Latest Rail News

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 

Comments

There are no comments. Why not be the first?

Add your comment

 

related

Rail industry Focus

View all News

Comment

The challenge of completing Crossrail

05/07/2019The challenge of completing Crossrail

With a new plan now in place to deliver Crossrail, Hedley Ayres, National Audit Office manager, major projects and programmes, takes a look at ho... more >
Preparing the industry to deliver trains for the future

04/07/2019Preparing the industry to deliver trains for the future

The move to decarbonise the rail network involves shifting to cleaner modes of traction by 2050. David Clarke, technical director at the Railway ... more >

Most Read

'the sleepers' blog

On the right track, Sulzer is awarded RISAS accreditation for Nottingham Service Centre

29/06/2020On the right track, Sulzer is awarded RISAS accreditation for Nottingham Service Centre

Following an independent audit, Sulzer’s Nottingham Service Centre has been accepted as part of the rail industry supplier approval scheme (RISAS). The accreditation reinforces the high-quality standards that are maintained by Sulzer’s... more >
read more blog posts from 'the sleeper' >

Interviews

Andrew Haines, CE of Network Rail, tells BBC News his organisation could issue future rail franchises

24/06/2019Andrew Haines, CE of Network Rail, tells BBC News his organisation could issue future rail franchises

Andrew Haines, the Chief Executive of Network Rail, has told the Today programme on Radio 4's BBC’s flagship news programme that he would not rule out his organisation issuing future r... more >
Advancing the rail industry with management degree apprenticeships

08/05/2019Advancing the rail industry with management degree apprenticeships

In answering the pressing questions of how current and future generations of managers can provide solutions to high-profile infrastructure projects across the UK, Pearson Business School, part of... more >