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Financial Summary
As the organisation continues to grow our financial position remains strong. During 2002 our total income rose by 9% and we invested significantly more resources into the maintenance of our properties. We continue to achieve a minimal surplus that both satisfies our external funders and enables the organisation to commit funds into priority areas. We generated a surplus of £258,000 during the year.
We finance over £2 million of repairs to our properties from our total income, and over £4 million of capital expenditure primarily on our housing stock across the county, funded through Social Housing Grant and private loan finance. Performance continues to improve in the management of voids and in arrears monitoring. We have also benefited from reduced interest payments on a number of our loans during the year. We have continued with the implementation of rent restructuring, and we continue to aim to minimise the effects of this on our tenants. In addition we have worked closely with local authorities and the Supporting People team in preparation for the new funding regime from April 2003.
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