Shropshire Housing Group Annual Report 2011

Page 22

Annual Accounts 2010-2011 The 2010/11 financial year has again been one of achievement for the Shropshire Housing Group. We have performed well against our budgets, as well as hitting other key targets. This is a remarkable achievement, given the continuing challenging economic climate. The net position is a surplus of £2,992,555 against a surplus in 2010 of £3,309,875. Our expenditure on maintenance has once again been significant across the Group. South Shropshire Housing Association has maintained its expenditure and met its target in this area once again and Meres & Mosses Housing Association has made fantastic progress against its improvement works programme. In total, planned works and improvements have been undertaken to the value of over £7 million.

Income and Expenditure Account 2011 (£) Our income for the year

2010 (£)

20,768,760

21,153,583

Less the cost of running the group (14,607,466) (14,544,969) Equals the operating surplus for the year

22 6,161,294 6,608,614

Deduct share of deficit in joint ventures

(187)

(10,095)

Surplus on sale of property

16,868

18,075

Equals surplus on ordinary activities

6,177,975

6,616,594

Add interest on cash balances

28,821

76,578

Deduct interest payable on loans

(3,214,241)

(3,383,297)

Equals surplus for the year

2,992,555

3,309,875

Taxation on surplus

-

-

Equals surplus after tax for the year

2,992,555

3,309,875

Actuarial gain/(loss), for pensions 455,000 (614,000) Surplus for the year

3,447,555

2,695,875


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