The Institute of Financial Planning has reported a £17,589 loss before tax – the first time in four years it has not made a profit.

The loss for the not for profit IFP came despite a rise in membership, with the total growing to 2,046.
The IFP branded business made a loss of £20,296 with its Ofqual-regulated subsidiary FPSB UK making a profit of £2,706. The deficit was "well covered by the P&L reserves", while the cash position of the organisation "remains strong and in line with Board expectations", the IFP said in a statement.
IFP chief executive Steve Gazzard CFPCM said: "Our primary aim for the year was to achieve net membership growth, whilst also seeking to grow the numbers of Accredited Financial Planning FirmsTM and to increase the take up of the Accredited ParaplannerTM and Certified Financial PlannerCM professional designations.
"I'm pleased to report that all of this was achieved. Our financial results were disappointing after the consistent profits made in the past four years and resulted in a small consolidated loss before tax.
"In a challenging environment, the decision was made to continue to invest in service provision and marketing for membership growth, and, with increased premises costs, this all contributed to the loss which is well covered by accumulated reserves."

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IFP President Rebecca Taylor FIFP CFPCM said: "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 CEO role in Nick's absence, in very difficult circumstances.
"Also, the whole of the team in Bristol has gone the extra mile, working extremely hard to ensure that the goals of the IFP and FPSB UK continue to be met.

"The IFP board has also provided excellent strategic support during this challenging time.
"I thank them all for their efforts and am pleased to report that so far in 2014 we have improved net membership growth over 2013. I am also very pleased to report that Nick Cann's recovery continues steadily."
The body said it remains in a "very good position" to grow its individual and firms' membership numbers.