Financial Statements Summary 2023/ 2024

Every year, Housing 21 publishes its Financial Statements which is a comprehensive report of its performance over the past financial year.  

Its key performance figures are summarised below: a copy of the full report is available to download and read on our website. 

Our business performance  

During the year we have generated an operating surplus of £27.8m (2023: £26.4m) and turnover has increased to £274.9m (2023: £251.5m).  

We built and completed 117 new properties and acquired 504 existing properties from Notting Hill Genesis (60 apartments) and Clarion (444 apartments). At the end of the financial year, work was under way on a further 769 properties across 15 schemes which are due to complete within 12 to 24 months.  

We have invested £102.6m (2023: £157.6m) in the acquisition and development of new properties and have received £23.5m (2023: £18.1m) in grant assistance from Homes England and our local authority partners. Homes England is a government agency that supports new home building and regeneration projects across England. 

Our management costs, which divide the total management costs by the number of social house properties was as follows: 

Management costs = £42,959k 
Divided by  
Total social housing units* = 21,855 

Equals a cost per unit of £1,965.64 

This means each property paid an equivalent cost of £1,965.64 over the course of the year towards the management of their scheme. 

Extra Care and Retirement Living  

Our housing portfolio consisted of 14,782 Retirement Living properties across 493 schemes including 1,429 managed properties in Oldham and 8,676 Extra Care properties across 166 schemes. We delivered 49,000 hours of social care in Extra Care every week over the last financial year.  

This year, Extra Care and Retirement set separate strategies but both placed residents at their centre. 

Retirement Living: 

The five strategic priorities for Retirement Living are: 

• Quality and consistency 
• Growth 
• Future of Retirement Living 
• Supporting our residents 
• Investing in employees 

Extra Care: 

The three strategic priorities for Extra Care are: 

• Resident satisfaction  
• Quality and compliance 
• Performance 

These will be achieved through: 

• Investing in our people 
• Providing quality systems 

Our overall satisfaction rate across both Retirement Living and Extra Care was 86 percent. 

Unfortunately, during the year, investigations into complaints against Housing 21 led by the Housing Ombudsman (which oversees complaints in the social housing sector) found Housing 21 to be at fault on three separate occasions. 

Two of these faults were for service failure relating to the handling of antisocial behaviour and complaint handling. One case was determined to be maladministration for failures in investigating a resident’s concerns, complaint handling and record keeping. We received no complaint-handling failure orders from the Housing Ombudsman, which confirmed any and all complaints made against Housing 21 during the year were correctly managed. 

Our housing portfolio   

In 2023/ 2024 we delivered 117 new homes including Patent Walk, our award-winning off-site manufactured net zero carbon Retirement Living scheme in Doncaster, together with Sandstone Court, an all-electric Extra Care scheme in Telford. In addition, we acquired 504 Extra Care properties comprising 60 from Notting Hill Genesis in London and 444 from Clarion spanning London, East Anglia and the South East.  

• 100 percent of homes met the Decent Homes Standard  
• 81 percent of homes had a fully digital call system  
• 100 percent of homes had kitchens less than 20 years old  
• 100 percent of homes had bathrooms less than 20 years old  
• 99 percent of properties were at Energy Performance Certificate Level C  
• 100 percent of schemes had had a makeover in the past seven years   

This year we increased our focus on damp and mould. With this increase in focus, during the year we identified 57 properties as having damp and/ or mould and as of the end of April 2024, all identified cases had action taken, and were either resolved or had works ongoing. 

Financial costs and support to residents  

Rent increases for housing associations must follow the Social Housing Rent Standard which is set out by the Social Housing Regulator. This means we can increase our rents by one percent more than the September Consumer Price Index (CPI).   

In September 2023, the CPI was 6.7 percent and as such, we announced in February 2024 we would be increasing our rents for the 2024/ 2025 financial year by 7.7 percent.   

We continued to offer support to residents through the Helping Hands Fund, and increased the maximum one-off grants from £250 to £300 to help cover unexpected bills or other essential costs. Since its launch in 2022, more than 2,200 residents have received a grant, with a collective total of £500,000 being paid out to help with items such as white goods, food vouchers or furniture. We also helped residents to access over £5 million in extra payments and supports by checking they were receiving all the financial support and benefits to which they were entitled.  

Employee figures   

There were 3,265 employees expressed as full-time equivalents, comprising 1,403 people in management, scheme management and administration and a further 1,862 employees in care and ancillary.   

We awarded colleagues a payrise of seven percent in April 2023.  

Highlights from our employment figures show:   

• 83 percent employee satisfaction  
• 14 percent voluntary turnover  
• 10 percent proportion of new employees who are non-white  
• £2.4 million total for direct sickness costs  
• Housing 21 ranked third in Glassdoor’s Best Places to Work UK 2024 list based solely on anonymous reviews  

Employee remuneration and salaries   

• The Executive Team received payments, including salaries, totalling £1.1m and £113,000 in pension contributions  
• The highest paid Director was the Chief Executive, who received emoluments of £267,000 and £33,000 in pension contributions  
• The cost of the Chief Executive per household was £13.72 (£300,000/ 21,855 social housing properties*) 
• The 17 Non-Executive Board Members received emoluments totalling £159,000  
• There were 141 employees whose remuneration payable (including employer pension contributions) was more than £60,000  
• The total employee costs (including the Board and Executive Team) was £103m consisting of:   
  • £90.7m in wages and salaries  
  • £95,000 in redundancy and other costs  
  • £7.9m in social security costs  
  • £4.2m in pension costs  

Based upon the figures, the total combined remuneration (including salaries, National Insurance contributions and pension payments) for the Executive Team totalled £1.2m. When divided by the total number of social housing properties (21,855 properties*) this means each property contributed £56.83 towards the cost of the Executive Team. 


*leasehold properties not included