But underlying surplus figures remain steady
Places for People has reported a huge rise in pre-tax surplus on the back of its merger with Origin Housing.
In its accounts for the year ending 31 March 2025, the registered provider reported profit on ordinary activities before taxation of £376m, up massively from 80.1m.
However, a major contributing factor was a £397m item titled ‘combinations that are in substance a gift’, which was largely accounted for by Places for People’s (PfP) acquisition of a 100% interest in Origin Housing and its subsidiaries.
In charity accounting, when such acquisitions take place for a nil or nominal amount of money, they are recognised on the income statement essentially as a donation.
By contrast, the provider’s operating surplus rose only slightly, from £211m to £215m.
Group turnover, including PfP’s share of joint venture income, did rise significantly, up from £836m to £1.08bn.
Social housing lettings made up £578m of turnover, with 10% coming from development, 17% from leisure management and 8% from property management.
The number of homes owned and managed by PfP rose to 263,000 from 245,000. It now operates 102 leisure centres.
>> Read more: Former Homes England chief executive joins Places for People board
The provider delivered 1,764 affordable homes in the year, representing a 32% increase from 1,341 homes in 2023/24. It also sold 619 homes, up from 441.
A total of £142m was spent on capital improvements in 2024/25, up from £98m, while a further £145m was spent on repairs and maintenance, up from £119m.
Earlier this year, PfP announced merger discussions with both South Yorkshire Housing and Bristol-based provider Elim Housing.
More 2024/25 housing association financial statements
Hyde reports increased turnover and surplus in first results since Pinnacle acquisition Hyde has reported large increases in its surplus and turnover but missed its target for completions.
Notting Hill Genesis undershoots completions target as four schemes slip Audited figures confirm £130m deficit as CEO Patrick Franco says he’s proud of colleagues working to turn non-compliant landlord around
Greensquare Accord puts loss-making offsite manufacturing business up for sale 25,000-home landlord seeks buyer as it reports overall deficit for 2024/25
A2 Dominion returns to surplus after £100m sale of stock to Westminster Council G15 landlord exceeds completions target but did not start any homes on site in 2024/25 in line with shift to focus on stock improvements
Turnover up 13% as Great Places exceeds development target Operating and pre-tax surpluses also
Guinness reports deficit and misses completion targets, citing impairment charges and contractor failure But turnover and operating surplus up
L&Q records lowest annual completion numbers for a decade Housing association expected to be biggest builder in sector despite pivot towards repair and maintenance
Turnover up at Jigsaw Homes pre-tax surplus dropped from £21.5m to £17.6m.
Aster announces £1bn plan to nearly double spend on stock improvements Aster Group has pledged to invest £1bn over the next seven years in improvements to its existing homes
Housing 21 targets increased completions based on ‘stabilised’ construction market Turnover and surplus up at 10,000-home provider
Onward Homes increases surplus and turnover despite repair costs pressure Landlord completes 434 homes, up from 329 year-on-year
Peabody surplus drops 18% as maintenance spend rises Full accounts published for 109,000-home landlord
MTVH targets 1,200 completions this year G15 landlord exceeds operating margin target as sales increase
Surplus falls at Orbit as inflation and maintenance pressures push up costs 47,000-home landlord margin reduces as it steps up investment in improvements to existing stock
Riverside moves back into surplus after two years of deficit Liverpool-based landlord increases operating margin after sale of loss-making care business Baycroft
Southern moves back into surplus but margins squeezed G15 landlord targeting £14m of efficiencies this year
Rising spend on existing homes puts pressure on Platform interest cover Turnover and surpluis rose last year at the provider
LiveWest boosts completions but misses affordable homes target Open market and shared ownership sales lower than targeted
Stock sales help boost turnover and surplus at SNG Landlord completes grading of all stock to identify homes for regeneration, retrofit or disposal
Home Group reports increased turnover and surplus Housing association delivers more than 1,400 new homes in the year
Anchor increases surplus amid regulatory troubles Turnover also up after year of consumer and governance regulatory downgrades
Stonewater reports ‘strong’ financial results on back of £35m rise in rental income But landlord’s surplus falls to £12m
Midland Heart sees surplus soar £25m The Birmingham-based landlord said the increase was a one-off from divestments of its retirement homes
Turnover up but surplus down at Moat Provider also increases new home completions
Paradigm’s annual completions down 21% but still on track to meet targets Buckinghamshire-based housing association says new build “central part” of mission as it increases surplus and turnover
Vivid builds more than 1,500 homes for the second successive year Hampshire landlord increases surplus and turnover
Shared ownership income drops at Bromford Flagship Newly merged 80,000-home landlord confirms turnover and surplus increase in audited figures
Record turnover at Clarion but surplus drops and completion targets missed Housing association will seek to recover costs from third parties as remediation provisions and contractor failure blunt surpluses
Sanctuary meets development target but sales drop 125,000-home housing association says a number of investors are interested in buying its student housing portfolio
Karbon boosts development but falls short of target 32,000-home association bidding to register a for-profit provider called Graphite Living to attract funding
BPHA returns to surplus Shared ownership sales dip and operating costs rise for Bedford-based landlord
No comments yet