payment, and to abide by them. Anchor’s standard terms are to pay its creditors 30 days following the end of the month of receipt of a valid invoice. Post year end events In July 2024, Anchor agreed to draw down a further £100m from the shelf facilities which were put in place at the end of December 2023. On 2 July 2024, £85m was borrowed from Legal and General Investment Management for 15 years. The interest rate agreed was fixed at 5.59%. The further £15m was settled on 3 July 2024. £7.5m was borrowed from each of Sunlife Assurance Company of Canada and Sunlife Assurance Company of Canada (UK) Ltd for 15 years. The interest rate agreed was fixed at 5.67%. Anchor has agreed a six-month unsecured period for all of the drawdowns, during which time security will be charged. There were no other post year end events that require disclosure or adjustment to these financial statements. Going concern The Group’s business activities, its current financial position and factors that are likely to affect its future development are set out within the Strategic Report. The Board’s assessment of going concern is focused on the Group’s liquidity and its compliance with loan covenants. The review period is 12 months from the signing of the financial statements. The Group maintains its rigorous approach to financial planning, including the preparation of detailed budgets and forecasts for the next financial year. The Group’s budget is approved by the Board and forms the first year of the 30-year business plan (the ‘long-term financial plan’) which sets out Anchor’s long-term objectives. The plan was last reviewed and approved by the Board in May 2024. The Board has considered Anchor’s financial resilience, particularly considering the ongoing uncertainty in the macroeconomic environment as well as the financial impact of the continuing geopolitical turbulence in Europe in its short-term forecasts. Stress tests have been applied to the early years of the long-term financial plan that reflect the potential for heightened financial risk stemming from these factors. More broadly, stress testing also considers the potential consequences of significant changes in several areas of government policy and the long-tail impact of the UK’s exit from the European Union on supply chains. The Board considers these tests to represent a severe yet plausible view of the risks that may impact the Group and is assured that an appropriate and effective range of mitigations are in place to address these outcomes, should they arise. In line with its treasury management policy, the Group continues to maintain sufficient resources to cover the next 18 months’ forecast net cash requirement, excluding sales income. The Group’s principal loan covenants are linked to levels of interest cover and gearing, and the Group is able to service its loan facilities while continuing to comply with lender covenants. No material uncertainties related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern have been identified.
development, we helped establish the Greener Futures Partnership Decarbonisation Framework which has enabled access to a high-quality supply chain across the housing association sector. We have also continued to carry out energy efficiency works across Anchor as part of our planned works programmes. Anchor has a total of 5,110 kW of renewable energy capacity across all our properties. These sources are able to reduce energy bills for residents as well as generating income where this is still available through the Renewable Heat Incentive and Feed In Tariff. These consist of the following: kW capacity Air source heat pump 785 Battery storage 440 Biomass 420 Combined heat and power 100 Ground source heat pump 2,297 Solar photovoltaic 1,014 Solar thermal 54 Total 5,110 Heat networks Anchor has a large portfolio of communal heat networks, running some 700 communal heating systems for residents across our housing and care locations. During the year we were successful in securing DESNZ grant funding for three Heat Network Optimisation studies. These findings will enable future funding bids to support improvement works and support our aims to reduce energy use, fuel poverty and carbon emissions. A majority of our heat networks will come within the new system of heat network regulation from Spring 2025. This has provided opportunities for Anchor to engage Ofgem in the development of regulations. We are well placed to respond to regulatory aims to provide better consumer protections with an already well-established approach to heat network management which includes pricing transparency and support for residents. Building new homes In the last year, Anchor delivered 573 new homes with an average SAP rating of 84.5 (EPC B). Anchor implemented a policy in 2023 of designing all new homes to net zero and delivering homes to a minimum ‘Green Line’ standard which exceeds Building Regulations requirements. In future this will see a significant increase in the energy efficiency of our homes. Donations Neither Anchor nor any of its subsidiaries made any political donations or incurred any political expenditure during the period and did not make any charitable donations outside of the Group. Creditor payment policy It is Anchor’s policy to settle the terms of payment with any suppliers when agreeing the terms of each transaction, to ensure that those suppliers are aware of the terms of
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