CIFCO has been set up to provide income to its two ultimate parents - Babergh and Mid-Suffolk councils.
The majority of CIFCO’s income is paid out as interest on loans provided by the two councils. Over time, those loans will be repaid and more of the income from CIFCO will be distributed in the form of dividends.
On this page we provide the formal audited accounts for CIFCO when they become available.
We also provide a statement of the income received by the two councils from CIFCO (“The Councils’ Income from CIFCO”).
The income shows interest payments from CIFCO (row 5) and also the interest the council pays out on financing its loan to CIFCO (row 6). The net income to the councils is in row 7. Row 9 shows payments to the Councils for services provided to CIFCO (and would include any dividends from CIFCO as and when they occur) and row 10 shows the total net income received (Row 9 + Row 7). This is the income received that is available to pay for council services. Councils show income as a negative number.
The audited accounts are standard as lodged with Companies House. The first 2 pages contain the Strategic Report and summarise the business. Performance is shown with respect to the Key Performance Indicators (KPIs) on page 2.
The Income Statement is on page 9.
While CIFCO was building up its property portfolio, there were a number of costs associated with buying properties that have a significant impact on CIFCO’s finances. The typical costs of buying a commercial property are around 6.75% of the purchase price. CIFCO records that cost as Exceptional Items on page 9 so we see losses in the accounts related to establishing the portfolio. This is one reason why commercial property is a long-term investment.
CIFCO’s balance sheet is shown on page 10. We value the properties in the CIFCO portfolio once a year to coincide with our year-end and the audited accounts. In 2021 the valuation was done at the end of March and continued to reflect the uncertainty that COVID creates for commercial property prices at that time. This is highlighted in the “Notes to the Financial Statements” on pages 17 and 18.
- The Council's Income from CIFCO
- CIFCO Accounts for Financial Year 2022-23
- CIFCO Accounts for Financial Year 2021-22
- CIFCO Accounts for Financial Year 2020-21
- CIFCO Accounts for Financial Year 2019-20
- CIFCO Accounts for Financial Year 2018-19
- CIFCO Accounts for Financial Year 2017-18