Our financial performance for the year continues to be strong.
Our financial performance for the year improved from the prior year due to the continuing strength of its core social housing business streams and the implementation of mitigating strategies for those non-social housing business streams that had been underperforming financially.
The Group's operating surplus stood at £21.0 million compared to £15.0 million last year.
The Group's turnover increased by 5.3% due predominantly to annual rental increases and strong shared ownership sales performance. 63 first tranche shared ownership sales completed in the year, resulting in a net surplus on sale of £1.2 million.
Operating costs for the Group increased by 1.6% mainly driven by repairs and maintenance costs and the impairment of the remaining assets held within Concert Living Limited. Repairs and maintenance costs continue to increase above inflation due to continued high demand, price inflation and a sector-wide focus on building quality.
Operating surplus, prior to gain on disposal of property, plant and equipment, has improved to £20.6 million from £15.0 million last year, with surplus after tax also improving to £11.6 million.
Total fixed assets increased by £37.4 million to £676.3 million. Capital spend on new homes was £36.2 million for the year, with capital grant of £12.3 million.
146 new homes were completed, below the target of 200 with capital investment made during the year in the Group's future delivery programme. Capital spend on existing homes was £12.2 million for the year. Investment in existing homes included £0.8 million of spend towards the Group’s environmental sustainability goals, which was subsidised by £0.3 million of grant funding from the Social Housing Decarbonisation Fund.
Reserves increased by £11.2 million to £351.5 million due to the surplus made in the year and movements in pension liabilities through other comprehensive income.
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 2024 to 31 March 2025
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.
£21 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
£110 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.
£1,296 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
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