Summary financial statements
The summary financial statements have been extracted from the full version of our annual report for the year ended 31 December 2012. These summary financial statements do not contain sufficient information to allow a full understanding of the state of affairs of the Group.
A full version of the annual report can be downloaded from our website aat.org.uk/reportandaccounts or requested by sending an email to email@example.com or writing to the Director of Finance and Corporate Resources at our registered office at 140 Aldersgate Street, London EC1A 4HY.
The statements show that the net assets for the Group after deducting the pension liability and restating the prior year investment in joint venture have increased by £1.09m. The positive movement has been attributable to the high level of income generated from computer based assessments. The positive movement has been partially reduced by the actuarial loss arising on the pension scheme in the year.
Our income reserves have also increased during the year and our free reserves, after taking account of designated reserves, are within the target level set by council. This further bolsters AAT’s ability to deal with the risks that it faces during this period of continued economic uncertainty. It also provides us with the reserves that we need for future developments to support our business plan objectives. These developments include revision of the accounting qualifications, the design and implementation of a new website, a new membership database, improvements to our ICT infrastructure, the creation of further e-learning content, providing welfare support to AAT members and students suffering financial hardship, developing global markets and diversifying our sources of income
The figures for 2011 have been reinstated due to the over-reporting of income in the joint venture company AAT(SA) in previous years. The overall impact of this was to reduce the prior year’s group reserves by £284,000.
The auditor has issued unqualified reports on the full annual financial statements, the auditable part of the Trustees' annual Report with those financial statements. Their report on the full annual financial statements and the auditable part of the directors remuneration report contained no statement under sections 498(2) and 498(3) of the Companies Act 2006.