The St Helena Government (SHG) Financial Statements for the Financial Year 2022/23 have been approved by the Executive Council and are now available to the public.
Financial Secretary Dax Richards signed the statements on behalf of SHG, and Chief Auditor Brendon Hunt issued his Audit Opinion. The 2022/23 SHG Financial Statements can be accessed on the Treasury page of the SHG website: https://www.sainthelena.gov.sh/wp-content/uploads/2024/09/SHG-Financial-Statements-2022-23-Signed.pdf.
Key highlights from the 2022/23 Financial Statements include:
Deficit: The Statement of Financial Performance shows a deficit of £0.979 million, a significant improvement from the £5.090 million deficit in 2021/22.
Income: Total income for the financial year increased to £61.607 million from £56.844 million in 2021/22, reflecting growth of £4.763 million, mostly due to an increase in FCDO Development Aid and Other Development Aid.
Expenditure: Total expenditure for the financial year increased by 1% (£0.652 million) to £62.586 million, up from £61.934 million in 2021/22. The largest increases were in Health and Social Care (+£1.52 million) and Trading Activities (+£1.34 million), while Treasury, Infrastructure, and Sustainable Development saw the most significant decrease (-£2.34 million).
Funds and Reserves: Overall funds and reserves of SHG have increased by 8% (£21.475 million) to £271.914 million, up from £250.439 million as of 31 March 2022. This increase was primarily due to a reduction in pension liability, which decreased by £20.600 million to £43.220 million from £63.820 million as of 31 March 2022.
General Reserve: The General Reserve of the Consolidated Fund decreased by 32% (£2.753 million) to £5.850 million, down from £8.603 million as of 31 March 2022.
The Chief Auditor issued a ‘qualified’ opinion on the Financial Statements, and full details of his Audit Report can be found on pages 10-14 of the Financial Statements.
SHG remains committed to enhancing financial reporting and accountability. The approval of these Financial Statements is a crucial step, providing valuable insights into SHG’s decisions, performance, and financial position for the Legislative Council, public, and external funding providers. The statements will be presented at the next Legislative Council meeting and scrutinized by the Public Accounts Committee.
