Shaping The Future With Our 2018 Annual Report

Our 2018 Annual Report ‘Shaping the Future’ has been published, setting out our performance for the year ended 31 March 2018.

For the first time we have consolidated the finances of Crown Simmons Housing and The Fellowship Trust to produce group accounts. Following the sale of the Highbury View scheme in Islington, our surplus for the year was £4,278,211 against a turnover of £4,116,909. Our operating surplus was £870,412 giving an operating margin of 21.14%. Our surpluses are reinvested to produce more affordable housing and for investment in existing housing stock.

New homes under construction in West Molesey

Other highlights of the year included starting work on our latest £4.5M development at Abbey Walk in West Molesey which will see 28 new affordable homes completed by June 2019. We also performed strongly against a number of key performance indicators in terms of current tenant

rent arrears, rent collection, rent losses from empty properties, gas safety and fire safety compliance.

The Regulator of Social Housing has introduced a standard set of value for money metrics and, when measured against our peer group (SPBM – a benchmarking service for smaller housing associations), we reported top quartile performance on the Reinvestment, Gearing and Return on Capital Employed metrics, with second quartile performance recorded for management costs (measured by headline social housing cost per unit) and operating margin. More detailed information on Value For Money is provided on pages 12 and 13 of the report.

Helen Routledge, Crown Simmons’ Finance Director said, “The Regulator has challenged all housing associations to demonstrate commitment to the value for money agenda. We’re responding by reducing our unit costs which compare favourably with organisations of our size as well as improving our performance against the key vfm metrics. This allows us to continue to build and acquire new homes and meet local housing need.”

You can read our 2018 Annual Report below. We have also produced a Value for Money Report for 2017/18 which can be located in the Value For Money section along with the Financial Statements for the year ended 31 March 2018.

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