We're a financially strong organisation, which allows us to deliver our social purpose and puts us in a good position to withstand what promises to be a challenging period for the housing sector.
Last year our turnover remained steady at £223m, while our surplus increased to £45m. This increase was driven by £16.9m raised through stock sales as we focused on a tighter geographic footprint.
This surplus allows us to maintain lower rents, invest in our homes and provide more homes for people in need, whether by maintaining a healthy development programme or acquiring homes through stock transfers.
You can find more detail in our Annual Report and Financial Statements 2014/15.
Our strength also makes us more influential and makes us a partner of choice to deliver sustainable and affordable housing developments across our operating area.
We're regulated by the Homes and Communities Agency on our governance and financial viability. In the latest judgement, published in November 2014, we were again given the highest possible ratings.
We also hold some of the highest credit ratings for a housing association, making us an attractive long-term investment.
Treasury and funding are key for Sovereign, ensuring that sufficient facilities are in place to support our longer-term strategy.
We are financed by a combination of capital market bonds, long-term bank debt, Social Housing Grant funding, and retained surplus.
There was no requirement to raise further funding during the year, due to strong operating cash flows and proceeds from property disposals. We have nevertheless continued to monitor the funding market and a number of financial institutions have indicated an interest in providing additional funding of various types, should it be required.