15 August 2022
Summary:Healthy surplus and sales performance enabling investment in homes and an improving service.
MTVH has published its Annual Report for the financial year 2021-22.
The report outlines our strong financial position, underscored by a healthy underlying operating surplus of £135m. This year, cash generation was strong, supported by sales revenues of £59m and we saw an increase in income generation from after-sales activity. £161m was invested this year in acquiring land and building new homes. An additional £138m was invested in existing stock. Both were an increase on the previous year’s investments in these areas. Organisationally, the Regulator of Social Housing reaffirmed our existing strong and stable standards ratings for governance, and financial viability.
This financial and organisational health is enabling us to improve services to residents, enhance the quality of their homes and tackle the barriers they face to living well. A year into implementing our five-year strategy, Serving People Better Every Day, residents are facing mounting financial pressure and their wellbeing remains our ongoing central priority. We have focused our services accordingly.
Highlights from the report include:
- A more reliable, responsive and efficient service: Local Housing Managers are now serving a smaller geographical area, empowering them to make a greater impact on the residents and communities we serve. The online customer experience has also been streamlined, with a single customer-focused portal which allows residents to make payments, request repairs and other services. Meanwhile, 88.2% of repairs were fixed first time last year, exceeding the targets set.
- Maintaining homes with an improved service: With a safe, secure and comfortable home being our top priority for residents, we have invested significantly in ensuring that homes are well-maintained. £41m has been invested in capital works, including home improvements such as new bathrooms, new windows and new kitchens.
- Helping residents to live well: With residents experiencing increased financial strain, we delivered £1.94m in financial gains to residents over the past year, including increased benefits and lower household bills. We have also increased our hardship fund, to help relieve acute need.
- Providing more homes, building better places: 712 new homes have been built and projects such as the regeneration at Clapham Park, one of a number of thriving joint venture partnerships, continue to make very real progress. We remain thoroughly committed to giving as many people as possible the chance to live well in a new home. As such, MTVH was selected as a Strategic Partner by Homes England to deliver 1,500 new homes. In total we secured almost a quarter of a billion pounds across Homes England and the GLA to deliver 2,500 new affordable homes.
- Making homes safer and greener: Building safety continues to be a significant issue for the built environment as a whole. During the past year, 41 intrusive full block surveys were completed in order to assess the works required to comply with guidelines. £7.56m was spent on building safety measures. Meanwhile, cavity wall insulation has been installed in 1,500 homes this year, making them more energy efficient. We recently secured two bids from the Social Housing Decarbonisation Fund, which will enable us to further expand this work.
Geeta Nanda, Chief Executive of MTVH said: “Our strong financial position in the last financial year is enabling us to improve services to residents, enhance the quality of their homes and tackle the barriers they face to living well. The assurance of a safe and decent home remains as vital as ever to people’s hopes and happiness and remains our top priority. We are also determined to deliver continued improvements to the services that we provide. We know that plenty of work remains and we are working resolutely to further increase the efficiency and reliability of our services.”