Financial Overview

Whilst defined and evolved by the Executive, LBMA Financial & Risk Management strategies, together with annual budgets, are subject to rigorous independent scrutiny by the Finance Committee. The Committee, in turn, makes the budget and financial target recommendations to the Board which agrees to their adoption. This process includes direct engagement with both the Membership and Physical Committees who provide further independent scrutiny on all proposals for Membership and GDL fees. Through this process, LBMA took the decision in late 2023 to freeze Member fees at 2023 rates for 2024. This decision was taken as LBMA was moving into the final year of a Three-Year Strategic Plan to advance standards for the common good of the global industry and to reinforce its position as the independent authority for precious metals.

Across the Three-Year Strategic Plan (2021-24), the Executive was charged with the specific business financial objective of:

“Maintaining reserves and financial performance to agreed targets to deliver the long-term strategic plan and enhanced financial risk management capable of sustaining LBMA through geopolitical and economic uncertainty.”

The audit of 2023 accounts saw positive returns for both LBMA and PMPL with total revenues growing by 20% on that received in 2022. Within that, non-Member and PMPL revenue accounted for 66% of all revenues and Membership fees plus other revenue from Members (such as event delegate fees, and Alchemist advertising) accounting for the other 34%. Expenditure was also up in both companies, but by far the biggest influence on LBMA returning a surplus in 2023 was the huge success of the Barcelona Conference.