Between 1st April 2014 and 31st March 2015 we received income of £36,428,000 and spent £43,532,000

Last year we said that we would spend the surpluses we had made on the improvements to your homes.

Well, this year we spent £22,350,000 on delivering the promised improvements to your homes which is £7,809,000 more than last year

Our audited financial statements can be read here.
Between 1st April 2014 and 31st March 2015:

This is where our money came from:

This is what we spent our money on:

We made even more efficiencies in 2014/15 and these have saved £1,051,000. This means more money to deliver the promises we have made to you and means that we will be able to increase the number of new homes that can be funded from our existing loan facility by 330 and increase the number of new homes in the Castlefield Regeneration project to 149

We generated £10 of social value for every £1 invested in community projects

We reviewed our sheltered homes and identified five schemes where the buildings are not suitable or sustainable as sheltered housing and where further investment is not value for money. After extensive consultation with tenants, we will be closing these schemes.

We will be:

Delivering the promised improvements to your homes over the next two years.

Improving the value for money we deliver, focusing on improving how we re-let empty homes, deliver services to you and invest in your communities

Developing a sustainability strategy that will support the reduction of fuel poverty and improve the comfort of your homes

Improving the time it takes to re-let empty homes so that we maximise their rental income

Measuring the wider community value of what we do.

The Board has reviewed how well we deliver value for money and the full report can be read here.

In 2014/15 we made £1,051,000 of savings which is a total of 3% of our operating revenue. Since transfer we have saved £2,269,000 which is more than 7% of operating revenue. We achieved this through a combination of changing our processes and systems, out-sourcing contracts and procuring new ones

We have developed a culture that encourages everyone to spend on services that are important to our customers, not things we have traditionally done

We have installed 19 ground source heat pumps for homes without a gas supply, saving each family up to £1,200 per year in heating costs

Michelle Ball

“I am a member of the Tenant and Leaseholder Committee (TLC), which has recently merged with the Improvement Commission into the brand new Customer and Community Insight Group (CCIG). During my time with the TLC, I and other members of the group ensured that rents received were used in a productive and cost effective manner. We were able to scrutinise the Board papers and challenge expenditure decisions and put forward ideas and suggestions to achieve value for money. 

This work now continues with CCIG and with further challenges ahead, it is important that more customers come forward to be part of the group and ensure the income is spent for the benefit of all Red Kite customers.”

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