Year end round up and Annual Report and AGM
- Total CMI income for the year amounts to £12.73m, compared to £11.68m in 2015
- Net income stands at £0.81m.
- The value of Institute net funds at the end of the year (net cash plus investments) is £6.68m (2015 - £6.85m).
- ‘Free’ reserves have increased by £0.05m to £3.67m, after allocating £0.6m in 2015-16 to fund the London office move and associated IT developments. Taking the Charity Commission target of reserves at six months’ worth of expenditure, CMI reserves are at 125% of that target.
- At 31 March 2016, the FRS 17 valuation of the defined benefits pension scheme deficit stood at £11.52m (2015 - £12.80m).
- The Institute’s total assets excluding the pension deficit total £6.42m (2015 - £5.76m restated).
The annual report and accounts are now being prepared for issue to members on 17 August. The report can be found on that date on our website: www.managers.org.uk/annualreport
That is the date on which the Notice of the Annual General Meeting will be issued to voting members.
On the AGM agenda are the Ordinary Resolutions to approve the report and accounts, and re-appoint the Auditors. We also have a Special Resolution, seeking to 'future proof' the Board in terms of strengthening its composition and achieving consistency in length of terms of office. One proposal is to allow an ex-officio place on the Board for the Chair of the Board of Companions. We are also seeking to allow for a maximum of four co-opted members on the Board, the current complement being two members.
Alongside your AGM documentation, you will receive voting papers for the Board elections. We have two vacancies this year, as usual, with four strong candidates standing.
The closing date for voting is Thursday 15 September.The AGM is being held at Kingsway on Monday 19 September at 2 pm.