Accounts digest: analysis of over 200 sets of HA financials shows radical impact of accounting change
Social Housing’s analysis of over 200 sets of UK housing association accounts shows that the introduction of FRS 102 alone boosted reserves by £8.8bn as surpluses rise £1.8bn.
Financing requirements and new risks offer increased work for advisory firms.
Diversified income growth dwarfs rise in total housing association revenue, Social Housing analysis reveals.
Offices and non-core properties see greatest impairment
Cost of Funds
Housing associations’ average cost of funds fell slightly in the last financial year to 4.59 per cent.
The accounts of 221 UK social landlords show the average chief executive pay package – including bonuses, performance-related pay and benefits in kind but excluding employer’s pension contributions – was £147,963.
Affordable rent (AR) units represented 17 per cent of total general needs lettings in the year ended 31 March 2013 but reached as high as 75 per cent for some English HAs with average weekly rents peaking at £227 in parts of London.
AHP Starts and Completions
England sees 63 per cent fall in completions in a year.
Net surpluses climb by a quarter, but social housing units rise by just 0.9 per cent.
Investment in new build and major refurbishment up 8%