2020 Annual Review
2019 was yet another good year for LBMA financially in which we returned a modest profit of £65.3K versus a loss in 2018. PMPL continues to go from strength to strength, returning a profit of £296.8K, up 46.6% on last year.
Revenue was up by £1.08 million across the year and expenditure across the main LBMA business areas is largely in line with that of 2018. The PMPL return from Benchmark data sales continues to grow, up £314K on last year, and has more than covered the £260.2K expenditure increase driven by essential market development projects and the Gold Price 100th Anniversary celebrations.
REVENUE WAS UP £1.08m ACROSS THE YEAR
COVID-19 has required LBMA to execute contingency plans to manage risk and maintain financial stability. Revenue in 2020 will be down by £1.2 million on that received in 2019, and expenditure has been reduced to focus on the delivery of market and business priorities. Notwithstanding these measures, there is expected to be a financial impact at the end of 2020 where LBMA is forecasting a loss of £310K. At the AGM in September 2020, members were briefed on this position, the need to re-establish reserves and the requirement to properly resource the three-year market development programme, which will lead to the first real increase in fees for 2021 since the 1990s.
2019 LBMA Charitable Donations
For many years now, LBMA has set aside a fund which it uses to support charitable causes. In 2019, LBMA split its fund equally between four noble charities: Isabelle Hospice, The Ghana Education Project, The Jamil & Nyanga Jaward Foundation in Sierra Leone and Alzheimer’s Research UK.