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Annual Report & Accounts 2003

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Foreword

I am very pleased to have the opportunity to introduce this year's Annual Report, reflecting as it does a further twelve months of very significant progress across the Institute's broad and constantly expanding range of interests and activities.

In order to tell the story of 2003 we have again borrowed the seven hallmarks of the CIPFA Development Strategy. First developed in 2001, the strategy is an ambitious rolling five year plan which describes through the hallmarks what kind of organisation we want to be (accessible and responsible, growing strongly, making best use of our resources); where we most want to have impact (across the public services and in the accountancy profession); and what we most want to achieve (highest professional standards and real improvements at the front-line of public services delivery).

Now that we are three years into this process it really is encouraging to be able to begin to reflect upon the cumulative progress achieved. Nowhere is this more graphically illustrated than our student registration statistics which have grown so impressively year on year and which are confidently expected to increase again in 2003, helped by the successful launch of our new improved Professional Accountancy Qualification (PAQ). I know that many members share my special enthusiasm for our efforts to ensure that the CIPFA PAQ is continuously improved to retain its enviable reputation for five star quality.

I am also proud of our growing influence overseas. Our achievements in 2003 and our future plans are peppered with references to the Institute's expanding range of international activities and networks. Such is the global nature of the world we inhabit and the profession of which we are part. Our international work was given a particular boost this year by the signing of our strategic grant agreement with the UK Government's Department for International Development. In particular this will enable CIPFA to play a bigger role in supporting improvements in financial management practice and helping to grow capacity in developing countries.

Alongside all of these development activities and investments, it is, of course, critically important that we are also able to report a healthy financial position. A financial surplus of £470,000 - more than £200,000 ahead of our target for the year - is an excellent result by any standards. Again it is especially encouraging that this continues the trend of very strong performance which has characterised the past six years. Long many it continue.

I do hope that you will enjoy reading about our progress and achievements and that, if you are one of our many active volunteers, you will take some satisfaction from your part in the great team effort which makes all of this possible and serves our Institute so well.