The ICAEW made a large loss in 2007
Net result before JDS £1,750K (2007) £5,433K (2006)
Funding of JDS £3,389K (2007) £1,671K (2006)
Net result after tax £(1,639)K (2007) £3,762K (2006)
The result is particularly poor given that income increased from £63,615K in 2006 to £69,052K in 2007, a rise of 8.5%.
It seems that "A substantial part of the Institute's expenditure was as a result of investment in people, with headcount increasing by 9.8% to 594".
Why do they use the Nu Labour word "investment", when we all know that they mean cost?
It is a sad indictment of our profession that a council and board of over 100 accountants cannot at least manage to break even.
I assume that we may expect further increases in our subscriptions.
Time to merge and generate economies of scale.
ReplyDeleteWith ICAS, yes.
ReplyDeleteWith CIPFA, CIMA, ACCA...no.
ICAS will never merge with ICAEW.
ReplyDeleteIn my humble view, that is a loss for both bodies.
ReplyDeleteIt is a sad indictment of our profession that a council and board of over 100 accountants cannot at least manage to break even.
ReplyDeleteLet me put this right:
It is a sad indictment of our profession that a council and board of over 100 "ICAEW" accountants cannot at least manage to break even.
Says it all doesn't it!
Up the ACCA :)
Good point about the "ICAEW" part, I stand corrected:)
ReplyDelete