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AAT income reserves widen 49% in FY21

The figure represents 91.7% of gross annual revenue expenditure, which is more than double the target of between 30% and 40% set by the council

The Association of Accounting Technicians (AAT) revealed a 49% year-on-year increase in income reserves of £23.7m in FY21.

The figure represents 91.7% of gross annual revenue expenditure, which is more than double the target of between 30% and 40% set by the council.

The group, which has members in 150 countries across the world, reported net income before other recognised gains and losses of £8.19m during the period ended 31 March 2021, up from FY20’s income of £1.88m.

David Frederick, president of the organisation, said: “The 2020–2021 financial year saw AAT deliver a strong performance in a challenging operating environment. 

“Despite the unprecedented challenges posed by the pandemic, we’ve continued to focus on our impact and the way we change lives and help individuals and businesses to succeed.”

He added that the staff, members, and students have continued to “build and position” the group so that it can “re-emerge triumphantly and continue on its upward trajectory”.

Elsewhere during the period, the AAT saw 761 professional members achieve an AAT licence to begin running their own practices, representing a 16% year-on-year fall.

The group also gained 3,551 new professional members during FY21, bringing the total number of professional numbers to 49,811.

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