Sound Financial Planning
As the charity providing innovative and inspiring cultural services in Fife we have to meet the challenge of delivering these services with an ever decreasing budget from Fife Council. Despite this, we are ambitious and want our services to improve and grow, so our priority is to increase the return on investment in terms of economic and social impact.
We’re proud that 80% of our services are delivered free at the point of access but we also have a strong entrepreneurial drive to raise income that will allow us to continue to improve and develop our services. We generated more than £3 million this year through trading activities and events that carry an entry charge.
Our aim to become less reliant on the management fee we receive from Fife Council (£8,094,561.00 – 70% of our total income for 2018/19)* has been a driving force behind these trading operations, including the catering and bars in five of our key venues, and exploring income opportunities through retail, room hire and ticketed events. *£400,000 additional income was included in the figure of £8,094,561. This did not relate to our management fee for services for 2018/19 and this was reflected in a lower management fee for 2019/20.