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Financial delivery (3 of 3)
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Looking forward 2007 will be another exciting and challenging year for the Institute. The first candidates will start training for the new ACA in September; we will train more students overseas; we will review our strategy; our thought leadership programme will continue to support the Institute’s pre-eminent reputation; and above all we will continue to seek to serve all our members and students throughout their careers and retirement. |
Supporting our human capital
Institute staff, as well as volunteers, are central to our intellectual capital. During 2006 we recruited 125 staff. New posts included representatives in Beijing, Kuala Lumpur and Moscow and further posts to support the extensive development work in learning and professional development.
We are an equal opportunities employer and strive to retain skilled and motivated employees: 34 staff were promoted during the year including the appointment of Michael Izza as Chief Executive. We are committed to training and development for all staff, investing £0.3m in these activities in 2006. This included supporting 15 staff taking our IFRS qualification, one student studying the ACA and nine studying for a variety of other professional qualifications.
Pensions
The Institute’s defined benefits pension scheme was closed to new members in 2000. The scheme’s trustees, with the agreement of the Institute, continued to follow an investment policy weighted towards equities which contributed to an 8.4% increase in fund assets to £86.77m in the year. Fund liabilities increased by 10.7% to £113.06m, largely as a result of a review of mortality assumptions in advance of the next full valuation of the scheme in April 2007. Had we continued to use existing mortality assumptions, the IAS19 – Employee Benefits deficit at 31 December 2006 would have fallen to £20.14m (from £22.13m) compared with the reported scheme deficit of £26.29m. Bond yields improved marginally year on year.
In 2005 we identified a concern that our defined contribution scheme had some elements of a defined benefit nature. During 2006 we have put a new stakeholder pension scheme in place and have completed the exit from the previous arrangements.
Further information
Download full financial statements 2006 - (PDF/263kb)
For a hard copy of the full financial statements
E: fullaccounts@icaew.com
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