BFI makes £10m loss, accounts show

The film body's accounts show the reason for a rise in spending was the timing of lottery awards

The British Film Institute made a loss of more than £10m in the year to 31 March 2019, its latest accounts show.

The accounts, which were published last week, show that income was £95.2m, down slightly from the £96.9m the BFI brought in the year before.

But expenditure rose from £100.7m to more than £106.5m, according to the accounts, which when adjusted for other gains and losses resulted in a total loss of £10.4m.

The accounts say that income declined because of lower lottery income, a one-off set of capital grant-in-aid funding and a biennial fundraising event that was held in 2017 and not held in the period covered by this year’s accounts, all of which offset gains in other areas. 

Expenditure increased because of the timing of lottery awards across financial years under the BFI’s current five-year plan.

The BFI is a lottery distributor and has a statutory right to receive a share of the National Lottery Distribution Funds.

The charity currently has free reserves of £1m, but has approximately £61.2m in total reserves carried forward from the latest accounts.

The highest earner was paid between £140,000 and £149,999 for the year.

The accounts also show that the BFI won a number of awards for its films, including a third-successive best director’s prize at the Cannes Film Festival for Cold War

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