16 June 2014
The BIFM's strong recovery in 2012 was followed up by stable performance in 2013 that showed a significant shift in our focus to align with the Medium Term Strategy (MTS).
We moved on from the challenging work done in 2012, to restructure the business in light of the economic trading difficulties following 2011, and in 2013 looked to build a platform from which to invest in the future and put the building blocks in place to enable BIFM to align with its new 'Mission, Vision and Values'.
The actual surplus for 2013 was £107,275 compared with the surplus of £297,773 delivered in 2012, representing an increased investment in people and processes. Sponsorship and Regional/SIG events have remained consistent in line with the last few years and are, only now, starting to show signs that the economy is recovering.
Membership income grew to £2,255,119 (from £2,064,891 in 2012) and our Joint Ventures (BIFM Training and FM World) managed to deliver almost 100 per cent of their budgeted contribution, despite continuing increasing competition in their respective markets. Our Awarding Organisation saw student income grow from £139,739 in 2012 to £233,132 in 2013 (+67 per cent growth) following the launch of levels 2, 3 and 7 and the introduction of more Recognised Centres.
Overall turnover in 2013 was £3,374,939 (2012 £3,136,075) representing growth of over 7.6 per cent. The institute did increase its running costs in 2013, but these increases were in line with budgeted expectations and approved board investment plans.
Investment for the future
The board continued to support the executive as we strive to deliver aggressive targets and reach new audiences. To this end we have seen budget sign off by the board for institute revenue development investment of £100,000 in 2013, increasing to £250,000 in 2014. This, coupled with the support for the necessary infrastructure capital expenditure investment, sends a strong message that the board are not prepared to rest on their laurels, but are keen to see the institute raise its profile and make a significant impact on business, the economy and society as set out in our vision.
Over the last 18 months we have looked to invest in the people, processes and infrastructure to assist in the delivery of our medium to long-term goals. Whilst keeping an eye on the underlying net assets and cash reserves, we will, having received the support of the board, continue to invest accordingly as we build a stronger proposition that satisfies the needs of our members, individual and corporate, in the UK and overseas.
The board meets again in August to discuss our annual cycle of progress against the MTS and to ensure we are headed in the right direction in what are very fast moving and rapidly changing times. With the landscape moving at such a rate, of one thing you can be sure - our MTS, albeit based on a three-year cycle, will continue to evolve on an annual, if not, quarterly basis.