BFI reports more than £10m deficit

07 Aug 2019 News

The British Film Institute has reported that it made a deficit of more than £10m in the last financial year.

According to its accounts for the year to March 2019, the charity's income for the year was £95.2m. This is a decrease of £1.7m from the £96.9m it received in 2017-18.

Meanwhile, the charity's expenditure increased from £100.7m to over £106.5m year-on-year.

Taking into account other gains and losses, this resulted in a net deficit of £10.4m.

Lottery income down

The BFI is a lottery distributor and has a statutory right to receive a share of the National Lottery Distribution Funds, in order to encourage film production, distribution, and education.

The charity, which promotes and preserves filmmaking and television in the United Kingdom, cited the timing of Lottery awards as reason for their spending and financial loss.

It said: “The timing of Lottery awards, together with other recognised gains and losses, has reduced Lottery reserves by £5.6m to £35.3m. Other restricted reserves are reduced by £0.1m to £ 5.0m. Unrestricted reserves are £4.6m down to £21.0m with the main reduction arising from depreciation of £6.1m.”

It added: “Due to the nature of its funding and operations, the BFI does not hold large cash balances and continues to manage free reserves of approximately £1m.”

Operating costs were £5.4m in the year to March 2019, while they were more in 2017-18, at £5.6m. The top paid staff received between £140,000 and £149,999 for the year and overall expenditure on charitable activities increased to £104.9m, from £98.4m in 2017-18.

Meanwhile, the greenhouse gas emissions from BFI energy consumption fell by 18 per cent from 2017-18 to 2018-19.

The BFI's chief executive Amanda Nevill, who joined the charity in 2003, announced in May that she plans to step down from the role in 2020. 

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