As a not-for-profit housing association, every penny we make goes back into providing excellent homes and services. We’re committed to maintaining a strong financial position so that we can continue to deliver value for money for our customers.


Where our money comes from


For every £1 we generate:


  • 74p is from social housing lettings
  • 16p is from the sale of shared ownership homes — the surplus generated from these sales is used to support our charitable objectives
  • 4p is from the 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 34p in each pound to provide services to our customers and to pay for staffing costs and overheads.


Property maintenance

We spent 8p in each pound on repairs, servicing and maintenance, including work carried out as part of our improvement programme to deliver upgrades to your homes.


Construction costs

We spent 13p 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 1p in each pound on other costs including services to support people and community initiatives.


Property depreciation

16p in each pound accounted for the wear and tear of our assets, including the homes we own.


Interest and financing costs

We paid 15p in each pound to the bank as interest on our loans.


Surplus for reinvestment

8p in each pound will go towards delivering future improvements in our existing homes and building new homes in line with our business plan.


Read our full financial statements here