4 | Accord Housing Association
Introduction
The Board of Management ( The Board ) presents its strategic report and audited financial statements for Accord Housing Association ( Accord ) for the year ended 31 March 2020 . The principal activity of Accord Housing Association is the provision and management of housing and appropriate support services for people in need .
Whilst continuing to operate in a financially challenging external environment Accord has continued to demonstrate strong financial performance , posting consistent surpluses . These surpluses are ploughed back into existing services and communities and are used to finance the ongoing development of new homes .
Accord has responded well to the continuing pressure of public sector finances which has historically led to increased pressure on pricing and service continuity for Local Authorities and other commissioning bodies . Throughout this period of change in the financial operating environment of the public sector , Accord has worked to protect services for the benefit of our customers and communities alike . This has been achieved through working proactively to continue to develop innovative service models which support those members of society in most need whilst ensuring demonstrable value for money .
Delivering the social obligations which lie at the heart of Accord ’ s values and objectives has been successfully balanced with a responsible approach to financial management . Whilst remaining financially strong , Accord has delivered significant housing and care services in our communities and has continued to support the Government in the delivery of new housing supply .
What Accord Does
Accord ’ s primary objective is to provide homes and services to people in need , whilst at the same time ensuring that sufficient income is generated from its activities to meet its operating costs , interest costs and funding covenants . Our business strategy provides a clear balance between growth , value for money and excellent customer service . Our strong track record of prudent financial management will ensure that we continue to meet the needs of existing customers as well as supporting the Government in its appetite to increase the supply of new homes .
The organisation owns a diverse portfolio of properties , which are located predominantly across the West Midlands region and a rolling programme of stock condition reports confirm that the housing stock continues to be well maintained , and fully compliant with the requirements of the Decent Homes Standard . Asset management decisions are made on an informed basis to ensure the greatest returns on investment ; utilising local property and market intelligence . The development of new homes continues to be a fundamental objective ; committing almost £ 50m in the year to developing new and maintaining existing housing properties .
By adopting a rigorous approach to financial planning with prudent assumptions , we are well placed to meet the needs of our business whilst remaining financially strong . Our finances are managed through the annual budget and the monthly corporate financial reporting process . Accord keeps the Board engaged through regular updates on matters of financial performance and financial / business planning .
During the year Accord has built on its strengths to maintain its position as a leading , effective and innovative housing organisation . We have continued to manage our resources efficiently to ensure we meet the demands of today whilst readying the organisation for future challenges .
PROPERTY PORTFOLIO
Rented Shared ownership and leasehold Supported housing and housing for older people Residential and nursing homes Other