Finance & Administration

Darren Muir

Finance Director

020 7457 5000 dmuir@bpf.co.uk

The year of 2021 was again a challenging one for the UK economy as COVID-19 wreaked it’s destructive path across the world. The Federation continued to grapple with issues and problems giving essential guidance and information to the membership, industry and indeed the government. Investment in our online events and training infrastructure generated increases in both revenue and attendee numbers with a significant contribution to this cost in the form of government grants. Group meetings, events and seminars continued in an online format and indeed, a return of in-person meetings started to gather momentum, including a very welcome return of our annual dinner. Towards the end of the year and on the back of a strong financial performance, the Federation recruited additional staff members giving further strength and additional skill sets to our already talented team.

The BPF’s financial results were again impacted by the COVID situation, with our events, trade shows and catering facilities income at subdued levels — but not to the extent of the previous year and with the addition of other income streams. The total income for 2021 of £3,059,487 (2020: £2,722,177) increased to near pre-pandemic levels. Growth in membership was highly encouraging and testament to our performance, direction

BPF House and value to the membership.

Administrative expenses at £2,927,309 (2020: £2,583,778) reflected the partial re-introduction of physical meetings, events and trade shows and their associated costs. Spending on communications and engagement was again increased and investment in innovation and technology ongoing with the addition of a new CRM system largely developed in-house by our excellent marketing and finance teams.

Our commitment to investment in the recruitment and retention of high-quality staff was seen as key to the aims of the organisation, with a focus on culture development and a vibrant, productive and happy workforce. All in all, the maintenance and continuous improvement of strong and responsive financial systems and controls enabled a stable financial performance.

The financial outcome in this year reflects another positive result for the Federation, generating a surplus after tax of £106,029 (2020: £96,991) and a further strengthening of the organisation’s balance sheet (statement of financial position) and reserves. As well as the aforementioned investment, this also enabled the Federation to announce a second successive 0% subscription increase!

In summary, a good year for the Federation with increased overall revenues facilitating investment in both our core activities as well as infrastructure necessary to ensure we are well positioned for the future to continue to deliver additional value to the membership.

Financial Security through the effective Management Systems

The BPF continued to ensure that the organisation remains financially secure in all areas through regular management

Discounted meeting rooms are available

Financial highlights

17.4%

Increase in income

£106k

Surplus after tax

£82.6k

Increase in net current assets

reporting; monitoring of key financial metrics; robust budgetary systems (setting, monitoring and control actions).

BPF House

A focus on the Federation’s premises was deemed necessary with increased competition for office rental income stemming from a change in working patterns, in particular home working which has resulted in companies needing less office space. With this in mind, the redecoration programme continued to enhance the BPF tenant and guest experience. With the gradually re-emergence to post-COVID normality and face-to-face meetings returning, I would just remind our members that these excellent meeting room and catering facilities will be available at a discounted rate reduction of 25%. Still fantastic value!

Finally, as the world gradually returns to normality I hope that we will be able to welcome guests and members back to BPF House in the very near future.