Date / time
24/06/2025
1:00 pm - 2:00 pm
The meeting is summoned by the Committee of BILA. The business of the meeting is (1) to consider and vote upon proposed amendments to BILA’s Constitution pursuant to Rule 17(1) of the BILA Constitution and (2) to elect Rayner Essex to conduct the Financial Statements Review for the year ended 28th February 2025.
The amendments are set out in the Proposed Amendments document signed by the Honorary Secretary. To view the proposed Amendments and current Constitution please login to the member’s area, documents located in the AGM, Minutes and Reports section. If you require assistance, please contact office@bila.org.uk.
Background and Purpose:
BILA’s auditors, Rayner Essex, have advised BILA that they cannot continue to audit BILA’s financial statements at the low fees they have been charging in recent years, particularly since recent planning and procedure changes mean that they cannot strip down the work as far as they have in the past and still remain in compliance with Auditing Standards. Rayner Essex advise that an appropriate review for BILA would be an Assurance Review (under the International Standard for Review Engagements (ISRE 2400)).
An Auditor must give an opinion on whether the financial statements give:
- a ‘true and fair view’ of BILA’s financial state of affairs, and
- have been properly prepared in accordance with proper accounting practice and relevant law.
For an Assurance Review, Rayner Essex would limit work on the financial statements to be able to report that:
- nothing has come to our attention that causes us to believe that the financial statements do not present fairly, in all material respects.
Having considered the issue in detail, the BILA Committee is of the view that an Assurance Review is a more appropriate and proportionate arrangement than a formal audit given (i) BILA’s size and the simple nature of its financial activity, (ii) BILA’s existing financial systems and controls and (iii) the significantly increased cost of a formal audit.