Bromford celebrates success at year-end
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Our end-of-year results demonstrate how colleagues have worked together to guarantee that all promises to our customers have been delivered.
Here are the highlights:
For the 13th year running, we have rented all of our properties, with not a single empty home on April 1st. Russ Fowler, director of financial reporting and procurement, explains why zero voids is important for our accounts: “Clearly, we need to keep the length of time that our homes are empty to a minimum all through the year, not just at the year-end, as empty homes don’t generate rental income. In addition to lost rental income, however, if we had significant numbers of voids at year-end we'd be in a position where we’d need to ‘post an impairment’. That means effectively adding an adjustment to our accounts to reflect that our homes are not capable of earning a full year’s worth of rental income.”
We have provided 624 new affordable homes across central England.
214 shared ownership homes were sold and a further 37 outright sale homes signed and sealed.
As a condition of our funding for 2011-15, the Homes and Communities Agency (HCA) set us targets each year to achieve. We’re delighted to say we exceeded our HCA completions target. The home ownership team was able to help more customers than they had originally thought buy greater shares in their shared ownership homes – supporting more of our customers in meeting their home ownership aspirations, generating cash for further investment in new homes and containing shared ownership arrears.
Bromford’s portfolio team has generated significant profit from disposals, easements, small land sales and conversion of some homes from social to affordable rent and commercial rent income. One of the key results from their activity is that we are able to recycle capital grant to be used to build new homes.
Chief executive Mick Kent commented: “It’s fantastic to see how well we’ve performed this year for our customers and such great results can only be achieved by the continuous hard work and commitment of all of our colleagues – what a great team effort by all involved.”