Beyond the balance, directors often want the headline: what has this facility actually cost us? Your statements give you that, and it should track closely to what your Key Information Sheet set out at the start.
Working it out
- Export the account history for the whole life of the facility.
- Sum the interest lines — that total is the cost of the borrowing.
- Compare it to the total charge on your Key Information Sheet.
Why it should match
Because interest is simple and fixed up front, there are no hidden extras to hunt for. On Flex, settling early or drawing less than planned means you pay less than the illustrative maximum, because interest only runs on what’s drawn while it’s drawn. On Slice, the total is set at outset. Either way, the statement is the honest record of what the money cost — no surprises, by design.
Your facility is priced with simple interest and the figures fixed up front on your Key Information Sheet, so nothing here changes what you owe by surprise — it only changes how you view, manage or evidence it.
See also: How to understand the interest on your statement, How to get the total interest figure for your tax return, What the Key Information Sheet shows.