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The Actuary The magazine of the Institute & Faculty of Actuaries

Faculty and Institute – income and expenditure 2005/2006

The majority of the work of the UK actuarial profession is conducted jointly by the Faculty and the Institute, and is organised through the board structure. Not unexpectedly, the major part of the expenditure is controlled by the Education and CPD Board, which has a wide-ranging remit that includes examinations, CPD events, research, the BAJ and libraries, and international education.

Nature of expenditure and income

Actual expenditure is broken down in terms of goods, services and other items. The sources of the profession’s income totalled £13.7m in 2005/2006. As less than half is represented by subscriptions, any deviation from budget has a potentially magnified effect on subscription levels. This underlines the need for adequate reserves to absorb unexpected fluctuations.

Share of net expenditure

The net expenditure on joint activities is shared between the Faculty and Institute according to a ratio based on full rate membership numbers. The ratio for 2005/2006 was 14.4:85.6. The two bodies also incur expenditure on business related to their own activities as indicated.

The joint working does not give rise to audited accounts as one entity. The total income and expenditure for each of the Faculty and Institute is reported in their respective accounts.

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