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Falklands publishes audited annual financial statements; underlines S&P Global A+ credit rating

MLA Roger Spink said FIG have been able to produce a positive end of year outturn and robust cash position

The Falkland Islands Government (FIG) published its annual financial statements for the financial year ending 30 June 2021. The statements have been reviewed by external auditors, Mazars LLP, who provided an unqualified and independent opinion that the documents present a true and fair view, and are free from material misstatement.

As part of their review, Mazars also provided an audit completion report, which is an internal management document used to review and improve processes across government; this report was reviewed by the independently chaired Audit, Risk and Assurance Group, who recommended that the accounts be approved by ExCo.

Financial Secretary, Tim Waggott, said: “This year’s financial statements reflect a strong increase in the overall reserves of the Falkland Islands Government, supported by good growth in the value of our investment portfolio and excellent revenue returns. Our cash flow has been well-managed to support £29m additional investment in capital projects to improve local infrastructure and support the wider Falkland Islands economy.”

MLA Roger Spink, Portfolio Lead for Corporate Government Services, added: “Despite the well-rehearsed challenges of the pandemic, we have been able to produce a positive end of year outturn and robust cash position – both of which demonstrate prudent management of public finances, which are at the core of our A+ credit rating awarded by S&P Global in May 2021. In a year of continued uncertainty, I hope that the public are assured of our careful fiscal approach when it comes to taxpayer’s money.”

The financial statements will be laid before the house on 24 February and the January ExCo paper is available online by visiting this webpage.