We own and manage over 10,700 homes and provide services for over 27,000 customers. High demand for our homes provides excellent opportunities for further growth through the provision of new properties.
We’ve adapted well to the changes affecting the UK social housing sector and the economy as a whole. Since 2011 we’ve been developing new homes without grant subsidy from central government and since 2019 our aim has been to deliver 365 homes a year, or ‘a new home a day’.
2020-2021 was an unprecedented year and, in common with many other organisations, we faced the unexpected challenge of supporting customers and employees during a global pandemic. Despite this our financial results for the year were strong, with our turnover increasing by 2.3 percent to £67.6m and our operating surplus rising to £21.4m from the previous year’s £16.2m.
Rating and regulation
Regulator of Social Housing
We’ve been awarded a G1 for governance and V2 for financial viability, following an in-depth assessment (IDA) from the Regulator of Social Housing (RSH).
In awarding us the highest possible G1 grading the RSH recognises that we’re well governed and in a strong position to continue delivering on our corporate objectives.
Our V2 grading recognises that we have sound financial plans in place to deliver our business plan. It takes into account that we have an ambitious development programme to help meet housing need in the region and that we have set aside funds to invest in energy efficiency improvements as part of our strategy to become carbon Net Zero.
Along with our subsidiary Myriad Homes, we’ve been awarded an A- credit rating in our annual review by S&P Global.
This rating is based on several factors and in particular our ambitious development programme, which is delivered through a managed increase in our debt portfolio. The rating reflects our objective to help meet the continued strong demand for social housing in the eastern region by building ‘a new home a day’. We achieved 181 new homes in 2020/2021 despite the pandemic and closure of building sites. We have 608 homes under development for the 2020/2021 financial year.