cima annual review 200360,000th member – a milestone reflecting the growth in demand for our...

annual review 2003

m: the power of financialsuccess: the favourable outcome of something attempted;the attainment of wealth or position; an action characterised by success.

SUCC

CONTENTS 2 PRESIDENT’S STATEMENT 4 OPERATING REVIEW 12 STRATEGY 2004–10 16 FINANCIAL SUMMARY 18 CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT

management in businessThe CIMA qualification attracts people who are highly employable.CIMA members represent the future, not the past. They drive businessesand are crucial in shaping their success. The power of financial managementin business is a key factor in the success of capital markets worldwide.

CESS

19 CONSOLIDATED BALANCE SHEET 20 COUNCIL MEMBERS AND REPRESENTATIVES 22 REPRESENTATIVES ON EXTERNAL BOARDS AND COMMITTEES

2 CIMA annual review 2003

The year 2003 has been an exciting time to be President of CIMA.

It has been a period of considerable progress, yielding some very

beneficial results. In September, for instance, we welcomed our

60,000th member – a milestone reflecting the growth in demand

for our qualification both nationally and internationally.

Over the past year our membership increased by 4%, while student

numbers also rose by 4% to over 80,000. When she became our

60,000th member, Sarah Webb was a 25-year-old Financial Analyst

at Rolls-Royce’s risk and revenue-sharing division, providing a perfect

example of the changing role of the management accountant.

CIMA has always focused on business accountants, managers and

strategy specialists who understand commerce as well as figures,

but roles – and job titles – have changed fundamentally over the

past decade, which has also seen our membership double in size.

This year saw the introduction of online exam registration, which

helped to make the process as swift and efficient as possible.

More than 22,000 students at 243 exam centres in 84 countries

registered for their exams this way in 2003. In fact, an important

thrust of CIMA’s year was the introduction of a new IT system and

customer facing processes. Thanks to a huge effort by all CIMA’s

employees, this went live in November and now provides

registration for membership and exams, allowing members to pay

subscriptions and manage their own records online. As well as

cutting a lot of red tape, this development will vastly improve

CIMA’s knowledge of its customers and their needs.

CIMA’s reputation as a professional body has never been stronger.

An independent survey in the UK by recruitment consultancy

Robert Half International found that CIMA was ‘rapidly becoming

the chartered accountancy qualification of choice’. In addition, our

influence on the international scene has drawn attention to

accountants in business – as seen in the recently published

strategy of the International Federation of Accountants. It is now

recognised that CIMA encourages forward-looking strategic

financial management, and that its practical training undoubtedly

ensures that its members can put theory into practice.

CIMA made a considerable investment in developing products and

services before launching its new generation qualification in

January 2004. Developed with the University of Bath School of

Management, the professional chartered management accounting

qualification takes CIMA into a league of its own, especially when it

comes to supporting members’ ongoing professional development.

‘This year saw the introduction ofonline exam registration, whichhelped to make the process as swiftand efficient as possible. More than22,000 students at 243 exam centresin 84 countries registered for theirexams this way in 2003’

PRESIDENT’S STATEMENT

Claire Ighodaro joined BT in the mid-1980s, where she rapidly

progressed to become a national senior project manager.

Her posts there have included Controller, Financial Systems,

for BT’s Worldwide Networks; Head of Group Quality;

and Vice-President of Finance at BT Openworld.

She also worked in Munich for BT’s German joint venture,

Viag Interkom, as Director of its Network and Infrastructure

Programme Office.

She is currently BT Group’s Broadband Finance Director.

Career highlights


One of my chosen initiatives in 2003 was a work placement

scheme for people aged 14 to 16. Our UK branch network has been

building relationships with schools, and four areas entered a pilot

programme that encouraged local firms to offer students work

experience in their finance departments. The feedback has been

positive, not only from the young people but also from employers.

The participating firms felt that the placements had given the

students a much better grasp of the management accountant’s

role, while introducing them and their careers advisers to CIMA.

As well as qualifying the young, CIMA has been exploring lifelong

learning for its members. Although keeping skills up to date is an

integral responsibility of membership, the profession is seeking

ways to provide more support for this. As a member of the

International Federation of Accountants, CIMA has collaborated on

the design of an international standard on continuing professional

development (CPD). And we are encouraging members and

students to attend branch events and CPD-focused CIMA Biz.Net

seminars in addition to Mastercourses. We also launched CIMA

Training, an enhanced partnership programme that improves the

support we provide for employers who want to develop their

people to chartered management accountant level and beyond.

Following the series of high-profile corporate failures over the

past few years, it has never been more important for accountants

to uphold the highest professional standards and show integrity.

Ethics will play an increasing role in business, and CIMA’s

qualification will reflect that. Membership demonstrates a

commitment to high standards, a code of conduct and CPD.

We want employers and the public to be confident in our

members’ abilities, and we want to ensure that CIMA remains

‘the most sought-after chartered accountancy qualification’.*

The UK government decided last year that the accountancy bodies

would be overseen by the Financial Reporting Council (FRC) on

behalf of the DTI, so in early 2004 the FRC was given responsibility

for the supervision of the six members of the Consultative

Committee of Accountancy Bodies. CIMA has been extremely

active over the past year in contributing to improvements in the

regulatory framework under which its members and students

operate. Nearly all of the recommendations we made to Sir Derek

Higgs’s review of non-executive directors were included in his final

report. The UK has a record of evolution, not revolution, in

improving corporate governance, and the Higgs report was no

exception. I am pleased that Higgs’s own recommendations were

not greatly diluted in the end, because they have forced companies

to take a long, hard look at their boards’ structures and roles. I also

welcome Higgs’s steps to broaden the gene pool of non-executive

directors. Diversity, as well as individual performance and

education, should improve the overall effectiveness of boards.

Many post-Enron discussions about corporate governance have

concerned the responsibilities of directors and the structure of

boards, but corporate failures will continue unless firms improve the

quality and timeliness of the information they deliver to the board.

This is another area where CIMA has entered the debate

wholeheartedly and contributed to the evolution of boardroom

behaviour and, ultimately, corporate culture. Our report, Performance

Reporting to Boards, was sent to the UK’s top 250 finance directors

and audit committee chairmen. It sets out principles for reporting

both financial and non-financial information, the systems that

need to be in place for it and, crucially, the culture that supports it.

The finance function needs to be the ‘high priest’ of creating and

sustaining shareholder value. The only way for it to achieve this

is to provide decision-making support, management leadership and

consultancy across a range of strategic and operational activities

at different organisational levels. The role being performed by

chartered management accountants – accountants in business –

is that of a catalyst.

CIMA’s investments in 2003, especially those in IT infrastructure

and processes, have paid great dividends. As a leading-edge

organisation, and as a provider of support services for professionals

working in ever more demanding environments, we have the

knowledge, skills and ethical values in our qualification to benefit

all our members in their full range of occupations – from the newly

qualified to the FTSE 100 directors and chairmen.

It has been a challenging yet very successful year for CIMA, and I

thank my fellow Council and Committee members, our area and

branch volunteers and CIMA’s staff for their support, leadership and

sheer hard work in enabling these achievements.

Claire Ighodaro

President, CIMA

* Source: Robert Half International, 2003 survey

CIMA supports more than

81,500students in 154 countries from itsLondon HQ and 10 international offices

CIMA supports more than

62,300members. This represents a 21%growth in membership since 1999

Did you know?


CIMA Council

A Council of up to 54 members (52 at year end) represents the

interests of, and reports to, CIMA’s general membership. It

contributes to the running of the organisation and its ultimate

success. Council is responsible for controlling CIMA and

determining and reviewing policy in line with the objectives of the

Royal Charter. As well as meeting five times a year, many Council

members give up their time to serve on various committees, for

which they set the terms of reference.

CIMA people

The success of our strategy depends on the quality of our people,

and CIMA is fortunate to have the support of an excellent and

dedicated team. Everyone at CIMA has worked tremendously hard

over the past year to deliver the level of service that our members

have rightly come to expect. In 2003 CIMA demanded even more

from its people than meeting their ‘business as usual’ objectives.

It also required them to complete major projects such as the new

customer facing processes and the new generation qualification.

That they did so with such great success is a credit to them.

The re-accreditation of Investors in People status was a

significant milestone for CIMA in 2003. It demonstrates that we

have continued to meet the national standard of good practice

for the training and development of our people to achieve our

business goals. In 2004 we will build on this by introducing a

new performance management framework.

New information technology

CIMA successfully delivered an all-new IT process and infrastructure

during 2003. The project reviewed business processes and

streamlined systems to maximise their efficiency and effectiveness.

It also established a web portal (www.cimaglobal.com/cimaonline)

through which students and members – both current and

prospective – can interact with us directly.

The project was completed on schedule on 10 November 2003

and is already delivering significant benefits. Of the students who

entered for the November exams, for example, 76% did so online.

Students did experience significant reductions in service on two

occasions during the year. The first was when the processing of

some registrations was delayed by our preparations for the first

implementation of the new systems and processes. The second

‘The re-accreditation of Investorsin People status was a significantmilestone for CIMA in 2003.It demonstrates that we havecontinued to meet the nationalstandard of good practice for thetraining and development of ourpeople to achieve our business goals.In 2004 we will build on this byintroducing a new performancemanagement framework’

OPERATING REVIEW

register as a student;

enter for exams and view their exam history;

update personal details;

set up a direct debit (holders of UK and Irish bank accounts only);

view a history of financial transactions with CIMA.

CIMA’s new customer relationship management system

Students are now able to perform the following transactions online:The annual conference and awards

HSBC, Cadbury Schweppes and the Royal Bank of

Scotland were among the companies celebrating at

the third annual CIMA/Financial Management Awards,

which honoured CIMA’s most influential and

successful members and stakeholders. The awards

dinner took place on 12 November as part of the

third CIMA annual conference, which focused on

‘Finance driving up shareholder value: managing risks

and opportunities’. Speakers at this event included

Sir Brian Pitman, Sir Derek Higgs and Steve Marshall,

Chairman of the Queens Moat Houses hotel group.


Key CIMA initiatives were supported by the magazine, which

promoted the annual conference and helped to host the CIMA/

Financial Management Awards. Articles disseminated CIMA’s views

on issues ranging from money-laundering to corporate governance.

Arguments about new regulations came thick and fast, and the

magazine kept members up to date by providing regular bulletins

on developments concerning the Financial Reporting Council, the

Sarbanes-Oxley Act and international accounting standards.

CIMA Insider continued to publish key Financial Management

articles to encourage students to appreciate different sectors and

crucial business issues. These were supplemented with case studies

highlighting students’ experiences at CIMA Training Partners such

as Tesco, Capital One and Unilever. The ‘Inside information’ section

explored the soft skills and management techniques needed by

junior and middle managers, while the ‘Technical’ pages continued

to offer exam analysis and advice from lecturers and examiners.

The first issue of CIMA Insight (www.cimaglobal.com/newsletters),

a monthly email newsletter for members and students, went out in

February 2003. Insight contains news and features; the latest

developments at CIMA; links to specialist sites; and articles looking

at the world of management accountancy from a different angle.

Feedback from Insight’s readers has been overwhelmingly positive.

The newsletter also attracted sponsorship for six editions in 2003.

The first issue of CIMA Synergy (www.cimaglobal.com/synergy)

went out in July. This is a bi-monthly email newsletter for CIMA

Training Partners. Synergy’s readers are all key people in major

companies – usually senior managers in HR or finance departments.

They are also normally our business development managers’

main contacts. Readers are encouraged to forward Synergy to their

colleagues and/or upload it on to their corporate intranets.

followed the implementation of online exam entry in the summer,

where students had problems setting up their online accounts.

UK-based candidates were encouraged to go online in order to

enter exams, but unclear communications before this migration

from paper to web caused many to experience real difficulties.

Despite these challenges, however, the feedback about the whole

online experience for both registration and exam entry has been

very positive. The new system offers greater choice and precision

in exam venue selection and gives immediate confirmation of

entry, helping to deliver a higher level of customer service.

The CIMA brand

A key focus of our marketing strategy in 2003 was to update

CIMA’s brand identity. The purpose of this project was to ensure a

clear, concise and wide understanding of the values and relevance

of CIMA to its stakeholders and the wider business community.

The other major marketing project was to help deliver CIMA’s

new generation qualification (see next page).

CIMA competed strongly with other accountancy bodies in 2003

to achieve media coverage both nationally and internationally.

In the UK alone we generated editorial column inches equivalent

to £1.4 million worth of advertising. Regular opinion pieces and

management accounting supplements appeared in the

Financial Times throughout the year. And CIMA’s campaign to

promote the results of the survey it commissioned on London’s

future viability as a financial capital drew substantial coverage in

the broadcast media. CIMA’s public relations team also worked

closely with the technical department to promote a range of

resources aimed at improving corporate governance, transparency

and, ultimately, shareholder value.

The 10 issues of Financial Management published in 2003 covered

a wide range of business topics. As well as featuring the normal

mix of subjects, the magazine’s special editions in April and

October provided in-depth analyses of the euro debate and the

state of East Asia’s economies. Regular articles highlighted

CIMA-funded studies into areas such as management accounting in

developing countries, intellectual capital and CFOs’ involvement in

e-commerce. The magazine also interviewed influential figures

ranging from Sir Derek Higgs to Michael Cunnah, CEO of the new

Wembley Stadium. Major articles on pension black holes, the US

economy, the private finance initiative and outsourcing trends were

supplemented by shorter pieces examining shareholder activism,

boardroom pay and the role of non-executive directors.

Business leader of the year: Douglas Flint, Group Finance Director, HSBC.

Contribution to management accountancy: David Kappler, Chief Financial Officer, Cadbury Schweppes.

Employer of the year (over 500 employees): Lehman Brothers.

Employer of the year (under 500 employees): Figleaves.com.

Finance team of the year: manufacturing finance, Royal Bank of Scotland Group.

Part-qualified of the year: Yasas Abeywickrama, Virtusa, Sri Lanka.

Tutor of the year: Julie Stanton, Senior Military Lecturer, The Defence School of Finance and Management.

Software implementation of the year: John Gittens, Finance Manager, Ricoh Products.

Recruitment consultant of the year: Michael Page.


‘CIMA’s new test of professionalcompetence is the first in the worldto have been designed to meet therequirements of the new internationaleducation standards, which comeinto force on 1 January 2005’

OPERATING REVIEW

The new generation qualification

In October 2003 Council approved proposals for the launch of

the new generation CIMA professional chartered management

accounting qualification. This has been developed in partnership

with the University of Bath School of Management, one of the top

business schools in Europe.

Comprising 10 exams in total, it requires the submission of

evidence of at least three years’ relevant practical experience,

including a final test of professional competence. The exams are

Paper P4

Organisational Management

and Information Systems

Paper P5

Integrated Management

Paper P6

Management Accounting

Business Strategy

Award: CIMA Advanced Diploma in Management Accounting

Award: Member of the Chartered Institute of Manangement Accountants

Prerequisite entry requirements – for instance, CIMA Certificate in Business Accounting Prior experience can be included

MA

NA

GEM

EN

T

LEV

EL

ST

RA

TEG

IC

LEV

EL

Test of Professional Competence in Management Accounting

Paper P1


Performance Evaluation

Paper P2


Decision Management

Paper P3


Risk and Control Strategy

Paper P7

Financial Accounting

and Tax Principles

Paper P8

Financial Analysis

Paper P9


Financial Strategy

Practical experience

Recorded as a career

profile with record of

skills development (RSD)

Minimum of three years’

relevant experienceBusiness Management Pillar Management Accounting Pillar Financial Management Pillar

‘I decided that I didn’t want to be a number-crunching accountant.I wanted to influence how financialdecisions were made and how theywould affect the business, somanagement accountancy – and CIMA– were the next steps after graduating’

Sarah Webb, Financial Analyst, Rolls-Royce,

CIMA’s 60,000th member


split into two levels: managerial and strategic. The managerial level

features a mix of technical accounting topics and management

issues, and students will be awarded the CIMA advanced diploma

in management accounting on completing it. The strategic level

provides a stronger emphasis on strategic management, finance,

risk and control.

The qualification was developed after one of the largest research

exercises CIMA has conducted. The outcome is one that we

believe will meet the needs of employers and students into the

future. It now contains more material on management

accounting, risk and control, ethics, corporate governance and

strategy than ever. CIMA’s new test of professional competence is

the first in the world to have been designed to meet the

requirements of the new international education standards, which

come into force on 1 January 2005. We firmly believe that all of

these changes will increase the demand for CIMA as the

professional qualification focused solely on training accountants

in business and the public sector.

In July we also announced a unique alliance between the only two

bodies in the world specifically focused on management

accountancy. Certified Management Accountants (CMA) Canada

and CIMA have formed an agreement whereby members of one

body can enjoy a fast-track route to membership of the other.

CIMA’s focus in Ireland has been on developing taught Master’s

programmes for the public sector. These are designed around the

final stage of the CIMA exams. We also signed a memo of

understanding with the Shanghai Center of Personnel Testing Affairs

on the delivery of our Certificate in Business Accounting.

Education

Our development officers attended more than 200 university

careers fairs, presentations and skills sessions in 2003, introducing

CIMA to at least 35,000 potential students. We also launched our

own business game – the CIMA Boardroom Challenge – which has

been run successfully on 10 campuses. Fifty students attending a

workshop at Cambridge voted it the best business game, observing

that it stretched their teamworking skills and made them realise

how diverse and influential management accountancy is.

We also held a finance fair in London, enabling us to build links with

employers and show students the career opportunities available to

them. Around 700 undergraduates met exhibitors, attended

presentations and took advice on their CVs. Their feedback was

excellent and all the exhibitors were keen for us to repeat the event.

Much of our work reaches out to younger people. Since 1995, for

example, CIMA has run a business management competition for

which students write a business plan on a hot commercial topic.

The latest changes to the A level curriculum have put pressure on

classroom time, so CIMA has developed a new format in response.

In partnership with Learn.co.uk (a subsidiary of the Guardian) it has

developed a number of lessons for the web, culminating in a final

session on developing a business plan, which is then submitted.

More than 200 teams have participated – around 750 students

from 80 schools – and teachers recognise the support this scheme

offers in helping young people to learn important new skills.

Our UK branch network has also been building relationships with

schools. Four areas have undertaken a pilot scheme – initiated by

CIMA’s President, Claire Ighodaro – to offer pupils work experience

and mentoring in local companies’ finance departments.

The feedback we received from all participants showed that they

felt it had been extremely valuable in giving young people a better

understanding of the finance function.

Quality assurance

In August 2002 CIMA attached to its education directorate a

department dedicated to quality assurance (QA). This is

committed to continuous review and improvement within its

sphere of activity, and CIMA is unique among professional bodies

in creating such a function. Its main, though not exclusive, focus

has been on exams – arguably one of CIMA’s most important

student-related processes.

The past year has seen considerable changes to activities that are

central to the exams and their related operations. QA played an

integral part in the design, testing and implementation of CIMA’s

new business processes. Its role will be to review the success of the

implementation and to promote improvements. Our goal is to

ensure that our communications with stakeholders are technically

advanced. To this end, we introduced a new customer relationship

management system, which allowed students to register for exams

online. This accounted for 76% of registrations for the November

exams. Such developments provide a platform for future services.

‘I am pleased that CIMA has been seekingfeedback from industry. It’s crucial forthe qualification to move with thechanging requirements of business, andthe CIMA Training partnership has givenboth finance managers and students asay in the future of the qualification.’Drew Richardson, Manager, IBM


Professional standards

With the media spotlight still on the accountancy profession, CIMA

works hard to imbue students and members with a strong ethical

sense, and strives to educate them on the latest regulations. We

also collaborate with various other accountancy bodies to influence

professional standards worldwide. Our professional standards team

has focused on co-operating with the review board that spearheads

much of the Accountancy Foundation’s work in the UK, and on

setting up the accountancy investigation and discipline board.

‘We responded to the AccountancyFoundation review board’sreport on complaints and disciplinaryprocedures, reinforcing ourcommitment to good practice andour responsibility to protectthe public interest. We have alsoimproved our disciplinary regulationsover the past year – for instance,by reinforcing the independence ofCIMA’s conduct committees’

CIMA courses and conferences

CIMA Mastercourses introduced 35 new products

over the year, including ‘Fifteen ways to reduce

costs’, ‘Better budgeting’, ‘Shared services’ and

workshops on international accounting standards

and group reporting.

More than 97% of the 4,000 delegates who attended

an open-access or in-company CIMA Mastercourse

over the year were ‘satisfied’ or ‘more than satisfied’

with the experience.

New in-company customers for 2003 included BASF,

the Driver and Vehicle Licensing Agency, HM Customs

& Excise, HM Treasury, Microsoft, Nortel Networks

and Paragon Finance. We ran courses at venues all over

the UK, as well as in Europe for organisations based in

the Czech Republic, Greece, Poland and Sweden.

The highlights for the CourseMaster Club in 2003

were London Underground’s purchase of a new

membership and Metronet Rail SSL’s top-up of its

existing membership. Other new members included

OPERATING REVIEW


As a result of a government decision in early 2003, the UK

Financial Reporting Council has become the independent oversight

body for the six members of the Consultative Committee of

Accountancy Bodies. At the same time, the Irish government

published a bill that will result in the supervision of all accountancy

bodies in that country. CIMA may also be subject to that regime

once the bill is enacted. All this represents a significant financial

cost to the accountancy bodies concerned, but the strength that

the new system offers them and the protection it will give the

public are vital for rebuilding confidence in the profession.

CIMA also responded to the International Federation of Accountants

on its draft ethical code and statements of membership obligations.

These obligations will impose responsibilities on CIMA and all

other members of the federation, which should result in a more

standardised approach worldwide on issues such as education,

discipline and ethics. The code, when finalised, is likely to form the

basis of a revised code of ethics for CIMA.

CIMA’s conduct and disciplinary work during 2003 continued to

adapt to changes in the business and regulatory environment.

We responded to the Accountancy Foundation review board’s

report on complaints and disciplinary procedures, reinforcing our

commitment to good practice and our responsibility to

protect the public interest. We have also improved our disciplinary

regulations over the past year – for instance, by reinforcing the

independence of CIMA’s conduct committees. And the two-tier

investigation and disciplinary process, which has opened our

disciplinary proceedings to the public, is now well established.

Continuing professional development

There were three key events in 2003 concerning CPD. The first

saw a significant development on the lifelong learning agenda

when CIMA entered a partnership with Henley Management

College to provide a fast track through the college’s prestigious

MBA programme. Taking an MBA is the most popular formally

assessed CPD choice for our members. Registrations for Henley’s

qualification over the past year exceeded our expectations,

numbering just over 50.

The second major development was the release of two exposure

drafts on CPD by the International Federation of Accountants’

education committee. The October draft was well received by

CIMA, particularly for its recognition that individuals have primary

responsibility for their own competence and development. CIMA

responded in December and the final international education

standard on CPD is expected to be released later this spring.

The exposure drafts stimulated wide-ranging discussions at CIMA in

2003 about the initial recommendations for its new CPD scheme.

CIMA is due to hold a consultation with the wider membership on

its proposals for the scheme in the second quarter of 2004.

The third key event occurred when CIMA secured access for all

its members to Harvard Business School Publishing’s Harvard

ManageMentorPlus e-learning package. This gives members the

chance to develop their business skills using online materials and

offers access to a wide range of articles. There are 33 topics

available at present, with another four due out during 2004.

These will be made available through the member area of

www.cimaglobal.com.

Employer relationships

The CIMA Business Development team’s remit is to support

employers and their students throughout the UK. A team of eight

regionally based Business Development Managers means that there

is now nationwide coverage, with additional support for employers

overseas from staff operating in CIMA’s international divisions.

The former Training Through Partnership programme for employers

was relaunched in 2003 as CIMA Training. The Business

Development Managers now advise on all aspects of implementing

and monitoring the quality standards laid out in the new

programme, which are underpinned by a greatly enhanced range of

support materials and services. Their role is also to brief employers

on the full range of resources available to support them, as well as

to advise students on how to organise and record their practical

experience to secure membership.

ACNielsen, Alcoa Manufacturing, AstraZeneca, Hays

Logistics, M40 Trains, the MoD and Motorola.

The first ‘Beyond budgeting’ conference, sponsored by

ALG Software, Cognos and IBM, was held by CIMA in

association with the Beyond Budgeting Round Table.

Another innovation was the ‘Applied exam techniques’

course, which offered Intermediate level candidates a

workshop on how to tackle questions effectively. This

was well attended and received positive feedback, so

we plan to extend it to Final level in 2004.


‘The CIMA NHS working groupresponded to radical proposals fromthe government on reforming the waythat money flows around the healthservice. CIMA’s recommendationsfor improving these proposals havebeen widely promoted to members,raising awareness about what isbeing planned and the resultingtechnical and cultural changes thatwill affect NHS managers’

Innovation and governance

CIMA’s think-tank, the Strategic Enterprise Management (SEM)

round table, held several revealing and thought-provoking

presentations in the final meetings of its existing format. These

events have involved the following organisations: Allied Domecq;

Allied Irish Bank; the BBC; Bellis-Jones, Hill and Prodacapo; BNFL;

Cranfield School of Management; Deloitte & Touche Consulting;

the Elan Corporation; the Inland Revenue; Lloyds TSB; Powergen;

PricewaterhouseCoopers; Roche; Rolls-Royce; the Royal Mail; Shell;

and Unilever. They debated the role of the finance function in

ensuring that management decision-making processes support the

creation of shareholder value.

These events culminated in a report entitled Improving

Decision-Making in Your Organisation, which was released in June

2003 at a European CFO forum in Monaco. This publication is

intended to aid dramatic and continuous improvements in the

decision-making support offered by the finance function. It also

aims to ensure that management accountants are central to the

development of strategies for creating long-term shareholder value.

The report promotes effective standards of corporate governance

and a culture of transparency.

CIMA was a major sponsor of the Financial Executives

International Summit in Orlando, Florida in May. At the event

Charles Tilley, CIMA’s Chief Executive, addressed US business

leaders on the subject of corporate governance.

In March CIMA published a report entitled The Role of the

Non-Executive Director: Making Corporate Governance Work and

sent it to UK’s top 1,000 FDs. This built on both CIMA’s submission

to Sir Derek Higgs’s review of the role of non-executive directors

and the breakfast meeting on the same topic hosted by CIMA and

the Adam Smith Institute at Parliament in February. The report

highlights an often ignored part of corporate governance: the

provision of useful and timely information to boards. CIMA also

believes that the messages sent to investors and other stakeholders

should reflect those that are communicated to directors. This

system of transparency – a continuum between internal and

external reporting – should be the cornerstone of governance.

OPERATING REVIEW

‘CIMA is well known and respected as one of the most popular overseasqualifications in Sri Lanka. As a Sri Lankan member, I feel confident that I am being constantly updated onthe latest developments in business’Rajeev Aloysius, Director – Finance,

The Autodrome Ltd


and performance, and that good corporate governance is necessary

– but not sufficient on its own – for success. The report’s 27

international case studies indicate that there is potentially a gap

in the board’s oversight of a company’s strategic process, so CIMA

has been designing a strategic scorecard to help fill this. As the

next stage, we are reviewing the potential of enterprise reporting

as a framework of reporting to investors that builds on the concept

of enterprise governance.

UK branch network

CIMA held a strong mix of area and branch events during the year

as part of its members’ network support programme. The events

ranged from technical updates and personal development

opportunities to social gatherings and site visits – some of which

gave members and students a unique chance to tour locations that

aren’t usually open to the public.

Local branch events have provided good networking opportunities

for members and students to update their knowledge.

Guest speakers this year have included Sir Clive Martin, former

Lord Mayor of London, on the workings of the City; John Coombe,

CFO at GlaxoSmithKline, on issues facing multinationals; and

Nigel Turner, CFO at British Midlands, on running an airline.

Members also heard from David Cafferty, Chairman of CIMA’s

Fraud and Risk Management Group, about the forthcoming

money-laundering regulations.

In addition to the events that are organised by the local volunteers

with help from their network officers, we also run a series of

centrally organised CPD events under the CIMA Biz.Net banner.

We are keen to harness the support of our volunteers and to

enhance the networking and CPD opportunities that are available

to members. CIMA’s new customer relationship management

capability will prove highly significant in achieving this aim.

We raised the issue of information quality once again in a report

called Performance Reporting to Boards: A Guide to Good Practice.

This was published in October and sent to the FDs and audit

committee chairmen of the UK’s top 250 firms. The document sets

out the principles of reporting both financial and non-financial

information effectively to boards, the systems that firms must have

in place to do it and the culture that supports it. Its case studies

provide ideas to help organisations make improvements, and they

serve as a springboard for new thinking.

The CIMA NHS working group responded to radical proposals from

the government on reforming the way that money flows around the

health service. The government’s ‘Payment by results’ proposals are

key to its NHS modernisation agenda. CIMA’s recommendations for

improving these proposals have been widely promoted to members,

raising awareness about what is being planned and the resulting

technical and cultural changes that will affect NHS managers. This

discussion continued at the annual CIMA NHS open forum, which

drew a capacity attendance. Richard Douglas, Director of Finance

and Investment in the NHS, gave his views on the challenges facing

the finance function. This was followed by a presentation and

debates on the need for CEOs and FDs to work as one, and on new

approaches to performance management in the health service.

Studies funded by CIMA made a notable contribution to

management accounting science in 2003. Two reports of particular

interest published by CIMA included The Challenge of Management

Accounting Change and The Future Direction of UK Management

Accounting Practice. Both were compiled by a team led by Professor

Robert Scapens at the Manchester School of Accounting and Finance.

The past year saw the launch of the Asian Management Accounting

Research Centre (AMARC), a collaboration between CIMA’s

Malaysia division and Universiti Teknologi Mara. AMARC’s first

research project, on the profile of CIMA members in Malaysia, is

now under way and is scheduled for completion soon.

CIMA also joined forces with the International Federation of

Accountants in 2003 on a major project to study the emerging

concept of enterprise governance. The resulting research report,

Enterprise Governance: Getting the Balance Right, was distributed in

February 2004 to the chairmen, chief executives and finance

directors of the top 350 UK companies, as well as ministers and

other key opinion-formers. The framework of enterprise governance

recognises that there needs to be a balance between conformance

An international breakthrough

In December 2003 CIMA was delighted to award

Sri Lanka’s Academy of Business Studies (ABS) its

prestigious Quality Partner accreditation for

tuition providers. ABS is the first college in Sri

Lanka to be granted this status, in recognition of

its commitment to continuous improvement

and its success in providing high-quality learning

and support for students.

STRATEGY 2004–1012 CIMA annual review 2003

focus: In 2003 we decided to take the longer view and devise theorganisation’s strategy from 2004 upuntil 2010. We established that CIMAshould continue operating as a globalmembership body within the terms ofits charter, providing a professionalorganisation for chartered managementaccountants and the wider environmentof accountants in business. Our focuswill continue to be to qualify students;to support members and employers;and to protect the public interest.

Influence

CIMA is a member of the International Federation of Accountants

(IFAC), which is the global organisation for the accountancy

profession. The aim of IFAC’s Professional Accountants In Business

(PAIB) Committee is to facilitate the global development and

exchange of knowledge and best practice. PAIB also works to build

public awareness of the value of professional accountants.

Bill Connell, Chairman of CIMA’s Technical Committee, chairs the

PAIB, and Charles Tilley, CIMA’s Chief Executive, attends its board

meetings as a technical adviser. CIMA is also a member of the

European Federation of Accountants (FEE), which gives us an

influence on developments at the European Commission, the

European Financial Reporting Advisory Group and other key

bodies in the European Union. CIMA has quarterly meetings

with the Accounting Standards Board and ad-hoc meetings with

the Department of Trade and Industry. In 2004 we will promote

the public affairs content of our research and development more

heavily, and we plan to have more contact with ministers and MPs

to raise the profile of our work as a membership body.

Reputation

Chartered management accountants are highly regarded for their

business, management and accounting competence;

their professional standards; and the positive contribution they


make to commercial life. We aim to promote and develop the

science of management accountancy, building on our

recognition as the authoritative voice on financial and business

management issues in our chosen markets.

Recognition

CIMA is achieving differentiated brand recognition of its

products and services, and this is down to its focus on employers’

and members’ needs. Markets are developed and serviced on

the basis of their global position and economic strength; the

presence of international organisations; and the strength and

sustainability of CIMA’s assets.

Employer demand

CIMA promotes the unique skills of its members. Employers in our

chosen markets recognise that our qualifications provide the

knowledge, training and experience to drive their businesses. CIMA

qualifications help firms to turn finance staff into strategic business

managers – according to a 2003 survey by Robert Half Finance &

Accounting, ‘new entrants to the profession seem to be choosing

the more commerce-focused CIMA’. We provide a practical

framework for all levels of financial management skills required by

organisations. Employers will support our new CPD framework

because it provides the best possible service tailored to their needs.

It gives them, through their CIMA members, the cutting edge.

FOCUS


The public interest

The confidence of stakeholders and the public shows that

CIMA members have impeccable technical, management and

ethical standards. CIMA ensures that all material lapses by

members below the standards reasonably expected of them are

dealt with in an open and transparent way.

Student retention and conversion

CIMA’s share of target recruitment markets, combined with

its rates of student retention and conversion, shows that people

who want to succeed with a financial underpinning to their

careers always choose to take CIMA qualifications.

At all levels of qualification, CIMA:

• provides a recruitment and support framework, in partnership

with employers, educationalists and others, that enables

competent students to become members;

• recognises and promotes the success of students;

• maintains a relationship with members and students.

Operational efficiency and effectiveness

We employ skilled and knowledgeable people to design,

implement and operate processes that deliver our strategic goals.

CIMA will achieve its objectives only by having:

• ethical and professional standards that are respected by

OPPORTUNITY

STRATEGY 2004 –10


opportunity: From 2004 to2010 the rates of growth andretention of membership will showthat CIMA’s qualification provides astep up in earning power and jobsatisfaction, and a platform forfuture career development.Members will:

• know that the subscription feeprovides excellent value for moneywhen they consider the earningpower it represents;

• engage in lifelong learning using aCIMA service platform that keepsthem ahead of the competitionthroughout their careers;

• see CIMA as supportive at all pointsof contact.

employers, the government and all other stakeholders in the

financial activities of the private and public sectors;

• qualifications that evolve to meet employers’ changing needs;

• a continuing professional development framework that

supports both members and employers in enhancing their

professional competence;

• a market-focused development and delivery process that provides

a range of products and services that can be adapted to meet the

needs of different members and markets;

• a membership structure that recognises and supports those

who have achieved any of CIMA’s qualifications, and which

encourages applications for membership;

• a student support structure which ensures that individuals who

are recruited are trained and retained at the level of attainment

that is appropriate to their needs and those of their employers;

• governance and management processes, which determine and

deliver CIMA’s goals effectively and demonstrate best practice

consistently, that allow members to contribute to their

professional body in innovative and reputation-enhancing ways;

• a technical agenda which ensures that an authoritative CIMA

voice is heard in all spheres of influence, and which supports

members in their career development;

• adequate resources – for example, high-quality members of staff

who are continually developed and deployed effectively.

16 CIMA annual review 2003 FINANCIAL SUMMARY

‘Operating cash flows remain strong(generating £667k). These wereincreased by £405k from investments.Planned outflows of £2.5m on capitalexpenditure – mainly on the newcustomer relationship managementsystem – brought the total outflowof liquid resources to £1.4m.Cash balances are expected to remain satisfactory during 2004’

Council statement

The following income and expenditure account and consolidated

balance sheet are a summary of the information that appears in

the full financial statements, which have been audited and given an

unqualified opinion. Council approved the full financial statements

on 19 March 2004. The summarised financial statements may not

contain enough detail to allow for a complete understanding of

CIMA’s financial affairs. For further information, the full financial

statements, including the auditors’ report, should be consulted.

They can be obtained from www.cimaglobal.com.

Independent auditors’ statement to CIMA Council

We have examined the summarised financial statements of CIMA

overleaf. The report is made solely to CIMA members as a body,

in accordance with CIMA’s byelaws. Our audit work has been

undertaken so that we might state to the members those matters

we are required to state in an auditors’ report and for no other

purpose. To the fullest extent permitted by law, we do not accept

or assume responsibility to anyone other than CIMA and its

members as a body for our audit work, our opinion or this report.

Respective responsibilities of Council and auditors

Council is responsible for the preparation of the summarised

financial statements in accordance with the byelaws of CIMA

and UK accounting standards.

The auditors’ responsibility is to report to you our opinion on the

consistency of the summarised financial statements contained in

this annual review with the full financial statements. We have also

read the other information contained in the annual review and

have considered the implications for this statement if we become

aware of any apparent misstatements or material inconsistencies

with the summary financial statements.

Basis of opinion

We conducted our work in accordance with Bulletin 1999/96,

‘The auditors’ statement on the financial statement’, issued by the

Auditing Practices Board for use in the UK.

Opinion

The summarised financial statements are consistent with the full

financial statements for the year ended 31 December 2003.

Chantrey Vellacott DFK

Registered Auditors

Chartered Accountants

Russell Square

London WC1B 5IF

‘CIMA qualified people don’tsimply look at numbers; theylook behind them to see what isreally happening. The CIMAqualification is tailored to thereal commercial world, and thatis reflected in the calibre of mystaff and the candidates I see’Erika Stoddart, Commercial

Controller, Telewest

Reserves movement £000s %

Reserves at 1 January 2003 8,322. 100

Operating surplus 208. 2

Revaluation of property (36) –

Increase in market value of investments 72. 1

realised and transferred to income

Increase in market value of investments 236. 3

held at 31 December 2003

Reserves at 31 December 2003 8,802. 106


Financial review

The 2003 annual review includes an income and expenditure

account, consolidated balance sheet and statements from Council

and the auditors in respect of the summarised financial statements.

During 2003 CIMA exceeded its break-even target by generating

a £208k surplus. When added to improvements in the market

value of investments of £308k and devaluations of two overseas

premises of £36k, reserves increased by £480k.

Operating cash flows remain strong (generating £667k). These were

increased by £405k from investments. Planned outflows of £2.5m

on capital expenditure – mainly on the customer relationship

management (CRM) system – brought the total outflow of liquid

resources to £1.4m. Cash balances are expected to remain

satisfactory during 2004.

Overall the value of fixed assets increased by £1.5m in 2003

owing to the CRM system investment. Capital expenditure in

2004 is expected to focus on a new website, continued

improvements in systems security and upgrades to the global

network and desktop systems.

Current assets have fallen by £1m as a result of cash outflows.

Current debtor and creditor levels remain consistent with those

of last year.

Fee income from members and students increased by 6% in 2003,

largely as a result of the increase in registrations. This extra income

was invested in the range of members’ services. Direct members’

services income fell by 9% as a result of reduced advertising

revenues from CIMA’s membership and student magazines.

Education’s income fell by 2.5% as a result of the cessation of CIMA

Publishing activity at the end of 2003. Costs fell correspondingly

and, whereas CIMA Publishing generated a negative contribution of

£36k in 2003, outsourcing this activity generated a positive

contribution of £94k. Income from exams increased by 8%, while

exam development and running costs remained constant.

Although CIMA had planned to outsource the management of

its investment portfolio in 2003, this is now expected to take place

in 2004 following proposed changes to the governing byelaws.

The portfolio performed close to the average growth for UK-based

equities, which was 12%.

Overhead costs remained at a similar level to 2002. The CRM

systems roll-out meant increased IT expenditure, which was partly

met by savings on facilities and property maintenance costs. The

benefits in customer service and improved business processes from

the new CRM system began to flow in 2003 and will continue in

2004 as the number of opportunities for income generation increase.

The growth of CIMA will generate increased income in 2004.

Along with supporting its burgeoning membership, CIMA plans to

invest in its key projects – notably, launching the new syllabus,

developing the content and infrastructure of CPD, refocusing the

brand identity, developing the new website and expanding CIMA’s

international presence.

CIMA has completed a consultation with currently employed

members of the defined-benefit pension scheme to implement

changes to reduce the funding deficit. These are expected to come

into effect from April 2004, aiming to address the shortfall over

15 years. Although the pension fund deficit reduced by £1m during

the year, it closed at a deficit of £3.4m.

The internal audit programme covered the areas of strategic

partnering; student recruitment; conversion to passed finalist

status; information security; systems development and control;

confidentiality and reputation management; the provision of

CIMA training by external organisations; business continuity and

disaster planning; product development; and strategic planning.

The results and action plans to address issues raised are reviewed

and monitored by the Audit Committee.

Through our strategic planning process we have identified a

number of potential risk areas to achieving longer-term objectives.

These are: the potential for high staff turnover; overreliance on key

people; a lack of resources to undertake every planned project; and

a lack of focus on, and prioritisation of, these projects. In addition,

there are external risks from competitor activity, the cost of

regulation and inadequate training provision for CIMA students.

In 2004 CIMA will closely manage its ambitious revenue-generation

plans for overall growth in membership, its income from overseas

development and its advertising and partnership revenues. It is

investing considerable resources in the launch of the new syllabus,

working with education providers and employers. CIMA will

continue to control costs tightly, undertaking specific reviews into

key business drivers, while supporting the business with improved

performance reporting.

27 27

2003

27 27 26 25

2002 2001 2000 1999

Income

key

Expenditure23 2321 20

Income versus expenditure 1999-2003 (£m)

82

62

2003

78

60

75

58

2002 2001 2000 1999

Students

key

Members

74

55

71

52

Membership growth 1999-2003 (000s)

18 CIMA annual review 2003 CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT

2003 2003 2003 2002

DirectIncome expenditure Net Net

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

Subscriptions 15,302 ––.. 15,302. 14,296.

Members’ and Students’ Services 2,754 (12,611) (9,857) (8,271)

Professional Standards 7 (1,439) (1,432) (1,374)

Education 8,743 (5,749) 2,994 2,320

Investments 428 ––.. 428 555

27,234 (19,799) 7,435 7,525

Indirect costs (7,227) (7,167)

Operating surplus 208 358

Exceptional items

Disposal of publishing business –– 708

Surplus after exceptional items 208 1,066

Taxation –– (48)

Total surplus for the year 208 1,018


2003 2003 2002 2002

As at 31 December £000 £000 £000 £000

Reserves 8,802 8,322

Represented by:

Fixed assets 6,805 5,299

Current assets

Listed investments 2,281 2,482

Debtors and prepayments 1,007 919

Stock of publications and paper 42 28

Short-term deposits 4,500 5,500

Cash at bank and in hand 2,737 2,654

10,567 11,583

Current liabilities

Creditors, accruals and provisions 5,158 4,811

Subscriptions and fees received in advance 3,412 3,749

8,570 8,560

Net current assets 1,997 3,023

Total net assets 8,802 8,322

CONSOLIDATED BALANCE SHEET


Meetings attended by members of CIMA’s Council and Executive Committee

(January 2003 to December 2003)

Name Council Executive

Abbott, J 0/2 1/2

Armstrong, A 2/5 1/2

Babber, G L 5/5 7/7

Bainbridge Spring, A P 5/5

Baird, J H 5/5

Banks-Cooper, S A 3/3

Boyes, R F 2/5

Brady, M J 5/5

Bush, D J 4/5 3/5

Byrne, H J 5/5 7/7

Christison, I 4/5 7/7

Clutterham, R M 5/5

Coghlan, J P 3/5 5/7

Connell, W E 3/5 3/5

Cooper-Jones, T J 3/5 4/7

Davies, R J J 5/5

Epsley, B 2/2 2/2

Farnworth, W J 5/5

Furber, M L 5/5

Glass, G Mcl 5/5

Grant, J G 5/5

Haggis, I B 4/5

Higgs, N J 1/2

Hoof, S M 4/5

Ighodaro, C A 5/5 7/7

Jacklin, D 2/3

Joachim, A E A 5/5

Kaye, G R 5/5 7/7

Kenworthy, R 5/5

Kleinman, I 5/5

Lawrence, K B 5/5

Lim, E S 3/5

Lowth, G M 3/5

Macsween, C G 5/5

Marler, D M 5/5

May, M R 5/5

Mendis, C H 4/5

Millar, A M 4/5

Miskin, A P 4/5

Mitchell, R C 1/2

Nixon, J W 3/5

Palmer, M 0/2

Parkes, S K 5/5

Pereira, F X R 5/5 7/7

Redrup, P J H 2/2

Robertson, G B 5/5 5/5

Rowlands, W F 5/5

Sheppard, M 3/3

Stanford, D 5/5

Strickland, M C B 5/5

Watson, M A 5/5

White, J H 3/5 6/7

Whitworth, P R 3/5 2/2

Wilson, R I 3/3

Windsor, F 5/5

Wood, A R 3/3

Woronecki, G V 4/5

Yeung, K K 3/5

Key

* Council Member

p President

dp Deputy President

vp Vice President

pp Past President

ipp Immediate Past President

Ned Non-Executive Director

s Staff

COUNCIL MEMBERS AND REPRESENTATIVES as at 31 December 2003


Appeal CommitteeChairman Sir Michael Craig-CooperVice-Chairman Peter Wright

Philip Hewitt ppPeter Layhe ppDudley Mead ppFrancis Rowlands *Position vacant *

Secretary Kathy Grimshaw s

Appointments CommitteeChairman Harry Byrne ipp *Vice-Chairman Mike Jeans pp

Claire Ighodaro p *Roland Kaye dp *Ian Christison vp *Roger Boyes *David Stanford *Phil Whitworth *

Secretary Charles Tilley s

Audit CommitteeChairman Dudley Mead pp

Harold Baird *Victoria LogueAllan McNab ppAndrew Miskin *Rosamund SykesPat Redrup

Secretary Jackie Holmes s

Benevolent Fund CommitteeChairman Sue Hoof *Vice-Chairman Tim Cooper-Jones *

Averil Armstrong Eric EustanceKen EvansFrank GuilfoyleAndrew OxleyMarilyn Palmer

Secretary Penny Rushton s

CIMA Enterprises Ltd (CEL)Chairman Rod Hill pp Ned

Ian Kleinman Ned *Phil Whitworth Ned *

Managing Director Ray Perry sManaging Director Robert Jelly sCompany Secretary Jackie Holmes s

Disciplinary CommitteeChairman Bill Connell *Vice-Chairman Ray BrownVice-Chairman Mike Strickland *

James BuchanPeter CurpheyLinda JacobsRichard Kenworthy *Steve MinesClive MitchellGraham PerryNicola Smith

Secretary Joanna Low s

Executive CommitteeChairman Claire Ighodaro p *

Roland Kaye dp *Ian Christison vp *Gulzari Babber *David Bush *Harry Byrne ipp *John Coghlan *Bill Connell *Tim Cooper-Jones *Ranjit Pereira *George Robertson *Joyce White *

Secretary Charles Tilley s

General Charitable TrustChairman Tom Glancy pp

Paul ThackrayFrancesca Windsor *

Secretary John Windle s

International CommitteeChairman David Bush *Vice-Chairman Francis Rowlands *

Michael Brady *E S Lim *Daphne Marler *Hiran Mendis *Joanna PondMary Sheppard *Michael Watson *Phil Whitworth * K K Yeung *

Secretary Kathy Grimshaw s

Investigation CommitteeChairman Ann Marie Millar *Vice-Chairman Harold Baird *

David CaffertyReg CarterGeorge Glass *Rita LewisMarilyn PalmerJohn PerryAlan TaylorJohn Vick

Secretary Joanna Low s

Marketing CommitteeChairman John Coghlan *Vice-Chairman Gordon Grant *

Harold Baird *John CallisterRod Davies *Keith Lawrence *Myriam MaddenAlfred RamosediGeorge Robertson *Vicki Woronecki *

Secretary Ray Perry s

Members’ Services CommitteeChairman Gulzari Babber *Vice-Chairman Aubrey Joachim *

Wilf Farnworth *Malcolm Furber *Sue Hoof *Richard Kenworthy *Keith Lawrence *Christine Macsween *Daphne Marler *Simon Parkes *David Stanford *Robin Tidd

Secretary Ray Perry s

Professional Standards CommitteeChairman Joyce White *Vice-Chairman Glynn Lowth *

Sir Michael Craig-CooperSimon Banks-Cooper *Nina BarakzaiJohn Coghlan *Bill Connell *Nigel HiggsCraig JenkinsColin LonghornAnn Marie Millar *Ranjit Pereira *Colin PinderMike Watson *

Secretary Peter Douglas s

Student Development CommitteeChairman Tim Cooper-Jones *Vice-Chairman Wilf Farnworth *

Alixe Bainbridge Spring *Ian Kleinman *Iain Haggis *Beryl CastleRobin Clutterham *Malcolm HazelIan HillSue Hoof *Andrew Miskin *Karen NewburyJohn Nixon *Ian WaringRobert Wilson *

Secretary Robert Jelly s

Technical CommitteeChairman Bill Connell *Vice-Chairman George Glass *

R Bellis JonesProfessor M BromwichJacqueline DarrochDennis Jacklin *Margaret May * Jim MetcalfMike Strickland *Francesca Windsor *Reg Wood *

Secretary Kim Ansell s

Board or committee CIMA representative

Consultative Committee of Accountancy Bodies (CCAB) Mrs C A Ighodaro p *

Professor G R Kaye dp *

I Christison (alternate) vp *

CCAB Ireland C P Sommerfield (Republic of Ireland)

W R G Kane (Northern Ireland)

Council of the Association of Accounting Technicians (AAT) Professor T Hassall

J Nixon *

P R Whitworth *

CCAB Professional Accountancy Group for Education (PAGE) R Jelly s

CCAB Ethics Committee M Brady *

CCAB Advisory Panel – Financial and Management Accounting Committee (FMAC) D J Edelshain

CCAB European Issues Task Force R Mallett s

IFAC Technical Director C B Tilley s

UK Representative to (and Chairman of) Professional Accountants in Business (PAIB) W E Connell *

R Mallett s (Technical Adviser)

British Standards Institution (BSI)

Quality, Costs & Economics Committee P Tarelli

MS/2 G Mcl Glass *

MS/3 G W Gittus

Financial Executives Group H J Byrne (Director) ipp *

J Metcalf

P J H Redrup (Director)

Consultative Committee of Professional Management Organisations (CCPMO) C B Tilley s

Business Studies Advisory Committee, Department of Education, Manx Government D A C Doran

HM Customs & Excise Joint VAT Consultative Committee G L Babber *

CCAB Auditing Committee P J H Redrup

R Mallett s

The Court of the University of Bath H L Fairbrother

The Court of the University of Lancaster R F Kenworthy *

The Court of the University of Technology, Loughborough R M Giffin pp

The Court of the University of Surrey B R Chester

The Court of the Cranfield Institute of Technology J A McNab pp

The Court University of Stirling D W Douglas

The Court of the University of Cardiff R I Wilson *

Other CIMA members serving on joint organisations

Financial Reporting Council R P Thorne

Professor Sir Andrew Likierman pp

Financial Reporting Council – Review Panel N Stapleton

R P Thorne

Accounting Standards Board Professor Sir Andrew Likierman pp

REPRESENTATIVES ON EXTERNAL BOARDS AND COMMITTEES as at 31 December 200322 CIMA annual review 2003

employability: an individual’s capacity to maximise their potential andprogress in their career by acquiring, developing and practising knowledge,skills and personal attributes through lifelong learning.

One of CIMA’s overriding objectives is to secure ever greater employabilityfor its students, passed finalists and members.

EMPLOYABILITY

The Chartered Institute of Management Accountants

26 Chapter Street

London SW1P 4NP

United Kingdom

T +44 (0)20 7663 5441

F +44 (0)20 7663 5442

E [email protected]

www.cimaglobal.com

cima annual review 200360,000th member – a milestone reflecting the growth in demand for our...

Documents