Choice Annual Report 2025 flipbook - Flipbook - Page 19
19
Group Financial Performance
The financial statements reflect the financial
performance and financial position of the
Choice Group for the year ended 31 March
2025 and has been prepared in accordance
with FRS102 and Housing SORP 2018. The
figures for ‘Group’ include the Parent and our
subsidiaries: Maple & May Limited, Maple &
May (Homes) Limited and Choice Services
(Ireland) Limited.
The Group reported a strong financial
performance for the 2024/25 financial year
with a surplus before tax of £14.2m (2024:
£14.9m). These surpluses will be set aside to
cover our debt repayments and invested into
projects such as our planned and cyclical
maintenance programme in later years.
Our annual turnover from continuing
operations was £90.1m in 2024/25 compared
to £82.6m last year. The Group invested
an additional £91m in housing assets,
bringing their total gross value to £1,275m.
The number of units in management at the
balance sheet date within the Group was
12,254 (2024: 11,841). This increase reflects
our development activity in Choice and
Maple & May.
Long-term borrowing is an essential element
in financing our projects. During the year our
borrowings increased by £43m to £350m. In
addition, before the year end, we completed
the negotiation of two new loan agreements
(with Danske and Barclays respectively)
totalling £70m which, in addition to existing
funding will provide us with the private
finance we need for our social housing
development programme in Northern Ireland
into the medium term.
The Group continues to grow from strength
to strength each year and this is clearly
reflected in our consolidated balance sheet,
where we now have total reserves of £193m.
Other
3%
How we
used our
rental
income in
2024/25
Cash surplus
Loan
interest
costs
14%
1%
Operating costs
(inc. salaries)
31%
Property
repairs
21%
Planned
maintenance
31%
