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Financial monitoring report, Quarter 4 2024 to 2025

Purpose and recommendations

This report is to provide an update to the Board on the following areas:

• Actual financial results for full year (1 April 2024 to 31 March 2025) which show SEPA reporting an almost break-even position for revenue with a £0.04m/0.04% underspend against income of £103.7m. The prior year comparator was a revenue underspend of £0.2m/0.2% underspend against income of £97.0m.
• The capital results are an underspend of £0.14m from a budget of £5.5m - detail on the underspend is provided later in the report. The prior year comparator was a capital underspend of £0.85m.
• The above results are net of savings agreed with Scottish Government of £1m in capital and £170k in revenue following the Scottish Government Draft Savings Commission of August 2024. The £1m capital programme savings were agreed on the basis that funding would be deferred to 2025-26.
• Final accounts work is ongoing, and these figures should be considered draft as they may be subject to change following final year-end adjustments and/or external audit adjustments.

Read the quarter 4 financial monitoring report (MS Word, 449 KB)

The Board are asked to note SEPA’s financial performance for the period ending 31 March 2025.