PrintAnnual Report & Accounts 2005
President's Message
In many ways, 2005 was a particularly exciting and challenging year for the Institute. On one hand, the Council and staff were committed to give every possible support to the attempt to integrate CIPFA and the Institute of Chartered Accountants in England and Wales (ICAEW). And on the other hand, we were determined to ‘keep our eye on the ball’ and to maintain a strong momentum within our existing business.
The results of the attempted merger are by now well known. The October CIPFA and ICAEW votes showed very strong support for the integration scheme, with 86.7% and 65.7% in favour respectively. Unfortunately, however, the ICAEW result fell just short of the 66.7% threshold required by both institutes and, as a consequence, the merger did not succeed.
Needless to say, we were disappointed by this outcome. It leaves the UK profession with a complex and unwieldy structure in which competitive pressures often limit our ability to speak to government and regulators with a strong, united voice in the public interest. But we should take some credit for ‘doing the right thing’ and for getting so close to the required majorities without quite succeeding.
I am also tremendously proud of the strong support shown by CIPFA members throughout the merger project and, of course, in the formal vote. It speaks volumes for the membership’s ability to see the big picture and its willingness to embrace change in pursuit of progress.
In the meantime, our results in keeping CIPFA’s business-as-usual running strongly were extremely positive. They are set out in detail in this Annual Report. I am particularly pleased to record more than one thousand new student registrations in the year – our best performance since 1990 – and, of course, an operating surplus, before FRS17 and property revaluation adjustments, of well over £600,000 represents a remarkable achievement.
After such an eventful year it is more important than ever that I should thank everyone who has contributed to these impressive results. I know from first-hand experience that the Council and staff have worked tremendously hard throughout the year. But I am also very aware of the hundreds of further volunteers and supporters who play their part in the Institute’s success. We are indebted to you all.
Diane Colley, President
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Annual Report and Accounts 2004
Annual Report and Accounts 2003