Money

Between 1^st April 2015 and 31^st March 2016 we received £36,996,000 and spent £41,297,000. The deficit was planned and is funded from the surpluses generated in the previous years since transfer

This year we spent £19,130,000 on delivering the promised improvements to your homes which is just over £2million less than last year as we move closer to finishing all of our promises

Our audited financial statements can be read here.

Between 1^st April 2015 and 31^st March 2016:

This is where our money came from:

This is what we spent our money on:

Our approach to Value for Money since day one has seen us reduce our core operating costs by 11%, as well as making more than £30million worth of savings in our Business Plan through efficient delivery of our promises

Since 2011, we have improved our surpluses by £3.8 million per annum through reductions in recurring costs and generation of additional income.

In this financial year, we have made £1.2 million of savings

We made even more efficiency improvements in 2015/16 and these have saved £1,051,000. This means more money to deliver the promises we have made to you and means that we will be able to increase the number of new homes that can be funded from our existing loan facility by 330

We will be:

Continuing to improve the time it takes to re-let empty homes so that we maximise their rental income – we have already done really well in this area and expect to do more of the same next year

Updating our Value for Money strategy to reflect the impact of the Government’s July 2015 budget and future direction of the Regulator on Value for Money

We have reviewed the viability and sustainability of our sheltered schemes and will generate significant income from the sale of three sites which aren’t viable to maintain in the future.

The Board has reviewed how well we deliver value for money and the full report can be read here.

In 2015/16 we made £1,200,000 of savings

We have developed a culture that encourages everyone to spend on services that are important to our customers, not things we have traditionally done

Robert Paterson (Leaseholder and Chair of our Customer and Community Insight Group)

“As a leaseholder volunteer and chair of the Customer and Community Insight Group (CCIG) and before that, chair of the Improvement Commission, I’ve always understood we have a key role in making sure Red Kite is a tenant-led organisation. The two groups’ roles of scrutiny of Red Kite on behalf of the tenants and leaseholders make sure Red Kite maintains its focus on value for money and providing high quality affordable homes to the highest standards.

As more customers step up to help, there are lots of ways we can help make sure that Red Kite is spending money in the right places. Our Contract Review groups monitor our contractors’ performance against agreed standards, our Environmental Improvement Group make decisions on applications for improvements to our neighbourhoods our Resident Inspectors who work alongside internal auditors and provide us with further insight and assurance on the business.

I have been a volunteer now for over four years and found the experience really rewarding. There is a volunteering role for everyone so if you’d like to join the team and help ensure money is spent in the right places, contact the Engagement and Volunteering team for more information.”

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