ICAS profits fall but member numbers break 20,000

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.

 

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource