A Newcastle provider of affordable housing that is one of the UK’s largest has more than doubled its funds to invest in new homes and current stock.
The not-for-profit Home Group, which has a turnover of £313m, has increased its investment fund from £25.6m to £64.5m, which will contribute to plans to deliver 7,000 new properties in the next five years.
The figures are contained in the charity’s chairman’s annual report, which highlights how a combination of tight financial control and commitment to growth resulted in a strong performance – despite a challenging environment against a backdrop of welfare reform and continued uncertainty over the Homes and Communities Agency’s development programme.
It also noted that in the last financial year, the group had continued to deliver homes for a wide range of markets; invested more than £92m on maintaining and improving homes, retaining its 100% compliance with the Decent Homes Standard; maintained its A+ credit rating and low gearing ratio; and achieved a satisfaction rating of 91% for customers and 95% for clients.
Chairman of Home Group Bob Davies said: “In 2012, Home Group introduced its five-year strategy, Housing with Care, with the aim of strengthening our organisation. We are now a year into the delivery of Housing with Care, and we have seen consistently strong performance in our areas of focus.
“Our balance sheet remains strong and our finances are in good health.
“We have seen a significant increase in the funds available to us for reinvestment for a second consecutive year, increasing our overall investment fund from £25.6m to £64.5m.
““This fund allows us to make a continued commitment to developing and improving homes, despite the continued economic uncertainty, with plans to create more than 7,000 new homes and care and support bed spaces between 2013 and 2018.”
The charity, based in Gosforth, houses 120,000 people.