Our finances
Summary
The pandemic and government restrictions during 2021/22 had an overall adverse impact on the surplus for the year. We experienced a higher void loss, lower turnover than budgeted due to delays in the handover of new schemes and reductions in commercial rents, and an increase in demand for repairs and the number of void properties with a consequent rise in void works costs. However we met all our financial covenants and continued to invest in our housing stock, new homes as well as acquire 1,085 social housing homes in Grove Park from L&Q.
Our main source of income is rent and service charges from our residents, plus sales of property through the Right to Buy. Expenditure on maintaining our homes and keeping residents safe was £11.9 million. We invested £5.7 million in the existing stock and spent £98 million on developing new homes and the Grove Park stock acquisition. The latter was funded by new borrowings arranged through the capital markets and use of existing cash deposits. Interest paid on our debt was £4.5 million.
Where we spent money in 2021/22 £'000
Sources of cash 2021/22 £'000
5 year trends
The table below presents a summary of financial performance over the last five years:
Figures for 2021/22 above are subject to audit.
Better
Same
