Kingston Council's external debt has reached £327.39 million, according to the Annual Treasury Management Report presented at the Audit, Governance and Standards Committee meeting on Wednesday, June 25, 2025. The report details the council's borrowing, investments, and cash flow management for the 2024-25 financial year.
The debt comprises £261.76 million owed to the Public Works Loan Board (PWLB), £39 million to individual banks, and £26.63 million as an interest-free loan from the Greater London Authority. The weighted average annual interest rate on the council's long-term debt stands at 3.66%.
During the 2024/25 financial year, the council strategically minimised long-term borrowing at elevated levels, opting for internal and temporary borrowing, supplemented by short-dated borrowing when appropriate. A £50 million short-term loan was secured from the PWLB on March 10, 2025, capitalising on the HRA concessionary rate of 4.54%.
The council's investments as of March 31, 2025, totalled £62.9 million, including £15.11 million with Achieving for Children (AfC). The council maintained an average investment balance of £76.6 million and achieved an average rate of return of 5.16%, surpassing the average monthly Sterling Overnight Index Average (SONIA) rate of 4.88%.
The Audit, Governance and Standards Committee also reviewed the Annual Internal Audit Report, which highlighted several audits that received limited assurance opinions, including those related to Cemeteries and Crematoria, Homes for Ukraine, and Disabled Facilities Grants. The Member Code of Conduct Complaints Annual Report - 2024/25 was also presented, summarising five complaints received during the year, with one requiring a formal investigation that is still ongoing.