Providing high-quality services also means ensuring residents receive good value for money. One of our aims as an organisation is to stay in a strong financial position for the future, and we are committed to delivering excellent services by generating, spending and saving money in ways which will benefit residents for years to come.
Where our money comes from
For every £1 we generate:
- 78p is from social housing lettings
- 12p 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)
- 3p 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 25p in each pound to provide services to our tenants 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 7p 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.
Cost of delivering other services
We spent 8p in each pound on other costs including services to support people and community initiatives.
16p in each pound accounted for the wear and tear of our assets, including the homes we own.
Interest and financing costs
We paid 14p in each pound to the bank as interest on loans.
Surplus for reinvestment
17p in each pound will go towards delivering future improvements in our existing homes and building new homes in line with our business plan.