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This section of the Annual Report contains information about our financial performance.

For more information and archives of financial information:

Financial Resilience

Despite a challenging global economic environment, we remain in a strong financial position.

In 2020/21 we generated a surplus of £15.4M (£54.8M after fair value adjustments to account for the merger with Equity) and delivered a strong performance across a number of key financial metrics. Our long-term financial plan demonstrates that the organisation is financially sound and able to withstand challenges that present themselves. We have a strong liquidity position and are well funded for our future development programme.

Our credit rating with Moody’s was reaffirmed as A3 with a stable outlook in February 2021. In June 2021 Fitch kept our rating at A+ and our outlook has improved to stable. These ratings demonstrate our ongoing financial strength and resilience.

Back in April 2020, we learned from the Regulator of Social Housing that our Governance and Viability rating was regraded to G1/V2. This was an interim judgment following our merger with Equity Housing, and it took into account the previous ratings of both organisations.

Following a huge amount of work by our colleagues and an further in-depth assessment by the Regulator, we have now regained our G1/V1 status. The results considered our excellent integration progress, alongside the ongoing provision of high-quality services for our customers, and the continuing delivery of our operating principles of financial strength and good governance.

How we spend our rental income


To find out how we spend our surplus watch the video below:

Financial Summary – Statutory Accounts

The Bond

In January 2021 we issued the final £70M retained portion of our existing £345M bond due in 2042. Following a day of group and individual Investor presentations, the sale was priced at a spread of 120 bps and an all-in cost of 1.998 per cent. We were supported by NatWest Markets, Savills and Devonshires. We were delighted with this outcome – we achieved an extremely competitive price, slightly inside our trading spread. The offer was seven times oversubscribed, with over 30 investors involved, which demonstrates we have a compelling story about our financial strength in the midst of incredibly difficult operating conditions. We can now focus on investing the new funding in playing our part in tackling the housing crisis by developing much-needed affordable homes and building vibrant, sustainable communities.