Fusion Assets' Performance and Financial Monitoring Report
North Lanarkshire Council · 18 November 2022
Back to Enterprise and Fair Work Committee — 18 November 2022 and its agenda
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North Lanarkshire Council Report Enterprise and Fair Work Committee Does this report require to be approved? ☐ Yes ☒ No Ref PH/DG Date 18/11/22 Fusion Assets’ Performance & Financial Monitoring Report From Pamela Humphries, Head of Planning and Regeneration Email Greerd@nothlan.gov.uk Telephone David Greer Growth Programme Manager tel. 07583 059816 Executive Summary This report provides details of the operational performance of Fusion Assets Ltd. (Fusion Assets) during 2022/23 (up to 30th Sept 2022), outlines a range of economic outputs and outcomes being delivered through this Arms Length Organisation (ALEO) and details key highlights achieved during 2021/22 (Q3 & 4) and 2022/23 (Q1 & 2). The report also details the financial performance of Fusion Assets between April 1st 2021 and June 30th 2022, their overall current financial standing and future financial projections. Recommendations It is recommended that committee: 1) Note the content of this report and the operational targets set for Fusion Assets during 2022/23 and performance against these to 30th September 2022 (as outlined in Appendix 1); 2) Note the financial performance of Fusion Assets (April 1st 2021 to June 30th 2022), their overall current financial standing and future financial projections as detailed in 2.2; and 3) Note the key highlights achieved during 2021/22 (Q3 & 4) and 2022/23 (Q1 & 2). The Plan for North Lanarkshire Priority Improve economic opportunities and outcomes Ambition statement (3) Maximise the use of our marketable land and assets through improved development in business and industrial infrastructure
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1. Background 1.1 Fusion Assets is a wholly owned subsidiary of the council. It focuses on delivering physical economic regeneration projects across North Lanarkshire and in particular industrial development – a market where there is currently limited speculative development. Unlike more traditional council owned property companies, Fusion Assets is more similar to an urban regeneration company whose role is focused on the redevelopment of vacant and derelict land and brownfield sites rather than commercial property management. 1.2 It should be noted that Fusion Assets does not receive an on-going or recurring management fee from the council for the delivery of services but rather uses grant funding from the council’s annual Vacant & Derelict Land Fund (VDLF) allocation from the Scottish Government as enabling investment for the acquisition and redevelopment of vacant and derelict land sites. In taking this forward, Fusion Assets has developed a unique and innovative development model where the value of acquired/remediated land sites, together with other loan funding and Fusion’s reserves, is used as equity to set up joint venture partnerships with the private sector that will fund and manage the commercial redevelopment of sites for industrial use. Once industrial units are complete and let/partially let, unless restricted by the terms and conditions of any grant funding, this asset is sold to a private sector investor with returns used to pay off loan funding and re-invested in future regeneration projects. 1.3 Fusion Assets’ operational and financial performance was previously considered by the former ALEOs and External Bodies Monitoring Sub Committee. Following changes to the council’s Scheme of Administration, responsibility for oversight of service delivery by arm’s length bodies now rests with the relevant service committee. The functions delivered by Fusion Assets on behalf of the council fall within the Terms of Reference of the Enterprise and Fair Work Committee. 1.4 In addition to performance monitoring by service committees, the Audit and Scrutiny Panel holds responsibility for ensuring the effectiveness of the administrative and financial governance of all of the council’s ALEOs (including Fusion Assets) whilst the Policy and Strategy Committee retains responsibility for considering the outputs from reviews by the council into its arm’s length delivery arrangements, including recommendations in relation to Best Value and potential future delivery options. 2. Report 2.1 Operational Performance Indicators 2.1.1 Fusion Assets’ 2022/23 annual targets and performance indicators are shown in Appendix 1. These indicators have been developed to show this company’s contribution to North Lanarkshire’s wider economy as well as the council’s strategic priorities. 2.1.2 Appendix 1 also details the external funding leverage secured by this company in relation to completed industrial developments. 2.2 Financial Performance Indicators Financial Performance 1 April 2021 to 31 March 2022 2.2.1 The company’s draft unaudited annual accounts to 31 March 2022 reports a projected net surplus of £0.557m. In respect of the underlying operational performance, this was
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a net surplus of £0.072m, which is a favourable variance of £0.224m on a net operating expenditure budget of £0.153m. Accounting adjustments resulted in additional £0.485m surplus, primarily due to impacts of updated land valuations. A summary is provided at Appendix 2 along with previous year comparator outturn position. Financial Performance 1 April 2022 to 30 June 2022 2.2.2 The company has approved a 2022/23 operating budget with projected net operating cost of £0.135m, which is a decrease of £0.017m on the 2021/22 budget. This is primarily due to projected increased income of £0.026m partly offset by increased expenditure of £0.009m. For 2022/23 the company has also been successful in securing a VDLF grant via the Council of £1.938m. Overall Financial Standing as of 30th June 2022 2.2.3 Appendix 3 gives an update on the overall financial standing of the company as of 30th June 2022, together with further information and previous year’s comparator figures. As can be seen, a healthy current asset to liability ratio of 2.05 is reported which gives assurance the company has sufficient resources to meet its commitments. 2.2.4 Based on their financial statements to 30th June 2022, Fusion Assets is currently projecting a minor overspend of £0.001m. A summary is provided at Appendix 4 along with previous year comparator outturn position. Capital Development Expenditure/Projection 2.2.5 Reflecting the long-term regeneration and project-based nature of Fusion Assets, the company’s project (capital) development expenditure is monitored cumulatively with spend on all projects fully tracked back to each project’s inception. The summary financial position of the projects is outlined in table 1 below. Table 1 – Capital Development Expenditure/Projection Budget Actual Projection Variance (Budget v Projection) £ £ £ £ Expenditure (VDLF & Non VDLF) (19,142,930) (17,295,738) (19,441,491) (298,561) Income (VDLF & Non VDLF) 23,631,295 17,517,827 24,324,483 693,188 Net (Cost)/Surplus 4,488,365 222,079 4,882,992 394,626 2.2.6 As outlined above, cumulative expenditure of £19.142m has been approved by Fusion Asset’s board, which will be met from budgeted income of £23.631m, a combination of VDLF grant, Regeneration Capital Grant Fund (RCGF) funding, anticipated capital receipts and Fusion Assets’ own resources. An overall surplus of £4.883m is currently projected, which is an increase of £0.339m from previously reported. These are estimates reflecting current valuations of land transfers and receipts from onward sales, which may fluctuate, impacting the surplus projected.
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2.2.7 As of 30 June 2022, net surpluses of £0.222m are reported, with a projected £2.146m of expenditure to be incurred on pre-development and building works. Further receipts of £6.806m are still anticipated, mainly from the onward sale of developments and VDLF funding. 2.2.8 However, the total development investment of the current portfolio is in the order of £40m, which predominantly rests with the joint venture companies and excludes some £9m of pre-development works funded through VDLF grants. Fusion Assets’ share of total development costs will be in the order of £7-8m and will consist of a mixture of land, cash contributions and recycled receipts. Cash Flow Forecast to June 2024 2.2.9 Fusion Assets requires effective cash management to support its development programme and therefore the cash position is closely monitored. The cash balance as at 30th June 2022 totalled £3.199m. The cash flow forecast to June 2024 is illustrated within Appendix 5. Based on estimated expenditure and receipts, the forecast demonstrates that there is sufficient funding available to carry out the proposed development programme. The lowest cash balance is forecast at £1.949m in December 2022, with the balance reaching a high of £3.412m in May 2023. 2.3 Key Achievements & Highlights (2021/22 – Q 3&4 and 22/23 Q1 & 2) 2.3.1 In early 2022, Gartcosh Estates LLP (a joint venture between Fusion Assets and Smart & Co.) completed the construction of the remaining 2 industrial units (totalling 40,500 sqft in size) of Phase 1, Gartcosh Business Interchange. Whilst there have been no lettings of these 2 units to date, there remains interest in both with Heads of Terms currently issued to several parties. Also at Gartcosh, Fusion Assets completed the purchase of the remaining 3.67 hectares of land from Scottish Enterprise that makes up Phase 3 and Phase 4 of this development. Once remediated and serviced, this could accommodate a further 102,000 sqft of industrial and commercial floorspace which equates to approximately 200 FTE jobs. 2.3.2 During 2022/23 Fusion Assets has also carried out a sustainability review of its activities and adopted a new ESG (Environmental Social and Governance) Policy and Action Plan to reduce its carbon footprint and transition to a net zero operational model. The net zero carbon pathway and delivery strategy will ensure that Fusion Assets maintains a commitment to the wider sustainability agenda as well as progressing with its local economic development objectives. 2.3.3 As a demonstration of its commitment to embed ESG and sustainability principles within its regeneration and development operations, Fusion Assets is currently out to tender for the construction of a new flagship development at Link Park, Newhouse. The new commercial building – a speculative 16,000 sqft unit to be built on a brownfield site remediated through North Lanarkshire Council’s VDLF programme, will incorporate a wide range of energy saving features. This includes solar PV panels on the roof, enhanced insulation panels and cladding, low energy LED lighting, EV charging points and the ability to introduce a heat recovery system in place of a gas connection. This new building will be funded through the land investment sale (recycled receipt) of the new £12M Co-Op ‘Dekit’ Facility which is under construction on the adjacent site at Link Park and is being built out under a development agreement between Fusion Assets and Tulchan/Newlands Developments.
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3. Measures of success 3.1 Fusion Assets’ measures of success are reflected in the level of physical regeneration works which they deliver together with economic outcomes achieved from investment made. For 2022/23 this includes: • the acquisition, remediation and improvement of Phase 3 and 4 of Gartcosh Business Interchange (3.67ha); • the acquisition of Plot 1 – Ravenscraig Industrial Park (circa. 2 ha); and • the procurement of a Joint Venture Partnership to take forward the redevelopment of Condor Park, Euocentral. 4. Supporting documentation Appendix 1: Fusion Assets Ltd - 2022/23 Performance Measures, Targets and Outcomes Appendix 2: Fusion Assets Ltd - Financial Performance as at 31st March 2022 Appendix3: Fusion Assets Ltd - Overall Financial Standing as at 30th June 2022 Appendix 4: Fusion Assets Ltd - Financial Performance as at 30th June 2022 Appendix 5: Fusion Assets Ltd - Cashflow Forecast as at 30th June 2022 Pamela Humphries Head of Planning and Regeneration
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5. Impacts ( http://connect/report-template-guidance ) 5.1 Public Sector Equality Duty and Fairer Scotland Duty Does the report contain information that has an impact as a result of the Public Sector Equality Duty and/or Fairer Scotland Duty? Yes ☒ No ☐ If Yes, please provide a brief summary of the impact? 5.1.1 Promoting inclusive growth sits at the heart of the council’s Ambition Programme. Fusion Assets will contribute towards this goal through the delivery of activity that supports the council to meet its Fairer Scotland Duty and address socio-economic disadvantage by: • promoting and enabling investment that will create and improve access to new and better employment opportunity; and • working as part of North Lanarkshire’s ERDP Business &Industry Group to ensure effective linkage between economic opportunity, skills and work-force development. 5.1.2 Fusion Assets also aim to ensure that any potential adverse equalities impacts as a result of policy and/or plans developed are minimised or negated where possible. If Yes, has an assessment been carried out and published on the council’s website? https://www.northlanarkshire.gov.uk/your-community/equalities/equality-and-fairer- scotland-duty-impact-assessments Yes ☐ No ☒ 5.2 Financial impact Does the report contain any financial impacts? Yes ☒ No ☐ If Yes, have all relevant financial impacts have been discussed and agreed with Financial Solutions? Yes ☒ No ☐ If Yes, please provide a brief summary of the impact? Fusion Assets does not receive an on-going or recurring management fee from the council for the delivery of services but rather uses grant funding from the council’s Vacant & Derelict Land Fund (VDLF) allocation as enabling investment for the acquisition and redevelopment of vacant and derelict land sites. The council did, however, award Fusion Assets £1.4M through the 2021/22 VDLF Programme and a further £1.938M through the 2022/23 Programme for a variety of industrial development projects. 5.3 HR policy impact Does the report contain any HR policy or procedure impacts? Yes ☐ No ☒ If Yes, have all relevant HR impacts have been discussed and agreed with People and Organisational Development? Yes ☐ No ☐ If Yes, please provide a brief summary of the impact? 5.4 Legal impact Does the report contain any legal impacts (such as general legal matters, statutory considerations (including employment law considerations), or new legislation)?
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Yes ☒ No ☐ If Yes, have all relevant legal impacts have been discussed and agreed with Legal and Democratic Solutions? Yes ☒ No ☐ If Yes, please provide a brief summary of the impact? Legal and Democratic Services provide Fusion Assets with third party Vacant & Derelict Land Fund grant agreements. 5.5 Data protection impact Does the report / project / practice contain or involve the processing of personal data? Yes ☐ No ☒ If Yes, is the processing of this personal data likely to result in a high risk to the data subject? Yes ☐ No ☐ If Yes, has a Data Protection Impact Assessment (DPIA) been carried out and e- mailed to dataprotection@northlan.gov.uk Yes ☐ No ☐ 5.6 Technology / Digital impact Does the report contain information that has an impact on either technology, digital transformation, service redesign / business change processes, data management, or connectivity / broadband / Wi-Fi? Yes ☐ No ☒ If Yes, please provide a brief summary of the impact? Where the impact identifies a requirement for technology, has an assessment been carried out (or scheduled) by the Enterprise Architecture Governance Group (EAGG)? Yes ☐ No ☐ 5.7 Environmental / Carbon impact Does the report / project / practice contain information that has an impact on any environmental or carbon matters? Yes ☒ No ☐ The environmental impact of any projects progressed by Fusion Assets has/will be assessed as part of the business case process. 5.8 Communications impact Does the report contain any information that has an impact on the council’s communications activities? Yes ☐ No ☒ If Yes, please provide a brief summary of the impact? 5.9 Risk impact Is there a risk impact? Yes ☒ No ☐ If Yes, please provide a brief summary of the key risks and potential impacts, highlighting where the risk(s) are assessed and recorded (e.g. Corporate or Service or Project Risk Registers), and how they are managed? Fusion Assets’ risk register review has been uploaded to the council’s Fig Tree Risk Register and is reviewed annually.
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Appendix 1 Fusion Assets Ltd - 2022/23 Operational Performance Measures, Targets and Outcomes Area of Activity Performance Indicator 2022/23 Target Outcome Outcome Achieved To Date Comments Cumulative Total (Since 2011) Improve economic opportunities and outcomes Support development of strategic investment sites, Enterprise Areas and industrial parks Number of infrastructure works to support strategic industrial sites 2 0 The contract is let for infrastructure works on Gartcosh Phase 3 & 4 but work has still to start on site. The planning application for infrastructure works at Ravenscraig Plot 1 is due to be submitted in October 2022. 8 Area of Activity Performance Indicator 2022/23 Businesses Accommodated by Site as at 30th September 2022 Comments Cumulative Total (Since 2011) Support businesses in expansion and development Number of new gross businesses re-located T A R G E T Dundyvan Enterprise Park N/A A C T U A L Dundyvan Enterprise Park N/A Dundyvan Enterprise Park was sold in early 2018 and Western Campus in October 2019. Businesses accommodated at these sites have not been counted from date of sale. Link Park : The 47,500sqft building on Plot A2 is pre-let but still under construction – completion scheduled for December 2022. Gartcosh - buildings 2 & 3 completed but still to be let 13 Western Campus N/A Western Campus N/A 12 Drumpellier N/A Drumpellier N/A 4 Link Park 1 Link Park 0 4 Gartcosh (Phase 1) 2 Gartcosh (Phase 1) 0 1 Total Number of businesses accommodated when properties under ownership of Fusion Assets/Fusion Assets JV. 34
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Area of Activity Performance Indicator 2022/23 Number of Gross Jobs Created by Site as at September 30th 2022 Comments Cumulative Total (Since 2011) Enhance the number of direct, indirect and induced jobs Number of new direct gross jobs created (FTE) TARGETS ACTUAL Dundyvan Enterprise Park N/A Dundyvan Enterprise Park N/A Dundyvan was sold in 2018 and Western Campus in 2019. Jobs created since date of sale have not been included. Targets based on employment densities for Light Industrial use 119 Western Campus N/A Western Campus N/A 166 Drumpellier N/A Drumpellier N/A 43 Link Park 50 Link Park 0 63 Gartcosh (Phase 1) Buildings 2 & 3 80 Gartcosh (Phase 1) Buildings 2 & 3 0 25 Total Number of gross jobs created when properties under ownership of Fusion Assets/Fusion Assets JV. 416 Area of Activity Performance Indicator 2022/23 Target Outcome (ha) Actual Outcomes as at 30th September 2022 Comments Cumulative Total - ha (Since 2011) Improve the health and wellbeing of our communities Improve brownfield and vacant & derelict land Total of vacant and derelict land improved (ha) 3.18 0 Target – Gartcosh Phase 3 & 4 developable land 12.62 Vacant & derelict land sites removed from register Total of vacant and derelict land taken off register (ha) 1.04 1.04 Previous land removed to date includes from Dundyvan Enterprise Park, Western Campus, Link Park (part) and Drumpellier Business Park (part) and Gartcosh Phase 1 (part). Remainder of Gartcosh Plot 1 to be removed from register in 2022/23 3.76 V&DL acquired for commercial development V&DL acquired (ha) 2.0 0 Target relates to Ravenscraig Plot 1 – circa 2ha. 15.54
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Area of Activity External Funding Leverage by Fusion Assets (Completed Projects) Comments Cumulative Total (Since 2011) Improve North Lanarkshire’s Resource Base Leverage on Council Investment Project Dundyvan Western Campus Gartcosh Phase 1 Drumpellier Link Park – excluded until full development completed/financed Gartcosh Phase 1: Excludes VDLF investment made in Phase 1B as this not currently financed. NLC secured an additional £108,000 capital receipt from NLC’s purchase of site for Gartcosh Phase 2. Total Total Project Spend £2,985,993 £4,209,915 £5,541,621 £1,646,596 £14,384,125 VDLF £162,917 £748,564 £976,000 £300,000 £2,187,481 NLC N/A £99,351 N/A N/A £99,351 RCGF N/A N/A N/A £1,116,591 £1,116,591 Private Sector £387,750 £631,000 £857,000 £115,000 £1,990,750 Fusion £530,326 £631,000 £524,000 £115,000 £1,800,326 Loan Finance £1,905,000 £2,100,000 £3,184,621 N/A £7,189,621 Ratio of Leverage achieved from NLC investment (including VDLF Funding) 18:1 5:1 6:1 5:1 6:1
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Forecast GVA & Employment Impact of Projects Completed to Date Development Name Construction Spend *1 Construction Jobs (PYE) Construction Impact – GVA (£) *2 Employment By 2030*3 GVA Impact By 2030 *3 Local Economy Value Dundyvan Enterprise Park £2,823,000 18.8 £983,860 312 jobs + 0.5% £37M Western Campus £3,362,000 22.4 £1,172,259 357 jobs + 0.7% £50M Gartcosh Industrial Park Ph 1 (Building 1) £1,310,000 8.7 £455,297 175 jobs + 0.1% £7M Gartcosh Industrial Park Ph1 (Buildings 2 & 3) £3,091,076 20.5 £1,074,318 413 jobs +0.2% £16M Enterprise House, Drumpellier Business Park £1,046,000 7.0 £366,331 65 jobs + 0.02% £2M Link Park, Newhouse (Building 1) £1,100,000 7.3 £382,030 156 jobs + 0.1% £8M TOTAL £9,641,000 72.9 £4,434,095 + 1478 jobs + 1.62% £120M *1 Excludes site acquisition and remediation costs *2 Person Year Equivalent (PYE) construction impacts are reported as gross impacts and as such do not take account of displacement or leakage to the local economy. Source: Scottish Annual Business Statistics 2019 *3 Employment and GVA impacts take in to account direct impacts (changes in employment and GVA as a direct result of these commercial developments), indirect impacts (impacts on supply chains) and induced impacts (household spending as a result of wages earned both via direct and indirect impacts). The uplifts in GVA and employment figures are based on a number of assumptions around the occupancy rates and types of businesses occupying these premises as well as macro-economic factors such as Brexit. The model on which 10 year Employment and GVA forecasts were produced was developed before the Covid-19 global pandemic and therefore may prove optimistic. Source: NLC oxford Economics Model 2019
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Fusion Assets Limited Financial Performance as at 31st March 2022 Income & expenditure 2020/21 Commentary Budget Provisional Outturn Variance Final Outturn £ £ £ £ Rental Income 135,342 134,275 (1,068) 94,835 Minor under-recovery in income at Newhouse Building due to lease agreements Bank Interest 1,000 1,537 537 923 Minor increase in interest due to market impacts Investments 0 207,200 207,200 10,000 Provisional receipts from development sale of Newhouse A2 Misc 0 0 0 10,295 Total Income 136,342 343,011 206,669 116,053 Expenditure: Staff costs (173,960) (166,966) 6,994 (105,939) Underspend due to delay in recruitment Board Costs (15,000) (15,000) 0 (15,008) Operating Costs (89,300) (86,865) 2,435 (60,289) Decreased expenditure in project/development costs Running Costs (10,900) (2,667) 8,233 (5,105) minor underspend Total Expenditure (289,160) (271,499) 17,661 (186,341) Net Surplus/Deficit (152,818) 71,513 224,330 (70,288) Accounting adjustments: Release of deferred grant income 0 873,049 873,049 699,643 Unrealised gain/(loss) on investment property 0 (5,905) (5,905) 195,225 Impairment 0 (251,185) (251,185) (446,102) Tax provision 0 (130,619) (130,619) (77,885) Increase / (Utilisation) of Reserves (152,818) 556,852 709,670 300,593 2021/22 Appendix 2
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Fusion Assets Overall Financial Standing - Balance Sheet as at 30 June 2022 Balances/ Indicator as at 30 June 2022 as at 31 March 2022 Movement Commentary £'000 £'000 £'000 Fixed Assets: Investments 1,040 990 50 Increased investment in Gartcosh Estates LLP Investment Property 1,995 1,995 0 Newhouse Building 1 3,035 2,985 50 Current Assets: Stocks 2,937 2,884 53 Work in progress Trade Debtors 601 1,361 (760) Debtors, VAT recoverable, deferred taxation, accrued income, prepayments Bank 3,199 2,563 636 Short-Term Investments 0 0 0 6,737 6,808 (71) Current Liabilities: Other Creditors inc. VAT & other taxes (3,282) (3,318) 36 Deferred income (VDLF), accruals, tax (3,282) (3,318) 36 Net current Assets/(liabilities) 3,455 3,490 (35) Creditors: Amounts falling due over 1 year (2,396) (2,396) 0 Deferred income (Boots) Net Asset / (Liabilities) 4,094 4,079 15 Current Ratio 2.05 2.05 0.00 A comparison of current assets, current liabilities and short term loan obligations, gives a net current asset position of £4.094m, and a healthy current ratio of 2.05, which gives assurance the company has sufficient resources to meet its current commitments Appendix 3
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Fusion Assets Limited Financial Performance as at 30th June 2022 Income & expenditure 2021/22 Commentary Annual Budget Projected Outturn Variance Final Outturn £ £ £ £ Rental Income 161,707 158,554 (3,153) 134,275 Bank Interest 700 3,406 2,706 1,537 Increased interest income due to market impacts Investments 0 0 0 207,200 Misc 0 1,565 1,565 0 Total Income 162,407 163,525 1,118 343,011 Expenditure: Staff costs (182,570) (182,570) 0 (166,966) Board Costs (15,000) (15,000) 0 (15,000) Premises Costs (9,250) (9,783) (533) 0 Operating Costs (81,000) (78,750) 2,250 (86,865) Running Costs (10,000) (12,000) (2,000) (2,667) 0 0 0 0 Total Expenditure (297,820) (298,103) (283) (271,499) Net Surplus/Deficit (135,414) (134,578) 835 71,513 Accounting adjustments: Release of deferred grant income 0 0 0 873,049 Unrealised gain/(loss) on investment property 0 0 0 (5,905) Impairment 0 0 0 (251,185) Tax provision 0 0 0 (130,619) Increase / (Utilisation) of Reserves (135,414) (134,578) 835 556,852 2022/23 Appendix 4
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0.000 0.500 1.000 1.500 2.000 2.500 3.000 3.500 4.000 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 balance 3.220 3.243 2.900 2.370 2.224 1.949 2.470 3.390 3.295 3.381 3.412 3.354 3.314 3.392 3.382 3.318 3.355 3.331 3.281 3.329 3.247 3.243 3.275 3.271 Forecast Cash Balances to June 2024 Appendix 5