Powering trust, opportunity and prosperity Report and... · 2018-05-04 · candidate, policy committee chairmen, and ‘without portfolio’ members of the Appointments Committee

Consolidated financial statements 1

The Chartered Institute of Management Accountants Financial Statements 2017

Powering trust, opportunity and prosperity

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Contents3 President’s report

7 Financial performance review

9 The Audit and Finance Committee

10 Independent Auditor’s Report

12 Consolidated statement of comprehensive income

13 Consolidated balance sheet

14 Consolidatedcashflowstatement

15 Consolidated statement of changes in funds

16 Notestotheconsolidatedfinancialstatements

40 CIMA’s Council and Executive Committee members

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Message from the President

2017wasasignificantyearforCIMA,withthelaunchoftheAssociationofInternationalCertifiedProfessionalAccountants(theAssociation)on1January.Withthatcamethecommencementofanumberofkeystrategicinitiativesformanagement accounting which are set out in more detail intheAssociation’sintegratedreport,adoptedbyCouncil asasignificantelementofitsownreportingon2017.

ThepursuitofourRoyalCharterobjectsremainsattheforefrontofactivitieswithinCIMAandtheAssociation,withprotectionsinplacetoassurethat,aswellascommitmentsmadebytheAssociationinrespectofthesame.Regularreportsaremade to CIMA Council along with a formal annual feedback report beingmadebytheAssociationCEOtoattesttodeliveryofstrategyandmembervalue.

Whilebothfoundingbodies,CIMAandAICPA,continuetoexist,theyareoperatingasoneorganisationthroughtheAssociationforthedeliveryofmemberandstudentservicesandsupport and both Councils contribute to the Association’s strategic plandevelopmentthroughouttheyear.

Duringtheyeartherewere5,417newCIMAmembersand33,373newCIMAstudentstakingthetotalmembershipto109,415andtotalstudentpopulationto127,241.TheAssociationsupports anddeliversvaluetomembersofCIMAandAICPA,andmembersofCIMAandAICPAarealsomembersoftheAssociation.Thecombined resources and expertise of the teams drawn from both CIMA and the AICPA to form new centres of excellence within the Association has meant that member and student needs can be respondedtomoreefficientlyrightacrosstheglobe,andfutureneedsanticipatedmoreeffectively.

AswellasservicesandsupportdeliveredviatheAssociation,CIMAhascontinuedtocarryoutitsglobalgovernanceandregulatoryresponsibilitiesinrelationtostandardsetting,licensing,monitoring,and,compliance.DuringthecourseoftheyearwesupportedthelaunchofanewCGMALeadershipAcademyforaspirationalnewmemberswiththefirstprogrammerunning in April 2018; conducted research on a number of topics includingthefutureoffinanceandbusinessmodels;andestablished a new Membership Committee to address policywhilstmaintainingtheindependenceofthemembershipassessmentprocess.

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The UK Corporate Governance Code CIMA is committed to reaching and maintaining the highest standards of corporate governance and in so doing supports theUKCorporateGovernanceCode,publishedbytheFinancialReportingCouncil.TheCodeisprincipallyforlistedcompanies,and,assuch,CIMAisnotobligedorinsomerespectsabletofollowitcompletely.However,theCounciliscommittedtoadopting best practice governance processes and therefore choosestoapplytheCodetoCIMA’soperationsasfarasitisapplicableandappropriateforaprofessionalbodyincorporatedbyRoyalCharter.ThisreportaimstoevidencehowtheCouncilhas adopted and supported the Code’s principles in the interests ofbestpractice.

The Council Thegovernance,overalloversightandcontroloftheInstitutearetheresponsibilityoftheCouncil(‘Council’),whichcomprisesupto58members.CouncilisledbyateamofHonoraryOfficerscomprisingthePresident,theDeputyPresident,theVicePresidentandtheImmediatePastPresident.Theothermembers include up to 38 elected Fellows; up to 12 co-opted members;and4othermembersasCouncilthinkfit.

The Council is responsible for setting standards and regulation ofmembersinlinewiththeobjectsofCIMA’sRoyalCharter,andforrepresentingtheinterestsof,andreportingto,thegeneralmembership.Itapprovesanychangestotheregulations,andistheultimateauthoritywithintheorganisation.AllmembersoftheCouncilareequallyresponsibleforensuringthatthebest interests of the general membership are considered in the decision-makingprocess.

Uponappointment,allnewmembersoftheCouncilareprovidedwith an induction designed to provide closer understanding ofCIMA’sgovernancestructure,role,responsibilitiesandthewayinwhichtheCouncilmeetingsareconducted.Inaddition,allmembersoftheCouncilaregiventheopportunitytoattenda governance workshop and periodic sessions on chairing effectivemeetings.MembersoftheCouncilmaynotberemuneratedfortheirworkforCIMA,exceptaspermittedbytheRoyalCharter,ByelawsandRegulations.AregisterofCouncilmembers’interestsismaintained,whichdetailsanypersonalorbusinessinterestswhichcouldgiverisetoaconflictofinterestbetweenCIMAandotherbodies.

AsPresident,IwasthehonoraryleaderofCIMAforoneyear,during which time I chaired the Council and represented the interestsofCIMAexternally,includingtotheGovernment,thepublic,theaccountingprofession,regulatorybodies,andthemedia.ThePresident,togetherwiththeteamofotherHonoraryOfficers,providesdirectiontotheCouncilinitsdeliberationsand is responsible for ensuring the democratic process of the Councilandthemanagementofthemeetings.TheCouncilmetfourtimesin2017.Ateachofitsmeetingsithasfocusedonmatters of strategic importance to management accounting as wellascoveringnormalbusinessitems.

Asaresultofrestructuringthefrequencyanddurationofitsmeetings,Councilisnowabletodevotemuchmoreofitsmeeting time to debating matters of strategic importance to the profession,engagingwithexternalexpertsonchangedriverssuchasartificialintelligenceandblockchaintechnology,andlooking ahead at how best the challenges of the future might be met.Ithasalsoaskeditselfthequestionastowhetheritisfitforpurposegoingforwardand,tothatend,hascommencedareview of what a future Council might need to look like in order to dischargeitsresponsibilitiestobesteffect.

UndertheCharter,thechiefexecutiveisthemostseniorstaffmemberofCIMAbywhatevertitletheymaybeknown.TheroleofthechiefexecutivewasfulfilledbytheSecretaryGeneral.Sheis the prime source of operational and governance information andadvicefortheCouncilandcommitteemembersand,withtheassistanceoftheCorporateAffairsdepartment,isresponsibleforensuringthatadequateandtimelyinformation isavailabletoallowthemtoprepareforeachmeeting.

The Council delegates activities within CIMA’s governance in linewithanannuallyupdatedschemeofdelegationstotheappropriatecommitteesandtheSecretaryGeneral.TheCouncilhasresponsibilityforestablishing,regulatinganddissolvingcommittees,settingtheirtermsofreferenceandforreviewingtheirperformance.TheCouncilalsoretainstheauthoritytoestablish,regulateand/ordissolveAreasandBranchesoftheInstitute.FollowingtheformationoftheAssociation,the CouncilhasalsoauthorisedtheAssociationBoardtocarryoutcertainstrategic,serviceandsupportactivities.TheCouncilhoweverretainsresponsibilityforensuringthatCIMA’sRoyalCharterobjectsandresponsibilitiescontinuetobeupheld, and for ensuring the Association delivers on its assurances andprotections.

In order to ensure the Council is meeting its obligations in respect of ensuring the best interests of members are considered,allmembersofCIMAareentitledtoattendtheAGM,tovoteinpersonorbyproxyonmattersrequiredtobereferredtothemembership,andareinvitedtocompleteregularsatisfactionsurveystoensuretheiropinionsareheard.


Reporting responsibilities of the Council The Council is responsible for the control and management of thefundsandfinancialactivitiesoftheInstitute.TheByelawsofCIMArequiretheCounciltoensurethatfinancialstatementsarepreparedforeachfinancialyearwhichgiveatrueandfairviewofthestateofaffairsandofitssurplusordeficitforthatperiod.

Inpreparingthosefinancialstatements,theCouncil,inaccordancewithbestpractice,isrequiredto:

wselectsuitableaccountingpoliciesandthenapplythemconsistently;

wmakejudgementsandestimatesthatarereasonable and prudent;

w state whether applicable accounting standards have been followed,subjecttoanymaterialdeparturesdisclosedandexplainedinthefinancialstatements;

wensurethatthefinancialstatementsarepreparedonthegoing concern basis unless it is inappropriate to presume that CIMA will continue in business; and

w provide the external auditor with all information required inorderforthemtocompletetheaudit.

ProperbooksofaccountaremaintainedbythedirectionoftheCouncil,asrequiredbytheByelawsofCIMA.ThesedisclosewithreasonableaccuracyatanytimethefinancialpositionofCIMA.ThefinancialstatementsarepreparedonagoingconcernbasisastheCouncilissatisfiedthatthereisareasonableexpectationthat there are adequate resources to continue in operational existencefortheforeseeablefuture.

TheCouncilisnotawareofanyrelevantinformationthathas notbeendisclosedtotheexternalauditor.TheCouncilisresponsibleforensuringthemaintenanceandintegrityofthefinancialinformationincludedonCIMA’swebsite.Legislationin the United Kingdom governing the preparation and disseminationoffinancialstatementsmaydifferfrom legislationinotherjurisdictions.

Appointments CommitteeThe Appointments Committee meets a minimum of four times a yearandasandwhennecessary.TheCommitteemetninetimesduringtheyear(seethebackofthisreportforalistofmembersduringtheyear).

It is responsible for overseeing the selection and recruitment of members/individualstoserveonCIMA’scommittees.ItappointstheChairmen,ViceChairmenandmembersoftheConduct

CommitteesinaccordancewiththeLawsoftheInstitute.Itsdecisions and nominations are made against the background oftheRoyalCharter,ByelawsandRegulations,andthelegaland procedural framework which governs the functions of this Committee.Ithasdelegatedauthorityandresponsibilityforcoordinatingthearrangementsforalltheelections,includingelectionstotheCouncil,selectionofthenextVicePresidentialcandidate,policycommitteechairmen,and‘withoutportfolio’membersoftheAppointmentsCommittee.ItalsohasdelegatedauthorityfromtheCounciltoappointchairmenandmemberstoCIMA’sdelegatedcommittees,andmemberstorepresenttheInstituteonothernon-Institutebodiesororganisations.Asapartofitsdelegatedresponsibility,italsoapprovesnominationsfortheInstitutemedalsandotherawards.

TheAppointmentsCommitteeensuresthatanypaymentstoCouncil members for services to CIMA are in accordance with theByelaws.

Professional Standards CommitteeCIMA’s work in professional standards included the review of CPD monitoring and compliance which again is looking ahead to determine an approach which is both robust in terms of compliance,andenablingbywayofsupportingmembers-with the help of the Association’s centres of excellence- in maintaining relevance and competence as their careers progress.ThesignificantchangesoccurringwithintheUKAnti-MoneyLaunderingsupervisorylandscape,andinparticularthecreationofthenewOfficeforProfessionalBodyAnti-MoneyLaunderingSupervision(OPBAS)promptedmuchdebateparticularlyinrelationtothelicensingandmonitoringworkthatCIMAcarriesoutinrelationtoitsmembersinpractice.NewonsitevisitswereintroducedandrelatedAMLguidanceandtrainingreviewed.

Meetings were held with national and international regulators todiscussissuesofmutualinterestinrelationtoregulatoryoversight,andresponsesmadetoconsultationsandexposuredrafts,includingonmattersrelatingtoethicalstandardsandcodes.Inthatarea,workwascarriedoutonprinciplesfor responsible investment and reputation and on ethical recruitment,alongwiththeregularpublicationofCIMA’snewsletterEthicalLens,asocialmediathemethroughoutJune2017 on countering corruption and fraud and that month’s editionofFMincludingaseriesofethicsrelatedarticles.

The Institute’s work to uphold the standards and conduct of its members and students remains at the core of its public interest obligations.Itisassistedinthisbythreeindependentconductcommittees which together met on 54 occasions during the courseoftheyear,hearing144casesandfiveappeals.

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Membership Committee CIMA formed the Membership Committee in August 2017 to overseethepolicies,criteriaandstandardsgoverningmembershipofCIMA.TheCommitteehasoverseentheimplementationofthenewmembershipapplicationtoolforAssociatemembership.Thishas included a large programme of work involving development ofthefacetofaceassessmentapproach,developingproposalsfortrainingofassessorsandbeginningthedevelopmentofqualityassuranceprocesses.

The Committee approved changes to the academic route and thechieffinanceofficersprogrammeforCIMAmembershiptoenable better alignment of all membership application routes andprocesses.AWorkingGrouphasbeensetuptoreviewthe criteria for applications for Fellowship and it will report its findingstotheMembershipCommittee.

Charitable trusts and other fundsTheBenevolentFundisaregisteredcharity,createdtoprovideassistancetomembersandex-members,andtheirfamilies,intimesofhardship.ThefundisadministeredbyacommitteeofthreemembersoftheCouncilandfivelong-standingmembersofCIMA (see the back of this report for a list of members during the year),onbehalfofCIMA,thesoletrustee.

TheAnthonyHowittLectureTrustisalsoaregisteredcharitycreatedtoadvanceeducationinaccountingandrelatedsubjects.Thistakestheformofalecture,normallybiennial,byeminentspeakers on matters of interest to accountants and other leading membersofthebusinessworld.Thetrustreceivesincomefromfundsoriginallygiftedfromthefounder,AnthonyHowitt. ThetrusteesareallcurrentofficeholdersofCIMA.

TheGeneralCharitableTrustisaregisteredcharityandwasformedfortheadvancementofeducationinthesubjectsofaccounting,managementaccounting,electronicdataprocessing,costing,auditing,taxation,appliedeconomics,financeandotherrelatedsubjectsofaneducationalnature.Thetrustisanindependentbodywithanarm’slengthrelationshipwithCIMA.

Social responsibility CIMA takes its role in promoting responsible business practice seriously.Membersandstudentshaveadutytoobservethehigheststandardsofconductandintegrityandtoupholdthegoodstandingandreputationoftheprofession.Allstudentsare issued with the CIMA Code of Ethics on commencement oftheirtraining,areexaminedinethicaldecision-makingandmusthaveregardtotheCodeintheirwork.TheCodeisbasedoninternationalstandardsanddefinesthecoreprincipleswhichanAssociateorFellowoftheInstituteoraCGMAmustuphold:integrity,objectivity,professionalcompetenceandduecare,confidentialityandprofessionalbehaviour.Practicalguidanceonidentifyingandresolvingethicalconflictsisprovidedthroughdedicatedresourcesandhelplines.CIMAisalsocommittedtopromotingtomemberstheirwiderdutyofcaretothepublicinterest,beyondtheiremployerorclient,assetoutintheCIMACodeofEthics.

AsanInvestorinPeople,CIMAalsostronglyrecognisestheimportanceofitsownemployees,andthelinkbetweensatisfiedstaffandsatisfiedstakeholders.Tothisend,ithasimplementedextensivehealthandsafety,employeesatisfaction,learninganddevelopment,andperformanceappraisalprogrammes.Vacanciesarefilledfromwithintheorganisationwhereverpossible.

David Stanford FCMA, CGMA President6 April 2018


Financial performance review

Summary Thiswasanexcitingyearforourstudents,ourmembersandus.Asaresultofthemembervotein2016thatsupportedtheevolutionofCIMA’sjointventurewiththeAmericanInstituteofCertifiedPublicAccountants(AICPA),asignificantamountof time and resources were invested in 2017 to create the AssociationofInternationalCertifiedProfessionalAccountants(theAssociation)andintegratestrategy,managementandoperations.TheAssociation’svisionistobethemostinfluentialbodyofprofessionalaccountantsanditsmissionistodriveadynamicaccountingprofessionworldwide.

SubsequenttothelaunchoftheAssociation,2017markedanexcitingyearwhereCIMA,inpartnershipwiththeAssociation:

w ContinuedworkdefiningtheFuture of Finance, including substantive research that will support the development of management accounting competencies and release of anewCGMAsyllabusin2018

w Partneredwiththeworld’sleadingblockchainalliance,whichwill help keep the profession out in front of this emerging technology

w Introduced new resources like CGMA Advantage,adailybriefingonissuesofimportancetofinanceprofessionals,andanewresponsivewebsiteforthehighlyrecognised FM Magazinetohelpmanagementaccountantsstay on top of their game

w Consultedwiththeglobalbusinesscommunitytogainfeedback on the CGMA Business Model Framework,which is designed to guide leadership discussion and decision-making on crucial value creating aspects of their organisations.In2018,thefindingswillhelplaunchanewframework,alongwithbusinessmodel-focusedtoolsandresources

w Expandedaccesstohundredsofcompetency-enhancingresources through the new CGMA Store

w OpenedanewofficeinIndonesiatobetterattractandsupportCGMAcandidatesinoneofthefastestgrowingemergingmarkets.

The Association supports and delivers value to members ofCIMAandAICPA,andmembersofCIMAandAICPAarealsomembersoftheAssociation.AnannualreportontheAssociation’s commitments to support both management and public accounting is provided to the Councils of CIMA and AICPA.

Bringingtogethertwohistoricprofessionalbodies,deliveringonour“and”strategyformembers,creatingasingleculture,unifyinganorganisationalvisionandthenexecutingonthatvisionarenoeasyfeats–butthatisexactlywhatstartedin2017andwillcontinuein2018.

ThispastyearCIMAandtheAssociationsetouttoaccomplishfourkeystrategicpriorities:

1PromoteCompetencyGlobally

2 Transforming our organisation

3 Evolving Auditing in the Future

4OpeningtheU.S.marketforCGMA

Details about our performance in these areas are included in the “Results”sectionbelow.

Inaddition,CIMAandAICPAbegantotransferassets,liabilitiesandintellectualproperty(ALIP)totheAssociation.ItisexpectedthatmostALIPwilltransfertotheAssociationoverthenextfewyears;however,pensionschemeliabilitiesofbothfoundingbodieswillnottransfertotheAssociation.CIMA’smember subscription income is used to support its members inmanagementaccounting,fulfiltheCIMApensionschemeobligationandsupportthegrowthoftheAssociation.

WhileCIMAcontinuestohaveanindependentaudit,itsoperating results will be combined with the AICPA’s as part oftheAssociation’sfirstintegratedannualreport,whichwillbeapprovedbytheAssociation’sBoardofDirectorsandbemadeavailabletoallCIMAandAICPAmembers.CIMA’sauditreportshouldbereadinconjunctionwiththeAssociation’sintegratedannualreport,whichincludesdetailsof,forexample,internalaudit,riskmanagementandanexecutiveremunerationstatement.


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Results From a performance perspective related to management accountingandourfourpriorities,theseareafewhighlights:

1 Promote Competency Globally WorkingthroughtheAssociationBoard,CIMAfocusedon making sure current and future professionals have the competenciesemployersincreasinglydemand.Wealsoenhanced learning through the launch of the CGMA Store and the new Human Intelligence learning series generating morethan700,000viewsaroundtheworld.

2 Transforming our organisation InAugust2016throughmid-2017,CIMAfocusedonintegratingstrategy,operationsandmanagementwiththeAICPAinordertodeliveronourpromisetomembers.As2017progressed,andtheAssociationwasformed,abroadbusinesstransformationinitiativebegantoremainrelevanttomembers,customersand the profession and put our resources in the right place toachieveourstrategicpriorities.Theprofessionandourmembers are undergoing fundamental change and utilising technologyandaugmentedintelligenceinwayspreviouslyunimaginable.Thetransformationeffortsarefocusedonthreeprimaryareas:1)re-engineeringthememberandcustomerexperience,2)evolvingouroperatingandbusinessmodel,and3) realigning our cost base to align resources to those services mostvaluedtothecustomersandmembers.

3 Evolving Auditing in the Future TheAssociationactivelyrespondedtomarketplacetrendsandinearly2017imaginedaprojecttoadvanceAuditingintheFuture.TheAssociationBoardwasengagedinmultipleworkingsessionstoapproveasignificantefforttopositionourselvesattheheartofacriticalissuefortheprofession.WeestablishedastrategicpartnershipwithCaseWareandbegantheprocessoffundingtheinitiative.Theevolutionoftheauditiscriticallyimportantandlinkedtomanagementaccounting;auditsrelyontheskillsandcompetenciesofmanagementaccountants.ThisfurtheremphasisestheimportanceoftheCGMA Competency Framework to management accountants andtheiremployers.

4 Opening the U.S. market for CGMA The U.S. market for CGMA was openedinOctoberbylaunchingtheCGMAregistrationsystem.Over50candidateshave registered and started a new digital learning experience utilisinginnovative,adaptivelearningtechnologytogivestudents/candidatesthecompetenciesdesiredbytoporganisations.ThesearethePioneerswhohaveagreedtoprovidefeedbackandtestimonials.Sponsoringthepioneersaremanyprominentcompanies,includingBose,Covestro,Jabil,KochIndustries,Prudential,Qlick,Siemens,andVolvo.

Fromafinancialperformanceperspective,CIMA,excludingcharitabletrusts,generatedanoperatingdeficitof£3.9min2017ascomparedtoanoperatingdeficitof£4.4min2016.CIMAplannedadeficitin2017of£3.0mtosupportinvestmentinkeystrategic initiatives to support and grow management accounting andtheAssociation.Theoperatingdeficitwaslargerthanexpected because of fewer exams delivered in certain markets andslightlyhigherexpenses.

Pension schemeCIMAoperatesadefinedbenefitpensionscheme,whichhasbeenclosedtofutureaccrualssince2012.Thedeficitdecreasedby£4.1m,duetothechangeinmortalityassumptions,whichprojectalowerlifeexpectancyforschemeparticipants,andstronginvestmentperformance.Thecurrentdeficit-recoveryplanisinplaceto2023,althoughthiswassetagainstadeficitof£11.4min2015.Thenextscheduledvaluationandformalreassessmentofthedeficit-recoveryplanisApril2018.BothCIMAandtheindependentpensionschemetrusteesworktomanageliabilityexposure and to optimise the risk and return balance for asset management.

ConclusionAsnotedearlier,CIMAcontinuestohaveastand-aloneaudit,anditsoperatingresultswillbeincludedinthecombined,auditedfinancialstatementsoftheAssociation.ThecombinedreportwillbemadeavailabletoallCIMAandAICPAmembers.Thecombined resources of the Association will provide a stronger platformtofulfilltheAssociation’svisionandmission.In2018,theAssociationbudgetedaprofitof£3.7mtofulfilitscommitmenttoreplenishreservesspentdownoverthelastseveralyearsbybothfoundingbodies.

Scott H. Spiegel CGMA, CPA, CITP ChiefFinancialOfficer6 April 2018


Committee membersChrisSchmidtchairstheAuditandFinanceCommittee(the‘Committee’)oftheAssociation.Mr.SchmidtservesasChairmanandCEOofMossAdamsLLP.TheCouncilthereforeconsidersthathehasrelevantfinancialexperience.Theremaining Committee members who have served during the periodareAnitaBaker(appointedJune2017),PaulCurth(untilJune2017),EricHansen(untilJune2017),RickNiswander(appointedJune2017),AmalRatnayake(appointedJune2017),SteveSwientozielskyj,LouiseTaylor(untilJune2017),eachhasextensivebusinessexperience.

The role of the committeeThe Audit and Finance Committee of the Association exists to review,andchallengewherenecessary,theactionsandunderlyingopinionsandjudgementsofmanagementandemployees,inrelationtotheauditedannualfinancialstatementsofCIMAandtheauditedannualfinancialstatementsoftheAssociation(andinterim statements and reports where appropriate) together withitsvariousregionalboards,charities,trusts,pensionandbenevolentfunds,andthedraftannualaccountsofCIMAandAICPAsubsidiaries.Allsuchconsiderationsaremadebeforerecommending such reports and statements where applicable to theCouncilforendorsementandapproval.Throughouttheyear,theCommitteemeetsseparatelywithkeystaffoftheAssociation’smanagementteamandtheindependentexternalauditors.

Inaddition,theCommitteealsoprovidesfinancialoversighttotheAssociation’sbudgetandforecastingprocess.

The Chairman attends the Council meeting at which the annual accountsofCIMAareapprovedtogivehimtheopportunitytocommentonanymatterspertainingtotheannualaccounts,theunderlyingjudgementsandothermattersofmaterialrelevancethathavebeendiscussedattheCommitteeduringtheprecedingyear.

During the year the following items were reviewed:

w Terms of Reference of the Committee and the Internal Audit,Risk&Compliance(IARC)function;

wAnnualIARCProjectProgramme;

w Financial statements and accounts;

w All internal and external audit reports;

w Enterprise risk management framework; and

wWhistleblowingarrangementsandcompliance.

Additionally,theCommitteetakesanactiveinterestinauditcommitteebestpracticeanddiscusseskeyindustryprioritiesatitsmeetings.Membersareencouragedtoattendappropriatedevelopmentopportunities.

External auditSafferyChampnessLLPwasappointedbythemembershipattheAGMasCIMA’sexternalauditortofillacasualvacancyfollowingtheresignationofthepreviousauditors.

The Committee ensures that the external auditor remains independentofCIMA,AICPAandtheAssociationinallmaterialaspectsandthattheyhaveadequateresourcesavailabletothemtoenablethedeliveryoftheirauditobjectivetothemembership.The Committee reviews the overall performance of the auditors annuallyandisresponsibleformakingformalrecommendationseachyeartotheCouncilonthepositionoftheexternalauditors.

TheCommitteemaintainsapolicyregardingacceptablenon-auditwork,whichincorporatesauthoritylevelsforapprovingsuchwork.Theauditorsareprecludedfromengaginginnon-audit services that would compromise their independence andobjectivityorviolateanylawsorregulationsaffectingtheirappointmentasauditors.

£96kwasincurredonnon-auditservicesduringtheyear. Thiswasprimarilyintaxadvisoryservices.

Internal auditTheAssociationhasanInternalAudit,Risk&Compliancefunction(IARC)whoparticipateineachCommitteemeeting. TheSeniorDirectorofIARCreportsfunctionallytotheCommittee,andadministrativelytotheCFO,withadotted linetotheCEOoftheAssociation.

The internal audit programme is based upon an annual risk assessment,thattakesintoconsiderationtheAssociation’sstrategy,EnterpriseRiskManagementprogramme,incombinationwithdiscussionwithseniormanagement,theexternalauditorsandtheCommittee.The2017programmecovered:

wInternalcontrolsoverfinancialreporting;

wITgeneralcontrols&useraccess;

w Association integration activities;

wGeneralDataProtectionRegulation(GDPR)readiness.

The Committee has received reports on the work carried outbyinternalauditandtheresultsoftheirinvestigationsincludingmanagementresponsesandtimelines.Ifanysuchrecommendations,intheopinionoftheCommittee,areunreasonablyrejectedordelayedbymanagementthenthesewouldbereportedtotheCouncil.Nosuchreportwasnecessaryin2017.

Chris Schmidt, CPA Chairman of the Audit and Finance Committee6 April 2018

The Audit and Finance Committee

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OpinionWehaveauditedthefinancialstatementsofTheCharteredInstituteofManagementAccountants(CIMA)(the‘parententity’)anditssubsidiaries(the‘group’)fortheyearended31December 2017 which comprise the consolidated statement ofcomprehensiveincome,consolidatedbalancesheet,consolidatedstatementofchangesinfunds,consolidatedcashflowstatementandnotestothefinancialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancialreporting framework that has been applied in their preparation is applicablelawandInternationalFinancialReportingStandards(IFRSs)asadoptedbytheEuropeanUnion.

Inouropinion:

wthefinancialstatementsgiveatrueandfairviewofthestate of affairs of the group as at 31 December 2017 and ofthegroup’stotalcomprehensiveincome/(expense)fortheyearthenended;and

wthegroupfinancialstatementshavebeenproperlypreparedinaccordancewithIFRSsasadoptedbytheEuropeanUnion.

ThisreportismadesolelytoCIMA’smembers,asabody,forandonlyformanagement’spurposestoassisttheCounciltodischargeitsstewardshipobligationsandfiduciaryresponsibilities in respect of CIMA under the terms of the RoyalCharterandByelawsinaccordancewithourtermsofengagementletterdated15May2017whichwasapprovedbythememberson2June2017andfornootherpurpose.Ouraudit work has been undertaken so that we might state to CIMA’s members those matters we are required to state to them in an auditors’reportandfornootherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanCIMAandCIMA’smembersasabody,forourauditwork,forthisreport,orfortheopinionswehaveformed.

Basis for opinionWeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw.Ourresponsibilitiesunderthosestandardsarefurtherdescribed in the Auditor’s responsibilities for the audit ofthefinancialstatementssectionofourreport.Weareindependent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statementsintheUK,includingtheFRC’sEthicalStandard,and we have fulfilled our other ethical responsibilities in accordancewiththeserequirements.Webelievethattheaudit evidence we have obtained is sufficient and appropriate toprovideabasisforouropinion.

Conclusions relating to going concernWehavenothingtoreportinrespectofthefollowingmattersinrelationtowhichtheISAs(UK)requireustoreporttoyouwhere:

w Council’s use of the going concern basis of accounting inthepreparationofthefinancialstatementsisnotappropriate; or

wCouncilhavenotdisclosedinthefinancialstatementsanyidentifiedmaterialuncertaintiesthatmaycastsignificantdoubtaboutthegroup’sabilitytocontinuetoadoptthegoing concern basis of accounting for a period of at leasttwelvemonthsfromthedatewhenthefinancialstatementsareauthorisedforissue.

Independent Auditor’s Report


Other informationCouncilisresponsiblefortheotherinformation.Theotherinformation comprises the information included in the annual report,otherthanthefinancialstatementsandourauditor’sreportthereon.Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextentotherwiseexplicitlystatedinourreport,wedonotexpressanyformofassuranceconclusionthereon.

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuchmaterialinconsistenciesorapparentmaterialmisstatements,wearerequiredtodetermine whether there is a material misstatement in the financialstatementsoramaterialmisstatementoftheotherinformation.If,basedontheworkwehaveperformed,weconclude that there is a material misstatement of this other information,wearerequiredtoreportthatfact.

Wehavenothingtoreportinthisregard.

Matters on which we are required to report by exceptionIn the light of the knowledge and understanding of the group anditsenvironmentobtainedinthecourseoftheaudit,wehavenotidentifiedmaterialmisstatementsintheFinancialperformancereview.

Responsibilities of CouncilAsexplainedmorefullyintheReportingresponsibilitiesoftheCouncilsetoutonpage5,theCouncilisresponsibleforthepreparationofthefinancialstatementsandforbeingsatisfiedthattheygiveatrueandfairview,andforsuchinternalcontrolasCouncildetermineisnecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.

Inpreparingthefinancialstatements,Councilisresponsibleforassessingthegroup’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusing the going concern basis of accounting unless Council eitherintendtoliquidateCIMAortoceaseoperations,orhavenorealisticalternativebuttodoso.

Auditor’s responsibilities for the audit of the financial statementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscan arise from fraud or error and are considered material if,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.

A further description of our responsibilities for the audit of thefinancialstatementsislocatedontheFinancialReportingCouncil’swebsiteat:www.frc.org.uk/auditorsresponsibilities.Thisdescriptionformspartofourauditor’sreport.

Saffery Champness LLP Chartered Accountants StatutoryAuditors Peterborough6 April 2018

http://www.frc.org.uk/auditorsresponsibilities

12

Results for the year are all derived from continuing operations.

The notes on pages 16 to 39 form an integral part of these financial statements.

Consolidated statement of comprehensive incomeFortheyearended31December2017

2017 2016

Restated

Note £’000 £’000 £’000 £’000

Income 2 58,892 56,724

Becomingamember (24,215) (21,738)

Delivering member value (15,407) (13,279)

Promotecompetencyglobally (9,057) (8,366)

Buildinginfluenceandreputation (14,065) (17,709)

Expenditure (62,744) (61,092)

Operating deficit before charitable trusts and other funds

3 (3,852) (4,368)

(Expense)/incomefromcharitabletrusts and other funds

(38) 65

Total operating deficit (3,890) (4,303)

TaxationBenefit 4.1 – 61

Deficit for the year (3,890) (4,242)

Other comprehensive income

Items which will not be reclassified to net income

Actuarialgain/(loss)onpensionscheme 12.2 3,530 (8,080)

Items which may be reclassified to net income

Increaseinforeigncurrencytranslationreserve 38 193

Realised loss on investment disposal (482) (311)

Unrealised gain on investment revaluation 386 762

Totalothercomprehensiveincome/(expense) 3,472 (7,436)

Total comprehensive income (418) (11,678)



As at 31 December 2017

Consolidated balance sheet2017 2016

Note £’000 £’000

Non-current assets

Property,plantandequipment 5 2,018 5,726

Intangible assets 6 6,327 7,103

Interest in other investments 7 5,462 5,621

13,807 18,450

Current assets

Trade and other receivables 8.1 5,690 4,664

Cash and cash equivalents 8.2 8,886 14,096

14,576 18,760

Total assets 28,383 37,210

Funds

Accumulated funds (7,751) (7,429)

Fair value reserves 2,253 2,524

Foreigncurrencytranslationreserve (2,597) (2,635)

Charitable trusts and other funds 2,903 2,766

(5,192) (4,774)

Current liabilities

Tradeandotherpayables 9 5,352 9,119

Provisions 10 245 416

Subscriptionsandfeesreceivedinadvance

11 13,133 13,029

18,730 22,564

Non-current liabilities

Provisions 10 – 446

Pensionschemeliability 12.1 14,770 18,885

Otherretirementobligations 12.8 75 89

14,845 19,420

Total funds and liabilities 28,383 37,210

Thefinancialstatementsonpages12to39wereapprovedbytheCouncilasat6April2018,andsignedonitsbehalfby:

Scott Spiegel CGMA, CPA ChiefFinancialOfficer

David Stanford FCMA, CGMA President

Steve Swientozielskyj FCMA, CGMA DeputyPresident

14

Consolidated cash flow statement2017 2016

Note £’000 £’000

Cash flows from operating activities

Member and student income 50,671 48,451

Otherincome 4,784 6,368

Paymentstosuppliers (36,539) (29,840)

PaymentstoAssociationUK (14,773) –

Paymentstoemployees (6,923) (17,344)

Paymentsrelatingtotaxes (154) (1,383)

Paymentsrelatingtopostretirementbenefits (2,039) (4,186)

Paymentsrelatingtocharitableactivities (176) (233)

Net cash (used in) / provided by operating activities (5,149) 1,833

Cash flows from investing activities

Purchaseofproperty,plantandequipment 5 (81) (191)

Purchase of intangible assets 6 (1,741) (3,636)

Proceeds from disposal of intangible assets 6 1,086 –

Purchase of investments – (94)

Proceeds from disposals of investments 550 2,895

Investment income 94 320

Net cash (used in) investing activities (92) (706)

Net (decrease) / increase in cash and cash equivalents (5,241) 1,127

Cash and cash equivalents at 1 January 14,096 12,815

Effect of foreign exchange rates

Changeinforeigncurrencytranslationreserve 38 193

Netexchangedifferencesonproperty,plantandequipment (7) (39)

Cash and cash equivalents at 31 December 8.2 8,886 14,096


Fortheyearended31December2017


Consolidated statement of changes in funds


Accumulated funds

Fair value reserves

Foreign currencytranslation reserve

Total before charities

Charitable trusts and other funds

Grouptotal

Note £’000 £’000 £’000 £’000 £’000 £’000

Balance at 31 December 2015 4,958 2,348 (2,828) 4,478 2,426 6,904

Changes in funds for 2016

Deficitfortheyear (4,307) – – (4,307) 65 (4,242)


Realised loss on investment disposal – (311) – (311) – (311)

Unrealised gain on investment revaluation

7 – 487 – 487 275 762

Actuarial loss on pension scheme 12.2 (8,080) – – (8,080) – (8,080)

Foreign exchange gain on translation – – 193 193 – 193

Total comprehensive income/(expense)

(12,387) 176 193 (12,018) 340 (11,678)

Balance at 31 December 2016 (7,429) 2,524 (2,635) (7,540) 2,766 (4,774)

Changes in funds for 2017

Deficitfortheyear (3,852) – – (3,852) (38) (3,890)


Realised loss on investment disposal – (482) – (482) – (482)

Unrealised gain on investment revaluation

7 – 211 – 211 175 386

Actuarial gain on pension scheme 12.2 3,530 – – 3,530 – 3,530

Foreign exchange gain on translation – – 38 38 – 38

Total other comprehensive income/(expense)

(322) (271) 38 (555) 137 (418)

Balance at 31 December 2017 (7,751) 2,253 (2,597) (8,095) 2,903 (5,192)

Fortheyearended31December2017

16

1. Summary of accounting policies1.1 Basis of preparation

The Chartered Institute of Management Accountants (CIMA) isabodyincorporatedbyRoyalCharteranddomiciledintheUK.Thefinancialstatementsarepreparedonthegoingconcernbasis,underthehistoricalcostconvention,asmodifiedbytherevaluationoffreeholdpropertiesandinvestments,andinaccordancewithInternationalFinancialReportingStandards(IFRS)asadoptedbytheEuropeanUnionandwiththeIFRSInterpretationalCommitteeinterpretations.

CIMAisnotrequiredtofollowtheCompaniesAct2006.UndertheRoyalCharterCIMAfollowstherelevantmattersmentionedinPart16oftheAct.Ithaschosennottopresentitsentitybalancesheet.

InJune2016,themembershipsofCIMAandtheAmericanInstituteofCertifiedPublicAccountants(AICPA)votedtoevolveitsjointventureandintegratestrategy,managementandoperations.Tofacilitatesuch,CIMAandAICPAcreatedtwonewentities,theAssociationofInternationalCertifiedProfessionalAccountants–UK,(the‘AssociationUK’)andtheAssociationofInternationalCertifiedProfessionalAccountants(the‘AssociationUS’).TheAssociationUKandUSbothlaunchedon1January2017,forwhichitspurposeistoalignstrategy,managementandoperations,andtodeliveronitsmissionandvisiontocreatethemostinfluentialbodyofprofessionalaccountantsdrivingadynamicaccountingprofessionworldwide.TheAssociationUKisacompanylimitedbyguaranteeandformedintheUKandtheAssociationUShas90%votingrightsand5%eachofthevotingrightsareheldbyCIMAandAICPA.TheAssociationUSisa501C-6,notforprofitincorporatedinWashingtonD.C.TheBoardofDirectorsoftheAssociationUSincludesmembersofCIMAandAICPA.On1January2017,theCIMAemployeesweretransferredtotheAssociationUKandtheAICPAemployeesweretransferredtotheAssociationUS.TheAssociationUKandAssociationUSare deemed associates and are accounted for under the basis setoutinnote1.2.

Leaseholdpropertiesarerevaluedbyaqualifiedsurveyor,onadepreciatedreplacementcostbasis,everythreeyears,ormoreregularlyshouldmanagementconsiderthatthevaluehaschangedsignificantly.Investmentsarerevaluedatthebalancesheetdateinlinewiththefairvaluehierarchy.

Going concernThefinancialstatementshavebeenpreparedonthegoingconcernbasis.CIMAhasretaineddeficitsof£5,192,000afterpensionprovisionsof£14,770,000.CouncilhasassessedtheviabilityofCIMAbelievingthatithasadequatefinancialresourcesincashandinvestments,goodincomevisibilitywiththelong-term nature of the membership and strong plans in working with

theAssociationtosuccessfullymanagebusinessrisks.Counciltherefore have a reasonable expectation that CIMA has adequate resourcestomeetitsliabilitiesastheyfalldue.

Reclassification of 2016 amountsAsexplainedinNote2,prioryearrevenueandexpenditurehasbeenreclassifiedtobetteralignreportingtothebusinessmodelthatitsupports.Inaddition,baddebtshadbeennettedoffrevenue in 2016 which have now been grossed up and shown ascosts.Thereisnoimpactonthedeficitfor2016fromthereclassification.

1.2 Basis of consolidationTheconsolidatedgroupfinancialstatementscomprisethefinancialstatementsofCIMAandthewhollyownedsubsidiaryundertakings,charitabletrustsandotherfundsunderthecontrolofCIMA,togetherwithashareoftheresults,assetsandliabilitiesofjointlycontrolledentities(associates)usingtheequitymethodofaccounting,wheretheinvestmentiscarriedatcostpluspostacquisitionchangesintheshareofnetassetsoftheassociate,lessanyprovisionforimpairment.

ControlisachievedwhereCIMAisexposed,orhasrights,tovariable returns from its involvement with the investee and has theabilitytoaffectthesereturnsthroughitspowerovertheinvestee.Ajointventureorassociateisanentityestablishedtoengageineconomicactivity,whichCIMAjointlycontrolswithitsfellowventurers.Lossesinexcessoftheconsolidatedinterestinassociatesarenotrecognised,exceptwhereCIMAorits subsidiaries have made a commitment to make good those losses,andareincludedincreditorswheretheinvestmentisimpaired.

Theconsolidatedgroupfinancialstatementscomprisethestatementsofcomprehensiveincome,balancesheetsandcashflowstatementsofCIMAanditsforeignoperationsasdetailedinNote14.

1.3 The following statements are effective and relevant in the current year:AmendmenttoIAS16Property,plantandequipment,andIAS38Intangibleassets,ondepreciationandamortisation(effective1January2016)

Annualimprovements2014(effective1January2016)

AmendmenttoIAS1Presentationoffinancialstatementsdisclosureinitiative(effective1January2016)

AmendmenttoIAS7Presentationoffinancialstatementsdisclosureinitiative(effective1January2017)

AmendmenttoIAS12Incometaxesonrecognitionofdeferredtaxassetsforunrealisedlosses(effective1January2017)

Notes to the consolidated financial statementsFortheyearended31December2017


The following statements are effective and not relevant in the current year:AmendmenttoIAS27Separatefinancialstatementsonequityaccounting(effective1January2016)

AmendmenttoIFRS10Consolidatedfinancialstatements,andIAS28Investmentsinassociatesandjointventuresonapplyingtheconsolidationexemption(effective1January2016)

IFRS14Regulatorydeferralaccounts(effective1January2016)

AmendmenttoIAS16Property,plantandequipment,andIAS41Agricultureonbearerplans(effective1January2016)

AmendmenttoIFRS11Jointarrangementsonacquisitionofaninterestinajointoperation(effective1January2016)

The following statements may be relevant for future periods and management is assessing their potential impact:IFRIC22Foreigncurrencytransactionsandadvanceconsideration(effective1January2018)

IAS40Investmentpropertytransfersofinvestmentproperty(effective1January2018)

AmendmenttoIFRS4‘Insurancecontracts’regardingtheimplementationofIFRS9,‘Financialinstruments’(effective1January2018)

IFRS9Financialinstruments(effective1January2018)

IFRS15Revenuefromcontractswithcustomers(effective1January2018)

IFRS16Leases(effective1January2019)

1.4 Income recognitionThemainincomestreamsarerecognisedasfollows:

Memberandstudentsubscriptionsarerecognisedintheyearwhentheyfalldue,wherethereisnosignificantuncertaintyastocollectability.SubscriptionsandfeesreceivedinadvancerepresentfundspaidtoCIMAinthecurrentyear,butthatrelatetotheannualfeeswhichfalldue,andarerecognisedasincome,inthefollowingyear.

Examfeesarerecognisedonthedateoftheexam.

Exemptionfeesarerecognisedwheninvoiced.

Goods and services: Courses and conferences revenue represents income earned fromthecombinationofcoursesandconferencesactivityandBPPProfessionalEducationLtdFinanceandTaxoperations.Magazinesalesandadvertisingarerecognisedinthemonthofpublication.

Sponsorshipincomeisrecognisedwhentheeventoccurs.

Charitabledonationsandincomearerecognisedwhenthey arereceived.

Financial: Interestisaccruedonadailybasis.Dividends from investments are recognised when CIMA’s right to receivepaymentisestablished.

1.5 Expenditure recognitionExpenditurerelatedtoaspecificincomestreamisrecognisedinthesameperiodastheincome.

Expenditurerelatedtoaspecificperiodoftimeorserviceisrecognisedinthatperiod.Goodsorservicesdelivered,forwhichtheinvoicehasnotbeenreceived,areaccruedforintheaccountingperiodinwhichtheyaredelivered.

Expenditure incurred delivering the core products or services of CIMAoritsongoingfunctionalactivityforwhichthereisnodirectrevenuebenefitisexpensedintheaccountingperiodinwhichthecommitmentwasmade.

GiftaiddonationsmadebyCIMAtotheGeneralCharitableTrustarerecognisedwhenpaid.

1.6 LeasesLeasesareclassifiedasfinanceleaseswheneverthetermsoftheleasetransfersubstantiallyalltherisksandrewardsofownershiptoCIMA.Allotherleasesareclassifiedasoperatingleasesandrentalpaymentsarechargedagainstincomeonastraight-linebasisoverthetermofthelease.

1.7 TaxationCorporationtaxarisesonCIMA’stradingprofits,chargeablegainsandinvestmentincomelessanycharitabledonationsbywayofgiftaid.Aprovisionismadefordeferredtaxationtotheextentthat material timing differences are expected to reverse in future periods.Noprovisionfordeferredtaxationisincludedinrespectofsurplusesonrevaluationofpropertyandinvestments.

18

1.8 InvestmentsInvestmentsarerecognisedatcostonthetradedate,andarerestatedonthereportingdateatfairvalue.Unrealisedgainsandlossesarerecogniseddirectlyinfairvaluereservesuntiltheinvestmentisdisposedoforisdeterminedtobeimpaired,atwhichtimethecumulativegainorloss,previouslyrecognisedinfairvaluereserves,isincludedinthenetsurplusordeficitfortheperiod.Incomeorexpensearisingonthetranslationofinvestments denominated in foreign currencies is recognised as partofthedeficitorsurplusfortheyear.

1.9 Property, plant and equipmentFreeholdlandandbuildingsarecarriedatfairvalue,basedonvaluationsconductedeverythreeyears,withsubsequentadditionsatcost.Theyaredepreciatedat2%onastraight-linebasis.

Leaseholdlandandbuildingsarecarriedatfairvalue,basedonvaluationsconductedeverythreeyears,withsubsequentadditionsatcost.Theyaredepreciatedonastraight-linebasisovertheperiodofoccupation.Leaseholdimprovementsarecarried at cost and depreciated on a straight-line basis over the periodofoccupation.

Otherequipment,comprisingIThardware,iscarriedatcostanddepreciatedonastraight-linebasisatratesvaryingfrom20%to50%,dependingontheusefuleconomiclifeoftheequipment.Smallitemsoffurnitureandofficeequipmentareexpensedintheyearofpurchase.CostincludesattributableirrecoverableVAT.

1.10 Intangible assetsIntangible assets comprise computer software and trademarks; thesearestatedatcost.CostincludesattributableirrecoverableVAT.

Amortisation is charged on a straight-line basis over the estimated useful economic life of the software (between two andfiveyears)andoverthedurationofthetrademark.Itisapportioned across the elements of value chain expenditure as explainedinNote2.

1.11 ImpairmentAteachbalancesheetdate,thecarryingamountsofnon-currentassetswithfinitelivesarereviewedtodeterminewhetherthereisanyindicationthatthoseassetshavesufferedanimpairmentloss.Ifanysuchindicationexists,therecoverableamountoftheassetisestimatedtodeterminetheextentoftheimpairmentloss.

If the recoverable amount of the asset is estimated to be less thanthecarryingamount,thecarryingamountisreducedtotherecoverableamount.Impairmentlossesarerecognisedintheconsolidatedstatementofcomprehensiveincome,unlesstheassetislandorbuildingscarriedatarevaluedamount,inwhichcasetheimpairmentlossistreatedasadecreaseinthefairvaluereserve.

Whereanimpairmentlosssubsequentlyreverses,thecarryingamount of the asset is increased to the revised estimate of therecoverableamount,butsothattheincreasedcarryingamountdoesnotexceedthecarryingamountthatwouldhavebeen determined had no impairment loss been recognised for theassetinprioryears.Areversalofanimpairmentlossisrecognised in the consolidated statement of comprehensive income,unlesstheassetiscarriedatarevaluedamount,inwhich case the reversal of the impairment loss is treated as an increaseinthefairvaluereserve.

1.12 Trade and other receivablesTrade and other receivables are stated at original invoice value lessaprovisionfordoubtfuldebts.Therecoverabilityofdebtisreviewedonanongoingbasis.CIMAreviewsindicatorsofimpairment on an ongoing basis and where such indicators exist makesanestimateoftheassetsrecoverableamount.

1.13 Trade and other payablesTradeandotherpayablesarerecognisedatamortisedcost.

1.14 Cash and cash equivalentsCashandcashequivalentscomprisecashinhand,balanceswithbanksandfinancialinstitutions,creditcardreceiptsclearedandintransittoCIMA,andinvestmentsinmoneymarketinstrumentsrepresentingshortterm,highlyliquidinvestments,whicharereadilyconvertibletoknownamountsofcash.

1.15 Retirement benefitsFordefinedbenefitplans,thecostofprovidingbenefitsisdeterminedusingtheprojectedcreditmethod,withvaluationsforthepurposesofIAS19beingcarriedoutateachbalancesheetdate.Pastservicecostisrecognisedimmediately,totheextentthatbenefitsarealreadyvested,andotherwiseisamortisedona straight-line basis over the average period until the amended benefitsbecomevested.

The amount recognised in the consolidated balance sheet representsthepresentvalueofthedefinedbenefitobligation,reducedbythefairvalueofplanassets.Anyassetresultingfromthis calculation is limited to the unrecognised actuarial losses andpastservicecost,plusthepresentvalueofavailablefundsandreductionsinfuturecontributionstotheplan.

Forthedefinedcontributionscheme,thecostrecognisedfortheperiodisthecontributionpayableinexchangeforservicesrenderedbyemployeesduringtheperiod.

1.16 Foreign currenciesSterlingisthepresentationalcurrencyofCIMA.Transactionsincurrenciesotherthansterlingareinitiallyrecordedattheratesofexchangeprevailingonthedatesofthetransactions.


Surplusesanddeficitsarisingonexchangeareincludedinthenetsurplusordeficitfortheperiod.Monetaryassetsandliabilitiesaretranslatedattheratesprevailingonthebalancesheetdate,includingnon-UKoperations.Onconsolidationtheincomeand expense items of the non-UK operations are translated at theaverageratesfortheperiod.Exchangedifferencesonthetranslation of the assets and liabilities of the non-UK operations havebeentakentotheforeigncurrencytranslationreserve.

1.17 DerivativesCIMAusesderivativefinancialinstruments(derivatives)tohedgeits exposure to foreign exchange risks arising from operational activities.CIMAdoesnotholdorissuederivativesfortradingpurposes.However,derivativesthatdonotqualifyforhedgeaccountingareaccountedforastradinginstruments.

Derivativesarerecognisedatfairvalue.Asthefinancialinstrumentsaredesignatedasfairvaluethroughprofitandloss,the gain or loss on re-measurement to fair value is recognised immediatelyintheconsolidatedstatementofcomprehensiveincome.

1.18 ProvisionsProvisions have been set aside for costs to complete open disciplinarycaseswithmembersandtoremedydilapidationleaseobligations.

1.19 Sources of estimation and uncertaintyThepreparationofthefinancialstatementsrequiresCIMAtomakeestimates,judgementsandassumptionsthataffectthereportedamountsofassets,liabilities,revenuesandexpensesandrelateddisclosureofcontingentassetsandliabilities.CIMAbasesitsestimates on historical experience and various other assumptions thattheybelievearereasonableunderthecircumstances,theresultsofwhichformthebasisformakingjudgementsaboutthecarryingvalueofassetsandliabilitiesthatarenotreadilyapparentfromothersources.Actualresultsmaydifferfromthoseestimatesunderdifferentassumptionsorconditions.

1.20 Significant judgementsCIMAbelievesthatthemostsignificantcriticaljudgementareaintheapplicationofitsaccountingpoliciesisitsdeferredbenefitpensionschemeassumptionswhicharesetoutinNote13.

Theothersignificantjudgementisthelevelofprovisionfordoubtfuldebts,assetoutinNote9.1andforthecarryingvalueofpropertiesandprovisions.

1.21 FundsCIMA maintains a level of reserves to protect against a shortfall inincomeshouldeconomicormarketforcescauseasignificantdeclineindemandforitsproductsandservicesforoneyear,ortoitsabilitytoearnareturnonitsinvestedfunds.Mostinvestmentprojectsarefundedoutofcurrentincome,howeveraccumulatedreservesmaybeusedtofundsignificantstrategicprojects.

Fair value reserves represent the market value of CIMA’s investmentsandpropertyinexcessofthehistoriccost.Theforeigncurrencytranslationreserverepresentsexchangedifferences arising on the translation of the assets and liabilities ofthenon-UKoperations.CharitabletrustreservesrepresentthetotalreservesrelatingtotheBenevolentFundandtheAnthonyHowittLectureTrust.

Whiletheaccumulatedfundsarenegativeinboth2016and2017,primarilydrivenbythepensionvaluationassumptions,CIMA’sbusinessmodelremainsstrongandrelevanttothemarket,withagrowingmembershippopulationunderpinnedbyhighretentionlevelsgeneratingsustainablefutureIncome.Theorganisationiscommitted to standing behind the pension scheme and an agreed planisinplacetosupportandmanagethisoverthecomingyears.Inadditiontothis,thecombinedresourcesoftheAssociationwillprovideastrongerplatformforthedeliveryofthemanagementaccountingstrategytogrowthemembershippipeline.

20

2. Consolidated statement of comprehensive income

Restated

2017 2016

£’000 £’000

Income

Becomingamember 24,665 23,504

Delivering member value 25,901 24,951

Promotecompetencyglobally 5,744 6,225

Financial 2,582 2,044

Total income 58,892 56,724

Expenditure

Becomingamember (24,215) (21,738)

Delivering member value (15,407) (13,279)

Promotecompetencyglobally (9,057) (8,366)

Buildinginfluenceandreputation (14,065) (17,709)

Total expenditure (62,744) (61,092)

(Expense)/Incomefromcharitabletrustsandotherfunds (38) 65

Taxationbenefit – 61

Deficit for the year (3,890) (4,242)

Managementhasstreamlinedthereportingcategoriestoreflectitsevolvingbusinessmodel.Prioryearincomeandexpenditurehasbeenreclassifiedtoreflectthischangewithoutanyimpacttothe2016deficit.

Becomingamemberincludesexpenditurestoattractnewstudentsandbuildrelationshipswithschools,collegesandemployerswhocanadvocateonCIMA’sbehalf.Wesupportstudent-learningandprogressionincludingourinvestmentinourassessmentplatform.TakingstudentsthroughexamsisacorepartofCIMAbusinessmodel.Wecontinuetoinvestindataanalyticalcapabilitytocontinuallyimproveourunderstandingofstudentbehaviourinarapidlychanginglearningandtechnologyenvironment,enablingustoprovidemorepersonalisedstudying.

Deliveringmembervalueistheinvestmenttoremainengagedwithourmembersandensurewedeliverthebenefitstohelpourmembersthriveintheircareers.

Promotecompetencygloballyisakeystrategicinitiativetoleadtheglobalaccountingandfinanceprofessionincompetencydevelopmentandlifelonglearning.Wewilldothisbydeliveringthoughtleadership,experiences,productsandservices.Theseresourceshelpprofessionalsandtheorganizationsinwhichtheyworktosucceedastheynavigatearapidlychangingbusinessenvironment.Weareinvestingininnovative,frictionlesslearningexperiencesandengagingthebroaderprofessionincontentandcommunity.

CIMA’sbuildinginfluenceandreputationactivitieshelptocreatedemandformanagementaccountants,andenhancetheprofileofourstudentsandmembersglobally.Weinvestinimprovementstoenhancestakeholdersatisfaction,focusonadvocacyanddemonstratethoughtleadershipacrosstheprofession.

Financialincomeconsistsofinterest,dividendsandgainsonthedisposalofinvestmentsandintangibleassets.

AsignificantpartofCIMA’scostbaseisoperationalandsupportsallareasofthebusiness.Thesecostsareapportionedevenlyacrosstheelementsofthevaluechain.


3. Operating deficit

2017 2016

£’000 £’000

Net foreign exchange gain 308 294

Research and development costs 1,312 957

Depreciationofownedpropertyplantandequipment 1,081 1,265

Amortisation of intangible assets 2,133 1,504

Gainondisposalofinvestments 885 423

(Loss)ondisposalofnon-currentassets (3,190) (155)

Impairment of trade receivables 825 (64)

2017 2016

£’000 £’000

External audit

UK

PwC 116 235

SafferyChampness 162 –

Non UK 85 34

363 269

Tax and advisory services

UK

PwC 2 316

SafferyChampness 64 –

Non UK 30 –

96 316

459 585

Inaccordancewitharticle3(c)oftheRoyalCharter,exceptunderbyelaw34(b)(examiners’fees)andbyelaw26(entity/companytoentity/company),noCouncilmemberwasremuneratedduringtheyear,withtheexceptionofone,providedforunderbyelaw26andauthorisedbyresolutionofCouncil.NoothersbenefitedpersonallyfromanycontractwithCIMA,andcontractswithorganisationswithwhichCouncilmemberswereconnectedarenotofamaterialnature.

SafferyChampnessreplacedPwCasthegroupauditorfor2017.SafferyChampnessandPwCprovidedaudit,assurance,taxandadvisoryservicesintheUK,andtosomenonUKoffices.

3.1 The operating deficit has been arrived at after charging:

3.2 Fees paid to external auditors

22

2017 2016

£’000 £’000

Salariesandwages 6,923 17,344

National insurance 154 1,383

Definedcontributionscheme 682 2,877

Definedbenefitscheme 692 667

8,451 22,271

2017 2016

£’000 £’000

Current tax

Currenttaxpayableondeficitfortheyear – –

Total current tax – –

Deferred tax

Currentyear – (68)

Effect of changes in tax rates – 7

Total deferred tax – (61)

Total tax credit per consolidated statement of comprehensive income

– (61)

3.3 Employees

4.1 Tax credit for the year

Asreferencedinnote1,allemployeesofCIMAweretransferredtotheAssociationUKon1January2017.ThecostsfortheseemployeesarerecordedasamanagementfeetoCIMA.Thecostofthesalary,taxesandbenefitsisapproximately£14.5m.AselectnumberofemployeesweresecondedtoCIMAfromtheAssociationUKtodelivertheresponsibilitiesgovernedbytheRoyalCharter.ThesecostsarereportedinthetableaboveforCIMAemployees.

4. Taxation


2017 2016

£’000 £’000

Deficitonordinaryactivitiesbeforetax (3,890) (4,303)

Taxondeficitonordinaryactivitiesatthestandard UKrateof19.25%(2016:20.00%)

(749) (861)

Effects of:

Net income not taxable 514 382

Expenses not deductible 25 20

Chargeable gains 184 26

Utilisation of tax losses – 365

Otherreliefs (116) –

Currenttaxcreditfortheyear – 7

Permanent differences 142 –

– (61)

4.2 Factors affecting the tax credit for the year

2017 2016

£’000 £’000

Provisionatthestartoftheyear – 61

Creditfortheyear – (61)

Provisionattheendoftheyear – –

4.3 Deferred tax provision

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

24

5. Property, plant and equipmentFreehold land and building (at valuation)

Leasehold land and building (at valuation)

Leasehold improvements (at cost)

Other equipment (at cost) Total

£’000 £’000 £’000 £’000 £’000

Net book value at 31 December 2015 1,019 296 3,483 2,075 6,873

Cost or valuation

At1January2016 1,024 304 4,132 2,983 8,443

Additions - - 66 106 172

Disposals - - (183) (315) (498)

Transfer from software - - - 14 14

Foreign exchange - - 58 12 70

At 31 December 2016 1,024 304 4,073 2,800 8,201

Accumulated depreciation

At1January2016 (5) (8) (649) (908) (1,570)

Chargefortheyear (20) (31) (369) (845) (1,265)

Eliminated on disposals - - 156 240 396

Transfer from software - - - (5) (5)

Foreign exchange - - (25) (6) (31)

At 31 December 2016 (25) (39) (887) (1,524) (2,475)

Net book value at 31 December 2016 999 265 3,186 1,276 5,726

Cost or valuation

At1January2017 1,024 304 4,073 2,800 8,201

Additions - - 27 54 81

Disposals - - (3,659) (11) (3,670)

Foreign exchange - - (6) 7 1

At 31 December 2017 1,024 304 435 2,850 4,613

Accumulated depreciation

At1January2017 (25) (39) (887) (1,524) (2,475)

Chargefortheyear (21) (31) (307) (631) (990)

Eliminated on disposals - - 856 8 864

Foreign exchange - - 5 1 6

At 31 December 2017 (46) (70) (333) (2,146) (2,595)

Net book value at 31 December 2017 978 234 102 704 2,018


6. Intangible assetsComputer software Trademarks Total

£’000 £’000 £’000

Net book value at 31 December 2015 3,958 1,075 5,033

Cost

At1January2016 10,920 1,224 12,144

Additions 3,472 164 3,636

Transfer to equipment (14) – (14)

Disposals (900) – (900)

At 31 December 2016 13,478 1,388 14,866

Accumulated amortisation

At1January2016 (6,962) (149) (7,111)

Chargefortheyear (1,300) (204) (1,504)

Eliminated on disposals 847 – 847

Transfer to equipment 5 – 5

At 31 December 2016 (7,410) (353) (7,763)

Net book value at 31 December 2016 6,068 1,035 7,103

Cost

At1January2017 13,478 1,388 14,866

Additions 1,761 (20) 1,741

Disposals (741) – (741)

At 31 December 2017 14,498 1,368 15,866

Accumulated amortisation

At1January2016 (7,410) (353) (7,763)

Chargefortheyear (2,111) (22) (2,133)

Eliminated on disposals 357 – 357

At 31 December 2017 (9,164) (375) (9,539)

Net book value at 31 December 2017 5,334 993 6,327

FreeholdandleaseholdlandandbuildingsrefertopropertyinSriLanka.LeaseholdimprovementsincludethecorporatecentreofficesintheHeliconbuilding,London,whichweretransferredtotheAssociationUKduring2017,andalsonon-UKoffices.

ThevaluationofthefreeholdandleaseholdlandandbuildinginSriLankawaspreparedbyanindependentvaluationexpertonthebasisofdepreciatedreplacementcostat30thOctober2015.Thevaluationsegregatestherespectivevaluesofthefreeholdandleaseholdlandandbuildings.

OnahistoricalcostbasistherevaluedfreeholdandleaseholdlandandbuildingsinSriLankawouldhavebeenincludedatacostof£670klessaccumulateddepreciationof£302k.

Includedaboveareassetsunderconstructionatacostof£2,442k(2016:£2,822k).Astheseareassetsunderconstruction,depreciationhasnotstartedyet.

26

7. Interest in other investments

Investment in associate Marketable securities

Held by CIMA Held by CIMA Held by charitable trusts and other funds

Total

£’000 £’000 £’000 £’000

At 31 December 2015 at fair value – 3,342 2,277 5,619

At 1 January 2016 at fair value – 3,342 2,277 5,619

Additions of listed investment at cost – 42 – 42

Investment in associate 52 – – 52

Disposals of listed investments at opening fair value

– (802) – (802)

Unrealised gain on revaluation of listed investments

– 487 275 762

Impairment (52) – – (52)

At 31 December 2016 at fair value – 3,069 2,552 5,621

Historicalcost 403 1,591 2,015 4,009

At 1 January 2017 at fair value – 3,069 2,552 5,621


Disposals of listed investments at opening fair value

– (987) – (987)

Unrealised gain on revaluation of listed investments

– 211 176 387

At 31 December 2017 at fair value 441 2,293 2,728 5,462

Historicalcost 441 1,080 2,015 3,536

Theinvestmentinassociatein2017representsCIMA’snetinvestmentintheHeliconlease,assetsandassociatedliabilitiesthatweretransferredtotheAssociationUK.Theinvestmentinassociatein2016representedtheVereinregisteredinSwitzerlandwhichwaswounddownon31December2016.

MarketablesecuritiescompriseunitsinfundsmanagedbySchroderandCo.Limited.Thesefundsarerevaluedatthebalancesheetdatetomarketquotedprices.Investmentsareclassifiedasnon-currentunlesstheyareexpectedtoberealisedwithinoneyear.

2017 2016

£’000 £’000

The unit funds are invested in the following asset classes

Equities 2,847 3,529

Multi asset funds 2,174 2,091

Cash – 1

5,021 5,621


8. Current assets

AsdescribedinNote1,CIMAandtheAICPAcreatedtwonewentitiestoalignstrategy,managementandoperations.CIMAmadepaymentsof£14.7mtotheAssociationUKforservicesrenderedonbehalfofCIMA.NopaymentshavebeenmadetotheAssociationUS.

TheCouncilconsidersthatthecarryingamountsoftheseassetsisapproximatetotheirfairvalues.

Theaveragecreditperiodtakenontradereceivablesis32days(2016:30days).Anallowanceof£1,094khasbeenmadeinrespectofdoubtfultradereceivables(2016:£269k).

2017 2016

’000 ’000

The unit funds are invested in the following currencies

Sterling 2,361 3,069

USDollar 2,660 2,552

5,021 5,621

2017 2016

£’000 £’000

Trade receivables 3,961 3,169

Prepayments 1,066 1,338

Otherreceivables 663 157

5,690 4,664

2017 2016

£’000 £’000

Cash in hand and at bank 5,368 11,577

Credit card receipts in transit 3,518 2,519

8,886 14,096

8.1 Trade and other receivables comprise:

8.2 Cash and cash equivalents comprise:

28

£’000

At 31 December 2015 at fair value 2,093

Historicalcost 2,032

At1January2016atfairvalue 2,093

Disposals of listed investments at opening fair value (2,093)

At 31 December 2016 at fair value –

Historicalcost –

8.3 Interest in other investments

ThesecomprisedmarketablesecuritiesunitsinamultiassetfundmanagedbySchroderandCo.Limited.Thisfundwasrevaluedatthebalancesheetdatetomarketquotedprices.CIMA’slevelofinvestmentinthefundweremanagedaspartofitsshorttermworkingcapitalplanning,andassuchtheywereclassifiedascurrentassetsin2016.

Therelatedpartypayablesconsistofamountsduetotheregionalofficesthatarenoteliminatedonconsolidation.

9. Trade and other payables

2017 2016

£’000 £’000

Tradepayablesandaccruals 4,074 9,038

Corporationtaxpayable – 6

Relatedpartypayable 570 –

Othertaxesandsocialsecuritycosts 708 75

5,352 9,119


Oftheprovisionsheldatyearend£245k(2016:£416k)iscurrent,and£Nil(2016:£446k)isnoncurrent.

Thisprimarilyrepresents2018subscriptionsreceivedin2017.Theyaretreatedasdeferredincome,andwillbereleasedtothestatementofcomprehensiveincomein2018inlinewiththesubscriptionperiod.

CIMAsponsorsTheCharteredInstituteofManagementAccountantsPensionandAssuranceScheme(the‘Scheme’),afundeddefinedbenefitpensionschemeintheUK.TheSchemeisadministeredwithinatrustwhichislegallyseparatefromCIMA.TrusteesareappointedbybothCIMAandtheScheme’smembershipandactintheinterestoftheschemeandallrelevantstakeholders,includingthemembersandCIMA.TheTrusteesarealsoresponsiblefortheinvestmentoftheScheme’sassets.

ThisSchemeprovidespensionsandlumpsumstomembersonretirementandtotheirdependantsondeath.Memberswholeaveservicebeforeretirementareentitledtoadeferredpension.TheSchemeclosedtonewmembersin2002,andtoaccrualofbenefitsin2012.

TheresponsibilityformakinggoodanydeficitwithintheSchemelieswithCIMAandthisintroducesanumberofrisksforCIMA.Themajorrisksare:interestraterisk,inflationrisk,investmentrisk,andlongevityrisk.CIMAandtheTrusteesareawareoftheserisksandmanagethemthroughappropriateinvestmentandfundingstrategies.TheTrusteesmanagegovernanceandoperationalrisksthroughanumberofinternalcontrolpolicies,includingariskregister.

TheSchemeissubjecttoregularactuarialvaluations,whichareusuallycarriedouteverythreeyears.Anactuarialvaluationwascarriedoutat1April2015.TheseactuarialvaluationsarecarriedoutinaccordancewiththerequirementsofthePensionsAct2004andsoincludedeliberatemarginsforprudence.Thiscontrastswiththeseaccountingdisclosures,whicharedeterminedusingbestestimateassumptions.

Followingthe2012valuation,CIMAandtheSchemeagreedaplantoreducetheliabilitytozerooverthetenyearsto2023.ThisisthroughadditionalcontributionsfromCIMAandexpectedinvestmentreturnsontheScheme’sassets.InthecurrentyearCIMA’scontributionsamountedto£1,277k(2016:£1,301k).

Theresultsoftheformalactuarialvaluationasat1April2015havebeenprojectedto31December2017byaqualifiedindependentactuary.ThefiguresinthefollowingdisclosuresweremeasuredusingtheProjectedUnitMethod.

WhileCIMAandAICPAcreatedtheAssociationUKandUStoalignstrategy,managementandoperationsasexplainedinNote1,theSchemewillremaininCIMAandwillhavefirstcallonmembershipandstudentsubscriptionincometoensureitcancontinuetomeetitsobligations.ThishasbeenfullyagreedbetweentheSchemeTrusteesandtheCouncil.

10. Provisions

11. Subscriptions and fees received in advance

12. Retirement benefits

Dilapidations Other Total

£’000 £’000 £’000

At 31 December 2015 439 349 788

Utilised – (339) (339)

Released – (10) (10)

Provided 7 416 423

At 31 December 2016 446 416 862

Utilised – (315) (315)

Released (463) (101) (564)

Increase costs of ongoing provisions – 7 7

Provided 17 238 255

At 31 December 2017 – 245 245

30

2017 2016 2015

£’000 £’000 £’000

PresentvalueofSchemeliabilities (57,839) (58,841) (47,253)

FairvalueofSchemeassets 43,069 39,956 35,814

Net amount recognised at year end (14,770) (18,885) (11,439)

12.1 Amounts recognised in the consolidated balance sheet

12.2 Amounts recognised in the consolidated statement of comprehensive income

AllSchemeassetsarevaluedataquotedmarketplace.

Thecurrentandpastservicecosts,settlementsandcurtailments,togetherwiththenetinterestexpensefortheyearareincludedintheemployeebenefitsexpenseintheconsolidatedstatementofcomprehensiveincome.Remeasurementsofthenetdefinedbenefitliabilityareincludedinothercomprehensiveincome.

2017 2016

£’000 £’000

Service cost

Administration expenses 206 258

Net interest expense 486 409

Charge recognised in the consolidated statement of comprehensive income 692 667

Remeasurements of the net liability

ReturnonSchemeassets(excludingamountincludedininterestexpense) (2,044) (5,032)

Lossarisingfromchangesinfinancialassumptions 1,302 13,460

Gainarisingfromchangesindemographicassumptions (2,679) –

Experience gain (109) (348)

(Gain)/charge recorded in other comprehensive income (3,530) 8,080

Total defined benefit (gain)/cost (2,838) 8,747


12.3 The principal actuarial assumptions used

ThechoiceofassumptionsistheresponsibilityoftheCouncil,andtheyareagreedwiththeactuary.Theassumptionschosenarethemostappropriateestimatesfromarangeofpossibleactuarialassumptions,whichduetothetimescalecovered,maynotnecessarilybeborneoutinpractice.

2017 2016

% %

Liabilitydiscountrate 2.50 2.65

InflationassumptionRPI 3.40 3.45

InflationassumptionCPI 2.40 2.45

Revaluationofdeferredpensions:

In service deferreds 3.40 3.45

Deferreds 2.40 3.45

Increasesforpensionsinpayment:

Benefitsaccruedpriorto1April1997 3.00 3.00

Benefitsaccruedpriorto1April1997to1April2004 3.60 3.65

Benefitsaccruedafter1April2004 3.25 3.40

ProportionofemployeescommutingpensionforCash Allmemberscommute2.25times their pension at retirementonafixed

commutationfactorof15:1

Allmemberscommute2.25times their pension at retirementonafixed

commutationfactorof15:1

Mortalityassumption–preretirement LightSAPSS2PxA CMI 2016

(longtermtrendof1.5%)

LightSAPSS2PxA CMI 2014


Mortalityassumption–malepostRetirement LightSAPSS2PxA CMI 2016


LightSAPSS2PxA CMI 2014


Mortalityassumption–femalepostRetirement LightSAPSS2PxACMI 2014


LightSAPSS2PxACMI 2014


Future expected lifetime of current pensioner age 65

Maleaged65atyearend 88.40 89.00

Femaleage65atyearend 89.50 90.20

Future expected lifetime of future pensioner at age 65

Maleaged45atyearend 90.10 91.00

Femaleage45atyearend 91.30 92.50

32

12.4 Reconciliation of Scheme assets and liabilities

Liabilities Assets Total

£’000 £’000 £’000

At 1 January 2016 (47,253) 35,814 (11,439)

Interestincome/(expense) (1,711) 1,302 (409)

Administration expenses – (258) (258)

Cost recognised in the statement of comprehensive income

(1,711) 1,044 (667)

Actuarialgainsandlossesarisinginchangesinfinancialassumptions

(13,460) – (13,460)

Otherexperienceitems 348 – 348

Return on assets (excluding amount included in net interest expense)

– 5,032 5,032

Remeasurement effects recognised in other comprehensive income

(13,112) 5,032 (8,080)

Contributions from CIMA – 1,301 1,301

Benefitspaid 3,235 (3,235) –

Net cash 3,235 (1,934) 1,301

At 31 December 2016 (58,841) 39,956 (18,885)

Interestincome/(expense) (1,545) 1,059 (486)

Administration expenses – (206) (206)

Cost recognised in the statement of comprehensive income

(1,545) 853 (692)

Actuarial(losses)arisinginchangesinfinancialassumptions

(1,302) – (1,302)

Actuarial gains arising in changes in demographic assumptions

2,679 – 2,679

Otherexperienceitems 109 – 109

Return on assets (excluding amount included in net interest expense)

– 2,044 2,044

Remeasurement effects recognised in other comprehensive income

1,486 2,044 3,530

Contributions from CIMA – 1,277 1,277

Benefitspaid 1,061 (1,061) –

Net cash 1,061 216 1,277

At 31 December 2017 (57,839) 43,069 (14,770)


12.5 Split of the Scheme’s liabilities by category of membership

12.6 The major categories of Scheme assets are as follows

2017 2016

£’000 £’000

In-service deferred members 14,224 14,277

Deferred pensioners 26,887 26,996

Pensionsinpayment 16,728 17,568

57,839 58,841

AveragedurationoftheScheme’sliabilitiesattheendoftheyear 20years 21years

2017 2016

£’000 £’000

Return seeking

UK equities 8,763 6,520

Non UK equities 2,373 8,235

Diversifiedgrowthfunds 7,802 –

Alternatives 12,670 7,675

Total return seeking 31,608 22,430

Debt instruments

Corporates 713 15,099

LDI 8,303 –

Total debt instruments 9,016 15,099

Other

Property 2,445 2,245

Cash – 182

Total market value of assets 43,069 39,956

TheSchemehasnoinvestmentsinCIMAorinpropertyoccupiedbyCIMA.

34

12.7 Sensitivity of the liability value to changes in the principal assumptions Ifthediscountratewas0.1%higher(lower),theSchemeliabilitieswoulddecreaseby£1,195k(increaseby£1,231k),ifalltheotherassumptionsremainedunchanged.

Iftheinflationassumptionwas0.1%higher(lower),theSchemeliabilitieswouldincreaseby£856k(decreaseby£754k).Inthiscalculationallassumptionsrelatedtotheinflationassumptionhavebeenappropriatelyadjusted,thatdeferredpension,andpensioninpaymentincreases.Theotherassumptionsremainunchanged.

Iflifeexpectanciesweretoincrease(decrease)byoneyear,theSchemeliabilitieswouldincreaseby£2,639k(decreaseby£2,537k),ifalltheotherassumptionsremainedunchanged.

Ifmemberswereassumednottocommuteanypensionforcashatretirement,theSchemeliabilitieswouldincreaseby£4,919k,ifalltheotherassumptionsremainedunchanged.

ThesesensitivitieshavebeencalculatedtoshowthemovementintheSchemeinisolation,andassumingnootherchangesinmarketconditionsattheaccountingdate.Thisisunlikelyinpractice,forexample,achangeindiscountrateisunlikelytooccurwithoutanymovementinthevalueoftheassetsheldbytheScheme.

12.8 Other retirement obligationsAprovisionof£75khasbeenmadeintheCIMASriLankaentityforretirementgratuitiesinconformitywithSLAS16/GratuityActNo.12of1983forallemployeeswhohavecompletedoneyearofservice,andisrecognisedasanexpenseintheperiodduringwhichtheirservicesarerenderedinaccordancewithSLAS16.

CIMA’sprincipalfinancialinstrumentscomprisemarketablesecuritiesandcharitabletrustsandotherfunds.ThemainpurposeofthesefinancialinstrumentsistoraisefinancefortheGroup’soperationsincludingtheoperationsofitscontrolledcharities.TheGrouphasvariousotherfinancialinstrumentssuchastradereceivables,tradepayablesandaccrualsthatarisedirectlyfromitsoperations.At31December2017and,2016theGrouphadnosignificantderivatives.Foreigncurrencyexchangecontractsarefurtherdiscussedinsectiondbelow.ThemainfinancialrisksfortheGrouparecreditrisk,liquidityrisk,currencyriskandinvestmentrisk.

13.1 Risks13.1.1 Credit risk

Theriskoncashbalances,depositsandavailableforsaleinvestmentsismanagedinariskaversemanner,beingheldwithUKclearingbankswithacreditratingofatleastA.Amaximumof£5mmaybeinvestedperbank.Thetradecreditriskismainlyattributabletosubscriptionandexamfeeincome.Thereisnoconcentrationofriskinthisarea,asincomeisdiversifiedoveralargenumberofmembersandstudents.

13.1.2 Currency risk

CIMAoperatesinanumberofcountries,hastradecommitmentsinanumberofcurrenciesand,therefore,hassomeexposuretocurrencymovements.Incomeislargelysterlingdenominated,whilenon-sterlingexpenditureaccountsfor19%oftotalexpenditure.CIMAcontinuestoreviewcurrencyriskonaregularbasisandwilltakeactiontohedgeriskasappropriate.Seenote13.4forasummaryofhedgesinplaceattheyearend.

13.1.3 Investment riskInvestmentincome,includinggainsondisposals,declinedby£779kfrom£1,522kto£743k.BudgetsarepreparedonaprudentbasisandincomefrominvestmentsisnotreliedonforCIMA’songoingactivities.Investmentsarereviewedonaregularbasis.A10%increaseinfairvalueatyearendwouldresultinariseof£502kinthevalueofinvestmentsandacorrespondingriseinthefairvaluereserve;adecreaseof10%wouldresultinafallof£502kinthevalueofinvestments,andacorrespondingfallinthefairvaluereserve.

13.1.4 Liquidity riskCIMA’sbusinessmodel,withsubscriptionfeesfallingdueon1Januaryandexaminationfeesbeingduebeforeexameventcommitmentsaremade,resultsinworkingcapitalrequirementsbeingfullyfundedinadvance.ThisresultsinahighproportionofCIMA’sassetbasebeingcashondeposit.Thesedepositsareactivelymanagedtoensurethatworkingcapitalrequirementsaremetatalltimes.

13. Financial instruments


Thetotalgrosscontractualundiscountedcashflowsoffinancialliabilitiesfalldueasfollows.

31 December 2017Ondemandor within1year 1-2years 2-5years More than

5years Total

£’000 £’000 £’000 £’000 £’000

Tradeandotherpayables (5,352) – – – (5,352)

Provisions (245) – – – (245)

(5,597) – – – (5,597)

31 December 2016 Ondemandor within1year 1-2years 2-5years More than

5years Total

£’000 £’000 £’000 £’000 £’000

Tradeandotherpayables (9,119) – – – (9,119)

Provisions (416) – – (446) (862)

(9,535) – – (446) (9,981)

13.1.4 Liquidity risk (continued)

36

13.2 Summary of financial instruments

31 December 2017 Loans and receivables Loans at amortised cost Available for sale assets Total

£’000 £’000 £’000 £’000

Assets

Non current

Marketable securities – – 2,360 2,360


Charitable trust funds – – 2,661 2,661

Total 441 – 5,021 5,462

Current

Marketable securities – – – –

Trade and other receivables 5,690 – – 5,690

Cash and cash equivalents 8,886 – – 8,886

Total 14,576 – – 14,576

Liabilities

Current

Tradeandotherpayables – (5,352) – (5,352)

Provisions – (245) – (245)

Total – (5,597) – (5,597)

Non-current

Provisions – – – –

Total – – – –

Net financial assets/ (liabilities) 15,017 (5,597) 5,021 14,441


31 December 2016 Loans and receivables Loans at amortised cost Available for sale assets Total

£’000 £’000 £’000 £’000

Assets

Non current

Marketable securities – – 3,069 3,069

Charitable trust funds – – 2,552 2,552

Total – – 5,621 5,621

Current

Marketable securities – – – –

Trade and other receivables 4,664 – – 4,664

Cash and cash equivalents 14,096 – – 14,096

Total 18,760 – – 18,760

Liabilities

Current

Tradeandotherpayables – (9,119) – (9,119)

Provisions – (416) – (416)

Total – (9,535) – (9,535)

Non-current

Provisions – (446) – (446)

Total – (446) – (446)

Net financial assets/ (liabilities) 18,760 (9,981) 5,621 14,400

13.3 Fair value hierarchy

Level1:Thefairvalueoffinancialinstrumentstradedinactivemarketsisbasedonthequotedbidpriceatthereportingdate.

Level2:Thefairvalueoffinancialinstrumentsnottradedinanactivemarketisdeterminedusingobservablemarketdataforallsignificantinputs.

Level3:Thefairvalueoffinancialinstrumentsnottradedinanactivemarketwhereatleastonesignificantinputcannotbedeterminedusingobservablemarketdata;thisincludesunlistedequitysecurities.

Availableforsalefinancialassetsarecarriedatfairvalue.Marketablesecuritiesandcharitabletrustsareclassifiedasalevel1fairvaluemeasurementfordisclosurepurposes,asthefairvalueisdeterminedbasedonquotepricesinactivemarketsforidenticalassets.Thecarryingvalueofallotherassetsandliabilitiesapproximatesfairvalue.

38

13.4 Derivatives

CIMA took out foreign exchange contracts in 2017 to mitigate against potential losses on some grant expenditure to be paid out to non-UKofficesin2018;CIMAcontinuestoreviewcurrencyrequirementsandexchangeriskonanongoingbasis.

2017 2016

£’000 £’000

Value of derivatives at deal rate (5,548) (2,753)

Valueofderivativesatyearendspotrate 5,491 2,600

Interest rate differential (23) (3)

Loss recognised in the consolidated statement of comprehensive income (80) (156)

Name Countryofincorporation Principalactivity

CIMA ownership/control

American Institute of Certified Public Accountants US Voluntaryprofessionmembershiporganisationprimarilyrepresentingpublic and management accountants intheUnitedStatesofAmerica.

0%

Association of International Certified Professional Accountants

US CIMA and AICPA are founding members and the Associations mission and vision is to be the most influentialbodyofprofessionalaccountantsdrivingadynamicaccounting profession worldwide

50%

AssociationofInternationalCertifiedProfessionalAccountants,UK

UK Cost sharing group providing services for CIMA

5%

CIMAEnterprisesLimited UK Membershipofjointventure 100%

GlobalManagementAccountantsinBusinessLimited

UK Membershipofjointventure 100%

The Chartered Institute of Management Accountants BenevolentFund

UK To provide assistance to members andex-members,andtheirfamilies,intimesofhardship.

100%

TheAnthonyHowittLecturetrust UK To advance education in accountancyandrelatedsubjects.

100%

CIMAAustralasiaLimited Australia Membership services 100%

Chartered Institute of Management Accountants Bangladeshbranch

Bangladesh Membership services 100%

CIMAChinaCoLimited China Membership services 100%

The Chartered Institute of Management Accountants HongKong Membership services 100%

Chartered Institute of Management Accountants Republic of Ireland Division

Ireland Membership services 100%

CIMASEAsiaSdnBhd Malaysia Membership services 100%

14. Related parties14.1 ThegroupfinancialstatementsconsolidatetheaccountsofCIMA,itswhollyownedsubsidiaryundertakings,andthecharitabletrustsandotherfundsunderthecontrolofCIMAlistedbelow.Thesefinancialstatementsexcludeallbalancesandtransactionsthatareeliminatedonconsolidation.CIMAmaintainsbranchofficesinIndiaandPakistan,andotherrepresentativeofficesinanumberofcountrieswhicharenotlistedbelowastheyarenotmaterialtothegroupfinancialstatements.


14.2 AssociatesAspernote1.1,CIMAandtheAmericanInstituteofCertifiedPublicAccountants(the“AICPA”)createdtwonewentities,theAssociationofInternationalCertifiedProfessionalAccountants–UK,(the‘AssociationUK’)andtheAssociationofInternationalCertifiedProfessionalAccountants(the‘AssociationUS’).TheAssociationUKandUSbothlaunchedon1January2017,forwhichitspurposeistoalignstrategy,managementandoperations,andtodeliveronitsmissionandvisiontocreatethemostinfluentialbodyofprofessionalaccountantsdrivingadynamicaccountingprofessionworldwide.TheAssociationUKisacompanylimitedbyguaranteeandformedintheUKandtheAssociationUShas90%votingrightsand5%eachofthevotingrightsareheldbyCIMAandAICPA.

DuringtheyearCIMApaidmanagementchargestotheAssociationUKof£14,773k,andtransferredassetsandliabilitieswithanetvalueof£532k.

Aspernote7,in2012CIMAformedajointventurewiththeAICPA,calledtheAssociationofInternationalCertifiedProfessionalAccountants,whichwasaVereinregisteredinSwitzerland.TherewerefivemembersoftheVerein,threesubsidiariesoftheAICPA,andtwosubsidiariesofCIMA–CIMAEnterprisesLimitedandGlobalManagementAccountantsinBusinessLimited;throughthisownershipstructureCIMAowned40%ofthejointventure.ThejointventurewasgovernedbyaManagementBoard,comprisedoffourpersonsdesignatedbyCIMAandfourbytheAICPA.

14.3 Dormant companiesCIMAholds100%ofthe100issued£1ordinarysharesofTheCorporateSocietyofFinancialManagementLimited,100%ofthetwoissued£1ordinarysharesofTheInstituteofCostandWorksAccountantsLimited,100%oftheoneissued£1ordinaryshareinCGMALimited,and100%ofthe100£1issuedordinarysharesofGlobalProfessionalAccountantsinBusinessLimited,ProfessionalAccountantsinBusinessLimited,ManagementAccountantsinBusinessLimited,andCIMAChinaLimited.Allthesecompaniesweredormantintheperiodscoveredbythesefinancialstatements.

14.4 General Charitable TrustTheGeneralCharitableTrust(GCT)isaregisteredcharity,andwasformedfortheadvancementofeducationinthesubjectsofaccounting,managementaccounting,electronicdataprocessing,costing,auditing,taxation,appliedeconomics,finance,andotherrelatedsubjectsofaneducationalnature.

DuringtheyearCIMAmadegiftaiddonationsof£130k(2016:£100k)totheGCT,andtheAmericanInstituteofCertifiedPublicAccountantsmadedonationsof£0k(2016:£149k).CIMAalsoprovidedsupportserviceswithanotionalvalueof£84k(2016:£97k).AttheendoftheyearthenetassetsoftheGCTwere£125k(2016:£224k),whichincluded£31k(2016:£43k)payabletoCIMA.

Name Countryofincorporation Principalactivity CIMAownership/control

The Chartered Institute of Management Accountants

Dubai Membership services 100%

CIMASingaporePteLimited Singapore Membership services 100%

The Chartered Institute of Management Accountants NPC

SouthAfrica Membership services 100%

The Chartered Institute of Management Accountants SriLanka

SriLanka Membership services 100%

15. Subsequent eventsInFebruary2018,anannouncementwasmadewhichwouldimpactthejobsofcertainemployeeswithintheAssociationUK.First,theopeningofanofficeinKualaLumpur,MalaysiaforwhichcertainsupportactivitiescurrentlyperformedbyemployeesinvariouslocationswouldbemovedtoKualaLumpurtoallowforcentralizationofprocessestoachievecostefficiencies.Second,theannouncementofatechnologypartner,toincreasethespeedtomarket,leveragebest-in-classITcapabilitiesandachievecostefficiencies.Aspartoftheannouncement,impactedemployeeswerecommunicatedalastdayofemployment,andeachemployeewillbeentitledtoreceiveaseverancepayment,inaccordancewithAssociationUKpolicy,iftheindividualremainsemployeduntilhisorherlastdayofemployment.Severancecostsassociatedwithimpactedemployeesapproximated£461k.

40

Meetings attended by members of CIMA’s Council

Name Electoral Constituency Council

Agate M 11 4/4

Ash P 11 4/4

BarrP 8 3/4

BeedhamR 6 4/4

BoffeyA 6 3/4

BraggK 3 4/4

BrownJ*** 5 2/2

Chan F 16 4/4

ChristenT*** co 0/2

ClackworthyS++

12 1/2

ConnaughtonL 9 4/4

CottamJ*** 6 2/2

Davies N 2 4/4

Davison N 5 4/4

DonaldsonG*** co 2/2

Don-Perriot Y D 10 4/4

Edirisinghe R 14 3/4

EssayahK 12 3/4

FitzgeraldL co 2/4

GhoshS*** 11 2/2

GoddardA 15 4/4

GrahamJ 6 3/4

HansA 1 4/4

HurstS co 3/4

Jackson N co 4/4

Jessett N 4 4/4

Johnson D 2 4/4

JordanE*** co 2/2

KakadB** 4 3/3


KanakaM*** co 2/2

Karkaria P co 3/4

KellyK++ co 2/2

KhalilI*** co 2/2

KirklandJM*** co 2/2

LowneyM 3 3/4

Mack D ++ co 2/2

Macnab A 7 4/4

Madden M pp ++ 1/2

McGunnigleA 3 3/4

McMasters K nc ++

co 2/2

MelanconBnc++

co 2/2

Miskin A ipp 4/4

MistryH 4 4/4

Muchhala M 1 4/4

NewburyK++ 6 2/2

NiswanderR*** co 2/2

O’BrienL*** co 2/2

OwenJ 1 4/4

Panditharatne C 19 4/4

ParkerH 17 4/4

RatnayakeAvp 4/4

Richardson E M 2 4/4

RyallsG*** 7 2/2

SaxtonM+ 18 1/1

SharpR 11 4/4

StahlinPnc++ co 2/2

StanfordDp 4/4



StaplefordS 3 4/4

SwientozielskyjSdp

4/4

TaylorA++ 7 2/2

TaylorL 12 4/4

TheagarajahR++

co 1/2

WaymentS++ 11 1/2

WatsonJ+ 12 0/1

WestonJD++ 16 1/2

WhiteheadJ 5 4/4

J Zheng co 4/4

HonoraryOfficers

President David Stanford

Deputy President

Steven Swientozielskyj

Vice President

Amal Ratnayake

Immediate Past President

Andrew Miskin

CIMAElectoralConstituency

CentralLondon&NorthThames 1

SouthWestEngland &SouthWales

2

EastMidlands&EastAnglia 3

WestMidlands 4

North East England 5

NorthWestEngland &NorthWales

6

Scotland 7

Northern Ireland 8

Republic of Ireland 9

East,WestCentral &SouthernAfrica

10

CentralSouthernEngland 11

SouthEastEngland 12

SouthAsia 14

North Asia 15

SouthEastAsia 16

Europe,NorthAfrica &MiddleEast

17

The Americas 18

Australasia 19

Key ElectoralConstituency

p President

dp DeputyPresident

vp Vice President

pp Past President

ipp Immediate Past President

co Co-opted

nc Non-CIMA Member

* Non Council Member

** Appointment effective from April 2017

*** AppointmenteffectivefromAGM2017

+ Appointment effective from September2017

++ LeftCouncilatAGM2017

S CIMAStaffMember

42

CIMA’s committeesAppointments Committee

Chairman

Secretary

Andrew Miskin ipp

MyriamMadden*pp

DavidStanfordp

SteveSwientozielskyjdp

AmalRatnayakevp

Mike Agate

Debbie Don-Pierrot

HillaryParker

BaljeetBasras

Professional Standards Committee

Chairman

Vice Chairman

Secretary

BobBeedham

RichardSharp

AnnaCorry*

Nigel Davies

KellyEssayah

Nic Davison

PeterFullam*

NigelIyer*

David Johnson

MichaelLowney

KarenNewbury*

AllisonWalker*

GailStirlings

Membership Committee

Chairman

Vice Chairman

Secretary

Melanie Kanaka

Mustafa Muchhala

JanetBrown

JimCallandar*

AidanGoddard

GordonGrant*

NiallHennessy*

Imran Khalil Naseer

BaljeetBasras


Other committees, boards and trustsBenevolent Fund Committee

Chairman

Vice Chairman

Secretary

Elaine Richardson

AndrewMcGunnigle

DerekBarnes*

SueHoof*

AmbroseKealy*

HasMistry

AndrewOxley*

JohnWeston*

RobertIWilson(Bob)*

Caroline Aldred s

CIMA Enterprises Ltd (CEL)

Director

Director

CompanySecretary

AndrewHardings

CIMA(CorporateBody)

BaljeetBasras

CIMA China Ltd

Director

Director

CompanySecretary

AndrewHardings

CIMA(CorporateBody)

BaljeetBasras

Institute of Cost and Works Accountants Ltd (Dormant)

Director

Director

CompanySecretary

AndrewHardings

CIMA(CorporateBody)

BaljeetBasras

Professional Accountants in Business Ltd (Dormant)

Director

Director

CompanySecretary

AndrewHardings

CIMA(CorporateBody)

BaljeetBasras

CGMA (Dormant)

Director

Director

CompanySecretary

AndrewHardings

CIMA(CorporateBody)

Roopa Deshmukh s

General Charitable Trust

Chairman

Vice Chairman

Secretary

GlynnLowth*pp,

RodHill*pp

BobBeedham

IvanCourt*

FrancescaWindsor*

tbc s

Global Management Accountants in Business Ltd

Director

Director

CompanySecretary

AndrewHardings

CIMA(CorporateBody)

BaljeetBasras

Corporate Society of Financial Management Ltd (Dormant)

Director

Director

CompanySecretary

AndrewHardings

CIMA(CorporateBody)

BaljeetBasras

Global Professional Accountants in Business Ltd (Dormant)

Director

Director

CompanySecretary

AndrewHardings

CIMA(CorporateBody)

BaljeetBasras

Management Accountants in Business Ltd (Dormant)

Director

Director

CompanySecretary

AndrewHardings

CIMA(CorporateBody)

BaljeetBasras

Anthony Howitt Lecture Trust

Chairman DavidStanfordp

SteveSwientozielskyjdp

AmalRatnayakevp

Andrew Miskin ipp

Institute Secretary

SecretaryGeneral GailStirlings

44

Independently appointed conduct committees

Investigation Committee

Chairman

Vice Chairman

Vice Chairman

Vice Chairman

Secretary

Colette Neville nc

GrahamHumbync

JohnCrawleync

Victoria Isaac nc

MorounkeAkingbola*

PaulBrittain*

ElizabethCorcoran*

CherylLittle*

Chris Matthews-Maxwell nc

DamienO’Kane*

Diana Reid nc

Moussa Zabetti s

Disciplinary Committee

Chairman

Vice Chairman

Vice Chairman

Vice Chairman

Secretary

RosalindWrightnc

HelenRileync

RobinSomervillenc

JudithWay*

BrynAnsticenc

JosephCampbell*

PaulCarcone*

AngelaLovelessnc

BridgetMakinsnc

SandraMurray*

SuzanneSmith*

JenniferQuirke*

StephenThackernc

IanWatts*

Moussa Zabeti s

Appeal Committee

Chairman

Vice Chairman

Secretary

JulesGriffithsnc

Peter Cadman nc

AndrewBurmannc

MalcolmCornberg*

Jonathan Page nc

DanielFarrow*

RosemaryCarrolls


CIMA representatives on external boards and committees

CCAB Ireland (CCABI)

SeanShine*

SharonMcCue*

TonyManning*

RogerActon*

International Federation of Accountants (IFAC)

IFAC Council

IFACBoardObserver

DavidStanfordp

AndrewMiskin/MyriamMadden

IFAC Professional Accountants In Business Committee

Chairman

Member

CharlesTilleys

StuartChaplin*

International Ethics Standards Board for Accountants

(IESBA)

(vacant)

Spokesperson for Home Office Campaign to raise awareness of money laundering

Nigel Davies

IFAC Small and Medium Practices Committee

BerendVanAswegen*

Professional Accountancy Body Development Committee

Devika Mohotti

Accountancy Europe

GeneralAssembly HilaryParker

DavidRowsbys

Accounting Working Party

CharlesBatchelor*

HM Treasury Joint VAT Consultative Committee

Nic Davison

Company Law and Corporate Governance Working Party

DavidHacketts

Corporate Reporting Policy Group

DavidHacketts

Council of the Association of Accounting Technicians (AAT)

3rdoutof3years(1stterm) LindaKumbemba*

2ndoutof3years(1stterm) KevinBragg

3rdoutof3years(3rd) RegWood*

American Institute of Certified Public Accountants (AICPA)

Andrew Miskin ipp

University Courts

UniversityofBath Elaine Richardson

UniversityofLancaster RichardKenworthy

LoughboroughUniversity GlynnLowth*pp

UniversityofSurrey

UniversityofStirling

UniversityofCardiff

CityUniversity,London

Mike Agate

JimCallander*

Nigel Davies

GulzariBabber*pp

46

Notes


Notes

48

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May 2018

Documents

Powering trust, opportunity and prosperity Report and... · 2018-05-04 · candidate, policy committee chairmen, and ‘without portfolio’ members of the Appointments Committee