Page 10 - Ability Housing Association Annual Report 2015
P. 10

Ability Housing Association - Annual Report 2015

         Governance and finance

          Chairman’s statement
          In my first report as Chair, I can reflect  housing stock, a strong balance sheet,   previous year. This was largely because
          positively and with great pride on the  relatively low levels of debt and healthy  we did fewer planned repairs than
          strong position Ability finds itself in.   cash reserves.            expected, because we had to prioritise
                                                                               responsive repairs with a new contractor
          The board is in transition. We welcomed  The architect of our successful strategies  after our original contractor went bankrupt.
          three new members, Ian Lines, Sally Reay  for growth and improvement has been
          and Nicola Philp, who bring impressive and  our Chief Executive, David Williams, who  Our operating surplus for the year was
          varied skills and knowledge. In additio n,   will be leaving us shortly. David has led  £1,262,053 (14.2% of turnover), compared
          I took over from John Daley in March and  Ability for the past 14 years and been part  to a budget surplus of £801,487. The
          I am grateful for his commitment and  of the team for 24 years.      surplus after interest was £797,163 (8.9%
          leadership over the years. John’s approach                           of turnover). The surpluses met  our
          to governance always focused on our  On behalf of the board, I would like to  business plan targets of achieving an
          customers’ needs, while providing the right  thank both David and John for their  operating surplus of at least 10% of
          balance of scrutiny and support for our  highly successful leadership. They leave  turnover and a surplus after interest of
          executive team. It was always delivered  Ability in an enviable position, with a  at least 5% of turnover.
          with good humour and honesty. I intend  strong platform from which to continue
          to continue in a similar direction.  our work of promoting independent living.  Our development activities resulted in a
                                                                               net cost of £119,935 (2014: £129,004), as
          This year, we had to respond to   Jane Harrison, Chairman            expected. Management services and
          unprecedented external challenges arising                            sundry items contributed a surplus of
          from welfare reforms, a new housing bill                             £48,499 (2014: £42,763).
          and local authority funding cuts. I am
          delighted that we emerged from a soul-                               Our cash balances have increased during
                                            Finance Director’s report
          searching review with the confidence to                              the year from £696,788 to £706,529.
                                            During 2014-15, our turnover from rents
          move forward independently, with a viable                            Additional drawdowns of £0.5m were
                                            and service charges increased by
          long-term plan that retains a clear sense                            made to fund development.
                                            £108,892. The increase came from gaining
          of our purpose and priorities.
                                            32 housing units during the year, which
                                                                               Our full accounts are available on
                                            partly offset a reduction in our social care
          This is possible only because of the                                 request.
                                            contract income of £257,238.
          prudent investments we made in the past.
          Our 10-year programme of active asset
          management, which concluded this year,  Our housing-related operating costs  Donna Marshall, Finance Director and
          delivered a modern and fit-for-purpose  decreased by £287,287 compared to the  Company Secretary

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