Our Income and How We Spend It
The vast majority of our income comes from rents, in addition to which we receive interest on the money we have in the bank and a grant towards the cost of running our Care & Repair service. The Scottish Government provides us with grant funding which is topped up with money we borrow from banks and building societies to cover the cost of building new homes.
Our Audited Accounts
These must be published in a specific format which is unfortunately not easy to read and understand, so we have included an easier to read and understand summary. If you need clarification on any part of the accounts, please contact us by e-mailing email@example.com or calling on 01620 825032.
Our Capital Works Programme
The number, type and location of new homes that we provide can vary significantly from year to year. In addition, we spend significant sums of money maintaining and improving the homes we already own. We work in partnership with Castle Rock Edinvar Housing Association on all our new development projects, and have signed a Strategic Alliance with them. Through the Strategic Alliance, Places for People Developments act as our Development Agents, and assist us with all our procurement, using their framework agreements. This ensures we procure our new housing developments as quickly and efficiently as possible, whilst also fully complying with procurement regulations.
Almost all that we spend on maintenance and improvement is though our wholly owned subsidiary R3 Repairs Limited, keeping the expenditure within the Group in a tax efficient manner and allowing some flexibility in ensuring that R3 tradesmen are fully employed at all times. We have a stock condition survey, 20% of which is updated each year, in addition to which all proposed works are pre-inspected to ensure that the work is carried out (and the money spent) at the optimum time. This means that the calendar below is subject to change, but we have found that as long as we communicate effectively with our tenants, satisfaction levels remain high.
Value For Money
We recognise the importance of acheiving value for money in everything we do, and report on this to our tenants in September each year in our How We're Doing booklet. The relevant extract can be found below.