In what it terms an ‘exceptionally difficult year due to the impact of the external market,’ CIMA’s expenditure grew by more than £2m. But it was the ‘exceptional charges’ of £2.5m that proved to be the thorn in the institute’s side.
In October the institute halted IBIS, a £1.6m IT project designed to add functionality to the membership system. According to CIMA: ‘The potential for added value had been diminished due to advances in technology and changing business requirements.’
The institute also spent £568,000 on reviewing its operating processes and £299,000 on its managing processes. It said the costs were due to ‘increasing emphasis on regulatory matters and member development.’
CIMA incurred another cost of £126,000 from relocating to bigger offices from Portland Place to Chapter Street. Refurbishing costs for the new premises cost the institute £3.3m.
The expenses came as CIMA saw its income from membership fees increase by over £1m whist overall income rose from £23m to £25.6m.
CIMA president Bruce Epsley said: ‘2002 will be a year when we raise the profile of our distinctive perspective on business and accounting issues and continuously develop and promote our unique qualification.’
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