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Apfa reports 75% fall in annual surplus to £29k

Apfa has reported a surplus of £29,253 for the year ending 30 June 2014, down by 75 per cent on its surplus for the previous year.

Last year the trade body returned to profit for the first time in two years with a surplus of £117,337.

Apfa’s annual report and accounts, sent to members today, show it generated a turnover of £797,842 in the year to 30 June 2014. This is down by 18 per cent from £977,074 the previous year.

Turnover consists of member subscriptions and event income. 

Apfa director general Chris Hannant says: “Apfa has generated a surplus for the financial year through a continued focus on member recruitment and cost control. It is a pleasing performance in what continues to be a challenging climate for the advice profession following the introduction of the RDR.

“Apfa has sought to concentrate on its core lobbying activities, with less focus on supplementary member services supported by product providers. As a result, a greater proportion of our funding comes from member subscriptions, a direction in which we intend to continue.”

Hannant adds that as a not-for-profit organisation, Apfa does not aim to generate a large surplus.

He says: “Our aim is to ensure we have the resources at hand to lobby effectively on behalf of our members, and any surplus we do generate goes towards helping us achieve that.”

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. The accounts look dreadful. They don’t seem to have made much progress since I was on the board listening to interminable tales of financial woe.

    An 18% drop in turnover with a 75% drop in profits with NIL tangible assets. Wow! What a business. This is supposed to be a body for Financial Advisers.

    What the accounts don’t tell is: Where the largest income comes from. Is it sponsors and then the large organisations? Come on guys don’t be coy – spill the beans.

    No doubt it will prove what I have been saying for years. It’s the big battalions that are the paymasters and they call the tune. Alan ultimately found that out – pity he didn’t believe me from the outset.
    No Neil, I’m not anti. If only they would bite the bullet – and have individual members instead of relying on the large hand-outs. Yes they may well have to retrench initially, but perhaps some more modest aspirations might seem them become a truly representative body. Just like AMI who under Robert Sinclair seem to be thriving. It probably helps to be in a more modest location and no doubt have more modest general overheads and payroll.

  2. Rt Hon Sir Arthur Streeb-Greebling 23rd October 2014 at 5:32 am

    What is Apfa?

  3. Similar to the regulator’s books.

  4. £800,000 to achieve what exactly?

  5. @Harry:

    That turnover is less than 25% of IFAA’s last year in 1999. Add compound inflation and its almost one tenth.

    Directly Authorised IFAs hardly exist in the membership at all and with them a potential £2m additional turnover

    Just tragic

  6. @Garry

    This is certainly one occasion on which I am happy to agree with you!

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