Last checked at 20 Oct 2022 10:30
Publication of Annual Financial Statements 2022
A2Dominion Housing Group Ltd has today published its Annual Report & Accounts for 2021/22, recording a turnover of £465.8 million and a net surplus of £42.1 million.
The full audited financial statements can be found on our website: https://www.a2dominiongroup.co.uk/about/reports-and-accounts
A2Dominion has seen a return to delivering a strong underlying operating surplus whilst still increasing investment in maintenance and safety. This net surplus of £42.1 million is an increase of £35.7 million from the prior year on the back of an increase in turnover of over 50%. The Group has continued to invest in the maintenance and safety of its homes, spending a total of £64.6 million in the year on its responsive, planned and major repairs programmes.
971 new homes were completed this last year, against a target of 953, despite the challenges in construction, materials, and labour shortages, with over half being affordable tenures.
The last year also saw the Group maintain its A credit rating with Fitch. The business also maintained a regulatory rating of G1/V2 confirmed via an In-Depth Assessment.
A2Dominion Group's Executive Director (Central & Financial Services) and Deputy Chief Executive, Anne Waterhouse, said: "We continue to show clear financial resilience, which means we can attract the investment needed to maintain our existing homes, alongside our new homes programmes. The current external economic environment creates challenges for our organisation and our customers, so our focus is on this financial resilience, and that our customers are safe and secure in their homes."
Overall, the Group now manages over 39,000 homes across London and southern England, with 3,300 homes in the development pipeline. All profits generated by the Group are reinvested into supporting its social purpose providing new homes and continuing to invest in existing homes and services.
Other achievements set out in the Annual Report include:
Deliver customer-led services for residents and communities
· Customer satisfaction of 81.9% ahead of a target of 81.5%
· How easy we are to deal with: we achieved a score of 3.8 against a target of less than 3.9, and better than the national benchmark of 5.2 (lower scores mean lower effort and so are more positive)
· Generated £11m in social value, 37% higher than our target of £8m. This value is calculated using a method developed by the Housing Associations' Charitable Trust to measure the unseen societal positive impact of the services we provide for the benefit of our communities.
· Won a TPAS award for 'Excellence in Engagement in Support and Care' for our supported living scheme, Bramlings House
Protect and grow our business
· Regulatory rating of G1/V2
· Maintained our A credit rating with Fitch
· 81% employee engagement score
· Launched our second Environmental, Social and Governance report
Provide new high-quality homes and places
· 971 new homes completed
· 540 homes started on site
· 3,300 homes in development pipeline
· 87% of new home customers would recommend us to others
· Continued partnership to help deliver the Greater London Authority's (GLA) Affordable Homes Programme
Effectively manage our existing homes and places
· 88% satisfaction with responsive repairs services, above our target of 85% and in line with the 88% reported last year
· Low rent arrears of 3.3%
· £960,000 allocated to reduce carbon pollution - to be increased to £1.7m in 2022/23
· 80,000+ responsive repairs carried out through our contractors and our joint venture partnerships
Summary Financial Performance |
| |
GROUP STATEMENT OF COMPREHENSIVE INCOME AND EXPENDITURE | 2022
£M | 2021
£M |
Turnover | 465.8 | 303.3 |
Cost of sales | (181.6) | (44.1) |
Operating costs | (213.0) | (207.2) |
Surplus on sale of fixed assets | 13.3 | 7.3 |
Share of jointly controlled entity operating profit | 9.2 | 19.1 |
Operating surplus | 93.7 | 78.4 |
Operating margin | 20.1% | 25.8% |
Net interest charges | (65.5) | (64.8) |
Change in fair value of investments | 8.4 | 0.8 |
Movement in fair value of financial instruments | 2.7 | 2.3 |
Movement in fair value of investment properties | 10.7 | (9.4) |
Taxation | (6.4) | 0.7 |
Non-controlling interest | (1.5) | (1.6) |
Net surplus for the year | 42.1 | 6.4 |
GROUP STATEMENT OF FINANCIAL POSITION | 2022
£M | 2021 restated £M |
|
|
|
Tangible fixed assets and investments | 3,643.9 | 3,600.8 |
Current assets | 420.9 | 434.9 |
Creditors including loans and borrowings | (1,952.6) | (1,980.6) |
Deferred capital grant | (1,070.8) | (1,081.3) |
Non-controlling interest | (1.7) | (1.6) |
Total reserves | 1,039.7 | 972.2 |
A copy of the Annual Financial Statements has also been submitted to the National Storage Mechanism and will shortly be available for inspection:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For further information, please contact:
Ellie Lodge
A2Dominion Housing Group
The Point
37 North Wharf Road
London W2 1BD
Tel: 07860 411202
Email: ellie.lodge@a2dominion.co.uk