The Group generated a surplus for the year of £2.9m (2018: £6.7m) at an operating margin of 43% (2018: 53%). The decline in the surplus is primarily due to a reduction in the amount generated from property sales, being £3m lower than in the previous year. In addition, there was a one-off charge of £0.5m in the year for fixed interest breakage costs that resulted from the redemption of a bank loan.
The Board had recognised the slowdown in the housing market and correspondingly limited its exposure to new build sales. The lower level of surplus first tranche and open market property sales generated in the year was as a result of a decision to scale back the Group’s development programme. At the year end, there was only one recently completed unsold property in stock.
At the year end the Group had committed debt funding of £277m. Available liquid resources of £62m (cash holdings of £24m and undrawn loan facilities of £38m) are sufficient to meet the Group’s committed expenditure. The Group’s drawn debt has limited refinancing risk with only 20% of the Group’s debt maturing within the next ten years.
Hastoe Housing Association is authorised and regulated by the Financial Conduct Authority.
Financial report and statements
Our latest financial report and statements can be viewed or downloaded below.
Financial Report And Group Financial Statements Year Ended 31 March 2019Size: 969Kb Type: PDF
A credit rating demonstrates the relative strength of an organisation's financial position.
In line with our commitment to being open and transparent, we publish details of all our development expenditure in excess of £500.
The Hastoe Group complies with the principal recommendations of the NHF Code of Excellence in Governance 2015.