b'CHP financial statements 2020/2021New supply delivered (social housing) The gearing metric assesses how much of our assets areThis is described in our 2019-2022 Corporate Strategy as made up of debt. This is often a key indicator of a housingour objective to provide a new home a day, or 365 homes associations appetite for growth. over the year.4.0% Our gearing metric remains higher than our peer group,Over the next two years, we expect gearing levels to drop predominantly driven by our long-standing focus onas our asset values to continue to rise. Our aspirations for 3.5% 3.76% building new homes to help meet local housing need.growth will continue as described above.3.66%3.48%3.0%3.09%2.5%2.0%1.5% 1.72%1.47%1.0%0.5%0.0%Sector median Peer groupCHP CHP CHP CHP2019/2020 median 2019/20202020/20212020/20212021/2022 2019/2020 actual targetactual targetThe new supply measure compares the number of newWe have also delivered 61 shared ownership homehomes acquired or developed in the year as a proportion ofat sites such as Southminster Road, Burnham andtotal homes owned at year end. High Lane, Stansted. Our development programme was unavoidably affected byWe aim to return to our target levels of development the global pandemic as building sites closed. This meansduring 2021/2022 and beyond, as pandemic restrictions we are below our target of a home a day in 2020/2021.ease. We expect the metric to trend toward ourHowever, we have still delivered 120 homes for affordableprevious levels.or social rent at sites such as Arla, Hatfield Peverel.Gearing70.0%60.0% 65.47% 64.49% 65.84% 62.53%50.0% 56.58%40.0% 43.98%30.0%20.0%10.0%0.0%Sector median Peer groupCHP CHP CHP CHP2019/2020 median 2019/20202020/20212020/20212021/2022 2019/2020 actual targetactual target24 25'