Housing Association posts 40 year high

A calculator, pen, and financial statement.
A calculator, pen, and financial statement.

Angus Housing Association celebrate a most successful financial year in its 40 year history with a surplus of £2.4 million.

Double the predicted figure, the unexpectedly buoyant account was largely down to a banking re-dress of £1.3 million offered by Clydesdale Bank after the Association successfully challenged the outfit for mis-selling a loan product.

A report submitted at the annual general meeting showed how much success the Angus housing association has made in the last financial year and how it is planning to continue this success in the future.

Angus Housing Association chairman Sheena Welsh warned that this would be much needed to face “what looks like five more years of austerity ahead, both in terms of limits on investment in new housing and the negative impact on the Association’s tenants’ incomes of even more, unidentified, cuts in the welfare budget.”

At the meeting of shareholders, Councillor Welsh described the financial year 2014/15 as “probably, in overall terms, the most successful in more than 40 years of our history.”

In approving the Association’s annual accounts for the year, members noted a surplus for the year of just over £2.4 million.

Continuing the positive news, the Association members further noted that there had been a return to growth through the development of new homes at Monarch’s Rise and Great Michael Road in Arbroath and at North Brown Street, Carnoustie.

Councillor Welsh told the AGM she was particularly pleased to see the new 32 house development at Ormiston Crescent in Dundee’s Whitfield Estate get underway – more than 25 years after the first phase of the regeneration of the area was started by Ormiston People’s Housing Co-operative.

Record levels of investment are being made in the Association’s housing stock of around 1,800 homes. “In total, we invested more than £2.5 million in our existing housing stock in the last year,” said Councillor Welsh.

“I believe that it speaks volumes for how far advanced we are in investing in the assets that are our housing stock, when we are now comprehensively modernising houses that are only around 20 years old.

“More significantly, we are able to commit this level of investment going forward from our rental income streams without the need for subsidy or additional borrowing.”