Managing our money and performance
This year we achieved a net surplus of £41.7million, all of which we'll reinvest into building new homes, maintaining our current homes and improving our services. Turnover increased by 20.1% to £247million and the operating margin increased by 4.1% to 29.9%. Reserves increased by £33million to £500million. These very positive results are largely down to the sale of 74 homes at Thrayle House, one of the final phases of our landmark regeneration scheme at Stockwell Park in South London.
£247m
turnover
29.9%
operating margin.
An increase of 4.1% from previous year.
£500m
reserve.
A £33 million increase.
£159m
invested in new homes
£15m
invested in existing properties
*Other social income includes fees from agency contracts, supporting people contracts and sale of shared ownership properties. + Non-social income includes rent from commercial properties, rent from student accommodation properties, and market sale properties.
Value for money
It is essential that we deliver excellent value for money. It helps us to achieve better efficiency, economy and effectiveness, which all in turn supports us to increase our quality of service and financial resources. This will ultimately support us to build more homes and improve resident satisfaction.
As a housing association, we are required by the Regulator of Social Housing to publish a Value for Money (VFM) statement annually, which sets out how the organisation approached value for money.
You can read our Value for Money Statement 2020/21 on pages 16 to 18 of our Financial statements.