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Financial performance

2015/16 in Review

The financial year 2015/16 saw another solid year of financial performance with a pre-tax surplus of £27.3m. We have seen a significant increase in repairs and maintenance expenditure: up by £21m in 2015/16. Total Spend is £48m.

As at 01 April 2015 the Group transitioned from UK GAAP to FRS 102. The impact on the Group’s balance sheet has seen fixed assets increase from £1.6bn to 3.2bn, liabilities have increased from £1.4bn to £2.6bn and reserves have remained constant at 0.8b. A full FRS 102 impact assessment is included with the financial statements (note 40).

Our 2015 – 2020 Finance Strategy targeted both a growth in margins and a reduction in gearing in order to strengthen our financial profile to absorb risk in the current challenging operating environment, and to deliver increased capacity to invest in new homes and services in the future during a time of constrained public spending. Service transformation and more effective budgetary control have assisted us in delivering a further improvement in key operating and debt service margins.

The financial statements for Genesis' other subsidiaries are available on request by contacting our Company Secretariat at cosec@genesisha.org.uk

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