CIBSE NEWS | CIBSE AGM Continued from p15 The Balance Sheet shows Property and Equipment up 66k, reflecting investment in the website, investments down 296k reflecting the stock market, and debtors up 274k in line with increased income. Cash at 234k reflects the full repayment of the 500k received from the Government Coronavirus Business Interruption Loan. Overall, Net Assets are up 273k. Governance: part of the remit of the Finance Risk Audit and Governance (FRAG) Committee, was reviewed in 2022, led by Board Member Dave Cooper. The review confirmed that processes are robust and reviews should be ongoing and iterative rather than periodic (five times a year in the past). Dave Cooper has joined FRAG and Governance is now discussed at every meeting. A review is under way into the processes and management of documentation and version control. Kevin Mitchell invited questions: Chris Jones wondered about CIBSEs investment strategy and appetite for risk. Vince Arnold advised that the Board had moved all its investments into an ethical fund because it was felt to be the right action to take and to be consistent with the aims of the Institution. Mike Smith enquired about research spending, noting that an accumulated surplus was available to increase spending. Kevin Mitchell advised that CIBSE was prudent in how it spent the fund and that much research is multi-year and not shown in current figures. Ted Pilbeam commented that the surplus is being gradually committed: for example, Weather Data research is a major commitment over the coming years and, with volunteers very time-constrained, new and revised guidance often requires external authoring spends. Geoff Prudence requested that more detail on Society and Group expenditure be made available so that examples of those that are more active or creative can be shared. Kevin Mitchell confirmed that this would be done through the Societies and Groups meeting. AUDITORS The proposal put forward by Vince Arnold to appoint Crowe UK LLP as auditors for the financial year 2023 was passed unanimously. SPECIAL RESOLUTION The second proposal put forward by Vince Arnold for the annual membership rates for the financial year 2024 was passed unanimously. ANY OTHER BUSINESS Kevin Mitchell thanked departing Board members Kevin Kelly and PL Yuen for their dedication, commitment and contribution to the development of the Institution and to Building Services Engineering as a profession. He then formally concluded the AGM. APPOINTMENTS | Tel: 020 7324 2755 Email: cibsejobs@redactive.co.uk www.cibsejournal.com August 2023 53