The AAT’s annual report shows that the companies income reserves level for the year-end March 2021 was £23.7m which is an increase of around £7.8m from £15.9m reported in 2020. This was 91.7% of gross annual revenue expenditure which is significantly up from 51.8% recorded in last year’s annual report.

This figure sits above the target figure of 30% to 40% which would be around £7.7m to £10.3m set by the company’s council of gross annual revenue expenditure.

The AAT also reported its net income before other recognised gains and losses of £8.1m which is up from last year’s £1.8m. This figure is 27% of total income, with lasts year’s results only 5% of total income.

The company stated that the surplus and the net income was partly due to the cost reduction exercises due to the Covid-19 pandemic exceeding the reduction in income. The expenditure on recurring activities was reduced in Q1 from £28.2m in 2020 to £23.5m.