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Annual Report and Financial Statements 2017/18
Golding Homes’ latest annual reports and accounts show the housing association ended the year in a strong financial position. This is the first time that Golding Homes has presented its financial accounts in a visual, user-friendly format with narrative reporting to explain the financial statements.
Key highlights from the report on Golding Homes’ performance for 2017/18 include:
- Golding Homes ended the year with a healthy operating profit of £10.7m which was an increase of £1.4m from the previous year, if the actuarial movement in the pension scheme is included the surplus was £12.1m an increase of £4.5m
- Operating margin increased to 34.2%
- The association also saw a cash increase of £53.3m in direct consequence of raising £72.5m of extra loan funding, part of which was secured lower than the cost of UK government borrowing This will create savings and supports Golding Homes’ plans to significantly increase its housebuilding programme to develop 800 homes across all tenures by 2021
- Golding Homes’ turnover increased by 11% from the previous year due to the increase in the number of shared ownership and market sales completed. The Association’s fixed assets, less asset liabilities had also increased by £82.6m due to greater stock management and the drawdown of the new loan facility.
- Last year Golding Homes retained is G1 V1 rating from the social housing regulator which recognises its high governance standards and financial strength.
- A new approach to its business planning process was launched last year with engagement from staff, customers and stakeholders and this has shaped an ambitious new strategic vision for Golding Homes.
Golding Homes Chief Executive Gary Clark said: “Our financial strength and excellent reputation for delivering quality affordable homes and services have provided a firm foundation to launch a new direction for Golding for the next three years and beyond. We’ve come a long way over the last year in determining our future, with clear aspirations to accelerate our build programme for all tenures, invest significantly in our local communities to help change our residents’ lives for the better, modernise our services, as well as invest in our people to maintain a strong, viable social business.” You can view a full copy of Golding Homes’ Annual Report and Financial Statements at www.goldinghomes.org.uk/performance.