Our financial performance for the year continues to be strong.
We want to deliver sector-leading services, engage with our tenants and create homes and neighbourhoods where people can flourish. To do this long-term, we must demonstrate to our funders that we are financially strong. This means finding the right balance between our social purpose and our commercial focus.
In 2023/24, our financial performance for the year remained strong, with an operating surplus of £15 million from our day-to-day activities.
Although we comfortably met our performance expectations, this was a decrease of £1.1 million compared to last year due to increased costs for property repairs, electricity, and gas.
To achieve sustainable financial strength, we must do the basics well, including collecting rent from our tenants and minimising the time our homes sit empty. Our rent arrears for the year for current and former tenants was 5.4% against a target of 6.9%. The percentage of empty homes in the year was 5% against a target of 3.5%.
Directors remuneration and management costs
The Transparency, Influence and Accountability Standard require all registered providers to provide tenants with accessible information about their directors’ remuneration and management costs.
These are some of the terms we use:
remuneration - the money paid to our directors (salary)
social housing units - the number of homes we own/manage
period of account - refers to the financial year, which this year runs from 1 April 2023 to 31 March 2024
Each measure is reported as a per-property figure.
Measure - the remuneration payable to the highest paid director, relative to the size of the landlord.
£20 per property.
How this is calculated
Remuneration payable to the highest paid director (excluding their pension and National Insurance contributions) in relation to the period of account, divided by total social housing units owned and/or managed at period end.
Measure - the aggregate amount of remuneration paid to directors, relative to the size of the landlord
£98 per property.
How this is calculated
Total aggregate (meaning total) directors’ remuneration (including pension and National Insurance contributions, payable to directors or former directors) in relation to the period of account divided by total social housing units owned and/or managed at period end.
Measure - management costs relative to the size of the landlord.
£1,211 per property.
How this is calculated
Total management costs (social housing lettings) in relation to the period of account divided by total social housing units owned and/or managed at period end.
Financial statements
The following documents are in PDF. If you need this information in an accessible format, please let us know.