## **BAFTA** ANNUAL REPORT & ACCOUNTS YEAR ENDED: 31 DECEMBER 2022 Company registration no. 00617869 Charity no. 216726 ## **BAFTA Companies:** British Academy of Film and Television Arts (The) BAFTA Enterprises Limited BAFTA Media Technology Limited BAFTA albert Limited 195 Piccadilly Limited **BAFTA** 195 Piccadilly London W1J 9LN 020 7734 0022 www.bafta.org BAFTA ANNUAL REPORT & ACCOUNTS 2022 1 ## **Contents** |1.REPORT OF THE COUNCIL OF TRUSTEES & CHAIR’S STATEMENT|03| |---|---| |2.STRATEGIC REPORT 2022|07| |3.FUTURE GOALS & OBJECTIVES|22| |4.FINANCIAL REVIEW|23| |5.STRUCTURE, GOVERNANCE & MANAGEMENT|31| |6.REFERENCE & ADMINISTRATIVE DETAILS|34| |7.STATEMENT OF TRUSTEES’ RESPONSIBILITIES|41| |ANNUAL ACOUNTS 2022|47| |CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES|48| |CONSOLIDATED CASH FLOW STATEMENT|51| |NOTES AND ACCOUNTING POLICIES|52| BAFTA ANNUAL REPORT & ACCOUNTS 2022 2 ## SECTION 1: REPORT OF THE COUNCIL OF TRUSTEES, INCORPORATING THE REPORT OF THE DIRECTORS The trustees of The British Academy of Film and Television Arts (BAFTA), who are also the directors of the Charity for the purposes of company law, submit their Annual Report and the audited Financial Statements for the year ended 31 December 2022. The registered company number is 00617869. In preparing the Annual Report & Accounts, the trustees have conformed to the provisions specified in Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2015). Given the activities carried out by BAFTA, particularly in the areas of Awards, Learning, Inclusion & Talent and Archive, Heritage & Exhibitions, the trustees are satisfied that the Charity is providing public benefit under the Charities Act 2011. Further details on these activities are provided in sections 1 and 2 of this report. The trustees are also satisfied that they have had due regard to the public benefit guidance published by the Charity Commission and, in particular, the requirement that the Charity benefits a sufficient section of the public. ## **About BAFTA** We may be best known for our prestigious awards, but there is a vast spectrum of activity at BAFTA you may be less familiar with. As a world-leading independent arts charity for the screen industries, we exist to champion talent, recognise exceptional storytelling and make the creative industries a fairer and more sustainable place. There is no other charitable organisation in the world that brings together 11,500 extraordinary creative minds across film, games and TV. Our global membership is the very heart of BAFTA. Through this unparalleled professional network and our influence, honed over 75 years as a leading force in UK culture, we convene the screen industries, and drive the progress that is needed on accessibility, inclusion and sustainability in the screen arts. Behind the scenes, we are doing everything in our power to remove barriers to opportunity so that all talented people have the chance for their work to be seen and recognised for its artistic merit. We encourage talented creatives and practitioners from underrepresented groups to join BAFTA, vote in our awards and become leaders in our industry. From BAFTA bursaries and career development initiatives to our screening and events programme, our year-round activities support and showcase the diverse range of talent in film, games and TV. Our programmes share industry BAFTA ANNUAL REPORT & ACCOUNTS 2022 3 expertise democratically, so that everyone can access the insights they need to progress their career. With global headquarters in London and offices in Cardiff, Glasgow, New York and Los Angeles, we champion and inspire talent wherever it resides. Our awards are an essential part of what we do. They recognise and celebrate the outstanding storytellers of our time, and the craft that goes into making the films, games and TV shows that enrich our culture. BAFTA members select the nominees and vote for the winners, which means the awards are selected by industry peers. We work tirelessly to ensure the voting and campaigning rules for all our awards are fair because we know that a BAFTA nomination or win can be lifechanging for those involved. Our awards inspire audiences and game players to discover more, they drive creatives and practitioners to excel, and to tell the stories and design the games that reflect and relate to the lives of everyone. ## OUR PURPOSE Enrich the cultural landscape. Level the playing field. Be progressive. Inspire and celebrate. ## OUR MISSION We champion creatives and practitioners in film, games and television, regardless of their background or life experience. We provide community for our members, and we strive for progressive industry and cultural practices. We recognise exceptional storytelling through our awards. ## OUR VISION People from all backgrounds will have the opportunity to thrive in the screen industries, bringing rich and diverse stories for us to celebrate. ## **You can find out more about BAFTA here.** ## **BAFTA’s 2022 Objectives** These were BAFTA’s strategic objectives for 2022: - Grow the overall reach and impact of the Awards; - Build an inclusive membership base of 10,000 influential individuals across the screen industries; - Drive engagement with BAFTA 195 Piccadilly, establishing its value to both members and the wider UK media industry; - Enhance the impact of our learning and development initiatives, unlocking and inspiring talent across the screen industries; - Grow the international reach of BAFTA to build brand equity beyond the UK; - Strengthen our role in games to enhance BAFTA’s reputation and impact within the industry. BAFTA ANNUAL REPORT & ACCOUNTS 2022 4 ## **Chair’s Statement** ## Krishnendu Majumdar reflects on a year of celebration and renewal. As I think back over my three-year term as Chair, I can’t help but appreciate what an incredible journey it’s been. The past year alone marked two milestones in BAFTA’s history: our 75th anniversary and the official reopening of our London HQ after its extensive redevelopment. BAFTA 195 Piccadilly has been completely transformed into a truly world-class learning space, events venue and members destination, while our 75th allowed us to both celebrate BAFTA’s history and reflect on how far we’ve come. Today’s BAFTA is a globally recognised arts charity that brings together an international community of 11,000-plus dedicated and passionate members across film, games and television, including those representing BAFTA’s branches in Wales, Scotland and North America. The members are BAFTA’s creative lifeblood and crucial to all our endeavours. As our Awards continue to prove, people care deeply about who should be nominated for and win a BAFTA, and we welcome that debate. Through our members and our work, we have a vital role to play in bringing about a more representative and accessible industry. We are striving to do everything in our power to remove barriers to opportunity, to level the playing field and ensure that talented people have the chance for their work to be seen and recognised for its artistic merit. Our Awards can act as a barometer of the current state of the screen industries, too, showing how far we’ve progressed and where there’s still work to do. With that in mind, BAFTA has committed to making long-term positive impact in three key ways: we will continue the work of the BAFTA 2020 Review in ensuring our voting and campaigning rules are robust, fair and annually reassessed; we will encourage talented practitioners from underrepresented groups to be part of BAFTA, become voting members and be leaders in our industry; and our year-round learning and development activity will support and showcase the diverse range of talent in film, games and television . Creative excellence must always remain as the core of our Awards, but we also know that for many it’s not a fair race from the start. BAFTA is committed to supporting talented people from all backgrounds and life experiences to help them achieve their potential. A significant internal change at BAFTA was the departure of chief executive Amanda Berry, with the Board leading the recruitment of Jane Millichip as BAFTA’s new CEO. Amanda has been an outstanding leader for 25 years, and her passion for supporting talent is clearly evident in the huge expansion of BAFTA’s learning and development programme over that time. For almost as long, Kevin Price, who stepped down as chief operating officer, steadfastly drove BAFTA forward, overseeing the business, governance and operational strategies of the charity, and, as chair of BAFTA albert (formerly the albert Consortium) for the past decade, he helped make sustainability a key part of our industry activity. Their legacy will live on through the redeveloped BAFTA 195 and I wish them both continued success in the future. Jane’s arrival in October has already had a BAFTA ANNUAL REPORT & ACCOUNTS 2022 5 hugely positive impact on the organisation and her wealth of leadership credentials and industry experience will be essential as BAFTA enters this new era in its illustrious history. In a world where film, games and television are the primary sources of entertainment and information across the world, BAFTA’s mission has never been more pressing or vital. I strongly believe our work can be life changing. There’s a lot to do, but consider what we stand to lose, culturally, if we don’t treasure, protect and enrich the screen arts. Thank you for your support. ## **Krishnendu Majumdar** ## **Chair of BAFTA (June 2020-June 2023)** 26 June 2023 BAFTA ANNUAL REPORT & ACCOUNTS 2022 6 ## SECTION 2: STRATEGIC REPORT 2022 ## **Grow Our Awards** ## _Objective: Grow the overall reach and impact of the Awards_ BAFTA is best known for its internationally recognised Awards. By recognising the great stories and storytellers of our time, our Awards can encourage aspiring creatives to start telling their own stories and prompt passionate public discourse around films, games and television and the crafts that go into making them. In 2022, we held five Awards in London: the EE BAFTA Film Awards (March), the BAFTA Games Awards (April), the BAFTA Television Craft Awards (April), the Virgin Media BAFTA Television Awards (May) and the BAFTA Children & Young People Awards (November). We also held the BAFTA Cymru Awards (in Cardiff in October) and BAFTA Scotland Awards (Glasgow, November), and two Awards tied into our learning programme, the BAFTA Young Game Designers Awards (London, June) and the Yugo BAFTA Student Awards (Los Angeles, July). To grow the reach and impact of our Awards in 2022, we have looked beyond the two terrestrial television broadcasts of the Film and Television Awards to identify new ways we can engage a contemporary public audience that has many distractions vying for their attention. As well as this, we amended entry eligibility regulations and membership voting systems to level the playing field and make our Awards more representative; adapted our content to reach underserved audiences of the terrestrial broadcast and through our social platforms; and increased our coverage around the Awards to engage with the public in new ways. ## **Eligibility & Voting** Ahead of the Awards season, we made some key eligibility and membership voting changes for the Film, Television Craft and Television Awards. The full breakdown for Film and Television can be found on our website. Notable eligibility changes included implementing a requirement that all Television and Television Craft entrants must meet two of the four criteria of the BFI Diversity Standards. One of these must be Standard C, which relates to industry access and opportunities, and underlines BAFTA’s ongoing commitment to ensuring its nominations are as representative as possible. UK performers appearing in shows only traditionally entered into the International category at the Television Awards also became eligible for our performance categories, broadening the potential nominee pool. Entry to the Television Awards included a sustainability requirement pilot, gauging whether entrants had achieved albert certification and completed the albert carbon calculator (see below for more on albert). While this did not impact eligibility, the results are informing our plans for a formal inclusion BAFTA ANNUAL REPORT & ACCOUNTS 2022 7 of this as an eligibility criteria in the future. BAFTA’s Film, Games and Television Awards were all albert certified in 2022. In terms of voting, the biggest departure was making BAFTA’s members viewing portal, BAFTA View, a compulsory part of the process. BAFTA no longer provides screener discs to its voting members, instead all submissions must be available to watch through the BAFTA View online app, with hard of hearing subtitles made mandatory. Importantly, BAFTA View includes videos on conscious voting to help tackle potential bias. Changes were made to Film voting for the Director and performance categories to allow for wider representation. This meant more members could access and watch the entries, especially those based outside of the UK. International members also became eligible to vote across all applicable Television and Television Craft categories; previously, members based overseas could only vote on four categories. While not relevant to the 2022 Games voting process, a space for nominated games to be accessed by members was added to BAFTA View for the first time, in preparation for the Games Awards 2023. ## **The Ceremonies** A BAFTA nomination and win can be life-changing for those who receive them, especially for firsttime or debut category nominees. It was a particularly strong year for first-time nominees in the performance categories, with 19 of the 24 actors at Film (79 per cent), all but one of the 12 voice actors at Games (92 per cent) and 21 of 41 performers at Television (51 per cent) all garnering their first BAFTA nomination. Musical highlights from the ceremonies included emotional performances from Shirley Bassey, singing ‘Diamonds are Forever’ to celebrate James Bond’s 60th anniversary, and Emilia Jones, singing ‘Both Sides Now’ from her film CODA, at the Film Awards. The Television Awards saw BRIT Award-winning singer George Ezra kick off proceedings with an exclusive red carpet performance of his new single ‘Green Green Grass’. We introduced the Games Awards with a rendition of Edvard Grieg’s ‘In the Hall of the Mountain King’ by a string quintet, set to clips from the nominated games. This was the first year we included an In Memoriam section at the Games Awards, also accompanied by a live violin performance. ## **Content, Coverage & Engagement** Bookending the ceremonies, we created special red carpet shows for the Film and Television Awards and a post-ceremony show for the Games Awards, hosted by a variety of stars. We’ve done something similar for previous Film, Games and Television Awards, but these were more extensive and had more bespoke content this year. They were aired on BAFTA’s social media platforms to provide deeper public engagement with the Awards and reach underserved audiences, especially a younger demographic. We expanded our social media coverage of relevant events and activities in the weeks prior to each ceremony as well, to encourage greater BAFTA ANNUAL REPORT & ACCOUNTS 2022 8 engagement with BAFTA and the nominees in the lead up to and on the night of the Awards. It was important for us to broaden our reach and make platform-specific social content. For the **EE BAFTA Film Awards** , we saw an increase of more than 30,000 followers on TikTok, with 73 per cent of our reach coming from under 34s. We also saw 90.8 per cent engagement among 13– 34-year-olds on Instagram. On Twitter, we saw a 42 per cent increase on our engagement rate compared to 2021, while on YouTube there was a 55 per cent increase on 2021, with four times greater reach and engagement on Facebook from the previous year. Our ‘Red Carpet Ready’ marketing campaign was placed in more than 400 sites across the UK, reaching 5 million individuals across a two-week period. The viewing figures for the BBC broadcast of the ceremony was 2.48 million, peaking at 2.78 million. This year also marked the 25th anniversary of our partnership with title sponsor EE and we collaborated with them on a special celebratory trailer, which ran in cinemas across the UK in early March, playing to more than 1 million cinema-goers. For the **BAFTA Games Awards** , we used both TikTok and Instagram for the first time, creating platform specific content that returned good numbers – a post Awards party video clip on TikTok had more than 450,000 views, while Instagram Reels generated more than 200,000 views overall. The Facebook and BAFTA YouTube livestream of the ceremony returned similar numbers to 2021, with engagement and visibility on Facebook significantly improving – a 300 per cent increase in reach and more than 350 per cent increase in engagements. We created a special Twitter thread to highlight each of the nominees in the EE Game of the Year category (the audience award), with the public voting indie game _Unpacking_ as the ultimate winner. The **BAFTA Television Craft Awards** was not streamed live, with all acceptance speeches instead posted to YouTube. The Special Award was presented to Triple C, a gateway organisation for d/Deaf, disabled or neurodivergent people to access the arts and media. This was very well received by the industry, and by the public on social media, with 96,000 views and 1,500 engagements on Instagram Reels. For the **Virgin Media BAFTA Television Awards** , our ‘Bringing You Closer’ marketing campaign ran in 220 spots across the UK, reaching 4.4 million people. We engaged directly with a diverse range of digital content creators from across the UK to help connect their combined audiences of 937,000 to the Awards. We worked with them at micro and macro levels to ensure we gained brand affinity as well as awareness and, as such, saw a high engagement rate of 1.3m impressions across the Awards (Instagram in-feed and stories). A special Television Awards photoshoot enabled BAFTA’s social team to capture more than 40 pieces of original content for our channels, receiving more than 2.5m views in total. Overall, we saw a jump of more than 30,000 followers on TikTok around the Television Awards, generating 5m-plus views and 65,000 content interactions. We increased our Instagram followers by 15,000, with 62.8 per cent aged under 34. In total, we generated more than 5m views and 172,000 BAFTA ANNUAL REPORT & ACCOUNTS 2022 9 content interactions on Instagram Reels. Our clip of Rose and Giovanni winning the publicly-voted audience award, Virgin Media’s Must-See Moment, for their silent dance on _Strictly Come Dancing_ , returned more than 600,000 views and generated 9,000 interactions on Instagram Reels on the night, with 35,000 views added on YouTube. The viewing figures for the BBC broadcast of the ceremony was 2.36 million, peaking at 3.15 million. Our social media content also covered the **Film, Games and Television Sessions** , each held just prior to the relevant Awards. These dynamic panel sessions feature nominated talent offering first-hand insight into their various crafts. A mix of online, live and hybrid events, the 14 Film, three Games and six Television Sessions featured an array of above and below-the-line talent. Tickets for the seven in-person sessions were made available to BAFTA’s full and Connect members, invited guests and the general public (total attendees: 360). In a change to previous years, the **BAFTA Children & Young People Awards** (November) was the grand finale to a weekend of activities held at BAFTA 195 called the Children & Young People Festival, which included panel sessions with nominated talent. The Awards’ acceptance speeches were clipped for YouTube (7,000 views total), while Instagram stories (37,000 impressions) and Twitter posts (646,000 impressions with 11,000 engagements) were also created. The **BAFTA Young Game Designers Awards** was a virtual ceremony, streamed on our BAFTA’s Kids & Teen YouTube channel. Four winners were selected from 54 finalists, across two age groups (10-14 and 15-18) in the two Game Concept and Game Making categories. The June ceremony was followed by a special live event at BAFTA’s HQ in July, where all finalists had the opportunity to showcase their games to the industry and public. The **Yugo BAFTA Student Awards** saw a record-breaking 715 projects submitted from 134 schools in 36 countries, culminating in a programme of activity in Los Angeles and New York. Fifteen finalists were selected for six categories. A Special Jury Prize, including a $20,000 honorarium presented by Z by HP, was won by student director Shuhao Tse. The **BAFTA Cymru Awards** returned as an in-person event in 2022, after two years of virtual ceremonies. It was screened live on BAFTA’s YouTube channel (8,300 views to date) with tweets around the event receiving 619,000 impressions, 4,000 likes and 20,000 views. Our Instagram posts received 5,000 likes and 774,500 Reel views. The **BAFTA Scotland Awards** also returned as an in-person event and was live-streamed on BAFTA’s YouTube channel (31,000 views to date). A highlights programme was screened on BBC Scotland and made available on iPlayer, adding a further 11,000 views. BAFTA ANNUAL REPORT & ACCOUNTS 2022 10 ## **Build Inclusive Membership** ## _Objective: Build an inclusive membership base of 10,000 influential individuals across the screen industries_ One of the key learnings from the BAFTA 2020 Review was that BAFTA itself needed to address areas of underrepresentation within its membership. Specific targets were set to address the gender, ethnicity, disability and sexual orientation demographics of our membership, to be met by the year 2025. Our first step was to review our current makeup, with the results of an extensive global membership survey announced in June 2021. A quick recap of the results: 37:63 were female:male; 12.2 per cent were from underrepresented ethnic groups; 5.3 per cent had a disability; and 9.7 per cent identified as LGBTQIA+. By the end of 2022, BAFTA made great strides to meet the 2025 targets, with more than 1,700 industry professionals having joined its global ranks over the course of the year. By the start of 2023, the current membership breakdown (including new members) stood at: 42:58 female:male; 16 per cent underrepresented ethnic groups; 7 per cent had a disability; and 12 per cent were LGBTQIA+.* The introduction of a new tier of membership, **BAFTA Connect** , has helped drive greater representation in our membership makeup. Created for emerging and mid-level professionals across the UK and North America, BAFTA Connect members receive most of the benefits of full membership, except Awards voting rights. BAFTA Connect is not just a membership tier either, it provides a tailored programme of support to ensure they can build consistent and sustained careers in their chosen profession. This is important because it is these industry practitioners who will potentially become the decision-making industry leaders of the future. If we can help them succeed in their careers today – through career development and professional network opportunities – we can ultimately help shift the industry culture and instil better practices tomorrow. In 2022, we held four BAFTA Connect Forums for the new members, one outside of London, to kick off the programme, all of which proved hugely popular. BAFTA Connect has seen 1,400 members added to our ranks since its introduction, including 29 for BAFTA Cymru; 69 for BAFTA Scotland; and 78 for BAFTA North America (66 of which were former recipients of our New Talent support). Overall, there were 8,995 full members at the end of 2022 (including life and honorary). Total membership at year-end (including non-voting members, Connect, associate and branches): 11,530. BAFTA is committed to driving more inclusive industries and promoting unheard voices in the screen arts. We are continuing to explore how we can make our membership more affordable and accessible to all. We bolstered our support for members who are not able to afford the full fees, by creating a discounted rate targeted to those with disabilities and introducing Direct Debits for those who wish to spread out the cost of membership. BAFTA ANNUAL REPORT & ACCOUNTS 2022 11 _* All featured data represents responses from 85 per cent of the total membership, including BAFTA Connect and branch members. ‘Prefer not to say’ responses have not been included. The female:male ratios comprise respondents who specifically identified as such._ ## **Find out more about Membership.** ## **Drive BAFTA 195 Engagement** _Objective: Drive engagement with BAFTA 195 Piccadilly, establishing its value to both members and the wider UK media industry_ BAFTA 195 Piccadilly’s key role within the organisation has never been more important. After closing in the summer of 2019 for a multi-million pound **redevelopment** , BAFTA 195 has been transformed into a place that members can be proud of, as well as a world-class centre of excellence, providing innovative state-of-the-art facilities to meet all of BAFTA’s live, virtual or hybrid needs. The redevelopment has given BAFTA its first ever dedicated learning space – the Creative and Futures Galleries – spanning the whole second floor of the building. The building reopened to members with a soft launch in September 2021, with BAFTA’s president, HRH The Prince of Wales, first visiting on 27 January, where he met with several recipients of BAFTA’s learning and talent development programme. A larger **opening event** was then held for partners and supporters of the redevelopment on 18 May as part of our 75th celebrations. This included the unveiling of a specially created art installation in the foyer by upcoming artist Maya Simms, honouring the donors and supporters who made the redevelopment possible. One of the priorities for the new building was **accessibility** , particularly for d/Deaf, disabled and neurodivergent visitors. We worked closely with our Disability Advisory Group to make the building as accessible as possible, aiming to ensure access adjustments are available as standard or are easy to arrange. A work-in-progress, we are continuing to monitor and improve accessibility in the building now visitors are using BAFTA 195 regularly. BAFTA 195 also allows us an opportunity to highlight the breadth of our work through our photographic **exhibitions and displays** . For instance, the members’ space on the fifth floor, the Richard Attenborough Rooms, features portraits of many participants of our learning and development initiatives, illustrating who our membership is supporting and giving prominence to potential creative collaborators. All the **revenue** generated by BAFTA 195 goes towards supporting our work as a charity and helps BAFTA remain independent. The closure of the building in 2019 impacted this, albeit we did budget for the shortfall. With the building now operational again, BAFTA 195 generated £5.01m revenue with a working profit of £1.8m-plus in 2022, against a budget of £5.35m and £1.72m respectively (for BAFTA ANNUAL REPORT & ACCOUNTS 2022 12 more detail, see Section 4: Financial Review). It’s worth noting, the revenue and planned programming for the building were quite heavily impacted in the first quarter of the year by the Omicron variant of Coronavirus. **Staffing** remains an area of concern: the hospitality business was adversely affected by the pandemic and finding and retaining staff has been challenging. By the end of 2022, BAFTA 195 was at approximately 70 per cent of its staffing requirements, which has meant our ambition to open the members’ space seven days a week has yet to be realised. Across the year, BAFTA 195 hosted 635 events, 37 per cent of which were **commercial hire** . This generated 94 per cent of BAFTA 195’s revenue, illustrating the importance the venue plays in supporting BAFTA’s work as a charity. ## **Find out more about BAFTA 195.** ## **Enhance Learning & Development Initiatives** _Objective: Enhance the impact of our learning and development initiatives, unlocking and inspiring talent across the screen industries_ BAFTA’s international learning and development programme is designed to support BAFTA’s overarching mission to help those with talent to achieve their potential in the industry, regardless of background or life experience. We are doing everything in our power to remove barriers to opportunity and progression, particularly the career blocks that impact underrepresented groups. We want all talented people to have the chance for their work to be seen and recognised for its artistic merit. Based on the findings of a recent review of our year-round programme, which included input from our branches in Wales, Scotland and North America, we set about returning to implementing live events again in 2022 while also exploring the best use of the new spaces provided by the reopened BAFTA 195. We built a programme that offers more variety of activities to appeal to a wider audience, including more networking opportunities for members and the screen industries and a series of tentpole events, where talented people who have engaged in our year-round initiatives are celebrated at BAFTA 195. Our in-person activities increased exponentially as live events returned more substantially in 2022. These included the **Screenwriters Lecture Series** (December), supported by the JJ Charitable Trust, with three live lectures (Lena Dunham, Ruben Östlund and Tony Kushner) and one virtual via livelink (Hirokazu Kore-eda); our annual film lecture, the **David Lean Lecture** , this year presented by writer-director Ryan Coogler (December); and three high-profile **A Life in Pictures** evenings, with BAFTA ANNUAL REPORT & ACCOUNTS 2022 13 writer-director Baz Luhrmann (September) and actors Margot Robbie (November) and Kate Hudson (December), supported by TCL. All these events were held at BAFTA 195. We added 43 participants to our headline talent accelerator initiative, **BAFTA Breakthrough** , supported by Netflix, with 10 in India (announced in March), 21 in the UK and 12 in the US (November). A highlight was Netflix’s co-CEO and chief content officer, Ted Sarandos, meeting with past and present BAFTA Breakthrough participants at a special event held at BAFTA 195. We also announced the next area of support for **BAFTA Elevate** , our industry-level professional development and leadership programme created to benefit individuals from underrepresented backgrounds, adding 20 producers to the initiative (May). The **BFI Flare x BAFTA Mentoring** programme, in partnership with the BFI Flare: London LGBTQIA+ Film Festival and BFI NETWORK, saw a record number of applicants in 2022. Six emerging LGBTQIA+ filmmakers were selected for bespoke support (March). Additionally, we supported eight writers through our **BAFTA Rocliffe New Writing Competition** – three for Film (announced in February 2023) and five for Television Comedy (two of which are writing duos) (September). And we have been providing mentoring for 16 participants on our **BFI Film Academy Alumni** programme. Elsewhere, we announced: four **BAFTA Young Game Designers (YGD)** (June), two each from two separate age groups, 10 to 14-year-olds and 15 to 18-year-olds (June); two **BAFTA Young Presenters** competition winners, also split into the same two age groups as BAFTA YGD (July); and a further 59 recipients of **scholarships and bursaries** in the UK and US (October), distributing more than £240,000 in funding. Many of these initiatives have been modified and expanded; for instance, the BAFTA YGD Awards, usually a one-off event, included a weekend showcase of games and game-making, held at BAFTA 195, while our direct support of BAFTA Elevate participants increased from one to two years. This barely scratches the surface of BAFTA’s learning and development activities across the year, which also marked the return of live panels and masterclasses, including: - Film, Games and Television Sessions, delivering dynamic panel sessions featuring nominated talent from the relevant Awards; - **Guru Live** (November), our festival for emerging talent starting their careers in film, games and television; - BAFTA’s children and young people activity with Place2Be, which saw the **BAFTA Roadshow** visit schools again across the UK (September-December) and two virtual assemblies, held during Children’s Mental Health Week (February), the latter securing 60,000 views throughout the week (most of these were classroom views, so we estimate a total audience of 1.5 million-plus); and BAFTA ANNUAL REPORT & ACCOUNTS 2022 14 - the introduction of a **Short Film Toolkit** , with the BFI Network and British Council (December), providing a comprehensive digital guide, with insights from more than 40 filmmakers, funders, festival programmers and distributors; and much more (visit BAFTA to see all that we do). In total, our learning programme produced 145 events and 174 screenings in the UK, excluding initiative-specific events, such as those for BAFTA Breakthrough or BAFTA Elevate (2022: 319 total; 2021: 112). A mix of in-person, virtual and hybrid branch-specific events and screenings were also held by BAFTA Cymru (14 and 8, respectively), BAFTA Scotland (9 and 32) and BAFTA North America (91 and 68), again excluding initiative-specific events. Our programme is tied into four main pillars of activity, feeding into the talent pipeline, namely: - _Children & Young People_ – supporting creativity in the young; - _New Entrants_ – helping to launch a sustainable career in the industry; - _New Talent_ – providing the support to achieve and develop those careers; and - _Industry_ – driving inclusive and equitable employment practices and attitudes across all aspects of the screen arts. A vital element of reaching our audiences is through our communication channels and in 2022 we partnered with Digital Cinema Media to create a major cinema campaign. By showcasing the diverse range of skills and knowledge that goes into making award-winning films, games and television, we wanted the campaign to inspire the next generation of creative talent. The campaign also included call-to-action messaging to motivate that talent to begin their journey with BAFTA. We created a 60-second ‘ **Behind Every BAFTA** ’ cinema trailer (narrated by double BAFTA winner Big Zuu) to target the 16-34-year-old audience (which makes up 50 per cent of UK cinemagoers). This ran from 19 August to 6 October and played before such big releases as _Nope_ and _Don’t Worry Darling_ . The ad was accompanied by a public newsletter, reaching more than 47,000 recipients, and a new Develop Your Career page on our website. The call-to-action worked well in highlighting BAFTA’s role in supporting the screen industries, with a 141 per cent uplift in public understanding of BAFTA’s learning and development programme and 107 per cent increase in awareness of BAFTA supporting those at the start of their career. There was also a 21 per cent increase in awareness that BAFTA is a charity. Of the 300 test group (people who saw the campaign), around three in 10 reported having a much better impression of BAFTA as a direct result of exposure to the campaign, significantly more than the 200 control group (people who did not see it). The Develop Your Career webpage also saw a significant increase in users and engagement. See table overleaf for more perception changes arising from the campaign. BAFTA ANNUAL REPORT & ACCOUNTS 2022 15 Another practical way we enhanced accessibility to our learning programme was through **BAFTA Media Technology** (BMT), which developed the vital tech to deliver virtual and hybrid events from BAFTA 195 to audiences, making the online experience as best as possible. BMT also undertook a significant amount of iterative development of the existing ticketing system (BAFTA Events) to improve the booking and management of event tickets. Finally, **fundraising** is crucial to BAFTA’s ongoing work. We are an independent charity with no government funding and so need to raise all the income ourselves via support from individuals, trusts and foundations, fundraising events and industry supporters. Our main fundraising event is the biennial BAFTA Gala. In March, this star-studded event hosted by BAFTA’s vice-president (film), Barbara Broccoli, and then-BAFTA chief executive Amanda Berry, was supported by official partner Bulgari. It raised vital funds towards our work helping young people build their careers in film, games and television. In light of the devastating situation in Ukraine, BAFTA also pledged to dedicate some of the funds raised to support Ukrainian creatives working in the screen industries. **Find out more about the Learning programme.** BAFTA ANNUAL REPORT & ACCOUNTS 2022 16 ## **Grow International Reach** _Objective: Grow the international reach of BAFTA to build brand equity beyond the UK_ Most of our focus on growing BAFTA’s international reach in 2022 happened in the US via BAFTA North America, which enjoyed its first full year of operation, following the unification of BAFTA Los Angeles and BAFTA New York. We did further our support of our flagship initiative, **BAFTA Breakthrough** , in India as well, with both this and Breakthrough USA entering their third year in 2022, identifying fresh, new voices and empowering diverse talent in those countries. Ten participants joined the India cohort, building on the existing 10 practitioners from the previous years. Meanwhile, Breakthrough USA saw 12 individuals added to the initiative. Earlier in the year, the 2021 USA cohort was invited to a special reception to meet the British Oscars 2022 nominees at an event co-hosted by BAFTA North America, the British Consulate and British Film Commission. As part of the initiative’s year-round networking and mentorship aspects, across the year, BAFTA North America also arranged for 32 bespoke one-on-one meetings between recipients and established industry professionals. The 2022 US **Scholarships** were jointly announced with those from the UK (October), allowing us to amplify the message that financial support is available for those who need it the most. Applications for the two US scholarships (East and West Coast) increased on 2021, with 59 in total. Five Pigott/ BAFTA scholars and six New York scholars were eventually selected, receiving a share of the $117,000 (roughly £94,000) of available funds. Commitment to the local US communities included a 10-week internship program with the LA Unified School District, providing experience to 15 students from eight different schools, and 15 participants welcomed to the inaugural Vance Byrd Mentorship Program. Support also continued for the **US Newcomers** scheme, a programme aimed at helping international practitioners and students who have recently relocated to the US to further their careers. Thirty-six Newcomers were selected, with 26 in LA and 10 in NYC, representing 15 different nationalities. There are now 127 Newcomers in the overall initiative, representing 33 nationalities. BAFTA North America also hosted 146 in-person **screenings** across the year, with 267 invited guests and attendance breaking the 10,000 mark. Captioning was introduced for all virtual events for the first time, including the **Tea With a Nominee** series held in place of the annual Film Awards Tea Party, which was curtailed due to restrictions around the Omicron variant. As noted above, the expanded **Television Awards voting** opportunities was rolled out to BAFTA North America members, while in-person live **watch parties** were introduced for the Games Awards BAFTA ANNUAL REPORT & ACCOUNTS 2022 17 at Soho House in LA and NYC. Collaboration with the UK communications team provided greater opportunity to increase awareness of BAFTA in the US around the Awards. In September, BAFTA announced the expansion of its activity in the US with the presentation of BAFTA **Special Awards** to recipients in North America at solus events. This marks an evolution of the Britannia Awards, an event previously held once a year in Los Angeles. The first recipient was television creator and producer Shonda Rhimes, presented at a ceremony in New York in 2023. Elsewhere in the world, the European Film Academy, based in Germany, signed up to use BAFTA’s Awards management system, **Nucleus** . Equally, the Ivor Novello Awards and the Funny Women Awards (both UK based) also became new users of the software. ## **Strengthen Role in Games** _Objective: Strengthen our role in games to enhance BAFTA’s reputation and impact within the industry_ A significant step to bolstering BAFTA’s reputation within the games industry was made by appointing our first **head of games** in December 2021. Luke Hebblethwaite joined from industry trade body Ukie to lead on BAFTA’s strategic plan for games, provide operational oversight and offer his industry expertise, with the ultimate aim of growing our work in games to the same level as film and television. To help with this, in October, we recruited BAFTA’s first ever full-time games programme manager, too. Growing BAFTA’s **presence** at international and regional games events has helped elevate the profile of our work and make new connections. In 2022, these included hosting a BAFTA members’ breakfast and a talk on social mobility at major international games conference Develop: Brighton, delivered by Hebblethwaite, with guests Gina Jackson OBE, Tyler Rotheram and Danny Gray. Hebblethwaite also chaired a panel for Scottish Games Week, held in Glasgow, which showcased the three nominated games at the BAFTA Scotland Awards. The BAFTA YGD games were featured at the Science and Industry Museum’s prestigious Power UP exhibition in Manchester, which attracts more than 60,000 people annually. The launch of **BAFTA Connect** in 2022 (as above) has allowed more games practitioners to discover the benefits of BAFTA membership, alongside bespoke career development. The games-specific BAFTA Connect events held in 2022 were a Welcome event (October) and Meet the Makers: Composing for BAFTA-Nominated Games (December), with more to come in 2023. In August, we established a new regular games networking event, known as the **Games Socials** , which has helped grow our games connections and furthered our engagement with the sector. Held monthly, the Socials have been very popular, with attendance ranging between 80-100 BAFTA ANNUAL REPORT & ACCOUNTS 2022 18 practitioners at each one, from BAFTA winners and nominees to those who are just starting out on their journey. Other events included BAFTA’s flagship festival for aspiring creatives, **Guru Live** (November), featuring dedicated games panels (with the likes of the Roll7 team and BAFTA YGD), as well as more holistic advice and information on key industry practices. We also held a **masterclass** on the BAFTA-winning _Returnal_ , delivered by game director Harry Krueger and a Q&A with voice actor Jane Perry (September). This included filming additional BAFTA interview content and a photoshoot, delivering the same level of prestige and coverage traditionally reserved for events with high-profile film and television creatives. We expanded our games content on our dedicated **BAFTA YouTube** channel (139,000 subs), too, which previously was mostly film and television related. Video interviews with the Roll7 team and Jane Perry were filmed at the above 2022 events and added to the channel in early 2023. The **Games Sessions** were held in the run up to the BAFTA Games Awards, providing priceless insight into what goes into making a BAFTA-nominated game. Featuring the creative talent behind a selection of nominated titles, three sessions were held, all streamed live on Twitch (total views: almost 30,000; 2021: 31,000). We held our first ever **livestream** of the nominations in 2022. The Awards itself was livestreamed on several platforms, with viewing figures on the latter remaining consistent with the past few years. It’s worth noting that the Twitch viewing figures rely heavily on in-kind promotions (secured through our production agency for the Awards, ADVNCR) and the platform’s willingness to co-stream the Awards on its official Twitch Gaming channel. In 2021 and 2022, the Twitch Gaming channel’s coverage of the Awards was also featured on its landing page, contributing to the vast majority of views on the platform. Notably, we saw uptake on TikTok and Instagram, which were used for the first time for these Awards – the best performing TikTok clip hit 450,000 views, with Instagram Reels generating 200,000 views. Streamers are an influential part of the gaming ecosystem and partnering with them allows us to reach out to games audiences about our work in an authentic way and on a platform they predominantly frequent. For the 2022 Awards, we joined forces with Black Twitch UK, an influential group of Black streamers and content creators. Not only were they involved in our nominations and Awards livestreams, select members also took part in the Awards (both judging and citation reading). Also, held in the week before the Awards, the **BAFTA Games Challenge** saw two teams of female creators from the channel compete in a series of fun, off-beat challenges based on the nominated games. Making that authentic connection between games communities and BAFTA is vital to build our reputation in games. Based on the success of the 2022 partnership, we are further developing relationships with a diverse range of streamers going forward. BAFTA ANNUAL REPORT & ACCOUNTS 2022 19 The previously mentioned **‘Behind Every BAFTA’** cinema campaign (see above) also helped shift public opinion of BAFTA’s involvement with games, with a 17 per cent uplift between the test and control groups. ## **albert & Sustainability** BAFTA albert is the leading screen industry organisation for sustainability and has been continuing to support industry action throughout 2022. albert offers online tools and training, events, practical guidance and thought leadership, as well as an industry-leading certification programme to help film and television productions fight the environmental crisis. In 2022, albert supported more productions than any previous year, with 1,900 productions achieving certification, up 51 per cent on 2021 (1,259). More universities also joined albert’s education programme (including the University of Reading, University of Wales, Trinity St David, Liverpool John Moores, Cumbria, Chester, Falmouth and Norwich University of the Arts), taking the total number of academic institutions to 40 and ensuring the pipeline of talent entering our industry comes with knowledge about sustainable production and climate storytelling. Some of the year’s other highlights included: - Screen New Deal: Transformation Plan announced for Wales (February), beginning with 12 months of data collection, followed by six months of developing a ‘place-based’ plan to decarbonise television and film production in the country; - A brand new sustainability standard for studios to support productions on their journey to net zero (February). Twelve studios took part in this inaugural year; - The announcement of a new sustainability category, The Planet Positive Award, to be introduced at the British Film Designers Guild Awards held in 2023; - An albert-curated montage highlighting sustainability moments in television was broadcast at the Virgin Media BAFTA Television Awards (May), introduced by BAFTA president, HRH The Duke of Cambridge (now HRH The Prince of Wales); - The Editorial Engagement Tool was launched (May), a landmark interactive web tool for helping film and television creators to develop sustainability-rich content; - Major sports broadcasters signed a memorandum of understanding to share climate content for programmes featuring sustainability in sports (July); - albert partnered with the SIGN initiative to hire research fellow Catherine Graves to explore the impact of climate content on audience behaviour (August); BAFTA ANNUAL REPORT & ACCOUNTS 2022 20 - _Joe Lycett vs the Oil Giant_ (2021) won the first Climate Impact Award, presented at the Edinburgh Festival (August), with a jury chaired by albert director Carys Taylor; - A series of working groups were established (October) to develop cross-industry action plans, namely: Editorial Working Group, Corporate Reporting Working Group, Biodiversity Working Group, Toolkit Working Group, Sustainable Production; and Innovations Working Group; - The first ever albert Production Summit (November) sold out, with more than 200 people attending a day of training, panel discussions, networking and exhibits from suppliers at BAFTA 195; - A pre-recorded video address by Carys Taylor was played at COP27 in Egypt (November); she also wrote an article about onscreen sustainability for a special issue of _My Green Pod_ magazine given to all delegates. ## **Find out more about albert.** BAFTA ANNUAL REPORT & ACCOUNTS 2022 21 ## SECTION 3: BAFTA’S FUTURE GOALS & OBJECTIVES As an arts charity for creatives and practitioners in film, games and television, BAFTA exists to enable and inspire the screen industries to be the best they can be. Our screen industries are a powerful and inspirational force, and BAFTA’s role in this ecosystem is to champion creatives and practitioners in the screen arts, to promote diversity, inclusivity and sustainability, and to celebrate creative excellence through our multifaceted workstreams, whether they are our talent and development programmes, our membership across four branches, our advocacy or our awards. Specifically, we have a remit to level the playing field, to create opportunity for those who face barriers or bias, and to promote progressive practices in the screen arts. Through our subsidiary BAFTA albert, the screen arts’ sustainability consortium, we are working with broadcasters and producers to enable them to reduce the environmental impacts of film and television production and to support storytellers to weave climate change and sustainability into their content. In addition to these core functions, we also have a hospitality business (BAFTA 195), which offers community to our members and generates much-needed revenue for our charitable work; and our technology company (BMT) has created our awards and voting platforms (BAFTA Nucleus), our members viewing portal (BAFTA View) and the carbon calculator used by the BAFTA albert Carbon Action Plan and Toolkit. In 2023, we are conducting an operational and strategic refresh of all things BAFTA. We are committed to increasing the impact of our talent and development work to reach more people than ever across film, games and television, and to advocate more for the screen arts. We are also committed to strengthening our relationships with our stakeholders, whether they are members, partners, donors or the wider industry, through the way we communicate and collaborate. And finally, we are committed to evolving our business model to ensure it is both scalable and sustainable. ## BAFTA’s strategic goals: - Maximise the reach and impact of our work; - Strengthen engagement with members, industry and supporters; and - Drive sustainable growth through commercial and operational rigour. BAFTA ANNUAL REPORT & ACCOUNTS 2022 22 SECTION 4: FINANCIAL REVIEW ## **Review of the Financial Position** Four key events drove most of the significant changes in the financial position of the Group in 2022: the end of the pandemic; the reopening of BAFTA 195; the end of the Illuminating BAFTA fundraising campaign; and the formal addition of BAFTA North America into the Group. Three of these events took place in 2021, but the movement can be seen very clearly now a full year of impact has been included in the figures. ## THE END OF THE PANDEMIC The relaxation of Covid-19 restrictions post-pandemic allowed us to return to fully in-person Awards ceremonies and learning and development events. Awards income has increased substantially to £8,224k (2021: £3,549k) due to the increase in ticketing revenue, with expenditure on those events also increasing to £8,307k (2021: £3,222k). Higher profile in-person Learning, Inclusion and Talent events have driven additional sponsorship, with income for that area up to £2,195k (2021: £1,417k) allowing us to increase our expenditure to £4,261k (2021: £2,779k). ## BAFTA 195 The reopening of the newly redeveloped BAFTA 195 in November 2021 allowed us to return to the level of revenues seen prior to the redevelopment and pandemic. The venue was only open for two, admittedly very busy, months in 2021 and so the Hiring income growth for 2022 to £4,713k (2021: £718k) was much needed. Those revenue increases naturally drove higher costs of Hiring of £4,275k (2021: £1,217k). The hospitality sector is still experiencing a number of staff-related challenges due to Brexit, the departure of labour to other countries and trades during the pandemic, and the ongoing depressed economic climate, but the performance of this segment was very good considering the context. ## ILLUMINATING BAFTA The Capital Campaign that funded the redevelopment of BAFTA 195 was the most ambitious and successful fundraising drive ever undertaken by BAFTA and was eventually closed in March 2022. Fundraising activity has been focused on that campaign for a number of years and we are now pivoting to focus on fundraising for other areas of our activity. We still continue to see income flow from that campaign as a proportion of the pledges cannot be recognised as income until received as cash, as such the fall in Grants and donations to £2,878k (2021: £4,023k) was anticipated. The drop in Other Income to £37k (2021: £1,798k) also relates to the closure of that campaign as the 2021 income represented gifts in kind income, such as AV equipment donations for the Princess Anne Theatre. As the redevelopment is complete, this income stream has naturally fallen away. BAFTA ANNUAL REPORT & ACCOUNTS 2022 23 A loan facility remains in place to fund the difference between the total construction costs and pledges raised, as well as cashflow the timing difference between capital expenditure and receipt of pledges. At the year end, the loan totalled £7,702k (2021: £7,410k) across short-term and long-term creditors. The amount repayable within one year of £702k, along with the designated reserve for _building development loan repayment_ of £1,690k are earmarked to be repaid against the loan during 2023. That will leave a balance on the facility of £5,310k, with £4,336k of pledges still to be collected. ## BAFTA NORTH AMERICA BAFTA North America formally became part of the group in August 2021, with five months of trade consolidated within our results that year. The inclusion of a full year of their activity into the consolidated accounts has had notable impacts across the statement of financial activities, but in particular for membership income and Learning, Inclusion and Talent expenditure. The FX gain on consolidation of £351k (2021: £nil) has also been driven by BAFTA North America, as has the majority of the Loss on Investments of £310k (2021: £17k) driven by a challenging investment environment in 2022. BAFTA ANNUAL REPORT & ACCOUNTS 2022 24 2022 INCOME GRANTS AND DONATIONS £2,878K – 12% Includes the income from: BAFTA patron programme, BAFTA Gala, fundraising for 195 Piccadilly redevelopment and general fundraising ## AWARDS £8,224K – 33% Includes the income from: sponsorship, ticketing and entry fees for the Film Awards, Games Awards, Television Awards, Television Craft Awards, Children & Young People Awards, Cymru Awards and Scotland Awards ## MEMBERSHIP £3,371K – 13% Includes the income from: membership fees ## SUSTAINABILITY £892K – 4% Includes the income from: albert membership, related partnerships and project funding LEARNING, INCLUSION & TALENT £2,195K – 9% Includes the income from: fundraising, sponsorship and box office for lectures, BAFTA Elevate, BAFTA Kids, BAFTA Breakthrough, Guru Live, Scholarships, BAFTA YGD, BFI Flare x BAFTA ## HIRING £4,713K – 19% Includes the income from: food and beverage and room hire generated in BAFTA 195 ## PRODUCTIONS £1,511K – 6% Includes the income from: broadcast of Film and Television Awards, other programming, eg overseas sales of BAFTAowned programmes ## OTHER COMMERCIAL ACTIVITIES £1,099K – 4% Includes the income from: year-round sponsors of BAFTA, not directly associated with an event or activity, BAFTA Media Technology commercial work, commercialisation of video and photographic assets and our social media ## INVESTMENT INCOME £62K – 0% Includes the income from: bank interest and investment income ## OTHER INCOME £37K – 0% Includes income from: gifts in kind provided to BAFTA, not directly associated with an event or activity BAFTA ANNUAL REPORT & ACCOUNTS 2022 25 ## 2022 EXPENDITURE ## GRANTS AND DONATIONS £929K – 4% Includes the cost of: BAFTA patron programme, BAFTA Gala, fundraising and stewardship for 195 Piccadilly redevelopment and general fundraising ## HIRING £4,275K – 17% Includes costs associated with: hiring of BAFTA 195 including staff costs, food and beverage ## PRODUCTIONS £2,214K – 9% Includes the cost of: broadcast of Film and Television Awards, production of other programming, eg overseas sales of BAFTAowned programmes ## OTHER COMMERCIAL ACTIVITIES £546K – 2% Includes the cost of: BAFTA Media Technology commercial work, costs of commercialisation of our video and photographic assets and staff time spent on supporting year-round corporate partners ## AWARDS £8,307K – 34% Includes the cost of: staging the Film Awards, Games Awards, Television Awards, Television Craft Awards, Children & Young People Awards, Cymru Awards and Scotland Awards ## MEMBERSHIP £3,103K – 13% Includes the cost of: members events, the members club and membership support services ## SUSTAINABILITY £945K – 4% Includes the cost of: provision of the albert toolkit, carbon calculator, certification and sustainable production training ## LEARNING, INCLUSION & TALENT £4,261K – 17% Includes the cost of: screenings, lectures, masterclasses, BAFTA Elevate, BAFTA Kids, BAFTA Breakthrough, Guru Live, Scholarships, BAFTA YGD, BFI Flare x BAFTA BAFTA ANNUAL REPORT & ACCOUNTS 2022 26 ## INVESTMENT POLICY The Group’s investment policy balances the benefits of returns on investment against capital risk. As the Group has recently undertaken a major capital project and currently holds a long-term loan against which repayment will be carried out, priority has been placed on maintaining cash in a liquid form and minimising capital risk, rather than maximising return. As can be seen from notes 12 (page 61) and 20 (page 74), the commercial investments held at the period end relate to restricted funds held for learning, inclusion and talent initiatives. The trustees adopt a total return approach to investment portfolios and have delegated decisionmaking on investment matters to Brewin Dolphin, in accordance with investment principles and guidelines set down from time to time by the trustees. The trustees delegate the monitoring of investment performance to the Finance, Audit & Risk Committee, which monitors the performance of the funds quarterly and, where material movements are noted, undertakes a comprehensive review with the investment managers, reporting back to the trustees. The Finance, Audit & Risk Committee periodically reviews the investment policies under which the managers operate, and refers any recommendations for changes in investment policy to the trustees for approval. The investment guidelines require the managers to invest in a diverse portfolio consistent with a lower to medium risk profile. The trustees measure performance against a target return of a rolling five-year RPI plus 2%, with a minimum income generation of £5k per annum for scholarships. In 2022, the Brewin Dolphin portfolio achieved a total annual return of -9.3% (2021: 12.1%), against a target return of 7.0% (2021: 5.2%). The Group made a net investment loss of £15k (2021: gain of £18k), inclusive of income of £5k (2021: £5k) from the portfolios. ## RISK MANAGEMENT The Charity undertakes a comprehensive risk management process. This process is underpinned by a comprehensive register of risk areas that the Group has built up, including operational, financial, governance, environmental/external and legal and compliance risks. Each risk is assessed in terms of its likelihood of occurrence, the timeframe over which it would develop and its impact, categorised using a traffic light system. This detailed risk register is reviewed monthly by senior management on a rolling basis, and a risk heat map is prepared and presented for review and discussion by the Finance, Audit & Risk Committee at each meeting. Matters perceived to carry greater risk are discussed by the Board of Trustees. This formal process exists to assess business risk and support the risk management strategy. All major risks to which the Group is exposed, which have been identified through these procedures, are regularly assessed and monitored. Systems have been implemented to manage these risks, and these are continually developed and enhanced. BAFTA ANNUAL REPORT & ACCOUNTS 2022 27 In addition, a separate checklist is maintained to ensure compliance with laws and regulations, which is also reviewed and discussed by the Finance, Audit & Risk Committee at each regular meeting. The principal risks and uncertainties facing the Charity and the strategies in place to manage these are summarised in the table below. ## **Potential Risks and Uncertainties** |**Risk**|**Management**| |---|---| |Loss of key income stream(s)
affect the organisation’s ability
to meet objectives as planned,
in particular, due to the
challenging post-pandemic
economic environment:|
Activities are relatively well diversified, reducing the risk of
overreliance on one income stream;

Forward planning with key sponsors, partners and
broadcasters and use of longer term agreements where
appropriate;

BAFTA membership highly valued with high historic retention
and application rates;

Annual budgeting process and regular monitoring of
financial performance and forecasts;

Regular assessment of competitive environment for BAFTA
195’s business, to inform commercial and strategic planning;

Free reserves are at the target level of three months, which is
considered to be sufficient and appropriate by the trustees.| |Reputation, credibility or brand is
damaged as a result of processes,
an incident, or through association
with a member or partner whose
reputation is damaged or other
emerging issues:|
Clear procedures and standard contracts in place for
approval of brand associations;

Donations policy in place to assess acceptability of donors;

Member Codes designed to ensure BAFTA members uphold
high standards and uphold BAFTA’s values;

Specialist advice utilised in such areas as health and safety,
security, events, information security, GDPR, public relations
and wider operations, as required;

Business continuity plan maintained and communicated
within the organisation and disaster recovery arrangements
in place;

Media management resources in place;

Internal controls and processes reviewed regularly by
management in the context of best practice.| BAFTA ANNUAL REPORT & ACCOUNTS 2022 28 ## **Potential Risks and Uncertainties (cont.)** |**Risk**|**Management**| |---|---| |The integrity of the Awards process
is questioned or compromised:|
Awards procedures reviewed regularly with an emphasis on
risk management;

Wide-ranging review undertaken, with more than 120 key
changes introduced, in light of criticism regarding diversity of
Film Awards 2020 nominations;

Scrutineering of voting process performed by Deloitte.| |Inability to attract or retain
key employees:|
Positive organisational culture maintained that has historically
delivered strong retention of key employees;

Flexible working practices in place along with a wide range
of other employee benefits;

Reputation, brand and nature of activities are attractive
to employees.| |Strategic or operational direction
impacted due to the appointment
of new CEO:|
Board of Trustees frequently meet to discuss strategic
plans and direction;

Strategic and operational reviews undertaken to assure
alignment with long-term goals;

Experienced team of executive directors in place under
the CEO.| |Information systems are found to
be insufficiently robust or secure,
resulting in disruption to operations
or breach of security:|
Comprehensive security arrangements in place including, but
not limited to, access restriction, multi-factor authentication,
back-ups, disaster recovery, business continuity plans and
penetration testing of key systems;

Cyber security awareness training and testing in place for
all staff.| |Capital Campaign pledges are
delayed or not realised:|
Fundraising team engaged in active stewardship with
regard to maintaining relationships with key supporters;

Pledge register maintained and reviewed regularly for
relative risk profile;

Upfront payment of pledges encouraged;

Legal agreements in place to provide certainty of receipt
for pledges where payment is made over multiple years;

Flexible loan facility arranged to bridge time between
expenditure during project and receipt of funds.| BAFTA ANNUAL REPORT & ACCOUNTS 2022 29 ## **Financial Policies** ## RESERVES POLICY The trustees regularly review the Group’s reserves levels and the reserves policy is reviewed by the Finance, Audit & Risk Committee at least once per year. The reviews consider the nature of the Group’s income streams and expenditure commitments, risks specific to the Group and those present in the wider economy, along with opportunities associated with developments in the Group’s strategy. BAFTA's income profile, excluding the donation income for the Capital Campaign seen in recent years, is consistent and reliable. BAFTA is also able to flex the scale of its expenditure to align with inyear income and continue to deliver on its charitable aims. As such, the reserves policy has been developed to support those income streams where material variability may be seen, such as Capital Campaign receipts and sponsorship income, along with those expenditure areas where commitment level and cost is high, such as staff costs. In additional to this, consideration has been made regarding strategic opportunities and the key risks identified in the Potential Risks and Uncertainties table, in particular reputational risk, non-payment of pledges and the potential impact of ongoing inflation. A free reserves target level has been set at £3.1m, which equates to three months of operating costs based on the forthcoming annual operating cost budget for the BAFTA Group. At the year end, the Group’s total funds held amounted to £34,703k (2021: £34,260k), of which £2,810k (2021: £4,878k) were restricted funds and £831k (2021: £829k) were endowments, not available for general purposes. The Group’s unrestricted reserves were, therefore, £31,062k (2021: £28,553k), including £27,932k of designated funds (2021: £25,694k). Free reserves were £3,130k (2021: £2,859k). ## FUNDRAISING POLICY The current priority of the Board is to attract donations to fund charitable activities, including those taking place in the redeveloped BAFTA 195, and also the repayment of the loan taken out to fund completion of that project. It maintains a donations policy to guide its decision-making in this area. Fundraising is only carried out internally and fundraising activities are not outsourced to professional fundraisers or commercial participators. Our internal team is briefed on the standards and obligations that must be met in all our fundraising activities, particularly in protecting individuals who may be in vulnerable circumstances. We seek feedback from donors to understand their experience within the process and identify areas where we can make further improvements. The Charity is registered with the Fundraising Regulator and is committed to adhering to the Code of Fundraising Practice. BAFTA ANNUAL REPORT & ACCOUNTS 2022 30 ## GOING CONCERN The trustees are confident that the Group continues to be a going concern based on its financial position and plans for at least the next 12 months, in particular: - - its available reserves, as outlined in the Reserves policy; - sponsorship and broadcast agreements already in place for 2023 and 2024, particularly in relation to our Awards; - - - - the expected level of membership renewals, based on historic experience; - forward bookings of BAFTA 195 allied with expectations based on historic performance; - pledges made in relation to the 195 Piccadilly redevelopment campaign; - the loan facility in place to allow for gradual payment of outstanding donations. Therefore, the trustees continue to prepare the Financial Statements on the going concern basis. BAFTA ANNUAL REPORT & ACCOUNTS 2022 31 ## SECTION 5: STRUCTURE, GOVERNANCE & MANAGEMENT ## **Organisational Structure** There are five companies within the Group. BAFTA, ‘the Charity’, is the parent company and has a wholly-owned trading subsidiary, BAFTA Enterprises Limited (formerly BAFTA Management Limited, which was renamed on 28 January 2021). BAFTA Enterprises Limited houses our sponsorship and partnership arrangements (primarily related to the Awards and Learning, Inclusion & Talent programme), the advertising in Awards brochures and the production and sale of our Awards broadcasts and other programming. BAFTA Enterprises Limited, in turn, has three wholly-owned trading subsidiaries, 195 Piccadilly Limited, BAFTA albert Limited and BAFTA Media Technology Limited. The first oversees the hospitality operations at BAFTA 195 and manages the use of the building by the Charity and the hiring of the facilities, namely the Princess Anne Theatre, Ray Dolby Room and Run Run Shaw Theatre, to third parties. BAFTA albert supports the global film and television industry to reduce the environmental impacts of production and to create content that supports a vision for a sustainable future. BAFTA Media Technology had been dormant for a number of years but was renamed and recommenced trading on 1 October 2016. BAFTA Media Technology Limited provides software, specifically key systems that were developed in-house to support BAFTA’s Awards processes, to third parties, with accompanying support and implementation services. Each of the trading companies transfers any trading surpluses to the Charity under Gift Aid. BAFTA North America is also consolidated in these Financial Statements, the basis for which is disclosed in the accounting policies notes. BAFTA North America is responsible for furthering the charity’s operations, aspirations and impact in the US. ## CHARITABLE OBJECTS To promote and advance education and cultivate and improve public taste in the visual arts, in particular: - by stimulating original and create production work in the field of film and television and other education, entertainment and information media; - by encouraging a high standard of arts and technique in persons engaged in such production; and - by encouraging and promising the results of experiment and research in the improvement of the art, sciences and techniques of producing film, television and other education, entertainment and information media. BAFTA ANNUAL REPORT & ACCOUNTS 2022 32 ## **Governance of BAFTA** BAFTA is governed by a Board of Trustees, with members of the Board acting as both its Charity trustees and company directors. The Board meets 11 times a year to review the Group accounts, receive reports and updates from the executives and committees, debate issues and agree strategies for implementation. In 2021, the Board of Trustees established a Governance & Appointments Committee. The committee’s role is to provide oversight of the Board’s governance arrangements, including Board effectiveness and application of the Charities Act 2011 and the Charity Governance Code, and the recruitment and selection for appointments to the Board of the Charity and its subsidiaries, including the application of processes that ensure a diversity of talents and backgrounds is actively sought and reflected in the organisation’s governance membership. The Film, Games and Television Committees operate under the delegated authority of the Board and oversee BAFTA’s mission in their respective sectors. BAFTA Cymru and BAFTA Scotland are overseen by the BAFTA committees in those nations, who act under delegated responsibility from the Board. The role of Council, which meets twice a year, is to debate issues and advise the Board on a whole range of issues affecting BAFTA. Elections for the sector committees and Council are held annually. The election process follows strict rules and procedures, and election results are monitored by an independent scrutineer. BAFTA Cymru and BAFTA Scotland operate under branch governance rules to ensure that these non-autonomous branches uphold and promote the values and charitable objectives of BAFTA. In 2021, BAFTA’s branches in New York and Los Angeles merged into a single entity: BAFTA North America. A new governance structure was implemented as part of the merger, which enables the results of BAFTA North America to be consolidated into BAFTA’s accounts. ## RECRUITMENT AND APPOINTMENT OF NEW TRUSTEES The Board comprises, by virtue of their officer status, the following members: - the Chair and Deputy Chair of BAFTA - the Chair of the Film Committee - the Chair of the Television Committee - the Chair of the Games Committee - the Chair of the Learning, Inclusion & Talent Committee The officers are elected to such positions by the elected members of the sector committees. In addition, the Board may choose to co-opt up to eight members, selected for their skills and experience. Current practice is to co-opt the chairs of the Finance, Audit & Risk Committee and BAFTA ANNUAL REPORT & ACCOUNTS 2022 33 the Commercial Committee. The constitution also includes provisions for rotation and retirement of Board members. ## INDUCTION AND TRAINING OF TRUSTEES On appointment, trustees sign a Trustee’s Declaration, confirming their eligibility for trusteeship and acknowledging key responsibilities in their role as trustee. In addition, new trustees attend an induction session run by Farrer & Co, covering the structure and governance of BAFTA and their role and responsibilities as trustee. Further training is available on request. ## **Management of BAFTA** Day-to-day management of the operations and activities of BAFTA is delegated by the Board to the chief executive officer (CEO), who is the senior manager of BAFTA’s staff. BAFTA’s approach to remuneration is designed to allow us to attract and retain the talented and motivated people we need in order to achieve our mission and deliver our strategic aims. We aim to pay competitively in the sectors in which we operate, within the context of affordability. We have performed an exercise to benchmark our salaries and used this to develop a pay banding structure, which also allows us to review the relativity of salaries internally. Our Remuneration Committee, comprising the chair and deputy chair of BAFTA, the chair of the Learning, Inclusion & Talent Committee, the chair of the Finance, Audit & Risk Committee, the chair of the Governance & Appointments Committee and any Board advisers where relevant, reviews salary awards annually. The chair and deputy chair of BAFTA and the chair of the Finance, Audit & Risk Committee perform the salary review for the CEO. ## **Funds Held as Custodian** BAFTA is the sole corporate trustee of the Anthony Asquith Fund, a registered charity with the objective to promote, encourage and foster the aesthetic appreciation of music, especially in connection with films, to members of the general public. Further detail is provided in note 23 of the Financial Statements (see page 75). BAFTA ANNUAL REPORT & ACCOUNTS 2022 34 SECTION 6: REFERENCE & ADMINISTRATIVE DETAILS ## **Charity Details (correct as of 26 June, 2023)** ## **Trustees/Directors** Krishnendu Majumdar _(Outgoing Chair,_ _resigned 26 June 2023)_ Sara Putt _(Deputy Chair, resigned 26 June 2023; Incoming Chair, appointed 26 June 2023)_ Kathy Busby* Sir Lloyd Dorfman CBE* _(resigned 2 May 2023)_ Anna Higgs Patrick Keegan* Elliot Knight _(appointed 1 February 2022)_ Andrew Miller MBE* Ade Rawcliffe Siobhan Reddy* Bal Samra* Tara Saunders _(appointed 5 July 2022)_ Paul Taiano OBE* * _Co-opted members_ ## **Advisers to the Board** Medwyn Jones, Marc Samuelson ## **BAFTA President** HRH The Prince of Wales, KG KT ## **BAFTA Vice-Presidents** Barbara Broccoli CBE, Dame Pippa Harris DBE, David Gardner OBE ## **Chief Executive** Amanda Berry OBE _(resigned 17 June 2022)_ ## **Chief Executive Officer** Jane Millichip _(appointed 3 October 2022)_ ## **Chief Operating Officer** Kevin Price _(resigned 31 December 2022)_ ## **Registered Office** 195 Piccadilly, London W1J 9LN BAFTA ANNUAL REPORT & ACCOUNTS 2022 35 ## **Legal Entity** Company limited by guarantee and registered charity ## **Registered Company Number Registered Charity Number** 617869 216726 ## **Date of Incorporation** ## **Governing Instrument** 31 December 1958 Memorandum and Articles of Association ## **Committees** ## SECTOR COMMITTEES Film Committee, Games Committee, Television Committee ## ELECTED MEMBERS OF THE FILM COMMITTEE Anna Higgs (re-appointed 26 June 2023/Chair 2021-2023), Anthony Andrews _(appointed 26 June 2023)_ , Geraldine Atlee _(appointed 8 June 2022)_ , Alexandra Derbyshire _(resigned 26 June 2023)_ , Nainita Desai _(re-appointed 26 June 2023)_ , Julie La’Bassiere _(re-appointed 26 June 2023)_ , Alexa Jago _(appointed 8 June 2022)_ , David Proud _(appointed 26 June 2023)_ , Jason Solomons _(appointed 8 June 2022)_ , Clare Stewart _(re-appointed 8 June 2022)_ , Emily Stillman _(re-appointed 26 June 2023)_ ## ELECTED MEMBERS OF THE GAMES COMMITTEE Tara Saunders _(Chair, appointed 5 July 2022)_ , Jodie Azhar _(resigned 26 June 2023)_ , Katherine Bidwell _(appointed 26 June 2023)_ , Nick Button-Brown _(appointed 8 June 2022)_ , James Brooksby _(appointed 26 June 2023)_ , Des Gayle _(Deputy Chair)_ , Elizabeth Mercuri _(resigned 26 June 2023)_ , Anisa Sanusi _(appointed 8 June 2022)_ , Del Walker _(appointed 26 June 2023)_ , Catherine Woolley _(resigned 26 June 2023)_ ## ELECTED MEMBERS OF THE TELEVISION COMMITTEE Sara Putt _(Chair, resigned 26 June 2023)_ , Furquan Akhtar _(appointed 26 June 2023)_ , Adeel Amini _(appointed 26 June 2023)_ , Emma Butt _(appointed 8 June 2022)_ , Becky Cadman _(resigned 26 June 2023)_ , Christine Healy _(re-appointed 26 June 2023)_ , Dan Isaacs _(resigned 26 June 2023)_ , Rajiv Nathwani _(appointed 26 June 2023)_ , Ade Rawcliffe _(appointed 8 June 2022)_ , Beryl Richards _(appointed 8 June 2022)_ , Hilary Rosen _(appointed 8 June 2022)_ , Nicky Sargent _(Deputy Chair, resigned 26 June 2023)_ , Sue Vertue _(appointed 26 June 2023)_ , Claire Zolkwer (re-appointed 26 June 2023) BAFTA ANNUAL REPORT & ACCOUNTS 2022 36 ## ELECTED MEMBERS OF THE FINANCE, AUDIT & RISK COMMITTEE Paul Taiano OBE _(Chair)_ , Josephine Coyle _(appointed 23 January 2022)_ , Andrew Curtis, Adam Hurst, Paul Luke, Sonia Magris _(appointed 4 May 2022)_ , Laura McGaughey _(appointed 2 November 2022)_ , Beverley Tew, Colin Howes ## OTHER COMMITTEES - Children’s Awards Committee - Commercial Committee - Learning, Inclusion & Talent Committee - Remuneration Committee ## THE COUNCIL The Council comprises all the elected members of the sector committees (see above) in addition to: - Barbara Broccoli CBE _(Vice-President of BAFTA)_ - Dame Pippa Harris DBE _(Vice-President of BAFTA)_ - David Gardner OBE _(Vice-President of BAFTA)_ - Sara Putt _(Incoming Chair of BAFTA)_ - Krishnendu Majumdar _(Outgoing Chair of BAFTA)_ ## BAFTA CYMRU AND BAFTA SCOTLAND CHAIRS Angharad Mair, Ewan Angus ## BAFTA NORTH AMERICA CHAIR Kathryn Busby ## OTHER BAFTA MEMBERS DIRECTLY ELECTED BY THE MEMBERSHIP Sara Curran, James Dean, Mike Downey, Deola Folarin, Michael Pritchett, Libby Savill BAFTA ANNUAL REPORT & ACCOUNTS 2022 37 ## **Register of Interests** The trustee register of interests is available for inspection on application. ## **BAFTA Advisers** ## AUDITOR Crowe U.K. 55 Ludgate Hill London EC4M 7JW ## BANK NatWest Bank plc City of London Office PO Box 12258 London EC2R 8PA ## SOLICITORS Farrer & Co 66 Lincoln’s Inn Fields London WC2A 3LH ## Deloitte LLC 2 New Street Square London EC4A 3B ## **Auditor** Crowe UK LLP has expressed its willingness to continue as auditors for the next financial year. ## **Sponsors, Partners & Donors** Our profound thanks go to all the sponsors, partners, individuals, trusts and foundations that have chosen to support us throughout the year, including those who wish to remain anonymous: ## BAFTA ||||BAFTA| |---|---|---|---| |3|Mills Studios||CTV Outside Broadcast| |Addison Lee|||Digital Cinema Media| |Acqua Panna|||Deloitte| |Benedetti Architects|||Dolby| |||Bulgari|EE| |Cartoon Network|||Electronic Arts| |Champagne Taittinger|||
Epic Games| ||Channel 4||ETC| ||Christie’s||The Farm Group| |CinemaNext|||Floral Street| |||Cinionic|GROUNDTRUTH| |Criterion Studios|||Hotcam| HARI’s Hairdressers Julius Baer Kirwin & Simpson Lancôme LEGO London Book Fair Mad Dog 2020 Casting Microsoft Netflix Nickelodeon PlayStation Portaprompt BAFTA ANNUAL REPORT & ACCOUNTS 2022 38 |Prenetics|Prenetics|Sea Containers London|Sea Containers London| |---|---|---|---| |QSC||Searchlight|| |S.Pellegrino||SEGA|| |Sara Putt Associates||Sky|| |The Savoy||Sony Interactive Entertainment|| |ScreenSkills High-end||Spotlight|| |TV Skills Fund||TCL|| Tencent Games Ubisoft Villa Maria Virgin Media Warner Bros. Games Wizards of the Coast Woodford Reserve ## OTHER SPONSORS & DONORS 42 Air Edel Aldo Garbagnati Alex Graham Alexandra and Tope Lawani Alfiya Askar Abulkhair Ali Cook Alison Montgomery All3Media Allan Scott Amanda Pullinger and John Hughes Amblin Entertainment Amy Hancock Andrew Davies Andrew Overin Andy Harries Andy Serkis and Lorraine Ashbourne Andy Payne OBE Angus Deayton Ann Seekins Annalisa Jenkins Anna Home Anna Otkina Anne N Chapman Anthony McPartlin OBE Armando Iannucci Audrey Meissner Bad Wolf Banijay Group Barnaby Thompson Belinda Lang Bella Roberts BFI Bianca Roden Bill Bohanna Bill Kenwright CBE Bleeding Fingers Music Brian Abel British Council Burberry Lady Bamford OBE The estate of Carol Wiseman Carolyn Dailey Carnival Film & Television Catrine Clay Chantal Chamandy Charlie Parsons Chatterbox Voices Christopher Figg Clore Duffield Foundation Codemasters Col and Karen Needham Colin Firth CBE Colin Matthews Conway van Gelder Grant Creative Artists Agency Creative Artists Management The Crown Estate Dana and Albert R Broccoli Foundation David Gardner OBE Sir David Jason OBE The David Lean Foundation David Yates David Segel Declan Donnelly OBE Deola Folarin Disney Donald Taffner Jr Done+Dusted The Dorfman Foundation Duncan Kenworthy OBE Ealing Studios Edwin Fox Foundation EE Eilene Davidson Elena Baturina Elias Schulze Sir Elton John CBE Dame Emma Thompson DBE and Greg Wise Entertainment One Dame Esther Rantzen DBE Eva Lanska eyrise B.V. Felicity Percy Franklin Templeton Investments Franz Pagot Fremantle Gabrielle Rogers Gaby Wood The Galashan Trust Gareth Hughes Gareth Neame OBE BAFTA ANNUAL REPORT & ACCOUNTS 2022 39 Gavin Essex Ged Doherty Gillian Royale Greg Dyke Hindsight Productions HollyJolly Foundation Hugh Bonneville Hugh Grant Huw and Helen Wynne-Griffith Instinct Productions IPIG ITV James Dean James Graham-Maw James P Axiotis Jane Featherstone Jane Tranter Jenny Agutter OBE Jeremy Thomas CBE Jimmy Jiang The JJ Charitable Trust Joe Calder The John Brabourne family John Caudwell John Miles John Wagener John and Amelia Winter Jolana Vainio Jolyon and Sam Barker Jonathan Drori CBE Jon Pettigrew Jorge Villon Joseph Kaufman Joyce Hytner OBE Julian Caldow Karén Setian Kelly Barel di Sant’Albano Kelly Sumner Kemuel Solomon Ken and Julie LaGrande Ken Dearsley Ken Ross and Rachael Ross MBE Sir Kenneth Branagh Kevin and Carrie Burke The Khalili family Kirsh Foundation Knight Harwood Kojima Productions Krishnendu Majumdar Left Bank Pictures Leslie Benzies Liliana dalla Piana Linda Shire Lionsgate Lucie Wenigerová Mad Dog 2020 Casting Mahdi Yahya Mark Wilson Martyn and Pippa Hurd Matthew Vaughn Maryam Eisler The Mayor of London Merck Group Me+You Productions Michelle and Simon Orange Sir Mick Jagger Mike and Laura Diiorio Miles Jacobson OBE The family of Mona Fong Natalie and Ian Livingstone NBCUniversal Nel Romano Netflix New Name Entertainment Nigel Lythgoe OBE Noël Coward Foundation Nyman Libson Paul LLP The estate of Oliver Bayldon Oliver Lewis Olivia Harrison Orchid Pictures Paige and Patrick Nelson ## Paramount Patsy Bown Paul Greengrass CBE Paula Holmes PBJ Management Sir Peter Bazalgette Peter Samengo-Turner The Hon P Czernin Pia DeCarlucci Dame Pippa Harris DBE Pinewood Studios Prop Store Ltd Pureland Foundation Rachel Neale The Ray and Dagmar Dolby’s family Reuben Foundation The Richard Attenborough Charitable Trust Richard Hastings Richard Sydenham Robin Jackson The Rosemarie Nathanson Charitable Trust Rupert Ryle-Hodges Sabina Reeves Sir Sam Mendes CBE Sara Putt Associates Sarah Monk See-Saw Films Sharleen Spiteri Shaw Foundation Hong Kong Dame Sheila Hancock DBE Simon and Annalisa Morris The Span Trust Steve Ackhurst Steve Owen Steve Reid Steven Spielberg and Kate Capshaw Susie and Ralph Saunders Sir Sydney Samuelson CBE Tameem Antoniades BAFTA ANNUAL REPORT & ACCOUNTS 2022 40 |Tej and Tara Lalvani|Tej and Tara Lalvani|Tej and Tara Lalvani|Tej and Tara Lalvani|Twickenham Film Studios| |---|---|---|---|---| |The Thompson Family||||United Agents| |Charitable Trust||||Utsava Kasera| |Thompson and Caroline Dean||||
Vera Wang| |Tim Beaumont||||Vicky Deigman| |Sir Tim Rice||||Victoria Corcoran| |Tina|Micklethwait|||Warner Bros. Discovery| ||Tinopolis|||Will Frears| ## Twickenham Film Studios Dr William Waggott The Wolfson Foundation Yoko Ono Lennon _and all those who wished to remain anonymous_ ## BAFTA CYMRU |ABacoustics|Deloitte|| |---|---|---| |Acqua Panna|EE|| |Bad Wolf|Eric James Group|| |BBC Cymru Wales|The Galashan|Trust| |Cardiff Council|Gorilla|| |Champagne Taittinger|
IJPR|| |Channel 4|ITV Cymru Wales|| |Creative Wales|Lancôme|| ||Mark Jermin|| Mad Dog 2020 Casting Penderyn S4C Radisson S.Pellegrino ScreenSkills Trosol Villa MariA ## BAFTA SCOTLAND Acqua Panna DoubleTree by Hilton BBC Scotland Edinburgh Gin Blue Parrot Events Group Edit 123 C&C Group EE Champagne Taittinger GM Live Events Channel 4 Lancôme Deloitte The Galashan Trust ## Material Rainbow Room International Screen Scotland S.Pellegrino STV Villa Maria ## BAFTA NORTH AMERICA Apple TV+ BBC America Four Seasons Hotel Los Angeles BritBox at Beverly Hills Heineken Dana and Albert R Broccoli Foundation Kinetic Content _Deadline_ Jaguar Land Rover North America Diageo The London West Hollywood at Beverly Hills _Los Angeles Times_ Mark Pigott KBE Maybourne Hotel Group Netflix _Screen International Variety_ Yugo Z by HP BAFTA ANNUAL REPORT & ACCOUNTS 2022 41 ## SECTION 7: STATEMENT OF TRUSTEES’ RESPONSIBILITIES & ANNUAL ACCOUNTS 2022 ## **Statement of Trustees’ Responsibilities** The trustees are responsible for preparing the report of the trustees and the Financial Statements in accordance with applicable law and regulations. Company law requires the trustees to prepare Financial Statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under company law the trustees, who are also the directors, 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 the Group and of the Group’s net income/expenditure for that period. In preparing these Financial Statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements; - prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the charity and Group will continue to operate. 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 Group 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 charity and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## PROVISION OF INFORMATION TO AUDITORS Each of the persons who is a director at the date of approval of this report confirms that: - so far as the director is aware, there is no relevant audit information of which the company’s auditors are unaware; and the director has taken all steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the company’s auditors are aware of that information. BAFTA ANNUAL REPORT & ACCOUNTS 2022 42 This confirmation is given and should be interpreted in accordance with the provisions of S418 of the Companies Act 2006. The report of trustees and the contained strategic report have been approved by the Board of Trustees and signed on their behalf by: ## **Sara Putt** ## **Chair of BAFTA** 11 July 2023 ## **Independent Auditor’s Report to the Members of BAFTA** ## OPINION We have audited the Financial Statements of BAFTA for the year ended 31 December 2022, which comprise the Consolidated Statement of Financial Activities (SOFA), the Consolidated and Charity Balance Sheets, the Consolidated Cash Flow Statement 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 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the Financial Statements: - give true and fair view of the state of the Group’s and the charitable company’s affairs as of 31 December 2022; - give true and fair view of the Group’s income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## 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’s BAFTA ANNUAL REPORT & ACCOUNTS 2022 43 Responsibilities For The Audit Of The Financial Statements section of our report (page 38). We are independent of the Group 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 charitable company’s or the Group’s ability to continue as a going concern for a period of at least 12 months from when the Financial Statements are 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 contained within the annual report. The other information comprises the information included in the annual 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. 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 this gives rise to a material misstatement in the Financial Statements themselves. 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. ## OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of our audit: - the information given in the trustees’ report, which includes the directors report and the strategic report prepared for the purposes of company law, for the financial year for which the Financial Statements are prepared, is consistent with the Financial Statements; and - the directors’ report and strategic report included within the trustees’ report have been prepared in accordance with applicable legal requirements. BAFTA ANNUAL REPORT & ACCOUNTS 2022 44 ## MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In light of the knowledge and understanding of the Group and the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate and proper accounting records have not been kept; or - the Financial Statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. ## RESPONSIBILITIES OF TRUSTEES As explained more fully in the Statement Of Trustees’ Responsibilities on page 35, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so. ## AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS 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. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations, are set out below. A further description of our responsibilities for the audit of the Financial Statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. BAFTA ANNUAL REPORT & ACCOUNTS 2022 45 ## EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the Financial Statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company and Group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the Financial Statements. The laws and regulations we considered in this context were the Companies Act 2006 and the Charities Act 2011 together with the Charities SORP (FRS102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the Financial Statements but compliance with which might be fundamental to the charitable company’s and the Group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the Group for fraud. The laws and regulations we considered in this context for the UK operations included General Data Protection Regulation (GDPR) and Health and Safety legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the Financial Statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance, Audit & Risk Committee about its own identification and assessment of the risks of irregularities, testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the Financial Statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the Financial Statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional BAFTA ANNUAL REPORT & ACCOUNTS 2022 46 omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. ## USE OF OUR REPORT This report is made solely to the charitable company’s members, 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 charitable company’s members 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 the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. ## **Naziar Hashemi, Senior Statutory Auditor** Signed for and on behalf of: Crowe U.K. 55 Ludgate Hill London EC4M 7JW 27 September 2023 BAFTA ANNUAL REPORT & ACCOUNTS 2022 47 ## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES** For the year ended 31 December 2022 (incorporating an income and expenditure account) ||Notes|Unrestricted funds
£’000|Restricted funds
£’000|Endowment funds
£’000|**Total funds 2022**
**£’000**|_Unrestricted funds_
_£’000_|_Restricted funds_
_£’000_|_Endowment funds_
_£’000_|_Total funds 2021_
_£’000_| |---|---|---|---|---|---|---|---|---|---| |**INCOME FROM**
Donations and legacies|3|2,937|(82)|23||_3,918_|_92_|_13_|_4,023_| ||||||||||| |Grants and donations|||||2,878||||| |Charitable activities
Awards
Membership
Sustainability
Learning, Inclusion & Talent||**2,937**
8,224
3,371
892
1,733|**(82)**
-
-
-
462|**23**
-
-
-
-|**2,878**|_3,918_
_3,549_
_2,869_
_700_
_1,036_|_92_
_-_
_-_
_-_
_381_|_13_
_-_
_-_
_-_
_-_|_4,023_
_3,549_
_2,869_
_700_
_1,417_| ||||||||||| ||||||8,224||||| ||||||3,371||||| ||||||892||||| ||||||2,195||||| |Other trading activities
Hiring
Productions
Other commercial||**14,220**
4,713
1,511
1,099|**462**
-
-
-|**-**
-
-
-|**14,682**|_8,154_
_718_
_1,437_
_470_|_381_
_-_
_-_
_-_|_-_
_-_
_-_
_-_|_8,535_
_718_
_1,437_
_470_| ||||||||||| ||||||4,713||||| ||||||1,511||||| ||||||1,099||||| |Investment income
Other income||**7,323**
**42**
**37**|**-**
**5**
**-**|**-**
**15**
**-**|**7,323**|_2,625_
_22_
_1,798_|_-_
_5_
_-_|_-_
_-_
_-_|_2,625_
_27_
_1,798_| ||||||**62**||||| ||||||**37**||||| |**TOTAL INCOME**|18|**24,559**|**385**|**38**|**24,982**|_16,517_|_478_|_13_|_17,008_| ||||||||||| BAFTA ANNUAL REPORT & ACCOUNTS 2022 48 ## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONT.)** For the year ended 31 December 2022 (incorporating an income and expenditure account) ||Notes|Unrestricted funds
£’000|Restricted funds
£’000|Endowment funds
£’000|**Total funds 2022**
**£’000**|
_Unrestricted funds_
_£’000_|_Restricted funds_
_£’000_|_Endowment funds_
_£’000_|_* Total funds 2021_
_£’000_| |---|---|---|---|---|---|---|---|---|---| |**EXPENDITURE ON**
Raising funds
Grants and donations
Hiring
Productions
Other commercial||929
4,275
2,214
546|-
-
-
-|-
-
-
-||_563_
_1,217_
_2,504_
_616_|_-_
_-_
_-_
_-_|_-_
_-_
_-_
_-_|_563_
_1,217_
_2,504_
_616_| ||||||||||| ||||||929||||| ||||||4,275||||| ||||||2,214||||| ||||||546||||| |Charitable activities
Awards
Membership
Sustainability
Learning, Inclusion & Talent|4|**7,964**
8,307
3,103
945
3,605|**-**
-
-
-
656|**-**
-
-
-
-|**7,964**|_4,900_
_3,222_
_1,553_
_676_
_2,438_|_-_
_-_
_-_
_-_
_341_|_-_
_-_
_-_
_-_
_-_|_4,900_
_3,222_
_1,553_
_676_
_2,779_| ||||||||||| ||||||8,307||||| ||||||3,103||||| ||||||945||||| ||||||4,261||||| ||4|**15,960**|**656**|**-**|**16,616**|_7,889_|_341_|_-_|_8,230_| |**TOTAL EXPENDITURE**|4|**23,924**|**656**|**-**|**24,580**|_12,789_|
_341_|_-_|_13,130_| ||||||||||| |**NET INCOME BEFORE INVESTMENTS**||**635**|**(271)**|**38**|**402**|_3,728_|_137_|_13_|_3,878_| |**OTHER RECOGNISED (LOSSES)/GAINS**|12
24|(124)
86|(19)
263|(167)
2||_2_
_-_|
_15_
_-_|_-_
_-_|_17_
_-_| |(Losses)/gains on investments|||||(310)||||| |FX gain on consolidation|||||351||||| |**NET (EXPENDITURE)/INCOME**||**597**|**(27)**|**(127)**|**443**|_3,730_|_152_|_13_|_3,895_| |Transfers between funds|19|1,912|(2,041)|129|-|_290_|_(277)_|_(13)_|_-_| |**NET MOVEMENT ON FUNDS**||**2,509**|**(2,068)**|**2**|**443**|_4,020_|_(125)_|_-_|_3,895_| |Total funds brought forward|24
12|28,553
-
-|4,878
-
-|829
-
-|34,260|_23,062_
_1,576_
_(105)_|_5,003_
_-_
_-_|_-_
_829_
_-_|_28,065_
_2,405_
_(105)_| |BAFTA North America gain on consolidation|||||-||||| |BAFTA albert Limited loss on consolidation|||||-||||| |**TOTAL FUNDS CARRIED FORWARD**|19|**31,062**|**2,810**|**831**|**34,703**|_28,553_|_4,878_|_829_|_34,260_| ||||||||||| The SOFA includes all gains and losses recognised in the year. All incoming resources expended derive from continuing activities. The notes on pages 51 to 76 form part of these Financial Statements. * A new method of allocation has been used to allocate support costs within the SOFA for 2022. The comparative figures for 2021 have therefore been restated on the same basis. BAFTA ANNUAL REPORT & ACCOUNTS 2022 49 ## **CONSOLIDATED AND CHARITY BALANCE SHEETS** As at 31 December 2022, company registration no. 00617869 ||Notes|**Group 2022**
**£’000**|_Group 2021_
_£’000_|**Charity 2022**
**£’000**|_Charity 2021_
_£’000_| |---|---|---|---|---|---| |**FIXED ASSETS**
Intangible
Tangible
Investments
Investments in subsidiaries|11
11
12a
12b||_390_
_35,091_
_246_
_-_||_659_
_35,072_
_166_
_385_| |||565||939|| |||33,215||33,203|| |||1,845||151|| |||-||385|| |Total fixed assets
**CURRENT ASSETS**
Stocks
Debtors
Cash at bank||**35,625**|_35,727_|**34,678**|_36,282_
_5_
_8,553_
_1,076_| ||||||| ||13||_27_
_7,292_
_5,986_||| |||69||41|| |||7,543||10,354|| |||9,565||2,068|| |Total current assets
**LIABILITIES**
Amounts falling due within one year||**17,177**|_13,305_|**12,463**|_9,634_
_(4,316)_| ||||||| ||14||_(7,362)_||| |||(11,099)||(6,271)|| |Net current assets||**6,078**|_5,943_|**6,192**|_5,318_| |Total assets less current liabilities|16|**41,703**|_41,670_
_(7,410)_|**40,870**|_41,600_
_(7,410)_| |Amounts falling due after more than one year||(7,000)||(7,000)|| |**NET ASSETS**||**34,703**|_34,260_|**33,870**|_34,190_| |Represented by:|19
19
19
19||_4,878_
_829_
_2,859_
_25,694_||_4,879_
_-_
_5,057_
_24,254_| |Restricted funds
Endowment funds
Unrestricted funds:
General funds
Designated funds||2,810||2,755|| |||831||-|| ||||||| |||3,130||4,363|| |||27,932||26,752|| |**TOTAL FUNDS**||**34,703**|_34,260_|**33,870**|_34,190_| ||||||| The net income/(expense) for the financial year shown in the Financial Statements of the parent charity was £(320)k (2021: £4,877k). The notes on pages 51 to 76 form part of these Financial Statements. Approved and authorised for issue by the Board of BAFTA on 11 July 2023 and signed on its behalf by: **Sara Putt Chair of BAFTA (appointed June 2023)** BAFTA ANNUAL REPORT & ACCOUNTS 2022 50 ## **CONSOLIDATED CASH FLOW STATEMENTS, 31 DECEMBER 2022** |**CONSOLIDATED CASH FLOW STATEMENTS, 31 DECEMBER 2022**||| |---|---|---| ||**2022**|_2021_
_£’000_| ||**£’000**|| |||| |**CASH FLOWS FROM OPERATING ACTIVITIES**||| |Net cash provided by operating activities
a.|**5,473**|_5,147_| |**CASH FLOWS FROM INVESTING ACTIVITIES**
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Proceeds from the sale of investments
Purchase of investments
Foreign currency gain on consolidation||_27_
_(15,699)_
_2,410_
_(125)_
_2,300_| ||13|| ||(379)|| ||-|| ||(1,879)|| ||351|| |Net cash used in investing activities|**(1,894)**|_(11,087)_| |**CASH FLOWS FROM FINANCING ACTIVITIES**
Cash inflows from new borrowing||_7,357_| ||-|| |Net cash provided by financing activities|**-**|_7,357_| |Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period|3,579|_1,417_
_4,569_| ||5,986|| |**CASH AND CASH EQUIVALENTS AT THE END OF THE REPORTING PERIOD**
b.|**9,565**|_5,986_| |a) Reconciliation of net income to net cash flow from operating activities
Net income for the reporting period (as per the SOFA)
Adjustments for:
Depreciation charges
Fees on investments
Dividends, interest and rents from investments
Loss on the disposal of fixed assets
Gifted property, plant and equipment
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase in creditors||_3,878_
_672_
_2_
_(27)_
_179_
_(1,711)_
_123_
_636_
_1,395_| ||402|| |||| ||2,074|| ||19|| ||(62)|| ||6|| ||-|| ||(42)|| ||(251)|| ||3,327|| |Net cash provided by operating activities|**5,473**|_5,147_| |b) Analysis of cash and cash equivalents
Cash in hand||_5,986_| ||9,565|| |Total cash and cash equivalents|**9,565**|_5,986_| |||| BAFTA ANNUAL REPORT & ACCOUNTS 2022 51 ## **NOTES TO THE FINANCIAL STATEMENTS** ## **1. CHARITY INFORMATION** The Charity is a company limited by guarantee (registered number 00617869), which is incorporated and domiciled in the UK. The address of the registered office is 195 Piccadilly, London W1J 9LN. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. ## **2. ACCOUNTING POLICIES** The following are the accounting policies adopted for the preparation of the Financial Statements. ## **Basis of Preparation** The Financial Statements have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts, in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice. BAFTA meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated. ## **Going Concern** After reviewing the forecasts and projections for the Charity, at the time of approving these Financial Statements, the trustees have a reasonable expectation that BAFTA has adequate resources to continue in operational existence for at least the next 12 months. The trustees, therefore, consider it appropriate to continue to adopt the going concern basis in the preparation of these Financial Statements. Further detail is provided in the Financial Review on pages 23 to 31. ## **Group Financial Statements** These Group Financial Statements consolidate the results of the Charity, including its branches in North America, Scotland and Wales, and its wholly-owned subsidiaries, BAFTA Enterprises Limited, 195 Piccadilly Limited, BAFTA Media Technology Limited and BAFTA albert Limited, on a line-by-line basis. In February 2021, BAFTA albert Limited was incorporated as a wholly-owned subsidiary of the Charity to carry on the activities which, prior to incorporation, had been carried out by the albert Consortium. The albert Consortium, originally founded in 2011, was a jointly controlled operation of which BAFTA was both member and treasurer and, as such, had previously been treated in line with FRS102 section 15. In August 2021, the BAFTA Los Angeles and BAFTA New York branches were unified into a single entity, BAFTA North America. BAFTA North America has been consolidated in these Financial Statements as it meets the tests required by FRS102 and the Charity SORP. BAFTA exercises control by virtue of various agreements and operating arrangements, which means that, in practice, it is able to govern the financial and operating policies of BAFTA North America. BAFTA North America’s purposes are aligned with those of BAFTA and its activities, therefore, contribute to both the aims and purposes of BAFTA. No separate Statement of Financial Activities (SOFA) has been presented for the Charity itself as permitted by Section 408 of the Companies Act 2006. The Charity has taken advantage of the exemptions in FRS102 from the requirements to present a Charity only Cash Flow Statement and certain disclosures about the Charity’s financial instruments. ## **Fund Accounting** General funds are unrestricted funds that are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the Financial Statements. Restricted funds are funds subject to specific restrictive conditions imposed by donors or by the purpose of any appeal. Expendable endowment funds are capital funds gifted to the Charity where there is no requirement to spend or apply the capital unless, or until, the trustees decide to do so. If the trustees decide to spend the capital gift then the relevant funds become unrestricted or restricted funds in line with the terms of the original capital gift. Permanent endowment funds are endowment funds where the Charity must invest and maintain the principle capital sum in perpetuity and may only spend or apply the investment income earned thereon. BAFTA ANNUAL REPORT & ACCOUNTS 2022 52 ## **2. ACCOUNTING POLICIES (CONT.)** ## **Income** All income is included in the SOFA when the Charity obtains the right to consideration and the amount can be quantified with reasonable accuracy. The following specific policies apply to categories of income: 1. Donated services and facilities are included at the value to the Charity where this can be quantified. No amounts are included in the Financial Statements for services donated by volunteers; 2. Gifts in kind are included at current market value where their value is ascertainable and material. The estimated valuation of gifts in kind is based on the value of the contribution to the Charity or the valuation the Charity would have had to pay to acquire the assets; 3. Where grants are related to performance and specific deliverables, these are accounted for as the Charity earns the right to consideration by its performance. Where income is received in advance of performance, it is deferred and included in creditors. Where entitlement occurs before income is received, this is accrued. In particular, donation income is accrued where entitlement occurs as a result of a Deed of Covenant existing at the reporting date. Otherwise, grants and donations are recognised when they become receivable; 4. Annual membership subscriptions are accounted for on an accruals basis; 5. Income from hiring, Awards income, sponsorship and events income are all accounted for as the Charity earns the right to consideration. Deferred income includes amounts received in respect of events to take place in the next financial year. ## **Expenditure** All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. 1. Building and facilities costs are allocated on the basis of the use of the building; 2. Other overhead areas are allocated on the basis of employee time. ## **Raising Funds** Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. ## **Charitable Activities** Costs of charitable activities comprise all costs identified as wholly or mainly attributable to achieving the charitable objects of the Charity. These costs include staff costs, wholly or mainly attributable support costs and an apportionment of general overheads. ## **Financial Instruments** The Group has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost, using the effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise bank loans and overdrafts, trade and other creditors. Investments, including bonds held as part of an investment portfolio, are held at fair value at the balance sheet date, with gains and losses recognised within income and expenditure. At the balance sheet date, investment assets held at fair value through income and expenditure for both the Group and Charity were £1,755k (2021: £240k). Investments in subsidiaries are held at cost less impairment. ## **Tangible Fixed Assets** Tangible fixed assets are capitalised, subject to a cost threshold of £2,500. Tangible fixed assets are stated at cost including any incidental expenses of acquisition, less any impairment. Depreciation is provided against tangible fixed assets at rates calculated to write off the cost over their expected useful economic lives, as follows: - Technical equipment – 25% reducing balance Support costs, which include the central office functions, such as general management, budgeting, accounting, information technology, financing and governance costs are allocated across the categories of charitable expenditure and the costs of generating funds. The basis of the cost allocation is shown in notes 4-5 (pages 55-56). Where costs cannot be directly attributed to particular headings, they are allocated to activities on a basis consistent with the use of resources: - Furniture and equipment – 20% straight line - Leasehold improvements – separate identifiable components with different useful economic lives are depreciated over the shorter of their useful economic life or the period of the lease - Computer equipment – 33.3% straight line (included within furniture and equipment) BAFTA ANNUAL REPORT & ACCOUNTS 2022 53 ## **2. ACCOUNTING POLICIES (CONT.)** ## **Intangible Fixed Assets** Intangible fixed assets are capitalised, subject to a cost threshold of £2,500. Intangible assets represent software costs and are stated at cost including any incidental expenses of acquisition, less any impairment. Depreciation is provided against intangible fixed assets at the rate of 33.3% for off-the-shelf software and 20% for bespoke internally developed solutions, calculated to write off the cost over their expected useful economic lives. ## **Stocks** Stocks are valued on a first-in, first-out basis at the lower of cost and net realisable value. Provision is made for obsolescence as appropriate. ## **Pension Costs** The Group contributes a defined amount to Group Personal Pension schemes in respect of eligible employees. Contributions are charged to the SOFA as they fall due. ## **Operating Leases** - Provision for depreciation of tangible fixed assets – following the successful completion of the 195 Piccadilly redevelopment in 2021 the book value of tangible fixed assets in the Group has risen to more than £35m with a corresponding increase in the associated depreciation charge. All assets within this category are depreciated in line with the stated policy elsewhere in this note (2) but due to the value any changes in estimates or judgement applied here will have significant impact. - Provision for depreciation of internally generated intangible fixed assets – ongoing systems development by BAFTA Media Technology qualifying for capitalisation as internally generated intangible fixed assets is highly technical and bespoke in nature. These assets are depreciated in line with the stated policy elsewhere in this note (2) but there is limited scope for clear comparisons to be drawn with commercially available off-the-shelf software that might help inform an objective assessment of the expected useful economic life of these systems. Costs relating to operating leases are charged to the SOFA over the life of the lease. ## **Critical Accounting Judgements** In the application of the Group’s accounting policies, described in this note (2), trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods. In the view of the trustees, none of the assumptions concerning the future or estimates or judgements made, as relating to assets and liabilities at the balance sheet date, are likely to result in a material adjustment to their carrying amounts in the next financial year. Such estimates include: - Valuation of gifts in kind – the SORP affords a choice of valuation methods which by their nature are subjective. All gifts recognised in the year were valued in line with the stated policy elsewhere in this note (2) but are inherently subjective. - Provision for irrecoverable debts – any value recognised is the result of the application of judgement by management with regards to which debts are considered recoverable or not and, as such, is highly subjective. ## **Foreign Currencies** Monetary assets and liabilities denominated in foreign currency are translated into pound sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currency are translated into pound sterling at the rate ruling on the date of the transactions. Exchange gains and losses are recognised in the SOFA. BAFTA ANNUAL REPORT & ACCOUNTS 2022 54 ## **3. VOLUNTARY INCOME** |**3. VOLUNTARY INCOME**||| |---|---|---| ||**2022**
**£’000**|_2021_
_£’000_| |**GRANTS AND DONATIONS**
Grant funding in the branches
Government Coronavirus grants
Donations||_131_
_255_
_3,637_| ||125|| ||6|| ||2,747|| ||**2,878**|_4,023_| |||| During the year the Group received government grants totalling £6k via the Coronavirus Job Retention Scheme and Coronavirus Business Grants (2021: £255k). ## **4. TOTAL EXPENDITURE** |**4. TOTAL EXPENDITURE**||||| |---|---|---|---|---| ||Direct costs
£’000|Support costs
£’000|**2022 Total**
**£’000**|_* 2021 Total_
_£’000_| |**RAISING FUNDS**
Costs of generating voluntary income
Grants and donations
Activities to generate funds including cost of goods
Hiring
Productions
Other commercial|792|137||_563_
_1,217_
_2,504_
_616_| |||||| ||||929|| |||||| ||1,560
1,836
295|2,715
378
251||| ||||4,275|| ||||2,214|| ||||546|| |**TOTAL EXPENDITURE ON RAISING FUNDS**|**4,483**|**3,481**|**7,964**|_4,900_| |**CHARITABLE ACTIVITIES**
Awards
Membership
Sustainability
Learning, Inclusion & Talent||||_3,222_
_1,553_
_676_
_2,779_| ||6,787
1,484
692
3,107|1,520
1,619
253
1,154||| ||||8,307|| ||||3,103|| ||||945|| ||||4,261|| |**TOTAL EXPENDITURE ON CHARITABLE ACTIVITIES**|**12,070**|**4,546**|**16,616**|_8,230_| |**TOTAL EXPENDITURE**|**16,553**|**8,027**|**24,580**|_13,130_| |||||| * A new method of allocation has been used to allocate support costs within the SOFA for 2022. The comparative figures for 2021 in notes 4 and 5 (overleaf) have therefore been restated on the same basis. BAFTA ANNUAL REPORT & ACCOUNTS 2022 55 ## **5. SUPPORT COSTS** |**5. SUPPORT COSTS**||||||||| |---|---|---|---|---|---|---|---|---| ||Personnel
£’000|Premises
£’000|Administration
£’000|Finance
£’000|Governance
£’000|Other
£’000|**2022 Total**
**£’000**|_* 2021 Total_
_£’000_| |Generating incoming resources
Charitable expenditure
Awards
Membership
Sustainability
Learning, Inclusion & Talent|1,040
814
378
99
422|1,932
167
1,063
17
474|204
241
52
65
103|60
111
36
36
53|46
34
6
9
16|199
153
84
27
86|3,481|_2,056_
_927_
_943_
_160_
_924_| |||||||||| ||||||||1,520|| ||||||||1,619|| ||||||||253|| ||||||||1,154|| |Total charitable expenditure
**TOTAL SUPPORT COSTS**|1,713
**2,753**|1,721
**3,653**|461
**665**|236
**296**|65
**111**|350
**549**|4,546|_2,954_
_5,010_| ||||||||**8,027**|| |_* 2021 Total_|_2,028_|_1,610_|_454_|_511_|_142_|_265_|_5,010_|| |||||||||| Support costs, included in the expenditure reported in the SOFA, have been allocated either on the basis of the relevant salary percentage, following an assessment of time spent on activities, or the relevant building usage percentage, following an assessment of activity taking place at BAFTA 195. ## **6. OPERATING COSTS** |**6. OPERATING COSTS**||| |---|---|---| ||**2022**
**£’000**|
_2021_
_£’000_| |**NET INCOME FOR THE YEAR IS STATED AFTER CHARGING**
Depreciation charge for the year
Owned assets
Loss on disposal of fixed assets
Operating lease rentals
Leasehold property
Plant and machinery
Auditors
Fees payable to the Charity’s auditors for the audit of the Charity’s annual accounts
The audit of the Charity’s subsidiaries pursuant to legislation||_672_
_179_
_730_
_8_
_38_
_19_| |||| ||2,074|| ||6|| |||| |||| ||548|| ||8|| |||| |||| ||44|| ||23|| |**TOTAL AUDIT FEES**|**67**|_57_| |Tax services
Carbon Calculator auditing|8|_8_
_-_| ||15|| |**TOTAL NON-AUDIT FEES**|**23**|_8_| |||| BAFTA ANNUAL REPORT & ACCOUNTS 2022 56 ## **7. TRUSTEES** One trustee received reimbursement during the year for travel, accommodation and administrative expenses totalling £849 (2021: £nil). No trustees received any remuneration during the year for their services to the Charity (2021: £nil). ## **8. RESULTS OF THE CHARITY** |**8. RESULTS OF THE CHARITY**||| |---|---|---| ||**2022**
**£’000**|
_2021_
_£’000_| |Gross incoming resources
Gift Aid
Resources expended|12,970|_10,728_
_4,079_
_(9,930)_| ||4,939|| ||(18,229)|| |**NET (EXPENSE)/INCOME FOR THE YEAR**|**(320)**|_4,877_| |||| The Charity is entitled to receive £4,939k in Gift Aid donations relating to profits earned by its trading subsidiaries in 2022 which have been accrued in these accounts. The legal obligation necessary to accrue these amounts exists under Deed of Covenant between the relevant subsidiary and the Charity at the reporting date, thus satisfying the amendment to FRS102 in December 2017 requiring Gift Aid donations be accounted for as a distribution to owners rather than a donation. BAFTA ANNUAL REPORT & ACCOUNTS 2022 57 ## **9. STAFF COSTS** |**9. STAFF COSTS**||| |---|---|---| ||**2022**|
_2021_| ||**no.**|_no._| |**THE AVERAGE MONTHLY NUMBER**
**OF EMPLOYEES BY ACTIVITY**
Executive
Sustainability
Archive, Heritage & Exhibitions
Awards
BAFTA Cymru and BAFTA Scotland
BAFTA North America
Communications
Corporate Partnerships
Finance
Fundraising
Hospitality
IT/Technical
Learning, Inclusion & Talent
Membership
Other
Production||_2_
_7_
_5_
_10_
_9_
_4_
_8_
_4_
_5_
_5_
_11_
_9_
_12_
_2_
_4_
_10_| ||2|| ||11|| ||3|| ||11|| ||10|| ||8|| ||11|| ||5|| ||7|| ||5|| ||35|| ||12|| ||14|| ||4|| ||10|| ||14|| ||**162**|_107_| |||| Emoluments exclude non-contractual payments made to employees of 195 Piccadilly Limited in relation to discretionary service charge. For the above employees, employer's National Insurance contributions of £223k (2021: £121k) were made and employer’s contributions totalling £117k (2021: £83k) were made to a Group Personal Pension Scheme. Redundancy costs totalling £nil (2021: £2k) are included in Wages and Salaries within total staff costs. ||**2022**|
_2021_
_£’000_| |---|---|---| ||**£’000**|| |**STAFF COSTS**
Wages and salaries
Social security costs
Other pension costs||_4,340_
_420_
_307_| ||6,573|| ||654|| ||385|| ||**7,612**|_5,067_| |||| |||| ||**2022**
**no.**|
_2021_
_no._| |**THE NUMBER OF EMPLOYEES WHOSE EMOLUMENTS**
**AMOUNTED TO MORE THAN £60,000 IN THE YEAR**
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£160,001 - £170,000
£170,001 - £180,000
£240,001 - £250,000||_1_
_3_
_3_
_2_
_-_
_1_
_1_
_-_| ||7|| ||1|| ||2|| ||7|| ||1|| ||2|| ||-|| ||1|| ||**21**|_11_| |||| The Group's new CEO was appointed in October 2022 and is not included within the higher paid employees disclosure above as their emoluments in 2022 fell below the threshold for the lowest band. The increase in the total number of higher paid employees is a result of inflationary pay rises pushing a number of staff who were not previously disclosed into the lowest band and the introduction of BAFTA North America staff into this disclosure now that a full year of expenditure is consolidated. The key management personnel of the Charity comprised the chief executive officer and the chief operating officer. The total employee benefits of the key management personnel of the Charity, including employer’s pension contributions, were £546k (2021: £426k). BAFTA ANNUAL REPORT & ACCOUNTS 2022 58 ## **10. TAXATION** As a charity, BAFTA is exempt from taxation of income and gains to the extent these are applied to its charitable objects. ## **11. TANGIBLE AND INTANGIBLE FIXED ASSETS** ||Leasehold
improvements
£’000|

Technical
equipment
£’000|
Furniture &
equipment
£’000|
**Total tangible**
**fixed assets**
**£’000**|
**Total intangible**
**fixed assets**
**£’000**| |---|---|---|---|---|---| |**GROUP**
Cost
1 January 2022
Transfers
Additions
Disposals|32,130
-
-
-|3,037
-
-
-|966
-
68
(27)||| ||||||| |||||36,133|528| |||||-|-| |||||68|311| |||||(27)|(10)| |31 December 2022
Depreciation
1 January 2022
Transfers
Charged in the year
Disposals|**32,130**|**3,037**|**1,007**|**36,174**|**829**| ||||||| ||314
-
1,113
-|304
-
683
-|424
-
148
(27)||| |||||1,042|138| |||||-|-| |||||1,944|130| |||||(27)|(4)| |31 December 2022
Net book value|**1,427**|**987**|**545**|**2,959**|**264**| ||||||| |31 December 2022|**30,703**|**2,050**|**462**|**33,215**|**565**| ||||||| |_31 December 2021_|_31,816_|_2,733_|_542_|_35,091_|_390_| BAFTA ANNUAL REPORT & ACCOUNTS 2022 59 ## **11. TANGIBLE AND INTANGIBLE FIXED ASSETS (CONT.)** ||Leasehold
improvements
£’000|

Technical
equipment
£’000|

Furniture &
equipment
£’000|

**Total tangible**
**fixed assets**
**£’000**|

**Total intangible**
**fixed assets**
**£’000**| |---|---|---|---|---|---| |**CHARITY**
Cost
1 January 2022
Transfers
Additions
Disposals|32,130
-
-
-|3,020
-
-
-|914
-
68
(26)||| ||||||| |||||36,064|879| |||||-|-| |||||68|507| |||||(26)|(10)| |31 December 2022
Depreciation
1 January 2022
Transfers
Charged in the year
Disposals|**32,130**
314
-
1,113
-|**3,020**
292
-
682
-|**956**
386
-
142
(26)|**36,106**|**1,376**| ||||||| ||||||| |||||992|220| |||||-|-| |||||1,937|221| |||||(26)|(4)| |31 December 2022
Net book value|**1,427**|**974**|**502**|**2,903**|**437**| ||||||| |31 December 2022|**30,703**|**2,046**|**454**|**33,203**|**939**| ||||||| |_31 December 2021_|_31,816_|_2,728_|_528_|_35,072_|_659_| BAFTA ANNUAL REPORT & ACCOUNTS 2022 60 ## **12. FIXED ASSET INVESTMENTS** ## **(A) GROUP AND CHARITY INVESTMENTS** ||**2022**
**£’000**|
_2021_
_£’000_| |---|---|---| |**COMMERCIAL INVESTMENTS**
Value of investment portfolio brought forward
Fund movements
Purchases at cost
Disposal proceeds
Revaluations (incl. fees)
Unrealised (losses)/gains
Realised gains||| ||246|_148_| |||_127_
_(42)_
_(2)_
_15_
_-_| ||1,879|| ||-|| ||30|| ||(329)|| ||19|| |Total fund movements|**1,599**|_98_| |**MARKET VALUE AT 31 DECEMBER**|**1,845**|_246_| |||| ||Quoted investments
£ ’000|

Cash deposits
£ ’000|
**2022 Total**
**£’000**| |---|---|---|---| |Investment assets in the UK|63|7|70| |Investment assets outside the UK|1,692|83|1,775| ||**1,755**|**90**|**1,845**| ||||| |The following individual holdings represented
more than 5% value of the total portfolio
Brewin Dolphin Investment Fund (BAFT0001)
Bank of America Private Bank (Pigott Scholarships)
Bank of America Private Bank (BAFTA LA)|||**2022 Total**
**£**| ||||150,655| ||||783,811| ||||
742,721| ||||| ||**2022**
**£’000**|
_2021_
_£’000_| |---|---|---| |**MIXED-TERM CASH DEPOSITS**
Value of cash deposits brought forward
Fund movements
Deposits matured during the year
Deposits placed during the year||_2,368_
_(2,368)_
_-_| ||-|| |||| ||-|| ||-|| |Net movement
Interest earned|**-**|_(2,368)_
_-_| ||**-**|| |**MARKET VALUE AT 31 DECEMBER**|**-**|_-_| |||| |||| |Historical cost of portfolios|2,057|_177_| BAFTA ANNUAL REPORT & ACCOUNTS 2022 61 ## **12. FIXED ASSET INVESTMENTS (CONT.) (B) INVESTMENTS IN SUBSIDIARIES** ## **THE CHARITY** The registered office of our four subsidiaries is 195 Piccadilly, London, W1J 9LN. The Charity holds more than 20% of the equity share capital in the following undertakings: |Subsidiary undertaking|Subsidiary undertaking|Class of holding|
Proportion held|
Proportion held|Nature of business|Nature of business||| |---|---|---|---|---|---|---|---|---| |BAFTA Enterprises Limited||Ordinary|100%||Primary trading subsidiary managing|||| |(incorporated in the|UK)||||commercial activity and membership|||| |Company no. 01163351|||||services for BAFTA|||| |BAFTA Media Technology Limited||
Ordinary|100%||Develops software to be used|||| |(incorporated in the|UK)||(indirect)1||in the processes of BAFTA and|||| |Company no. 06226648|||||commercialises that software||externally|| ||||||once development is complete|||| |195 Piccadilly Limited||Ordinary|100%||Manages the hiring and hospitality|||| |(incorporated in the|UK)||(indirect)1||business at BAFTA|195 in London||| |Company no. 08275569||||||||| |BAFTA albert Limited||Ordinary|100%||Bringing the film and television industries|||| |(incorporated in the|UK)||(indirect)2||together to tackle their environmental|||| |Company no. 13168781|||||impact|||| 1. Wholly-owned subsidiary of BAFTA Enterprises Limited. 2. BAFTA albert Limited was incorporated on 1 February 2021 as a wholly-owned subsidiary of BAFTA Enterprises Limited. BAFTA ANNUAL REPORT & ACCOUNTS 2022 62 ## **12. FIXED ASSET INVESTMENTS (CONT.)** ## **(C) BAFTA ENTERPRISES LIMITED** At 31 December 2022, the aggregate amount of BAFTA Enterprises Limited’s assets, liabilities and share capital and reserves was: ||**2022**
**£’000**|
_2021_
_£’000_| |---|---|---| |Current assets
Creditors: amounts falling due within one year|3,598|_2,711_
_(2,325)_| ||(3,212)|| |**NET ASSETS**|**386**|_386_| |Represented by:
Share capital
Reserves||_385_
_1_| ||385|| ||1|| |**NET ASSETS**|**386**|_386_| |||| BAFTA Enterprises Limited’s trading results for the year, as extracted from the audited Financial Statements, are summarised below: ||**2022**
**£’000**|
_2021_
_£’000_| |---|---|---| |Turnover
Cost of sales|7,811|_6,517_
_(1,742)_| ||(1,796)|| |Gross profit
Administrative expenses|**6,015**|_4,775_
_(813)_| ||(1,312)|| |Operating profit
Interest payable
Interest receivable|**4,703**|_3,962_
_-_
_-_| ||-|| ||3|| |**RESULT ON ORDINARY ACTIVITIES AFTER TAXATION**|**4,706**|_3,962_| |||| In 2023, the Charity is entitled to receive £4,706k in Gift Aid donations relating to profits earned by BAFTA Enterprises Limited in 2022 (2021: £3,962k). BAFTA ANNUAL REPORT & ACCOUNTS 2022 63 ## **12. FIXED ASSET INVESTMENTS (CONT.)** ## **(D) 195 PICCADILLY LIMITED** At 31 December 2022, the aggregate amount of 195 Piccadilly Limited’s assets, liabilities and share capital and reserves was: ||**2022**
**£’000**|
_2021_
_£’000_| |---|---|---| |Tangible fixed assets
Current assets
Creditors: amounts falling due within one year|12|_19_
_902_
_(2,914)_| ||4,881|| ||(5,819)|| |**NET LIABILITIES**|**(926)**|_(1,993)_| |Represented by:
Share capital
Reserves||_-_
_(1,993)_| ||-|| ||(926)|| |**NET LIABILITIES**|**(926)**|_(1,993)_| |||| The reserves deficit of £926k is comprised of trading losses accumulated during the period 2019 - 2021 where the premises at 195 Piccadilly were closed for capital redevelopment. 195 Piccadilly Limited’s trading results for the year, as extracted from the audited Financial Statements, are summarised below: ||**2022**
**£’000**|
_2021_
_£’000_| |---|---|---| |Turnover
Cost of sales|5,008|_831_
_(684)_| ||(2,808)|| |Gross profit
Administrative expenses|**2,200**|_147_
_(1,017)_| ||(1,140)|| |Operating profit/(loss)
Interest payable
Interest receivable|**1,060**|_(870)_
_-_
_-_| ||-|| ||7|| |**RESULT ON ORDINARY ACTIVITIES AFTER TAXATION**|**1,067**|_(870)_| |||| In 2023, the Charity expects to receive £nil in Gift Aid donations from 195 Piccadilly Limited due to its reserves deficit. Until cleared the deficit will prevent the distribution of any profits made under the Gift Aid scheme. BAFTA ANNUAL REPORT & ACCOUNTS 2022 64 ## **12. FIXED ASSET INVESTMENTS (CONT.)** ## **(E) BAFTA MEDIA TECHNOLOGY LIMITED** At 31 December 2022, the aggregate amount of BAFTA Media Technology Limited’s assets, liabilities and share capital and reserves was: ||**2022**
**£’000**|
_2021_
_£’000_| |---|---|---| |Current assets
Creditors: amounts falling due within one year|201|_178_
_(178)_| ||(201)|| |**NET ASSETS**|**-**|_-_| |Represented by:
Share capital
Reserves||_-_
_-_| ||-|| ||-|| |**NET ASSETS**|**-**|_-_| |||| BAFTA Media Technology Limited’s trading results for the year, as extracted from the audited Financial Statements, are summarised below: ||**2022**
**£’000**|
_2021_
_£’000_| |---|---|---| |Turnover
Cost of sales|1,083|_1,177_
_(807)_| ||(786)|| |Gross profit
Administrative expenses|**297**|_370_
_(34)_| ||(64)|| |Operating profit
Interest payable
Interest receivable|**233**|_336_
_(3)_
_-_| ||-|| ||-|| |**RESULT ON ORDINARY ACTIVITIES AFTER TAXATION**|**233**|_333_| |||| In 2023, the Charity is entitled to receive £233k in Gift Aid donations relating to profits earned by BAFTA Media Technology Limited in 2022 (2021: £117k). BAFTA ANNUAL REPORT & ACCOUNTS 2022 65 ## **12. FIXED ASSET INVESTMENTS (CONT.)** ## **(F) BAFTA ALBERT LIMITED** At 31 December 2022, the aggregate amount of BAFTA albert Limited’s assets, liabilities and share capital and reserves was: ||**2022**
**£’000**|
_2021_
_£’000_| |---|---|---| |Intangible fixed assets
Current assets
Creditors: amounts falling due within one year|188|_186_
_548_
_(871)_| ||1,292|| ||(1,610)|| |**NET LIABILITIES**|**(130)**|_(137)_| |Represented by:
Share capital
Reserves||_-_
_(137)_| ||-|| ||(130)|| |**NET LIABILITIES**|**(130)**|_(137)_| |||| The reserves deficit of £130k is comprised of i) the operating profits and losses in the years following incorporation, and ii) the closing reserves deficit of £105k on albert Consortium activity, which was transferred to BAFTA albert Limited upon incorporation. BAFTA albert Limited’s trading results for the year, as extracted from the audited Financial Statements, are summarised below: ||**2022**
**£’000**|
_2021_
_£’000_| |---|---|---| |Turnover
Cost of sales|917|_725_
_(588)_| ||(687)|| |Gross profit
Administrative expenses|**230**|_137_
_(169)_| ||(223)|| |Operating profit/(loss)
Interest payable
Interest receivable|**7**|_(32)_
_-_
_-_| ||-|| ||-|| |**RESULT ON ORDINARY ACTIVITIES AFTER TAXATION**|**7**|_(32)_| |||| In 2023, the Charity expects to receive £nil in Gift Aid donations from BAFTA albert Limited due to its reserves deficit. Until cleared the deficit will prevent the distribution of any profits made under the Gift Aid scheme. BAFTA ANNUAL REPORT & ACCOUNTS 2022 66 ## **13. DEBTORS** |**13. DEBTORS**||||| |---|---|---|---|---| ||**Group 2022**
**£’000**|
_Group 2021_
_£’000_|**Charity 2022**
**£’000**|
_Charity 2021_
_£’000_| |Trade debtors
Other debtors
Other taxation and social security costs
Amounts owed by Group undertakings
Prepayments and accrued income|3,081|_2,033_
_157_
_-_
_-_
_5,102_|1,098|_750_
_31_
_39_
_2,875_
_4,858_| ||30||25|| ||-||-|| ||-||4,974|| ||4,432||4,257|| ||**7,543**|_7,292_|**10,354**|_8,553_| |||||| ## **14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ||**Group 2022**
**£’000**|
_Group 2021_
_£’000_|**Charity 2022**
**£’000**|
_Charity 2021_
_£’000_| |---|---|---|---|---| |Trade creditors
Other creditors
Other taxation and social security costs
Accruals and deferred income
Building development loan|1,364|_776_
_148_
_282_
_6,156_
_-_|1,000|_528_
_387_
_97_
_3,304_
_-_| ||312||385|| ||560||120|| ||8,161||4,064|| ||702||702|| ||**11,099**|_7,362_|**6,271**|_4,316_| |||||| ## **15. DEFERRED INCOME** |**15. DEFERRED INCOME**||| |---|---|---| ||**Group 2022**
**£’000**|
_Group 2021_
_£’000_| |Balance at 1 January
Amount released to incoming resources
Amount deferred in the year|4,781|_3,454_
_(2,456)_
_3,783_| ||(3,954)|| ||6,002|| |**MARKET VALUE AT 31 DECEMBER**|**6,829**|_4,781_| |||| Deferred income comprises income from annual membership subscriptions that extend into 2022 and income in respect of sponsorship and partnerships, entries, tickets and deposits relating to our 2022 Awards ceremonies, events and corporate hires. Deferred income as at 1 January which remains deferred at 31 December relates to benefits purchased by BAFTA 195 redevelopment patrons, which span several years and are released accordingly. BAFTA ANNUAL REPORT & ACCOUNTS 2022 67 ## **16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR** ||**Group 2022**
**£’000**|
_Group 2021_
_£’000_|**Charity 2022**
**£’000**|
_Charity 2021_
_£’000_| |---|---|---|---|---| |Building development loan
(falling due in less than 5 years)|7,000|_7,410_|7,000|_7,410_| ||**7,000**|_7,410_|**7,000**|_7,410_| |||||| The building development loan is repayable no later than 42 months after the first instalment of the loan was drawn down. Initial funds were drawn down in July 2021, meaning repayment is required no later than January 2025. The total value of indebtedness due under the loan must be no more than £9m on 1 January 2023 and no more than £7m on 1 January 2024. Interest is charged on the outstanding balance at 2.25% over base rate. The loan is secured in the form of 1st Legal Charge against the leasehold and associated assets of 195 Piccadilly, London. The loan is subject to the following covenants: - The loan cannot exceed 40% of the projected market value of the property upon completion as evidenced by the most recent valuation addressed to the lender, from a valuer acceptable to the lender; - The loan plus the projected remaining development costs for completing the development, as evidenced by the most recent budget approved by the bank, cannot exceed 40% of the projected costs of undertaking the development, as set out in the budget approved by the bank prior to the drawdown of the loan. No covenants were breached during the period under review. |**Analysis of changes in net debt**|01 January 2022
£’000|Cash flows
£’000|Non-cash
£’000|**31 December 2022**
**£’000**| |---|---|---|---|---| |Cash and cash equivalents|5,986
-
(7,410)|3,579
-
-|-
(702)
410|9,565| |Loans falling due within one year||||(702)| |Loans falling due after more than one year||||(7,000)| ||(1,424)|3,579|(292)|**1,863**| |||||| ## **17. MEMBERS LIABILITY** The Charity does not have share capital and is limited by guarantee. In the event of the Charity being wound up, the maximum amount that each member is liable to contribute is £1. At 31 December 2022, there were 8,748 (2021: 8,421) members. BAFTA ANNUAL REPORT & ACCOUNTS 2022 68 ## **18. RELATED PARTY TRANSACTIONS** BAFTA Group intercompany balances as at 31 December 2022 are shown below: ||Service charge
£ ’000|

Gift Aid
£ ’000|

Other
£ ’000|

**2022 Total**
**£’000**|

_2021 Total_
_£ ’000_| |---|---|---|---|---|---| |**BAFTA (THE CHARITY)**
BAFTA Enterprises Limited
195 Piccadilly Limited
BAFTA Media Technology Limited
BAFTA albert Limited|1,278
732
43
116|4,706
-
233
-|(6,114)
3,063
(87)
1,004||_(253)_
_2,470_
_136_
_522_| |||||(130)|| |||||3,795|| |||||189|| |||||1,120|| |**BAFTA ENTERPRISES LIMITED**
BAFTA (The Charity)
195 Piccadilly Limited
BAFTA Media Technology Limited
BAFTA albert Limited|**2,169**
(1,278)
-
-
-|**4,939**
(4,706)
-
-
-|**(2,134)**
6,114
781
80
230|**4,974**|_2,875_
_253_
_81_
_63_
_103_| ||||||| |||||130|| |||||781|| |||||80|| |||||230|| |**195 PICCADILLY LIMITED**
BAFTA (The Charity)
BAFTA Enterprises Limited
BAFTA Media Technology Limited|**(1,278)**
(732)
-
-|**(4,706)**
-
-
-|**7,205**
(3,063)
(781)
(7)|**1,221**|_500_
_(2,470)_
_(81)_
_(7)_| ||||||| |||||(3,795)|| |||||(781)|| |||||(7)|| |**BAFTA MEDIA TECHNOLOGY LIMITED**
BAFTA (The Charity)
BAFTA Enterprises Limited
195 Piccadilly Limited
BAFTA albert Limited|**(732)**
(43)
-
-
-|**-**
(233)
-
-
-|**(3,851)**
87
(80)
7
125|**(4,583)**|_(2,558)_
_(136)_
_(63)_
_7_
_69_| ||||||| |||||(189)|| |||||(80)|| |||||7|| |||||125|| |**BAFTA ALBERT LIMITED**
BAFTA (The Charity)
BAFTA Enterprises Limited
BAFTA Media Technology Limited|**(43)**
(116)
-
-|**(233)**
-
-
-|**139**
(1,004)
(230)
(125)|**(137)**|_(123)_
_(522)_
_(103)_
_(69)_| ||||||| |||||(1,120)|| |||||(230)|| |||||(125)|| ||**(116)**|**-**|**(1,359)**|**(1,475)**|_(694)_| ||||||| BAFTA ANNUAL REPORT & ACCOUNTS 2022 69 ## **18. RELATED PARTY TRANSACTIONS (CONT.)** A service charge of £1,278k (2021: £767k) was charged by BAFTA to BAFTA Enterprises Limited representing its portion of Group overheads managed centrally within BAFTA. This item was outstanding in full at the balance sheet date. Other transactions made in the normal course of business may include insurance, rent, auditor’s remuneration, commercial share of membership fees and contributions by the Charity to the production of its live Awards broadcasts, all of which are expected to be repaid in full during 2023. No amounts were written off during the year. In 2023, the Charity is entitled to receive £4,706k in Gift Aid donations relating to profits earned by BAFTA Enterprises Limited in 2022 (2021: £3,962k). A service charge of £732k (2021: £861k) was charged by BAFTA to 195 Piccadilly Limited representing its portion of Group overheads managed centrally within BAFTA. This item was outstanding in full at the balance sheet date. Other transactions made in the normal course of business may include insurance, rent, auditor’s remuneration and charges for the Charity’s usage of hospitality and events facilities at BAFTA 195, all of which are expected to be repaid in full during 2023. No amounts were written off during the year. In 2023, the Charity expects to receive £nil in Gift Aid donations from 195 Piccadilly Limited due to its reserves deficit. Until cleared, the deficit will prevent the distribution of any profits made under the Gift Aid scheme. Other transactions made in the normal course of business may include rent, auditor’s remuneration, payroll costs and charges for software support and development, all of which are expected to be repaid in full during 2023. No amounts were written off during the year. In 2023, the Charity is entitled to receive £233k in Gift Aid donations relating to profits earned by BAFTA Media Technology Limited in 2022 (2021: £117k). A service charge of £116k (2021: £43k) was charged by BAFTA to BAFTA albert Limited representing its portion of Group overheads managed centrally within BAFTA. This item was outstanding in full at the balance sheet date. Other transactions made in the normal course of business may include rent, auditor’s remuneration, payroll costs and annual subscriptions for group membership of the albert Directorate, all of which are expected to be repaid in full during 2023. No amounts were written off during the year. In 2023, the Charity expects to receive £nil in Gift Aid donations from BAFTA albert Limited due to its reserves deficit. Until cleared, the deficit will prevent the distribution of any profits made under the Gift Aid scheme. The Charity received aggregate donations from trustees in 2022 totalling £100k (2021: £113k). These were in support of the 195 Piccadilly redevelopment campaign and were received without conditions or restrictions. A service charge of £43k (2021: £11k) was charged by BAFTA to BAFTA Media Technology Limited representing its portion of Group overheads managed centrally within BAFTA. This item was outstanding in full at the balance sheet date. BAFTA ANNUAL REPORT & ACCOUNTS 2022 70 ## **19. FUNDS** |**19. FUNDS**||||||| |---|---|---|---|---|---|---| ||1 January 2022
£ ’000|

Incoming
£ ’000|

Outgoing
£ ’000|

Transfers
£’000|

Gains/losses
£ ’000|
**31 December 2022**
**£’000**| |**RESTRICTED FUNDS**
Learning, Inclusion & Talent
i
Pigott Scholarships
ii
Fixed Assets – 195 Redevelopment
iii
Building
iv|610
-
4,268
-|467
-
-
(82)|(600)
(56)
-
-|-
(152)
(1,971)
82|(19)
263
-
-|| |||||||458| |||||||55| |||||||2,297| |||||||-| |**DESIGNATED FUNDS**
Learning, Inclusion & Talent
v
Academy
vi
BAFTA North America
vii
Fixed Assets – General
viii
Fixed Assets – 195 Redevelopment
viii
Building development loan repayment
ix
Building
x|**4,878**
375
76
1,440
494
23,309
-
-|**385**
-
-
-
-
-
-
-|**(656)**
-
(165)
-
-
-
-
(198)|**(2,041)**
(161)
454
(260)
173
507
1,690
198|**244**
-
-
-
-
-
-
-|**2,810**| |||||||| |||||||214| |||||||365| |||||||1,180| |||||||667| |||||||23,816| |||||||1,690| |||||||-| |**ENDOWMENT FUNDS**
Building – Unrestricted
xi
Building – Restricted
xi
Pigott Scholarships – Restricted
xii|**25,694**
-
-
829|-
20
3
15|**(363)**
-
-
-|**2,601**
(20)
(3)
152|**-**
-
-
(165)|**27,932**| |||||||| |||||||-| |||||||-| |||||||831| |**GENERAL FUNDS**|**829**
**2,859**|**38**
**24,559**|**-**
**(23,561)**|**129**
**(689)**|**(165)**
**(38)**|**831**| |||||||**3,130**| |**CONSOLIDATED FUNDS**|**34,260**|**24,982**|**(24,580)**|**-**|**41**|**34,703**| |||||||| BAFTA ANNUAL REPORT & ACCOUNTS 2022 71 ## **19. FUNDS (CONT.)** - viii. The designated fixed assets categories represent both tangible and intangible fixed assets that are used to carry out the Charity’s activities and are not readily available for spending. ## **Restricted Funds** - i. The restricted Learning, Inclusion & Talent category represents a variety of funds that support activity within the Charity’s year-round programme focused on educating the public, inspiring the next generation, and supporting new talent and skills development within film, games and television. Funds of note include: - BAFTA Kids – comprised of a variety of donations from individuals in support of BAFTA’s work with school children, including a project with Place2Be, the children’s mental wellbeing charity, promoting good mental well-being and raising aspirations. - Scholarships – representing a combination of investment assets transferred to BAFTA on the merger with The David Lean BAFTA Foundation which, alongside donations received from a range of donors, are committed to assisting talented people in need of financial support to study post graduate courses in film, games or television. - ii. The Pigott Scholarships restricted income fund is the accumulated investment surplus earned on the related $1m permanent endowment (xi) which is used to award annual scholarships to talented individuals pursuing postgraduate studies in filmmaking. - iii. The restricted fixed assets category represents tangible fixed assets related to BAFTA 195 that are used to carry out the Charity’s activities and are not readily available for spending. - iv. The restricted Building category represents funds supporting investment in redevelopment of the Charity’s premises, enabling 195 Piccadilly to remain its long-term home. ## **Designated Funds** - v. The designated Learning, Inclusion & Talent category represents a single fund that supports activity within the Charity’s year-round programme focused on educating the public, inspiring the next generation, and supporting new talent and skills development within film, games and television. - vi. The designated Academy category currently includes a single distinct fund – the Global Activity Reserve - representing surpluses set aside from particular activity made available to BAFTA's branches for projects which they themselves do not have the means to fund. - vii. The designated BAFTA North America fund represents all accumulated surpluses earned by BAFTA North America not subject to external restrictions which are designated by the Charity for ongoing use in delivering BAFTA North America’s charitable activities in the USA. - ix. The designated Building development loan repayment reserve represents funds set aside for repayment of the loan taken out to facilitate the redevelopment of BAFTA 195. - x. The designated Building category represents funds supporting investment in redevelopment of the Charity’s premises, enabling 195 Piccadilly to remain its long-term home. ## **Endowment Funds** - xi. The Building endowment fund categories represent expendable endowment funds received in support of future investment in the redevelopment of the Charity’s premises: - Building (Unrestricted) – expendable endowment funds which may be applied to any of the Charity’s objects. The trustees have approved the conversion of all such endowments received in the year to unrestricted income funds, as they deem that it will be in the Charity’s best interests to apply these funds to the 195 building redevelopment. These funds have, therefore, subsequently been designated to that purpose and added to the designated Building fund (ix). - Building (Restricted) – expendable endowment funds which are restricted to the costs of the BAFTA 195 redevelopment. The trustees have approved the conversion of all such endowments received in the year to restricted income funds, as they deem that it will be in the Charity’s best interests to apply these funds to the 195 building redevelopment. They are now part of the restricted Building fund (iv). - xii. The Pigott Scholarships endowment fund is a $1m permanent endowment established by Mark Pigott KBE for the purposes of awarding annual scholarships to talented individuals pursuing postgraduate studies in filmmaking. ## **Transfers** Pigott Scholarships (ii./xii.) – Transfer maintaining the value of the permanently restricted endowment principal of $1m following investment losses incurred during 2022. Fixed Assets – 195 redevelopment (iii./viii.) – Transfer releasing amount equal to 2022 depreciation charged on 195 redevelopment fixed assets from the restricted fund and to top up the designated fund to ensure sufficient coverage remains against fixed assets at the year end. Building (iv./x.) – With the redevelopment project concluded any related fundraising activity is transferred in the year to the appropriate restricted or designated fixed asset reserve. BAFTA ANNUAL REPORT & ACCOUNTS 2022 72 ## **19. FUNDS (CONT.)** BAFTA North America (vii.) – Transfer adjusting the value of reserves designated for use in the US in line with BNA unrestricted trading results for the year. ## **Transfers (cont.)** Learning, Inclusion & Talent (v.) – Transfer released from designated reserves to support LIT programme delivery expenditure throughout 2022. Academy (vi.) – Transfer creating the Global Activity Reserve from unrestricted surplus. Building development loan repayment (ix.) – Transfer designating surplus free reserves from general funds to fund repayments towards the BAFTA 195 redevelopment loan. Endowment funds – Building (xi.) – Transfer converting expendable endowments to either restricted or unrestricted income funds. ||1 January 2021
£ ’000|

Incoming
£ ’000|

Outgoing
£ ’000|Transfers
£’000|Gains/losses
£ ’000|
**31 December 2021**
**£’000**| |---|---|---|---|---|---|---| |**RESTRICTED FUNDS**
Learning, Inclusion & Talent
Archive, Heritage & Exhibitions
Fixed Assets – 195 Redevelopment
Building|338
2
4,663
-|386
-
-
92|(339)
(2)
-
-|210
-
(395)
(92)|15
-
-
-|| |||||||610| |||||||-| |||||||4,268| |||||||-| |**DESIGNATED FUNDS**
Learning, Inclusion & Talent
Academy
Archive, Heritage & Exhibitions
BAFTA North America
Fixed Assets – General
Fixed Assets – 195 Redevelopment
Building|**5,003**
227
206
5
-
505
13,753
6,181|**478**
-
-
-
-
-
-
-|**(341)**
-
(30)
-
-
-
-
(159)|**(277)**
148
(100)
(5)
1,439
(11)
9,556
(6,022)|**15**
-
-
-
1
-
-
-|**4,878**| |||||||| |||||||375| |||||||76| |||||||-| |||||||1,440| |||||||494| |||||||23,309| |||||||-| |**ENDOWMENT FUNDS**
Building – Unrestricted
Building – Restricted
Pigott Scholarships – Restricted|**20,877**
-
-
-|-
18
(5)
829|**(189)**
-
-
-|**5,005**
(18)
5
-|**1**
-
-
-|**25,694**| |||||||| |||||||-| |||||||-| |||||||829| |**GENERAL FUNDS**|**-**
**2,185**|**842**
**17,988**|**-**
**(12,600)**|**(13)**
**(4,715)**|**-**
**1**|**829**| |||||||**2,859**| |**CONSOLIDATED FUNDS**|**28,065**|**19,308**|**(13,130)**|**-**|**17**|**34,260**| |||||||| BAFTA ANNUAL REPORT & ACCOUNTS 2022 73 ## **20. ANALYSIS OF NET ASSETS BETWEEN FUNDS** ||Fixed assets &
investments
£’000|
Net current
assets
£’000|
Non-current
liabilities
£’000|**2022 Total**
**£’000**|
_Fixed assets &_
_investments_
_£’000_|_Net current_
_assets_
_£’000_|_Non-current_
_liabilities_
_£’000_|_2021 Total_
_£’000_| |---|---|---|---|---|---|---|---|---| |**RESTRICTED FUNDS**
Learning, Inclusion & Talent
Pigott Scholarships
Fixed Assets – 195 Redevelopment
Building|151
55
2,297
-|307
-
-
-|-
-
-
-||_166_
_-_
_4,268_
_-_|_444_
_-_
_-_
_-_|_-_
_-_
_-_
_-_|_610_
_-_
_4,268_
_-_| |||||458||||| |||||55||||| |||||2,297||||| |||||-||||| |**DESIGNATED FUNDS**
Learning, Inclusion & Talent
Academy
BAFTA North America
Fixed Assets – General
Fixed Assets – 195 Redevelopment
Building development loan repayment
Building|**2,503**
-
-
809
667
23,816
-
-|**307**
214
365
371
-
-
1,690
-|**-**
-
-
-
-
-
-
-|**2,810**|_4,434_
_-_
_-_
_-_
_494_
_23,309_
_-_
_-_|_444_
_375_
_76_
_1,440_
_-_
_-_
_-_
_-_|_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_4,878_
_375_
_76_
_1,440_
_494_
_23,309_
_-_
_-_| |||||||||| |||||214||||| |||||365||||| |||||1,180||||| |||||667||||| |||||23,816||||| |||||1,690||||| |||||-||||| |**ENDOWMENT FUNDS**
Building – Unrestricted
Building – Restricted
Pigott Scholarships – Restricted|**25,292**
-
-
831|**2,640**
-
-
-|**-**
-
-
-|**27,932**|_23,803_
_-_
_-_
_-_|_1,891_
_-_
_-_
_829_|_-_
_-_
_-_
_-_|_25,694_
_-_
_-_
_829_| |||||||||| |||||-||||| |||||-||||| |||||831||||| |**GENERAL FUNDS**|**831**
**6,999**|**-**
**3,131**|**-**
**(7,000)**|**831**|_-_
_7,490_|_829_
_2,779_|_-_
_(7,410)_|_829_
_2,859_| |||||**3,130**||||| |**NET ASSETS**|**35,625**|**6,078**|**(7,000)**|**34,703**|_35,727_|_5,943_|_(7,410)_|_34,260_| |||||||||| BAFTA ANNUAL REPORT & ACCOUNTS 2022 74 ## **21. COMMITMENTS UNDER OPERATING LEASES** ||**2022 Property**
**£’000**|

**2022 Furniture & equipment**
**£ ’000**|_2021 Property_
_£’000_|
_2021 Furniture & equipment_
_£’000_| |---|---|---|---|---| |Expiring within one year
Expiring in the second to fifth year
Expiring after five years|643|9|_548_
_2,208_
_33,266_|_8_
_3_
_-_| ||2,451|17||| ||31,907|-||| ||**35,001**|**26**|_36,022_|_11_| |||||| £34,580k of the Property balance (2021: £35,930k) relates to a license dated 15 February 1989 between BAFTA Enterprises Limited and The David Lean BAFTA Foundation in respect of premises at 195 Piccadilly, London, W1J 9LN. This lease was transferred to BAFTA on 30 June 2011 as part of the merger with The David Lean BAFTA Foundation and was renewed in 2018 for a further 45 years. The license to BAFTA Enterprises Limited continues for the foreseeable future. ## **22. PENSION COMMITMENT** The Charity and its subsidiary entities comply with the Pension Automatic re-enrolment process, meaning all entitled employees for the Group are enrolled in the Group personal pension scheme, unless they have opted out. The schemes' assets are held separately from those of the Group in independently administered funds. The pension cost charge represents employer's contributions payable by the Group and amounted to £385k (2021: £307k). Contributions outstanding at the year-end amounted to £6k (2021: £1k). ## **23. ANTHONY ASQUITH FUND** The Charity is the sole corporate trustee of the Anthony Asquith Fund, a registered charity with the objective to promote, encourage and foster the aesthetic appreciation of music, especially in connection with films, to members of the general public, following the merger with The David Lean BAFTA Foundation. As sole corporate trustee, the Charity controls the funds and activities of the Anthony Asquith Fund. The net movement since 1 January 2022 and total funds carried forward at 31 December 2022 were as follows: ||**2022**
**£’000**|_2021_
_£’000_| |---|---|---| |Balance at 1 January
Net movement in funds|27|_24_
_3_| ||(1)|| |**BALANCE AT 31 DECEMBER**|**26**|_27_| |||| BAFTA ANNUAL REPORT & ACCOUNTS 2022 75 ## **24. BAFTA NORTH AMERICA** At 31 December 2022, the aggregate amount of BAFTA North America’s assets, liabilities and reserves were: ||**2022**
**£’000**|
_2021_
_£’000_| |---|---|---| |Investments
Debtors
Cash
Creditors: amounts falling due within one year|1,695|_80_
_235_
_2,533_
_(579)_| ||22|| ||918|| ||(569)|| |**NET ASSETS**|**2,066**|_2,269_| |Represented by:
Endowment funds
Restricted funds
General funds||_829_
_-_
_1,440_| |||| ||831|| ||55|| ||1,180|| |**NET ASSETS**|**2,066**|_2,269_| |||| In August 2021, the entities BAFTA Los Angeles and BAFTA New York branches were unified into a single entity, BAFTA North America. Since incorporation BAFTA North America has been consolidated within these Financial Statements. BAFTA North America's consolidated reserves of £2,066k as at 31 December 2022 were comprised of i) the operating loss of £554k arising in 2022, ii) opening reserves of £2,269k from the prior period, and iii) foreign currency revaluation of £351k on both of these items which has been recognised as a gain on consolidation within the SOFA. BAFTA North America's consolidated reserves of £2,269k as at 31 December 2021 were comprised of i) the operating loss of £136k arising in the period from incorporation up to the balance sheet date, and ii) the opening reserves of £2,405k for the newly created entity, which were recognised as a gain on consolidation within the SOFA. BAFTA North America’s trading results for the year are summarised below: ||**2022**
**£’000**|
_2021_
_£’000_| |---|---|---| |Income
Expenditure|1,150|_297_
_(455)_| ||(1,457)|| |Deficit before interest and investments
Interest receivable
{Losses)/gains on investments|**(307)**|_(158)_
_21_
_1_| |||| ||44|| ||(291)|| |**RESULT FOR THE PERIOD**|**(554)**|_(136)_| |||| BAFTA ANNUAL REPORT & ACCOUNTS 2022 76 BAFTA ANNUAL REPORT & ACCOUNTS 2022 **Edited by Designed by** Toby Weidmann Russell Seal ## **BAFTA Accounts** Tim Yates Graham Bowen ## **BAFTA** 195 Piccadilly London W1J 9LN www.bafta.org ## **© BAFTA 2023** BAFTA ANNUAL REPORT & ACCOUNTS 2022 77