Albyn Housing Society, the largest housing association in the Highlands, has reported an 11% rise in turnover for the year ending 31 March 2009.
The organisation, which employs 72 people in Invergordon and Inverness, spent £32.5 million on affordable new build properties, including 167 new homes for low cost rent, taking the total number of homes Albyn rents to 2,270. The Housing Association also spent almost £2million repairing and improving its properties.
Finance Director Robin Nairn summarised the organisation’s annual accounts to an audience of over 76 at Albyn’s AGM at the Drumossie Hotel, Inverness on 28 September 2009.
He said: “Despite a challenging year for the sector, during which we have struggled under the new Government guidelines for Housing Association Grants, we have built more new homes and spent more on repairs than ever before.
“Our turnover is now £15 million and we finished the year with surplus of £1 million, which will be invested into our properties in future financial years.”
Albyn Housing Society supports over 50 communities around the Highlands. It provides a combination of house for sale, low cost rent and shared ownership. Through LIFT shared ownership scheme it helped 56 households get their foot on the ladder
Calum Macaulay, Chief Executive, said: “It has been a very busy year at Albyn and I’d like to thank all the staff for their hard work. As always they have exceeded expectations and shown extraordinary dedication to their job and to ensuring our tenants have appropriate accommodation from which they can contribute to their communities.
“The housing association sector has a vital role to play in the current economic climate. Not only is there an increasing demand for affordable accommodation to rent and to buy. But the construction sector needs the jobs our new build programmes continue to provide while private sector development stands still.
“At Albyn we have been able to increase our new build programme because of our size and financial prudence and despite the difficulties we face under the new HAG guidelines.
“In the current financial year we will continue with our lobbying programme to encourage Scottish Government to review some of their grant assumptions and increase the overall grant funds available once again. If this is not done soon the construction of affordable homes across Scotland will be in jeopardy while needs continue to rise.”
