Magna Housing Group

Some interesting financial information about Magna

We want to make information about Magna available to visitors to our website in a format that is easily read and which we think you may find useful.  If you want more information please let us know and we will try to answer your questions.  Please do contact either Steve Hawkins on 01305 216016, or by email or Shirley Somers on 01305 216031, or by email.

You will also find other information on the Magna website of interest.  In particular the financial information shown in the section immediately below is taken from the Group Financial Statements » - follow the link to find out more.

 

 Our balance sheet at 31 March 2011

 

Housing properties

Our housing properties are valued at:

£289,700,000

Social Housing Grant

We have received grant to buy and build our houses so we can let them to our tenants at affordable rents.

£78,600,000

Borrowing

In order to buy or build our houses and carry out catch up repairs and improvements we have borrowed from our funders.

£181,900,000
Our total annual income for the year ending 31 March 2011 
Turnover Our income from affordable rents and other activities.

£40,000,000

We incurred the following costs:  

 Maintenance

We spend a huge amount to achieve quality homes.  Cost have reduced significantly as the Decent Homes Standard was reached in 2010.

- £14,900,000

 Interest

We have incurred significant interest costs, but we saved more than £1 million against our budget, as variable interest rates remained very low.

 - £5,400,000

Surplus for the year

Now we have reached the Decent Home Standard for all our properties, our maintenance costs have reduced by £6 million compared to the previous year.

 £2,900,000
Our expenditure for the year ending 31 March 2011

Total expenditure

Total invoices passed through our purchase ledger, revenue:

 

£45,176,261

 

Number of total invoices processed:

 31730

  

 

Average invoice value:

 

 £1,424

Top five suppliers

Total amount paid to our top five suppliers. 

 

£22,412,748
  Number of invoices processed for these suppliers:

 253

  
  Average invoice value:

 

 £88,588
Top revenue supplier The fourth largest supplier was for maintenance services.  

 £4,147,859
Top five maintenance suppliers The amount paid to our top five maintenance suppliers:  

£7,787,281
  Number of invoices processed for these suppliers:

159

  
  Average invoice value:

 

  

£48,977
Other suppliers The top non-maintenance supplier was for car and van leasing.  

£491,651
Recruitment Amount we spent recruiting staff:

£61,420
Temporary staff Sometimes it is more effective to fill short-term vacancies with temporary staff and to cover illness and recruitment periods.

£429,692
Residents' representatives Amount we spend servicing and consulting with residents' groups:

£36,288
Residents' initiatives Amount we gave to community and residents' initiatives:  

£85,277
Communication with residents Amount we spent on communicating with residents:

£44,858
Disabled adaptations The work we carried out for residents who are disabled.

£116,853
Hospitality The amount incurred by the directors.  We try to keep to a minimum the amount incurred.   


£7,394

 Note - All the expenditure data represents amounts paid to third parties in the last year.  This excludes Magna staff time, where for some categories of expenditure, we employ staff to deliver those services.