SCOTTISH ENTERPRISE ANNUAL REPORT AND ACCOUNTS 2026
95
Accountability Report
Reconciliation of the group statement of comprehensive net expenditure to fiscal resource outturn.
£000
Net expenditure before taxation306,262
Attributable to non-controlling interests in subsidiaries42
Depreciation charge allocated to non-cash costs(8,065)
Asset revaluation adjustments charged to annually managed expenditure3,651
Net Investment impairments and fair value adjustments charged to annually managed expenditure(92,527)
Net pension costs attributed to annually managed expenditure36
Provision charged to annually managed expenditure2,035
Scottish Government Grant income credited to reserves(1,042)
Net expenditure attributed to Energy Investment Fund(2,467)
Net expenditure attributed to the capital budget(65,811)
Fiscal Resource Outturn142,114
Energy Investment Fund
Scottish Enterprise manages the Energy Investment Fund for the Scottish Government. We required £2.6m of new funding in the year, £0.6m of new Capital funding and £2m of new Financial Transactions funding to cover new investments resulting from capitalised interest during the year, less repayments of £0.1m as a result of returns from investments for which the original cost was met from Financial Transactions.
In accordance with the governance letter any income generated is repayable to Scottish Government to the extent that it is not required to meet administration costs. The excess income column in the outturn table below represents the £5m repayment that was due to Scottish Government in respect of excess capital and resource income receipts for the year to March 2026. A net payment of £2.5m was made to Scottish Government in April 2026. The 2025-26 outturn for this fund was:
ExpenditureIncomeExcess IncomeOutturn
£000£000£000£000
Fiscal Resource-(2,949)2,949-
Fiscal Capital575(2,037)2,037575
Financial Transactions2,033(144)-1,889
2,609(5,131)4,9862,464