Financial Information

Income & Expenditure Account

The Society is registered under the Industrial and Provident Societies Act 1965. In the 12 months period to 31 March 2010, the Society made a surplus of £1,533,000 and owned total assets less current liabilities at March 2010 of £99,649,000. Further summary financial information is presented below:

	12 months to	12 months to
	31-Mar-10	31-Mar-09

	£'000	£'000

Turnover	19,126	18,724
Operating costs	14,902	14,012
Operating surplus	4,224	4,712
Surplus on sale of properties	958	683
Interest receivable	46	79
Interest payable	-3,695	-4,293
Surplus for the period	1,533	1,181

Balance sheet

	31-Mar-10	31-Mar-09

	£'000	£'000
Housing properties at cost less depreciation	175,649	168,521
Less Social Housing Grant	-85,515	-79,437
	90,134	89,084
Other tangible fixed assets	8,408	8,547
Investments	637	498
Total fixed assets	99,179	98,129
Stock	133	1,889
Debtors	5,111	3,280
Cash at bank and in hand	489	559
Total current assets	5,733	5,728
Creditors: amounts falling due within 1 year	-5,263	-4,228
Net current assets/liabilities	470	1,500
Total assets less current liabilities	99,649	99,629
Creditors: amounts falling due after more than 1 year	83,344	84,951
Capital and Reserves
Investment revaluation reserve	132	38
Restricted reserves	755	697
Revenue reserve	15,418	13,943
	99,649	99,629

For a full copy of the Society's financial statements, please contact the Financial Director at the Society's offices