As a non-profit organisation, any surpluses that are made from day-to-day activities are reinvested into providing new affordable rural homes and improving existing ones.
This is supplemented by surpluses generated from homes for sale, providing even greater capacity to deliver more affordable homes, whilst also contributing towards meeting the full context of local demand.
Recognising the need to generate surpluses to make public subsidy go further will enable English Rural to continue to grow organically and sustainably.
>> Our surplus for the year was £3.3m (2019: £290k) The surplus is much higher this year compared to last year, mainly due to the accounting for New Forest Villages Housing Association joining the Group. As a result, an additional £2,639k was added to reserves. An extra £300k surplus was also made on sales during the year. If these items are excluded, the underlying surplus was £378k.
Annual Surplus
>> Cash balances stand at £2.4m (2019: £3.3m) Proceeds from a loan taken out in 2015 have now entirely been applied to new social housing developments. However, additional drawdowns against loan facilities were made at the end of the year to manage any liquidity risks arising from Covid-19. As a result, an additional £3m of loans were drawn during the year.
Cash Balances
>> Loan facilities of £15m are in place to fund our projected development programme over the next four years.
Loan Facilities
