EC Papers September 2017

QUORN GRANGE HOTEL

REVIEW OF ACCOUNTS AS AT July 31, 2017

Accounts Review- Hotel

QUORN GRANGE HOTEL SUMMARY

July

YTD -July

YTD - June

Hotel

Hotel

Hotel

£

£

£

Net Profit/(loss)

(1,786)

(121,247)

(119,461)

Adjust for Expenses not budgeted: Gift Aid GFTU Less Kurdish Festival income Add Kurdish Festival expenses

4,000

28,000 (3,200)

24,000

(3,200)

8,908 7,922 6,079

8,908

Trading Profit/(Loss) Budgeted Profit/(loss)

(87,539) (7,978)

(95,461) (14,058)

The hotel occupancy for January through to July in comparison to budget and to 2016 can be summarised as follows:

Quorn Grange Hotel HOTEL OCCUPANCY 2017

June

July

JAN

FEB

MAR

APR

MAY

1,178

Available Rooms

1,178 1,064 1,178 1,126 1,178 1,140

Occupancy 2016 Actual 2017 Actual 2017 Budget

68% 79% 68% 11%

68% 77% 70%

44% 59% 55%

56% 62% 58%

54% 65% 60%

65% 74% 65%

68% 70% 68%

7%

Variance

4%

4%

5%

9%

2%

Rooms Sold

766 900 775

788 909 825

2016 Actual 2017 Actual 2017 Budget

506 691 636

600 655 617

609 771 707

729 842 741

767 825 801

16%

10%

Variance

9%

6%

9%

14%

3%

Average Room Rate 2016 Actual

55.0

66.5

61.7 61.2 61.0 0.2%

62.8 65.7 62.0

65.6 63.8 65.0

62.3 61.9 66.0

58.0

63.15

65.13

63.87

2017 Actual 2017 Budget

66.0

66.0

66.0

-4%

-1%

Variance

6%

-2%

-6%

-3%

Turnover & Gross Profit

The total turnover for the hotel 15.4k higher than budget for July 17 and (£10.7)k below year to date. Turnover has increases as we are in wedding season.