The Fundraising Standards Board has increased its operating surplus by £20,000 and doubled its reserves within one year, according to the regulator’s latest accounts.

The FRSB increased membership over the last financial year, resulting in a £27,000 year-on-year increase in subscription income to reach £438,698. As at the end of June 2012 the FRSB had 1,412 members, compared with 1,355 at the beginning of that financial year – an increase of one new member a week. Originally the FRSB had been given a target of attracting 2,000 members by 2010.

While this membership numbers increase was small, the resulting increase in income amounted to a nearly two-thirds year-on-year increase in operating surplus for the FRSB. In the 2010/2011 financial year the regulator reported £36,681 and in the last financial year it shot up to £56,674.

The 2010/2011 surplus itself was a tenfold increase on the previous year (when FRSB surplus ran at just over £3,000), and speaking to civilsociety.co.uk at the time, chief executive Alistair McLean said “We’re not-for-profit so all the money will be reinvested into building and strengthening self-regulation in the sector... Some of this money will be used to support marketing and help us support members in promoting the message. We’re very pleased to have a surplus for this year.”

Over the year, the regulator’s reserves doubled from £50,300 in 2010/11 to £110,294. Speaking to civilsociety.co.uk this morning McLean said these strengthened reserves would put the FRSB on firmer footing in the future. He said the FRSB has come a long way since being set up by government funds.

“It puts us on a more solid footing and means we are well-placed to follow up with all of Lord Hodgson’s [Charities Act Review] recommendations,” McLean said.

He said that this latest surplus would be used to fund a model to audit FRSB members, which the FRSB agreed with government it will have begun by the end of June this year. He said the first phase of auditing – which he said should not be overly expensive, but appropriate while rigorous – must be underway by middle of the year.

On the subject of membership, McLean again echoed the sentiment of Lord Hodgson, who said that more charities should sign up to the FRSB. Growing membership – alongside boosting profile of FRSB – are other of McLean’s priorities for the current financial year.

“The challenge for us is to grow membership significantly and to a point that fundraising charities would, as a matter of course, sign up to the FRSB,” said McLean.