We're pleased to say that we are continuing to weather the challenging economic environment of the last few years and that Futures remains in excellent financial health. We have continued to invest in our homes and are on track with our long-term programme of work to make our customers' homes more energy efficient. We have also continued to build new homes to help towards the significant housing supply issues within the UK.
As expected our operating surplus fell during the year to £15.5m - down £1.8m on 2022-23. This was due to a few factors including spending more than we planned on refurbishing empty homes (due to a higher volume as well as more significant work being needed) and speeding up our energy efficiency improvement works.
Excluding the revaluation of the market rent portfolio, our operating margin has remained constant at 27% through 2022-23 and 2023-24.
Our development programme has remained healthy with 227 new homes completed during the year for social rent, shared ownership and Rent to Buy. We also have a healthy development pipeline for the next two years and expect to complete even more homes in the coming year.
As mentioned elsewhere in the report, we have been busy putting together our new corporate plan this year and we have set aside resources to fund our plans.
All-in-all we’ve worked hard to keep our finances strong during this challenging time. This means we can face our own future confidently and continue to deliver more homes, invest more in existing homes and neighbourhoods and continue to offer vital support services to our customers.
See our breakdown of incomings and outgoings for the last financial year below.
