Appendix 1 - Management Accounts to end of January - Culture Perth and Kinross
Perth and Kinross Council · 24 April 2024
Back to Scrutiny and Performance Committee — 24 April 2024 and its agenda
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Culture Perth and Kinross Limited 10 Financial Summary - 31st Jan 2024 12 Profit & Loss Summary: 2023/24 Budget Budget to January Actual to January Variance vs budget Year End Forecast CHARITY: Total Income 3,557,920 2,949,933 3,031,430 81,497 3,649,646 Total Expenditure 3,586,455 2,965,385 3,082,792 117,406 3,736,516 Surplus/(Deficit) (28,535) (15,452) (51,362) (35,910) (86,870) TRADING: Total Income 110,507 92,089 85,709 (6,380) 106,407 Total Expenditure 97,637 81,364 74,920 6,444 98,335 Surplus/(Deficit) 25,764 10,725 10,789 64 8,072 Reserves Position at 31st Jan 24 Year end forecast position CHARITY: £ £ Unrestricted 418,614 331,744 * Designated 198,655 198,974 Restricted (grants) 190,266 358,435 TRADING: Reserves 33,998 31,281 * £200k of unrestricted funds allocated to underwriting Perth Museum Fundraising Income Sources to 31st January 2024: Expenditure to 31st January 2024: £ £ Perth & Kinross Council SLA 2,826,763 77% Staffing 2,533,467 59% Restricted Income (Grants) 575,552 16% Restricted Expenditure (Grants) 1,143,721 27% Other Internally Generated 191,609 5% Supplies & Services 356,063 8% Bank Interest 72,367 2% Property 67,026 2% Unrestricted Fundraising/Donations 26,400 1% Transport 83,420 2% Total Income to 31st Dec'23 3,692,691 Trading Company 74,920 2% Governance 41,737 1% Finance 1,079 0% Total Expenditure to 31st Jan'24 4,301,433 Group Cash Balance: 0 500000 1000000 1500000 2000000 2500000 3000000 Group Cash Balance
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Culture Perth and Kinross Limited 10 Unrestricted Profit and Loss to 31 January 2024 All white cells to be updated - start payment run 12 Income 2023/24 Projected Outturn 2023/24 Budget Budget to January Actual to January Variance Comments Donations and Legacies General Donations 17,438 17,438 14,532 13,650 (882) PM patrons income in restricted Fundraising Income 15,000 15,000 12,500 12,750 250 32,438 32,438 27,032 26,400 (632) Income from charitable activities Prison Reading Service 13,170 13,170 10,975 10,677 (298) Archives/Local Family History 750 1,000 833 614 (219) Miscellaneous Income 56,506 14,687 12,239 48,584 36,345 Includes FGIC income Event/Exhibition Ticket Sales including art classes 15,000 20,000 16,667 12,311 (4,356) Cost of living impacting on additional spend PKC Service Fee 3,392,116 3,392,116 2,826,763 2,826,763 (0) 3,477,542 3,440,973 2,867,478 2,898,949 31,472 Investment Income Bank Interest 81,367 25,000 20,833 72,367 51,534 81,367 25,000 20,833 72,367 51,534 Other Income Museum and Galleries Tax Relief 18,000 18,000 0 0 0 Library Charges (book requests/lost tickets) 1,000 1,760 1,467 832 (635) Makerspace 300 750 625 208 (417) Book Groups 2,500 2,500 2,083 2,263 180 Recharge to Trading 36,499 36,499 30,416 30,416 0 Shorts/Overs 0 0 0 (5) (5) 58,299 59,509 34,591 33,714 (877) TOTAL INCOME 3,649,646 3,557,920 2,949,933 3,031,430 81,497 Expenditure Staff Costs Salary Costs - including NI/Pensions 2,913,869 2,765,019 2,304,183 2,428,224 (124,042) Supply Staff 56,585 70,000 58,333 47,154 11,179 Consultancy 70,000 70,000 23,333 30,437 (7,104) Training 15,000 12,000 10,000 13,618 (3,618) Further costs in last Q for new PM staff Recruitment 12,750 2,000 1,667 12,321 (10,654) includes Head of Finance recruitment Disclosure Scotland 2,000 1,000 833 1,713 (880) Further costs in last Q for new PM staff 3,070,204 2,920,019 2,398,349 2,533,467 (135,118) Property Costs Rent 8,017 8,017 6,681 6,681 (0) Birnam Library rent Property Maintenance 13,000 13,000 10,833 10,659 174 Cleaning 60,585 60,585 50,488 49,686 802 81,602 81,602 68,002 67,026 976 Supplies & Services Library supplies (books, periodicals, newspapers) 75,000 75,000 62,500 62,792 (292) Spend weighted towards year end Equipment & Materials 22,500 17,000 14,167 18,498 (4,331) includes Perth Museum spend Health & Safety Materials 6,000 6,000 5,000 4,604 396 Printing, Stationery, Photocopying and postage 10,000 9,000 7,500 6,645 855 Computer and IT costs 70,000 70,000 58,333 48,866 9,467 Telephone Costs 5,000 5,000 4,167 4,409 (242) Marketing 23,000 20,000 16,667 21,447 (4,780) Events 20,000 20,000 16,667 16,657 10 Events planned for last quarter Depreciation Charge 8,000 10,000 8,333 6,562 1,771 Licences & Subscriptions 73,000 69,000 57,500 67,290 (9,790) Exhibitions 40,000 40,000 33,333 26,415 6,918 Spend weighted towards year end Insurance 35,000 33,000 27,500 28,905 (1,405) Other Fees 20,000 11,000 9,167 18,637 (9,470) Irrecoverable VAT 0 4,100 3,417 0 3,417 Fundraising Costs 20,000 20,000 16,667 16,653 14 includes Perth Museum fundraising costs & assets Other Expenses 10,000 10,000 8,333 7,683 650 437,500 419,100 349,250 356,063 (6,813) Transport Costs Fuel 12,000 24,000 20,000 8,536 11,464 Reduction due to removal of 1 vehicle Lease 72,000 82,000 80,006 70,700 9,306 Subsistence 250 250 208 26 182 Travel Costs 5,000 9,000 7,500 4,158 3,342 89,250 115,250 107,715 83,420 24,295 Finance Costs Bank Charges 1,600 1,600 1,333 1,079 254 1,600 1,600 1,333 1,079 254 Governance Expenses Accountancy Fees 10,000 6,774 5,645 5,645 0 includes finance support costs Audit Fees 10,000 6,750 5,625 5,625 (0) Audit accrual Health & Safety Advice 9,975 9,975 8,313 8,313 0 Employment Law 8,825 8,825 7,354 7,354 0 HR Software 5,760 5,760 4,800 4,800 0 Bright HR software Payroll 11,800 10,800 9,000 10,000 (1,000) Includes one off set up costs 56,360 48,884 40,737 41,737 (1,000) TOTAL EXPENDITURE 3,736,516 3,586,455 2,965,385 3,082,792 (117,406) Surplus/(Deficit) (86,870) (28,535) (15,452) (51,362) (35,910) Backdated pay award paid in Dec 23
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Culture Perth and Kinross Limited Restricted Profit and Loss to 31 January 2024 Restricted Balance as at 1st April 2023 758,435 Restricted Income 575,552 Restricted Expenditure 1,143,721 Surplus/(Deficit) (568,169) Restricted Balance as at 31st January 2024 190,266 Culture Perth and Kinross Limited Designated Profit and Loss to 31 January 2024 COVID Fund Library Development Organisational Change Perth Museum Total Designated Balance as at 1st April 2023 3,822 60,000 100,000 63,000 226,822 Transfers 0 (60,000) 40,000 20,000 0 agreed at June FRC Designated Income 0 0 0 0 0 Designated Expenditure (3,185) 0 (24,982) 0 (28,167) Surplus/(Deficit) (3,185) (60,000) 15,018 20,000 (28,167) Designated Balance as at 31st January 2024 637 0 115,018 83,000 198,655
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Culture Perth and Kinross Limited Balance Sheet as at 31 January 2024 Jan-24 Mar-23 Notes Fixed Assets Investments 1 1 Tangible Assets 56,570 50,158 56,571 50,159 Current Assets Debtors 1,359,619 293,926 Cash 765,445 1,913,442 2,125,064 2,207,368 Current Liabilities Creditors (1,109,099) (537,294) Net Current Assets / (Liabilities) 1,015,965 1,670,074 Pension Liability 3,541,000 3,541,000 Total Net Assets/(Liabilities) 4,613,536 5,261,233 Represented By: Restricted Funds 190,266 758,435 Unrestricted Funds 418,614 469,976 Designated Funds 198,655 226,822 Pension Reserve 3,806,000 3,806,000 4,613,536 5,261,233
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Culture Perth and Kinross Limited 10 Profit and Loss Account to 31 January 2024 12 Income 2023/24 Projected Outturn 2023/24 Budget Budget to January Actual to January Variance Comments Venue Hire including catering 45,107 45,107 37,589 37,260 (329) Venue hire picks up last Q of financial year Retail Sales 28,000 33,000 27,500 20,833 (6,667) PAG sales lower than budgeted Coffee Cart Sales 12,500 12,000 10,000 10,408 408 Photocopying Charges 11,000 11,000 9,167 9,025 (142) Charges -images, copyright, postages etc 1,500 2,000 1,667 1,164 (503) Misc Income- book sales etc 6,000 7,000 5,833 5,331 (502) Bank Interest received 2,300 400 333 1,688 1,355 TOTAL INCOME 106,407 110,507 92,089 85,709 (6,380) Expenditure Recharge from Charity 36,499 36,499 30,416 30,416 (0) Coffee Cart Stock 8,500 5,208 4,340 4,566 (226) Catering for Venue Hire 8,000 11,994 9,995 9,079 916 Cost of Retail Goods 24,444 24,444 20,370 13,652 6,718 Licences & Subscriptions 6,185 6,185 5,154 3,893 1,261 Miscellaneous 2,000 600 500 1,686 (1,186) Bank Charges 3,100 3,100 2,583 2,708 (125) Irrecoverable VAT 100 100 83 0 83 Accountancy Fees 4,557 4,557 3,798 4,395 (598) Audit Fees 4,950 4,950 4,125 4,525 (400) TOTAL EXPENDITURE 98,335 97,637 81,364 74,920 6,444 Surplus/(Deficit) 8,072 25,764 10,725 10,789 64
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Culture Perth and Kinross Limited Balance Sheet as at 31 January 2024 Jan-24 Mar-23 Fixed Assets Tangible Assets 1 1 Current Assets Stock 36,082 26,145 Debtors 6,842 10,755 Cash 87,202 41,808 130,126 78,709 Current Liabilities Creditors (96,129) (55,500) Net Assets / (Liabilities) 33,998 23,209 Represented By: Called Up Share Capital 1 1 Reserves 33,997 23,208 33,998 23,209