But Riverside hits three-year corporate plan development target

Riverside’s annual completions have fallen by around 20%, the housing association has revealed.

The association said it completed 1,016 homes in the 2022/23 financial year, compared to 1,227 the previous year.

The association, in its annual financial statement, said it completed 765 homes for affordable rent and shared ownership, which was “less than anticipated” citing “delays on site due to labour and material shortages.”

However, Riverside said its total of 3,009 homes over its 2020-2023 corporate plan period represents a 20% increase on its previous plan period. It said it therefore hit its target of building between 3,000 and 4,000 over the three-year period.

Riverside posted a 40% increase in turnover, due largely to it being the first full year to take into account One Housing Group’s finances, which joined Riverside as a subsidiary in December 2021 before amalgamating fully this year.

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Riverside’s surplus ballooned from £869,000 to over £700m but this was due to a one-off £642m item relating to Riverside’s takeover of One Housing Group. Its operating surplus, which excludes such one-off items, fell by around 60% from £79.2m to £49.2m.

This fall was attributed to several factors including a £51m increase in repair costs and a £29.9m rise in management costs.

Last month, Riverside’s chief executive Carol Matthews announced her retirement after 12 years at the helm of the 75,000-home housing association.

Carol Matthews, who in 2020 was awarded a CBE for services to social housing, has announced she is standing down in 2024.

Housing association financial statements 2022/23

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