As part of our Annual General Meeting this month, we published our 2024/25 Financial Statements. The headline is simple: we’re in a strong financial position, meaning we can keep investing in better homes and services, building a better Bridgend.
Here are the top takeaways:
- We ended the year with £50.7 million in net assets, our financial “safety net.”
- We made a £901,000 surplus, which gets reinvested into homes and services (not profit).
- We extended our Revolving Credit Facility from £15m to £45m, giving us more flexibility to build and improve homes.
What did we spend money on in 2024/25?
- £18.9 million spent building new homes, 82 brought into management, 96 on-site, and 337 in the pipeline.
- £11.3 million invested in existing homes, including 155 new roofs, 50 kitchens, 17 bathrooms, 132 fire doors, and 94 boilers.
- £737,000 on home adaptations – helping residents live independently.
This strong position is even more significant when you remember our history. We’re the only Large Scale Voluntary Transfer (LSVT) housing association in Wales without a dowry. A dowry is an annual payment that LSVTs receive to help repair homes after transfer. Over the last 20 years, that’s meant we’ve had £56 million less to spend on repairing homes compared to others.
Despite this, we’ve proven we can stand on our own two feet. As a not-for-profit organisation, every penny goes back into our homes, services, and communities.
Our financial strength means we can keep improving our homes so they’re safe, warm, and dry. As Amanda Davies, Chair of the Board, said at our Annual General Meeting
“Investing in existing homes must be top of our agenda”.
We will also continue to invest in sustainability, moving to phase two of our Growth for Good project and using modern methods of construction for energy efficiency when building new homes.
Finally, we’re in a great position to deliver on our growth plans, supporting the regeneration of Bridgend and helping more people into affordable homes.
Read the full financial statements here: