IFA reports a loss in 2006
The Institute of Financial Advisers has made a pre-tax loss of $140,318 in the year to June 30. This is a $274,328 turn around on the previous year’s results.
Thursday, December 14th 2006, 5:33AM
The IFA filed its accounts with the Companies Office on November 9. They show revenue decreased 25.9% from $1.35 million to $1.00 million between 2005 and 2006. IFA made a pre-tax profit of $134,010 in 2005.The figures for this year are not directly comparable with the previous year as the IFA has changed its balance date to June. Previous year figures cover a 15 month period to June 30, 2005.
Some of the key changes in the numbers are the diminished contribution from the Success Forum annual conference and the employment of a part-time chief executive.
The accounts show that the conference in the year to June 2006 generated a surplus of $73, 709, while the conferences in the 15 month period to June 30, 2005 produced a surplus of $327,678.
The 2005 period covers two conferences; Rotorua 2004 and Auckland 2005.
Another key change is that the association spent $91,232 on “CEO contract management services” in the 2006 financial year.
Ross Butler was appointed acting ceo in September 2005 and relinquished that position at the start of this month. Butler fulfilled this role on a part time basis of three days a week.
During the period to June 2006 travel costs increased significantly. The accounts show that travel expenses in 2006 were $26,675 - 200% up on the 15 month period of 2005 where they were $8,903. International travel expenses over the corresponding period increased 29% from $43,324 to $56,013.
The accounts also show that the Professional Development Days ran at a loss. Total expenses for the series ran at $71,993 while revenue was $36,356.
The audit report is dated 24 October. It gives a qualified opinion for the consolidated financial report due it being the first year they have audited the regional branches.
One of the fascinating items in the accounts are that the IFA has a new asset, namely $5,050 in Bonus Bonds.
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