Surplus will support largest ever investment in our social homes

We have published our financial statements for the year up to 31 March 2023, in which we report a surplus before tax of £106.1m that will support the largest ever investment in our social rent housing over the next decade. 

This surplus will help us improve our existing homes, provide better services to our residents, and continue to build more of the homes desperately needed in the capital. This year’s result includes an increase of £40m in routine and planned maintenance with increased expenditure on damp and mould and fire safety, to ensure our buildings are safe.  

We have earmarked £0.5bn over the next 10 years for investment in our social rent and care and support homes, alongside a further £157m for building safety work. During 2022/23 we invested £39.7m in improving our existing homes, including cyclical improvements to 3,300 properties alongside 722 kitchen and bathroom replacements. 

We also benefited from an £8m government grant to ensure more than 1,000 households will have lower bills and reduced energy use. The best practice we learn as part of this process will be scaled up so all our rented homes can be EPC (Energy Performance Certificate) grade C by 2030. 

In the past year we completed 459 homes and started work on a further 459, as part of a longer-term pipeline of almost 5,000 homes by the end of 2027/28. 

Chief executive Patrick Franco said: “The group is financially strong with substantial liquidity and high demand for its core business. This financial strength will allow us to provide good quality homes and estates and enable our residents to live their lives well, which is the key goal of our new Better Together strategy.” 

The financial statements are complemented by our latest environmental, social and governance (ESG) report, also published today, and our annual standards report for 2022/23, which is due for publication in the next few days.