Performance comments

We are very pleased that rent arrears performance continues with a gradual improvement as it has done for the last three years.

The average period between lettings (referred to as voids) at 18 days is well within the target while the number of tenancy changes is slightly higher than last year.

We are looking at ways of improving the percentage of repairs that we complete on time, and particularly repairs which we give a 28 day priority to, which curiously record the worst performance. We have managed to achieve a modest improvement in these repairs and for all responsive repairs. The reported performance, Responsive Repairs on time, has improved considerably over the year.

The overall asset management expenditure is forecast to be very close to the combined budgets for the various headings that are included, even though the stock reinvestment starts appears behind.

The number of complaints was very low last year at 4 for the whole year and by contrast is quite high this year at 17. There is no obvious reason for this from complaints we have received. There is an annual review of complaints which takes place early in the financial year and considers any implications for the next year.

Notes on the calculations
Arrears is the total debt (excluding prepayments) divided by the annual net and service charge collectable expressed as a percentage. The arrears used for the calculation here is a four week average which we think gives a better indication of the true position. The figure quoted in the Regulatory and Statistical Return uses the arrears in the end of year accounts which is a snapshot and subject to a number of accounting influences which can mask the actual situation.

Rent collected is the amount of payment in the year to date divided by the rent and services charged to date.

Rent losses is the written off debts and void losses divided by the rent and sevices charged to date expressed as a percentage.

Average void period is the average period between the end of one letting and the commencement of the next.

Stock re-investment/cyclical programme completed is the number of homes in contracts which are completed divided by the number of homes in all the contracts planned for the year expressed as a percentage.