Last year saw both growth and change for CHIC and our Annual Reports highlight some key achievements and developments
Update from CHIC Board’s Quarterly Meeting
Background
CHIC’s Board represents all CHIC members, to ensure the consortium delivers both the services members want and to the standard they can expect.
The Board consists of up to 11 directors, at least 8 of whom must be member representatives. The Board is chaired by an independent director, selected by the Board; there are currently nine member representatives and one other independent director.
The Board meets quarterly and reviews progress against CHIC’s business strategy, as well as monitoring operational performance delivered through its Agency Services Contract with ARK Consultancy.
The last quarterly meeting was in late September, when the Board reviewed performance and outcomes for CHIC’s financial year 2024/25.
Annual Accounts and External Audit
Following earlier scrutiny by the Audit and Risk Committee, the Board reviewed and approved the Annual Accounts and Director’s Report for the financial year 2024/25 (CHIC’s year runs from 1st July to 30th June). The Board was pleased to note that CHIC had another successful year. Although it is a not for profit consortium, it has continued to strengthen its reserves commensurate with the scale of turnover growth.
The Board reviewed the Annual Audit Report from UHY Hacker Young, which was positively received.
Annual Performance Reports
Under the formal contract with ARK, the Board has a duty, on behalf of members, to review performance on an annual basis. This is against targets in CHIC’s business strategy, specific performance targets for the Agent and assurance around company secretarial responsibilities. The Board was pleased to note that all targets had been met or exceeded.
CHIC and CHIP Annual Reports
An annual report for CHIC for 2024/25 was reviewed and approved. This will be printed for sharing with stakeholders but is also available electronically, accessed via this LINK.
An annual social value report for CHIC and its associated charity, CHIP, was also reviewed and approved. This explains the social value outcomes delivered directly by CHIC last year, alongside CHIP’s charitable activities, supported by an annual financial contribution from CHIC. Printed copies will be available but it can be accessed now via this LINK
Business Operations
CHIC’s risk register was reviewed. Following a detailed examination by the Boards recently created Audit and Risk Committee. This sets out the key risks that affect CHIC’s activities and how these are mitigated.
The Board the reviewed current business operations and performance for the first quarter of 2025/26, including positive progress with the recruitment of staff to some new roles within the team.
The Directors will meet again for their next quarterly review in December and will be holding a Business Strategy Awayday in early 2026, looking towards the next phase Business Strategy, due to commence in July next year.
If you require further information about CHIC’s Governance and the membership and work of the Board, please contact CHIC’s Chief Executive, John Fisher [email protected]
