The Personal Finance Society (PFS) saw total operating expenses drop in 2021 as the professional body received a reduction in central recharge costs from its parent organisation the Chartered Insurance Institute (CII).
Total operating costs were £4.77m (2020: £5.74m) - £967,000 lower compared to the previous year, according to its latest financial results. CII central overhead recharge in 2021 was £3.85m compared to £4.49m in 2020 which represented a reduction of £644,000, the document revealed. Promotion and travel costs of £442,000 (2020: £658,000) represented a further £216,000 reduction in costs reported in the year which mainly represents saving in certain conference cancellation costs incurred in 2020, the PFS said. Its reported operating profit for 2021 was £3.37m (2020: £2.43m) and repres...
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