Finance

We seek to be well-managed and efficient, delivering services that offer value for money. 

Our Goal

Our goal is to ensure we have the financial resources we need to deliver our plans. We look ahead to ensure that we will remain financially viable in the long term.

What We Did

We have added over £6m to our housing assets in the last year, increasing the supply of good quality move-on accommodation. We commenced service delivery on new contracts, which enabled our income to increase by 7% and reach £31.2m. We realised expenditure savings on procurement, staffing restructures and the closure of loss making activities in our EVE Trades operation. We worked hard to reduce voids rates (empty properties) over the year. However, we still need to improve our financial performance. This year we recorded our lowest ever surplus at £188k, equating to just 0.6% of income.

income

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What else we did

  • £6.3m of housing assets developed in the year, funded by £3.3m loans, £0.8m capital grants, and £2.2m cash reserves.
  • Procurement savings realised: £50k on insurances, £98k on printing.
  • Reduced voids rates and realised a further £96k rental income over the year.
  • Growth in services and revenues: 7% increase in revenues; 12% increase in units in management. 

2016/17 The Year Ahead

We are aiming to return to a higher level of surplus, alongside continued growth in our housing assets. We will remain focussed on “Value for Money”, examining new areas of expenditure and new ways of working. We will be fundamentally reviewing our long-term financial plan to ensure we remain resilient with the capacity to achieve our ambitions for the future. We will be investing in major planned maintenance programmes on some of our assets.

Accounts

If you would like to read our full accounts, complete with commentary, you can download them clicking here.