Corrections and financial methodology

What was corrected

• GolDev: withdrew statements that £250m was actually lent, that lending reached that amount in 2017, and that a near-total loss was established. The council’s 2019 announcement supports a facility of up to £250m. Drawdowns and losses remain unverified. The spending charts and Companies House commentary were corrected accordingly. Woking Football Club planning application and funding facility (29 November 2019).
• Council tax: removed claims of continuing 10% annual increases. The approved 2026/27 Woking borough element is £307.05 at Band D, approximately 3% higher. The full bill and borough element are now distinguished. Approved Woking budget 2026/27 (3 March 2026).
• Debt relief: corrected the announcement from December to 28 October 2025 and recorded that payments began on 1 and 3 September 2026. Removed wording suggesting the full £500m had already been paid. Woking debt repayments: ministerial answer (8 September 2026).
• Spelthorne: replaced “commissioners expected” with the May 2025 appointment, and separated historic borrowing from the November 2025 £715m balance. Corrected the reported completed refinancing discount to £342m. Spelthorne commissioner appointment letters (8 May 2025) · Spelthorne strengthens long-term financial position (24 November 2025).
• Accountability: distinguished unnamed individuals in the regulator’s announcement from identities in news reporting. Removed categorical claims that no proceedings exist against other people or organisations. Public sources cannot establish the absence of confidential action. FRC investigation into two former Woking accountants (13 February 2025) · Investigation of former senior Woking council officers confirmed (15 February 2025).
• Charts and totals: removed unsourced debt-growth estimates and the calculated “other spending” remainder. Removed an assumed 50:50 division of county debt and aggregate totals presented as a confirmed West Surrey inheritance. Revised the interest calculator to show explicit assumptions.
• Downloadable material: replaced the outdated Waverley election poster with a dated resident guide. Corrected the GolDev interpretation in the supporting research notes as well as the public pages.

How to read financial figures

• Borrowing: money owed to lenders at a stated date. It is not automatically a loss.
• Loan facility: an authorised limit. Actual advances, repayments and outstanding balances need separate records.
• Valuations and losses: book-value falls, cash losses on sale and estimated non-recovery are different measures. A company loan and its underlying development cost may overlap.
• Debt service: distinguish interest, fees and minimum revenue provision (the statutory revenue provision for capital financing). Do not treat all of these as cash interest or count costs already deducted from net rent twice.
• Repayments: a commitment, refinancing discount, sale price and net cash available to repay borrowing are different stages or measures.
• Comparisons: use the same period and accounting basis. Mixed-date historical figures cannot establish a current combined debt total. Population and household denominators must be dated and sourced before presenting per-person figures.

Calculator assumptions

The scenario starts at the reported £2.16bn balance at 31 March 2025. It optionally subtracts £500m and multiplies the remaining debt by a user-selected annual rate. The default 4% is illustrative. All other transactions are held constant; this is not a forecast, the actual interest bill or personal liability. Surrey borrowing at March 2025 (26 August 2025).

Older project estimates remain historical research and need their underlying records to be interpreted. A review date applies to the specified update, not every sentence on a page. An unknown value is displayed as unknown, not zero.