Angus Housing Association’s last financial year has been hailed as the most successful in the organisation’s four-decade history.
The remarks were made by Sheen Welsh, chairwoman, in her report to shareholding members at their recent Annual General Meeting.
In approving the association’s annual accounts for the past financial year, members noted a surplus for the year of just over £2.4 million. This was almost twice as much as had been expected due to redress of £1.3 million received from the Clydesdale Bank as a result of the association successfully challenging the bank for the mis-selling of a loan product around 10 years ago.
Mrs Welsh welcomed the windfall which she said would give the Association greater financial security but warned that this would be much-needed to face “what look like five more years of austerity ahead,” in terms of limits on investment in new housing and the negative impact on the Association’s tenants’ incomes due to cuts in welfare budgets.
Members also noted that there has been a return to growth through the development of new homes in Arbroath, Carnoustie and at Ormiston Crescent on Dundee’s Whitfield estate.
Record levels of investment were made in the association’s housing stock of around 1,800 homes.
Mrs Welsh said: “We invested more than £2.5 million in our existing housing stock in 2014/15. I believe that it speaks volumes for how far advanced we are in investing in the assets that are our housing stock, when we are now comprehensively modernising houses that are only around 20 years old. More significantly, we are able to commit this level of investment from our rental income streams without the need for subsidy or additional borrowing.”