The latest budget for 2024-25 showed that the annual figure was up £4.8m to £71.5m on the previous year as inflationary pressures increase costs. However, plans to hire more staff have been put on hold as the FRC delays opening of a new Birmingham office.

The FRC previously set out its intention to move the workforce out of the current City of London office and into Birmingham with staff due to relocate by the end of March this year.