NHF back in the black
An increase in membership fees has helped the National Housing Federation back into the black after reporting a loss last year.
The NHF’s annual accounts, published today, showed that the organisation made a profit before tax of £524,000 in 2011/12, after losing £497,000 in 2010/11.
The improved results were helped by a one-off recovery of £290,000 of VAT following negotiations with HM Revenue & Customs.
Turnover increased by 2.2 per cent to £14.6 million, partly thanks to a 2 per cent rise in money collected from affiliation fees. Fees brought in £8.6 million, up from £8.3 million in 2010/11.
Staff costs rose slightly during the year from £6.7 million to £6.8 million. Last year’s results were hit by a £460,000 restructuring cost, none of which was carried through to 2011/12.
The NHF is due to make an announcement on a new fee structure at its annual conference in Birmingham next week. It will also announce a cost control plan to increase members’ benefits.
The organisation launched a business strategy review earlier this year. It has pledged to make itself more accountable to members by making information more readily available.
Additionally, the NHF will examine its representative structures to find new ways to engage with members.