The International Financial Reporting Standards Foundation (IFRS) has revealed that its total income for the year ended 31 December 2020 declined from £30.9m to £30.1m.
While contributions to the group and other incomes fell 9.5% and 22.2% year-on-year respectively, the organisation’s income from its publications and related activities increased 11.1% during the period.
Operating expenses also dropped in 2020 for the IFRS, representing a 2.1% year-on-year decrease to £27.4m.
Some £19.7m of this was allocated to board members and staff costs, while both other technical and operational expenses and the group’s publications represented £2.4m costs each.
Hans Hoogervorst, outgoing chair of the board, said: “2020 turned out to be a challenging year because the coronavirus pandemic affected our stakeholder engagement, our working patterns and our priorities.
“However, thanks to resilient staff, supportive stakeholders and well developed technology, we were able to deliver our work plan with some important adjustments.”
Looking to 2021, the foundation expects operating expenditure to remain consistent with 2020, while the business process and technology programme will continue to progress with its £2.6m budget.
The organisation’s board will now be chaired by Andreas Barckow, who Hoogervorst claimed “knows our organisation very well”.