Moat plans 750 new homes in 2014-15
South East based housing association, Moat today released their annual financial statements. Reporting a surplus of £23.8 million (an increase of £5.1million from 2012-13), Moat confirmed its continued intention to reinvest this surplus to provide new affordable homes, maintain existing homes and invest in their communities.
Property sales, predominantly of shared ownership properties, represented 15.7% of the organisation’s £96.8 million turnover and although debt increased to £382 million, gearing remains low at only 28%.
New and existing homes
This year Moat started on 866 new homes and completed a further 364. They are on target to deliver at least 750 homes in 2014-15 and the organisation’s strategic plan aims to create an average of 600 new homes per year thereafter.
In addition to providing much-needed new homes, Moat spent £18.1 million on maintaining and improving their existing homes.
Community investment
They are also working with local residents to bring forward plans to regenerate the Pollards Hill estate in Merton, South London. Aiming to spend £17 million over four years, the proposed regeneration will improve the energy efficiency of the homes and create a better community environment, as well as providing some additional homes. The project is in its early stages, with resident consultation and master planning already underway.
External environment
Moat has been proactive in in offering tailored assistance and support to residents who are under financial stress as a result of welfare reform or other circumstances. As part of this additional support, 60 residents were helped into work throughout the year. Moat will continue to encourage greater resident independence where appropriate whilst continuing to work with the most vulnerable of their residents.
Greg Taylor, Executive Director of Finance says: “We’re pleased to report continued improvement in annual surplus over the last five years. This reflects ongoing efforts to increase efficiency across the business and provide value for money to our residents.
These results put us in a strong position to work towards our ambition to ‘bring an end to housing need’. Now, more than ever, our development pipeline is vital to this ambition as is our social and financial investment in existing homes and communities. We focus heavily on value for money within our business-wide strategic plan which underpins our ability to meet the needs of the people and communities we support.”
