APM Annual Report and Accounts

2

The organisation is a charitable company limited by guarantee, incorporated on 3 July 1975 and registered as a charity on 23 January 1985.

The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

Board of trustees J F S Alba (Retired 8 November 2010) R J Baker T A Band (Retired 8 November 2010) C Egbu A P Godbold P A Goodge J Gordon D P Hart (Appointed 8 November 2010) G W Lowe M McKinlay M D Nichols P Parkes K Robinson (Appointed 8 November 2010) J P Simcock

SecretaryJ F Salisbury

Chief executiveA Bragg

Principal addressIbis House Regent Park Summerleys Road Princes Risborough Buckinghamshire HP27 9LE

AuditorsKingston Smith LLP Devonshire House 60 Goswell Road London EC1M 7AD

BankersBank of Scotland 38 St Andrew Square Edinburgh EH2 2YR

SolicitorsBlake Lapthorn New Kings Court Tollgate Chandler’s Ford Eastleigh SO53 3LG

1

IntroductionIn October 2010, less than 24 hours after the government released details of its Comprehensive Spending Review, key government advisor and APM Honorary Fellow, Sir Peter Gershon, addressed the APM Project Management Conference and issued a challenge for the project management profession to “stand up and be counted” and so become “synonymous with maximising the likelihood of project success”.

In these most challenging economic times, the skills of the project management profession have never been more in demand. Project management is a life skill that can be taught at school, become a tool-set for SMEs, a life saver for developing nations and a highly regarded profession practised by a minimum of 250,000 UK practitioners alone. At its best, project management practice and standards in the UK are world class.

The past year has seen APM make great strides to support the profession in meeting Sir Peter Gershon’s

challenge. Individual membership has grown to around 19,000 and around 500 corporate members, with over 10,000 candidates taking our qualifications and 15 organisations gaining corporate accreditation, spearheading an APM corporate member community representing over 35,000 professionals.

We remain committed to achieving Chartered status on behalf of the profession, an initiative that continues to be the association’s number one priority. Our commitment is illustrated by the continued investment in projects that support professionals in meeting the exacting standards of Chartered status and so answer Sir Peter’s challenge. These projects include the flagship initiatives described over the next few pages.

Andrew Bragg, Chief Executive

APM Annual Report and Accounts

2

Governing documentAssociation for Project Management (APM) is constituted as a company limited by guarantee.

APM is an educational charity registered with the Charity Commission. It is governed by its Memorandum and Articles of Association as last amended on 25 September 2006, which are supplemented by its Regulations.

Individual membership is open to anyone with an interest in project management. APM members are bound by a Code of Professional Conduct.

APM was established in 1972.

Appointment of trusteesAPM is run by a board of 12 elected trustees.

There is an option to appoint up to three further trustees to provide additional expertise as required.

The chair is elected by, and from amongst, board members.

One third of the board members retire by rotation every year.

APM advises all members of the retiring trustees, inviting them to nominate trustees prior to the AGM and to attend the AGM itself.

The members of the board serve as unpaid trustees and directors as registered at Companies House.

Trustee induction and trainingNew board members receive a detailed induction pack, including briefing material on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association plus Regulations, the strategic and business plans, and the vision, mission and values. Historical documentation, including the minutes of previous meetings and the Annual Report and Accounts are also available. New board members are offered the mentoring support of established board colleagues. Regular updates on governance-related matters are provided to all board members.

APM operates a formal Code of Conduct for board members, and provides outsourced formal training for new board members on an annual basis.

Structure, governance and management

Above: APM Chairman, Mike Nichols

Far right: 2011 Honorary Fellows lunch

3

OrganisationThe board formulates APM policy and takes oversight of the implementation of APM strategy, ensuring that APM acts within its charitable remit. The board normally meets every second month.

APM operates a wide variety of committees which report to the APM board, including audit & performance review committee, nominations committee, professional conduct committee and remuneration committee. APM also benefits from board policy committees for major areas of work, including strategic policy committee and professional standards and knowledge committee.

Responsibility for day-to-day management of APM activities is delegated to a chief executive, who is supported by a headquarters staff of around 50, based in offices in Princes Risborough.

Related partiesThe charity’s wholly-owned subsidiary, Ibis Trading Limited, was established as a trading subsidiary typically providing conference and events services for APM. The presentation of the subsidiary in the accounts is explained in the ‘Notes to the accounts (1.1)’.

Risk management APM has a policy for the management of risk.

The policy’s aim is to establish, operate and review a system to manage risk by minimising threats and maximising opportunities at every level of APM. Risk management forms an integral element of every new project or programme initiation.

APM has appointed an internal Risk Champion to support the policy, and to be accountable for maintaining a single consolidated and prioritised risk register, which categorises risks at APM Board of Trustees, APM Executive and APM Line Management levels according to who is best placed to carry out mitigation actions.

The Risk Champion also oversees the programme and project level risk registers ensuring that any risks identified at the programme or project level are escalated to the consolidated risk register appropriately as required. The Risk Champion is responsible for raising the risk management competency of the association.

The consolidated risk register is maintained as a live document and is available to the trustees and all levels of management at all times. The consolidated risk register is subject to review by each level of management at regular management meetings.

Regular oversight of the risk management policy is undertaken by the Audit and Performance Review Committee.

The APM Board of Trustees has satisfied itself that systems and procedures have been appropriately established to manage risks.

The major threats to APM arise from ensuring its message on project management professionalism and its professional standards remain compelling and continue to be recognised and valued by all stakeholders in the face of alternative offerings. The major opportunities arise from establishing further key alliances and collaborative partnerships, and from taking steps to expand the customer base within the wider project management community.

Structure, governance and management

4

The Association for Project Management is dedicated to the development of professional project, programme and portfolio management. It enjoys the benefits of a large and committed volunteer base, dedicated professional staff and out-sourced specialist services.

Successful projects are integral to the development of the UK economically, socially and environmentally, especially in the current age of austerity.

In response to the critical role project management plays in UK society, APM is committed to developing the profession through its three strategic themes:

1 Development and maintenance of standards and knowledge.

2 The promotion and application of those standards and knowledge.

3 Development and maintenance of the APM infrastructure.

The association is a registered charity with around 19,000 individual and approximately 500 corporate members, making it the largest professional body of its kind in Europe. As part of its strategy to raise awareness and standards in the profession, it is currently in the process of applying for a Royal Charter.

APM charitable objective

“to advance the science, theory and practice of project and programme management for the public benefit”.

APM mission statement

“to develop and promote the professional disciplines of project and programme management for the public benefit”.

‘The Barnes Challenge’Dr Martin Barnes CBE, APM President

“to be the model of a successful, modern professional organisation, pre-eminent in the fields of project and programme management”.

Objectives and activities

5

APM Registered Project ProfessionalFollowing rigorous consultation with all key stakeholders as part of the Chartered status programme, APM Registered Project Professional (RPP), the standard for extraordinary project professionals, was launched in March 2011.

APM Registered Project Professional is a pan-sector standard for those able to demonstrate the capabilities of a responsible leader, who have the ability to manage a complex project and use appropriate tools, processes and techniques. It will, for the first

time, assess all elements of the APM Five Dimensions of Professionalism in a single standard, thereby enhancing professional status and recognition.

An expert working group, drawn from leading commercial, public sector and training organisations, worked to create a standard of great integrity and relevance to the fast-moving profession. The RPP pilot began in April 2010.

Providing a universally recognised benchmark will contribute significantly to the likelihood of project success by offering employers a robust mechanism to structure the development, support and evaluation of professionals.

Speaking at RPP’s launch, APM Chairman, Mike Nichols, stated his belief that it is “the new gold standard against which true professionals in project management will be measured”.

The value of becoming APM Registered Project Professionals is bolstered by a highly robust assessment process, which includes a competence assessment and professional review to draw out the professional credentials of each candidate. Those achieving the standard are committed to continuing professional development and the APM Code of Professional Conduct.

Over 1,400 people registered their interest in RPP and over 80 candidates successfully achieved the standard during the 12-month pilot period. The new standard was launched with a sold-out series of nationwide roadshows attended by over 300 people. Routes to RPP for APM Certificated Project Managers and APM Fellows will be launched in 2011.

APM website Embracing APM’s strategic objective that 80% of its business and communication transactions will be online by 2012, the new APM website was launched in March 2011.

The launch followed a phased roll-out which began with the launch of the APM Five Dimensions of Professionalism micro-site in January 2010, followed by the launch of the new APM blog two months later.

The new site, attracting up to 40,000 unique visitors per month, features enhanced design and navigation, online joining and renewals for membership, events booking and user-defined content. The online community, featuring discussion forums, question and answer functionality, online groups and the APM blog, has over 18,000 registered users providing a primary source of stimulating debate and discussion for the profession at large.

The online community has played a vital role in bringing APM and the profession closer together and has already made a significant contribution to the Body of Knowledge Refresh Project and the pilot for APM Registered Project Professional.

APM’s digital strategy continues to roll out, allowing it to engage with greater numbers of the project management profession. During 2010/11 it has launched its e-Project newsletter, a new Twitter channel with around 1,900 followers and gained over 14,500 members involved in its LinkedIn group.

APM used its new digital platform to launch a series of videos in support of the APM Conference, Awards and APM Registered Project Professional.

Successes 2010/11

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8

APMP with prior learning In September 2010, as part of its inclusive and collaborative agenda, APM launched a new route to its APMP qualification for candidates who have gained prior learning through PRINCE2®.

The initiative builds on the growing recognition of the synergistic relationship between APMP, which is based on the APM Body of Knowledge and puts greater emphasis on project management skills, and PRINCE2® Practitioner, which focuses on methodology.

Liz Wilson, APM Head of Professional Standards and Knowledge, said “An important part of the philosophy behind the APM Five Dimensions of Professionalism is that its values are non-partisan. Any activity that improves an individual’s professionalism can make a valuable contribution to their project performance.

Prior to its launch, the only route to APMP required people to go through the process of learning the entire syllabus before being examined on it. There has been no mechanism by which we’ve been able to recognise prior learning. This means that candidates sometimes have to cover ground that will have already been recognised in other qualifications they have taken.

This isn’t a new qualification; those achieving APMP through this route will have the same status as those who achieved it through the existing route. It is the same qualification, with a new examination for those with prior learning.”

APM Body of Knowledge – the Refresh ProgrammeComprising three projects, the Refresh programme sets out to update the APM Body of Knowledge, APM qualifications structure and APM Competence Framework. The first project, APM Body of Knowledge, began its consultation process in spring 2010, aiming to fully embrace the three strands of project, programme and portfolio management.

The outcomes of the APM Body of Knowledge development process will be fed directly into the qualifications and Competence Framework update programme, which are due for delivery in 2011/12.

Portfolio management joins project and programme management to form the backbone of the 6th edition of the association’s flagship publication, recognising its growing prominence in the profession. The pressure to deliver benefit through the appropriate projects and programmes has grown in the midst of budget cuts across the public and private sector. In response, the thinking within the discipline has intensified with a new APM Specific Interest Group, a stream at the APM Project Management Conference and a Portfolio Management Special in Project magazine.

The APM Body of Knowledge 6th edition will be the result of a groundbreaking collaborative project that has engaged with over 1,000 stakeholders, many of whom are new to the association. Working both online and through a series of focus and review groups, participants have been working together in a way never previously seen in the profession.

PRINCE2® is a Registered Trade Mark of the Office of Government Commerce in the

United Kingdom and other countries.

Successes 2010/11

9

Liz Wilson, APM head of professional standards and knowledge, said “In the past it has been very difficult to engage with a wide community of professionals on projects like this. The collaborative approach has allowed us to utilise the extensive expertise of both our Specific Interest Groups and other leading thinkers in the profession alongside a new community of professionals. Our online communities and the Ibis House team travelling to every APM region, to events up and down the country, attended by over 1,000 people, have allowed us to engage with a far broader community of practitioners and academics from all sectors and backgrounds”.

The APM Body of Knowledge 6th edition will be completed in spring 2012 and disseminated in both digital and print media.

Five Dimensions of ProfessionalismUnderpinning its drive for improved professionalism in project management are the APM Five Dimensions of Professionalism. This is a universal framework for individuals, organisations and academic institutions seeking to develop professional project management.

Breadth The APM Body of Knowledge defines the knowledge needed to manage any kind of project. It underpins many project management standards and methods including the National Occupational Standards in Project Management.

DepthThe APM Competence Framework provides a guide to project management competences. It is part of the project professional’s toolkit: mapping levels of knowledge and experience to help them to progress their skills and abilities.

Achievement APM qualifications take the project professional’s career in new and exciting directions. They are recognised across the profession and aligned with IPMA’s 4 level Certification Program.

CommitmentContinuing professional development helps develop professional project management practice. A targeted development plan will enhance the professional’s career.

Accountability The APM Code of Professional Conduct outlines the ethical practice expected of a professional. Becoming an APM member shows commitment to the Code and sets a project professional apart from others.

Chartered statusIn 2007, the board, led by Chairman Mike Nichols, directed that Chartered status on behalf of the UK project management profession was the association’s top priority.

APM has received explicit written support from 49 government departments, blue-chip corporate organisations and other leading professional bodies, a fact unheard of in the history of Chartered status.

The Chartered campaign has developed huge momentum. The absolute determination of APM chairman, Mike Nichols, that nothing whatsoever will dent this momentum, is echoed by the unstinting support for the initiative right across the UK profession. This support recognises the apparently unarguable need to enhance project management effectiveness in the UK and acknowledges that the Charter will act as a further catalyst in significantly raising the bar of project management professionalism, amongst both practitioners and those “intelligent clients” who deploy them.

Recognising that the application process is outside APM’s direct control and has taken longer than initially envisaged, APM remains committed to achieving Chartered status as a key priority within as short a timescale as possible.

The APM Body of Knowledge 6th edition will be the result of a groundbreaking collaborative project that has engaged with over 1,000 stakeholders

10

Strategy 2020As project management enjoys an increasingly high profile in organisations, governments and the media, the profession will come under ever greater scrutiny and there will be increasing intolerance of failure. The pressure on all involved to deliver effective change will be more pronounced than ever.

Professionalism, and thus APM’s scope, must demonstrably add value across the whole change journey, extending beyond project management to portfolio management, project initiation, governance and sponsorship, commercial arrangements and change management. In response APM will develop and launch its Strategy 2020, replacing the current strategy (which runs to March 2012) and providing an ambitious growth agenda.

Refresh ProgrammeThe APM Body of Knowledge 6th edition – the first deliverable of the Refresh programme – will be available for launch from spring 2012. For the first time it will be made available online as well as in print format. The programme will then focus on updating and aligning APM qualifications with the Qualifications & Credit Framework and IPMA’s evolving International Certification & Regulation Guidelines (ICRG).

Standards developmentAPM will continue to promote and develop the APM Registered Project Professional (RPP) standard and the new route to APMP for PRINCE2® Practitioners. An updated APM Membership standard (MAPM) will be launched during the year.

APM will continue to broaden its participation and maintain its influential position in the International Project Management Association (IPMA) and will work on a bilateral basis with a select number of other IPMA Member Associations with shared interests. APM will continue to contribute strongly to the work of ISO and BSI.

Volunteer engagementAPM will continue to benefit from the involvement of its large and dedicated volunteer community across many areas of the association’s activities including its branches, SIGs, Awards, Conference, Body of Knowledge development and RPP. The dedicated contribution of volunteers has seen the delivery of over 1,000 events in the past four years and a series of well respected SIG Guides.

In 2011/12 APM will roll out its recruitment, retention and reward project which will offer a comprehensive programme of training, mentoring and support. This will be added to existing open forum events and the dedicated volunteer support team at Ibis House.

Future plans

10

11

As noted above, APM’s current object is “to advance the science, theory and practice of project and programme management for the public benefit”.

This object serves the public benefit in terms of the overall UK economy; project professionals; the general public, including users of project management services; and other professional bodies: each aspect is discussed in turn.

Project management is a vital contributor to the UK’s economic interests and is highly relevant and of critical importance in today’s fiercely competitive domestic and international market. It is critical to the recovery of the UK economy at a period of austerity. Projects are required to be delivered quicker and better, represent increasingly good value-for-money and achieve increasingly efficient use of scarce resources. Increasing realisation of this fact has led to a growing requirement for professionalism in project management. The improvement of such standards lies at the very heart of APM, evidenced by APM’s explicit focus on the five dimensions of professionalism which are combined within the recently launched APM Registered Project Professional standard. Society at large, therefore, gains from the improved effectiveness and efficiency of project, programme and portfolio management which APM promotes.

At a practitioner level, APM serves the public interest by promoting professionalism amongst its members, including the provision of a wide range of opportunities for Continuing Professional Development (CPD) through publications, qualifications, and branch and Specific Interest Group events. APM has hosted over 1,000 such events over the last four years. These events are open to non-

members as well as members and operate throughout the UK, ensuring that geography does not represent a barrier to participation. Membership fees are kept to a reasonable level to ensure that price does not represent a barrier to entry. Student fees are kept at a low level to recognise the particular circumstances of this cohort.

The fact that APM members are committed to their own continuing professional development and are bound by a rigorous Code of Professional Conduct, supported by rigorous complaints and disciplinary procedures, affords protection to the users of project management services.

Raising general public awareness of the profession of project and programme management is a key part of APM’s work. During 2010/11, this was achieved in a number of different ways, including presentations by senior APM officers at third-party conferences and events, including those hosted by government departments and major corporates; APM’s Project Management Awards and Conference, the annual high-profile showcase for excellence in the profession; regional conferences such as APM’s well-supported Scottish Conference; the annual SIG-focused KnowledgeShare event; and the provision of free-access material on the APM website, such as APM Definitions (drawn from the APM Body of Knowledge 5th edition).

Finally, APM undertakes an outreach programme to support other bodies whose work is in the public interest, actively participating in the work of such bodies as British Standards Institute and International Standards Organisation.

This statement takes account of Charity Commission guidance on public benefit.

Public benefit

11

12

This financial review is based on the financial statements shown from page 16 onwards. The layout follows the latest Charities Accounting Statement of Recommended Practice (SORP 2005), Accounting and Reporting by Charities published in October 2005.

APM grew its annual income in 2010/11 by 10% from £5.2m to £5.7m. After investment of £415k in research and development projects, the overall result was net incoming resources of £338k.

Subscription income derived from individual and corporate members grew some 8% compared to the previous year, from £2,343k to £2,539k.

Examination and other fee income increased 11% from £2,089k to £2,322k. APMP, Introductory Certificate and Practitioner qualifications accounted for most of the increase against last year’s volumes. APMP with prior learning was introduced during the year also contributing to this increase.

Publications income decreased from £476k to £381k. Publications income included subscription and royalty income for the International Journal of Project Management which contributed £93k. Sales of advertising in Project magazine fell from £135k to £62k in the year; this is expected to recover when an online publications service becomes available. Sales of books and other related items fell 9% from £251k to £223k.

Event income fell from £271k to £246k. Income included the successful APM Project Management Conference and the well established APM Project Management Awards. Although still very successful events, the lower

income reflected the impact of the economic downturn.

The latest SORP 2005 requires expenditure to be analysed into the same categories as the income described above (and as shown in the Consolidated Statement of Financial Activities on page 16 of the accounts). The expenditure is detailed in Note 3 on page 21.

The costs of running membership-focused events increased from £297k in the previous year to £304k, a 2% increase.

The 5% increase in the total costs of charitable activities from £4.6m to £4.9m was driven mainly by increases in depreciation costs of the new APM website and variable costs of membership- and examination- related activities (excluding events). Membership income has increased 8% over the period, compared to a 4% growth in costs. Development costs largely comprise project staff costs and the cost of third party suppliers.

Qualification income has increased 11% against a corresponding cost increase of 15% which reflects an increase in support costs. Support costs have increased due to additional staff costs incurred to bring the department up to its full complement.

These financial movements are shown in detail under notes 3 and 4 to the accounts.

APM continued to adopt a staffing model of core employees augmented by volunteers and paid external consultants, retained for specific projects and/or specific domain expertise. Where appropriate staff have been employed on fixed term contracts where it is likely that the role will not be required long term.

Average in-house head-count decreased during the year from 48 to 46. The fall largely reflects the ending of short term contracts. APM continues to implement an HR strategy to support APM’s increased delivery of professional services demanded by the membership across all streams of APM activity.

In December 2008 APM relocated to new offices in Princes Risborough. On the 15 November 2011 the lease on the former premises was successfully assigned eliminating the need for a provision for rental payments. As a result the provision of £200k in the balance sheet was released to the statement of financial activities.

The charity’s wholly-owned trading subsidiary, Ibis Trading Limited, achieved a deficit of £19k on an income of £158k. Ibis Trading Limited is used for trading activities; this largely comprised the APM Conference and Awards in the year.

Financial review

12

13

Reserves policyThe reserves policy has been reviewed by the board. This resulted in the requirement to hold minimum free reserves of £500k being increased to £750k.

At the year end, the reserves stood at £1,817k. Free reserves amounted to £887k (being unrestricted funds less the designated funds) which is in excess of the minimum requirement of £750k referred to above.

The reserves policy aims to hold adequate reserves to maintain the quality and continuity of APM’s activities and, in particular, to meet the following:

Short term expenditure in the event of temporary business interruption.

Day-to-day working capital (given that the timing of income and expenditure varies during the financial year).

Expenditure to meet new developments over and above expenditure paid out of the annual surplus generated by business-as-usual activities.

The aim of the policy is to hold a minimum £750k in free reserves. If available free reserves fall below this level the board will take appropriate action to redress the situation.

The board may decide to designate, or un-designate, funds from the unrestricted reserves in order to set aside funds for specific purposes.

During the year the board designated funds from the unrestricted funds as follows: £200k for the development fund and £10k to the dilapidations funds. The dilapidations fund will be increased each year to provide funds towards the dilapidations liability

payable at the end of the lease at APM’s offices. The tangible fixed asset fund was reduced to £500k from £550k. The office relocation fund has been undesignated as it is no longer required.

Investment policy The investment policy was reviewed by the board in the year.

The principal aim of APM’s investment policy is to generate a return on surplus funds, whilst ensuring that there are always adequate liquid funds to meet fluctuations in cash-flow and to deal with unexpected expenditure.

The board has therefore decided that cash funds not required on a day-to-day basis should be placed on deposit to earn a high interest rate of return within an acceptable level of financial risk. Funds are spread across three banks.

Reserves and investment policies

14

The trustees (who are also directors of the Association for Project Management for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;

observe the methods and principles in the Charities SORP;

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 the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible

for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company’s auditor is unaware; and

the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Auditors

Kingston Smith have expressed their willingness to remain in office as auditors of the charitable company.

On behalf of the trustees

M D Nichols Chairman

12 July 2011

Statement of trustees’ responsibilities

15

We have audited the financial statements of the Association for Project Management for the year ended 31 March 2011 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and the requirement of the Financial Reporting Standard for Smaller Entities (effective April 2008).

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters which we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company’s members as a body for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of trustees and auditorsAs explained more fully in the Trustees’ Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and

Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

Scope of the audit of the financial statementsAn audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements. In addition we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on the financial statementsIn our opinion, the financial statements

give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 March 2011 and of the group’s incoming/outgoing resources and application of resources, including its income and expenditure, for the year then ended; and

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matters prescribed by the Companies Act 2006In our opinion the information given in the Trustees’ Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exceptionWe have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

the parent charitable company has not kept adequate accounting records, or returns adequate for our audit have not been received from branches not visited by us; or

the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or

certain disclosures or trustees’ remunerations specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Sandra De Lord (Senior Statutory Auditor)

for and on behalf of Kingston Smith LLP, Statutory Auditor

26 July 2011

Devonshire House 60 Goswell Road London EC1M 7AD

Independent auditors’ report to the members

16

For the year ended 31 March 2011

Notes Unrestricted funds

2011

Total funds 2011

£

Total funds 2010

£

Incoming resources

Incoming resources from generated funds

Activities for generating funds 246,041 246,041 270,732

Investment income 9 14,909 14,909 11,538

Incoming resources from charitable activities

Subscriptions 2,539,407 2,539,407 2,342,696

Examination and other fees 2,322,142 2,322,142 2,089,111

Publications 381,064 381,064 475,851

Other incoming resources 16 200,000 200,000 –

Total incoming resources 5,703,563 5,703,563 5,189,928

Resources expended

Cost of generating funds

Events 304,494 304,494 297,140

Investment management costs 4,052 4,052 3,040

Charitable activities 3 4,887,338 4,887,338 4,640,945

Governance costs 2 169,266 169,266 156,102

Other resources expended 6,16 – – 100,000

Total resources expended 5,365,150 5,365,150 5,197,227

Net incoming /(outgoing) resources for the year

6 338,413 338,413 (7,299)

Reconciliation of funds

Total funds brought forward 1,478,636 1,478,636 1,485,935

Total funds carried forward 1,817,049 1,817,049 1,478,636

All of the above results are derived from continuing activities. The company has no recognised gains or losses other than those dealt with in the statement of financial activities.

The Notes on pages 19 to 28 form part of these financial statements.

Consolidated statement of financial activities (including income and expenditure account)

17

Consolidated balance sheetAs at 31 March 2011

Notes 2011 2010

£ £ £ £

Fixed assets

Tangible assets 10 430,377 513,133

Current assets

Investments 12 2,175,780 2,050,624

Stocks 13 27,455 29,075

Debtors 14 591,794 538,808

Cash at bank and in hand 208,952 231,631

3,003,981 2,850,138

Liabilities

Creditors: Amounts falling due within one year

15 (1,617,309) (1,684,635)

Net current assets 1,386,672 1,165,503

Total assets less current liabilities 1,817,049 1,678,636

Provisions for liabilities and charges 16 – (200,000)

Net assets 1,817,049 1,478,636

Funds

Unrestricted income fund-designated 17 930,000 819,769

Unrestricted income fund-general 18 887,049 658,867

1,817,049 1,478,636

The financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The Notes on pages 19 to 28 form part of these financial statements.

Approved by the Board of Trustees on 12 July 2011 and signed on its behalf by:

Mike Nichols Alistair Godbold

Trustee Trustee

Company Registration No.1218334

18

Notes 2011 2010

£ £ £ £

Fixed assets

Tangible assets 10 430,377 513,133

Investments 11 1 1

430,378 513,134

Current assets

Investments 12 2,164,840 1,925,583

Stocks 13 27,455 29,075

Debtors 14 599,780 658,220

Cash at bank and in hand 208,886 223,641

3,000,961 2,836,519

Liabilities

Creditors: Amounts falling due within one year 15 (1,593,755) (1,669,119)

Net current assets 1,407,206 1,167,400

Total assets less current liabilities 1,837,584 1,680,534

Provisions for liabilities and charges 16 – (200,000)

Net assets 1,837,584 1,480,534

Funds

Unrestricted fund-designated 17 930,000 819,769

Unrestricted fund-general 18 907,584 660,765

1,837,584 1,480,534

The financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The Notes on pages 19 to 28 form part of these financial statements.

Approved by the Board of Trustees on 12 July 2011 and signed on its behalf by:

Mike Nichols Alistair Godbold

Trustee Trustee

Company Registration No. 1218334

Association balance sheetAs at 31 March 2011

19

Notes to the accountsFor the year ended 31 March 2011

Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Companies Act 2006, and the Charities Accounting Statement of Recommended Practice (SORP), ‘Accounting and Reporting by Charities’ published in October 2005.

Group financial statements

These financial statements consolidate the results of the charity and its wholly owned subsidiary Ibis Trading Limited on a line by line basis. A separate statement of financial activities and income and expenditure account are not presented for the charity itself following the exemptions afforded by Section 230 of the Companies Act 2006 and paragraph 397 of the SORP.

Information in respect to the charitable holding company is as follows:

2011

£

2010

£

Gross income 5,545,762 5,007,819

(Deficit)/surplus for the year 357,050 (5,401)

Unrestricted funds

Unrestricted funds are donations and other income resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. All the charity funds are unrestricted at the year end.

Designated funds

Designated funds are unrestricted funds earmarked by the board of trustees for particular purposes.

Restricted funds

Restricted funds are to be used for specific purposes as specified by the donor. Expenditure which meets these criteria is charged to the fund.

Income (including subscriptions, examination fees, contributions, grants, donations and investment income)

Subscription income represents amounts receivable during the year. Subscriptions are receivable from members annually.

Fees receivable and charges for services are accounted for in the period in which the service is provided.

Investment income is recognised in the accounts when it is receivable.

Income from sales of publications represents amounts receivable net of VAT and discounts.

Voluntary income represents donations which are recognised in the accounts in the period they are received.

1

1.1

1.2

1.3

20

1.4

1.5

1.6

1.7

Expenditure (including allocation of expenditure)

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Resources expended include attributable VAT in the instances that it cannot be recovered.

Costs of generating funds are those costs incurred for holding a variety of events on portfolio, programme and project management and related fields.

The resources expended on charitable activities comprise direct costs associated with subscriptions, examinations and publications, together with a share of the support costs.

Support costs are the costs of central and administrative functions, which are allocated to activity cost categories as detailed in Note 1.5 below.

Governance costs relate to the governance arrangements of the association including the costs relating to strategic management, constitutional and statutory requirements.

Cost allocation

Overhead and support costs have been allocated on the following basis to charitable activities and cost of generating funds:

Description Method of apportionment Depreciation Apportioned in relation to income Finance Apportioned in relation to income Information Technology Apportioned in relation to income Support staff Apportioned in relation to income/expenditure Office costs Apportioned in relation to income

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Publications 33.33% straight line Leasehold Improvements 16.67% straight line Furniture and equipment 25% reducing balance Computer equipment 33.33% straight line Website development costs 33.33% straight line

Publications tangible fixed assets include the costs of producing the APM Body of Knowledge 5th edition and the APM Competence Framework which have been capitalised on the grounds that they underpin the Association for Project Management’s examination syllabi, and that they have an economic life beyond 12 months. The costs were written off over a three year period which ended in this year.

Certain website development costs are capitalised on the basis that the Association for Project Management website will be an enduring asset which will assist in the creation of future revenue.

Stocks

Stocks are stated at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.

21

2

3

4

Governance costs

2011

£

2010

£

Staff costs 96,123 93,784

Audit and legal fees 27,513 19,056

Cost of trustee meetings and travel 45,630 43,262

169,266 156,102

Breakdown of cost of charitable activities

Activities undertaken

directly

£

Support costs

£

Total 2011

£

Total 2010

£

Subscriptions 1,452,066 690,291 2,142,357 2,057,825

Examination and other fees 1,169,785 631,230 1,801,015 1,559,675

Publications 425,651 103,586 529,237 586,488

Research and development projects 414,729 – 414,729 436,957

3,462,231 1,425,107 4,887,338 4,640,945

(Note 5)

Total support cost breakdown by activity

Staff costs

£

Other costs

£

Total 2011

£

Total 2010

£

Cost of generating funds 21,606 49,329 70,935 74,376

Charitable activities 434,084 991,023 1,425,107 1,293,151

Governance costs 96,123 73,143 169,266 156,102

551,813 1,113,495 1,665,308 1,523,629

22

Support cost apportionment

Cost of generating funds

Activities for generating

funds

£

Investment Income

£

Total 2011

£

Total 2010

£

Depreciation 8,580 520 9,100 7,573

Finance 10,179 616 10,795 12,184

Information Technology 7,230 438 7,668 9,730

Support staff costs 20,372 1,234 21,606 23,251

Office costs 20,522 1,244 21,766 21,638

Total 66,883 4,052 70,935 74,376

Charitable activities Subscriptions

£

Examination and other

fees

£

Publications

£

Total 2011

£

Total 2010

£

Depreciation 88,553 80,977 13,288 182,818 131,659

Finance 105,055 96,066 15,765 216,886 211,844

Information Technology 74,617 68,233 11,198 154,048 169,164

Support staff costs 210,261 192,271 31,552 434,084 404,267

Office costs 211,805 193,683 31,783 437,271 376,217

Total 690,291 631,230 103,586 1,425,107 1,293,151

(Note 3) (Note 3) (Note 3) (Note 3)

Net incoming resources for the year

This is stated after charging:

2011

£

2010

£

Depreciation of tangible fixed assets 191,918 139,232

Auditors’ remuneration 11,450 10,500

Auditors’ remuneration for non audit services 7,075 6,595

Onerous property lease (see note 16) – 100,000

5

6

23

Staff costs and numbers

2011

£

2010

£

Wages and salaries 1,688,161 1,522,097

Social security costs 151,831 131,990

Pension costs 79,448 66,647

1,919,440 1,720,734

The number of employees whose emoluments fell into the following bands were:

2011 2010

£60,001 - £70,000 1 -

£70,001 - £80,000 - 1

£80,001 - £90,000 1 -

£100,001 - £110,000 - 1

£110,001 - £120,000 1 -

The above staff have retirement benefits accruing under defined contribution schemes at a cost of £14,266 to APM.

2011 2010

Average employee numbers 46 48

Taxation

The company is a registered charity and no provision is considered necessary for taxation.

Income from investments

2011

£

2010

£

Bank interest 14,909 11,538

7

8

9

24

Tangible fixed assets

Group

Publications

£

Leasehold improvements

£

Furniture, equipment & website

£

Total

£

Cost

At 1 April 2010 202,492 260,168 505,864 968,524

Additions – – 109,162 109,162

Disposals – – (1,012) (1,012)

At 31 March 2011 202,492 260,168 614,014 1,076,674

Depreciation

At 1 April 2010 191,239 60,911 203,241 455,391

Charge for the year 11,253 43,362 137,303 191,918

Disposals – – (1,012) (1,012)

At 31 March 2011 202,492 104,273 339,532 646,297

Net book value

At 31 March 2011 – 155,895 274,482 430,377

At 31 March 2010 11,253 199,257 302,623 513,133

10

25

11

Tangible fixed assets cont.

Company Publications

£

Leasehold improvements

£

Furniture, equipment & website

£

Total

£

Cost

At 1 April 2010 230,020 260,168 505,864 996,052

Additions – – 109,162 109,162

Disposals – – (1,012) (1,012)

At 31 March 2011 230,020 260,168 614,014 1,104,202

DepreciationAt 1 April 2010 218,767 60,911 203,241 482,919

Charge for the year 11,253 43,362 137,303 191,918

Disposals – – (1,012) (1,012)

At 31 March 2011 230,020 104,273 339,532 673,825

Net book value

At 31 March 2011 – 155,895 274,482 430,377

At 31 March 2010 11,253 199,257 302,623 513,133

Fixed asset investments

Group 2011

£

Group 2010

£

Company 2011

£

Company 2010

£

Ibis Trading Limited – – 1 1

– – 1 1

The association owns all of the issued share capital of Ibis Trading Limited, a company registered in England. The subsidiary is used for trading activities, this largely comprised the APM Conference and Awards in the period. It was incorporated on 17 March 2008 and commenced trading on 27 July 2009. All activities have been consolidated line by line in the SOFA. The deficit for the period to 31 March 2011 was £18,637 (2010: £1,898 deficit) and the total net liabilities were £20,534 (2010: net liabilities £1,897).

26

Current asset investments

Group 2011

£

Group 2010

£

Company 2011

£

Company 2010

£

Cash held on deposit 2,175,780 2,050,624 2,164,840 1,925,583

Stocks

Group 2011

£

Group 2010

£

Company 2011

£

Company 2010

£

Publication materials and sundry sale items 27,455 29,075 27,455 29,075

27,455 29,075 27,455 29,075

Debtors

Amounts falling due within one year: Group 2011

£

Group 2010

£

Company 2011

£

Company 2010

£

Trade debtors 402,799 339,209 402,303 337,783

Prepayments and sundry debtors 188,995 199,599 178,607 192,510

Amounts owed by group undertaking – – 18,870 127,927

591,794 538,808 599,780 658,220

Creditors

Amounts falling due within one year: Group 2011

£

Group 2010

£

Company 2011

£

Company 2010

£

Trade debtors 211,022 194,485 211,022 194,485

Other creditors and accruals 258,720 329,099 229,783 292,568

Subscriptions received in advance 1,031,755 1,091,953 1,031,755 1,091,953

Other taxes and social security 115,812 69,098 121,195 90,113

1,617,309 1,684,635 1,593,755 1,669,119

12

13

14

15

27

Provision for liabilities and charges

Provision for onerous

lease

£

Group and Company

Balance as at 1 April 2010 200,000

Released to the SOFA in the year (200,000)

Balance as at 31 March 2011 –

On 1 December 2008 the association relocated its head office and a provision was made in respect of onerous lease rentals for its former premises based in High Wycombe. It represented over two thirds of the rental payments due until the end of the lease. The property was actively marketed during the year and the lease was successfully assigned on 15 November 2010 obviating the need for a provision which has been transferred back to the SOFA.

Designated funds

At 1 April 2010

£

Incoming

£

Outgoing

£

Transfers

£

At 31 March 2011

£

Group and Company

Tangible fixed assets fund 550,000 – – (50,000) 500,000

Office relocation fund 49,769 – (48,193) (1,576) –

Development fund 200,000 – – 200,000 400,000

Office dilapidations fund 20,000 – – 10,000 30,000

819,769 – (48,193) 158,424 930,000

During the year the board designated funds from the unrestricted funds as follows: £10k for dilapidations and £200k for the development fund. The development fund sets aside funds to help meet the costs of development work and was not called upon in the year. The dilapidations fund will be increased each year to provide funds towards the dilapidations liability payable at the end of the lease at APM’s Princes Risborough offices.

The tangible fixed asset fund was reduced by £50k. The tangible fixed assets fund represents the value of tangible fixed assets in the balance sheet and allows for future additions to the assets.

The office relocation fund was set up to fund the relocation of the head office. The office relocation took place in December 2008 to premises in Princes Risborough. The remainder of the fund was required to meet the costs relating to the disposal of the old head office in High Wycombe, and rent and maintenance costs. The lease was assigned on 15 November 2010 and the office relocation fund was undesignated as it was no longer required.

The amount designated for these funds will be reviewed regularly to ensure that sufficient funds are set aside for these activities.

16

17

28

18

19

20

21

22

Unrestricted funds

At 1 April 2010

£

Incoming

£

Outgoing

£

Transfer to designated

funds

£

At 31 March 2011

£

Group – Retained fund 658,867 5,703,563 (5,316,957) (158,424) 887,049

Company – Retained fund 660,765 5,545,762 (5,140,519) (158,424) 907,584

Trustee remuneration and expenses The trustees neither received nor waived any emoluments during the year (2010: Nil). The reimbursement to 14 (2010: 14) trustees of expenses incurred on behalf of the association totalled £15,377 (2010: £14,826) during the year. The association receives subscriptions from the trustees and provides examination services to some trustees on the same basis as any other member.

Capital status The liability of the full members is limited by guarantee. At the date of the accounts, there were 12,328 (2010: 12,103) members, each with a guarantee potential of £5.

Financial commitments The amounts payable in the next year in respect to operating leases are shown below, analysed according to the expiry date of the leases.

2011

£

2010

£

2011

£

2010

£

Expiry date:

Within one year 1,023 – – –

Between two and five years 7,789 12,319 – –

In over five years – – 158,250 158,250

8,812 12,319 158,250 158,250

Related party transactions During the year the charity sold services amounting to £23,999 (2010: £22,190) to The Nichols Group Limited, a company in which a trustee is a director and shareholder. At the 31 March 2011 £Nil (2010: £293) was owed to the charity by The Nichols Group Limited.

During the year the charity sold services amounting to £14,243 (2010: £Nil) to Thales Limited, a Company in which a trustee is a director.

During the year the charity bought services amounting to £2,786 (2010: £3,678) from Project Technologies (UK) Limited, a company in which a trustee is a director and shareholder.

During the year the charity bought services amounting to £3,638 (2010: £3,268) from a trustee.

The services referred to above are conducted on an arm’s length basis.

Office equipment Land and buildings

29

Telephone +44 (0) 845 458 1944Facsimile +44 (0) 845 458 8807 Email info@apm.org.ukWeb www.apm.org.uk

Association for Project Management

Ibis House, Regent ParkSummerleys RoadPrinces RisboroughBuckinghamshire HP27 9LE

BRO8001010