AAT profits while pension deficit grows
AAT is back in the black after making a loss in 2010, however its pension scheme deficit leaps up
Profits are back at accounting technician’s institute AAT.
Income increased to nearly £22m for the year, from £17.8m 12 months’ earlier, according to its statements for the year ending 31 December 2011. Net incoming resource for the year was £2.4m, from a loss of £1m in 2010.
According to the AAT’s annual review, a “surge” in income came from the introduction of computer-based assessments, worth £8.5m, from £1.7m, and “effective cost control” across the organisation.
Growth in overall membership has increased marginally, to 123,759 from 122,697. Student recruitment numbers fell, to 23,975 from 24,388 a year earlier.
Its final salary pension scheme’s deficit has increased sharply. Running at a deficit of £747,000 when measured on 1 January 2011, a further interim valuation a year later has revealed a £3.2m deficit, due to the poor performance of the scheme’s investment assets and a decline in gilt rates.
In her executive’s report, chief executive Jane Scott Paul said the AAT had maintained a strong financial position “despite what has been a challenging year”.