The housing association’s surplus increased by £8.5m during the year
Jigsaw Homes Group exceeded its target to build 906 new homes during the 2023/24 financial year, delivering a ‘record number’ of 929 new homes.
This marks the highest number of homes the 37,000-home housing association has built since Jigsaw was formed in 2018 following the merger of New Charter Group and Adactus Housing Group.
In its financial accounts for the year ending 31 March 2024, published yesterday, Jigsaw noted that contractor insolvencies at two major sites had delayed the development of an additional 336 homes.
The group’s operating surplus increased from £48.8m in 2023 to £56.1m as of 31 March 2024.
Jigsaw’s pre-tax surplus increased from £13.1m in 2022/23, to £21.6m during the 2023/24 financial year.
The chair’s statement added that Jigsaw’s surplus had been affected by an “elevated level of repairs” reported by tenants, particularly related to issues with mould and condensation.
The group’s chair, Roli Barker, stated that the increased demand for repairs meant that customers “at times had to wait longer than we would want for calls to be answered”. It also impacted on the timeliness of repairs completions to empty homes.
>> See also: Jigsaw Homes resumes 131 home development stalled by Ilke Homes going into administration
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However, the statement said by the end of year, “the contact centre’s performance had recovered and we had committed additional resources to turning around repairs to our empty homes, which remain in very strong demand”.
The group’s turnover rose from £200m in the 2022/23 financial year to £215m as of 31 March 2024.
Within this, the housing association’s turnover grew from £66m in 2022/23 to £71.6 million in 2023/24.
Jigsaw’s annual financial statement also stated that “the sector’s reputation has been severely damaged by repeated media reports of sub-standard housing and poor customer service following the tragic death of Awaab Ishak”.
As a result, there is increased scrutiny on the quality of homes across the sector. The group’s financial report stated that it expects major changes to the Decent Homes Standard soon, which will likely lead to higher spending on homes and may negatively impact performance metrics related to value for money in the future.
Housing association financial statements 2023/24
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