ICAS profits fall but member numbers break 20,000
Regulatory burdens impact ICAS figures, while more non-Scots-based members sees subscriptions clear 20,000
REVENUE and student numbers fell at ICAS during 2013, although the Scottish institute saw member numbers pass 20,000 for the first time.
In its annual review, ICAS posted profit before tax of £1.25m for 2013, down from £1.4m a year earlier. Revenues fell £706,000, due to a lack of levy from the Financial Reporting Council (FRC) compared to £452,000 a year earlier. Educations activities dropped off by £140,000, largely as a result of a fall in student numbers – its intake was 767 in 2013 from 963 in 2012.
Net costs fell by £77,000 in 2013, with staffing costs down nearly £100,000 in the period. It also spent £329,000 less on external contractors. A charge of £699,000 was taken on a provision for the FRC. Cash held increased to £9.4m in 2013, from £9m a year earlier.
ICAS pension scheme valuation fell by £726,000 following an actuarial review, but is still in surplus – at £1.5m.
Membership numbers have cleared 20,000, a 26% increase compared to ten years ago. Nearly a third (31%) of members said they were ‘very satisfied’ with the institute, compared with 19% a year earlier. Four in five members said they were satisfied with ICAS.
More than half of CAs are now based outside of Scotland. “Our strategy of building professional communities wherever members are in the world is paying dividends,” said ICAS chief executive Anton Colella (pictured). While we proudly hold on to our Scottish heritage we increasingly see ICAS making more and more of an impression on the global profession of accountancy.”
Former Cairn Energy finance chief Jann brown takes over the ICAS presidency from Brendan Nelson today.
“I have every confidence that Jann will continue the momentum that has been built up in recent years and we will further strengthen and enhance ICAS’ image and reputation both nationally and internationally,” said Nelson.
