Financial Statements 2017 Financial Statements 2017 | Page 43

The table shows Accord has a diverse portfolio of properties, which are located across the West Midlands. The Association’s housing stock is a combination of new build and refurbished properties. Stock condition reports confirm that the housing stock continues to be well maintained, and are fully compliant with the requirements of the Decent Homes Standard. Total expenditure on repairs and maintenance in the year was £14.520m (2016: £15.649m) of which £3.602m of repairs have been capitalised in the year (2016: £4.851m), demonstrating Accord’s on-going commitment to investing in its existing stock on both a responsive and planned/cyclical replacement basis. Asset management investment decisions are made on an informed basis to ensure the greatest returns on investment. These decisions are supported by Accord’s active asset management approach, Disposal Strategy and property intelligence data. Turnover and operating surplus/(deficit) by activity are shown below: Turnover Operating Surplus/ (Deficit) 2017 (£m) 2016 (£m) 2017 (£m) 2016 (£m) General needs housing 44.435 43.795 20.081 19.436 Supported housing 13.405 13.779 2.830 3.156 Residential care homes 11.694 10.870 0.543 0.605 Shared Ownership accommodation 2.240 2.283 0.827 0.835 First Tranche Shared Ownership 0.416 2.959 0.039 0.226 Other 41.655 46.451 (0.857) (1.013) Total 113.845 120.137 23.463 23.245 In the year, 41.0% of income was derived from general needs and shared ownership lettings (2016: 36.5%), 45.1% from care and care related activities (2016: 45.7%), and 0.4% from first tranche sales of shared properties (2016: 2.5%). In addition, Accord generated 13.5% of its income (2016: 13.5%) from other sources, including the Accord’s LoCaL Homes factory, floating support and nurseries. One of Accord’s main sources of income continues to relate to the provision of care and support and associated services. As a result of known pressures in the Adult Social Services market the financial viability of all care and support services continues to be monitored closely by the Board and Executive. Overall interest payable charges decreased to £15.727m (2016: £16.675 million) whilst debt increased from £400.286m to £414.071m. The increased debt position highlights our commitment to the development of new housing supply and the regeneration of communities, and is net of repayments on existing debt facilities. Financial Statements 2017 41