16 April 2020
The SHG Financial Statements for the Financial Year 2018/19 were approved by Executive Council on Tuesday, 31 March 2020, and following the meeting were signed by the Financial Secretary, Dax Richards, on behalf of SHG and the Chief Auditor, Phil Sharman, issued his Audit Opinion. The 2018/19 SHG Financial Statements can be found on the Finance Page of the Government website via the following link: https://www.sainthelena.gov.sh/directorates/corporate/corporate-finance/.
These Financial Statements are the eighth to be produced since the adoption of the accruals basis of accounting and International Public Sector Accounting Standards (IPSAS). The following are highlights from the 2018/19 Financial Statements:
- The Statement of Financial Performance shows a surplus of £6.4 million compared with a deficit of £3.8 million in 2017/18
- Net Assets of the Government at 31 March 2019 was £249.1 million
- Assets under Construction at 31 March 2019 was £76.2 million, the majority of which relates to the construction of the new Bulk Fuel Installation in Rupert’s Valley
- Investments are £15.3 million compared to £1.5 million the previous year due to receiving EDF 11 monies in advance
- The Pension Liability which represents SHG’s obligations at 31 March 2019 for future pension payments under the Defined Benefits Pensions Scheme was £74.4 million
- Overall funds and reserves of SHG have increased by £5.3 million and the General Reserve of the Consolidated Fund has increased to £6.1 million.
The Chief Auditor issued a ‘Qualified’ opinion on the Financial Statements and full details of his Audit Report can be found on pages 8-10 of the Financial Statements.
Executive Council noted that three qualifications from the previous year had been cleared leaving one remaining qualification on fair presentation on the valuation of Infrastructure assets and one new qualification on regularity relating to obtaining the Secretary of State’s approval for impairments in the year.
SHG is committed to improving the quality of financial reporting and accountability through the Financial Statements. The approval of the Financial Statements is an important step in the budgetary cycle, and is Government’s report back to the Legislative Council on the use and management of public funds during the year. The Financial Statements and non-financial information contained within the accompanying notes provides Legislative Council, the public and external funding providers with valuable information on the decisions, performance and financial position of the Government for the year 2018/19.
The 2018/19 Financial Statements will be laid at the next formal meeting of Legislative Council in accordance with the Constitution and will automatically be referred to the Public Accounts Committee for scrutiny.
Executive Council thanked the Financial Secretary and the Chief Auditor and acknowledged the hard work of both the Corporate Finance and Audit St Helena teams.
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16 April 2020