Adviser trade body Libertatem made a profit of just £265 in its first 18 months.
The organisation’s accounts released last month show that member subscriptions and contributions to Libertatem’s ‘Fighting Fund’ totalled just over £68,000 between its launch in March 2015 and September 2016.
This was supplemented by an unspecified £10,000 donation.
However, Libertatem incurred costs of £78,567 over the period, resulting in a total profit of £264.57.
The largest expenditure was on consultancy, which cost just over £38,500. Launch costs totalled £5,780, with printing costs at £4,159, website costs at £3,807 and stationery costs at £2,104.
‘Travel and other expenses’ totalled £7,937, with £8,840 spent on rents.
A further £1,890 was spent on postage and £1,060 on database hire.
The trade body has two directors, according to the accounts: former IFA Association director general Garry Heath, Libertatem’s director general; and Williams Farrall Woodward partner Steve Farrall, a former director of IFA lobby group Adviser Alliance.
Libertatem has spoken out against risk-rating IFA businesses to decide on their Financial Services Compensation Scheme levies, as well as encouraging advisers to go to their MPs to discuss advice regulation.
Heath did not respond to a request for comment.