Our financial performance for the year continues to be strong in all areas, despite the impact of the pandemic on the wider economy.

 

Turnover increased by £6.3 million or 8%, due to £4.9 million in development for sale, £1.6 million increase in rental income, £0.5 million increase in Progress Lifeline income part offset by £0.7 million due to increased voids.

 

Operating costs increased by £2.3 million or 4% mainly due to Progress Lifeline costs £0.5 million due to volume growth, increased expenditure from social housing lettings £1.9 million, impacted by increased maintenance of £0.8 million, increased management employees costs due to compliance-related appointments £0.8 million, depreciation of housing properties £0.3 million and service charge costs £0.1 million partly offset by impairment of housing properties £0.3 million.

 

The cost of sales has increased by £3.8 million, a direct result of increased shared ownership sales activity and Concert Living sales.

 

Our operating surplus stood at £17 million, similar to the level achieved last year. The surplus after tax increased by £0.9 million to £10.2 million. Net tangible fixed assets increased by £11.0 million to £538.0 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 £19.4 million. Reserves increased by £3.0 million due to the surplus made in the year and movements in pension liabilities through other comprehensive income.

 

The Group had £274.5 million net assets at the year-end.

 

Financial statements - 20/21