Last week CIMA revealed an operating deficit of £2.6m for the 2001 year despite an increase in membership and income, due to restructuring and relocation costs of £2.5m.
Chief executive Charles Tilley told Accountancy Age the institute had decided to drop the IT project shortly after he joined CIMA because its added value was diminished due to technological advances and it no longer suited them, particularly in the structure of exams.
The system was supposed to ‘add the functionality of workflow, scanning, web and email access.
‘We’re undertaking a detailed review of our processes to consider a new IT project,’ he said, ‘we will need to get a new system in the foreseeable future.’
CIMA also had to write off £1m as they surrendered two leases in their Portland place offices.
The leases had ‘very restricted covenants’, according to Tilley. The leases could only be sold to certain professional institutes, leaving CIMA with a very restricted market of buyers. In the end, the institute had to surrender the leases back to their landlords, getting back a ‘good price’, but less than the premises’ original valuation.
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