We recently published our Annual Review and Financial Statements for 2017.
It was a year in which the world began to fully absorb the political and economic upheavals of 2016, most notably Brexit and the US Presidential election.
It was also a pivotal year for ICAEW, as we launched our new brand, vision and strategy, to ensure our institute and our profession remain at the forefront of tackling the challenges of a more volatile world.
A Successful 2017
Our ACA student numbers hit a new record high of 27,866, as a result of a record intake of 8,437. We also continued to evolve our qualifications, including more technology-based content in the syllabuses, and starting to offer the ACA as a Level 7 Trailblazer apprenticeship. Our overall membership grew to a record 149,298.
We closed the year with an operating deficit of £(0.3)m which, whilst a reduction from the operating surplus of £0.8m in 2016, reflects carefully budgeted investment in strategic initiatives that will benefit our members, our profession and the public interest. We received £14.6m in fines and £2.8m of cost recoveries from FRC disciplinary cases, meaning overall retained surplus after tax was £17.1m.
2017 was also the first year of our three-year operational plan to increase our agility as an institute and reach a wider group of professionals.
Offering Insight and Connecting Communities
An overriding priority throughout 2017, was supporting members to navigate through the uncertainty of Brexit, and provide insight to policymakers. We held a Professional Business and Services event with the Shadow Brexit Secretary at Chartered Accountants’ Hall, and made representations to the Chancellor ahead of both Budget Statements, in the context of providing businesses with greater clarity and stability.
Other highlights included our first ever virtual conference, on IFRS; our “Big Data in Chinese Businesses” project with SNAI and Inspur; the launch of five new Communities, and further growth in our capacity building activities around the world.
I encourage all members to take a look at our Annual Review and accompanying documents here, and to come along to our Annual and Special Meetings at Chartered Accountants’ Hall on Tuesday 5th June. If you have any questions, please do e-mail me at email@example.com.
2018 is already proving a flagship year for ICAEW, in which we’ve welcomed our 150,000th member, and I look forward to reporting to members on our current progress, next year.
After 60 years as a Chartered Accountant I am saddened to see that the surplus for the year is made up of £14.6m in fines and £2.8m from cost recoveries from disciplinary cases. Once upon a time the profession was respected. I agree 2018 may be a flagship year for ICAEW, but probably for the wrong reasons.