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CIMA Financial Statements 2007Capturing the CIMA difference

Contents1 Financial review3 Corporate governance statement6 Independent auditor’s report to the members of

the Chartered Institute of Management Accountants7 Consolidated financial summary8 Consolidated income statement9 Consolidated balance sheet10 Statement of changes in funds11 Consolidated cash flow statement12 Notes to the consolidated accounts25 Council and Committee members

Our purposeThe ever greater employabilityof chartered managementaccountants.

Our visionChartered managementaccountants driving the world’ssuccessful organisations.

Our missionTo be the first choice for employers in the qualification and development of charteredmanagement accountants.

CIMAThe Chartered Institute of Management Accountantsis the only international accountancy body with a sole focus on business. It is a world leadingprofessional institute that offers an internationallyrecognised qualification in managementaccountancy, focusing on accounting in business in both the private and public sectors. CIMA iscommitted to upholding the highest ethical andprofessional standards of members and students and to maintaining public confidence inmanagement accountancy.

CIMA Financial Statements 2007 1

Financial review

The following narrative refers to CIMA and excludes the activities of the Charities, which are reported upon separately in theirrespective financial statements.

SurplusCIMA generated a pre-tax surplus of £0.5m (£1.3m in 2006) butbefore IAS19 pension adjustments, which brought the movement on reserves to £1.1m (£2.8m in 2006).

IncomeIn 2007 CIMA generated £39.1m of operating income, an increase of £2.6m (7.2%) over the previous year. CIMA’s income is generatedfrom four principal sources: fees £22.0m, student education £11.2m,members and student services £4.9m and investment income of£1.0m. In addition to the operating income of £1.3m, the return on pension assets brings total income to £40.4m.

Increased fee income from members and students was driven bygrowth in the number of students of 1,057 and members of 3,340. In addition, fee pricing increased by 2.5% for students and 3.1% for members.

CIMA’s principal business model is the growth in the number ofmembers, which is fuelled by the recruitment of students, theirprogression through the examination process and the retention of members once qualified. Retention levels for students remained at a similar level to the previous year, whereas those for membersimproved significantly. The growth in new members was the largeston record in 2007 and driven by a greater number of face to facemembership assessments and a trialling of a new online applicationfacility. The introduction of TOPCIMA examinations by computer hasenabled CIMA to increase the number of sittings which has increasedthe throughput speed of students through the examination process.

Student education income is derived from the examination process,which supports the international delivery of both paper andcomputer based exams, in addition to ongoing syllabus development.

Member and student services income has grown by £0.6m, animpressive 13% increase over the previous year. The growing range of professional educational products available in a variety of formats(web based reports, webcasts, face to face training and in-housecompany training courses) is leading the way. Sponsorship for a variety of CIMA services, conferences and events has also generated a strong income stream.

Interest income has improved 36% through a combination of highercash holdings and interest rates.

Activity expenditure The additional £2.6m operating revenue was all invested in two areas.Increasing CIMA’s international presence, through greater internationalbrand promotion and in laying the foundations for the globalmanagement of employer relationships. Expanding the range ofmember and student professional education products through thecourses and conferences activity, the Centre of Excellence (which has launched a number of online products, webcasts and journals),management accounting technical output from CIMA’s innovationand development team, and a significant increase in the content of the Financial Management magazine.

74% of CIMA’s activity expenditure is focused upon member andstudent growth, support and regulation, and the provision and delivery of examinations. In total a further £3.4m has been expendedon these activities in 2007 when compared to the previous year,delivering greater international coverage and higher student andmembership growth.

23% of expenditure is related to centralised infrastructure, in the form of depreciation, technology, UK property, financial and employeesupport. This increased by £0.2m in 2007 when compared to theprevious year, the majority of which was depreciation. CIMA’sefficiency gains in running its infrastructure and processes have onceagain enabled it to devote more of its expenditure to direct memberand student activity.

3.1% of expenditure arises from interest on pension scheme liabilities.

Fixed assetsExpenditure on fixed assets amounted to £1.0m in the year and wasmostly on IT. With depreciation running at £1.8m for the year, theoverall net book value of assets decreased by 16%.

InvestmentsCIMA continued its balanced approach to investment management,with 85% of its year end funds held in cash and cash equivalents andthe balance in a Schroders managed fund. Interest income was 4.7%over the year. The Schroders investment fund is primarily for growthand ended the year valued at £3.1m, £0.8m higher than its historiccost at January 2005.

Net current assetsCurrent assets increased by 6% largely caused by higher cashbalances which resulted from a faster subscription collection rate in the last quarter of the year. Lower payables (£1.0m) arose from the timing of year end payments and lower accrued commitments.This was partly offset by lower receivables (£0.3m).

2 CIMA Financial Statements 2007

Financial review continued

Liquid reserves and risk coverLiquid reserves (net assets) of £7.3m at the end of the year enabledCIMA to exceed its minimum level of risk cover by £3.3m. Risk isevaluated as a combination of: potential income loss, the costs ofsupporting a large professional conduct case, and operating risk(supported by the risk register). For 2007 the value at risk was £4.0m.

Risk management and internal auditCIMA has both a strategic and operational risk framework underpinnedby a comprehensive risk register. This is reviewed frequently andreported upon in the monthly management information. During2007 no high risk incidents occurred, but there were a number of lower risk events identified which were managed and mitigated.

The internal audit process is risk based and outsourced to GrantThornton UK LLP. The areas reviewed included governance (delegatedauthorities), evaluation of new markets, financial activity in Sri Lanka,information strategy and IT security, with reviews of the educationprocesses, syllabus development and financial activity in SouthernAfrica. No high risk issues were raised and, where action is required, it is monitored by senior management.

PensionsThe asset valuation of the fund improved in 2007 by £1.5m bringingthe market value to £23.2m. This reflected improvements in marketrates as well as additional contributions from the employer, and achange in asset allocation. During the year the trustees carried out a review of the allocation of the funds and commenced a process for reducing the level of equities, increasing that of corporate (AAA-AA-A) bonds and diversifying a small element of the fund more widely. This is in keeping with the need to reduce the riskinherent in the fund as the membership becomes weighted towardsretired members.

With regard to the liabilities, even though the life expectancyassumptions for the fund valuation were lengthened in 2006,published material since then has indicated that the population at large is continuing to live longer. To recognise this, the valuation of the fund in 2007 has taken into account stronger cohortimprovement factors (relating to year of birth, gender and socio-economic grouping). This increased the liability valuation by £1.4m.Higher bond discount rates have, however, reduced the valuation of liabilities leaving an overall liability valuation of £24.9m.

These changes produced a deficit at the end of the year of £1.7m in comparison to £2.4m the previous year. The current profile of fundmembers is 21% pensioners, 53% deferred and 26% active members.

The income and expenditure account shows an operating surplus of £1.0m (2006: £1.6m). However, it is CIMA’s responsibility to fund the pension scheme deficit out of its operating surpluses. Total contributions to the pension scheme were £0.9m (2006: £0.7m)including additional payments of £0.5m (2006: £0.3m) to fund thescheme deficit as required by the schedule of contributions agreed by the scheme's actuary.

If no adjustments had been made as required by IAS19, the operatingsurplus would have been reduced to £0.5m (2006: £1.3m).

PlanningCIMA’s planning process is driven by strategy.

In 2007 a major strategy review was undertaken projecting forward to 2015. This targets considerable growth for CIMA and has set astrategic agenda requiring transformation and change. The 2008business plan identifies actions which focus upon membership growththrough global advertising and brand differentiation, improvingstudent throughput rates and progression to membership, marketdevelopment in both strong performing established markets and in new territories, and building upon professional development andsupport products. This will be underpinned by continuing to improvethe leadership capability of all managers, a cycle of business reviews to drive greater efficiency and effectiveness, and improving speed to market and delivery of products and services. Projected increasedrevenues and a strong reserves base will once again allow CIMA to devote greater resource to expanding its global reach.

John WindleDirector of Finance and Operations

19 March 2008

Governance approved

Operational delivery

Budgets/forecasts

Management information/KPI’s

Performancereview

Management information/KPI’s

Strategy

Strategic actions/business plans

Budgets/forecasts

Performancereview

Strategyreview

Policy proposed

Planning and strategy


Corporate governance statement

The Combined CodeCIMA is committed to the highest standards of corporate governanceand supports the Combined Code published by the Financial ReportingCouncil in July 2003 and updated in 2006. This code was drawn up for listed companies, and includes extensive guidance regardinginstitutional shareholders. As such, CIMA is not obliged or able to follow it completely. However, the council is committed toimplementing it as far as is applicable for a professional body. This report describes how the council has applied and supported the principles in the interests of best practice.

CouncilCIMA is governed by a council of up to 54 members (the actualnumber was 52 at the end of 2007 – see the back of this report for a full list of members during the year). The council is responsiblefor setting strategy and policy in line with the objects of CIMA’s RoyalCharter, and for representing the interests of, and reporting to, thegeneral membership. It determines and reviews CIMA’s vision, missionand values and is the ultimate authority within the organisation. The council is headed by the President, Gordon Grant, the DeputyPresident, Glynn Lowth, and the Vice President, Aubrey Joachim. The council met five times in the year.

The president was elected by the membership at the 2007 AGM, on the recommendation of the council. He is the honorary leader of CIMA for one year, during which time he acts as chairman of the council and executive committee and represents the interests of the institute externally to government, the public, the profession,regulatory bodies, the media, etc. The president, together with thedeputy and vice presidents, provides strategic direction to the councilin its deliberations and is responsible for ensuring the democraticprocess of the council and the management of the meetings.

Council members, who must be Fellows of CIMA, are either elected by the members residing or working in each area, or are co-opted. All members of the council are equally responsible for ensuring thatthe best interests of the general membership are considered in thedecision making process. All members of CIMA are entitled to attendthe AGM, to vote in person or by proxy on matters required to bereferred to the membership, and are asked to complete regularsatisfaction surveys to ensure their opinions are heard.

Members of council may not be financially rewarded for their work for CIMA, except as allowed by the Royal Charter, Byelaws andRegulations. A register of council members’ interests is maintained,which details any personal or business interests which could give rise to a conflict of interest between CIMA and other bodies.

The council delegates activities in line with an annually updatedscheme of delegations, to the appropriate committees, the chiefexecutive, and the senior management team (SMT). The council hasresponsibility for setting the terms of reference of these committees,and for reviewing their performance. The chief executive is the mostsenior staff member of CIMA and is responsible for proposing, advisingon and implementing the strategy as agreed by the council, leading and managing the staff and overseeing CIMA’s day-to-day operations.He is the prime source of operational information and advice for thecouncil and committee members and, with the assistance of thesecretariat department, is responsible for ensuring that adequate and timely information is available to allow them to prepare for each meeting.

Upon appointment all new members of council are provided with a comprehensive information pack and invited to attend an inductionday designed to provide closer understanding of CIMA’s operationsand strategy, and the way in which council meetings are conducted. In addition all members of the council are given the opportunity to attend an annually run governance workshop and an annual session on chairing effective meetings.

In 2007 the council completed an evaluation of its own performance and agreed to the progression of an action plan to address the themeswhich emerged. It is anticipated that this process will be extended during 2008 to review the performance of several of the committees,developing and adapting the process as appropriate in the light of experience.

Reporting responsibilities of the councilThe Byelaws of CIMA require council to ensure that financialstatements are prepared for each financial year which give a true and fair view of the state of affairs and the surplus or deficit for that period. In preparing those financial statements, the council, in accordance with best practice, is required to:

• select suitable accounting policies and then apply them consistently

• make judgements and estimates that are reasonable and prudent

• state whether applicable accounting standards have been followed,subject to any material departures disclosed and explained in thefinancial statements

• ensure that the financial statements are prepared on the goingconcern basis unless it is inappropriate to presume that CIMA will continue in business

• provide the auditors with all information required in order for them to complete the audit.


Corporate governance statement continued

Proper books of account are maintained by the direction of the council,as required by the Byelaws of CIMA. These disclose with reasonableaccuracy at any time the financial position of CIMA. The council is not aware of any relevant information that has not been disclosedto the external auditor. The accounts are prepared on a going concernbasis as the council is satisfied that there is a reasonable expectationthat there are adequate resources to continue in operationalexistence for the foreseeable future.

The council is responsible for ensuring the maintenance and integrity of the financial information included on CIMA’s website. Legislation in the United Kingdom governing the preparation and disseminationof financial statements may differ from legislation in other jurisdictions.

Executive committeeThis committee was formed to deal with the co-ordination andreview of the objectives selected by the council, to monitor thefinancial status of CIMA and to approve developments beyond the scope of the annual business plan. The committee met six timesin the year (see the back of this report for a list of members duringthe year). The committee met once during the year without members of staff being present.

Appointments committeeCouncil has set up this committee which meets as necessary, but at least four times per year (see the back of this report for a list ofmembers during the year). It has responsibility for co-ordinating thearrangements for the selection of the next vice presidential candidate,for the election of policy committee chairmen and without portfoliomembers of executive and appointments committee. It also makesrecommendations for all other chairmen and committee members,and for representatives on various external bodies. The committeeapproves senior management appointments and remunerationpackages, and in doing so it will consider the remuneration of staff at similar levels in comparable organisations, and the relativeremuneration of lower level CIMA staff, while avoiding excessive costs. It will also ensure that performance related pay forms anappropriate portion of total remuneration. The committee willmonitor the performance of its appointees against predefined criteria, with specific reference to bonus payments.

Audit committeeThis committee, which met three times in the year, was formed to ensure that CIMA is run in line with its agreed regulations andprinciples; and that appropriate systems are in place to control thebusiness and minimise risk, by overseeing both the internal andexternal audit functions with reference to the risk frameworkapproved by the council. Internal control is reviewed with theassistance of the internal auditor, Grant Thornton UK LLP, who reports directly to the committee. Financial reporting is reviewed with the assistance of the external auditor, Chantrey Vellacott DFK LLP, who has direct access to the committee.

The committee has responsibility for reviewing the cost effectivenessand independence of both internal and external auditors. ChantreyVellacott DFK LLP provides some non-audit services, as detailed in thenotes to the accounts. The audit committee does not feel that theseactivities represent a threat to auditor objectivity or independence.

During the year the committee reviewed the appointment of theexternal auditor and after a formal tender process decided torecommend to council the re-appointment of Chantrey Vellacott DFK LLP.

The committee met on three occasions during the year (see the backof this report for a list of members during the year) without any staffpresent; it held three closed sessions with the internal auditor and one with the external auditor.

Risk managementThe council has overall responsibility for determining riskmanagement policy, and the SMT has responsibility for designing,implementing and maintaining systems consistent with this policy. A dynamic system was implemented in 2005, whereby all managersconsider the potential risks to their department, grade them bylikelihood of occurrence and financial impact, and record the results in the risk register. The audit committee has responsibility for ensuringthe register is regularly updated, analysing the results, and overseeingthe subsequent action plans. It has employed the internal auditor to assist in these procedures. With effect from 2008, the executivecommittee will actively review the risk register annually in May.Furthermore, SMT regularly review CIMA’s performance against past and budgeted financial and non-financial criteria. Managementaccounts are prepared every month and budgets are re-forecast twice a year, so that risks can be identified early and the appropriateaction taken.


These procedures are designed to identify and manage those risks that could adversely impact the achievement of CIMA’s objectives.While they do not provide absolute assurance against material misstatements or loss, the council is of the opinion that propersystems of risk management and internal control are in place within CIMA.

Subsidiary undertakings – directors appointed by CIMACIMA Enterprises Limited (CEL) was incorporated in 2000 to operatethe commercial activities of CIMA, namely CIMA Mastercourses, Financial Management magazine, CIMA Privileges, and direct mailing(see the back of this report for a list of members during the year). It was believed that such activities could be developed and expandedmore freely under this structure.

CIMA China Limited was incorporated in 2005 to manage a representative office established in China in 2006 (see the back of this report for a list of members during the year).

Controlled charitable trustsThe Benevolent Fund is a registered charity, created to provideassistance to members and ex-members, and their families, in times of hardship. The fund is administered by a committee of two members of council and three long standing members of CIMA (see the back of this report for a list of members during the year) , on behalf of CIMA, the sole trustee.

The General Charitable Trust is a registered charity, created toadvance education in accounting and related subjects. The trust is administered by a member of council, and three long standingmembers of CIMA, including two past presidents, appointed by CIMA.

The Anthony Howitt Lecture Trust is also a registered charity createdto advance education in accounting and related subjects. This takesthe form of a lecture, normally every other year, by eminent speakerson matters of interest to accountants and other leading members of the business world. The trust receives income from funds originallygifted from the founder, Anthony Howitt. The trustees are all currentoffice holders of CIMA.

Other fundsThe Prize Fund was created by a number of donations to generateprizes in CIMA exams. It is not a registered charity and exists solely to award prizes on the results of CIMA exams.

All these bodies have governance structures consistent with that of CIMA.

Social responsibilityCIMA is very aware of the important role it can play in bringing thisarea to the forefront of business current affairs. Guidance is issued to all students on commencement of their training, which defines thecore ethical attributes a chartered management accountant shouldhold and display. These attributes are integrity, objectivity, professionalcompetency and due care, confidentiality and professional behaviour.The guidance also explains their responsibility to the collective wellbeing of the community of people and institutions the professionalaccountant serves. It specifically notes the wider duty of care theyowe, beyond their employer or client, and offers guidance on theactions to be taken should an ethical conflict arise.

CIMA also recognises the importance of investment in its ownemployees, and the link between satisfied staff and satisfiedstakeholders. To this end, it has implemented extensive health and safety, employee satisfaction, learning and development, and performance appraisal programmes. Vacancies are filled from within CIMA wherever possible.

Gordon GrantPresident

19 March 2008


Independent auditor’s report to the members of theChartered Institute of Management Accountants

We have audited the group financial statements (the ‘financialstatements’) of CIMA for the year ended 31 December 2007 whichcomprise the consolidated income statement, consolidated balancesheet, statement of changes in funds, consolidated cash flowstatement, and the related notes. These financial statements havebeen prepared under the accounting policies set out therein.

Our audit work has been undertaken so that we might state to the members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extentpermitted by law, we do not accept or assume responsibility to anyone other than CIMA or its members, for our audit work, for this report, or for the opinion we have formed.

Respective responsibilities of council and auditorThe responsibilities of council for preparing the financial statements in accordance with applicable law and International FinancialReporting Standards (IFRS) as adopted for use in the European Unionare disclosed within the corporate governance statement.

Our responsibility is to audit the financial statements in accordancewith relevant legal and regulatory requirements and InternationalStandards on Auditing (UK and Ireland).

We report to you our opinion as to whether the CIMA FinancialStatements 2007 give a true and fair view. We also report to you if, in our opinion, CIMA has not kept proper accounting records or if we have not received all the information and explanations we require for our audit.

We read other information contained in the annual review, and consider whether it is consistent with the audited financialstatements. This other information comprises only the financialreview and corporate governance statement. We consider theimplications for our report if we become aware of any apparent misstatements or material inconsistencies with the audited financialstatements. We are not required to consider whether the council’sstatements on risk management cover all risks and controls, or forman opinion on the effectiveness of CIMA’s corporate governanceprocedures. Our responsibilities do not extend to any other information.

Basis of audit opinionWe conducted our audit in accordance with International Standardson Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It alsoincludes an assessment of the significant estimates and judgementsmade by council in the preparation of the financial statements, and of whether the accounting policies are appropriate to the group’scircumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the informationand explanations which we considered necessary in order to provideus with sufficient evidence to give reasonable assurance that thefinancial statements are free from material misstatement, whethercaused by fraud or other irregularity or error. In forming our opinionwe also evaluated the overall adequacy of the presentation ofinformation in the financial statements.

OpinionIn our opinion:

The financial statements give a true and fair view, in accordance with IFRS as adopted for use in the European Union, of the state of the group’s affairs as at 31 December 2007 and of the group’ssurplus for the year then ended.

Chantrey Vellacott DFK LLPRegistered AuditorRussell Square House10-12 Russell SquareLondon, WC1B 5LF

19 March 2008


Consolidated financial summary2007 2006 2005 2004 2003

Year ended 31 December £000 £000 £000 £000 £000

Income 40,423 37,632 33,820 30,681 27,234Expenditure (39,427) (35,995) (31,864) (30,034) (27,334)

Operating surplus/(deficit) 996 1,637 1,956 647 (100)

Charitable trusts and other funds 40 (62) (73) 69 125

Total surplus 1,036 1,575 1,883 716 25

Taxation (79) (18) (37) 20 –

Surplus for the year 957 1,557 1,846 736 25

Accumulated fund – revaluation adjustments – – – – 5(Decrease)/increase in fair value reserves (25) 489 999 206 434Actuarial gain on pension scheme 214 801 32 47 1,291

Net movement on reserves 1,146 2,847 2,877 989 1,755

Opening funds 14,178 11,331 8,454 7,465 5,710

Closing funds 15,324 14,178 11,331 8,454 7,465

2002

Actual and projected membership and student growth 2002-2008 (volume)

2003 2004 2005 2006 2007 2008

Membership growth Student growth

0

1,000

2,000

3,000

4,000

5,000

6,000


Consolidated income statementDirect 2007 2006

Income expenditure Net NetYear ended 31 December Notes £000 £000 £000 £000

Subscriptions 2a 21,951 – 21,951 20,751Brand and business development 2b 87 (10,475) (10,388) (9,271)Member and student services 2c 4,882 (11,374) (6,492) (5,846)Professional standards 2d – (2,145) (2,145) (1,927)Education 2e 11,181 (5,841) 5,340 5,285Financial income and expense 2f 2,322 (1,232) 1,090 761

40,423 (31,067) 9,356 9,753

Indirect costs 2g (8,360) (8,116)

Operating surplus attributable to members 3 996 1,637

Charitable trusts and other funds 2h 40 (62)

Total operating surplus 1,036 1,575

Taxation 4a (79) (18)

Surplus for the year 957 1,557

Results for the year are all derived from continuing operations.

A segmental analysis is set out in note 12.

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

Revenue sources 2003-2007 (revenue £000s)

2003 2004 2005 2006 2007

FinancialMembers/student servicesStudent educationFees Increase in revenueStarting and closing balance

36,500

37,000

37,500

38,000

38,500

39,000

39,500

40,000

40,500

41,000

Primary drivers of revenue growth (revenue £000s)

2006Revenue

Volume Feemovements

FinancialSales 2007Revenue


Consolidated balance sheetCIMA excluding charities CIMA including charities

2007 2006 2007 2006As at 31 December Notes £000 £000 £000 £000

Non current assetsProperty, plant and equipment 5 3,997 4,749 3,997 4,749Investments 6 3,114 2,951 5,522 5,487

7,111 7,700 9,519 10,236

Current assetsInventories 7a 2 2 2 2Trade and other receivables 7b 2,090 2,357 2,036 1,926Other cash and cash equivalents 7c 18,160 16,724 18,849 17,676

20,252 19,083 20,887 19,604

Total assets 27,363 26,783 30,406 29,840

FundsAccumulated fund 11,705 10,574 11,705 10,574Fair value reserves 1,006 903 1,006 903Charitable trusts and other funds – – 2,613 2,701

12,711 11,477 15,324 14,178

Current liabilitiesTrade and other payables 8 4,626 5,599 5,056 5,955Current tax payable – 19 – 19Subscriptions and fees received in advance 8,366 7,285 8,366 7,285

12,992 12,903 13,422 13,259

Retirement benefit obligation 9b 1,660 2,403 1,660 2,403

Total funds and liabilities 27,363 26,783 30,406 29,840

Signed on behalf of council

Gordon Grant Glynn LowthPresident Deputy President

19 March 2008


Statement of changes in fundsAttributable to CIMA members

TotalAccumulated Fair value attributable to Charitable Trusts

fund reserves CIMA members reserves Total£000 £000 £000 £000 £000

Balance at 1 January 2006 8,154 694 8,848 2,483 11,331

Changes in funds for 2006Unrealised gain on property revaluation – 69 69 – 69Unrealised gain on investment revaluation – 140 140 280 420Actuarial gain on pension scheme 801 – 801 – 801Surplus/(deficit) for the year 1,619 – 1,619 (62) 1,557

Balance at 31 December 2006 10,574 903 11,477 2,701 14,178

Changes in funds for 2007Unrealised gain on property revaluation – – – – –Unrealised gain/(loss) on investment revaluation – 103 103 (128) (25)Actuarial gain on pension scheme 214 – 214 – 214Surplus for the year 917 – 917 40 957

Balance at 31 December 2007 11,705 1,006 12,711 2,613 15,324


Consolidated cash flow statementCIMA excluding charities CIMA including charities

2007 2006 2007 2006Year ended 31 December £000 £000 £000 £000

Cash flows from operating activitiesOperating surplus 996 1,637 1,036 1,575Adjustments for:

Pension scheme service cost 505 527 505 527Pension scheme finance cost (103) (84) (103) (84)Pension contributions (931) (691) (931) (691)Depreciation and impairment 1,766 1,516 1,766 1,516Investment income (987) (694) (987) (766)Loss on disposal of non current assets – 17 – 17

Operating cash flow before movement in working capital 1,246 2,228 1,286 2,094

Decrease/(increase) in receivables 267 (571) (110) (258)Increase in payables 108 1,689 182 1,792

Cash generated from operations 1,621 3,346 1,358 3,628

Taxation (98) (37) (98) (37)

Net cash arising from operating activities 1,523 3,309 1,260 3,591

Cash flows from investing activitiesPurchase of investments (60) (12) (60) (12)Sale of investments – – – 4Purchase of property, plant and equipment (1,014) (665) (1,014) (665)Sale of property, plant and equipment – 239 – 239Investment income 987 694 987 766

Net cash (used in)/arising from investing activities (87) 256 (87) 332

Net increase in cash and cash equivalents 1,436 3,565 1,173 3,923

Cash and cash equivalents at 1 January 16,724 13,159 17,676 13,753

Cash and cash equivalents at 31 December 18,160 16,724 18,849 17,676

0

5,000

10,000

15,000

20,000

25,000

30,000

Dec06

Jan07

Feb07

Mar07

Apr07

May07

Jun07

Jul07

Aug07

Sep07

Oct07

Nov07

Dec07

Cashflow 2007 (closing cash balance £000s)


Notes to the consolidated accounts1 Summary of accounting policies

a Basis of preparationThe financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), and under the historical costconvention, as modified by the revaluation of freehold properties and investments. The group financial statements comprise the accounts ofCIMA and its wholly owned subsidiaries together with the Charitable Trusts and other funds under the control of CIMA as shown in note 11. All financial statements are made up to 31 December each year.

b Income recognitionThe main income streams are recognised as follows:

• subscriptions in the year when they fall due, where there is no significant uncertainty as to collectibility• exam fees by the date of the exam• Mastercourse fees by the date of the course• magazine sales and advertising by the month of publication• dividends from investments when CIMA’s right to receive payment is established• interest is accrued on a daily basis• sponsorship income is recognised when the event occurs• charitable donations and income are recognised when they are received• amounts received in advance are carried forward and included in current liabilities as deferred income.

c Expenditure recognitionExpenditure related to a specific income stream is recognised in the same period as the income. Expenditure related to a specific period of time or service is recognised in that period. Goods or services delivered, for which the invoice has not been received, are accrued in theaccounting period when they are received. Expenditure delivering the core products or services of CIMA or its ongoing functional activity for which there is no direct revenue benefit is expensed in the accounting period in which the commitment was made. Research anddevelopment expenditure is written off in the year in which it is incurred. Full provision has been made for the residual commitments, together with other outgoings, of obligations where CIMA is contractually committed to carry out further research activities. Charitable expenditure is recognised on an accruals basis.

d Grants made to non UK divisions and officesGrants are expensed in the year to which they relate. Locally generated income and any assets or liabilities arising, which are not of a materialnature, are not included in these financial statements.

e LeasesLeases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to CIMA. All other leases are classified as operating leases, and rental payments are charged against income on a straight line basis over the term of the lease.

f TaxationCorporation tax arises on CIMA’s chargeable gains, investment income less any charitable donations by way of gift aid and trading profits.Provision is made for deferred taxation to the extent that timing differences are expected to reverse in future periods. No provision for deferred taxation is included in respect of surpluses on revaluation of property and investments.

g InvestmentsInvestments are recognised at cost on the trade date, and are restated on the reporting date at fair value. Unrealised gains and losses (includingthose arising on translation of investments denominated in foreign currencies) are recognised directly in fair value reserves until the investment is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in fair value reserves is included in net surplus or deficit for the period.

h Property, plant and equipmentThe freehold interests are carried at fair value, based on valuations conducted every three years, with subsequent additions at cost; and aredepreciated at 2% reducing balance method on the fair value. Leasehold improvements made to 26 Chapter Street, London, UK are carried at cost and depreciated on a straight line basis over the period of occupation, from November 2001 to September 2015. Other equipment,comprising IT systems and related hardware, is carried at cost and depreciated on a straight line basis at rates varying from 20% to 50%,depending on the useful economic life of the equipment. Small items of furniture and office equipment are expensed in the year of purchase.


i ImpairmentAt each balance sheet date the carrying amounts of tangible non current assets with finite lives are reviewed to determine whether there is any indication that those assets have sufferred an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

If the recoverable amount of the asset is estimated to be less than the carrying amount, the carrying amount is reduced to the recoverableamount. Impairment losses are recognised in the income statement, unless the asset is land or buildings at a revalued amount, in which case the impairment loss is treated as a decrease in the fair value reserve.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of the recoverableamount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairmentloss been recognised for the asset in prior years. A reversal of an impairment loss is recognised in the income statement, unless the asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as an increase in the fair value reserve.

j InventoriesInventories are valued at the lower of cost or net realisable value.

k Foreign currenciesTransactions in currencies other than sterling are initially recorded at the rates of exchange prevailing on the dates of the transactions. Monetary assets and liabilities are retranslated at the rates prevailing on the balance sheet date. Surpluses and deficits arising on exchange are included in the net surplus or deficit for the period.

l Retirement benefitsFor defined benefit plans, the cost of providing benefits is determined using the projected credit method, with actuarial valuations being carried out at each balance sheet date. Actuarial gains and losses which exceed 10% of the greater of the present value of the pension obligation and the fair value of plan assets are amortised over the expected average remaining working lives of the participating employees. Past service cost is recognised immediately, to the extent that benefits are already vested, and otherwise is amortised on a straight line basis over the average period until the amended benefits become vested.

The amount recognised in the balance sheet represents the present value of the defined benefit obligation, and reduced by the fair value of plan assets. Any asset resulting from this calculation is limited to the unrecognised actuarial losses and past service cost, plus the present value of available funds and reductions in future contributions to the plan.

For the defined contribution scheme, the cost recognised for the period is the contribution payable in exchange for service rendered byemployees during the period.


Notes to the consolidated accounts continued2 Detailed consolidated income statement

2007 20062007 Direct 2007 2006 Direct 2006

Income expenditure Net Income expenditure Net£000 £000 £000 £000 £000 £000

a Subscriptions 21,951 – 21,951 20,751 – 20,751

b Brand and business developmentBrand 29 (3,154) (3,125) 24 (2,861) (2,837)Business development 58 (7,321) (7,263) – (6,434) (6,434)

Total brand and business development 87 (10,475) (10,388) 24 (9,295) (9,271)

c Members’ and students’ servicesProfessional development 3,847 (4,584) (737) 3,319 (4,087) (768)Member and student support 1,031 (3,154) (2,123) 994 (3,235) (2,241)Secretariat – (1,873) (1,873) – (1,470) (1,470)Innovation and development 4 (1,763) (1,759) 8 (1,375) (1,367)

Total members’ and students’ services 4,882 (11,374) (6,492) 4,321 (10,167) (5,846)

d Professional standardsProfessional standards – (961) (961) – (848) (848)Accountancy bodies – (1,184) (1,184) – (1,079) (1,079)

Total professional standards – (2,145) (2,145) – (1,927) (1,927)

e EducationExam delivery 11,027 (3,847) 7,180 10,547 (3,598) 6,949Development 154 (1,487) (1,333) 122 (1,439) (1,317)Education partnership – (507) (507) – (347) (347)

Total education 11,181 (5,841) 5,340 10,669 (5,384) 5,285

f Financial income and expenseInvestment income 987 – 987 694 – 694Net loss on non current asset disposal – – – – (17) (17)Expected return on pension scheme assets 1,335 – 1,335 1,173 – 1,173Interest on pension scheme liabilities – (1,232) (1,232) – (1,089) (1,089)

Total financial income and expense 2,322 (1,232) 1,090 1,867 (1,106) 761

g Indirect costsFinancial services (1,623) (1,583)IT and facilities (2,973) (3,040)Property (1,517) (1,372)Depreciation (1,766) (1,516)Human resources (806) (875)Recoverable VAT 325 270

Total indirect costs (8,360) (8,116)

h Charitable trusts and other fundsBenevolent Fund 117 (89) 28 79 (96) (17)General Charitable Trust 284 (260) 24 537 (582) (45)Anthony Howitt Lecture Trust 12 (16) (4) 9 – 9Prize Fund – (8) (8) – (9) (9)

Total charitable trusts and other funds 413 (373) 40 625 (687) (62)


3 Operating surplus

a The operating surplus has been arrived at after charging:

2007 2006£000 £000

Audit fees 56 50Taxation and other services paid to auditors 60 46

116 96

Net foreign exchange loss (76) (88)

Research and development costs 224 208

Depreciation 1,766 1,516

In accordance with article 3(c) of the Royal Charter, no council member was remunerated during the year, except under byelaw 34(b) (examiners’fees). No council member benefited personally from any contract with CIMA, and contracts with organisations with which council memberswere connected are not of a material nature. The total reimbursement of expenses incurred by council members on CIMA business was £0.5m(2006: £0.4m).

b Employees

2007 2006£000 £000

Salaries and wages (including temporary staff)* 10,724 9,411National insurance 983 861Defined benefit pension scheme – service cost 505 527Defined contribution scheme 297 247

12,509 11,046

* These figures include the SMT detailed below.

The year end number of UK employees was 276 (2006: 251), and overseas employees was 95 (2006: 99). All employees work in administrative roles.

c Senior management team (SMT)Remuneration and individual short term employee benefits paid during the year, to members of the UK SMT in post at the year end, fell within the following ranges:

2007 2006

£200k-£210k 1 –£190k-£200k – 1£150k-£160k 1 –£120k-£130k 2 1£110k-£120k 2 3<£100k – 2

6 7


Notes to the consolidated accounts continued4 Taxation

2007 2006£000 £000

a Tax charge for the year UK corporation tax payable on surplus for the year – 18Under provision of prior year tax 31 –Malaysian tax charge on disposal of property in prior year 48 –

79 18

b Factors affecting the tax charge for the yearThe tax assessed for the period is lower than the standard rate of corporation tax in the UK (30%); the difference is explained below.

2007 2006£000 £000

Operating surplus 1,036 1,575

Tax at the standard rate of 30% 311 473Effects of:

Net income not taxable (164) (426)UK dividends received (16) (3)Capital allowances more than depreciation (2) (3)Utilisation of tax losses (117) (34)Lower rates of taxation – (8)Charitable Trusts (12) 19Foreign tax 48 –Adjustment to prior period 31 –

Current tax charge for the year 79 18

No tax liabilities arise under the activities of the charitable trusts.


5 Property, plant and equipment

Freehold land Leasehold Otherand buildings property equipment(at valuation) (at cost) (at cost) Total

£000 £000 £000 £000

Cost or valuationAt 1 January 2006 992 3,711 4,302 9,005Additions – 70 595 665Revaluation 39 – – 39Disposals (273) – – (273)

At 31 December 2006 758 3,781 4,897 9,436

Accumulated depreciationAt 1 January 2006 (27) (1,252) (1,939) (3,218)Charge for the year (20) (296) (1,200) (1,516)Eliminated on revaluation 30 – – 30Eliminated on disposals 17 – – 17

At 31 December 2006 – (1,548) (3,139) (4,687)

Carrying amountAt 31 December 2006 758 2,233 1,758 4,749

Cost or valuationAt 1 January 2007 758 3,781 4,897 9,436Additions – – 1,014 1,014

At 31 December 2007 758 3,781 5,911 10,450

Accumulated depreciationAt 1 January 2007 – (1,548) (3,139) (4,687)Charge for the year (16) (273) (1,477) (1,766)

At 31 December 2007 (16) (1,821) (4,616) (6,453)

Carrying amountAt 31 December 2007 742 1,960 1,295 3,997

The valuation of the freehold land and building in Sri Lanka, has been prepared by Philip Motha Chartered Valuer, on the basis of depreciatedreplacement cost at 30 November 2006.

On a historical cost basis the revalued freehold land and buildings in Sri Lanka would have been included at a cost of £670k less accumulateddepreciation of £198k.

Leasehold premisesFreehold land and buildingsIT – pre 2007IT – 2007

Property, plant and equipment NBV 2007

15%

48%

19%

18%


Notes to the consolidated accounts continued6 Investments

CharitableInstitute Trust Funds Total

£000 £000 £000

At 1 January 2006 2,799 2,261 5,060Additions 12 – 12Disposals – (4) (4)Revaluation 140 279 419

At 31 December 2006 2,951 2,536 5,487

Historical cost 2,320 1,928 4,248

At 1 January 2007 2,951 2,536 5,487Additions 60 – 60Revaluation 103 (128) (25)

At 31 December 2007 3,114 2,408 5,522

Historical cost 2,380 1,928 4,308

The above investments comprise listed investments.

0

2

4

6

8

10

12

14

16

18

20

Investment fund weighting by sector (weighting %)

Cons

umer

disc

reti

onar

y

Hea

lth

care

Indu

stria

ls

Ener

gy

Cons

umer

sta

ples

Cas

h

Uti

litie

s

Info

tec

h

Tele

com

s

Mat

eria

ls

Fina

ncia

ls 0

5

10

15

20

25

30

35

40

45

Investment fund weighting by area (weighting %)Eu

rope

exc

l UK

Emer

ging

mar

kets

Japa

n

Cas

h

UK

Can

ada

Paci

fic e

xcl J

apan

USA


7 Current assets

Council considers that the carrying amounts of these assets approximates to their fair values.

a Inventories comprise books and Mastercourse materials held for resale.

b Trade and other receivables comprise:

CIMA excluding charities CIMA including charities

2007 2006 2007 2006£000 £000 £000 £000

Trade receivables 705 719 705 719Prepayments 736 818 736 818Due from CIMA’s Charitable Trusts 101 464 – –Other receivables 548 356 595 389

2,090 2,357 2,036 1,926

The average credit period taken on trade receivables is 42 days (2006: 40 days). No allowance has been made in respect of trade receivables(2006: nil).

c Other cash and cash equivalents comprise:


2007 2006 2007 2006£000 £000 £000 £000

Cash on hand and bank balances 5,660 3,724 5,660 3,724Short term cash deposits 12,000 8,000 12,000 8,000Cash equivalent investments repayable on demand 500 5,000 500 5,000Charitable Trusts’ bank balances – – 689 952

18,160 16,724 18,849 17,676

d Credit riskThe risk on cash balances, deposits and available for sale investments is minimal, as all are held with banks with high credit ratings assigned by international agencies.

The trade credit risk is mainly attributable to subscription and exam fee income. There is no concentration of risk in this area, as income is diversified over a large number of members and students.


Notes to the consolidated accounts continued8 Current liabilities

Council considers that the carrying amounts of these liabilities approximates to their fair values.

Trade and other payables comprise:


2007 2006 2007 2006£000 £000 £000 £000

Trade payables and accruals 3,884 4,820 3,884 4,820Other taxes and social security costs 454 532 454 532Research accruals 148 172 148 172Deferred income 140 75 140 75Charitable Trusts’ payables – – 430 356

4,626 5,599 5,056 5,955

9 Retirement benefits

CIMA operates a defined benefit pension scheme in the UK that has been closed to new entrants since 1 January 2002. In April 2004 threechanges were made to the scheme: increasing normal retirement age to 65, pension income based upon the average of the five years prior to retirement and removal of the 3% inflation index floor. Following a scheme valuation as at 1 April 2006, with effect from January 2007 it was agreed that contributions would be 22.8% of pensionable salaries together with additional contributions totalling £460k per annumtowards the recovery of the current deficit, over ten years.

a The assumptions used were:

2007 2006% %

Rate of increase in salaries 4.00 4.00Rate of increase in pensions in payment (pre April 2004) 3.20 3.00Rate of increase in pensions in payment (post April 2004) 3.20 3.00Discount rate 5.70 5.10Inflation assumption 3.20 3.00

The choice of assumptions is the responsibility of council, and they are agreed with the actuary. The assumptions chosen are the best estimatesfrom a range of possible actuarial assumptions, which due to the timescale covered, may not necessarily be borne out in practice.

b The assets in the scheme and the expected rate of return were:

2007 2006Long term Long term

2007 rate of return 2006 rate of returnValue expected Value expected£000 % £000 %

Bonds – government – – 1,638 4.50Bonds – corporate 9,355 5.70 2,808 5.10Equities 7,989 6.50 16,843 6.50Cash 5,887 5.50 467 5.00

Total market value of assets 23,231 6.09 21,756 6.14

Present value of scheme liabilities (24,891) (24,159)

Deficit in the scheme (1,660) (2,403)


9 Retirement benefits continued

c Amounts charged to the income statement

2007 2006£000 £000

Current service costs 505 527Interest on pension scheme liabilities 1,232 1,089Expected return on pension scheme assets (1,335) (1,173)

Total cost 402 443

d Movement in deficit during year

2007 2006£000 £000

Deficit in scheme at beginning of the year (2,403) (3,452)Movement in year:

Current service cost (505) (527)Contributions 931 691Other finance income/(expense) 103 84Actuarial gain in the statement of changes in funds attributable to CIMA members 214 801

Deficit in scheme at end of the year (1,660) (2,403)

20,000

21,000

22,000

23,000

24,000

25,000

Movements on market value of assets (£000s)

22,000

23,000

24,000

25,000

26,000

27,000

Movement in pension plan liabilities 2007 (£000s)

Ope

ning

valu

e

Empl

oyer

cont

ribut

ion

Empl

oyee

cont

ribut

ion

Expe

cted

retu

rn o

nas

sets

Bene

fits

paid

Act

urar

ial

gain

/(lo

ss)

Clo

sing

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Ope

ning

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Cur

rent

serv

ice

Empl

oyee

cont

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ion

Inte

rest

cost

Bene

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paid

Act

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/(lo

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Infla

tion

assu

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ion

Dis

coun

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te

Mor

talit

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sum

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n

Clo

sing

bala

nce

Increase in value Decrease in valueStarting and closing balanceIncrease in value Decrease in value Starting and closing balance


Notes to the consolidated accounts continued9 Retirement benefits continued

e Analysis of gain recognised in the statement of changes in funds attributable to CIMA members

2007 2006 2005 2004 2003£000 £000 £000 £000 £000

Actual return less expected return on pension scheme assets (243) 1,116 2,390 660 1,518Experience (losses)/gains arising on pension scheme assets (94) (249) 32 (12) (334)Changes in assumptions underlying the present value of the scheme liabilities 551 (66) (2,390) (601) 107

214 801 32 47 1,291

f History of experience gains and losses

2007 2006 2005 2004 2003£000 £000 £000 £000 £000

Difference between actual and expected returns on assets:amount (243) 1,116 2,390 660 1,518% of scheme assets (1.0%) 5.1% 12.4% 4.2% 10.9%

Experience (losses) and gains on liabilities:amount (94) (249) 32 (12) (334)% of scheme assets (0.4%) (1.0%) 0.1% (0.1)% (1.9)%

Total amount recognised in the statement of changes in funds attributable to CIMA members:amount 214 801 32 47 1,291% of scheme liabilities 0.9% 3.3% 0.1% 0.2% 7.5%

The assets performed significantly better than expected due to a general strengthening of the stock market. Additional contributions of £460kper annum have also been made into the scheme in the year. The membership remained stable over the year and the funding level of thescheme has improved from 90% to 93%.

The main financial and demographic assumptions, e.g. those relating to salary increases, inflation, mortality and withdrawals are unchanged from the previous year.

10 Commitments

a CIMA is the leaseholder for 26 Chapter Street for a period of 15 years to September 2015. Annual rental is payable under the lease of £775ksubject to an upward only review every five years. The next review date is 29 September 2010.

b Other property rentalsOther property rentals expiring within two years amount to £151k per annum.Other property rentals expiring within two to five years amount to £67k per annum.Other property rentals expiring after five years amount to £68k per annum.

At the year end there were no other significant lease commitments.


11 Subsidiaries and associated bodies

The group financial statements consolidate the accounts of CIMA and its wholly owned subsidiary undertakings, together with the CharitableTrusts under control of CIMA, made up to 31 December each year.

a Subsidiary undertakings

CIMA Enterprises Limited

Share capital Loans Provision Total£000 £000 £000 £000

At 1 January 2007 1,569 1,392 (2,979) (18)Loans advanced – 400 403 803Repayments – (378) – (378)

At 31 December 2007 1,569 1,414 (2,576) 407

CEL was incorporated in England on 2 March 2000, and commenced trading on 1 September 2000. CIMA holds 100% of the issued share capitalof CEL. Its principal activities during the year were magazine publications, CIMA Mastercourses and direct mailing.

Other companiesCIMA also holds 100% of the 100 £1 issued ordinary shares of CIMA China Limited. This company was incorporated on 15 December 2005, tomanage a representative office established in China in 2006 and remained dormant until it commenced activities on 16 April 2006. There wereno outstanding balances between CIMA and CIMA China Limited at 31 December 2007.

CIMA holds 98% of the 100 issued £1 ordinary shares of The Corporate Society of Financial Management Limited, 100% of the two issued £1ordinary shares of The Institute of Cost and Works Accountants Limited and 100% of the 100 £1 issued ordinary shares of Global ProfessionalAccountants In Business Limited, Global Management Accountants In Business Limited, Professional Accountants In Business Limited andManagement Accountants In Business Limited. All these companies were dormant in the periods covered by these financial statements.

b CIMA Charitable TrustsEach of the following trusts either have CIMA as trustee or CIMA appoints the trustees.

Benevolent FundThe fund was created for the relief of necessitous persons who are or have been members of CIMA, or any predecessor body. At 31 December2007 the net assets of the fund stood at £2,216k (2006: £2,312k), and it owed £6k to CIMA.

General Charitable TrustThe trust was formed for the advancement of education in the subjects of accounting, management accounting, electronic data processing,costing, auditing, taxation, applied economics, finance and other related subjects of an educational nature. At 31 December 2007 the net assetsof the trust stood at £76k (2006: £52k), and it owed £61k to CIMA.

Anthony Howitt Lecture TrustA trust deed was established in 1984 by Anthony Howitt to finance biennial lectures. At 31 December 2007 the net assets of the trust stood at £317k (2006: £324k), of which investments at market value were £300k (2006: £304k), and it owed £21k to CIMA.

c Other fundsPrize FundThis fund was created by a number of donations to generate prizes in CIMA exams. At 31 December 2007, the net assets of the fund, comprisingmainly cash, stood at £4k (2006: £12k) and it owed £13k to CIMA.


Notes to the consolidated accounts continued12 Segmented information

CIMA comprises three separate reportable business segments encompassing CIMA, CEL and CIMA’s Charitable Trusts. CIMA’s activities relate tothe membership. CEL undertakes the commercial activities such as courses which are available to members and non-members. The CharitableTrusts undertake charitable activities, as defined in note 11.

Segment net assets

CIMA CEL Charitable Trusts Group

2007 2006 2007 2006 2007 2006 2007 2006£000 £000 £000 £000 £000 £000 £000 £000

Revenue 36,056 33,565 4,367 4,067 413 624 40,836 38,256Segment result 8,954 9,771 402 123 40 (62) 9,396 9,832

Indirect expenses (8,360) (8,257)

Operating surplus 1,036 1,575Taxation (79) (18)

Surplus 957 1,557

Assets 26,251 25,500 1,012 816 3,143 3,524 30,406 29,840Liabilities (14,047) (14,472) (605) (834) (430) (356) (15,082) (15,662)

Net assets 12,204 11,028 407 (18) 2,713 3,168 15,324 14,178


Meetings attended from January 2007 to December 2007

CIMA’s Council and Committee Members

CIMA’s Council and Executive Committee

Name Area Council Executive

Adams P J+ 11 4/4

Babber G L 1 4/5 4/6**

Bainbridge Spring A P 1 5/5

Baird J H 8 5/5 4/4

Banham R E# 11 0/1

Banks-Cooper S A 5 3/5

Barnes D 4 5/5

Blessington P+ 19 3/4

Brownlee C# 9 1/1

Bush D# 18 1/1

Callander J D 7 5/5

Chan K K C 15 5/5 4/4

Christison Ipp# 1/1 2/2

Chrupek J+ co 4/4

Clutterham R M 1 5/5

Coghlan J Pipp 5/5 5/6

Crum R L 3 4/5

Davies R J J 11 5/5

Doherty E+ co 3/4

Evans P G co 4/5

Farnworth W J 6 5/5 4/6**

Furber M L 10 5/5


Glass G McI 12 5/5 6/6

Grant J G p 5/5 6/6

Haggis I B# co 1/1

Hassall T 5 3/5

Hill M E++ 12 2/2

Hoof S M 4 5/5

James W A+ 3 4/4

Joachim A E Avp 5/5 6/6

Kenworthy R F 6 5/5

Kleinman I 17 4/5

Lawrence K B 11 3/5

Lee O K 16 5/5

Lewis M J co 4/5

Longhorn C G 7 5/5 1/1

Lowth G Mdp 5/5 6/6

Luck K F co 4/5

Madden M co 4/5

Marler D M 2 5/5 2/2

May M R 4 4/5 6/6

Mendis C H# co 1/1

McCluskey J A~ 12 1/1

McCue S co 5/5


O’Connor T+ 9 4/4

Parsons S B 2 5/5

Perera G C L+ 14 4/4

Ramosedi A co 5/5 1/1

Rowlands W F 12 5/5 6/6

Samarasinghe P D+ co 4/4

Senaratne H S A# 14 1/1

Sheppard M C B co 5/5

Sneller K J 5 3/5

Stanford D 6 5/5

Tidd R 3 4/5

Watson M A 11 5/5

Wickramasinghe H M S+ 18 3/4

Wilson R I 2 4/5

Windsor F 6 4/5

Wood A R 3 2/5 4/6

Honorary Officers

President Gordon Grant

Deputy President Glynn Lowth

Vice President Aubrey Joachim

Area

1 Central London and North Thames

2 South West England and South Wales

3 East Midlands and East Anglia

4 West Midlands

5 North East England

6 North West England and North Wales

7 Scotland

8 Northern Ireland

9 Republic of Ireland

10 East, West Central and Southern Africa

11 Central Southern England

12 South East England

14 South Asia

Area continued

15 North Asia

16 South East Asia

17 Europe, North Africa and Middle East

18 The Americas

19 Australasia

Executive Committee Meetings

** alternate for one meeting (C Longhorn and A Ramosedi)

Key

* Non Council Member

p President

dp Deputy President

vp Vice President

pp Past President

ipp Immediate Past President

co Co-opted

nc Non-CIMA Member

s Staff

+ Appointment effective from AGM 2007

++ Joined Council August 2007

# Left Council/or Executive Committee at AGM 2007

~ Deceased - May 2007


CIMA representatives on external boards and committees

As at 31 December 2007

CIMA’s governance committees


Board or committee CIMA representative

Consultative Committee of Accountancy Bodies (CCAB)

Gordon Grantp

Glynn Lowthdp

In attendance Charles Tilleys

CCAB Ethics Group Nina Barakzai*

Danielle Cohens

CCAB European Issues Task Force Richard Malletts

CCAB International Issues Richard Malletts

Task Force

CCAB Money Laundering David Cafferty*Working Party

Martin Nimmos

CCAB Ireland (CCABI)

CIMA Member Representative Peter Sommerfield*(Republic of Ireland)

CIMA Member Representative Graham Kane*(Northern Ireland)

International Federation of Accountants (IFAC)

The Council

CIMA Representative Gordon Grantp

Professional Accountants in Business Committee

Member Keith Luck

Member Alfred Ramosedi

Technical Advisor Richard Malletts

International Accounting Education Standards Board

Technical Advisor Robert Jellys


Fédération des Experts ComptablesEuropéens (FEE)

Accounting Working Party Jim Metcalf*

Nick Topazios

Auditing: Internal James Duckworth*Control Sub Group

Auditing: Money Martin Nimmos

Laundering Sub Group

Company Law and Corporate Richard Malletts

Governance Working Party

Ethics Working Party Danielle Cohens

Financial Reporting Policy Group Jim Metcalf*

Nick Topazios

Liberalisation/Qualification Robert Jellys

Education Sub Group

Council of the Association of AccountingTechnicians (AAT)

3rd out of 3 years (1st term) John Joyce*

2nd out of 3 years (1st term) Karen Newbury*

1st out of 3 years (1st term) Daphne Marler

Financial Executives Group Ltd (FEG)

Director Harry Byrne*pp

Director Jim Metcalf*

Director Pat Redrup*

Anti-Money Laundering Europe

Martin Nimmos


Consultative Committee of ProfessionalManagement Organisations (CCPMO)

Charles Tilleys

H M Revenue and Customs Joint VATConsultative Committee

Keith Lawrence

University Courts

The University of Bath Derek Barnes

The University of Lancaster Richard Kenworthy

The University of Technology, Loughborough Ron Giffin*pp

The University of Surrey Brian Chester*

The University of Cranfield Mike Jeans*pp

The University of Stirling Conference Jim Callander

The University of Cardiff Robert I Wilson (Bob)

The University of Hull Simon Banks-Cooper

Other Senior Appointments Held by CIMA Members

UK FRC Financial Barbara Moorhouse*Reporting Review Panel

George Rose*

UK FRC Accounting Helen Weir*Standards Board

Executive Committee

Chairman Gordon Grantp

Glynn Lowthdp

Aubrey Joachimvp

Gulzari Babber

Harold Baird

Kenneth Chan

John Coghlanipp

Wilf Farnworth

George Glass

Margaret May

Francis Rowlands

Reg (A R) Wood

Secretary Charles Tilleys

Appointments Committee

Chairman John Coghlanipp

Vice Chairman Ian Christison*pp

Gordon Grantp

Glynn Lowthdp

Aubrey Joachimvp

Alixe Bainbridge Spring

Sue Hoof

Keith Lawrence

Secretary Charles Tilleys

Audit Committee

Chairman Mike Jeans*pp

Vice Chairman Rod Hill*pp

Alan Burton*

Steve Carter*

Robin Clutterham

Niall Howard*

Secretary Erica Lees


CIMA’s policy committees


International Development Committee

Chairman Francis Rowlands

Vice Chairman Kenneth Chan

Derek Barnes

Duncan Brown*

Paul Blessington

Anne Caine*

Lalith Fonseka*

O K Lee

Eugene Lim*

Keith Luck

Tom O’Connor

Alfred Ramosedi

Mary Sheppard

Mahes Wickramasinghe

Francesca Windsor

Secretary Rick Sturges

Lifelong Learning Policy Committee

Chairman George Glass

Vice Chairman David Stanford

Peter Adams

Alixe Bainbridge Spring

Beryl Castle*

Jarek Chrupek

Trevor Hassall

Sue Hoof

Ian Kleinman

Daphne Marler

Pravir Samarasinghe

Tim Stewart*

Robert Wood*

Secretary Robert Jellys

Marketing Committee

Chairman Margaret May

Vice Chairman Michael Watson

Robin Clutterham

Phil Evans

Jonathan Fearn*

Ben Fletcher*

Simon Hill*

Karen McLernon*

Matthew Needham*

Claude Perera

Robin Tidd

Secretary Ray Perrys

Members’ Services Committee

Chairman Harold Baird

Vice Chairman Malcolm Furber

Mark Allen*

Jim Callander

Peter Fullam*

Iain Haggis*

Will James

Richard Kenworthy

Myriam Madden

Tuan Haji Muztaza bin Haji Mohamad*

Maryvonne Palanduz*

Sue Parsons

Robert Wilson (Bob)

Secretary John Windles

Professional Standards Committee

Chairman Gulzari Babber

Vice Chairman Colin Longhorn

Simon Banks-Cooper

Nina Barakzai*

Alan Burton*

Ivan Court*

Rod Davies

Marcus Hill

Craig Jenkins*

Keith Lawrence

Tristan Maynard*

Sharon McCue

Simon Parkes*

Elaine Richardson*

Francesca Windsor

Secretary Robin Vaughans

Technical Committee

Chairman Wilf Farnworth

Vice Chairman Alfred Ramosedi

Charles Bachelor*

Robin Bellis-Jones*

Steven Bliss*

Professor Michael Bromwich*pp

Ian Christison*pp

Richard Crum

Hugh Evans*

Nigel Higgs*

Richard Kenworthy

Jim Metcalf*

Kevin Sneller

Robert Wilson (Bob)

Reg (A R) Wood

Secretary Kim Ansells


Independently appointed conduct panels


Other committees, boards and trusts


This report is printed on Era Silk paper. The paper contains 50% de-inkedpost-consumer waste and virgin wood fibre from well-managed forestsindependently certified according to the rules of the Forest StewardshipCouncil (FSC). It is manufactured at a mill that is certified to ISO14001and EMAS environmental standards. The mill uses pulps that areelemental chlorine free (ECF) and the inks in printing this report are all vegetable-based. Printed at St Ives Westerham Press Ltd, ISO14001,FSC certified and CarbonNeutral®.

Investigation Panel

Chairman Caroline Langridgenc

Vice Chairman Martha Blomfieldnc

Roger Brocklebank

James Buchannc

John Burns

Tony Dart

Christine Hayhurstnc

David Highamnc

Premaraj Jayasundara

Ian Leigh

James Mirabel

Neville Naglernc

John Sadliknc

Ian Watts

Ronald Whitfieldnc

Staff Support Joanna Lows

Disciplinary Panel

Chairman Alexandra Marksnc

Vice Chairman Patricia Thomasnc

Peter Aspinall

Jeremy Atkinsonnc

Cyril Barratt

Michael Brooks

Philip Davisnc

Ike Ehiribenc

Kevin Healnc

Athene Heynesnc

Alasdair Macnab

Suzanne McCarthync

Laurence Peterkennc

Barbara Saundersnc

Stephen Warenc

Staff Support Joanna Lows

Appeal Panel

Chairman Kenneth Hamernc

Vice Chairman Jeremy Strachannc

Michael Adams

Peter Curpheync

Jayam Dalalnc

Elizabeth Derringtonnc

Malcolm Hewittnc

John Lapthorne

Jonathan Raonc

Raphael Stuart

David Tomlinson

Staff Support Vacancy

Benevolent Fund Committee

Chairman Richard Kenworthy

Vice Chairman Derek Barnes

Richard Crum

Ken Evans*

Frank Guilfolye*

Andrew Oxley*

Secretary Caroline Aldreds

CIMA China

Director CIMA (Corporate Body)

Director Robin Vaughans

Company Secretary Erica Lees

CIMA Enterprises Ltd (CEL)

Director and Chief Executive Charles Tilleys

Director CIMA (Corporate Body)

Executive Director Robert Jellys

Executive Director Ray Perrys

Company Secretary Erica Lees

General Charitable Trust

Chairman Tom Glancy*pp

Vice Chairman Harry Byrne*pp

Paul Thackray*

Francesca Windsor

Secretary John Windles

Chief Executive Charles Tilleys

Director of Education Robert Jellys

Director of Brand Ray Perrys

Director of Employer Rick Sturges

and Strategic Development

Director of Professional Standards Robin Vaughans

Director of Finance and Operations John Windles

Senior management team


CIMA structure CouncilCouncil is the de facto ‘board of directors’ to whom certain of theprovisions of the Companies and Insolvency Acts apply. Council isresponsible for the setting of strategy and policy, determining andreviewing the vision, mission, values and space for CIMA and for theapproval of any policy changes which may raise significant issues of principle or risk.

Chief executiveThe chief executive proposes and advises on strategy and policy to executive committee for initial discussion and formulation of strategy and policy to be approved by council. Responsible for implementation and delivery of approved strategy and policywhich council monitors by report-back.

CouncilGordon Grant –PresidentHonorary Officersand Members of Council

ExecutiveCommittee

CIMAEnterprisesLimited (CEL)And othersubsidiaries

Benevolent Fund

GeneralCharitableTrust**‡

SuperannuationFund*‡

PolicyCommittees

ProfessionalStandards

InternationalDevelopment

Marketing Technical AuditAppointmentsMembers’Services

* CIMA trustees appointed by council;staff trustees elected by activemembers of the fund.

** Trustees appointed by council.‡ Bodies independent of CIMA

LifelongLearningPolicy

Panel of CPDAssessors

FinancialReporting andDevelopmentGroup

Members’Network Group

EducationBoard

Panel of Assessorsfor the PractisingCertificate

Research andDevelopmentGroup

Members in PracticeManagementGroup

MembershipBoard

Examinations andAssessmentOversight Board

InternationalDivisionalCouncils andBoards

Charles TilleyChief Executiveand Secretary to Council

CIMA Employees

Independent conduct committees‡InvestigationDisciplinaryAppealNote: Members are appointed by the appointments committee andadministration is provided by CIMA.

GovernanceCommittees

The Chartered Institute of Management AccountantsCIMA UK – Head Office26 Chapter StreetLondon SW1P 4NPUnited Kingdom

T. +44 (0)20 8849 2251F. +44 (0)20 7663 5442E. [email protected]

www.cimaglobal.com

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