Our financial performance for the year continues to be strong.
The Group's operating surplus stood at £16.7 million compared to £13.8 million last year.
The Group's Total Comprehensive Income has decreased in the year to £19.8 million from the prior year's figure of £38.4 million. The decrease is largely due the previous year including a one-off gain of £19.4 million on Reside Housing Association joining the Group. Like-for-like, the Group’s Comprehensive Income rose from £19 million to £19.8 million.
The Group's turnover stood at £115.9 million, which is an increase of £16.1 million or 16.1%, due to a £12.1 million increase in rental income as a result of annual rental increases and the full-year effect of Reside Housing Association joining the Group, a £1.4 million increase in Progress Lifeline income and a £2.0 million increase in property sales income (a £5.8 million increase in outright sales less a £3.8 million decrease in shared ownership sales activity).
Operating costs for the Group stood at £90.7 million, an increase of £12.6 million or 16.1%, mainly due to the full-year effect of Reside Housing Association joining the Group.
Cost of sales of £9.2 million, an increase of £1.1 million, a result of increased open market sales by Concert Living Ltd (trading as Concert Homes) and a lower level of shared ownership sales by Progress Housing Association.
In addition, the Group's interest costs increased by £1.3 million. The Group's surplus after tax was reduced by £17.6 million, largely due to the one-off gain arising from Reside Housing Association joining the Group and stood at £9.3 million.
The Group has a significant asset base, mainly comprising its properties and office accommodation. Development growth and the acquisition of the Reside Housing Association assets have increased net tangible fixed assets by £26.5 million to £603.1 million.
The Group's liabilities for participating in the Social Housing Pension Scheme (SHPS) have fallen to £1.5 million from £9.5 million at March 2022.
Reserves increased by £19.8 million due to the surplus made in the year, as set out above.
The Group, therefore, had £332.7 million in net assets at the end of the year.
Financial statements - 2022/2023