Issue - meetings

The annual set of accounts for both North Downs Housing (NDH) and Guildford Borough Council Holdings (GBCH) were presented for the year ending 31 March 2020. The Executive Shareholder and Trustee Committee was asked to review and note the accounts. The Lead Councillor for Resources was in attendance and spoke to the report.  

NDH gross profit was £407,389 up £214,000 but there had been an increase in operating costs for the year of £134,575. Overall, there was a loss for the year of £374,138. This was approximately half the loss made for the previous year. The Company had over £13 million in fixed assets which was double that of the previous year and cash was four times the level of 2019. Losses before tax was also significantly less than the previous year. Over £6 million worth of new properties was added to the portfolio during the year and the Company had a net worth of just over £13 million at year end. Turnover for the year totalled just over £407,389. However, unrealised revaluation adjustments for Fair Value gave a final loss before tax of £461,900.  

GBCH turnover was £407,389 and up on the previous year. There had been an increase on interest paid, administration costs and other charges resulting in a loss of £377,913 for the year and half the loss on the previous year.  

The company accounts had been audited by Grant Thornton along with the Guildford Borough Council accounts. 

The Executive Shareholder and Trustee Committee noted the report.