ICPAS Financial Highlights for YE 31 Dec 2006

Dear friends,

The info presented here and as always is, is to help to raise awareness of things surrounding you. This is also part of the training to review financial statements.

How much did ICPAS receive from its members?
Answer – It received $2.7mio (a drop of 3.6% against 2005) from its members.

How much surplus did SAA, the training arm of ICPAS, generate in 2006?
Answer – Despite having generated a healthy surplus of $1.9mio, it has declined significantly by 16% compared to 2005.

What is the overall bottomline then?
Answer – On the whole, ICPAS registered $1.5mio surplus (a negative 34% against 2005). The significant drop in surplus could be due to:-

  1. higher expenditure in marketing & promotion activities and;
  2. more than three-fold increase in deficit in the Practice Monitoring Division

Administrative expenses grew 25% to $4.07mio for 2006.

Cashflow

The most significant activity in 2006 which impacted ICPAS’s cashflow was the acquisition of City Campus for $15mio.

  1. Cash and cash equivalents declined from $7.8mio to $2.2mio.
  2. ICPAS entered into a finance lease position of $8mio.

Should you wish to review the full financial statements, you may approach the institute.

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