Offering value for money whilst maintaining a strong financial position as a business allows us to provide the best services we can for you – and also ensures we can build much-needed homes for the community. We’re committed to using the funding we receive, and new funding we seek out, to deliver the best results for you, your home and your neighbourhood.
How each pound was spent
Housing management costs including staff
We spent 27p in each pound to provide services to our tenants and to pay for staffing costs and overheads.
16p in each pound accounted for the wear and tear of our assets, including the homes we own.
We spent 8p in each pound on repairs and maintenance, including work carried out as part of our improvement programme to deliver upgrades to your homes.
Shared ownership construction costs
We spent 3p in each pound on building and selling properties for shared ownership.
Service charge costs
We spent 4p in each pound on heating, lighting, cleaning and other costs recoverable through service charges. We regularly benchmark our service charges against the wider housing association sector, which shows that our service charges are lower than the sector average.
Surplus for reinvestment
22p in each pound will go towards delivering future improvements in our existing homes and building new homes in line with our business plan.
Interest and financing costs
We paid 11p in each pound to the bank as interest on loans.
Cost of delivering other services
We spent 9p in each pound on other costs including services to support people and community initiatives.
Where our money comes from
For every £1 we generate:
- 84p is from social housing lettings
- 4p is from service charge income (which is fully spent on providing services to our residents)
- 4p is from non-social housing lettings – including our market rent properties and our garage portfolio
- 4p is from the sale of shared ownership homes
- 4p is from other sources – including the provision of management services for our external partners