The £3.3m deficit to the end of 2002 compares to a £400,000 deficit for the previous year.
ICAS blamed falling stock markets for the massive increase, which it said had hit pension funds ‘across the board’.
But there was some good news in the accounts with profits to the end of 2002 coming in at £195,000. Although ICAS is a non-profit making organisation it highlights its work in Hong Kong and Romania as a key income generator.
Earnings come from membership fees, courses and the awarding of certificates.
Andrew Howson joins the firm from EY, bringing experience in advising private equity and corporate clients across multiple sectors in the UK and Europe
Dennis Layton takes up the position on April 1 and will contribute to the firm’s goal of becoming the leading global professional services organisation by 2020
Richard Cartwright becomes the new head, taking over from incumbent head of office David Lemon
Brian Burke, business development director, has moved within the firm to 'develop Quantuma’s networks with Sussex professional firms'