Report and Accounts 2015/16
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Report and Accounts 2015/16 Presented to the members of the Staple Inn Actuarial Society at its Annual General Meeting on 18 October 2016 SIAS Report & Accounts 2015/16 SIAS: Who We Are History & Role The Staple Inn Actuarial Society was originally founded in 1910 as the Institute of Actuaries Students' Society. Its original objectives were to assist students in preparing for actuarial exams and to provide a forum to practice public speaking. Over time SIAS has evolved to become a body with over 5,500 members around the world, to both: Support the professional interests of younger members of the Institute and Faculty of Actuaries (“IFoA”), particularly students and those with up to five years post-qualification experience. Act as the regional actuarial society for London and South East England. Objectives The objectives of SIAS are: To provide opportunities, particularly for younger members of the IFoA, to: o attend and participate in open discussions of professional interest; o prepare papers and/or presentations on topics of professional interest; o encourage social contact with each other; and o share experiences of the IFoA’s education program. Help members in their professional development. Represent the interests of SIAS members. Social & Programme SIAS arranges a wide variety of activities, both professional and social events, allowing members to develop professionally and network with fellow actuaries and members of the actuarial community. The busy social and programme calendars include such highlights as the Annual Ball and Jubilee Lecture respectively. View the complete upcoming list of events on our website here. Charity SIAS members have the opportunity to give back to the community through introducing a career within the actuarial profession to both school and university students. These sessions also support the development of volunteers’ presentation skills. More information can be found here. 1 SIAS Report & Accounts 2015/16 SIAS Committee 2015/16 The committee for the 2015/16 Year was as follows: Fiona Matthews Mark Gorman Chairman Honorary Secretary Fellow Fellow Willis Towers Watson EY Rachel Evans Anique Buddhdev Treasurer Social Convenor Fellow Student Bank of England ERS Jonathan Lim Nicole Tooze Marketing Convenor Programme Convenor Fellow Fellow Milliman Barnett Waddingham Natanya Roelofse Rob Jarvis Charity Convenor, Regional Convenor Marketing Subcommittee Student Fellow Direct Line Group ProSight Sav Perumal Thomas Leigh-Eldredge Marketing Subcommitttee Marketing Subcommittee Student Student Prudential Willis Towers Watson Kateryna Katyukha Motunrola Oyebolu Social Subcommittee Social Subcommittee Student Masters Student Prudential Cass Business School Jennifer Strickland Jonny Solomon Social Subcommittee Programme Subcommittee Student Student Milliman Beach & Associates Ryan Allison Charity Subcommittee Student EY 2 SIAS Report & Accounts 2015/16 3 SIAS Report & Accounts 2015/16 Chair and Secretary Report In our collective 13 years of volunteering with SIAS, this has to have been the busiest year ever. SIAS has undertaken a series of one-off activities whilst still ensuring we continue to do what we do best: offering exciting, quality and interesting talks plus enjoyable social events for the benefit of our diverse 5,500+ members. Given the strong feedback SIAS continues to receive, we are proud to continue to serve our membership well. That doesn’t mean we can rest on our laurels as the nature of SIAS continues to evolve in response to the changing wants and needs of our members against a shifting commercial landscape. • Visits to five schools to educate inner city London In summary, our main one-off activities sixth form students on the virtues of pursuing an encompassed some significant changes: actuarial career, providing presentation opportunities for SIAS members. • In September 2015, SIAS made the difficult decision to sell The Actuary magazine to the Institute and During the course of the year, Fiona was interviewed Faculty of Actuaries (“IFoA”) to bolster SIAS’s in The Actuary, sharing thoughts with the magazine’s financial security. 28,000 readers on the opportunities for actuaries, engaging with pension scheme members and • At the October 2015 AGM , SIAS members voted to diversity in the profession. modernise SIAS’s rules. The quality of and commitment from SIAS’s • We have prepared the documentation to committee members has always been one of SIAS’s incorporate SIAS into a company limited by guarantee main strengths. Navigating through our activities for members’ approval at the October 2016 AGM. This over the previous 12 months has been challenging at will remove personal risk for SIAS’s committee and times, and SIAS and its committee members have members and improve SIAS’s ability to enter into come through better for it. Our increased financial contracts with suppliers and business partners. strength and future marketing plans place us in a strong position as we move into 2016/17. Fiona and • We commenced a tender process to update and host Mark would personally like to thank each of SIAS’s the SIAS website. committee members for their tremendous efforts, Our “business-as-usual” activities delivered value engagement and enthusiasm. to our members including: We would also like to thank the IFoA for its ongoing • 11 talks providing a total of around 1,500 hours of support, with special mention to Tess Joyce who Continuing Professional Development (“CPD”) to the provides a link between the two organisations and actuarial community covering a wide range of subject Alison Jiggins who patiently and professionally matters – talks included implications for actuaries of coordinates SIAS’s monthly newsletters. the EU referendum and climate change. Closing note from the Secretary: after overseeing SIAS • 10 social events including our flagship annual through some significant changes over the last two dinner at The Roundhouse in Camden where 700 years as Chair, I would like to thank Fiona for the attendees enjoyed “a night at the awards”, with a red insightful and commercial guidance and coaching that carpet service, selfie sticks, award presentations and, she has willingly provided to the committee both for for those brave enough to try, acceptance speeches. the benefit of SIAS and also for the personal development of the committee members. Fiona Matthews, Chair & Mark Gorman, Honorary Secretary 4 SIAS Report & Accounts 2015/16 Treasurer’s Report SIAS has continued to evolve over the last year, The outlook for 2016/17 is positive, the committee adapting to the change in revenue streams the Society will focus on increasing membership numbers and has experienced in the last few years. will continue to monitor spending. The financial position has significantly improved for Investment strategy 2016/17 year ended 30 June 2016 following the sale of The The sale of The Actuary magazine and the maturity of Actuary magazine for £250,000. the bond with Scottish Widows in December 2016 The operating surplus, after taxation is £235k. This leaves SIAS’s accounts with a significant cash surplus compares to a deficit of £12k in the year to 30 June of approximately £500k at 30 June 2016 which the 2015. committee intends to invest in a way to help safeguard the long term future of the Society. The key points from the accounts are as follows: Indeed, since 30 June 2016, SIAS’s committee has 1. Income Commentary agreed to invest £50k into index tracker funds: £50k The income from subscriptions has increased to £97k in FTSE All Share and £50k in MSCI All World. This from £84k. The investment income and interest decision was reached primarily for the following remained relatively stable. Other income, which reasons: includes: (i) the proceeds from the sale of The Actuary SIAS wished to avoid investing in individual magazine which provided a significant one-off income stocks and shares which could have of £250k; and (ii) a new annual per member subsidy suggested it is taking a view on investment payment from the IFoA. performances – given this, passive 2. Expenditure Commentary investment in indices with a larger number of constituents is preferred. Expenditure has decreased to £77k from £94k in Equity indices investments are perpetual, 2014/15, with sponsorship savings partially offset by which matches SIAS’s intention to use the the increase of the administration expenses. surplus to safeguard the Society’s long-term Sponsorship savings are as a result of ceasing future. supporting the Royal Society research project and ceasing SIAS’s charity matching scheme. The increase Equity indices investments are liquid, of administration expenses is of a one-off nature and allowing future committees to use or is related to the sale of The Actuary magazine and the rebalance the investments without society’s proposed change to its legal status. significant barriers, for example in response to adverse events and/or changes to SIAS’s 3. Investments Commentary activities. SIAS invests approximately £47k in Fidelity’s Major equity indices investments are subject Institutional Cash fund and holds a £200k five year to relatively low management charges. bond with Scottish Widows. In addition, SIAS has FTSE All Share provides good matching of three accounts with NatWest (two savings accounts SIAS’s current expenditure which is mostly and a current account) where it has cash amounting in GBP. to approximately £346k at the year end. MSCI All World provides: (i) further matching of SIAS’s current expenditure Expectations for 2016/17 which is mostly in GBP – in particular, we The committee has decided not to increase understand some of the constituents in this membership fees and to keep them at the 2015 level index and not in the FTSE All Share will of £23 for Fellows and £12 for Students. The new include exposure to GBP cash flows; and (ii) IFoA members are now not automatically registered an increased total pool of constituents which as SIAS members, which reduces the number of new SIAS is exposed to in its total equity members for the society.