ICAEW made a £1.2m loss in 2012, despite continued growth in both membership and student numbers, according to the institute's latest annual review.

Membership stands at over 140,000 and there was a 1% increase in the number of women members, who now make up a quarter (26%) of the total. Student numbers are over 20,000 and the 2012 ACA student intake of 6,201 was the highest for more than 20 years. Increases in both membership and student numbers are marginally above ICAEW's own targets.

However, the review describes 2012 as a 'challenging year' for ICAEW and says global economic difficulties plus AADB (Financial Reporting Council's Conduct Committee) and pensions provisions were behind the institute's losses over the twelve months.

ICAEW is moving towards an integrated reporting model, and the 2012 annual review is the first to report against targets. It shows the institute achieved nine out of 12 key performance targets last year.

The focus of ICAEW's strategy in 2012 was on supporting growth and widening access to the profession, and cites its new Higher Apprenticeships programme, and new partnerships with the University of the West of England, and Birkbeck, University of London.

An ICAEW spokesperson said: 'Our total income was in line with expectations at £82.7m. Our retained loss for the year was £1.2m. This result reflects volatility in a number of material provisions, including AADB, pensions and other operating areas.'

ICAEW's AGM will be held on 4 June 2013.