Total income received was less than the previous year, which is mainly due to staff returning to normal working hours, with a
resultant reduction in funds received from the Coronavirus Job Retention Scheme. Festival members' subscriptions remained on a
par with 2021 as BIFF continued to support with reduced fees where appropriate, and, in acknowledgment of the difficulties
faced, a 25% reduction was applied to the adjudicator's fee bands for 2022. Income from copyright and insurance saw an
increase of more than 80%; an indicator that festivals are beginning to re-establish their presence. Investment income remained
relatively low when set against pre-pandemic levels, but this is attributable to companies being more cautious about dividends
with some paying reduced amounts and some nothing at all. Our investment income reflects that trend. The Board reviews its
investment policy regularly and, in conjunction with our financial advisers, maintains an investment policy that balances capital
preservation and growth with a return on income. Continued good governance, and controls by Festivals House staff, delivered a
reduction in expenditure with a resultant surplus of income over expenditure.
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