Financial strength

Credit ratings

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

Financial summary




Total assets


Value for Money savings


New long-term funding secured

Housing properties700,217
Other fixed assets1,346
Investment properties31,996
Intangible assets170
Current assets30,340
Financed by£’000
Pension liability853
Reserves brought forward344,433
Creditors (excluding debt)40,455
Surplus for the year28,565
Group financial performance three-year summary2023£’0002022£’0002021£’000
Total turnover91,53585,85874,943
Cost of sales14,01012,0315,821
Operating costs53,99950,99448,374
Surplus on disposal of property, plant and equipment3,2992,3971,764
Operating surplus/(deficit)26,82525,23022,512
Comprehensive income for the year28,5659,1096,820
Fixed assets733,729703,840660,281
Net current assets13,81321,47918,622
Creditors – more than one year373,691365,191328,896
Revenue reserve189,236160,368150,917

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 2021/22Sector scorecard 2021/222023/24 Targets
New supply delivered – social housing2.13%2.36%2.10%1.60%2.12%
New supply delivered – non-social housing0.06%0.20%0.10%0.50%0.06%
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 only26.81%27.86%29.50%24.50%30.19%
Operating margin – overall25.70%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 2022/23Restated2021/22Sector scorecard 2021/22
Customer satisfaction4.04.4*N/A
Investment in communities£1.0m£1.0mN/A
Ratio of responsive to planned maintenance spend0.700.730.70
Rent collected99.85%99.44%100%
Overheads as a % of adjusted turnover12.37%12.99%14.9%

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

Contact details

Mona Shah 

Executive Director of Finance & Business Services                                                      
[email protected]

Chris Bellamy   

Director of Finance & Treasury                                                      
[email protected]