Cost climb eats into CIMA profits
£500k profits for CIMA, but income growth dissipated through bigger increase in expenditure
PROFITS AT CIMA FELL to half a million pounds in 2011, from £1.1m a year earlier.
The management accounting institute posted £47.1m income for the year-ending 31 December 2011, from £43.4m a year earlier, which included a leap in member subs and exam income of £3.6m to £41.6m.
However, costs ate into the increased revenues. Brand and business development expenditure climbed to £15.6m, from £14m. Member and student service costs were a net cost of £11.8m compared to £10.8m in 2010.
The institute’s pension deficit rose to £8.7m from £6.8m, despite an asset value increase and CIMA contributions. Eurozone worries were to blame, hitting bond yields by 0.7%.
Membership numbers climbed to 87,316, from 83,487. Student numbers increase to 106,612, from 99,264.
“CIMA needs to be a market-driven organisation. We ave strengthened CIMA’s regional structure, to bring us closer to our members and stakeholders by equipping our offices around the world with the tool, talent and capabilities required to meet local needs,” said CIMA chief executive Charles Tilley, (pictured).
“The aim is to ensure CIMA is leaner, fitter and more agile across the world.”
