Annual Report 1998 / 1999

I am delighted to introduce this report and accounts which contains the background to another sound financial year with a record surplus of £305,000. As you will see from the following review, this is due to a combination of tight control on costs and excellent performances from our more commercial ventures, in particular our conferences and events. None of this would have been possible without the tremendous input from the significant number of members who support the Association so generously with their time and commitment, together with the hard work and dedication of the central office team lead by David Creed.

I would, however, like to reiterate the statement made in last year’s report by my predecessor, Paul Spencer, that “profit, while essential for our continued development, is not the ultimate aim of the Association”.We have now reached a point of financial security which allows us to invest in the future. This is likely to have an impact on the figures reported over the next two years but, more importantly, should result in improved procedures and services for the benefit of all members.The key elements of this investment are a new computer system and database, further development of our website and electronic provision of services, the introduction of a Continuous Professional Development programme and a review of our examination syllabi.

The role of the treasurer continues to evolve and so must the Association and its education process. Our examinations are recognised for their practical content and form a solid grounding for general financial management. This has been reflected in the diverse student and membership base, no longer restricted to those in corporate treasury but encompassing the fields of banking and financial services. The work and services of the Association must reflect this, hence we undertook a survey of members to assist in planning for the future. We were overwhelmed by the response and the strong sense of identity members have with their Association. I am pleased to report that the majority of the replies endorsed the work of the Association. Members’ ideas and feedback are always welcome and I would encourage you to become as closely involved with the work of the Association as time permits.

Having worked in treasury for most of my career, I felt honoured to have been appointed President and excited at the opportunity to contribute to the further development of the profession. During these first few months I have not been disappointed, as we launched our strategic alliance with CIMA. My thanks go to Paul Spencer for the splendid contribution he made whilst President and to David Cromwell who completes his term of office as Chairman of Council at the end of this calendar year. Their wise counsel and sound judgement have set the stage for further progress.

The new millennium heralds the Association’s twenty-first birthday and with the highest income and student numbers in the Association’s history, we have truly come of age.We can now look forward to building on our current success and to the exciting projects that lie in store.

Philippa Foster Back
President