Finance: No to merger, but the work goes on

The charities group of the Institute of Chartered Accountants of England and Wales will continue to work closely with a similar group at the Chartered Institute of Public Finance and Accountancy, despite last week's unexpected rejection of merger of the two bodies by ICAEW's membership.

Peter Gotham, chair of ICAEW's Charity and Voluntary Sector group, said he was "surprised and disappointed" by the 'no' vote but vowed to broaden the organisation's co-operation with charity specialists in Cipfa.

"I think my committee will be similarly open-minded to any initiative that helps provide resources for volunteer and specialist accountants serving the sector," he said.

The ICAEW poll fell 540 votes short of the two-thirds majority required to approve a merger, despite a £1.4m campaign.

KEY POINTS

- Charities groups in ICAEW and Cipfa to collaborate more despite 'no' vote to merger

- ICAEW members rejected merger with Cipfa last week, though Cipfa members backed the change

- ICAEW vote was 540 short of two-thirds majority needed to approve merger, despite costly campaign.

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