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I thought Chartered Accountants were supposed to be proficient at Financial Planning and anticipating the knock-on effects of proposed expenditure?
It is somewhat galling to stump up £400 a year to maintain a piece of architecture in London.
Still - it could be worse. ACCA members have to fund two head offices.
The ICAEW would not be seeking to cover the deficit by increasing member subscriptions beyond the usual annual rise.
Which is all very well and jolly, but I would ask why is it group think within the ICAEW bunker that we have to have a rise every year anyway; as though it is written into stone the membership are milch cows for the milking?
Regarding the refurbishment of the ICAEW bunker in London, that is all very nice too; but I wonder what the membership who don't reside/work in/near London feel about that?
https://stopthemerger.blogspot.com/2018/10/icaews-forecast-profit-turns-...
Same with CIMA.
I always vote against sub increases, but it always seems pretty cut and dried.
Absolutely and entirely what I would have expected from the ICAEW and any other similar body like HMRC or HMG.
They all look at the pretty picture or the good idea and look no further forward than that which is why they are all pretty dysfunctional.
Anyone who can produce an FRS which is complete gibberish for the most part isn't going to be able to manage a refurbishment project effectively - they are just like Northampton County Council with their new Council offices.
Never mind the reserves will pay for it. Actually why have they got such huge reserves which we poor mugs have paid for?
Oh, silly me, it's in case they can't manage projects properly. Let's just hope they don't spend/waste it on yet another meaningless FRS which will be replaced after a few years when it falls apart at the seams like most of its predecessors. There used to be a time when Joe Public had a reasonable chance of being able to understand accounts but nowadays he doesn't have a hope. Oops, sorry, meant to include Josie Public as well although she probably has a better chance these days.
Its a bit worrying as these days Company's/ organisations/ businesses that deliver poor results always explain its due to one off costs and restructuring, for a lot of Company's its the begging of the end.
Mind you members may see there subscriptions rise to create a buffer.
I have been a member for 50 years. Living and working in Newcastle upon Tyne I have never had the need, time or spare cash to go to Moorgate Place and feel that I have paid for it all myself.
As far as I am concerned my Institute could live anywhere that is cost effective and has a good broadband - suggest Newcastle or any other location in the UK that needs the jobs. We don't need a palace or the expense that goes with it.
Wake up ICAEW and meet the real business world where results are more important than fancy/expensive surroundings.
Its easy for me (CIMA) to snigger, but then there's the saga of CIMA getting into bed with AICPA in the States, the equivalent of selling their soul to the devil, and giving us the worthless designation "CGMA" - terrific!
It’s nice to see the ICAEW having such a positive cash reserve so it can comfortably afford this expense.
The question I would ask is why do they need so much cash? If I was a member I would suggest I am being overcharged and the surplus cash could be reflected in a reduced subscription....
Last week I delivered my Honorary Treasurer's report to a charity's AGM. During my report on the annual accounts I went to great pains to explain in detail to the members the purposes for which unrestricted reserves were being held and the methodology for the calculations used. It seemed correct to explain why these weren't being used in the short term to further the aims & objectives of the organisation.
I'm sure we all await with interest a similar detailed report from ICAEW. I'm happy to supply a template, either on a voluntary basis or as part of any monies set aside in their reserves for consultancy fees.