Management Committee Briefing Aug 19

Management Committee Briefing -  August 2019

 The following points were covered at the August 2019 Committee Meeting:

The Audited Accounts for 2018/19 were considered and the following noted:

• The main performance and results were very broadly in line with the previous year
• A surplus of £877,352 was made, which will allow the Association to maintain its future investment
• Loan debt fell by £163,683, despite the fact we drew down an additional £500,000 of borrowing to fund new homes
• The Auditors Management Letter confirmed that the accounts reflected an accurate record of the Association’s finances and there were no matters of concern for committee to consider
The Management Accounts for the first quarter of this financial year were considered and the following noted:
• The surplus for the first quarter was £312,071 which was slightly higher than anticipated
• Income for the period was slightly higher than anticipated
• Overall spend for the period was lower than anticipated but much of this underspend was due to timing of works rather than to an overall saving of costs
• Interest paid on loans was less than budgeted, as the base rate increase had come later than we’d expected
• The Association drew down a further £100,000 of loan funding to finance the building of new homes

The annual Treasury Management report was considered and the following noted:

• At 31 March 2019 total loans due by the Association were £14,090,200

At the same date cash balance was £1,482,700 and the strategy was to ensure that adequate cash reserves were available to cover any major costs, particularly in light of the ongoing development programme

The quarterly Tenant Participation Report was considered and the following noted:

• Satisfaction feedback in relation to maintenance activities remained very high, with good return rates for both the gas safety and reactive repairs monitoring surveys
• Start and end of tenancy satisfaction rates also remained encouragingly high
• Complaints levels were slightly up but with no discernible reason for this
• The following policies were considered, and policies adopted:
  • Review of the existing Tenant Participation, Factoring and Whistle Blowing Policies
• The AGM arrangements for 4^th September were considered with 3 new committee nominations received.
• It was formally noted that the Development Co-ordinator would be retiring at the end of the year and that a review of the staffing structure would take place with an outside agent and a report prepared for the Staffing Sub Committee.     

Grahame Cairns -  26/08/19