2024/25 and 2025/26 Financial Statements
Perth and Kinross Council · 5 May 2025
Back to Perth Common Good Fund Committee — 5 May 2025 and its agenda
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Our vision is a Perth and Kinross where everyone can live life well, free from poverty and inequality ___________________________________________________________________ Committee or Board: Perth Common Good Fund Committee Date of Meeting: 5 May 2025 Report Title: 2024/25 & 2025/26 Financial Statements Report Number: 25/107 Report Author: Fiona Lambie, Accountant Organisational Lead: Scott Walker, Chief Finance Officer ___________________________________________________________________ 1. Purpose 1.1 The purpose of this report is to provide details of actual income and expenditure to 31 March 2025, and the projected outturns for 2024/25 and 2025/26. 1.2 Sections 1. Purpose 2. Recommendations 3. Background/Context 4. Main Issues 5. Conclusion 6. Impact Value Assessment 7. Appendices 2. Recommendations It is recommended that the Committee: 2.1 Note actual income and expenditure to 31 March 2025, and the projected outturn for 2024/25, as set out in Appendix 1. 2.2 Note the projected outturn for 2025/26, as set out in Appendix 2. 3. Background/Context 3.1 The budget for 2024/25 was approved by the Committee on 29 January 2024 (Report 24/28 refers).
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3.2 Monitoring updates have been provided to the Committee throughout 2024/25 (Reports 24/135, 24/220, 24/235, and 25/21 refer). The reported surplus in 2024/25 was mainly due to an underspend on repairs and maintenance, financial assistance and Christmas events together with an increase in rental income, miscellaneous income and interest on investments. 3.3 The budget for 2025/26, which was approved by the Committee on 3 February 2025 (Report 25/21 refers), is based on activity in 2024/25 and adjusted for anticipated costs and availability of resources in the new financial year. 3.4 This report provides the monitoring position and projected outturn for 2024/25, as detailed in Appendix 1, and the projected outturn for 2025/26, as detailed in Appendix 2. 4. Main Issues Financial Statement 2024/25 4.1 As detailed in Appendix 1, the projected surplus for the Fund for 2024/25 is £99,693 and the anticipated Fund balance at 31 March 2025 is £2,153,874. 4.2 At the meeting on 6 February 2023, the Committee approved the earmarking of £69,500 of the 2022/23 surplus in Reserves to support applications for financial assistance for Cost of Living initiatives. A balance of £23,267 remains which has been increased to £30,000 (paragraph 4.6) and this has been carried forward to 2025/26 for further cost of living initiatives, as detailed in Appendix 2. 4.3 The year-end outturn for the Fund has been updated from the previously reported position, as noted in Section 4.4 of this report. It is anticipated that there will be further adjustments during the closure of the accounts for 2024/25, and the unaudited income and expenditure for the Fund will be reported to a future meeting of the Committee. 4.4 Following the update to Committee on 3 February 2025 (Report 25/21 refers), the surplus for the year has increased by £8,137. A summary of this movement is provided below:- • Property costs increased due to backdated Non Domestic Rates. Notification was received in March 2025 of charges for two empty Common Good properties amounting to £22,447 less a rebate due of £2,854. • £2,500 underspend on Finance Assistance due to the update of committed grant funding. • A further anticipated underspend of £6,751 on activities relating to Christmas Events. • £13,906 additional income received in January 2025 due to the reorganisation of non-charitable funds. The Charitable and Public
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Trusts Trustees approved the transfer of various non-charitable funds to where the funds could be used in keeping with the original intention of the legacy. • an additional £3,482 for Interest on Investments due to increased interest rates. Financial Statement 2025/26 4.5 Appendix 2 provides the 2025/26 Financial Statement which includes the Budget approved by Committee on 3 February 2025 (Report 25/21 refers). 4.6 At the meeting of 3 February 2025, the Committee also approved increasing the Cost of Living budget to £30,000 in 2025/26, and is now included in Appendix 2. 4.7 There is a £4,500 increase to the estimated Rents & Rates to be paid in 2025/26, which is due to the Common Good Fund being liable for the Non Domestic Rates charges for a Common Good property which is currently vacant. The only other adjustment to income and expenditure for the year, is a slight projected overspend of £1,050 if the proposed capital financial assistance projects are approved. The projected deficit for 2025/26 is, therefore, £31,013 and the estimated Fund balance at 31 March 2026 is £2,122,861. 5 Conclusion 5.1 As detailed in Appendix 1, the projected surplus for the Fund for 2024/25 is £99,693 and the anticipated Fund balance at 31 March 2025 is £2,153,874. 5.2 As detailed in Appendix 2, the projected deficit for 2025/26 is £31,013 and the estimated Fund balance at 31 March 2026 is £2,122,861. 6. Impact Value Assessment Impact Value Assessment 7. Appendices 7.1 Appendix 1 – Perth Common Good Fund – Financial Statement for the period to 31 March 2025 for 2024/25. 7.2 Appendix 2 – Perth Common Good Fund - Financial Statement for the 2025/26.
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