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.
Annual Surplus
>> Surplus for the year was £1.1m (2020: £3.3m) The surplus is lower this year compared to last year, mainly due to a £2,639k gain last year on the acquisition of New Forest Villages Housing Association. Excluding this gain, the comparative for last year would be £694k. One-off surpluses on disposal of assets, including land and a farmhouse at Hambledon, Surrey added £166k to overall surpluses in the year.
Cash Balances
>> Cash balances stand at £2.1m (2020: £2.4m)
Cash balances reduced slightly over the year, although no new loan drawdowns were required as all expenditure, including on new developments, was funded from receipts during the year.
This included over £2m from the sale of affordable home ownership and market sale properties.
Loan Facilities
>> Loan facilities of £16m are in place to fund our projected development programme over the next three years.
