Annual Review and Financial Summary Statements 2007 / 2008

I am delighted to report that the ACT has again maintained its record of development and growth during a year of challenging conditions.We have introduced a new qualification, strengthened relationships with overseas treasury associations to promote our qualifications and to offer talkingtreasury thought-leadership forums, increased the number of countries in which we hold teaching weeks, developed a new website and run the largest ever UK treasury conference.

In education we have introduced greater choice by increasing the modular options of the AMCT Diploma in Treasury with standalone qualifications. Of course this means that some candidates will choose not to undertake the entire Diploma and may miss out on the wider services and products provided by the ACT as a consequence. The new Certificate in International Treasury Management (CertITM), for example, has been developed as an integral part of the AMCT Diploma but is also an internationally accessible qualification in its own right. I am confident, however, that we will provide opportunities for all candidates to remain involved with the ACT.

There has been a high level of activity in our other services.We continue to offer a wide-ranging and successful programme of events and conferences. The Annual Conference in particular has expanded and become a lively meeting place for those working in and alongside the treasury profession. Our training courses remain popular for both the users and providers of treasury services and there is growing demand for in-house training. The Treasurer magazine is increasingly international in readership and the Deals of the Year awards are becoming eagerly anticipated and much coveted prizes.

Our policy and technical work is typically carried out without much fanfare but is key to the ACT representing the views of its members and steering change to the benefit of the profession.We are frequently asked for feedback and comment by the financial media and this has been reflected in extensive Financial Times coverage in particular. This has proved a highly effective way of increasing the wider understanding of the benefits treasury skills and knowledge can bring to an organisation.

Despite all our success of the past year we undoubtedly face financial challenges in the current environment, as discussed in the Chief Executive’s review. Through investment in people, good relationships with our advertisers and sponsors and sound financial management, I have no doubt we are robust enough to maintain our long-term strategic direction. Furthermore, we are also in a position to respond to new opportunities and developments such as establishing ACT Middle East.

The executive team has risen admirably to the challenges faced by the ACT and I would like to express my thanks for all their support and hard work. The strong position we find ourselves in is largely thanks to Richard Raeburn who will be retiring as Chief Executive at the end of this calendar year. Richard’s foresight and leadership have significantly strengthened the ACT and he leaves the organisation in great shape for the future.

I would also like to thank my fellow Council members and the volunteers on our committees, working groups and regional groups for their contribution. Sustaining this close link with our members is essential in order to maintain the ACT’s relevance and future success.