The Bradford-based housing association has invested a total of £52m in its existing homes, and built 431 new homes
Accent Housing has more than doubled its capital expenditure on existing properties in the 2023/24 financial year, reaching £26.2m, up from £12.5m in the previous year.
The increase, which Accent attributed to “accelerated capital work”, includes projects such as energy efficiency upgrades, structural repairs, and kitchen and bathroom renovations.
The group invested £40m in existing properties, both capital and routine maintenance and repairs (revenue), compared to £20.9m the year before.
Overall, the 21,600-home housing association reported “a record investment” in its existing homes by spending £52.3m across all planned, revenue repairs, voids, and cyclical and major works.
>> See also: Accent hires interim chief executive to replace Paul Dolan
>> See also: Ombudsman finds severe maladminstration at 13 social landlords due to window repair delays
Accent delivered 431 new homes during the year, which it described as “the highest rate of completions for at least 10 years”. This represents an increase from 221 homes in the 2022/23 financial year, which was below its target of 314 homes.
The report stated that the new supply of homes delivered increased from 1.1% to 2.2% in the year, which was slightly below target “due to a number of constraints in the operating environment, including delays in planning consent”.
Accent is aiming to deliver around 3,150 new homes before 2031.
In their joint statement, interim chief executive Sarah Ireland and chair, Tom Miskell said Accent will continue to develop its programme of new homes with over 90% of its 1,200-home pipeline identified, and set to delivered on land-led sites to a minimum EPC A environmental standard.
Accent’s turnover increased 10% from £115m in the previous financial year, to £127m in 2023/24. This was boosted by a n increase in social hosuing lettings income from £104m to £115m, while shared ownership first tranche income rose for £5.3m to £9.9m, offsetting a reduction of £4.5m in open market sale income.
Its surplus increased from £21m to £24m.
Accent’s operating expenditure rose by 9.2%, from £87m to £95m.
The group’s core affordable housing business made an operating surplus of £29.4m in the latest financial year, up from £26.1m the previous year.
Accent’s financial statement said this was due to an £11m increase in rental income, while an additional £11m was spent on repairs, maintenance and major upgrades to properties.
In the chair and chief executive’s statement, they also extended their thanks to Paul Dolan, who stood down as chief executive in May this year, for his seven years of service. The group’s board appointed Ireland as interim chief executive in April.
The statement said “our search for a new, permanent CEO is progressing well, and we hope to confirm an appointment during the second quarter of the year.”
Accent was named in a recent Housing Ombudsman report relating to window repair complaints after it received a severe maladministration finding for leaving a vulnerable household with two disabled children living in a property with a boarded-up window for nine months.
Accent has launched an independent review with the guidance of an external advisor and developed an action plan based on the Ombudsman’s recommendations.
The action plan includes enhanced training for staff on complaints handling, repairs responsibilities and record keeping, as well as a full review of its repairs policy and tenancy agreements.
Housing association financial statements 2023/24
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