are not approved. The Committee does however recognise the wish of the PEC to acknowledge significant contributions by other committees, and urged for the creation of means for showing “appreciation” by epi to those who contribute to seminars and the preparation of mock papers. A draft paper relating to such means will be prepared in cooperation with PEC.
