Save content
Have you found this content useful? Use the button above to save it to your profile.
AIA

Institute reports loss despite membership growth

by
14th May 2013
Save content
Have you found this content useful? Use the button above to save it to your profile.

The ICAEW made a £1.2m loss in a "challenging" 2012, despite growth in membership, according to the institute’s latest annual review.

The institute said that the loss (retained deficit after tax) was due to "volatility" in material provisions, including the Accountancy & Actuarial Discipline Board, the institute's disciplinary body, pensions and "other operating areas". Income was £82.7m, virtually unchanged from 2011 and in line with the institute's expectations.

2012 was a challenging year for the institute "both because of the global economic climate and the continuing fallout from the financial crisis", the ICAEW's chief executive, Michael Izza and president, Mark Spofforth, said in a foreword to the annual review.

Membership grew by 1.5% to 140,573. Student intake in 2012 of 6,201 (2011: 5,951) was the highest in 20 years thanks to growth in the UK and from overseas students, the institute said.

Tags:

Replies (3)

Please login or register to join the discussion.

avatar
By Ian McTernan CTA
15th May 2013 11:35

Pension Funding

Good to see the defined benefit scheme was only closed in 2010, clearly the Institute had members interests at heart in taking so long to close it that it left a deficit that will take years of a significant chunk of the Institute's income to fund.

Would be interesting to see exactly who benefits from the overly generous terms of the scheme. 

Thanks (0)
7om
By Tom 7000
15th May 2013 13:52

Its a bit sad really...

If the ICAEW cant balance its books...

 

Unless it planned for it as it thinks reserves are too high and let the members have lower subs to release the reserves...

Thanks (0)
avatar
By ver1tate
16th May 2013 23:26

ICAEW

If it would only fine its members for malpractice rather than just disbarring them, it could sort out its cash problems in a flash.

Thanks (0)