Finance

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Surplus after tax

The surplus has increased year on year and has exceeded the target as a result of the organisation reducing operating costs and us seeing a reduction in the organisation’s cost of sales.

Income

Income is down year on year as a result of the rent reduction, a reduction in shared ownership sales and the value of some contracts held by Plus Dane.

Operating Surplus

The operating surplus has increased year on year primarily as a result of the organisation reducing its costs as part of a concerted effort to become more efficient.

Bad debt & bad debt provision

This is a combination of bad debt written off and the increase in the bad debt provision. We have maintained performance on bad debt despite welfare reform, which continues to challenge. This is excellent news and is a result of improvements to income management and collection rates.

Overall Operating Margin

The social housing operating margin is a key indicator of our financial resilience and core to our corporate plan. It is encouraging that we have exceeded the target for this year and continue to head in the right direction.