‘a brilliant refuge– a haven– a peace– a palace– a poet’s dream’
—SPL Visitor, 2009
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Income
Expenditure
pl income cannot be reliably predicted in that a certain proportion of it relates to grants from various sources for specific projects, thus it depends on the numbers and size of projects, and at the end of the financial year these projects may not have started, or may be near completion. The Scottish Arts Council ‘other grants’ line this year is up by £20,000, for example, accounted for by the large Homecoming project (a Burns banner). The grant was received but not yet drawn on in the 2008-09 period. The grants from sac and the City of Edinburgh Council for our Reader in Residence have similarly been received in advance of their being used. The steep decline in interest rates had an obvious effect on spl funds: as the Library receives these
fter many years of maintaining more or less steady administrative costs, this year saw a considerable rise. The increase in staff costs is accounted for by the full effect of the new Communications Officer post; filling the vacancy of the part-time Education Officer’s post; project work on the Edwin Morgan archive; and the addition of a Reader in Residence. Salaries remain unacceptably low but there has been no core-funding increase that would allow a rise (the sac revenue grant this year rose by 1%). Fuel bills rose by 10%. There is a drop in website costs, reflecting the development of the site in the previous year, especially the new ‘Reading Room’ site which has proved such a successful extension of our resources. The cost of dealing with the water ingress
2.5% of our total income came from Friends subscriptions this year, compared to 3.1% last year. We rely on the generosity of our Friends; if they can give more, we can do more
project grants upfront, it usually has a healthy deposit account earning a good rate of interest, but the income from interest dropped by 37% on last year’s. Ancillary income dropped substantially – partly due to the period of library closure - and income from Friends’ subscriptions and the corresponding Gift Aid claim also decreased. These were somewhat offset by increased income from donations and from the education programme, reflecting increased activity and successful partnership working.
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time is not always money; the SPL also runs on items invisble on the balance sheet: the goodwill and hard work of volunteers, Board & staff, and the inspiration of poets
involved professional fees as well as actual repairs: the whole of the service side of the basement had to be taken out, a new drain laid, new sealant applied and then the area was reconstructed, at a cost of over £25,000. An insurance claim could not be made because of the nature of the water rise and the preventative measures that were undertaken against future damage. This has taken the General Fund down to £29,439, much lower than the reserve agreed by the Board as sufficient. It should be noted, however, that the spl’s total assets have increased by £26,394.
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Income and expenditure for the year ended 31 March 2009
Balance Sheet as at 31 March 2009 2008-09
2007-08
9,436 4,597 9,827 72,156 96,016
5,764 7,297 13,777 56,978 83,816
sac revenue sac other grants Local authorities Trust, foundation & public body grants Edwin Morgan archive fund Grants
205,230 63,090 24,500 5,129 297,949
203,173 43,665 16,233 17,221 79,500 359,792
Total incoming resources
393,965
443,608
Staff costs Marketing costs Governance costs Programme costs Administration costs
183,571 12,735 2,373 82,816 83,076
147,881 13,369 1,227 95,862 57,507
Total expenditure
364,571
316,846
29,394
126,762*
Donations Interest recievable Membership subs & gift aid Programme income Self-generated income
Net incoming resources
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2008-09
2007-08
Fixed assets (tangible) Current assets (stock, debtors, cash) Creditors falling due within one year Net current assets
1,028,540 154,525 (21,207) 133,318
984,295 189,637 (38,468) 151,169
Creditors: interest-free loan
1,161,858 -
1,135,464 (3,000)
1,161,858
1,132,464
29,439 1,040,534 91,885
67,629 987,803 77,032
1,161,858
1,132,464
52,731 14,853 (38,190)
6,500 104,032 16,230
Financed by: Capital and reserves General Fund Designated Funds (includes fixed assets) Restricted Funds
*Made up of:
Designated funds Restricted funds General funds
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Financial statements
Board statement These summarised financial statements have been extracted from the Scottish Poetry Library’s Annual Report and Accounts, which were approved by the Board on 3 September 2009. Copies of the full accounts will be filed with Companies House. These summarised financial statements may not contain sufficient information to allow a full understanding of the results and affairs of the company. For further information, the full accounts, the Auditor’s Report on these accounts and the Report of the Board should be consulted. Copies of these are available from: the Scottish Poetry Library, 5 Crichton’s Close, Edinburgh eh8 8dt.
Respective Responsibilities of the Board and Auditors The company’s Board members are responsible for the preparation of the summarised financial statements. We have agreed to report to you our opinion on the summarised financial statements’ consistency with the full financial statements on which we reported to you.
Mario Relich Secretary to the Board on 10 September 2009.
Opinion In our opinion the summarised financial statements are consistent with the full financial statements for the year ended 31 March 2009.
Auditor’s Statement to the Board of the Scottish Poetry Library We have examined the summarised financial statements set out on these pages.
Alexander Sloan Registered Auditors 10 September 2009
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Basis of Opinion We have carried out the procedures we consider necessary to ascertain whether the summarised financial statements are consistent with the full financial statements from which they have been prepared.
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Bringing people & poems together for twenty‑five years
Scottish Poetry Library
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