Where the money comes from
Year Ending March 2024
| £ | % | |
|---|---|---|
| Rents | 29,371,630 | 92% |
| Service charges | 846,908 | 3% |
| Income from other places | 1,791,139 | 6% |
| Total | 32,009,677 |
How much income we received
Year Ending March 2024
| How much income we got | 32,009,677 |
| Profit from tenants purchasing their properties | 662,327 |
| Day to day running costs and how much we had to spend | (23,426,894) |
| The amount of money that came in called operating profit | 9,245,110 |
| The profit we made as a % of income | 28.88% |
| Interest & tax costs | (3,854,548) |
| Other gains - pension | 80,000 |
| Profit for the year after tax | 5,470,562 |
|---|
Remember we are a profit-for-purpose organisation. Any surplus we make goes back into the Trust.
How we spent your rent
Year Ending March 2024
| £ | % | |
|---|---|---|
| Business operating costs (e.g. offices, staff, IT)* | 7,314,960 | 31% |
| Maintenance | 8,441,949 | 36% |
| Service charge costs | 1,209,495 | 5% |
| Costs of running other parts of the business | 749,181 | 3% |
| The amount our properties reduced in value | 5,457,215 | 24% |
| Shared ownership | 254,094 | 1% |
| Total | 23,426,894 |
*Costs per social housing unit owned or managed by the Trust:
- Management costs – £1,383.06
- The remuneration payable to the CEO – £29.57
- The aggregate amount of remuneration paid to the Trusts executive team and our Board – £108.73
Capital costs - or fixed, one-time expenses
- £ 9.7M on improving our homes (e.g. kitchens, bathrooms and roofs)
- £11.4M on building new homes