NFOPP posts annual deficit
The National Federation of Property Professionals has reported a £462,925 deficit for 2008.
It compares with a £1.1m surplus in 2007, according to the organisation’s full year accounts for the 12 months to December 31 2008, published this week.
But Peter Bolton King (pictured), NFOPP secretary and chief executive of the National Association of Estate Agents, says that the true loss is in fact £169,456.
This is due to the trade body’s qualification income having to be accounted for within a separate entity – NAEA Ltd – for VAT purposes.
Thus, by factoring in this income, NFOPP’s reported loss is reduced.
Bolton King says that the deficit, which was budgeted, combined with a £2.2m surplus generated from Domestic Energy Assessor qualifications last year, enabled NFOPP to create its property portal, PropertyLive. It also appointed a new public relations firm, Mandate, which is in the throes of developing a new public affairs remit for the organisation.
Bolton King says he expects to invest a further £100,000 of members' money in PropertyLive this year. He adds that the launch budget of between £400,000 and £500,000 has not yet been spent.