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.


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 31 May. The audited accounts are then published by 31 July.

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.

Appointment of Auditor


As required by the Local Audit and Accountability Act 2014, the Authority gives notice of the re-appointment of Ernst and Young LLP to audit the accounts of the Greater London Authority for five years, for the accounts from 2018/19 to 2022/23. This appointment is made under regulation 13 of the Local Audit (Appointing Person) Regulations 2015 and was approved by the Public Sector Audit Appointments Board at its meeting on 14 December 2017. 

Previous years


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 March and September.

The March 2019 Research Update was issued on the 22 March 2019 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 crediting rating of 'A-1+'.  In addition, it re-affirmed the GLA's outlook as 'Negative' reflecting that on the UK.

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 UN's decision to leave the European Union on 23 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.


Treasury Management

The GLA, through functional delegation arrangement, undertakes the treasury management functions of the London Fire Commissioner (LFC), London Legacy Development Corporation (LLDC), London Pension Fund Authority (LPFA) and the Mayor's Office for Policing and Crime (MOPAC). Investments are largely managed collectively through the Group Investment Syndicate (GIS), an arrangement which has proved extremely successful for delivering greater liquidity and performance than would have been achievable by the participating organisations acting individually.

A breakdown of monthly investment positions can be found below.

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