Ashton Pioneer Homes Limited (APH) converted to a charitable Community Benefit Society registered under the Co-operative and Community Benefit Societies Act 2014 on the 9th of November 2017 and is a Registered Provider of social housing. APH was previously a Company limited by guarantee registered with Companies House. APH activities continue to be the management and development of social housing. With a turnover of just over £4.5m, APH is an important business in the local community.
The Association has entered into a bond with GB Social Housing. This arrangement enables further investment in our properties as well as supporting any potential future acquisitions. We have a 30 year business plan to ensure that we meet our commitments, which currently stand at around £8.9M.
We are able to comply with the Government’s rent-setting regime without detriment to our services, or to our continuing investment in homes and estates. Our homes are already fully Decent Homes compliant.
Financial performance during the year 2017/2018
The association reported an operational deficit for the year of £237k compared to a surplus of the previous year of £614k. This is the result of paying £1.4m loan break costs to redeem a loan with Nationwide as part of a refinancing exercise.
Comprehensive income figures after charging depreciation of housing properties and the write off of components is £939k (2016: £906k). Our operating margin increased to 28.5% despite rent reductions and out performed our peers (21.8%); this is due to savings throughout 2017/2018 across management, maintenance, service charges and depreciation.
Consolidated Financial Performances