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.
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