The Institute of Financial Planning made a loss before tax of £17,589 in 2013, compared to a pre-tax surplus of £60,828 in 2012.
Its annual results show the IFP branded business made a loss of £20,296 while the subsidiary FPSB UK, which provides professional qualifications, made a profit of £2,706.
The IFP, which operates on a not for profit basis, says the deficit is “disappointing” after four years of profitability. But it says the deficit was well covered by its reserves.
The organisation last year gained 244 new members, taking its total from 1,802 to 2,046 members.
IFP chief executive Steve Gazzard says increased premises costs, and a decision to “continue to invest in service provision and marketing for membership growth”, contributed to the loss.
The professional body, which is based in Bristol, moved to new headquarters in January.
Gazzard says: “Our primary aim for the year was to achieve net membership growth, whilst also seeking to grow the numbers of accredited financial planning firms and to increase the take up of the accredited paraplanner and certified financial planner professional designations. I’m pleased to report that all of this was achieved.”
IFP president Rebecca Taylor adds: “Nick Cann, IFP’s long-standing chief executive, suffered a major stroke in March 2013 following which he has been unable as yet, to return to work.
“This has resulted in a reorganisation of the accountabilities of staff in the IFP and FPSB UK teams and additional costs being incurred as well as workload.
“Steve Gazzard has done a fantastic job in stepping up to cover the chief executive role in Nick’s absence, in very difficult circumstances. I am also very pleased to report that Nick Cann’s recovery continues steadily.”