OVERVIEW OF BUSINESS
Accord ’ s primary objective is to provide homes and services to people in need , whilst at the same time ensuring that sufficient income is generated from its activities to meet its operating costs , interest costs and funding covenants . The business strategy provides a clear balance between growth , value for money and excellent customer service . Accord ’ s strong track record of prudent financial management will ensure it continues to meet the needs of existing customers as well as supporting the Government in its appetite to increase the supply of new homes . By adopting a rigorous approach to financial planning Accord is better placed to meet the needs of the business . Finances are managed through the annual budget , the monthly corporate financial reporting process and performance against predetermined key performance targets . Accord keeps the Board engaged through regular updates on matters of financial performance and financial / business planning .
During the year Accord has built on its strengths to maintain its position as a leading , effective and innovative housing organisation , Continuing to manage resources efficiently to ensure the demands of today are met whilst readying the organisation for future challenges .
The year ended 31 March 2018 has continued to see additional provision of social housing and further consolidation of a sound financial position . The surplus for the year before tax was
£ 10.775 million ( 2017 : £ 8.770 million ). Turnover for the year was £ 116.08 million ( 2017 : £ 113.80 million ) with strong underlying operating surpluses of £ 26.814 million in 2017 / 18 , compared to £ 23.463 million in 2016 / 17 . This continuing strong performance has enabled Accord to further strengthen its financial position and continue its sustained investment in both properties and services .
Overall surpluses identify a substantial increase when compared with performance in 2017 and demonstrate Accord ’ s ability to deliver value for money despite continuing financial and economic pressures in social housing and care marketplaces – a trend which is becoming increasingly important . Accord also continues to highlight its commitment and focus on its core business of delivering over 2,000,000 hours high quality housing and care services to around 80,000 people each year whilst maintaining a balance of a responsible approach to financial management .
The development of new homes remains a fundamental objective and as a housing provider Accord recognises the contribution that a wider range of tenures can make to the achievement of balanced , sustainable communities . During 2017 / 18 £ 46.4million ( 2017 : £ 39.4million ) was committed to developing and maintaining Accords housing assets . There were 12,801 units in management at 31 March 2018 .
2018 2017
Property numbers
Property numbers
General needs housing |
7,625 |
7,707 |
Affordable rents |
1,296 |
1,058 |
Supported housing |
1,791 |
1,781 |
Residential care homes |
354 |
387 |
Shared ownership accommodation |
1,168 |
1,185 |
Other |
567 |
599 |
Total 12,801 12,717
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 . A rolling programme of 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 £ 13.804 million ( 2017 : £ 14.520 million ) of which £ 3.527 million of repairs have been capitalised in the year ( 2017 : £ 3.602 million ), demonstrating Accord ’ s on-going commitment to investing in its existing stock on both a responsive and planned / cyclical replacement basis .
22 Accord Housing Association