Our 2019 Annual Report ‘Homes & Places’ is now available for review, setting out our performance in the year ending 31 March 2019.
Financial Performance in 2018/19
In common with 2018, the finances of our two charitable organisations, The Fellowship Houses Trust and Hewitt Homes, have been consolidated to produce Group accounts. Overall our turnover for the year was £4.267M and the Group (incorporating the two charitable trusts) made a surplus for the year of £622k, which exceeded our business plan target. Major repairs expenditure was £415k (2018: £339k) of which £298k (2018: £339k) was capitalised and £120k (2018: £37k) was covered by contributions from leaseholder sinking funds.
How We Performed Against Our Operational Targets in 2018/19
Value For Money (VFM)
Our performance against the Regulator of Social Housing’s published metrics over the last three years is summarised in the table below. In common with most smaller housing associations we have an uneven development programme; in some years there are no completions at all. Over the course of the year 28 new homes in West Molesey were under construction and the scheme completes in October 2019.
Based on our own internal Value for Money objectives, we achieved 8.98% growth on the number of homes in management as our figures include stock held on lease and through management arrangements. Our reinvestment metric has increased since 2017 as we are progressing the development of new homes and investing in our existing housing stock.
Gearing has increased due to expenditure on new development reducing cash held. OUR EBITDAMRI (Earnings Before Interest, Tax and Amortisation, Major Repairs Included) reduced last year due to a combination of the Governments rent reduction policy, differences in pension accounting arrangements and costs incurred in setting up a new loan facility.
You can find out more about our approach to Value for Money here.
|Value for Money Metrics –Crown Simmons Housing|
|Benchmark info (SPBM) Quartile||2017||2018||2019||2020 Targets|
|2a||New Supply delivered – social housing||2||–||–||–||10.2%|
|2b||New Supply delivered – non-social housing||1||–||–||–||–|
|4||EBITDA MRI Interest cover||3||157.0%||196.3%||164.7%||43.2%|
|5||Headline social housing cost per unit||2||£4,169||£3,747||£3,283||£5,107|
|6a||Operating margin – social housing lettings||2||22.1%||26.5%||27.4%||15.8%|
|6b||Operating margin – overall||3||19.7%||21.3%||21.5%||17.0%|
|7||Return on capital employed||3||2.2%||9.9%||1.9%||2.0%|