Financial strength

Credit ratings

A3 stable – Moody’s rating (Confirmed November 2023)

Financial summary

Assets	£’000
Housing properties	700,217
Other fixed assets	1,346
Investment properties	31,996
Intangible assets	170
Current assets	30,340
Total	764,069

Financed by	£’000
Debt	349,763
Pension liability	853
Reserves brought forward	344,433
Creditors (excluding debt)	40,455
Surplus for the year	28,565
Total	764,069

Group financial performance three-year summary	2023£’000	2022£’000	2021£’000
Total turnover	91,535	85,858	74,943
Cost of sales	14,010	12,031	5,821
Operating costs	53,999	50,994	48,374
Surplus on disposal of property, plant and equipment	3,299	2,397	1,764
Operating surplus/(deficit)	26,825	25,230	22,512
Comprehensive income for the year	28,565	9,109	6,820
Fixed assets	733,729	703,840	660,281
Net current assets	13,813	21,479	18,622
Creditors – more than one year	373,691	365,191	328,896
Revenue reserve	189,236	160,368	150,917

You can find the full Annual report and financial statements for 2022-23 on the documents page.

Value for Money

Metric	2022/23	*Restated2021/22	**Peer group average 2021/22	Sector scorecard 2021/22	2023/24 Targets
Reinvestment	6.29%	7.25%	8.0%	7.0%	8.90%
New supply delivered – social housing	2.13%	2.36%	2.10%	1.60%	2.12%
New supply delivered – non-social housing	0.06%	0.20%	0.10%	0.50%	0.06%
Gearing	48.15%	48.57%	52.30%	45.50%	49.00%
EBITDA MRI ^	147.43%	139.09%	156.10%	164.60%	151.00%
Headline social housing cost per unit £	£4,069	£3,670	£4,115	£4,377	£4,596
Operating margin – social housing lettings only	26.81%	27.86%	29.50%	24.50%	30.19%
Operating margin – overall	25.70%	26.59%	27.80%	21.40%	29.50%
Return on capital employed (ROCE)	3.59%	3.48%	3.60%	3.30%	3.62%

* Restatement following the separate classification of abortive scheme costs

** Our peer group consists of, BPHA, Futures Housing Group, Settle, Stonewater, PA Housing, Longhurst Group, East Midlands Group, Greatwell Homes, Paradigm Housing and Nottingham Community Housing Association

^ During 2021/22, loans with Nationwide and Newcastle were refinanced triggering early repayment breakage costs of £4.37m. Excluding the breakage costs the EBITDA MRI metric for the year would have been 179.38%.

Sector scorecard

Metric	2022/23	Restated2021/22	Sector scorecard 2021/22
Customer satisfaction	4.0	4.4*	N/A
Investment in communities	£1.0m	£1.0m	N/A
Occupancy	99.18%	99.07%	99.5%
Ratio of responsive to planned maintenance spend	0.70	0.73	0.70
Rent collected	99.85%	99.44%	100%
Overheads as a % of adjusted turnover	12.37%	12.99%	14.9%

*Grand Union now monitors customer satisfaction through the Rant & Rave platform. The score is out of a possible 5.

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