21.07.20
HS2 Ltd releases Annual Report and Accounts document
HS2 Ltd have published their annual reports and accounts review that looks at the organisation’s activities over the course of the year, giving highlights and key points and the progress that has been made in meeting the organization’s objectives.
HS2 highlighted they have employed over 10,000 people in their supply chain, 400 apprentices are now working across the project and over 200 sites have now begun construction.
They also stated 350,000 trees have been planted and 50 new wildlife habitats have been created, as they progress with their ‘green corridor’ which will run alongside the Phase One route. £5m has also been awarded to community projects through their Community and Environment Fund, and Business and Local Economy Fund.
HS2 is exclusively funded by the Department for Transport. Combined capital and resource expenditure in 2019/20 amounted to £2,539.5m compared to 2018/19 £2,083.7m. Capital expenditure includes the cost in the year of Phase One and Phase 2a, which are being capitalized in accordance with HS2 Ltd’s accounting policy and the cost of the development and/or acquisition of HS2 Ltd’s leasehold office premises and IT assets.
Resource expenditure contains the costs of Phase 2b which have not yet reached the point of development at which capitalisation can occur.
The financial statements for the year ended 31 March 2020 show the following results:
- capital expenditure of £2,309.6 million
(2018/19: £1,826.4 million)
- resource expenditure of £229.9 million
(2018/19: £257.3 million)
- net assets of £5,654.2 million
(2018/19: £2,824.9 million)
The increase in capital expenditure replicates ongoing enabling works and the mobilisation of Main Works Civils Contractors, to support the delivery of Phase One.
HS2 was given authorisation by the Department for Transport on the 14th of April 2020 to issue Notice to Proceed for Phase One of its Main Works Civils Contractors following the statement from the Prime Minister on 11 February 2020 to give “high speed rail the green signal”. Progress continues towards Royal Assent for Phase 2a and on development of the Phase 2b hybrid Bill.
This year HS2 also updated their Environmental Policy which fulfils the environmental commitments established through the Sustainability Policy and their strategic goal of creating an environmentally sustainable solution and being a good neighbour to local communities.
You can read the full report here.
Image: HS2 Ltd environemtnal work taking place