The British Heart Foundation had an income of £328m in the year to March 2018 – almost £18m more than in the previous year, documents filed this week show.
The charity’s annual report and accounts, filed with Companies House, show that the BHF saw significant increases in both fundraising and trading income.
But the high cost of running its charity shops chain mean its income available for charitable purposes was only £128.1m – up from £120.6m the previous year.
The charity also saw the value of its investment portfolio grow £13.9m, to £246.9m.
The charity’s increase in net income was down to the growth in its legacy fundraising. Gifts in wills rose from £73.3m to £83.4m.
The charity has set a target to grow income available for charitable purposes by 25 per cent over the next five years, chiefly through growth in its fundraising activities. It has invested in a number of events which are currently losing it money but which it hopes to grow in the near future.
The charity posted a loss of £2m during the year and has said it expects to continue to overspend in the next few years, because it is funding more research each year than its income can cover.
However the charity has a substantial portfolio of investments, and has created a new pot invested for the short-term in order to ensure it can continue to cover grant commitments.
Key statistics
Total income
£328m, up from £310.5m the previous year.
Income net of retail costs
This is the charity's preferred metric. It rose to £170m from £158.9m in the previous year.
Expenditure
The charity spent £97.1m on medical research, compared to £95.9m the previous year.
Fundraising income
£131.4m, and costs were £34.2m, up from £125m and £31.4m the previous year.
Trading income
£187.8m and costs were £164.4m, up from £178.5m and £157.3m the previous year.
Full time equivalent staff
3,112, up from 2,996 the previous year. Of these, roughly three quarters worked in its shops.
Highest salary
Between £170,000 and £180,000.
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