CPA Annual Report 2008
17 Harcourt Street
The Institute of Certified Public Accountants in Ireland
Contents
President’s Perspective
Page 01
Chief Executive’s Review
Page 04
Adding Value to CPA Membership
Page 07
Educating and Training Future CPAs
Page 11
Representing and Promoting CPA
Page 16
Protecting the Public Interest
Page 19
Council and Other Information
Page 20
Report of the Directors
Page 21
Statement of Directors’ Responsibilities
Page 23
Independent Auditor’s Report
Page 24
Income and Expenditure Account
Page 26
Balance Sheet
Page 28
Cash Flow Statement
Page 29
Accounting Policies
Page 30
Notes to the Financial Statements
Page 32
Council Committee Professional Representation
Page 39
The President’s Perspective
The President’s Perspective
During the course of 2008 a seismic shift took place in the environment in which we operate. I am
deeply conscious of the difficult conditions under which members, and the businesses that members
serve, are currently operating. Now, more than ever, the skills that CPAs possess are important in
terms of stabilising business and planning for the inevitable recovery.
CPA President
Mr. Norman
J. Adams
It seems such a very short time ago when, during her remarks at the official opening of the Institute’s
offices at 17 Harcourt Street on 19 May 2008, President Mary McAleese said that she “was suitably
abashed to be in the presence of this ultra modern profession which has been so quick to make
the best use of technology and which is so deeply implicated in contemporary Ireland’s story of
remarkable economic success.” The President went on to state that: “We are now a highly globalised
economy with a considerable export market, many foreign investors, and a burgeoning, indigenous
entrepreneurial sector.”
The sub-prime crisis in the USA appeared in early 2008 to be a problem for the USA which might, to
some extent, ripple out to the global financial services sector. That ripple quickly turned to a tsunami
with catastrophic effects for the global financial services industry. The credit crunch and liquidity crisis
led to a global economic downturn, the equivalent of which has not been experienced since the
1930’s.
The environment in which the Institute operates underwent a fundamental shift during 2008 with a
consequent impact on our operations.
A climate of uncertainty fuelled economic downturn leading to job losses in many sectors and a
halt on further recruitment in almost every sector. This contraction in employment lead to a reduced
availability of training opportunities for prospective CPA students and has impacted, negatively, on our
growth during 2008.
The CPA Institute places such a strong emphasis on competency development in the training
environment that training is an integral part of the CPA qualification process.
The Institute does not operate in a vacuum and the general climate of uncertainty impacted on the
Institute’s income streams. Council monitored the situation closely during the latter part of 2008 and
gave suitable direction to the executive in terms of increasing efficiency, cost reduction and forward
planning. Council approved a detailed operational plan for the period 2009 to 2011, which underpins
our strategy. Council continues to receive regular reports on key performance indicators and has
factored in all current performance information into the operational plan for 2009 to 2011.
Ireland’s international reputation as a good place in which to do business was severely damaged in
the latter part of 2008. Good governance, particularly in the financial services sector, is universally
Page 01
The President’s Perspective
expected of a developed country such as
Ireland. Through the actions of a few, many
have suffered and future generations will
bear the cost. Governance failures often
lead to calls for more regulation and during
2008 the regulation of the financial services
sector, often described as light touch and
principles based, attracted quite an amount
of criticism.
CPA President’s
Dinner October
2008. Mr. Norman
J. Adams, CPA
President, Prof Steven
Knowlton, Professor
of Journalism DCU
and Orna Stokes,
CPA, Senior Manager,
Specialist Sectors
Ulster Bank.
As President of a regulated professional
body I recognise the need for public
oversight in the public interest. Regulation
should be principles based, proportionate
and effective.
If instances emerge where regulation has been clearly demonstrated to have been ineffective then
failures require careful investigation and consideration.
Small to medium enterprises (SMEs) and small to medium practices (SMPs) have done nothing to
damage Ireland’s reputation. In fact, the level of public interest in the SME sector has never been
greater as the value of the SME sector to the inevitable recovery is recognised.
The SME/SMP sectors are already disproportionately regulated as any CPA practitioner, who is
registered to provide incidental investment advice, is well aware.
CPA will continue to call for effective proportionate regulation but the SME/SMP sector must not be
impeded and disadvantaged by disproportionate and unnecessary regulation.
The challenge of sustainability is widely recognised as humanity’s ecological footprint exceeds the
capacity of the planet. In accounting terms we are living beyond our income and therefore we are
destroying our capital. There is an increasing demand on organisations to provide non-financial
information and indicators, including sustainability indicators, as part of their annual reporting, strategic
planning and decision making. The accountancy profession is increasingly developing connected
reporting models, which link financial and non-financial metrics.
Page 02
The President’s Perspective
The CPA Institute has contributed to the debate on issues such as sustainability and carbon taxes and
will continue to provide adequate information to allow CPAs use their skills to measure and report on
non-financial metrics in the interest of sustainability.
Throughout my term of office as President I have enjoyed constant support and availability from my
Vice-Presidents, John B. White and Geoffrey J. Meagher. As a Council we have received constant
support from our Chief Executive, Secretary and staff who implement our policies with enthusiasm
and professionalism.
I have every confidence that my successor, John B. White, will lead the Institute on to further success.
Throughout 2008 the Institute has continued to contribute to the profession at every level. It gave me
particular pleasure as President to witness the re-election of our Past-President, Bernadette McGroryFarrell, to the Board of the International Federation of Accountants. Bernadette makes immense
personal and professional sacrifices to contribute to the profession at the highest level and is a
wonderful advocate and representative for CPA.
It has also been a great pleasure to work alongside so many volunteer members at Council,
Committee and Regional CPA Society level. Time is one of our most precious resources and yet,
remaining true to the ethos of giving something back to one’s profession, so many members
generously apply their time and expertise for the benefit of their Institute.
Norman J. Adams
President
Annual Conference 2008
Peter Quinn with Minister for
Trade & Commerce
John Mc Guinness and
Norman J. Adams,
President CPA.
Page 03
Chief Executive’s Review
Chief Executive’s Review
Throughout 2008 the Council constantly monitored the implementation of strategy by the executive
team. Council also provided adequate resources, human and financial, to enable the executive to
operate successfully. In addition, Council regularly reviewed operational plans for risk management
within an overall approved risk policy.
The significant operational highlights from 2008 are as follows:
Mr. Eamonn
Siggins, Chief
Executive , CPA
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The successful sale of our former headquarters in 9 Ely Place for €4.25m.
Completion of a comprehensive renovation of 17 Harcourt Street, which was officially opened by
President Mary McAleese on 19 May.
The roll-out of the new CPA syllabus to our 25 centres of education and the development of pilot
examination papers at Professional 2 level.
Continuing growth in membership, albeit against a background of deteriorating economic
circumstances, with 226 new members admitted at the December 2008 conferring ceremony
bringing our membership to a total of 3538 at year end.
Realignment of lifelong learning opportunities to focus on issues of critical importance to auditors
and accountants.
A continuing focus on representing the views of the membership to government, regulators and
the media.
The completion of an external governance review of our
education and examination processes.
The establishment of an Academic Advisory Board which
will provide leading edge academic support and advice to
Council.
A continuing commitment to protecting the public interest
and to cooperating openly and transparently with our
various regulators.
The development of our Approved Training Partner scheme.
Official opening of
17 Harcourt Street
by President Mary
McAleese on 19th
May 2008
Page 04
Chief Executive’s Review
A successful transition
Operationally, the significant challenge to move headquarters was successfully completed in April
2008. We vacated 9 Ely Place on a Friday afternoon and were fully operational and open for business
from 9.00am on the following Monday morning. The fact that the Institute operates in a, largely,
paperless environment greatly assisted the physical move. The larger facility at 17 Harcourt Street
offers greater capacity for running in house seminars, workshops and other events and, throughout
2008, the reaction from CPAs visiting their headquarters has been positive. We also completed the
sale of 9 Ely Place and, thankfully, operated two buildings for the minimum time possible during
2008. It was encouraging to hear President Mary McAleese state, at the official opening of 17
Harcourt Street, that the Institute’s move was a consequence of success and growth in that we had
simply outgrown 9 Ely Place.
A challenging environment
Just as 2008 proved a challenging environment for CPA members and the businesses that they serve
so too was it challenging for the Institute.The economic downturn impacted negatively on student
recruitment as employment contracted and training opportunities diminished.
Sponsorship, advertising and related income streams, all came under severe pressure during the
second half of 2008. Just like other businesses, the CPA Institute was obliged to critically assess and
adequately provide for its bad debts which have been fully provided for in our financial statements.
The challenging environment and the performance issues in 2008 have been fully factored in by
Council into operational plans for 2009 and beyond.
Information flow to, and CPE content for members was realigned during the final months of 2008 to
adequately address areas of concern in a financial downturn. The development of a centralised credit
crunch resource on our website is but one example of targeted information flow for members.
In other areas of operations the CPA Institute used advances in technology to communicate with
key stakeholders in an innovative way. For example, we have used a myriad of innovative solutions,
including relevant social networking sites, to reach out in a relevant way to prospective students. We
attempt to achieve best value for money through each such initiative.
International
The CPA Institute has contributed to the international profession throughout 2008, particularly at
Board level within the International Federation of Accountants. Within the Edinburgh Group, which is a
Page 05
Chief Executive’s Review
group of professional bodies sharing, amongst other interests, a common interest in matters affecting
SMPs and SMEs, the CPA Institute has been able to encourage global standard setters to “think small
first” in the context of developing technical standards.
Within the CPA Institute we have worked on some reciprocity and recognition agreements in key
markets, one of which has seen the CPA qualification recognised in New Zealand which now allows
CPAs to act as auditors in New Zealand. Members can expect key mutual recognition agreements to
be signed off in early 2009.
Throughout 2008 we have concentrated our resources on:
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Adding value to CPA membership
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Educating and training future CPAs
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Representing and promoting CPA
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Protecting the Public Interest
These four areas are dealt with in greater detail on subsequent pages.
As an executive team it is encouraging to continue to have a high level of volunteer support and
involvement in Institute affairs from members. In a challenging environment where communication,
particularly member to member communication, is so important the role of our Regional CPA
Societies in Leinster, Munster, Mid-West, West, Ulster and Great Britain is vital in terms of providing
networking opportunities and a range of other services.
Our executive team will endeavour to provide best value for money to members and students, to
continue to provide proportionate regulation in the public interest, to represent the views of the
membership and to provide members with relevant and timely information. The CPA membership can
use their skills and experience to provide leadership at every level and the executive team will support
you in every way possible to position businesses for the upswing – whenever it may arrive.
Eamonn Siggins,
Chief Executive
Page 06
Adding Value to
CPA Membership
Adding Value to CPA Membership
In the current climate, it is essential for individuals to enhance their value to employers and/or
clients and thus to add value to themselves. At no time in living memory has a professional
qualification been more valuable. Membership of the CPA Institute gives a head start in this regard.
There is a significant difference between the worth of a professionally qualified accountant and a
person with no qualification – a difference that becomes more marked in the economy in which we
now operate.
Membership of the CPA Institute brings recognition and credibility to an accountancy career through
the professional designatory letters “CPA”. International acceptability is delivered through the EU
recognition agreement.
CPAs in practice provide professional financial advice to businesses. Auditing, taxation, accounting,
financial analysis, risk management and advising on financial structures are just some of the wide
ranging services provided by practicing firms of CPAs. But CPAs are also more than just accountants
– they are strategic business advisers to their clients.
An accountant is in a central role in all organisations, giving them the chance to influence its
business and ethical decision-making. Finance professionals are at the very centre of things. There
has never been a better time to join or remain in the profession. The knowledge and skills required
to be a qualified finance professional are what differentiates the accountant and creates demand
for them and their services.
In today’s climate there are no longer
any certainties. Even a year or two
ago, one could be reasonably sure that
certain jobs were absolutely secure
– that is no longer the case. Being – and
remaining – a CPA is one way in which
the possible negative impacts of today’s
environment can be avoided.
Page 07
CPA Conferral 2008
Carol Lewis from
Limerick, Tom Cahill from
Tipperary, Kate Williams,
Portlaoise and Garry
Buchan from Cork
Adding Value to
CPA Membership
Helping Members sharpen their skills.
Information Resources
At CPA we help our members in a number of ways. We
play a fundamental role in enabling them keep up to
date professionally by identifying, creating and distributing
information and knowledge that is of importance and
relevance to professional accountants.
The provision of such resources comes direct to members in
leading publications, top quality advisory services, technical
help lines and through our Continuing Professional Education
(CPE) programme. We provide a digest on a monthly basis in
our E bulletin and a more comprehensive in-depth analysis
of key issues in our quarterly journal Accountancy Plus.
We thus ensure that members are updated on all relevant
standards issued.
Continuing Professional Education
Richard O’Brien,
Chairman Munster
CPA Society with
Ronnie O’Toole,
Chief Economist,
National Irish Bank.
We place considerable emphasis on our extensive CPE Programme. We strive to have a highly
relevant programme, utilising the best expertise available, thus delivering optimum quality
commensurate with value for money. We rigorously track our participant feedback from every event
we run and the result is that we offer a range of high-impact, professional and tailored courses to
all levels of professional accountants from young recently qualified establishing their career, up
to experienced senior business leaders at executive level. In 2008 we ran 137 events across 13
locations (vs. 114 events in 9 locations in 2007).
Our Conference Programme is designed with the needs of specific segments of members in mind.
As well as our flagship Annual Conference, we also offer our ever popular Practitioners’ Conference,
and in 2008 we ran two Members in Industry Conferences (Dublin and Cork) - which proved to
be extremely popular. The conference programme also included a very relevant Corporate Finance
Conference.
Page 08
Adding Value to
CPA Membership
In addition we offer our CPA Members
access to a variety of online CPE courses.
Our Gold Suite of on-line courses is
developed specifically by and for CPA
members. Some 15% of all CPE is now
done on-line, and the use of technology in
delivering CPE will be a continuing feature
of CPE.
Technical Queries
As part of our commitment to delivering
the best possible information to members
we are resourced with professionally
qualified staff who can answer individual
technical accounting queries either by
phone or email. All such queries are confidential and are normally turned
around within 48 hours. Approx 1200 such queries were answered in 2008.
Launch of CPASome New Initiatives
accredited Lean
DCU MBS in Corporate Leadership
Financial Services
Programme
During 2008 we engaged with Dublin City University (DCU) and arising from this
Joe Aherne, MD
Leading Edge Group agreed that the MBS in Corporate Leadership would be available to CPAs.
and Eamonn Siggins,
CEO CPA.
Lean Green Belt Financial Services Certification
CPA records significant
growth as membership
passes 3,500. Norman
J. Adams congratulates
latest CPA conferees
December 2008.
We have collaborated in the launch of the new Lean Green Belt Financial
Services Certification. The blended learning programme allows successful
participants to use Lean principles to improve those service-oriented
processes typically found in the financial services sector - i.e. all forms
of insurance, mortgage lending, banking, stock brokering, accountancy,
as well as transactional and administrative functions. The program aims
to implement best practice and eliminate unnecessary process waste,
thereby reaping the benefits for both client and organisation alike.
Page 09
Adding Value to
CPA Membership
Credit Crunch Resource
The sudden change in the economic environment has meant an increased need on the part of
members to react to the impact of unfolding events. To address this need we have launched a “Credit
Crunch Resource” for members on our website www.cpaireland.ie to assist members in dealing with
the unfolding credit crisis. This free resource provides information and guidance for auditors and
business in the current economic climate.
Jobsearch
Having successfully launched our on-line Jobsearch facility in 2007 – aimed at assisting members
who wish to recruit accountants, we added to this facility in late 2008 by extending it to members
seeking employment who can advertise their availability, anonymously to prospective employers. Both
services are free of charge to members and students.
Countdown Card
We continue to expand and enhance the offerings of savings on a wide variety of goods and services
through our Countdown Card scheme. This facility effectively acts as a one stop shop for discounted
offers to members and includes a range of generic and CPA specific offerings.
Personal Development
Every CPA is offered the opportunity to develop themselves by engagement in Institute activities. Such
development arises from such activities as involvement in CPA committees – which of itself provides
valuable learning activities through interaction with fellow CPA professionals. Other such opportunities
are involvement on task forces, speaking at seminars and conferences and involvement in projects
involving innovative professional development.
Such opportunities – apart from the networking benefits – enable CPAs to develop themselves in a
very rounded sense.
In addition we offer a free ethics counselling service for members, as well as a confidential
“mentoring” service where more senior, experienced members can advise on difficult situations.
A further opportunity to engage in personal development and professional networking is provided via
our network of Regional CPA Societies around the country and in Great Britain.
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Educating and Training
Future CPAs
Educating and Training Future CPAs
The CPA Institute, through its Education and Training Department, concentrates significant resources
on the education and training of future CPAs to ensure their relevance to the market place.
Underpinning this, a process of self evaluation, external review and communication to and from
stakeholders are key pillars in ensuring that the quality of the education and training offered by the
Institute is of the highest standard.
Throughout 2008 the Education and Training Department focused, in the main, on the following key
areas of operations whilst continuing to provide an information service and two diets of examinations
in ten centres for a student base of 1,700.
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Educator Quality Assurance
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Independent Assessment of Governance
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Approved Training Partner Programme
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Examinations
Educator Quality Assurance
The Institute has a robust process for the approval of educators wishing to prepare students for its
examinations. This ensures that CPA students can avail of quality assured education throughout the
island of Ireland and beyond.
There are three main areas of focus for the review of Approved Educators:
1. Management,
2. Facilities, and
3. Study Support.
The Institute has a well developed and
on-going relationship with each approved
educator which includes; the organisation of
CPA Annual Educators’ Conference, at least
one visit annually by the Institute’s Student
Development Executive to each CPA class and
an in-depth annual quality assurance review.
There is currently a network of twenty five CPA
approved educators, with two each in Ulster
and Connacht, seven in Dublin, five in the
rest of Leinster and nine in Munster. Two of
the twenty five CPA approved educators also
provide distance learning options.
Page 11
CPA Conferral 2008
Patricia Bourke from Tipperary, Carmel Breen
from Kilkenny, Ashling Kelly from Kilkenny
and Venetia Higgins from Laois
Educating and Training
Future CPAs
Nine educators have been awarded GoldStar Approved
Educator status as they consistently exceed the high minimum
standards required for initial approval. Approval is renewable
annually.
Independent Assessment of Governance
Academic Advisory Board
for 2009,chaired by Mr.
Pierce Kent, UCD Michael
Smurfit Graduate School
of Business and of the
IOD Centre for Corporate
Governance at UCD.
In July 2008, the CPA Institute commissioned Professor Philip
Hamill of the University of Ulster to review the governance and
quality assurance of its examination and education processes
and make recommendations as to a revised model. In
presenting his report to Council at its September meeting in Belfast, Professor Hamill advised that “...
Overall, CPA’s processes in respect of education and training are robust.”
Consistent with the Institute’s policy of ensuring that best practice applies in the area of the academic
development of CPA students, an Academic Advisory Board (AAB), as recommended by Professor
Hamill, was established by the Institute in 2008. The AAB will have a key input into ensuring, that in
keeping with the Institute’s continuous improvement ethos, that its robust education and examination
quality assurance procedures underpinning the programme further improve over time. The AAB is
composed of leading academics in their fields and it will have a maximum of seven members.
Members of the CPA Academic Advisory Board (AAB):
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Educating and Training
Future CPAs
Members of the AAB will serve for a period of four years, subject to annual re-appointment by Council
who may extend the period of service. The Director of Education and Training shall act as secretary to
the AAB.
The terms of reference of the AAB are:
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To report on the governance structures of the Institute’s education and examination processes, and
to make recommendations to Council for improvements as the AAB considers appropriate,
The synthesis of contemporary academic literature to inform curriculum development at
Professional 2 Stage, which would include:
Recommendations as to further reading on current issues, new developments and / or areas of
research of specific relevance to the Professional 2 Stage syllabus.
The review of the ongoing development of the Institute’s syllabus and make recommendations as
the AAB considers appropriate.
Approved Training Partner Programme
The Institute has developed an Approved Training Partner (ATP) programme with key employer
organisations. The ATP programme provides a quality framework for an organisation’s accounting
trainee programme. The structured nature of the programme enables a training
partner to; optimise return on training investment, determine KPI’s for trainees, and
efficiently managed training programme.
The programme adds value to business through; increased employee productivity
and focus, effective employee development, improved exam pass rates for
employees, delivering a higher return on investment, support from CPA Education &
Training Department independent quality assurance validation of employers training
programme and employees who subscribe to the CPA code of ethics.
Dermot Igoe,
Microsoft, Elaine Vesey
CPA, Microsoft and
Paul Heaney, Director
of Education & Training
CPA at launch of the
Approved Training
Partner Scheme.
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The ATP programme has been designed to maintain the excellence of all admission
and qualification standards and offers the many benefits to the Institute including that
it raises the profile and emphasis on training, underscores the importance of training as an integral
part of the CPA qualification, builds relationships with new partners, deepens relationships with
existing CPA trainers, is attractive to potential students, propels students through to membership in a
more timely fashion, and produces higher quality entry level accountants.
Employers who presently train CPA trainees in both industry and practice are encouraged to become
an Approved Training Partner of the Institute.
Educating and Training
Future CPAs
Examinations
The pass rates for CPA examinations from 2004 to 2008 are shown below
Students who sat examinations
2,000
1,500
1,000
500
Students who sat
examinations
0
2004
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2005
2006
2007
2008
Educating and Training
Future CPAs
Prizewinners
In the 2008 examinations two students each won prizes in two subjects, Fiona Levis, training with
FDC Group, Cork and John Kelly, training with KPMG, Cork. The Institute is pleased in conjunction with
its sponsors to recognise the outstanding performance of each prizewinner.
2008PrizeWinners
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Student
Fiona Levis
Fiona Levis
Orla Delaney
Cora Jennings
Stage/Subject
F2 - Financial Accounting
F2 - Management Accounting
F2 - Taxation
F2 - Information Systems
Sponsor
MBNA/ Bank of America
Ulster CPA Society
JDM Insurance Servicee
DWC Consulting
Laura O’Neill
Fiona Daunt
P1 - Corporate Reporting
P1 - Auditing
SN Financial Services
Munster CPA Society
Joanne Brennan
Leinster CPA Society
Kate Nash
P1 - Corporate Laws &
Governance
P1 - Managerial Finance
John Kelly
P2 - Advanced Taxation
Deloitte
Allied Irish Bank
Brendan O’Loughlin P2 - Advanced Financial
Accounting
John Kelly
P2 - Audit Practice
UHY Farrelly Dawe White
Noreen Lane
Quintas Partners
P2 - Financial Management
Byrne Curtin Kelly
Educator
BPP Limerick
BPP Limerick
Tipperary Institute
Cork Institute of
Technology
Clane College
Griffith College
Cork
Cavan Institute
Cork Institute of
Technology
Griffith College
Cork
BPP Limerick
Griffith College Cork
/ BPP Limerick
Cork Institute of
Technology
John Kelly CPA student
who won two prestigious
awards for achieving top
results in Audit Practice and
Advanced Tax at Professional
2 exams pictured with
Suzanne Shaw, Director of
Business Development CPA
and Cliona Archer Good,
BPP Professional Education
Limerick
Representing and
Promoting CPA
Representing and Promoting CPA
Promoting CPA your Institute, your Profession,
your Qualification
The CPA Institute’s marketing initiatives in 2008 focussed on raising our profile in the Irish business
community, specifically championing the urgent requirements of our members and their clients in
these economically challenging times. The Institute too undertook a number of initiatives to actively
promote the CPA qualification ensuring the sustained growth and development of the
Institute.
Promoting
In promotion of the CPA qualification, the CPA Institute relies heavily on our members to
add to our print and radio advertising campaigns, acting as on the ground ambassadors for
the CPA brand. Examples of proactive member activity include positively promoting CPA in
the work place, encouraging their employers to participate in the recently launched CPA’s
Approved Training Partner scheme, a valuable link to industry, and encouraging others to
consider accountancy as a profession, choosing CPA as their qualification of choice.
Representing
Barry Lynch was
presented with a
CPA Annual Merit
Award at the
National College
of Ireland (NCI)
awards ceremony,
November 2008
The CPA Institute has consistently lobbied on issues of importance to our members and
their clients. This activity continued over 2008 as such issues as recognition of the term
‘Accountant’, decreasing the regulatory and tax burden on SMEs , encouraging business
incentive measures and tracking national economic strategy were kept firmly on the public
agenda. This was demonstrated by means of media releases, interviews, opinion pieces
in national business press and profiling CPA branded surveys such as the CPA/Amárach Business
Barometer. CPA achieved 180 separate PR hits in 2008 in regional, national and online media.
Informing
As the global financial crisis developed over 2008, our members and the clients they serve, were
operating under increasingly adverse conditions. This situation is ongoing; however it serves to
highlight the importance and value that can be derived from the accountant/client relationship.
CPA PR has focused specifically on increasing awareness of the value that accountants can bring
to business and the key role they can play in pro actively advising on key issues such as business
management, cash flow planning, management and funding. The CPA Annual Business Lecture
2008, took corporate governance and ethics as it’s theme with Garda Commissioner Fachtna
Murphy urging the profession to adopt the highest professional standards and do their part in the
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Representing and
Promoting CPA
UCD students get into the
spirit at CPA Comm Day
fight against corporate crime. CPA
initiatives such as the Simple Facts
of Accounting in association with
the SFA, the online CPA Credit
Crunch Resource available via
www.cpaireland.ie and a series of
Accountancy Guides to the Charity
Sector in conjunction with the DFI, all
focus on channeling useful, practical
information to our members, their
clients and the greater business
community.
Student Recruitment:
The Institute has been busy promoting CPA at campuses across the country. This year CPA continued
to focus on building strategic relationships with the academic and career guidance communities
and relevant societies, actively seeking out opportunities to be useful supporters of their activities
while promoting brand CPA. Activities included a targeted programme of campus liaison, in class
presentations, open days and sponsorship. Specifically we
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CPA Merit Awards were presented to students at Sligo IT, IT Tallaght, Waterford IT, Dundalk IT and
the University of Ulster, Jordanstown in recognition of academic excellence.
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Attended 27 career fairs across the country and gave 29 in-class presentations
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Hosted information points in 5 colleges around the country including UCD, Waterford IT and DCU.
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Co-marketed sponsorship deals with UCD Comm Day, UCD Business & Legal Society, CPA Week at
DCU, Dundalk IT, and National College of Ireland (NCI) amongst others.
Ran a student-orientated radio campaign in Spring 2008 over a period of four weeks concentrating
on popular stations such as Spin 103, Beat FM and Red FM.The objective of the ad was to
promote the CPA qualification, which offers a challenging, flexible and rewarding career.
Conducted an online ad campaign to promote the CPA qualification among 3rd level communities.
The ad depicts CPA members speaking about their experience of becoming a CPA and featured on
www.oxygen.ie, www.campus.ie and www.cdwow.ie.
Representing and
Promoting CPA
Innovation in Student Recruitment
The student market has always been notoriously difficult to reach. Students are usually the first to
be involved with all the latest technologies that are out there. With this in mind the CPA Institute
feels that we can effectively communicate the CPA message to students through the variety of
Web 2.0 technologies. Using a myriad of creative solutions, including a presence on Facebook,
Bebo, Twitter and Flickr, these social networking sites have provided the Institute with a new and
innovative way to reach the target audience and generate interest in the CPA qualification. These
new innovations will compliment our ongoing marketing activities.
In January 2009 CPA launched
a presence on a number of
social networking sites including
Facebook, Bebo and Twitter.
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Protecting the
Public Interest
Protecting the Public Interest
Confidence and trust in the Accounting and Auditing profession is fundamental to the operation of
business, whether small or large and to the overall health of our economy.
To establish and enhance confidence and trust , the Institute operates a regulatory process designed
to serve the public interest by ensuring our members are operating to the highest standards at
all times. We operate a system of delegated self-regulation, which allows the Institute to directly
regulate its members. The Institute in turn is supervised in all its regulatory activities by the Irish
Auditing and Accounting Supervisory Authority (IAASA). We also enjoy delegated authority from the
Financial Regulator to authorise our member firms to engage in investment business services and in
turn are supervised by the Financial Regulator in this area of operation. Following the commencement
of Section 36 of the Companies Act 2003, the Institute’s disciplinary processes have now received
statutory backing.
In accordance with international best practice, the Institute’s disciplinary processes are operated in
an open and transparent manner. Our Disciplinary Committee, Investigation Committee and appeal
panel are all comprised of majority lay members. During 2008, six Disciplinary Tribunals were held, in
all in public along with one appeal hearing. The Institute received twenty six complaints in total, from
a combination of members of the public, regulators and internal sources. The Institute’s Investigation
Committee met on twelve occasions during 2008.
The Institute operates a quality assurance system which monitors the activities of regulated firms
operating in public practice. This process involves licencing members to engage in public practice and
issuing authorisations for specialist areas such as auditing and investment business. Regulated firms
receive regular on-site monitoring visits with appropriate follow-up. The Institute undertook fifty six
quality assurance reviews during 2008.
The Institute’s comprehensive continuing
professional education programme is
designed to support members in their
daily operations by providing regular
updating in the areas of auditing, financial
reporting and ethical standards along with
taxation and company law updates.
Page 19
Mr. Stephen Tully, RSA (Sponsors),
Garda Commissioner Fachtna Murphy and
Norman J. Adams, CPA President at the
CPA Annual Lecture which took place at the
Royal College of Physicians, April 2008
Council and Other
Information
Council and Other Information
Members of Council
Norman J. Adams
President
Joseph Aherne
Brendan Allen
Richard Blake
Niall Byrne
Evelyn Fitzpatrick
Janice Lau-Burke
Gail McEvoy
Geoffrey J. Meagher
Vice-President
Padraig J. O’Feinneadha
Kevin O’Meara
Michael O’Regan
Aidan O’Reilly
Brian Purcell
Denis Ryan
Daragh Solan
Page 20
John B. White
Vice-President
Chief Executive:
Eamonn Siggins
Secretary:
Cáit Carmody
Registered Office:
17 Harcourt Street, Dublin 2.
Registered Number:
010475
Auditors:
Hayes & Co.,
Certified Public Accountants, Registered Auditors,
7 Fields Terrace, The Triangle, Ranelagh, Dublin 6
Bankers:
AIB Bank
1/3 Lower Baggot Street,
Dublin 2.
Solicitors:
Arthur Cox
Arthur Cox Building,
Earlsfort Terrace, Dubin 2.
Ulster Bank
Pembroke Street,
Dublin 2.
Report of the Directors
Report of the Directors
The Directors are pleased to submit the 66th Annual Report of the Council and the Financial
Statements for the year ended 31 December 2008.
The deficit for the financial year amounted to €853,155 (2007: surplus €153,490).
Risks and Uncertainies
The Directors confirm that there is an ongoing process for identifying, evaluating and managing the
significant risks faced by the Institute, and that it has been in place for the year under review and up
to the date of approval of the Annual Report and Financial Statements.
Principal Activity
The Institute of Certified Public Accountants in Ireland (CPA) is an Irish accountancy body with in
excess of 5,000 members and students. The Institute fulfils its statutory role as a recognised body
by overseeing the professional activities of its members in practice, and ensuring that education and
training standards are maintained.
Presidents and Vice-Presidents
At a meeting of Council on 25 January 2008, Norman J. Adams was elected President. At a meeting
of Council on 1 May 2008, John B. White and Geoffrey J. Meagher were elected as Vice-Presidents.
Council
Council is the governing body of the CPA Institute, and is composed of a maximum of 16 elected
members and up to three non-members. Council met on seven occasions in 2008.
Directors
The Directors who held office during the year under review were:
Page 21
Norman J. Adams
Joseph Aherne
Janice Lau-Burke
Deirdre McDonnell
Michael O’Regan
Aidan O’Reilly (Non-Member)
Brendan Allen
Gail McEvoy
Brian Purcell
Richard Blake
Geoffrey J. Meagher
Denis Ryan
Margaret Bradley
Padraig J. O’Feinneadha
Daragh Solan
Niall Byrne
Kevin O’Meara
John B. White
Report of the Directors
Niall Byrne and Richard Blake were co-opted to Council on 25 January 2008. Deirdre McDonnell was
co-opted to Council on 25 January 2008 and resigned from Council on 6 September 2008. Brian
Purcell was co-opted to Council on 6 September 2008. Margaret Bradley resigned on 13 December
2008. Evelyn Fitzpatrick was co-opted to Council on 27 February 2009.
The following Directors retire by rotation:
Brendan Allen
Daragh Solan
Kevin O’Meara
As co-opted members during 2008 and 2009, Brian Purcell and Evelyn Fitzpatrick also retire.
The above five offer themselves for re-election in accordance with Article 30.
There are 5 nominations for 5 vacancies. In accordance with Article 22 (b) such candidates will,
without the need for a postal vote, be duly re-elected to the Council.
Compliance with Section 90 of the Company Law Enforcement Act, 2001
To ensure that proper books and accounting records are kept in accordance with Section 202,
Companies Act 1990, appropriately qualified accounting personnel are employed and the Institute has
maintained appropriate computerised accounting systems. The books of accounts are located at the
Institute’s registered office at 17 Harcourt Street, Dublin 2.
Post Balance Sheet Events
No events have occurred subsequent to the Balance Sheet date which require disclosure in the
Financial Statements.
Auditors
The Auditors, Hayes & Co., have indicated their willingness to continue in office in accordance with the
provision of Section 160(2) of the Companies Act, 1963.
On behalf of the Directors
Norman J. Adams FCPA, Director and Council Member
Daragh Solan CPA,
Page 22
Dated: 27 March 2009
Director and Council Member
Statement of Directors’
Responsibilities
Statement of Directors’ Responsibilities
The Institute of Certified Public Accountants in Ireland
(A company limited by guarantee)
Company law requires the directors to prepare financial statements for each financial year which give
a true and fair view of the state of affairs of the Institute and of the surplus or deficit of the Institute for
that period. In preparing the financial statements, the directors are required to:
* select suitable accounting policies and then apply them on a consistent basis;
* make judgements and estimates that are reasonable and prudent;
* prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the Institute will continue in business.
The directors are responsible for keeping proper books of account which disclose with reasonable
accuracy at any time the financial position of the Institute and to enable them to ensure that the
financial statements comply with the Companies Acts 1963 to 2006. They are also responsible for
safeguarding the assets of the Institute and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
Approved by the Board of Directors on 27 March 2009 and signed on its behalf by:
Norman J Adams FCPA
Director and Council Member
Daragh Solan CPA
Director and Council Member
Page 23
Independent Auditor’s
Report
Independent Auditor’s Report to the Members of
The Institute of Certified Public Accountants in Ireland
We have audited the financial statements of The Institute of Certified Public Accountants in Ireland
for the year ended 31 December 2008 which comprise the income and expenditure account, the
balance sheet, the cash flow statement and the related notes. These financial statements have been
prepared under the historical cost convention, and the accounting policies set out therein.
This report is made solely to the Institute’s members as a body in accordance with the requirements
of the Companies Acts 1963 to 2006. Our audit work has been undertaken so that we might state to
the Institute’s members those matters that we are required to state to them in our audit report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the Institute or the Institute’s members as a body for our audit work, for this report,
or for the opinions we have formed.
Respective responsibilities of directors and auditor
As described in the Statement of Directors’ Responsibilities the Institute’s directors are responsible for
the preparation of the annual report and the financial statements in accordance with applicable law
and the Accounting Standards issued by the Accounting Standards Board.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory
requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view, in
accordance with Generally Accepted Accounting Practice in Ireland, and are properly prepared in
accordance with the Companies Acts, 1963 to 2006. We also report to you whether in our opinion:
proper books of account have been kept by the Institute; and whether the information given in the
Directors’ Report is consistent with the financial statements. In addition, we state whether we have
obtained all the information and explanations necessary for the purpose of our audit and whether the
Institute’s Balance Sheet and Income and Expenditure Account are in agreement with the books of
account.
We also report to you if, in our opinion, any information specified by law regarding directors’
remuneration and directors’ transactions is not disclosed and, where practicable, include such
information in our report.
We read the other information contained in the Annual Report and consider whether it is consistent
with the audited financial statements. This other information comprises only The President’s
Perspective, Chief Executive’s Review and Report of the Directors. We consider the implications for
our report if we become aware of any apparent misstatements or material inconsistencies with the
financial statements. Our responsibilities do not extend to any other information.
Page 24
Independent Auditor’s
Report
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland)
issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence
relevant to the amounts and disclosures in the financial statements. It also includes an assessment
of the significant estimates and judgements made by the directors in the preparation of the financial
statements, and of whether the accounting policies are appropriate to the Institute’s circumstances,
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we
considered necessary in order to provide us with sufficient evidence to give reasonable assurance
that the financial statements are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation
of information in the financial statements.
Opinion
In our opinion the financial statements:
y give a true and fair view, in accordance with Generally Accepted Accounting Practice in Ireland,
of the state of the Institute’s affairs as at 31 December 2008 and of its deficit for the year then
ended;
y have been properly prepared in accordance with the requirements of the Companies Acts 1963
to 2006.
We have obtained all the information and explanations which we consider necessary for the purposes
of our audit. In our opinion proper books of account have been kept by the Institute. The Institute’s
financial statements are in agreement with the books of account.
In our opinion the information given in the Report of the Directors is consistent with the financial
statements.
Hayes & Co.
Certified Public Accountants & Registered Auditors,
7 Fields Terrace, Ranelagh, Dublin 6.
Dated: 27 March 2009
Page 25
The Institute of Certified Public Accountants in Ireland
(A company limited by guarantee)
Income and Expenditure Account
for the year ended 31 December 2008
Notes
2008
€
2007
€
Income
1
3,664,482
___________
3,688,918
___________
Administration expenses
Other operating expenses
Other operating income
(2,924,460)
(715,398)
41,907
___________
(3,597,951)
___________
(2,784,389)
(768,418)
___________
(3,552,807)
___________
Operating Surplus
2
66,531
136,111
Loss on sale of property
(26,352)
-
Interest receivable
Interest payable and similar charges
3
31,407
(276,425)
___________
27,250
(978)
___________
(Deficit) / surplus before taxation
(204,839)
162,383
Taxation 4
(Deficit) / surplus for the year
10
(648,316)
___________
(853,155)
___________
(8,893)
___________
153,490
___________
All income and expenditure and the deficit for the year arise from continuing activities
There are no recognised gains or losses other than those included in the above two financial
years.
Page 26
The Institute of Certified Public Accountants in Ireland
(A company limited by guarantee)
Income and Expenditure Account
for the year ended 31 December 2008
Note of historical cost profits and losses
Reported (deficit) / surplus before taxation
2008
€
(204,839)
2007
€
162,383
Realisation of property revaluation gains of previous years
3,549,454
Difference between an historical cost depreciation charge
and the actual depreciation charge of the year
calculated on the revalued amount 301,930
_________
Historical cost surplus before taxation
3,646,545
_________
-
Historical cost surplus for the year retained after taxation 2,998,229
_________
Approved by the Board of Directors on 27 March 2009 and signed on its behalf by:
Norman J Adams FCPA Director and Council Member
Page 27
Daragh Solan CPA
Director and Council Member
-
_________
162,383
_________ 153,490
_________
The Institute of Certified Public Accountants in Ireland
(A company limited by guarantee)
Balance Sheet
at 31 December 2008
Fixed Assets
Tangible assets
2008
Notes
€
2007
€
€
5 11,364,893
14,146,930
Current Assets
Debtors
6
202,998
Prize bonds
190
Cash at bank 671,038
__________
874,226
228,370
190
788,536
__________
1,017,096
Creditors: amounts falling
due within one year
7 (949,684)
__________
Net Current (Liabilities)
Total Assets Less Current
Liabilities
(3,021,436)
__________
(75,458)
__________
(2,004,340)
__________
11,289,435
12,142,590
Creditors: amounts falling due
8 after more than one year
(6,500,000)
__________
(6,500,000)
__________
Net Assets
4,789,435
__________
5,642,590
__________
Reserves
Accumulated surplus
10
4,789,435
Revaluation reserve
10
-
__________
4,789,435
__________
Approved by the Board of Directors on 27 March 2009 and signed on its behalf by:
Page 28
€
Norman J Adams FCPA
Daragh Solan CPA
Director and Council MemberDirector and Council Member
1,791,206
3,851,384
__________
5,642,590
__________
The Institute of Certified Public Accountants in Ireland
(A company limited by guarantee)
Cash Flow Statement
For the year ended 31 December 2008
2008
€
Notes
2007
€
Reconciliation of operating surplus to net
cash inflow from operating activities
Operating surplus
Depreciation
Decrease in debtors
(Decrease) in creditors
(Decrease) in deferred revenue
Net cash inflow from operating activities
66,531
206,870
34,786
(35,944)
(19,205)
__________
253,038
__________
136,111
157,349
(43,436)
368,869
(5,904)
__________
612,989
__________
253,038
(245,018)
(659,173)
2,548,815
__________
1,897,662
(2,089,400)
__________
(191,738)
__________
612,989
26,272
(7,706)
(9,951,405)
__________
(9,319,850)
8,584,272
__________
(735,578)
__________
(Decrease) in cash in the year
Cash outflow from decrease in debt and lease financing
Movement in net funds in the year
13
(191,738)
2,089,400
__________
1,897,662
(735,578)
(8,584,272)
__________
(9,319,850)
Net (debt) / funds at beginning of year
13
Net (debt) at end of year
13
(7,800,674)
__________
(5,903,012)
__________
1,519,176
__________
(7,800,674)
__________
Cash flow statement
Net cash inflow from operating activities
Returns on investments and servicing of finance 12
Taxation paid
12
Capital expenditure 12
Financing
12
(Decrease) in cash in the year
Reconciliation of net cash flow to movement in net funds
Approved by the Board of Directors on 27 March 2009 and signed on its behalf by:
Page 29
Norman J Adams FCPA
Director and Council Member
Daragh Solan CPA
Director and Council Member
The Institute of Certified Public Accountants in Ireland
(A company limited by guarantee)
Accounting Policies
The significant accounting policies adopted by the Institute are as follows:
Historical Cost Convention
The financial statements are prepared under the historical cost convention as modified by the
revaluation of certain fixed assets.
Income
The following bases have been used in determining the principal sources of income:
Admission Fees
Subscriptions, fees and other income
- cash basis
- earnings basis, time apportioned
Tangible assets
Tangible assets are shown at cost or valuation less accumulated depreciation.
Cost includes purchase cost plus those costs, including financing costs, that are directly attributable to
bringing the asset into the final condition for its intended use.
Depreciation is calculated with reference to the above value to write off the assets over their expected
useful lives on a straight line basis at the following annual rates:Computer equipment Computer software Fixtures / Fittings & Equipment Buildings
Land
20%
33.3%
10%
2%
Nil
Taxation
Corporation tax payable is provided on capital gains, deposit interest and rental income earned in the
year.
Page 30
The Institute of Certified Public Accountants in Ireland
(A company limited by guarantee)
Leases
The cost of fixed assets acquired under finance leases are included in fixed assets and written off on
the same basis as assets purchased outright. The capital portion of outstanding lease obligations is
included in creditors while the interest portion is written off to the Income and Expenditure Account
over the term of the primary lease period.
Rentals in respect of operating leases are charged to the Income and Expenditure Account as incurred.
Regional Societies
The expenditure included in the accounts only relates to the grant aid provided by the Institute to the
various societies.
Pension Benefits
The Institute operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the Institute in independently administered funds. The pension cost charge
represents contributions payable by the Institute to the funds and amounted to €88,763
(2007: €73,071) for the year.
Page 31
The Institute of Certified Public Accountants in Ireland
(A company limited by guarantee)
Notes to the Financial Statements
for the year ended 31 December 2008
1. Income
Deferred subscriptions at 1 January Income receivable in year
Deferred subscriptions at 31 December Income for year
2. Operating surplus before taxation
The operating surplus before taxation is stated after charging:
322,606
3,645,277
__________
3,967,883
(303,401)
__________
3,664,482
__________
2007
€
328,510
3,683,014
__________
4,011,524
(322,606)
__________
3,688,918
__________
2008
€
2007
€
-
206,870
13,972
__________
157,349
13,972
__________
2008
€
2007
€
276,425
-
__________
276,425
__________
978
__________
978
__________
4. Taxation
2008
€
Current year taxation
Corporation tax @ 25% on interest earned and rental income 18,329
Corporation tax @ 12.5% on sale of property
629,987
__________
648,316
__________
2007
€
Directors’ emoluments
Depreciation of tangible assets
Auditors’ remuneration
3. Interest payable and similar charges
On bank loans and overdrafts
Lease finance charges
Page 32
2008
€
8,893
__________
8,893
__________
The Institute of Certified Public Accountants in Ireland
(A company limited by guarantee)
Notes to the Financial Statements
for the year ended 31 December 2008
Page 33
5. Tangible assets
Premises
€
Cost / valuation
At 1 January 2008
14,078,546
Additions
1,339,765
Disposals (4,250,000)
___________
At 31 December 2008
11,168,311
___________
Fittings &
Equipment
€
Total
€
343,707
250,068
-
___________
593,775
___________
14,422,253
1,589,833
(4,250,000)
___________
11,762,086
___________
Depreciation
At 1 January 2008
Charge for the year
On disposals At 31 December 2008
85,000
107,401
(85,000)
___________
107,401
___________
190,323
99,469
-
___________
289,792
___________
275,323
206,870
(85,000)
___________
397,193
___________
Net book values
At 31 December 2008
At 31 December 2007
11,060,910
___________
13,993,546
___________
303,983
___________
153,384
___________
11,364,893
___________
14,146,930
___________
6. Debtors
2008
€
2007
€
Debtors - (due within one year)
Corporation tax refundable
193,584
9,414
___________
202,998
___________
228,370
___________
228,370
___________
The Institute of Certified Public Accountants in Ireland
(A company limited by guarantee)
Notes to the Financial Statements
for the year ended 31 December 2008
7. Creditors: amounts falling due
within one year
Bank overdraft
Bank loan (See Note 9 )
Subscriptions in advance ( See Note 1 )
PAYE / PRSI
Corporation tax
Creditors and accruals
8. Creditors: amounts falling due
after more than one year
2008
€
2007
€
74,240
-
303,401
48,857
-
523,186
_________
949,684
_________
2,089,400
322,606
33,809
1,443
574,178
_________
3,021,436
_________
2008
€
2007
€
Bank loan ( See Note 9 )
6,500,000
6,500,000
_________
_________
9. Details of Borrowings
Repayable
Other than by instalments
Bank overdraft
By instalments
Bank loans
Within
1 Year
€
Between
Between
1 & 2 years 2 & 5 years
€
€
After
5 Years
€
Total
€
74,240
-
-
-
74,240
-
_________
74,240
_________
64,000
_______
64,000
_________
192,000
_________
192,000
_________
6,244,000
_________
6,244,000
_________
6,500,000
_________
6,574,240
_________
Bank borrowings are secured by a first legal charge over the Institute’s property at 17 Harcourt Street,
Dublin 2.
Page 34
The Institute of Certified Public Accountants in Ireland
(A company limited by guarantee)
Notes to the Financial Statements
for the year ended 31 December 2008
10. Reserves
Property
Revaluation
reserve
€
At 1 January 2008
3,851,384
Transfer of realised profit
(3,851,384)
Deficit for year
_________
At 31 December 2008
-
_________
Accumulated
Surplus
€
1,791,206
3,851,384
(853,155)
_________
4,789,435
_________
The Institute’s premises at 9 Ely Place, Dublin 2, were sold during the year. The realised profit on
sale has now been transferred from the revaluation reserve to the retained surplus.
11. Employee information
The average number of persons employed by the Institute
during the year was:
2008 2007
Number
Number
Administration
23
25
_________
_________
Staff costs
Wages and salaries
Social welfare costs
Pension costs
Page 35
2008 €
1,172,406
120,383
88,763
_________
1,381,552
_________
2007
€
1,090,006
116,260
73,071
_________
1,279,337
_________
The Institute of Certified Public Accountants in Ireland
(A company limited by guarantee)
Notes to the Financial Statements
for the year ended 31 December 2008
12. Gross Cash Flows
2008
2007
€
€
Returns on investments and servicing of finance
Interest received
Interest paid
Interest element of finance lease rental payments
Taxation
Corporation tax paid
Capital expenditure
Payments to acquire tangible assets
Net cash proceeds from sale of property
Financing
Long term bank loans received in year
Short term bank loan received in year
Repayment of short term bank loan
Capital element of finance lease contracts
Page 36
31,407
(276,425)
-
__________
(245,018)
__________
27,250
(978)
__________
26,272
__________
(659,173)
___________
(7,706)
__________
(1,589,833)
4,138,648
__________
2,548,815
__________
(9,951,405)
__________
(9,951,405)
__________
-
-
(2,089,400)
-
__________
(2,089,400)
__________
6,500,000
2,089,400
(5,128)
__________
8,584,272
__________
The Institute of Certified Public Accountants in Ireland
(A company limited by guarantee)
Notes to the Financial Statements
for the year ended 31 December 2008
13. Analysis of changes in net debt
At 1 Jan
2008
Cash
flows
At 31 Dec
2008
€
€
€
Cash at bank Overdrafts
788,536
-
__________
788,536
__________
(117,498)
(74,240)
__________
(191,738)
__________
671,038
(74,240)
__________
596,798
__________
Current asset investments
190
__________
-
__________
190
__________
Debt due within one year
Debt due after one year
Total
(2,089,400)
(6,500,000)
__________
(8,589,400)
__________
2,089,400
-
__________
2,089,400
__________
(6,500,000)
__________
(6,500,000)
__________
(7,800,674)
__________
1,897,662
__________
(5,903,012)
__________
14. Company status
The Institute is a Company limited by guarantee and not having a share capital. In accordance with
The Memorandum of Association, in the event of the Company being wound up, each member’s
liability is limited to €190.46. The members of the Institute, as defined in The Articles of Association,
consist of all qualified persons who have been admitted to membership.
Page 37
The Institute of Certified Public Accountants in Ireland
(A company limited by guarantee)
Notes to the Financial Statements
for the year ended 31 December 2008
15. Capital commitments
2008
€
2007
€
Details of capital commitments at the
balance sheet date are as follows:
Contracted for but not provided in
the financial statements
-
1,100,000
_________
_________
At 31 December 2007 the Institute had capital committments approved and contracted for in
respect of the refurbishment of it’s new premises at 17 Harcourt Street, Dublin 2 , in the amount
of €1,100,000.
16. Approval of financial statements
Page 38
The financial statements were approved by the board of directors on 27 March 2009.
Council / Committee
Representatives
Council / Committee Representatives
Council
Norman J. Adams
President
Joseph Aherne
Brendan Allen
Richard Blake
Niall Byrne
Evelyn Fitzpatrick
Janice Lau-Burke
Gail McEvoy
Geoffrey J. Meagher
Vice-President
Padraig J. O’Feinneadha
Kevin O’Meara
Michael O’Regan
Aidan O’Reilly
Brian Purcell
Denis Ryan
Daragh Solan
John B. White
Vice-President
Executive
Page 39
Chief Executive:
Eamonn Siggins
Secretary/Director - Professional Standards:
Cáit Carmody
Director - Members’ Services:
David FitzGerald
Director - Business Development:
Suzanne Shaw
Director - Education and Training:
Paul Heaney
Director - IT:
John McCarthy
Committees of Council
Continuing Professional
Education
Kevin O’Meara(Chairman)
Padraic Bermingham
Mark Gargan
John M. Herbert
Ciarán Martin
Niamh McCarthy
Eamonn O’Connell
Andrew Bridgett
Carol Fitzgerald
Majella Malone
Evelyn Fitzpatrick
Disciplinary
John O’Dwyer (Chairman)*
Gerry Boyle*
Gerry Davis*
Turlough O’Donnell *
Brian Walker *
Edel Flanagan
Thomas F. Hewison
Alan Farrelly
Michael Dolan
* Non-Member
Education & Training
Page 40
John B. White (Chairman)
Evonne Bruton
Nigel Casey
Pat Cullotty
Tom Jackson
Martin Johnson
Suzanne Lawlor
Gail McEvoy
Jimmy Sheehan
Karen McCarthy
Finance & Audit
Daragh Solan (Chairman)
Norman J. Adams
Mary Slevin
John Fleming
Janice Lau-Burke
Aylish Morrissey
John O’Gorman
Investigation
Seamus Given (Chairman)*
Eugene McCarthy *
Richard Stokes *
Tony White*
Jennifer Jackson*
Paul Farrell
Finola Maughan
Derek Page
Ann-Marie Reddy
Conor Quinn *
Registration Appeals
Committee
Pat McCrohan (Chairman)
Padraig Bermingham
Padraic Casey
Mark Gargan
Siobhan Grennell
Chetwode Hamilton*
Noel Palmer *
* Non-Member
SMP/SME Committee
Alan G. Farrelly (Chairman)
Brendan Allen
Gail McEvoy
Gearóid F. O’Driscoll
Des O’Neill
Anne Peters
John B. White
Michael White
* Non-Member
Registration Committee
Donall Curtin (Chairman)
Niall Carberry
Liam Donnelly*
Gerard Feehily
Ingrid Halligan
Kieron Hayes
Kieran Horgan
Siobhan O’Shea*
Ian Richardson
Sean Slattery
* Non-Member
Taxation
Brian Purcell (Chairman)
Andrew P. Cullen
Susan Cullen
Kevin Elliott
Marguerite. C. Heneghan
Enda Jordan
Padraig O’Feinneadha
John MacNally
Paul O’Neill
Committees of Council
Sub-Committees
Auditing Practices
Jennie Ward (Chairman)
John Donnelly
Leonard Dowling
Tony Kelly
Paul A. O’Neill
Jimmy Dolan
Deirdre Kiely
Financial Reporting
Declan Nestor (Chairman)
Raymond Colreavy
Martin Johnson
John Mac Aree
David William Roxburgh
Barry P. Walsh
James D. Walsh
Garvan Whelan
Noel Browne
Deirdre Kiely
Insolvency
Brendan O’Donoghue
(Chairman)
Colin Farquharson
Owen Fitzgerald
Trevor Fitzpatrick
Tony Kelly
Joseph J. McCall
John Nolan
Dermot Madden
Martin G. O’Reilly
Andrew Russell
Josephine Whelan
Michael White
Page 41
Academic Advisory Board
CCABI Taxation
Mr. Pierce Kent (Chairman)*
Professor Robert Kirk*
Professor Patrick Gibbons*
Dr. Edel Barnes*
Mr. Martin Quinn*
Dr. Sheila Killian*
Mr. Donall Curtin
* Non-Member
Kevin Elliott
Brian Purcell
Consultative
Committeee of
Accountacy Bodies
Ireland
Consultative Committee
Norman J. Adams
John B. White
Denis Ryan
Eamonn Siggins
CCABI Technical Coordinating Committee
Janice Lau- Burke
Technical Advisor: Cáit Carmody
CCABI insolvency
Brendan O’Donoghue
Tom Keane
CCABI Business Law
Brendan Allen
Mark Gargan
Regional Societies
Regional CPA Societies 2008
John Devaney (Chairman)
Leinster CPA Society
Trevor Fitzpatrick (Chairman)
Midwest CPA Society
Ciaran Martin (Chairman)
Munster CPA Society
Richard O’Brien (Chairman)
Ulster CPA Society
James Donnelly (Chairman)
Western CPA Society
Tony Nestor (Chairman)
International
IFAC Board
Bernadette McGrory-Farrell
(Member)
Eamonn Siggins
(Technical Advisor)
Edinburgh Group
Bernadette McGrory-Farrell
Eamonn Siggins
Dublin Office
Belfast Office
The Institute of Certified
The Institute of Certified
Public Accountants in Ireland
Public Accountants in Ireland
17 Harcourt Street, Dublin 2, Ireland
3 Wellington Park, Malone Road, Belfast, BT9 6JD
Phone 01 425 1000
Phone 048 9092 3390
Fax
01 425 1001
Fax
048 9092 3334
Email
[email protected]
Email
[email protected]
Web
www.cpaireland.ie
Web
www.cpaireland.ie