Successful, sound and strong

Worthing Homes’ 2013 financial statements show another successful year. The surplus for the year ended 31 March 2013 increased by £1 million to £3.2 million. This surplus will be reinvested into services and new homes.

These financial statements demonstrate our track record in improving our operating efficiency and financial results. The operating margin has increased to 43% which is amongst the best in the housing association sector. The average operating cost per home has increased by 2.3% which is a decrease in real terms and the overall surplus for the financial year as a percentage of turnover has increased to 19%. These strong results mean that the company does not depend on property sales to fund its activities.

We continued with our growth strategy during the year, and our total number of homes increased by 2% to 3,500 homes at March 2013. There were 116 additional homes completed last year, at a total cost of £16 million. The development programme is ongoing with a further 69 homes on site at 31 March 2013. These projects are financed by the company’s agreed loan facilities and its own resources.

In setting the corporate plan and budget for the coming year the board sets targets that will produce efficiency gains and service improvements each year. The major challenge in the coming year will be the welfare reform changes for which we have allocated additional resources. Despite this we are forecasting an increase in our operating margin for the coming year.