November EC Meeting 2019

GFTU ET

REVIEW OF ACCOUNTS AS AT 30 th September 2019

Income:

Customised Courses held in the early part of 2019 have been invoiced as far as April.

October will show a further £23,000 of billing of customised courses as the 2019 programme is now fully underway

Expenses:

The New Build costs are £2.275m YTD as at 30 September 2019.

The main areas of underspend £38k are as follows

 Youth, Arts & Culture and Other events budgeted at £13,500 YTD. Negligible spend so far.  Salary costs are £18k less than budgeted, largely due to the vacancies within the Finance and Education teams and because the costs of casual staff are paid through GFTU.  Associated Travel Costs are also lower than budget £12k  Overspend in Administration costs, especially IT, website & and further capital spend of Interactive White boards & Smart Screens  Underspends on Other Event Costs slightly higher overall Course delivery costs.

Bank:

No further New Build funding was required from GFTU in the quarter to 30 September 2019.

The closing bank balance as at 30 September 2019 was £88,210.87.