We’re committed to being transparent about how we make money and how we spend it too. Our aim is to maintain a strong financial position so that we can continue to provide high-quality services, while delivering value for money for our customers.
Where our money comes from
For every £1 we generate:
- 82p is from social housing lettings
- 7p is from the sale of shared ownership homes – the surplus generated from these sales is used to support our charitable objectives
- 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
- 3p is from other sources – including the provision of management services for our external partners
How each pound was spent
Housing management costs including staff
We spent 29p in each pound to provide services to our customers and to pay for staffing costs and overheads.
We spent 9p in each pound on repairs, servicing and maintenance, including work carried out as part of our improvement programme to deliver upgrades to your homes.
We spent 5p in each pound on building and selling properties for shared ownership.
Service charge costs
We spent 5p 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.
Cost of delivering other services
We spent 2p in each pound on other costs including services to support people and community initiatives.
17p in each pound accounted for the wear and tear of our assets, including the homes we own.
Interest and financing costs
We paid 13p in each pound to the bank as interest on loans
Surplus for reinvestment
20p in each pound will go towards delivering future improvements in our existing homes and building new homes in line with our business plan.