How we spend our £1 for you
We’re a not-for-profit business, so the money we bring in from selling and renting properties, all goes back into services and home improvements we bring to you.
Income and costs
Income
2022-23 |
£181.1m |
Increase of |
2023-24 |
£201.9m |
Costs
Whilst our income has increased by 12%, so have our operating costs. We’ve spent just over £39 million more this last year, taking our outgoings to £191.7 million, £3 million alone of which was an increase in the cost of utility bills.
We own and manage over 29,000 social rent homes and at the end of the last financial year (March 2023) remain financially in a good place and we’re therefore able to continue investing in your homes and building new homes to support the national housing crisis.
Key highlights include:
- Higher expenditure due to increasing the number of people who form our in-house repairs team
- We spent £9.9 million on making our homes safer
- We spent a further £34 million on planned investment to your homes representing thousands of new kitchens, bathrooms and heating systems
- £1.3 million was spent on external wall insulation to help reduce utility bills for you