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Annual Report and Financial Statements | South Lakes Housing

Annual Report and Financial Statements

SLH Annual Report & Financial Statements 2019 have been published.

The key points of note from the Financial Statements are summarised as follows:

  • Turnover has remained static in the year as a direct result of the 4th year of the 1% rent reduction offset by Right to Buy (RTB) sales and rents from recently acquired properties.
  • 81 new properties were acquired/built during the year and a further £6.0m was spent on the improvement of existing dwellings.
  • The surplus on disposal of fixed assets of £435k relates to RTB sales of which there were 15 during the year (2017/18 – 20). This represents the amount retained by SLH after amounts due to the Council under the RTB clawback agreement.
  • The Local Government Pension Scheme (LGPS) deficit has increased by £846k and the deficit now stands at £2,644k. The Social Housing Pension Scheme (SHPS), introduced in 2018/19, has a deficit of £147k. The deficit for both schemes stands at £2,791k (2017/18 – £1,798k).
  • Loan balances with the funders have increased to £30.0m as a result of acquiring additional properties.
  • Reserves have increased from £36.9m to £42.3m.

The report certifies compliance with the National Housing Federation’s ‘excellence in governance’ code.  The report also contains a publication of Value for Money evidence, including information on the Regulator of Social Housing’s Value for Money Metrics, in addition to local measures and alignment with the business strategy. This is a requirement of the Regulator’s Value for Money Standard.

The accounts were audited by Beever & Struthers and they gave an unqualified audit opinion (a true and fair view of the state of the affairs as at 31 March 2019). The accounts were laid before the SLH Annual General Meeting which took place on 19th September 2019.