Our annual report and financial statements for 2021/22 published on Tuesday 15 November show a strong set of results, providing a solid foundation for our commitment to provide better homes and resident services.
The document sets out how we performed financially between 1 April 2021 and 31 March 2022. For that period, we recorded a net surplus of £102.3 million, nearly £20 million higher than the budget we set at the start of the year.
As in previous years, the surplus will be used to invest in our existing services, homes and communities, as well as in continuing our programme to build more new homes across London. In 2021/22, we completed 1,346 new homes.
The surplus will also contribute to the £173 million provided for in our strategic plan to address building safety issues, a significant challenge for many housing associations and developers and a matter of high importance for residents.
A sound financial base is especially relevant in the current uncertain external market, which is causing costs to rise across the board and putting increased pressure on our residents.
We hope the annual results give our residents, investors and other stakeholders confidence in our ability to withstand challenges within the housing sector as well as to continue to deliver homes and services for a range of needs across London and surrounding areas.
The financial statements are complemented by our second environmental, social and governance (ESG) report and our annual standards report for 2021/22, both published in September 2022.