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Plymouth *Community HomesPlymouth Community Homes LtdConsolidated Financial Statements For The Year Ended 31 March 2016Plymouth Community Homes LtdCon pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-websitensolidated Financial Statements for the Year Ended 31 March 2016Chief Executive's Introduction.................................................3Legal and Administrative Details...............................................5Strategic Report Incorporating the BoardReport.............................. pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-website..6Independent auditor's report to the members of Plymouth Community Homes Limited.70Statement of Comprehensive Income................................pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-website
.............73Statement of Financial Position...............................................74Consolidated Statement of Changes in Equity............Plymouth *Community HomesPlymouth Community Homes LtdConsolidated Financial Statements For The Year Ended 31 March 2016Plymouth Community Homes LtdCon pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-website.................................772Plymouth Community Homes LtdConsolidated Financial Statements for the Year Ended 31 March 2016Chief Executive’s Introduction“We are a well-respected organisation that has delivered on our transfer promises. We have shown the resilience needed to secure our financi pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-websiteal future and are now well placed to adapt out strategies to reflect changes in the shifting economic and political environment.”It has been a year ofpch-ltd-signed-stat-accounts-31-march-2016-word-document-for-website
change for PCH as Clive Turner retired as Chief Executive marking the completion of the transfer promises to tenants and sadly Jack Thompson one of oPlymouth *Community HomesPlymouth Community Homes LtdConsolidated Financial Statements For The Year Ended 31 March 2016Plymouth Community Homes LtdCon pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-websitenk Clive for all his great work and also remember the influence of Jack in steering a direction for the development of new homes in North Prospect.It has been one of the most challenging years on record for housing associations with the Governments emergency budget in July 2015 significantly alterin pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-websiteg the landscape with the announcement of the 1% annual cut in rents for the next 4 years.We forecast that this would take a considerable amount of incpch-ltd-signed-stat-accounts-31-march-2016-word-document-for-website
ome out of our forward financial plans and so took timely and measured action. We followed our agreed approach to financial risk management to reduce Plymouth *Community HomesPlymouth Community Homes LtdConsolidated Financial Statements For The Year Ended 31 March 2016Plymouth Community Homes LtdCon pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-websitey as an organisation in order to meet our objectives. A reduction in overall operational costs by £5.4m across PCH. combined with an increased turnover of 6% has meant that our operating margin has improved by 14%. and our surplus before tax for the year is £1.2m, compared with a loss of £5.7m in 20 pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-website15 (as restated after implementing International Financial Standards - FRS102). This surplus will be invested back into our homes and communities.We apch-ltd-signed-stat-accounts-31-march-2016-word-document-for-website
re proud to be the largest housing association in Plymouth owning 14.285 homes with a lender's valuation of £369m. There has been a 9% reduction in thPlymouth *Community HomesPlymouth Community Homes LtdConsolidated Financial Statements For The Year Ended 31 March 2016Plymouth Community Homes LtdCon pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-websiteth the Decent Homes standard this year.Good quality homes contribute significantly to value for money for our residents but we also continuously work to improve customer services, maintaining high standards, quality and performance across the organisation. In the 2016 STAR survey our residents have pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-websitescored US at over 90% for customer satisfaction for our overall services, the quality of homes and for the rent as value for money. This puts US in thpch-ltd-signed-stat-accounts-31-march-2016-word-document-for-website
e top quartile for these indicators across all associations.We consider our people to be one of our most valuable assets, with over 600 committed stafPlymouth *Community HomesPlymouth Community Homes LtdConsolidated Financial Statements For The Year Ended 31 March 2016Plymouth Community Homes LtdCon pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-website ever rent arrears 1.5% again top quartile, and the highest percentage of tenancy sustainment.3Plymouth Community Homes LtdConsolidated Financial Statements for the Year Ended 31 March 2016We are not just about housing and a real priority for PCH has been to establish healthy communities, and promot pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-websitee resident involvement: and we are committed to improving the health and well-being of our residents. The Learn for Free programme offering vocationalpch-ltd-signed-stat-accounts-31-march-2016-word-document-for-website
and life-skills training to residents has been a huge success again this year, helping a further 500 residents gain valuable employability and socialPlymouth *Community HomesPlymouth Community Homes LtdConsolidated Financial Statements For The Year Ended 31 March 2016Plymouth Community Homes LtdCon pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-websiteg Tenant Participation Advisory Service (TPAS) award status.Turning to the future, we are committed to the development of our growth and efficiency strategy to maximise income and control costs. We are looking to increase productivity and create a commercial ethos to support the wider aims of PCH, i pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-websitencluding the letting of Plumer House to generate income and to foster an energised working environment. This is integral in maintaining viability andpch-ltd-signed-stat-accounts-31-march-2016-word-document-for-website
protecting our core services as, in accordance with government legislation, we implement the 1% reduction in social rents over the next four years.In Plymouth *Community HomesPlymouth Community Homes LtdConsolidated Financial Statements For The Year Ended 31 March 2016Plymouth Community Homes LtdCon pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-websitespond to future challenges. As part of this we will actively review our rent policy, looking at personal income levels and affordability in Plymouth. We will review our development strategy and engage with the Plymouth Plan to meet increasing and diverse housing needs, and we will also assess the be pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-websitenefits of refinancing to ensure we have effective funding in place to deliver our current and future aspirations.While there is uncertainty in the houpch-ltd-signed-stat-accounts-31-march-2016-word-document-for-website
sing sector generally. PCH is on target to achieve our objectives and ambitions. We continue to develop new affordable homes for rent, generate incomePlymouth *Community HomesPlymouth Community Homes LtdConsolidated Financial Statements For The Year Ended 31 March 2016Plymouth Community Homes LtdCon pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-website sale of homes that do not meet the needs of the business; for investment into new development and community initiatives.So as I begin my tenure as Chief Executive, PCH is well placed to respond to the changing social, political and economic challenges in the housing sector and develop creative and pch-ltd-signed-stat-accounts-31-march-2016-word-document-for-websiteinnovative approaches to build on the sound foundations it has established to meet the future housing needs of our residents and optimise the financiapch-ltd-signed-stat-accounts-31-march-2016-word-document-for-website
l return on our business practices and assets.Plymouth *Community HomesPlymouth Community Homes LtdConsolidated Financial Statements For The Year Ended 31 March 2016Plymouth Community Homes LtdConPlymouth *Community HomesPlymouth Community Homes LtdConsolidated Financial Statements For The Year Ended 31 March 2016Plymouth Community Homes LtdConGọi ngay
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