Institute of Directors enjoys record financial results

The Institute of Directors has today published its Annual Report and Accounts 2023. The accounts demonstrate that last year the Institute achieved its best ever financial result, as well as growing its membership.

Headline results for the year ending 31 December 2023 include:

  • The membership of the IoD closed the year at 18,405, up from 18,220 at the end of 2022.
  • Revenue for the Institute was £18.7m.
  • The Institute had over 5,000 training delegates for its professional development courses, and 95 directors successfully achieved the flagship Chartered Director Qualification.
  • Reach increased amongst the wider business community, with the Institute’s following on its main LinkedIn page growing to 84,037 (and has subsequently grown beyond 90,000).
  • The Institute exerted influence over some key policy developments, including the introduction of “full expensing” into the UK’s capital allowances regime, the negotiation of the Windsor Framework and amendment to the Retained EU Law (Revocation and Reform) Act 2023.

Patrick Macdonald, whose term as Chair of the Institute of Directors ends at the AGM on 3 July, said:

“The Institute enjoyed a stellar year in 2023. I am delighted that we grew our membership for only the third time since the IoD changed its governance structure two decades ago.

“In addition, we delivered our best ever financial result, underlining the tremendous progress we have made in the last three years.

“The record 2023 result was down to the hard, focused work of the Board and wider team, and the relentless delivery of value for current and prospective members. I’d like to congratulate the Executive on one of the most impactful turnarounds I have ever been a part of.

“It has been a huge honour to serve as Chair after more than 20 years as an ordinary member. I am pleased that, as I leave, the Institute is in a much stronger, more confident position than when I took over. I wish my successor all the very best in leading this amazing organisation.”

Jonathan Geldart, Director General of the Institute of Directors, said:

“Last year marked a turning point for the Institute. We grew our membership, stabilised our finances and increased our reach among the wider business community. This achievement during our 120th anniversary is testament to our resilience, innovation and dedication to our strategic goals.

“With our membership being the core of our offer, it was important that we were able to return to growth. However, as with any business, we must also focus on ensuring the financial stability of the organisation. Therefore, I am happy to report that both revenue and profit were also well ahead of 2022.”

The full Annual Report and Accounts 2023 for the Institute of Directors are available here.