[N.T]

Yeah, it's a rip-off. It was about the same for me a couple of years ago. By my reckoning the total costs should be (per person):

All correspondance re: exam: £2.
All paper work re: exam: £2.
Hiring of exam hall: £5.
Hiring of admin staff to oversee exam: £1. (working on 5 admin staff for 5 hours work at £7 per hour overseeing approx 200 people).
Cost of marking paper: £1. (computer marked as it s MCQ).
Society admin staff costs printing/sending correspondance: £5.
Let's add on an extra £50.

So, at my rather generous estimating that's £66. Obviously a hefty profit there.

Yep, I agree....the first year fees are pro-rata so you won't have to pay the whole lot.