Financial strength

Credit ratings

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

Financial summary

Assets	£’000
Housing properties	768,032
Other fixed assets	1,146
Investment properties	31,796
Intangible assets	65
Current assets	29,188
Total	830,227

Financed by	£’000
Debt	401,518
Pension liability	501
Reserves brought forward	372,998
Creditors (excluding debt)	47,975
Surplus for the year	7,235
Total	830,227

Group financial performance three-year summary	2024 £’000	2023 £’000	2022 £’000
Total turnover	95,271	91,535	85,858
Cost of sales	8,798	14,010	12,031
Operating costs	64,213	53,999	50,994
Surplus on disposal of property, plant and equipment	1,043	3,299	2,397
Operating surplus/(deficit)	23,303	26,825	25,230
Comprehensive income for the year	7,235	28,565	9,109
Fixed assets	801,039	733,729	703,840
Net current assets	8,919	13,813	21,479
Creditors – more than one year	429,224	373,691	365,191
Revenue reserve	203,099	189,236	160,368

You can find the full Annual report and financial statements for 2023/24 on the documents page.

Value for Money

Metric	2023/24	2022/23	*Peer group average 2022/23	Sector average 2022/23	2024/25 Targets
Reinvestment	8.84%	6.29%	8.6%	7.9%	9.89%
New supply delivered – social housing	2.09%	2.13%	1.9%	1.5%	2.88%
New supply delivered – non-social housing	0.00%	0.06%	0.00%	0.20%	0.02%
Gearing	50.46%	48.15%	53.9%	45.8%	52%
EBITDA MRI interest cover	113.34%	147.43%	110.7%	111.4%	120%
Headline social housing cost per unit £	£4,885	£4,069	£4,631	£5,037	£5,337
Operating margin – social housing lettings only	23.14%	26.81%	25.1%	21.0%	25.77%
Operating margin – overall	23.36%	25.70%	24.5%	19.1%	25.57%
Return on capital employed (ROCE)	2.88%	3.59%	3.2%	3.0%	3.57%

* 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

Sector scorecard

Metric	2023/24	2022/23
Customer satisfaction *	4.4	4.0
Investment in communities	£1.0m	£1.0m
Occupancy	99.73%	99.18%
Ratio of responsive to planned maintenance spend	0.71	0.70
Rent collected	99.47%	99.85%
Overheads as a % of adjusted turnover	12.18%	12.37%

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

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