- Home
- About us
- Corporate
- Transparency
- How your money is spent
How your money is spent
Your rent helps provide services including maintaining your home and more.
Last year (2023/24) we spent £338 million on our rented homes, which is split like this:
In 2023/2024 we made a surplus of £23 million. We reinvest our surplus back into the business where it helps pay for things like this:
- Improvements to our existing homes – we invested £50 million last year
- Building new affordable homes for rent – we invested £101 million last year
Making a surplus is important as it:
- Gives us financial stability
- Lets us invest
Want to know more?
If you want to know the detail behind our finances then read our financial statements. Our customers shape everything we do. Find out how you can get involved in how your money is spent.
How much money do we receive, and where do we spend it?
What we do: | Renting homes | Building homes to sell | Providing care and support and other activities | Other activities | Total |
Income (£m) | 352 | 88 | 48 | 7 | 494 |
Costs (£m) | -338 | -83 | -45 | -9 | -486 |
Other (£m) | - | 6 | - | 9 | 15 |
Surplus (£m) | 13 | 11 | 3 | -4 | 23 |
How do we fund development of new homes?
We spent £187 million on building new homes last year:
Approximately 25% of a new affordable home is funded through a grant from the government and Home Group funds the rest.
We do this by reinvesting the surplus we make on the homes we build to sell, or borrowings that we then pay back from the rental income we receive.
Directors’ remuneration and management costs
The regulator requires us to provide information about our directors’ remuneration – what we pay our executive directors and board members – and the management costs of running the business.
We paid our executive directors and independent board members a total of £1.5m last year. This represents £28.22 per home. Our Chief Executive was paid a total of £263,000, or £5.06 per home.
In 2023/24 we spent £71m on housing management of social housing. As well the direct costs of managing customers’ homes, this includes the day to day costs of running the business, including back office costs such as running our offices and IT systems.
Management costs represent £1,368 per home. The average cost for the sector (in 2022/23) was £1,200.