Financial statements 2016/2017

All the surplus we generate is reinvested to provide new homes and to manage and maintain our existing homes.

Our financial performance for the year continues to be strong in all areas. Turnover increased by £2m or 3%, due to growth in Progress Lifeline and TECS services, reductions in rent were reduced by some marginal rent and services increases. Operating costs decreased by £1.9m or 3.5% and cost of sales increased by £0.7m as a direct result of shared ownership sales activity. Our operating surplus stood at £21.8m compared to £18.5m last year. The surplus after tax increased by £2.5m to £9.7m.

Cash flow from operating activities was £30.5m which financed loan repayments of £9.2m during the year and development and maintenance investments of £7.8m. Development activity is lower than prior years following Government rent reductions, delays to projects following changes in tenure to produce more affordable home ownership products and uncertainty about the future funding of specialist supported housing.

Net tangible fixed assets reduced slightly at £512m reflecting asset growth offset by depreciation. The Group’s share of the pension fund deficit for both LGPS and SHPS schemes is £12.4m. Reserves increased by £5m due to the surplus made in the year.

The Group had £238m net assets at the end of the year. Net debt reduced by £9m arising from loan repayments.

Operational performance in the year remained strong on most of its performance indicators. The Group regularly monitors and reports on key indicators including rent arrears expressed as a percentage of rent debit, void losses and repairs.

The underlying financial performance is within target and demonstrates our financial strength and resilience. The loan covenant indicators including interest cover shows a healthy position over time, with gearing well below required covenant of 75%.

 

Financial statements 2015/16

Our financial performance for the year continues to be strong in all areas. Turnover increased by £1m, or 1.3% due to growth from new properties, rent and service charge increases. Operating costs and costs of sales increased at a higher rate of 6.1% by £3.1m. However this includes £1m within operating costs for one-off restructuring and £1.8m for impairment. This has directly impacted our operating surplus which stands at £18.6m compared to £20.8m last year. The surplus before tax decreased by £1.1m to £7.2m in the year and our historic cost comprehensive income was £13.6m.  

Financial statements 2014/2015

Our financial performance for the year continues to be strong in all areas. Turnover increased by £2.5m, or 3.7% due to growth from new properties, rent and service charge increases. Operating costs and costs of sales increased at a lower rate of 4.2% by £1.9m, resulting in an increase in operating surplus of £0.6m, or 2.8% to £23.6m. The surplus on ordinary activities before tax increased by £1.0m to £12.1m in the year with a historical cost surplus for the year of £12.6m.

Financial statements 2013/2014

In 2013/14, the Group continued to strengthen its financial position with a surplus of £11m for the year. Turnover increased by £4.8m, or 7.4%, owing to growth from new properties, rent and service charge increases, whilst operating costs and costs of sales increased by £2.6m, or 6%. In total, the Group invested £19m in acquiring or building new housing during the year and £7m in maintaining existing homes.

Financial statements 2012/2013

In 2012/13, we completed an ambitious £28.3m development programme, creating 282 new homes across the Group. During this time, our turnover increased by 7% to £64.1m and we achieved a surplus of £9.3m, which is being reinvested in our homes, communities and services. Our assets also grew during the year to £460.3m.

Financial statements 2011/2012

The Group has had another successful year and continues to strengthen its financial position. Overall the Group invested £24.9m in acquiring and building new housing during the year, funded by new bank borrowings of £9.4m, reflecting the Group’s buoyant development programme.

Financial statements 2010/2011

The Group has had another successful year and continues to strengthen its financial position. Overall the Group invested £32.5m (2010: £28.6m) in acquiring or building new
housing during the year, funded by new bank borrowings of £5.4m, reflecting the Group’s buoyant development programme.

Financial statements 2009/2010

The Group has had another successful year and continues to strengthen its financial position. Group turnover was £51.2m and Group Historic Cost Surplus was £4.3m. Overall, the Group invested £28.6m in acquiring or building new housing during the year, and received grants of £9.4m. The Group’s housing assets stood at a valuation of £361.1m at 31st March 2010.

Financial statements 2008/2009

The Group has had another successful year and continues to strengthen its financial position. Overall, the Group invested £17m in acquiring or building new housing during the year.