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Annual accounts and governance statement

From this page you can view our detailed accounts, annual governance statement and annual audit letters, alongside other financial information including our credit rating.

Overview

Statement of Accounts

Each year we produce a Statement of Accounts which provides information about the cost of our services and any income we have received, as well as the liabilities and assets we held at the end of the financial year.

The Statement of Accounts consists of the GLA single entity accounts and the GLA Group accounts which consolidates the accounts of the GLA and its subsidiaries.

The unaudited accounts are published by 30 June. The audited accounts are then published by 30 September.

The accounts are available for inspection by London residents for 30 working days. We publish a notice on this page at least 14 days before the inspection period begins.

We also publish financial statements for GLA Holdings and GLA Land and Property. Both are limited companies wholly owned by the GLA. Their principal activities are the purchase, sale and development of land or property and the holding of land or property for capital growth or rental.

They ensure our tax affairs in respect of these activities are managed properly and efficiently.

Annual Governance Statement (AGS)

The AGS is a an important element of ensuring and demonstrating good governance. It explains the processes and procedures in place to enable us to carry out our functions effectively, efficiently and in accordance with the law and proper standards. 

The statement is produced following a review of our governance arrangements and it includes actions to address any significant governance issues identified.

As part of the process of preparing and finalising the statement, it is presented to the Assembly's Audit Panel and GLA Oversight Committee for comment before being signed off by the Mayor and Chief of Staff.

Until 2010/11 the AGS was published within the Statement of Accounts. Since 2011/12 it has been published as a separate document.

Annual Audit Letter

The Annual Audit Letter highlights the key issues arising from the External Auditor’s work over the year, including from their review of our financial statements. In it, the auditor also makes a 'value for money conclusion'; that is, whether the we have proper arrangements to secure economy, efficiency and effectiveness in our use of resources.

Previous years

Archive

For accounts and annual statements from before 2008, please visit the British Library archive.

Credit rating

The GLA’s Rating Agency is S&P Global Ratings. The GLA’s credit rating is reviewed every six months, usually in April and October.

The October 2016 Research Update was issued on the 21st October 2016 and can be found under the link ‘Current S&P Global Ratings Research Update’. This Research Update re-affirmed the GLA’s long term issuer credit rating of ‘AA’ and the GLA’s short term issuer credit rating of ‘A-1+’. In addition, it re-affirmed the GLA’s outlook as ‘Negative’.

This re-affirmed rating of ‘AA/A-1+; Outlook Negative’ was originally set in the 2016 June GLA Research Update, and was a lowering of the GLA credit rating from its April 2016 rating of AA+/A-1+; Outlook Stable. This June 2016 lower rating was a direct result of the lowering of the UK sovereign rating from ‘AAA’ to ‘AA’, following the UK’s decision to leave the European Union on the 23rd June 2016.

If the GLA’s credit rating had not been lowered in June 2016, it would have had a higher rating than the UK, and S&P Global Ratings does not believe that the institutional and financial framework allows U.K. local and regional governments to be rated above the sovereign.