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Jocelyn Goh Audit and assurance partner at BDO LLP, Singapore OUR financial performance our key performance indicator for financial performance operating income is gross operating surplus. measuring at that level allows us to ensure that there is transparency of the financial results from our ongoing business, prior to accounting for our are accounted for in arriving at our net surplus.

summary of financial performance income and expenditure Income operating activities Expenditure Pension losses income overall growth 5.6% contributed to increased income from fees and subscriptions.

Income from qualifications and examinations has grown in response to an increased number of entries for the examinations, and in response to increased income from exemptions. other income streams have remained relatively level year-on-year.

34 | ACCA ANNUAL REPORT 2012- during the year, we invested nearly 12m in development program to deliver a wide range of improvements to services provided to our customers, and further to strengthen our position in key development markets.

position and to underpin sustainable growth.

Investment income is earned on cash deposits held with from the investment portfolio. Pension losses are the net actuarial losses arising on our defined benefit pension schemes in the uk and Ireland. As for many organizations, to movements in corporate bond yields in the open market.

ACCAs defined benefit schemes will close on 31 July and future pension provision will be through a defined contribution scheme. other comprehensive income includes the revaluation of property (1.6m) and investments (3.4m) at the year-end, net of the related deferred tax on the council has a long-term target to build the accumulated net surplus A net surplus of 14.7m for the year was achieved, due to an improved margin and release of contingency held to cover financial risks and pension volatility.

OUR FINANCIAL PERFORMANCE | CONTINUED

140,000, 120,000, 80,000, 60,000, 40,000, 20,000, during the year, a further 15m of funds was invested in our investment portfolio. this, combined with strong growth in the investment portfolio and growth in certificates of deposits, increased overall investments to 80.1m. the value of trade receivables has fallen due to the implementation of online transactional processes which have accelerated payment of fees.





member profile As A global organization, ACCA is well positioned to capture, connect, summaries, Analyze And share business issues Among members. i therefore believe ACCA has helped many members And students to Address issues not only locally but on A global basis.

Gabriel Wong Partner, head of China finance, PwC Shanghai

OUR GOVERNANCE

INTERNATIONAL Assembly Provides member input from across the world into Councils thinking

REGULATORY BOARD

Independent, laid member-led oversight of regulatory functions Audit Committee Remuneration Committee 38 | ACCA ANNUAL REPORT 2012-13 | officers (elected September 2012) We Are proud of how the diversity of our Barry J Cooper FCCA governance reflects our Core values And the global President Martin Turner FCCA further strengthened When Council Chose to Co-opt deputy President:

Anthony Harrison FCCA executive team Helen Brand OBE chief executive Judith Bennett director service delivery (from September 2012) Alan Hatfield director Learning council has been holding regular meetings outside the uk since 2008 and this (from April 2012) year saw its first visit to Africa, as a collective governing body, with its June Steve Heathcoat executive director markets Raymond Jack with visits to Ethiopia, Tanzania and Uganda, at what is an important stage in executive director Finance & the development of the African economy. march 2014 will see council visit operations (from January 2013) Dubai, as part of its ongoing outreach with ACCAs global community of Peter Large executive director governance Jasmine Lassen www.ACCAglobal.com/en/discover/about/our-governance.html executive director strategy and details of how we have complied with prevailing codes Clare Minchin ton executive director e-delivery executive director People Neil Stevenson executive director brand non-executive advisers to the Chief executive:

Julia Bond Barrie Jackson 40 | ACCA ANNUAL REPORT 2012- Market we want to be able to operate throughout the world. If countries we closely monitor developments across the world, RISK seek to limit our ability to do so, this undermines our promise of primarily through an internal recognition review Increased protectionist global mobility for our members. group, which reports to market oversight committee If more direct and indirect competitors enter the same markets we employ a business Intelligence team which leads on RISK and segments, we risk losing market share and brand recognition. the production of information on the competitive types and career RISK stagnation RISK 4 Failure to retain statutory recognition as a qualifying body we work closely with the Professional oversight team and regulator of auditors in the uk risks a loss of status and of the Financial reporting council to ensure any of their recognition Operational RISK Exam process failure non-compliance.

OUR RISKS | CONTINUE

Operational RISK Changes in student and payment, risking less predictability over behaviour.

behaviour as a result of e-delivery RISK legislation in the countries within which we operate may lead to framework to provide a watching brief on legislative Worldwide legislative potential litigation, fines and damage to reputation. developments and compliance.

complexity RISK 8 our students come from all over the world and from a variety we use our annual student survey to monitor students Incorrect pricing is relatively expensive and price is therefore a factor we need As more of our services are provided online, there is an increased we have adopted policies, procedures and standards to RISK risk of cybercrime and potential loss of organisational data which address the risks associated with data security and these Cybercrime and data may lead to legal liability and reputational damage. are regularly reviewed, monitored and tested.

protection Failure of contractors to deliver to our expectation risks overall our procurement and legal teams provide expert guidance RISK Supplier failure Financial Further increases to the defined benefit pension fund deficit we are working closely with external consultants to reduce RISK may lead the trustees to request further employer contributions, volatility and funding pressures in relation to the scheme.

Pension deficit increases putting pressure on cash flows.

CONCLUSION

ACCAs performance, as detailed in this there are challenges, and our growth report, should be read in the context of an increasingly complex external environment with growing competition in the professional accountancy field.

mindful of the challenging environment, in partnership with a wide range of we deliberately set ourselves 12 tough stakeholders to continue to develop corporate measures for the strategic the accountancy profession around year. those we have achieved show the world.

that ACCA is financially strong, while customer service and It performance show the benefits of investment made in recent years. while we narrowly missed our member target, we achieved a total increase of over 7,600 members, among our best ever performances for member growth.

we will focus on sustainable growth, As well As planning for the longer term for our key growth markets, And look forward to working in partnership with A wide range of stakeholders to continue to develop the Accountancy profession Around the world.

ACCA GLOBAL REACh

ACCA has a network of offices and centres, including partnerships, based around the world, as shown by the map below.

ACCA staffed offices ACCA active centers ACCA global accountancy partnerships and agreements 44 | ACCA ANNUAL REPORT 2012-13 | ACCA 29 Lincolns Inn Fields London wc2A 3ee united kingdom www.ACCAglob al.com

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