For the 12 months to 31 December 2000, ACCA managed a profit of Pounds 65,000, which combined with investment income and interest earned resulted in a budget surplus of Pounds 250,000.
Revenues increased to Pounds 35.6m, a rise of more than 10% on the year, while the association’s reserves grew by more than Pounds 2.5m to almost Pounds 21m, due to growth in its operations, investments and property.
In breaking even, ACCA ended the run of accounting institutes reporting operational losses. In April both the ICAEW and CIMA announced losses for their respective financial years.
Commenting on the results, ACCA said it had continued the trend of budget surpluses, while building for the future with investments in its new syllabus and IT systems, as well as enhancing services for its customers.
Anthea Rose, ACCA’s chief executive, said ACCA had achieved its planned surplus after absorbing major investments in new syllabus and qualifications, online services, corporate branding and IT systems.
‘We have continued to make efficiency savings and to derive benefits from the investment which we made last year in document imaging technology,’ Rose said.
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