Report 2012 - Wishaw and District Housing Association

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16 Equal Opportunities To demonstrate our commitment to achieving equal opportunities for all the people we serve we monitor our activities. GENDER Local Existing Waiting List Lettings Current Board of Community* Tenants Applicants 2011/12 Staff Directors 2011/12 Male 49% 41% 40% 42% 35% 69% Female 51% 59% 60% 58% 65% 31% ETHIC ORIGIN White 99% 35% 67% 99% 100% 100% Non White 1% 2% 1% 1% 0% 0% Not Known 0% 65% 32% 0% 0% 0% DISABILITY Disabled 9%* 8% 8% 1% 0% 31% Not disabled 0% 14% 45% 99% 100% 54% Not known 91% 78% 47% 0% 0% 15% *Disability is reflective of the number of people claiming Disability Living Allowance.it cannot be assumed that people not claiming this allowance are not disabled so the remainder is listed as ‘not known’. There have been no recruitment events this year, and therefore no statistics are given on this activity. Access to Information We continue to offer to procure translation and interpretation services to those who cannot read or speak English well. This service is also available to people who have other needs such as Braille or the services of a sign interpreter. However, last year there were no requirements for this service. Our website has the capability to be read in large print and we also have an audio version available. Financial News Accounting Changes The Association has adopted the Statement of Recommended Practice Accounting by Registered Social Housing Providers, Update 2010, which is mandatory for accounting periods on or after April 1 2011. The key change has been the requirement for the Association to identify and separately account for the major components which make up our housing property assets and other heritable property. All of our housing properties are now depreciated and prior period balances have been restated to reflect this change in accounting policy, reducing our opening reserves by £1.8 million The Current Financial Position The Association is pleased to report that our accounts and various financial projections demonstrate a continuing viable business and that this view is shared by our auditors PKF (UK) LLP. Our charitable status has again had a positive impact on our financial position as we are no longer required to pay Corporation Tax on surpluses generated from charitable activities. We have also been able to take advantage of various other cost savings afforded to us by being a registered charity. Consequently, we have once again produced a healthy operating surplus and we continue to increase our reserves. These now stand at just over £3,382,074.
Our capital expenditure this year on the acquisition of ‘mortgage to rent’ properties, shared ownership buyback and on professional fees associated with our Main Street development site amounted to £523,000. Our Future Financial Position The fall in interest rates has reduced investment returns but has had a positive effect on the cost of our variable loans and we anticipate that we will continue to benefit from lower loan servicing costs into 2012/13. Current thinking is that interest rates may not rise significantly over the next five years although inflationary pressure may dictate otherwise. However, in line with our treasury management strategy we have, in prior years, fixed some of our new loans and re-fixed some of our older loans at more favourable interest rates. This will help to protect the Association against future increases in interest rates. We anticipate that we will have to borrow additional funds towards the end of 2012/13 in order to fund the development of the Main Street site. Our 2011 AGM. Financial Highlights Income and Expenditure Account for year ending 31 March 2012 2012 2011 Restated Turnover 3,245,216 3,118,786 Less operating costs (2,616,165) (2,347,017) Operating surplus 629,051 771,769 Sale of properties (17,247) (33,111) Disposal of components (7,719) (63,952) Interest receivable 14,714 4,375 Interest payable (524,910) (538,038) Surplus before tax for the year 93,889 141,043 Tax on surplus on ordinary activities _ 729 Surplus after tax 93,889 141,772 Balance Sheet as at 31 March 2012 Net housing property cost 15,517,382 15,475,526 Other fixed assets 558,237 565,249 16,075,619 16,040,775 Current assets 1,944,016 2,318,143 Creditors due within one year (851,164) (789,785) Net current assets 1,092,852 1,528,358 Total assets less current liabilities 17,168,471 17,569,133 Creditors due after one year (13,788,849) ( (14,283,403) 3,379,622 3,285,730 Capital and Reserves Share capital 134 131 Designated reserves – _ Prior year adjustment – unrestricted reserve – (1,811,578) Accumulated surplus – unrestricted reserve 3,379,488 5,097,177 3,379,622 3,285,730 Our full annual accounts are available on our website: www.wishawha.org.uk 17
Page 1 and 2: Wishaw & District Housing Associati
Page 3 and 4: Chairman’s steadfast commitment,
Page 5 and 6: Managing Tenancies Common Housing R
Page 7 and 8: Living With Neighbours The occasion
Page 9 and 10: Maintenance News Scottish Housing Q
Page 11 and 12: The Cost of Maintenance Works Betwe
Page 13 and 14: People and Communities We believe t
Page 15: Our Little Patch of Green - Easter
Page 19 and 20: Staff Team Our staff team is now: C

Report 2012 - Wishaw and District Housing Association

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