The BBFC is probably the most transparent ratings board in the world and, as you said, it was up to the distributor to decide whether to release it with an 18 or 15 certificate. They chose the latter. In this case, it isn't the BBFC who is 'censoring' the film, but Entertainment Film Distributors chose money over the director's intentions and pre-cut the film.
I have no doubt that 14-year-olds will see the film (as would 17-year-olds if it was rated 18) and not be harmed by the crude humour and swear words – hopefully they won't take to 'logging' in public pools – but the BBFC have a legal job to do and do it more leniently than ever before.
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