Page 6 - the SyI Quarterly V3 digital (1)

Know your Institute
Know your Institute

2020 Annual General Meeting

Voting Survey Results

Dear members,

In line with the Government guidance and the uncertain duration of the current lockdown, the Board of Directors decided to
cancel the Annual General Meeting (AGM) this year but that did not negate the legal requirement to present key aspects of our
AGM to you, the membership.

Specifically, we required the acceptance of a number of key actions:
• To vote to accept the nominees for Directorships on our Board.
• To accept the 2019 Statement of Accounts
• To appoint the auditors.
• To Approve the 2019 Annual General Meeting minutes

After being distributed on May 1st, the AGM voting survey is now complete and I am pleased to report that we exceeded by far
the number of responses we needed in order to legitimise the results.

I am also delighted to be able to declare that both Peter Lavery FSyI and Andy Watkin Childs CSyP MSyI were unanimously elected
to the Board of Directors for the next three years, and will continue to fulfil their respective roles as Deputy Chairman and Director
of Standards Development.

The auditors were approved, as were the accounts. Three questions were raised by members have been addressed by the Deputy
Chairman. These specifically related to the appearance of an overspend in the last financial year, which is the result of a change
in the accounting process and relates to deferred income. Clarifications are provided in the boxes below and opposite, with the
sections in italics taken from the last page of the 2020 Audit Committee report.

In accordance with Financial Report Standard 102 section 1a, Armstrongs have accounted for deferred income in the accounts. The principle
is to “match” the correct income with the correct expenditure in the correct period. [NB: Deferred income consists of the money you have
received during the year which relates to next year’s services. For instance, this could be a membership paid in December 2019
which relates to the 2020 year.]

In the normal run of things there would be a deferred income figure bought forward from last year. Unfortunately, our accounts were not
prepared on this basis before and all income received in the year has been recognised as income in that particular year. This is not correct in
accordance with Financial Reporting Standards. The result of deferring income in these accounts for the first-time results in a greater-than-
usual deficit (due to the fact we had not accounted for deferred income bought forward).

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