Financial Performance The financial statements reflect the financial performance and financial position of Ark Housing Association for the year ended 31 March 2025 and has been prepared in accordance with FRS102 and Housing SORP 2018. For 2024–2025 the Association continues to see significant growth of the development programme accompanied by consolidation of all aspects of the company’s business. We again reported a strong financial performance for the 2024–2025 financial year with a surplus (before pension items) of over £1.013m (2024: £1.13k). Annual turnover increased by 18.5% to over £8.0m (2024: £6.7m) reflecting the Association’s ambitious growth strategy. We invested an additional £14.7m in fixed property assets, bringing the total to over £128m (2024: £114m) reflecting our continuing commitment to investing in new and existing homes. By the end of March 2025, the Association had made significant progress towards achieving this strategic objective with 867 (2024: 814) homes in management, a further 319 homes on site and under construction, and a further 122 starts under final appraisal. During the year our borrowings increased by £6.3m to £32.6m while at year end, we had an undrawn Revolving Credit Facility balance of £5.8m is in place. The Association continues to grow from strength to strength each year and this is clearly reflected in our balance sheet, where we now have total funds of over £9.8m.
Key Highlights
March 2025
March 2024
867
814
Number of Homes
74
59
New Homes started on Site
53
99
New Homes Completed
319
293
New Homes under Construction
0
4
Homes Sold
41
39
Number of Staff
£8,014,780
£6,783,783
Turnover
£1,013,158
£1,131,940
Surplus on Ordinary Activities
£14,795,704
£12,571,142
Development Spend
£9,668,746
£6,042,582
Grants Received
16 Ark Housing | Annual Report 2024–2025
Made with FlippingBook. PDF to flipbook with ease