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St Helena Airport Limited: Financial Statements for the Year Ended March 31, 2022

Island of St Helena, South Atlantic Ocean, STHL 1ZZ

Company Overview

St Helena Airport Limited operates the only airport on the Island of St Helena in the South Atlantic Ocean. The company’s principal activity is the management and operation of the airport, which serves as a vital transportation hub for the island’s residents and visitors.

Financial Reporting Policies

The financial statements have been prepared in accordance with the Financial Reporting Standard 102 (FRS 102) for small entities, except where noted otherwise. The financial statements are presented on a historical cost basis, which means that assets and liabilities are recorded at their original cost rather than their current value.

Accounting Judgements and Estimates

The preparation of the financial statements requires management to make certain judgements and estimates, including assumptions about the Company’s operating contract with St Helena Government. The main accounting policies applied by the Company are as follows:

  • Revenue Recognition: Revenue is recognized when goods or services are delivered.
  • Foreign Currency Transactions: Transactions in foreign currencies are recorded at the spot exchange rate on the date of transaction.
  • Government Subsidies: Subsidies are recognized when they are reasonably expected to be received and all related conditions have been met.

Financial Performance

The Company’s turnover for the year ended March 31, 2022 was SHP 144,730, an increase of SHP 78,443 compared to the previous year. Aeronautical revenue accounted for the majority of the turnover, with non-aeronautical revenue making up a smaller portion.

Operational Expenses

The Company’s operational expenses increased by SHP 520,127 to SHP 724,227 in the year ended March 31, 2022. The main drivers of this increase were contract expenses and maintenance expenses.

Administrative Expenses

Administrative expenses for the year ended March 31, 2022 were SHP 2,043,057, an increase of SHP 380,906 compared to the previous year. The main components of administrative expenses were staff costs and office and other administrative costs.

Other Operating Income

The Company received subsidies from FCDO (Foreign Commonwealth and Development Office) during the year ended March 31, 2022, which contributed to its operating income.

Conclusion

St Helena Airport Limited has reported a significant increase in turnover and revenue for the year ended March 31, 2022. However, operational expenses and administrative expenses also increased, resulting in a net loss for the period. The Company continues to rely on government subsidies to support its operations.