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.”