LiveWest has reported a 22% drop in its annual surplus amid pandemic disruption and increased fire safety and debt restructuring costs.

The South-west housing association, which manages 37,870 homes, reported a surplus of £45.7m in 2020/21, down from the £58.8m the previous year.

Turnover also fell over the same period by 1.7% to £244.3m, its financial statement for 2020/21 shows.