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2025-03-31-accounts

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Company registration number: 07562754 Charity registration number: 1140833

BFI TRUST

(A charitable company)

Trustees' Report and Financial Statements for the Year Ended 31 March 2025

BREBNERS

Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D 5AR

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BFI TRUST

Contents

Company Information 1
Trustees' Report 2 to 6
Independent Auditor's Report 7 to 9
Statement of Financial Activities 10
Statement of Financial Position 11
Statement of Cash Flows 12
Notes to the Financial Statements 13 to 19

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BFI TRUST

Company Information

Trustees Patrick Butler
Iain Thomson
Robin Saunders
Secretary Iain Thomson
Charity Registration Number 1140833
Company Registration Number 07562754
The charity is incorporated in England and Wales.
Registered Office 21 Stephen Street
London
W1T 1LN
Auditor Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

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BFI TRUST

Trustees' Report

The Trustees present their report, together with the financial statements and auditor's report of the charitable company for the year ended 31 March 2025.

Structure, governance and management

Constitution

The BFI Trust (Trust) is incorporated as a charitable company limited by guarantee (charity registration number 1140833, company registration number 07562754), governed by its Memorandum and Articles of Association. Its registered office is situated at 21 Stephen Street, London W1T 1LN.

Organisational structure

The Trust is managed by a Board of Trustees, who are also Directors of the company.

The power to appoint new Trustees is exercisable by surviving or continuing Trustees. New Trustees are fully briefed on the objectives of the Trust and their role as Trustees. This is reinforced by training, as required, to equip them to effectively discharge their duties.

Major risks and management of those risks

The charity trustees have given consideration to the major risks to which the charity is exposed and satisfies themselves that systems or procedures are established in order to manage those risks. No such risks have been identified by the trustees, other than those noted on page 5.

Trustees / Directors

The trustees and officers serving during the year and since the year end were as follows:

Trustees: Eric Fellner CBE (resigned 8 May 2025)
David Kustow OBE (resigned 8 May 2025)
Trevor Mawby (resigned 8 May 2025)
Caroline Michel (resigned 23 October 2025)
Patrick Butler
Iain Thomson (appointed 3 July 2024)
Robin Saunders (appointed 23 October 2025)
Secretary: Iain Thomson
Bankers and professional advisers
Investment managers: Stonehage Fleming
6 St James's Square
London
SW1Y 4JU
Auditor: Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

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BFI TRUST

Trustees' Report

Objectives and activities

The objects of the Trust, for the benefit of the public, are to:-

The objectives of the Trust are currently met through a strategy of supporting the BFI in its work. The relationship between the Trust and the BFI is primarily focused on the provision of grant funding in order to support and enable the BFI to carry out its charitable objectives. The Trustees remain open to other opportunities to meet these objectives.

The grant making policy consists of the making available of the maximum amount of funds while retaining reserves for any major projects and capacity building.

The Trustees meet a minimum of three times per year with the following aims:

The Trust has no employees and the BFI provides administrative services on its behalf.

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BFI TRUST

Trustees' Report

The Trustees (who are also the directors of BFI Trust for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Activities and results for the year

In accordance with the requirements of Financial Reporting Standard 102 the Trust reflects its freehold land and buildings at fair value. In respect of the year ended 31 March 2025 the value of fixed assets decreased by £1.1m (2024: decreased by £1.8m).

The results for the year, as set out on page 10, show an operating deficit of £692,399 (2024: deficit of £807,300) after a loss on investment assets of £834,917 (2024: losses of £1,239,818). This result is reflected in decreased reserves of £56,809,672 (2024: £57,502,071) of which £Nil (2024: £Nil) is restricted. Much of the reserves are tied up in the value of fixed assets, but the Trust has free reserves (net unrestricted current assets) of £3,967,672 (2024: £3,592,071).

The Trustees consider the actual performance in the year compared to the Trust objectives to be satisfactory.

The Trust owns freehold properties which the BFI occupies on 10 - 30 year leases at, or near, open market value from the Trust. The Trust made grants to the BFI during the year, net of reductions in previously awarded grants, totalling £1,766,500 (2024: £1,633,500) to support its charitable activities.

In the year, significant charitable activities included the support of the BFI's investments in digital and organisational transformation, all of which served to further the objectives of the charity.

Plans for Future Periods

The key objective for the coming year will be to consider grant applications.

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BFI TRUST

Trustees' Report

Public Benefit

In setting the Trust's objectives and planning its activities the Trustees have complied with their duties under the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. The Trustees consider that the objects of the Trust, the activities outlined in this report and plans for future periods demonstrate public benefit.

As part of the Trust's objectives of supporting the work of the BFI, the Trust enables the BFI to deliver public benefit through various activities, including education and lifelong learning and the preservation of the UK’s screen heritage. The BFI also provide free access to a wide range of the services they fund and those they run, for example through the BFI Player, Mediatheque and their websites, to free public screenings and broadcast partnerships. In addition to meeting their social responsibilities, the BFI also considers its impact on local communities, a diverse range of audiences, provides work experience and employment opportunities and works with schools, local authorities and many other organisations.

There are many ways in which the public accesses the BFI’s work, and this range ensures they deliver the maximum public benefit for their charitable resources. The BFI activities which deliver public benefit are described in more detail in the pages of their Annual Reports, which are available at www.bfi.org.uk and the Charity Commission website https://register-of-charities.charitycommission.gov.uk/en/.

Reserves

It is the policy of the Trust to maintain a level of unrestricted funds as free reserves. These provide funds to contribute towards anticipated costs for the coming year, working capital requirements and to respond to project opportunities.

In particular, the Trustees are keen to support the capital investment requirements of the BFI during this period of constraints on government expenditure and a challenging environment for private donations.

Risk Management

The Trustees have adopted a low risk investment strategy for the funds held, which is kept under constant review. Funds were held with major banks on medium-term deposits to maximise income and flexibility against the risk appetite. Since the year end the portfolio has been diversified to include government and other fixed income bonds and some longer term equity funds. The Trustees continue to monitor risk appetite against potential investment opportunities.

The risk to property is managed through the use of full repairing and insuring leases with rental at market rates. The key risk to funds is managed by diversifying investments across major institutions.

The investment property valuation is based on a previous year's valuation by external valuers, subjected to indexation between valuations.

Going concern

The Trustees consider that the demand for the Trust's services will continue. The Trustees continue to ensure that the risks associated with the Trust are appropriate. This includes receiving assurances from our tenants regarding their ability to continue to meet their rental payments, supported by their plans and financial forecasts. Given this, the Trust's cash reserves at 31 March 2025 and limited overhead and working capital requirements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing their report and financial statements.

Trustees' indemnities

The Trust has purchased insurance to indemnify the Trustees against the consequences of any neglect or default on their part. This includes cover for Trustees and Officers of the Trust and was in place during the year and at the date of this report.

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BFI TRUST

Trustees' Report

Statement of Trustees' Responsibilities

The Trustees (who are also the directors of BFI Trust for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The Trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

22-Dec-25 The annual report was approved by the Trustees of the charity on .................... and signed on its behalf by:

......................................... Patrick Butler Trustee

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BFI TRUST

Independent Auditor's Report to the Members of BFI Trust

Opinion

We have audited the financial statements of BFI Trust (the 'charity') for the year ended 31 March 2025, which comprise the Statement of Financial Activities, Statement of Financial Position, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees' Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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BFI TRUST

Independent Auditor's Report to the Members of BFI Trust

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 6), the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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BFI TRUST

Independent Auditor's Report to the Members of BFI Trust

Based on our understanding of the charity and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws, health and safety legislation, employment law, data protection legislation, EU working time directives and minimum wage legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

We understood how the charity is complying with relevant legislation by making enquiries of management and reviewing legal correspondence for indications of non-compliance. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's Trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

...................................... Richard Smith (Senior Statutory Auditor) For and on behalf of Brebners, Statutory Auditor

130 Shaftesbury Avenue London W1D 5AR

23-Dec-25 Date:.............................

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BFI TRUST

Statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income
Voluntary income - grants & donations
Investment income
3
Total income
Expenditure on
Raising funds
5
Charitable activities
6
Other expenditure
Total expenditure
Gains/losses on investment assets
8
Net expenditure for the year
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
12		 Unrestricted
£
-
1,990,670
1,990,670
(37,454)
(1,810,698)
-
(1,848,152)
(834,917)
(692,399)
(692,399)
57,502,071
56,809,672		 Total
2025
£
-
1,990,670
1,990,670
(37,454)
(1,810,698)
-
(1,848,152)
(834,917)
(692,399)
(692,399)
57,502,071
56,809,672		 Total
2024
£
-
2,134,194
2,134,194
(31,189)
(1,670,487)
-
(1,701,676)
(1,239,818)
(807,300)
(807,300)
58,309,371
57,502,071

All gains and losses recognised in the year are included in this Statement of Financial Activities and all of the charity's activities derive from continuing operations during the above two periods.

The notes on pages 13 to 19 form an integral part of these financial statements. Page 10

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BFI TRUST

(Registration number: 07562754) Statement of Financial Position as at 31 March 2025

Note
Fixed assets
Investment property
9
Current assets
Investments
10
Cash at bank and in hand
Creditors: Amounts falling due within one year
11
Net current assets
Total assets less current liabilities
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
12		 2025
£
52,842,000
5,881,717
399,662
6,281,379
(2,313,707)
3,967,672
56,809,672
56,809,672
56,809,672
56,809,672		 2024
£
53,910,000
9,271,568
66,090
9,337,658
(5,745,587)
3,592,071
57,502,071
57,502,071
57,502,071
57,502,071

In respect of the year ended 31 March 2025 although the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies, as the company is a charity, it is subject to audit under the Charities Act 2011.

These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies. The accompanying notes form an integral part of these financial statements.

The financial statements on pages 10 to 19 for the company, registration number 07562754, were approved by 22-Dec-25 the Trustees, and authorised for issue on .................... and signed on their behalf by:

......................................... Patrick Butler Trustee

The notes on pages 13 to 19 form an integral part of these financial statements. Page 11

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BFI TRUST

Statement of Cash Flows for the Year Ended 31 March 2025

Note
Cash flows from operating activities
Net movement in funds
Less interest receivable
Purchase of current asset investments
Proceeds from sale of investments
Adjustments to cash flows from non-cash
items
Unrealised losses/(gains) on investment property
revaluation
9
Unrealised losses/(gains) on investments
10
Decrease in creditors
Net cash flows from operating activities
Cash flows from investing activities
Interest received
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March		 Unrestricted
2025
£
(692,399)
(78,638)
(9,677,066)
13,160,744
1,068,000
(93,827)
3,686,814
(3,431,880)
254,934
78,638
333,572
66,090
399,662		 2025
£
(692,399)
(78,638)
(9,677,066)
13,160,744
1,068,000
(93,827)
3,686,814
(3,431,880)
254,934
78,638
333,572
66,090
399,662		 2024
£
(807,300)
(226,296)
(24,551,386)
15,644,509
1,760,000
(364,691)
(8,545,164)
(4,016,228)
(12,561,392)
226,296
(12,335,096)
12,401,186
66,090

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 13 to 19 form an integral part of these financial statements. Page 12

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BFI TRUST

Notes to the Financial Statements for the Year Ended 31 March 2025

1 CHARITY STATUS

The charity is limited by guarantee, and is incorporated in England and Wales.

The address of its registered office is: 21 Stephen Street London W1T 1LN

2 ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The Trust is a public benefit entity and the financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

The Trust has net assets at 31 March 2025 amounting to £56,809,672 including cash at bank of £399,662.

The Trustees have considered the impact of the current economic climate on our tenant the BFI, and its ability to continue to meet the rental obligations under the leases. The Trustees will take early action to reduce charitable activities if necessary, together with the use of existing cash at bank resources, in the unlikely event of those obligations not being met.

In consideration of the above the Trustees have prepared cash flow forecasts, which demonstrate that the Trust has sufficient working capital for the foreseeable future, at least for a period of 12 months from the approval of these financial statements. As such the Trustees have a reasonable expectation that the Trust has adequate resources to continue operating for the foreseeable future. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statements.

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BFI TRUST

Notes to the Financial Statements for the Year Ended 31 March 2025

Income

Gifts in Kind, grants and donations are only included in the Statement of Financial Activities when the Trust is legally entitled to the income, entitlement is probable and the amount can be quantified with reasonable accuracy.

Investment income is primarily rental income and is accounted for in the period for which the rental is due. Where income is received in advance of its recognition, it is deferred and included in creditors: amounts falling due within one year. Where entitlement occurs before income being received, the income is accrued.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Expenditure

All expenditure on charitable activities was incurred to promote and encourage the arts of film, television and the moving image, in accordance with our charitable objects. Governance costs are the costs associated with the governance arrangements, including audit fees.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Tangible fixed assets, depreciation and impairment

Expenditure on tangible fixed assets costing £5,000 or more and with a useful economic life of at least 3 years is capitalised and included at cost less depreciation. The carrying value of fixed assets is reviewed at least annually. Where the carrying value is considered to be greater than the value of the asset to the activities of the Trust, an impairment charge will be made in the year to reflect that loss in value.

Investment property is carried at fair value as determined annually, with changes in fair value recognised in the Statement of Financial Activities.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and Trustees meetings and reimbursed expenses.

Grants

Whilst grants are typically accounted for in full upon receipt, where related to performance and specific deliverables, grants are accounted for as the Trust earns the right to consideration by its performance. Where income is received in advance of its recognition, it is deferred and included in creditors: amounts falling due within one year. Where entitlement occurs before income being received, the income is accrued.

Grants payable are recognised when formally approved by the Trustees and shown as resources expended within the Statement of Financial Activities. In most circumstances this will be the same as the year in which the funded activities take place. However, in some cases grant expenditure is recognised in the accounts where the funded activity is due to take place in future years. Any amounts unpaid from grants at the year end are shown in the balance sheet as creditors.

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BFI TRUST

Notes to the Financial Statements for the Year Ended 31 March 2025

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Current asset investments

Investments in quoted shares, traded bonds and similar publicly traded investments are initially measured at cost and subsequently measured at fair value at the reporting date.

Interest income is recognised using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund accounting

Unrestricted income funds are funds available for use at the discretion of the Trustees in the furtherance of the general objectives of the Trust and which are not subject to externally imposed restrictions. Restricted income funds are funds to be used in accordance with specific restrictions imposed by donors.

The results for the year, as set out on page 10, show an operating deficit of £692,399 (2024: £807,300) after a loss on investment assets of £834,917 (2024: loss of £1,239,818). This result is reflected in decreased reserves of £56,809,672 (2024: £57,502,071) of which £Nil (2024: £Nil) is restricted. Much of the reserves are tied up in the value of fixed assets, but the Trust has free reserves (net unrestricted current assets) of £3,967,672 (2024: £3,592,071).

Estimation

The charity considers the future and other key sources of estimation uncertainty relevant to its activities, assets and liabilities.

The Trustees consider the actual performance in the year compared to the Trust objectives to be satisfactory.

The principal area of the accounts subject to estimation or judgement is in respect of the fair value of fixed assets. In order to estimate the current value of the assets, in between formal valuations, the charity has considered the impact of inflation on building prices. In the absence of more specific indices for the type and location of its assets, the charity uses indexation tables available from a reputable professional organisation in the field of public non-domestic buildings.

Fund structure

Unrestricted income funds are general funds that are available for use at the Trustees discretion in furtherance of the objectives of the charity.

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BFI TRUST

Notes to the Financial Statements for the Year Ended 31 March 2025

3 INVESTMENT INCOME

Rental income
Interest income
Dividend income		 2025
£
1,863,500
78,638
48,532
1,990,670		 2024
£
1,863,500
226,296
44,398
2,134,194

4 TRUSTEE REMUNERATION AND EXPENSES

No remuneration payments were made to Trustees or Officers of the Trust in the year to 31 March 2025 (2024: £Nil). No expense payments were made to any Trustees in the year to 31 March 2025 (2024: £Nil).

The Trust has purchased insurance to indemnify the Trustees against the consequences of any neglect or default on their part. The cost amounted to £1,456 (2024: £1,660).

5 EXPENDITURE ON RAISING FUNDS

Expenditure on raising funds comprises investment management fees amounting to £37,454 (2024: £31,189).

6 EXPENDITURE ON CHARITABLE ACTIVITIES

Note
Grant awards
Reduction in previously awarded grant
Governance costs
7
Other expenditure
Expenditure on charitable activities		 Unrestricted
2025
£
1,863,500
(97,000)
36,660
7,538
1,810,698		 Total
2025
£
1,863,500
(97,000)
36,660
7,538
1,810,698		 Total
2024
£
2,633,500
(1,000,000)
28,554
8,433
1,670,487

During the year the Trust awarded grants, net of a reduction in a previously awarded grant, totalling £1,766,500 to the BFI to support operational spend on its charitable activities (2024: £1,633,500 was awarded to the BFI to support operational spend and certain restricted funding needs including on digital, planning and estates related transformation projects). The BFI is an independent registered charity, number 287780, with objectives in common with the BFI Trust.

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Notes to the Financial Statements for the Year Ended 31 March 2025

BFI TRUST

7 ANALYSIS OF GOVERNANCE COSTS

ANALYSIS OF GOVERNANCE COSTS
Audit of the financial statements
Corporate support
Allocated support costs
Total governance costs		 2025
£
7,835
27,369
1,456
36,660		 2024
£
6,690
20,204
1,660
28,554

The Trust has no employees. The BFI provides accounting and administration services for which the Trust is charged on an arm's length basis, including irrecoverable VAT.

8 GAINS AND LOSSES ON INVESTMENT ASSETS

Realised gains/(losses) on investments
Unrealised gains/(losses) on investments
Unrealised gains/(losses) on investment property revaluation		 2025
£
139,256
93,827
(1,068,000)
(834,917)		 2024
£
155,491
364,691
(1,760,000)
(1,239,818)

9 INVESTMENT PROPERTY

Fair Value
At 1 April 2024
Fair value adjustment
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Freehold land
£
16,269,000
(309,000)
15,960,000
15,960,000
16,269,000		 Freehold
buildings
£
37,641,000
(759,000)
36,882,000
36,882,000
37,641,000		 Total
£
53,910,000
(1,068,000)
52,842,000
52,842,000
53,910,000

The Trust's freehold investment properties are stated at fair value at 31 March 2025 as determined by the Trustees based upon a professional valuation at 31 March 2022. The valuation was carried out in March 2022 by Deloitte LLP, whom the Trustees consider to be appropriately qualified, and it has been updated by the Trustees for current market conditions as reflected in appropriate indices.

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BFI TRUST

Notes to the Financial Statements for the Year Ended 31 March 2025

10 CURRENT ASSET INVESTMENTS

Listed investments

Listed investments
Fair value
At 1 April 2024
Additions
Disposals
Fair value adjustments
At 31 March 2025		 2025
£
9,271,568
9,677,066
(13,160,744)
93,827
5,881,717		 2024
£
-
24,551,386
(15,644,509)
364,691
9,271,568

In accordance with charities SORP paragraph 10.71 the listed investments are classified as current assets as they are held to fund the Trust's obligations to settle current grants payable and not as part of its ongoing investment activities. The investments are held principally in short term investments maturing within 12 months.

11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Grants payable
Other creditors
Accruals
Deferred income		 2025
£
1,829,000
10,072
8,760
465,875
2,313,707		 2024
£
5,235,000
35,719
8,993
465,875
5,745,587

Deferred Income

Deferred Income
Deferred income at 1 April 2024
Resources deferred in the period
Amounts released from previous periods
Deferred income at 31 March 2025		 2025
£
465,875
465,875
(465,875)
465,875		 2024
£
465,875
465,875
(465,875)
465,875

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BFI TRUST

Notes to the Financial Statements for the Year Ended 31 March 2025

12 FUNDS

General unrestricted funds
General unrestricted funds		 Balance at 1
April 2024
£
57,502,071
Balance at 1
April 2023
£
58,309,371		 Incoming
resources
£
1,990,670
Incoming
resources
£
2,134,194		 Resources
expended
£
Gains/(losses)
on
investment
assets
£
(1,848,152)
(834,917)
Resources
expended
£
Gains/(losses)
on
investment
assets
£
(1,701,676)
(1,239,818)		 Balance at
31 March
2025
£
56,809,672
Balance at
31 March
2024
£
57,502,071

13 ANALYSIS OF NET DEBT

Cash at bank and in hand
Net debt		 At 1 April 2024
£
66,090
66,090		 Other
movements
£
333,572
333,572		 At 31 March
2025
£
399,662
399,662

14 POST BALANCE SHEET EVENTS

Subsequent to the year end a futher grant of £770,000 to the British Film institute and a reduction of £232,000 in a previously committed grant were approved by the Trustees.

15 TAXATION

The charity is exempt from tax on income and gains covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

The Trust is not registered for VAT and therefore any VAT incurred cannot be reclaimed. Irrecoverable VAT is included with the relevant expenditure.

16 COMPANY INFORMATION AND MEMBERS' LIABILITY

The Trust is a private company limited by guarantee incorporated in England and Wales, whose registered office is situated at 21 Stephen Street, London W1T 1LN. The liability of each Member in the event of winding-up is limited to £1.

17 RELATED PARTY AND OTHER SIGNIFICANT TRANSACTIONS

During the period the Trust did not enter into any material transactions with related parties.

The BFI is an independent registered charity with objectives consistent with those of the Trust.

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