As a ‘not-for-profit’ organisation, the Group’s surplus is reinvested back into its homes and services. In its financial statements, the Group reported an overall surplus of £4.2 million after tax and saw turnover increase from £26.9 million to £28 million, an increase of 4.2 per cent year on year.
Despite disruption caused by the pandemic, which temporarily suspended planned maintenance and repairs programmes, the Group invested £5.1 million in repairing and reletting its existing homes and a further £1.65 million in major works such as full roof replacements, exterior works and footpaths, at its older properties.
It also invested £7.45m in 84 new homes across the county and has a healthy pipeline of development opportunities for the coming years.
In 2018, the housing association pledged to build 1,000 new affordable homes by 2028. Since then, it has delivered 401 new homes and remains on track to hit its target by 2028.
In March, it secured a grant for more than £500,000 from the Department for Business, Energy and Industrial Strategy (BEIS) to run a decarbonisation pilot project in a small number of its homes in Blakeney. This project is the next step in its bid to become net-zero carbon by 2050 and will help it plan its long-term improvement programme for its older properties.
Chief Executive, Garry King said: “Despite the challenges that the pandemic raised, the efforts of our team have ensured that more than 4,200 families across the Forest of Dean and Gloucestershire have had access to a warm, safe, affordable home when they have needed it most.
“In the past year, we have continued to support our existing tenants by providing debt, welfare, and benefit advice, keeping in touch with our most vulnerable and isolated tenants and adapting the way we work so that we were able to continue to provide our core services throughout the pandemic. We’ve also continued to deliver on our promise to provide more affordable housing to those living in the Forest of Dean and across Gloucestershire.
“The past 12 months have brought a number of challenges, both for Two Rivers Housing and the wider housing sector. The hard work and dedication of our team and our partners has helped us to deliver a strong set of results, that will enable us to continue to provide great homes and support the communities in which we work, and I am incredibly proud of everyone involved.”