How your money is spent

Your rent helps provide services including maintaining your home and more.

Last year (2022/2023) we spent £315 million on our rented homes, which is split like this..

£110m repairs

This included £64m on 193,000 responsive repairs, £25m on gas servicing, fire risk assessments and electrical safety checks. And £21m on major repair works.

£63m housing management

This includes the day to day costs of running the organisation as well as providing services to customers.

The cost per property of housing management is £1,185. The average cost for the sector (in 2021/22) was £1,133.

Within this amount, £29.54 per property relates to the amount we pay our Executive Directors and Board Members, including £5.04 to our Chief Executive.

£48m depreciation

Depreciation is the decrease in the value of an asset over time (in our case, the "assets" are houses or other buildings). This decrease in value is recorded as an expense every year in our accounts.

£49m interest payments

Interest is a charge we pay to our lenders (banks) to borrow money that we use to build homes.

In 2022/2023 we made a surplus of £25 million, which we reinvest back into the business where it helps pay for things like:

Improvements to our existing homes - we invested £46 million last year
Building new affordable homes for rent - we invested £162 million last year

Making a surplus is important as it:

Gives us financial stability
Makes us a partner businesses want to work with
Lets us invest in existing homes and new affordable homes

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	Total
Income (£m)	323	90	48	461
Costs (£m)	-315	-87	-59	-461
Other (£m)	-	5	20	25
Surplus (£m)	8	8	1	25

How do we fund development of new homes?

We spent £180 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.