Ifs reveals £1.6m deficit
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The ifs School of Finance posted a deficit of £1.6m in the seven months to July 31, 2009 compared with a £1.4m deficit for the whole of 2008.
It changed its financial year from December 31 to July 31, which it says had a “distorting effect” on 2009 accounts because most registrations occur between October and December.
It says the deficit is also due to “significant investment in new premises and a fall in demand for mortgage advice qualifications”. Total group funds fell from £12.6m in 2008 to £8.2m for the first seven months of 2009. The ifs has a £2.6m defined-benefit pension scheme deficit in its 2009 accounts, which did not appear in 2008 figures.
An ifs spokesman says: “Our general reserves remained in line with our stringent reserves policy which requires us to have reserves to cover up to two years’ operating costs. There is no concern this will worsen for the current financial year.”
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Readers' comments (1)
Simon Mansell | 1 Jul 2010 9:47 am
Maybe because they don't rip off the IFA like the CII have been doing with their 50% failure rates and resulting resit fees.
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