The Association of Professional Financial Advisers (APFA) has recorded a surplus of more than £117,000 for the year ended 30 June, thanks to a programme of cost reductions.
The organisation, previously the Association of Independent Financial Advisers, achieved a financial surplus of £117,337, reversing a £142,505 deficit recorded in the previous 12 months. It is the first time the body has reported a surplus since 2009-2010, when it finished £14,919 in the black. Since then, APFA has recorded a deficit of £194,419 before last year's £142k loss. Its turnover in 2012-2013 was just over £977k, significantly less than the previous year's £1.38m. However, its total costs in that period were more than £1.5m, against just £860,000 in the most recent results. ...
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