ICAS student numbers recover as membership climbs
Positive student and member numbers for ICAS, as it posts profit despite pensions deficit payout
THE INTAKE of students climbed at ICAS during 2014, according to figures from its 2014 annual review.
Student intake was 902 in 2014, compared to 767 in 2013 – however it was still below the 2012 figure of 963. The institute also saw member numbers climb to 20,401, having passed the 20,000 mark at the end of 2013.
Half of ICAS’ members (51%) are based in Scotland, with 34% in the rest of the UK and 15% across the globe.
It posted a profit before tax of £489k during the year, on income of £15.1m. However, its commercial income fell half a million pounds in 2014.
Overall, expenditure fell £188k in 2014 despite staff costs increasing £182k. Chief executive Anton Colella’s (pictured) remuneration totalled £354k, up £1k from the previous year.
Its books were balanced by a number of factors, including a release of 23k on a provision to account for cases being undertaken by the Financial Reporting council – in comparison to a £699k provision a year earlier. It intends to “earmark” a £1m reserve for case costs, which currently stands at £878k.
The surplus valuation of its pension at £1.4m was largely unchanged from 2013, but the valuation for funding purposes was a deficit of £671k – which the institute paid off during the year.
More than 100 (102) complaints were received by the institute about its members during the year, up from 79 in 2013. Some 13 complaints were upheld in the period.