The Institute of Chartered Accountants in England & Wales (ICAEW) has announced a £1.2m loss in 2012, according to its latest annual review.
It comes despite a membership growth over the year, with member numbers rising to 140,000 in 2012, a 1.5% increase on 2011’s membership. There was also a 1% increase in the number of women members, now 26% of ICAEW’s total.
The number of students that joined in 2012 was the highest the ICAEW had in over 20 years – 6,201 students joined in 2012 and over 20,000 are now members.
Michael Izza, chief executive of the ICAEW, called 2012 a “challenging year”, as the review points at “volatility in a number of material provisions, including AADB, pensions and other operating areas” as combining factors to ICAEW’s losses.
ICAEW’s total income was “in line with expectations” at £82.7m, a growth of £0.3m on 2011.
The ICAEW is currently moving towards an integrated reporting model – the 2012 review is the first to report on its key targets.
Its focus in 2012 was on supporting growth and widening access to the profession, and cites its new higher apprenticeships programme, and new partnerships with the University of the West of England (UWE), and Birkbeck, University of London.
The review also details the outlook for 2013, with the ICAEW focusing on further expanding its membership, student numbers, and its commercial income.
It expects “major changes in 2013 to financial reporting and regulation; to benefits and pensions in the UK, and audit regulation and company reporting in Europe.”