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Financial delivery (1 of 3)
Institute’s results ahead of expectations
The Institute achieved a surplus of £0.98m for 2006 compared with a planned result for the year of breakeven. Gross income increased by 4.5% to £63.62m. Net cash inflow for the year was £4.64m – well ahead of expectations – and the balance sheet remained strong with net assets of £22.65m.
| Where our money came from | ||||
| 2006 £m |
2005 £m |
increase % |
||
| Subscriptions and fees | 30.57 | 28.19 | 8.4 | |
| Student education, practice regulation and faculties | 22.19 | 21.29 | 4.2 | |
| Subscription-based services and commercial activities | 5.69 | 6.79 | (16.2) | |
| Investments and equity portfolio | 2.72 | 2.58 | 5.4 | |
| Licence fees from strategic partner – Wolters Kluwer | 1.85 | 1.85 | - | |
| External bodies | 0.60 | 0.16 | 275.0 | |
| 63.62 | 60.86 | 4.5 | ||
Property
The open market valuation of Chartered Accountants’ Hall increased by £3.25m to £11.75m, reflecting a strong central London property market. In addition, the open market valuation of Gloucester House increased by £0.6m to £3.0m. Following a detailed review of our property requirements in Milton Keynes, and with an impending lease termination, we have committed to a lease on new office space to replace our existing premises there. The move to our new offices should be complete before the end of 2007.
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