CIH posts £820k annual loss

The figure is a marked improvement on the £1.7m loss recorded in its restated accounts for 2014, but still falls behind the CIH’s target of breaking even this year. Gavin Smart, deputy chief executive of the CIH, said he was “pleased with the progress”, but recognised it still needs to improve.

It is the fourth consecutive year the CIH has posted a loss in its year end accounts. The accounts show a 3% rise in income from membership, despite membership figures falling from 18,006 to 17,368.

The drop in membership is partially a result of its decision to stop offering free membership to students for a period after graduation, and falling numbers of students in housing education. The CIH estimates 400 of the 700 drop in membership is a result of the student changes.

Mr Smart said: “We are still making a loss, but it’s a significant improvement on last year. While we are pleased about the improvement, we recognise we have a lot more to do.”

The CIH will continue to push on with its cost reduction programme - under which overall costs fell to £11m from £12.9m in 2014. Mr Smart said the organisation is not likely to post a surplus in 2016, but does expect to see further improvement in its financial performance.