Martin Collett, Chief Executive
In 2023/24, English Rural reached new milestones in our mission to provide affordable rural homes, despite a challenging economic landscape. This year's achievements, from our record-breaking development activity to our enhanced resident engagement initiatives, reflect our team's dedication and our organisation's ability to adapt and thrive in changing circumstances.
Consolidation & Growth
2023/24 marked the completion of our recent consolidation efforts. The English Rural Group was streamlined to achieve business efficiencies, with both The Cambridgeshire Cottage Housing Society and Gloucestershire Rural Housing Association undertaking transfer of engagements during the year. These changes have not only streamlined our operations but have also expanded our reach, capacity to invest and allow us to serve current and future residents effectively.Investing in Homes
Despite sector-wide financial pressures, we achieved a significant milestone this year - we were on-site building more homes than at any time in the past decade. This achievement shows our dedication to addressing the critical shortage of affordable rural housing. Moreover, a comprehensive stock condition survey confirmed that our existing homes are safe and well-maintained, validating our ongoing investment in our properties. This survey also secured insightful data and intelligence to inform future investment needs, including the continued support of environmental improvements.
Financial Resilience
The economic landscape presented sustained challenges, including increased borrowing costs, high inflation rates, and a below-inflation rent cap.
While these factors led to a re-grading of our financial viability rating to V2 by the Regulator of Social Housing, I'm proud to report that through prudent financial management, we comfortably maintained all our covenants while continuing to invest in our homes and services. Listening to Residents
We've taken significant steps to enhance our engagement with residents. In preparation for the formal reporting of Tenant Satisfaction Measures (TSMs), we commissioned an external survey of resident views.
While overall satisfaction levels exceeded sector averages, we've identified areas for improvement, particularly in reactive repairs and ground maintenance. These insights are now shaping our new Business Strategy.Advocacy and Research
Our role as advocates for rural affordable housing continues to grow. New research jointly commissioned by English Rural has further evidenced the acute need for affordable homes in rural communities, reinforcing the importance of our mission. We've maintained our influential position, ensuring the voice of rural communities is heard at the highest levels.Looking Ahead
As we move forward, we've refreshed our Business Strategy to adapt to the changing operational environment. We're placing greater emphasis on listening to and working for residents, and we're embedding sustainability and environmental responsibility across all our activities.Our IT transformation project progressed significantly, with the completion of the second stage moving us to Microsoft 365. This upgrade has not only improved our operational efficiency but also enhanced our cybersecurity.While this year has presented its share of challenges, it has also reaffirmed the critical importance of our work. We remain confident in our ability to continue providing, managing and advocating for affordable rural housing, knowing that our efforts make a tangible difference in the lives of rural communities across England.
Our consolidation efforts this year have transformed English Rural, expanding our reach and impact. But growth isn't just about numbers – it's about enhancing our ability to serve those who live in the homes we manage and the rural communities they support. With our strengthened foundation, we remain well positioned than ever to champion affordable rural housing and create lasting change.
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