ICAEW Profits Up in 2011

The ICAEW has released its financial statements for 2011 with income up £6m, on 2010’s results to £82.4m . This resulted in a profit of £4.1m – up from £1.8m in the previous year.

The coffers were boosted by £2.4m in one-off fines and recovered past costs from the Accountancy and Actuarial Discipline Board (AADB), although it had to pay £2.7m in AADB administration costs.

Consolidated outcome for the year, including the results of ICAEW's charitable trusts, was a surplus after tax of £4.5m – up £2.5m on 2010.

And it was the next generation of accountants – namely the 2011 ACA student intake of 5,951 – up from in 5,652 in 2010 – and the highest for 20 years that showed an increase in market share both at home in the UK and overseas.

Total ACA student numbers at the end of 2011 stood at 19,073 (2010: 17,653). In addition 814 students signed up for our foundation level Certificate in Finance, Accounting and Business (2010: 625).

Overall membership grew by 1.4% to 138,464.

While the ICAEW's defined benefits pension scheme was closed to further member benefit accrual from 30 June 2010, its pension deficit increased by £900,000 to £6.6m.

The value of Chartered Accountants' Hall rose by £0.6m, following an £1.2m rise in 2010 to hit a 31 December 2011 valuation of £9.1m.