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Moat reports £23.8m surplus

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Moat reports £23.8m surplus

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Published by Max Salsbury for 24dash.com in Housing and also in Communities, Finance

Moat reports 23.8m surplus Moat reports 23.8m surplus

South East-based housing association Moat's latest annual financial statements show a surplus of £23.8 million, an increase of £5.1m from 2012-13).

The housing provider has said it intends to reinvest the surplus to provide new affordable homes, maintain existing homes and invest in communities.

Property sales, predominantly of shared ownership housing, represented 15.7% of the organisation’s £96.8m turnover and although debt increased to £382m, gearing remains low at only 28%.

This year Moat started on 866 new homes and completed a further 364.

It is on target to deliver at least 750 homes in 2014-15 and the organisation’s strategic plan aims to create an average of 600 new homes per year thereafter.

In addition to providing new homes, Moat spent £18.1m on maintaining and improving existing homes.

The social landlord is also working with tenants to bring forward plans to regenerate the Pollards Hill estate in Merton, South London.

Aiming to spend £17m over four years, the proposed regeneration will improve the energy efficiency of the homes and create a better community environment, as well as providing some additional homes. The project is in its early stages, with resident consultation and master planning already underway.

Greg Taylor, Moat's executive director of finance, said: “We’re pleased to report continued improvement in annual surplus over the last five years. This reflects ongoing efforts to increase efficiency across the business and provide value for money to our residents.

"These results put us in a strong position to work towards our ambition to ‘bring an end to housing need’.

"Now, more than ever, our development pipeline is vital to this ambition as is our social and financial investment in existing homes and communities. We focus heavily on value for money within our business-wide strategic plan which underpins our ability to meet the needs of the people and communities we support.”

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