THE ASSOCIATION OF INVESTMENT COMPANIES

1. THE ASSOCIATION OF INVESTMENT COMPANIES 2006-09-29 → present
2. THE ASSOCIATION OF INVESTMENT TRUST COMPANIES 2003-07-07 → 2006-09-29
3. THE NEW ASSOCIATION OF INVESTMENT TRUST COMPANIES 2003-07-02 → 2003-07-07

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The financial statements have been prepared on the going concern basis of accounting. The directors are satisfied that the going concern basis of accounts preparation is appropriate.”

Group structure

1. THE ASSOCIATION OF INVESTMENT COMPANIES · parent
   1. AIC Information Services Limited
   2. The Association of Investment Funds Limited
   3. The Association of Investment Trust Companies Limited

Significant events

• “The year was dominated by two key themes; activist investors and retail disclosures.”
• “Overall assets in the sector have remained close to all time highs at just above £260bn. This year did though see a record level of capital distributions to shareholders. Through a mix of share buybacks, tender offers, liquidations and managed wind downs, over £20bn was returned to shareholders in 2024/25.”
• “Ultimately though the sector is reshaping itself and we have seen the fall in the number of companies accelerate in the last year.”
• “Our lobbying efforts focused on the retail disclosure consultations and driving a better position for investment companies in the new Consumer Composite Investment (CCI) regime. Our communications work for a large part of the year was dominated by the activist campaign to seize control and manage the assets of seven member companies.”
• “The recommendations of the Digitisation Taskforce, published in July and accepted in full by the government, will deliver the objectives of that campaign which is very pleasing.”
• “In 2024/25 we did though operate at a small pre-tax deficit of £68k (2023/24: deficit £178k).”
• “We have therefore had to increase our membership fee rates for 2025/26 more substantially than in the recent past.”
• “We have therefore taken the decision to reduce the size of the board from 12 to nine over the next three years.”
• “At the AGM in January Peter Hewitt was elected to the Board and Alex Denny and I were both re-elected.”
• “This year Stephanie Coxon and Cathy Pitt are stepping down from the Board by rotation having served their first three year term and I am pleased that both are seeking re-election. Francesca Ecsery and Gay Collins are both stepping down from the Board at the end of their second three year terms.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -2.6%

  £5,653,000 → £5,508,000

• Cash

  +15.8%

  £165,000 → £191,000

• Net assets

  -2%

  £2,849,000 → £2,792,000

• Employees

  0%

  21 → 21

• Operating profit

  +33.9%

  -£436,000 → -£288,000

• Profit before tax

  +61.8%

  -£178,000 → -£68,000

• Wages

  +5.6%

  £2,451,000 → £2,589,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers