Our Performance

Performance

In 2016 we have been focused on delivery of the ICAS Strategy to be the leading global professional community. To deliver this, we have four key strategic goals - Be Relevant, Be a Community, Be Trusted, Be Influential.

2016 has seen a strong focus on how we can be relevant to our members and on continuing to deliver world class education to our student members. We have broadened our digital presence with on line Professional Development, increased content on icas.com, and expanded the reach of CA Today with bespoke versions now available in Australia, Canada, the US and Hong Kong.  

We have continued to seek to be influential on behalf of our members and in the public interest, with key developments including the work of our Brexit Advisory Group, the growing reach of our leadership in ethics with the Power of One and as a key commentator on devolved tax issues to the Scottish Government.

Be relevant Membership has grown by 2% in 2016. We now have more than 21,000 members in more than 100 countries around the world. Member satisfaction has increased by 6% over the course of 2016 and now sits at 75%. Student numbers have been extremely strong with 1,048 new students taking our total numbers to 3,869Click on image to enlarge

Be a community. Page views on icas.com have increases by 38% to 4.4million. Total attendance at events has increased by 10% to 5,608. Our mentoring programme has now engaged 662 members, an increase of 52%. The ICAS foundation has now awarded £722k to 94 students.Click on image to enlarge

Be trusted. All cases and tribunals were closed within 12 months. “Make sure your advisor is a CA” campaign launched to promote the benefits of using a chartered accountant. 2016 also saw 100 new practising certificates issued. We had 83 complaints with 11 upheld. Click on image to enlarge

Be influential. ICAS ideas on ethics presented directly to international ethics standards board. Two appearances at parliamentary select committees. We have issues 94 responses to government and regulatory consultations.  Joint research with FRC on future of audit and skills. Power of one taken globally with events in Sydney, Hong Kong, Perth and Dubai.

Looking ahead to 2017, meeting the needs of our increasingly diverse membership across many geographies and sectors will remain a key challenge.  We have created focused strategies to engage with member communities.

There is also an ongoing challenge for ICAS to increase our influence on behalf of the profession on key issues at Westminster, Holyrood, Brussels and working with regulators around the world.

As the challenges of technology change continue apace, Council has approved an ambitious investment programme in its digital infrastructure. This continued modernisation over the next 24 months will deliver a more streamlined, customer focused service to our members and students.


Financial performance

2016 saw Group revenues grow to £16,799k (up 7.9%). This was driven by growth in student intake and in membership. The Group returned a surplus before tax in 2016 of £340k (2015 £170k). This was after a provision of £187k for further costs of FRC cases, which are outwith ICAS control. Expenditure also rose by £900k (5.7%) during 2016 with a key reason for this being the continued investment in digital activity. During 2016 Council approved a major initiative to further modernise ICAS systems which will see significant spend on digital investment over the next two years.

Net assets fell to £10,062k (2015 £13,906k) due to the impact of the pension valuation which saw a movement from a surplus of £2,199k in 2015 to a deficit of £2,215k in 2016. The actuarial loss was primarily due to the impact of the discount rate assumption which reflects current economic conditions. The next triennial valuation is due to be determined during 2017 which will set the funding requirements for the future and may result in deficit payments being required.

Excluding the impact of the pension valuation net assets rose slightly by £570k with cash at year end of £8,963k (2015 £7,986k).

The Group includes ICAS and the Charitable Trust, the ICAS Foundation, which continues to consolidate its position in supporting young people to access university, providing 94 young people with mentoring and bursary support during 2016.

Income in 2015 was £15,575,000. In 2016: Increased education income + £955,000. Increased Member engagement income +£204,000. Increased regulation income £88,000. Reduced other income - £23,000. Total income for 2016 was £16,799,000.Click on image to enlarge

Expenditure in 2015 was £15,683,000. Expenditure details for 2016: Increased staff costs was + £148,000. Increased FRC provision + £187,000. Increased rent and venue costs +£128,000. Increased professional and digital transformation fees +£401,000. Other changes +£36,000. Total expenditure for £16,583,000. Click on image to enlarge

Cash in 2015 was £7,986,000. Details of cash in 2016. Generated in operations + £780,000. Capital expenditure -£137,000. Interest and dividends +£111,000. Other cash movements +£223,000. Total cash in 2016 was £8,963,000.Click on image to enlarge

How we fund our activities: Education income 40%, Regulatory income 13%, Commercial and other income 6%, membership income 41%.  How we spend our resources: Staff costs 47%, FRC provision 1%, Foundation bursaries 1%, Depreciation 2%, paper, print and magazine production 5%, Other 24%, property costs 9%, External contractors 11%.

Download our Audited Annual Report and Consolidated Financial Statements

Download PDF


Previous page