Our financial performance for the year continues to be strong in all areas.

Turnover increased by £3.9 million or 5%, due to a £0.8 million increase in rental income, £1.2 million increase in development for sale on shared ownership activity, Progress Lifeline income £1.1 million, and £0.2 million on Key Unlocking Futures Limited new contracts.

Operating costs increased by £2.7 million or 5% mainly due to increased management employee costs.

Cost of sales has increased by £0.9 million, a direct result of increased levels of shared ownership sales activity. Our operating surplus stood at £18.8m compared to £18.5 million last year increased by new contracts in Progress Lifeline and Key Unlocking Futures Limited.

The surplus after tax increased by £2.8 million to £10.8 million due to the surplus on disposal of the commercial element of property, and the reduction in interest payable as a result of the repayment of loans.

The surplus on cash flow from operating activities was £27.6 million which financed loan repayments of £12.5 million during the year.

Net tangible fixed assets increased by £2.7 million to £515 million.

The Group’s share of the pension fund deficit for both the Local Government Pension Scheme (LGPS) and Social Housing Pension Scheme (SHPS) is £10.6 million.

Reserves increased by £13.1 million due to the surplus made in the year and movements in pension liabilities through other comprehensive income.

The Group had £262 million net assets at the end of the year.

In addition to the value for money information provided within the financial statements for Progress Housing Group Limited and Progress Housing Association Limited, a comprehensive value for money position statement is available below.