The Annual Report & Financial Statements for the year ending 31 March 2017 was approved by the SLH Board at the Annual General Meeting on Thursday 7th September 2017. The Financial Statements were audited by external auditors Beever & Struthers. The Annual Report is a comprehensive report on SLH’s activities throughout the preceding year and is intended to give our shareholders and other interested people information about SLH’s activities, value for money statement, unit cost comparisons and financial performance.
The Financial Statements include details such as; statement of comprehensive income, statement of financial position, reserves and cash flows. The statements also contain a statement of compliance with the Governance & Financial Viability Standard and a summary of the Value for Money (VfM) Self-Assessment. The full VfM assessment can be found here.
This year’s report shows;
- The impact of the 1% rent reduction
- An increase in the book value for fixed assets of £5M
- Surplus on disposal of fixed assets of £561K relating to Right to Buy sales
- Pension deficit has increased from £845K to £2,254K following the latest actuarial valuation
- Interest charges have risen due to the ‘write off’ of the balance of the original arrangement with Santander of £471K
- There has been an increase in loan balances of £5M
- Reserves have increased from £26.7M to £31.8M