GHA Annual Report 2009 - 10

Glasgow Housing Association www.gha.org.
uk
Glasgow Housing Association www.gha.org.uk
Annual Report and Accounts 2009/10
Our Story
Better homes, better lives
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Glasgow Housing Association Annual Report and Accounts 2009/10
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Our story
Contents
The last year has been the most important in the history of Glasgow Housing Association. A new GHA has emerged during this landmark year: a GHA that is closer to its tenants and factored homeowners, closer to its communities and closer to key stakeholders, such as Glasgow City Council and the Scottish Government.
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Chairs Report Chief Executives Report Operating Review Better homes Better lives Better Glasgow Financial Review
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Chairs Report
Chief Executives Report
What a year! To describe 2009/10 as an important and exciting year in the history of Glasgow Housing Association is not to do it full justice. It was a year in which a new GHA emerged: a GHA that set out on a journey to become even closer to its tenants and factored homeowners - and to key stakeholders. Very importantly, it was the year in which our future direction was agreed with tenants and key stakeholders, including Glasgow City Council and the Scottish Government. In highlighting the many changes that have taken place, I would like to pay tribute to the Board and Executive team members who left GHA. In particular, I would like to thank former vice-chair Fred Shedden and former chief executive Taroub Zahran for their outstanding commitment, dedication and contributions. GHA is not and never has been about simply bricks and mortar. The real GHA is the 2000 housing officers and close cleaners, clerical assistants and concierges, managers and directors, customer-service advisors and neighbourhood officers - and all of their colleagues - who care passionately about what they do, every day, to improve the lives of people in Glasgow. The real GHA is also the LHO committee members and their chairs, who give up hours and days of their own time without financial reward - to make sure GHA lives up to its promises to create better homes, better lives. It is also the GHA Board who also give unstinting, unpaid commitment in setting our strategic direction. The past year has proven that tenants are at the heart of everything we do. As our new service and governance structures have been put in place, the influence of tenants and factored homeowners has become even stronger and more deeply embedded. There were great turnouts at every chairs and committee members conference as we debated and decided on what kind of GHA was needed going forward.
Four new Area Committees, based on Glasgows Strategic Planning boundaries, will be put in place through our new governance arrangements. We have also expanded and empowered frontline services and slimmed down head office in overhauling our organisational structure. We also signed up to the new LHO/GHA Tenants Charter, a new formal agreement between GHA and LHOs that puts tenants at the very heart of decision-making. What has emerged is a GHA that not only puts our tenants and factored homeowners first, but also one that is geared to delivering excellent housing and community services in 2010 and beyond. This is in addition to completing all of the promises made to tenants at the time of stock transfer. Our first priority will continue to be to provide warm, dry, safe and comfortable homes to the people of Glasgow. But there is so much more we can do. For instance, the new GHA can make a real difference to peoples lives by creating, with our partners, jobs and training opportunities. In the last year, we helped 702 people into employment 325 of them through our investment and revenue contracts - and another 347 through other projects, as well as 30 through our new modern-apprenticeship scheme. We also completed 259 new homes in the north of Glasgow and began work on another 414 on nine sites. Thousands more tenants benefited from our massive investment programme, one of the biggest of its kind in Europe with a total spend of 1.2 billion, as we continued to upgrade and modernise homes and improve neighbourhoods across the city. Much has been achieved over the year. The new GHA that has emerged is going forward with renewed confidence and the support of its staff and stakeholders. An even more exciting year lies ahead as our new organisational structure and new governance arrangements are bedded down and our tenants and factored homeowners experience the many benefits they will bring. Sandra Forsythe MBE Chair
It has certainly been a landmark year. For the first time in our short history we have established, with the agreement and support of tenants, homeowners and stakeholders, a new purpose and direction that enables us to move forward as a credible, substantial and long-term landlord and regeneration partner. This has given us the impetus and confidence to build a new GHA: one focused firmly on becoming closer to its tenants and factored homeowners and closer to its partners and stakeholders. The transformation of the organisation is now well underway. We have set out with a clear set of principles, including completing the investment promises to tenants and delivering excellent housing services to tenants and factored homeowners. At the same time, our focus was firmly set on delivering value for money to our customers and a commitment to work more effectively with our partners on the wider regeneration of Glasgow. Equally important is our determination to ensure tenants and homeowners have even more of a say in everything we do. Another huge development in 2009-10 was the decision to carry out, in consultation with staff and customers, a major staffing restructure. Not only is this putting 20% more housing officers into communities, it also gives these officers new power and responsibility to resolve, quickly and efficiently, issues raised by our 55,000 tenants and 27,000 factored homeowners. Another priority was to reduce layers of management at GHA and to streamline head-office functions. This has resulted in a whole range of services being devolved away from Granite House, the number of managers more than halving and decision-making speeding up. Four new Area Teams North, South, East and West have been created, broadly in line with the citys Strategic Planning boundaries.
This will ensure GHA works more closely with organisations, such as the City Council and police, fire and rescue and health services, to provide better joined-up services to Glasgows communities. Tenants will continue to be at the heart of the new GHA and will help us to set and supervise local priorities through their Local Housing Organisation Committees and new Area Committees. These Area Committees will comprise tenants and other community representatives, including city councillors, and will have the power to make local decisions and have control over agreed local budgets. GHAs Second Stage Transfer (SST) programme gathered pace throughout the year. The new timetable for transfers should tenants vote for them could see up to 16,500 homes transfer to community-based housing associations through 2010-11. Our commitment to this programme remains firm and will not change the fact that GHA will continue to be, in UK terms, a substantial and stronglyperforming social landlord that is creating better homes, better lives for the people of Glasgow. The financial year past also saw GHA achieve recordbreaking results in key performance areas. For example, the number of tenancies in arrears fell to its lowest level ever, while more than 70 per cent of homes were let within four weeks. Results like these are the platform on which the new GHA can further improve performance and customer service in the year ahead. Much was achieved in 2009-10 and, as always, much remains to be done. However, we can look forwards with confidence and optimism as long as we continue to engage and involve our tenants and homeowners, retain the passion of our staff to provide excellent service and secure the ongoing support of our stakeholders. Martin Armstrong Chief Executive
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Operating Review
The past year has been transformational for GHA. In many ways it was a milestone 12 months in which a new GHA emerged: one that is closer to its customers and communities and its stakeholders and partners. This saw:
a a a a a
best-ever results across key areas of business performance renewed momentum and progress on Second Stage Transfer (SST) continued service improvements for tenants and factored homeowners a host of national awards for the organisation and its staff an agreed package of principles which ensure GHA has a long-term future.
In good shape to go forward The new GHA emerged from an independent review of the organisations purpose and direction, the terms of which were agreed with the Scottish Government, the Scottish Housing Regulator and Glasgow City Council, as strategic housing authority. Carried out by the respected Financial Information Company, it involved consultation with tenant representatives and stakeholders and established a way forward based on eight principles: 1. Fulfilling the commitments made to tenants at stock transfer 2. Making tenant empowerment central to both governance and service delivery 3. Delivering a significant and credible programme of Second Stage Transfers 4. Remaining a substantial and long-term landlord in Glasgow, so long as that is what tenants want 5. Striving for service excellence for the benefit of customers and Glasgows wider social housing market 6. Working with partners and stakeholders in strategic planning and operations 7. Continuing our role, alongside partners, in the wider regeneration of Glasgow 8. Yielding the financial benefits of scale for tenants and the wider community through our distinctive contribution to social housing in Glasgow. An organisational review was undertaken to ensure the new GHAs structure was able to deliver these principles. The end result is:
Closer to communities One of the most important aspects of the new GHA is four Area Committees (North, South, East and West). Comprising LHO committee members and other community representatives, including city councillors, they put communities even more at the heart of GHAs governance structure. This means more tenants have more influence in deciding local priorities and more control over the services provided in their neighbourhoods. Looking to the future The new GHA has been endorsed by key stakeholders, including the Scottish Government and Glasgow City Council, as a substantial, long-term social landlord and as a key partner in the regeneration of Glasgow. On both counts, the following five strategic aims will help drive forward the business: 1. Empower tenants to enable us to deliver local priorities 2. Deliver service excellence 3. Maximise our assets and services to regenerate Glasgow 4. Empower and motivate staff to make a positive difference to peoples lives 5. Create value through innovation. Size does matter The ongoing Second Stage Transfer programme will give 16,500 tenants in 29 communities across the city the opportunity over 2010-11 to vote on whether they want to transfer ownership of their homes to community-based housing organisations. After this programme is completed, GHA will continue to be one of the UKs largest and one of Scotlands best-performing social-housing landlords. While the new Area Committees will provide local focus and local empowerment, GHAs size and scale will continue to be important in terms of strategic planning and the delivery of major city-wide initiatives, such as the 1.2 billion Investment Programme.
It was also a year in which rents were frozen for all tenants at their 2009/10 prices until March, 2011.
a a slimmed-down and decentralised head office a strengthened and expanded frontline housing services a four new Area Committees and staff teams, based
on Glasgows Strategic Planning boundaries.
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His Story
Tenant George Fraser who lives in Dundasvale and is Chair of Queens Cross (Dundasvale) LHO Committee, thinks the changes at GHA will bring real benefits to tenants.
George said: GHA is reaching out to tenants. They are listening to us and hearing what were saying. It is much more responsive and tenants have even more of a role to play now. That is so important, because tenants are at the core of everything GHA does.
Staff are more visible and are more accessible.
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Values that matter Staff across the city have helped us to develop a new set of values passionate, inspirational and ambitious that capture what the new GHA is about. In being passionate about what they do, staff work every day to deliver high-quality services to tenants and homeowners that improve their homes, lives and communities. They also want to create and be part of an organisation that is inspiring, effective and constantly improving. GHA staff are also ambitious for the future of Glasgow, and are determined to play a full and active part in the regeneration of the city. Better performance The performance of Registered Social Landlords (RSLs) in Scotland is measured annually on criteria such as tenancy sustainment, rent arrears, letting homes within four weeks and the average number of days it takes to rent a home. GHA continued to improve performance in 2009-10 across most areas, despite the ongoing recession and in the midst of an organisational review. Tenancy sustainment was up 1.34 per cent to 87.88, while best-ever results were achieved in both rent arrears 3.56 per cent of gross debit against a target of 3.79 per cent and the number of tenants in arrears, which fell from 17,927 to 16,747. This reduced the percentage of tenants in arrears to 28.57 per cent, well within the 30 per cent target. The 70.15 percentage of homes let within four weeks was marginally over the 70 per cent target, while the average number of days to let a property was 25.69 days against a target of 25 days, and was the best performance achieved in GHAs history.
External recognition The highly-prestigious Customer Service Excellence award, the UK national standard for public-sector organisations which is overseen by the Cabinet Office - was received in June, 2009. GHA was recognised for showing best practice in several areas, including the involvement of all staff in actively promoting a customer-focused culture, the new complaints procedure and the 24-hour concierge service at multi-storey flats. In September 2009 GHAs Housing Support Service, which runs 34 sheltered-housing complexes, received a glowing report from The Care Commission. Inspectors found this service to be either excellent or very good in every area assessed. The care watchdog reported GHA showed the kind of quality that every care service should aspire to. In November, GHA was awarded the maximum five-star health-and-safety rating by the British Safety Council (BSC), for the second year running. In the BSCs audit of operations, GHA scored 97.7 per cent. In the 2009 Sustainable Housing Awards, organised by Inside Housing magazine and focusing on the best green social-housing projects in the UK, GHA and its partner, Glasgow City Council, won the Transformation Award for a makeover project at Townhead. Improvements included a new games court, landscaped public areas and striking large-scale art works designed by local school pupils. In the CIHs Housing Heroes awards, GHA Board member Kate Willis, of Castlemilk Tenants Housing Association LHO, was named Board Member of the Year, while GHAs Business Improvement Leaders team was recognised in the Customer Service Team of the Year category. The Evening Times Community Champions Awards recognised the commitment and dedication of Linkwood Concierge Service in Drumchapel, which won the Public Service Award.
Tenant satisfaction Awards are great to receive, but our customers views are what matter most. We know there is always more work to do, but we are pleased the 2009 tenants survey showed a strong perception that GHA is an efficient landlord, providing good value for money. The survey showed:
Solid progress for GHA subsidiary Improved services and external recognition were the hallmarks of another year of progress for GHA (Management) Ltd, the subsidiary that provides factoring services to 27,000 homeowners. Homeowners, who share common areas with GHA tenants, continued to benefit from the citys 1.2 billion Investment Programme. Additional assistance to pay for their share of the cost of new roofs and overcladding was made available, with the launch of an extended repayment scheme in December, 2009. On a case-by-case basis, homeowners can now apply for more time to pay their share of the investment work. Itemised billing was introduced at the beginning of the financial year, which resulted in the number of customers calling with a query over the cost of a repair falling by more than a third. Payment options were also improved by enabling customers to pay some bills by direct debit, a facility that will be extended during the year ahead. Investors in People (IiP) accreditation was regained in March 2010, with assessors praising GHA(M)s 40 staff for their commitment to delivering customer satisfaction. Other milestones in the year included:
a 80 per cent of tenants were satisfied with GHA
as their landlord, compared with 72 per cent in 2006 the way GHA deals with day-to-day repairs and maintenance, up from 64 per cent in 2006 with their home
a almost three quarters of tenants were satisfied with a overall, 80 per cent of tenants were satisfied a 79 per cent of tenants agreed GHA was an efficient
landlord - an increase of 16 percentage points from the previous survey.
Feedback from more than 1000 personal interviews with factored homeowners also revealed a substantial increase in the number of people satisfied with services. Seventy per cent of customers believed GHAs factoring subsidiary GHA(M) since renamed YourPlace Property Management was good at keeping them informed, an increase of 23 percentage points on 2007, while 55 per cent agreed GHA(M) was an efficient property manager, up from 35 per cent. Overall satisfaction with the factoring service was up 9 percentage points to 55 per cent. CIH partnership A strategic partnership, the first of its kind in Scotland, was signed with the Chartered Institute of Housing, providing staff with a range of training and development opportunities and the opportunity to gain a recognised qualification in housing. A record 250 GHA staff completed the Level 2 Certificate in Housing in the first year of the partnership.
a the expansion of GHA(M)s customer base by attracting,

for the first time, new customers outwith the Right to Buy sector a voluntary accreditation scheme for property managers in a bid to raise standards throughout the factoring sector.
a and working with the Scottish Government to create
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Better homes
In fulfilling its promises to tenants at stock transfer, GHA undertook to complete one of the largest modernisation programmes of its kind ever seen in Europe. That programme has delivered, over seven years to date, over 950 million worth of improvements and refurbishments to housing in Glasgow ... with another 250 million worth of investment planned over the next three years. Of course, good housing is about much more than bricks and mortar, but the scale and efficiency of the investment programme continues to ensure Glasgows tenants and factored homeowners benefit from having warmer, drier and more environmentallyfriendly and energy-efficient homes.
Three-year investment plan The next three years will see the final phase of this ambitious investment programme being completed. In 2009-10, a further 2342 heating systems were replaced and 3899 properties, both low rise and multi-storey flats, were overclad. This means that since 2003, GHA has installed:
Their new homes are a mix of terraced houses, semidetached, cottage flats, town houses and three-storey tenement flats. The new homes have achieved Secured by Design (SBD) accreditation, a police initiative that helps cut crime by improving home security. Studies show SBD doors and windows reduce housebreaking by 26 per cent. The new homes are also environmentally-friendly, with a good grading under the Ecohomes assessment scheme. Work started on the second phase of the new-build programme in October, last year. A total of 414 homes at nine sites across the city are being built in partnership with Scottish house builder Cruden. The huge investment will see:
a 40,618 central-heating systems a 11,057 new windows a 36,434 new kitchens a 36,264 new bathrooms a 47,741 new Secured by Design doors a overclad 28,006 homes a re-roofed 25,684 houses a and re-wired another 33,994 homes.
Also, an important clause in all investment and revenue contracts means contractors deliver training and employment opportunities for hundreds of people in Glasgow. Between April 2009 and March 2010, 325 new jobs were created, including 144 apprenticeships. A total 1473 people have now been recruited, including 425 apprentices, and 322 training places have been created for people who were previously unemployed. Building a bright future GHAs new-build programme is providing attractive, energy-efficient homes, with the aim of creating and maintaining safe and vibrant neighbourhoods, with a mix of house types that give people in Glasgow maximum choice. The first phase, featuring 239 high-quality homes in Barmulloch, Mansel Street and Avonspark Street in the north of the city was completed ahead of schedule in June, 2009. A further 20 have been built in Scotsburn Road after 2009. Most of the new tenants were re-housed from properties earmarked for demolition in the north of Glasgow, many from multistorey flats.
a 26 homes built at Airgold Drive and Ledmore Drive

in Drumchapel
a 13 at Shafton Road in Knightswood a 22 at Halley Place in Yorker a 16 at Kempsthorn Crescent and 70 at

Brockburn Road in Pollok
a 80 at Holmfauldhead Drive in Linthouse a 93 at Riverford Road in Pollokshaws a 47 at Summertown Road in Govan a and 47 at Duke Street/High Street.
The new properties have between one and four bedrooms and include terraced homes, cottage flats, flats and semi-detached homes. Eighteen have wheelchair access. Tenants of these new homes, which have SBD accreditation and an Ecohomes rating of very good, come from areas in our clearance programme.
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Her Story
Elizabeth Bashir, from Cardonald, is one of tens of thousands of tenants who has had her home upgraded in GHAs 1.2billion investment programme.
Elizabeth said: I got my new kitchen, bathroom and rewiring last year. I really felt the benefit of the overcladding during the winter too, and my fuel bills are lower. I get such a sense of pride when I see the flats from outside. They look stunning, especially when they are lit up at night. It used to be that you could always tell the bought homes from the council homes because they looked a lot better, but now its the opposite.
When I travel on the bus I hear people from Renfrew and Paisley saying how nice the houses in Glasgow are, and I have a wee smirk to myself.
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Demolitions The demolition of multi-storey flats continued through the year, including:
The Glasgow House Construction began of four prototype energy-efficient homes. Aimed at driving down heating and hot water costs, the Glasgow House is a collaboration between GHA, architects PRP and City Building. The prototypes, which are also environmentally friendly as well as tackling fuel poverty, are being built at City Buildings Skills Academy in Laurieston by local workers and apprentices. One is built using hollow clay bricks and the other is timber-framed, with features such as high insulation levels, simple forms of construction to minimise heat loss and energy use, windows and rooms that capture the suns energy and solar thermal panels on the roof.
a two blocks in Shawbridge, as part of the areas

redevelopment plans
a two nearby blocks at Riverford Road and Riverbank

Street, with a new-build programme for the area already underway for new homes which will be built in phases.
a and six 19-storey blocks in Sighthill to make way

Around 95 per cent of the rubble generated by our demolitions can be used for recycling. Wingets Tenants and homeowners in Carntyne have seen the start of work to save and upgrade 900 homes previously declared structurally defective. The Winget properties, built in the late 1920s using a reinforced concrete design, were first designated structurally defective more than 20 years ago. GHA commissioned a pilot study in April 2007 which determined the properties could be saved by carrying out structural repairs. Work on the homes began in January 2010 and will continue over the next five and a half years, at a cost of 38 million. Every GHA Winget home will also be upgraded, with new kitchens, bathrooms and central heating.
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Better lives
GHA strives each year to review and improve the range of services it provides to tenants and factored homeowners and, at all times, to provide excellent value for money. As well as having modern, bright and attractive homes, our aim is increasingly to ensure our customers also live in cleaner, greener and safer neighbourhoods and communities. Several initiatives and improvements were introduced during the year to progress this priority.
Communities count The Neighbourhood Renewal Team worked in 2009/10 with a range of partners across more than 150 citywide and local projects to support tenants and homeowners to make communities safer and more attractive. A total of 347 people were helped into employment through projects like Community Janitors, a joint initiative between GHA and Glasgows Local Regeneration Agency (LRA) network. The programme provides paid placements for six months. Trainees, who were previously unemployed, carry out environmental tasks in GHA neighbourhoods, such as cutting grass and trimming hedges. Since the start of the programme in 2006, 801 training places have been created, with 653 being filled by GHA tenants. On completion of their training, 434 trainees moved into employment. Our Neighbourhood Renewal Team also:
Lighting up the sky GHA lit up the Glasgow skyline with several innovative lighting projects that have become local landmarks. The Castlemilk Lighting Project, launched with partners Collective Architecture, Northern Light and Glasgow City Council, uses coloured LED lights in the stairwells of the Dougrie Place high rises, which also forecast weather conditions. The lighting system at Springburn features a scrolling floral pattern of lights climbing the faade of the Wellfield multi-storey flats, while work on high rises in Cranhill and Blairdardie was also complemented by new lighting systems. All these projects, part funded by GHA and Glasgow City Council, have become landmarks in their areas. Backcourt maintenance In April 2010, responsibility for the maintenance of backcourts was transferred to GHA from Glasgow City Council. Backcourt squads cut grass, weed, trim hedges and sweep and clear leaves and rubbish. Improvements to the service include the extension of garden tidy-ups through winter, more thorough clean-ups after hedgecutting, the introduction of new mowers and a stricter inspection regime. Tenants now sign off visits to ensure they are satisfied. Close cleaning Six squads of close cleaners, covering the west of the city, moved into a new office and maintenance base in Pollock in October, last year. The premises also house a new heavy-duty Green Machine street sweeper. Close cleaners now contact the GHA Customer Service Centre to report minor repairs and leave a sticker on the relevant area to tell residents we are on the case. Tenants and homeowners also have a weekly sign-off to ensure they are satisfied with work carried out.
a supported environmental improvements, such as local

clean-up campaigns and 22 garden competitions
a built, in partnership with Glasgow City Council, nine

new play areas, bringing the total to 52 since 2005
a launched a fuel-advice service in October, last year a helped almost 2500 tenants over 60 with small jobs
around the home through the Handyperson Service
a provided 81 different exercise and arts classes at 23
sheltered-housing complexes for 1850 older people through the Silver Deal Active Programme, supported by Glasgow Life delivered over 2800 birthday bags - full of useful items, including a pedometer,torch key ring and anti-slip bathmat to tenants on their 60th birthday such as washing-up liquid, toilet rolls, coffee and tea, a cook book, energy-efficient light bulbs and an oral health pack to former homeless people when they begin a tenancy.
a introduced the Birthday Bags project, which has
a distributed Welcome Bags containing practical items
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Their Story
Kate Willis, helped bring an innovative lighting project to the Dougrie Place high-rise blocks in Castlemilk.
Kate said: We want neighbourhoods that are attractive, well-maintained and good places to live and the Castlemilk Lighting Project helps us achieve that. We can see the temperature forecast, the predicted wind direction and the next days weather outlook during the hours of darkness. Nothing like this has ever been done before, and its created a real feel-good factor.
The high rises look fantastic and are visible right across the city. They have become a real landmark for Castlemilk.
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Disabled adaptations Tenants who need small alterations in their home, such as the fitting of a handrail or a lever tap, can now simply call their local office or the Customer Service Centre to have the work done. Previously, requests for adaptations needed an assessment from an occupational therapist. Occupational therapists continue to carry out assessments for bigger adaptations, such as ramps. Homechoice A new choice-based letting system was piloted in the west of the city in place of the old points-based system of allocating homes. Homechoice allows tenants to register their interest in available properties, which are advertised on the GHA website and in the Evening Times newspaper. An independent review carried out last year by Heriot-Watt University concluded applicants found the system fair, understandable and preferable to the points-based approach and that it helped to prevent properties lying empty for long periods. One-stop shop Plans were unveiled for a new one-stop shop at 173 Trongate offering all housing services under one roof. The ground-floor premises are customer-friendly, with easy access for elderly and disabled. Specially trained staff are on hand to collect payments and offer advice to tenants and homeowners.
Rent First campaign Launched in the run-up to Christmas when paying rent sometimes becomes a lesser priority, the campaign featured newspaper, radio, billboard and phone-box adverts combined with staff being available to advise tenants on how to manage their rent, including making new repayment arrangements and benefits. Rent arrears fell by almost 800,000 compared with the same period last year, with GHAs approach being praised by Shelter Scotland and the Scottish Government. Rent freeze Rents and service charges for furnished lets, lock-up garages and very-sheltered housing were frozen until March, 2011. After a major consultation with tenants and stakeholders, and after assessing feedback, plans for a major rent restructure were postponed until it was determined how the issue of larger increases for a small percentage of tenants should be handled.
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A Better Glasgow
GHA is a substantial, long-term social landlord but one that is driving forward, with its partners, the wider regeneration of Glasgow. The shared vision and ambition is to create a more vibrant Glasgow that offers more employment opportunities for its skilled workforces and neighbourhoods and communities that are cleaner, greener and safer. GHA is working more closely than ever with Glasgow City Council, the Scottish Government, Strathclyde Police, Strathclyde Fire and Rescue, NHS Greater Glasgow and Clyde and other agencies to tackle the citys deep-rooted problems.
Helping people into work In the past year GHA helped over 700 people to get a job, including:
Tackling anti-social behaviour The award-winning Neighbour Relations Team (NRT) resolved 514 cases of anti-social behaviour in and around GHA properties. GHA is the only social landlord in the UK with a specialist drugs officer. After close liaison with Strathclyde Police, 28 drug dealers were evicted from GHA properties between April 2009 and March 2010, and another 30 convicted dealers gave up their tenancies under threat of legal action. The figure is more than twice the number of dealers evicted in 2008. Cutting the citys carbon footprint As the largest social housing provider in the country, GHA is committed to combating climate change. Contractors are required to minimise waste and recycle and use local and sustainable materials wherever possible. As well as transforming the city skyline, the GHA demolitions programme plays its part. Tens of thousands of tonnes of rubble created by our demolitions are recycled, crushed, graded and used in the foundations for roads and buildings. The 1.2 billion investment programme, involving the installation of efficient heating systems and double-glazed windows, and the overcladding of low-rise and multi-storey flats with external wall insulation, provides tenants and homeowners with more comfortable homes and reduced heating bills. This has also had a big impact on cutting GHAs carbon footprint, generating reductions of 4430 tonnes of carbon emissions and 78,000 giga joules of energy used. From September 2009, tenants began being visited in their homes by two fuel advisors, helping them to make the best and most energy-efficient use of their heating systems.
a 325 people who were recruited as a result of a clause

in investment and revenues contracts that stipulates contractors must offer training and employment opportunities like the Environmental Employability Programme, popularly known as the Community Janitors
a 347 unemployed people, who got a job through projects a 30 school leavers who joined GHAs dedicated housing
apprenticeship programme as part of the City Councils Commonwealth Apprenticeship Initiative.
A new scheme, Connecting People to Opportunities, was also launched to help people find work. This involves tenants receiving advice, information, training and work placements after being referred by GHA housing officers through Glasgow Works and the citys five Local Regeneration Agencies. Healthy diversions No fewer than 26 youth diversionary projects, covering 92 per cent of GHA houses and engaging more than 2500 young people, were supported by GHA. Activities range from music, drama and IT to volunteering, sport and art. The projects divert youngsters away from anti-social behaviour, increasing confidence and helping them to prepare for the world of work. Some of the programmes have been so successful Strathclyde Police have reported a reduction in anti-social behaviour and minor crime in many communities. Several, including Operation Reclaim in the north of Glasgow, the West End Youth Diversionary Project and the Dumbarton Road Corridor Peer Education Programme, won Evening Times Community Champion awards.
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His Story
It has been a life changing experience because I didnt think I could get a job in IT after I left school at 4th year.
Anthony Taggart 17, left Eastbank Academy in Shettleston and secured an apprenticeship at GHA as part of Glasgow City Councils Commonwealth Apprenticeship Initiative.
Anthony said: Im currently on placement in the IT department which I really enjoy. It has been a life changing experience because I didnt think I could get a job in IT after I left school at 4th year. I think that the knowledge I have gained has been great and I have learned a lot of things. I have settled in and made lots of new friends. The job is really demanding but I think it suits me as I work better under pressure.
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Financial Review
Partnership working A specialist registrar in public health medicine from NHS Greater Glasgow and Clyde was seconded to GHA in September, 2009, for six months. Focusing on tenancy sustainment and the prevention of homelessness, the registrar has helped to improve allocations procedures and to meet the needs of tenants with alcohol and addiction issues by improving referral procedures to other services. The secondment of a Strathclyde Police inspector to the NRT boosted efforts to tackle anti-social behaviour. GHA also funded 25 bikes and 53 sets of equipment for police officers across Glasgow.
Regenerating communities The drive to transform Glasgows most disadvantaged areas was stepped up. A joint strategic group, also involving the Scottish Government and Glasgow City Council, was set up to progress eight Transformational Regeneration Areas (TRAs) and build hundreds of affordable new homes to rent and buy. The TRAs are: East Govan / Ibrox, Gallowgate, Laurieston, Maryhill, North Toryglen, Red Road, Sighthill and Shawbridge.
In difficult economic conditions GHA continued to meet financial targets set by the business plan and budget. GHA restructured the grant and funding arrangements to meet future requirements. There has also been a restructuring and cost reduction programme that will yield more effective services at the frontline while also delivering significant cost savings in the future.
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Income
2008/09 2009/10
Social Housing
Expenditure
2008/09 2009/10
Management & Maintenance Administration Costs
A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A 78% 201.2m A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A 81% 197.4m A A A A A 5% 13.5m A A A A A A A 7% 16.3m AAA AAA AAAA AA A

3% 7.3m 3% 7.4m
A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A 54% 90.9m A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A 57% 96.7m A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A 22% 37.7m A A A A A A A A A A A A A A A A A A A A A A A A A A A A A 19% 32.8m A A A A A A A A A A A A A A A A A A A A A 15% 26.2m A A A A A A A A A A A A A A A A A A 13% 22.1m AA AA
2% 3m 2% 2.8m 4% 7m 4% 6.6m
Demolition Grant
Reactive Maintenance Costs
Factoring Surplus on Sale of Fixed Assets
Planned Maintenance Costs
2% 6.2m
-4% (8.8m) 1% 1.8m
Bad Debts
Interest Received
0% 0.1m
Service Costs
AAAA AAAA
Other
0%
A A A A a a a a a a A 11% 27.7m A A A A A A a a a a a a A 13% 30.6m

20% 40% 60% 80% 100%
Depreciation
0%
A A A 3% 4.7m A A A A 4% 7.4m
10% 20% 30% 40% 50% 60% 70%
Income GHAs group turnover for 2009/10 (excluding loss on sale of fixed assets and interest received) was 251.2m (249.6m, 2008/09). The main source of income was rental income of 192.6m (197.7m, 2008/09). The remainder of income came primarily from homeowners payments for improvements made to their homes, 24.4m (22.6m, 2008/09) and rental income from commercial properties. In addition, GHA received Scottish Government grants totalling 67.3m (70.3m, 2008/09). Sales under Right-to-Buy legislation totalled 6.7m (14.5m, 2008/09) less 2.5m (5.5m, 2008/09) payable to Glasgow City Council and 4.2m (9.0m, 2008/09) retained by GHA. Expenditure Total Revenue Expenditure was 216.9m (211.7m, 2008/09) comprising the following main items:
Cash Flows GHAs group cash flows are shown on page 43. Net cash inflow from operating activities was 44.9m (50.8m, 2008/09). The increase in net cash of 7.6m (21.7m increase, 2008/09) was after grants of 55.2m (59.8m, 2008/09) and loan receipts of 84.9m (83.0m, 2008/09). The principal cash outflows were operating costs and investment in assets, particularly housing stock of 162.1m (175.9m, 2008/09). Liquidity GHAs short-term liquidity has improved in the year to show net current liabilities of 12.2m (37.3m, 2008/09). Creditors falling due after more than one year, has increased to 254.0m from 154.5m in 2008/09, the main movement being additional bank loans. Capital Structure and Treasury Policy GHAs activities are funded on the basis of a Business Plan which is updated annually. The main elements of GHAs long-term funding are a 30-year loan facility with a syndicate of banks and capital grants and loan provided by the Scottish Government. The syndicated loan facility, originally arranged in 2003, was restructured in May 2010. It allows GHA to borrow up to 700m and has been extended for a new period of 30 years. Previously the borrowing facility was 725m repayable in 2032/33. In broad terms, our current Business Plan assumes that we will increase our borrowings each year until we reach a maximum of 692m in 2018/19, reflecting the significant investment programme in the first ten years of the Plan. The debt is progressively paid off in subsequent years and is projected to be fully paid off by 2040. The Business Plan assumes total capital grants and loan from the Scottish Government of 469m from the date of transfer. These grants and loans are repayable in 2040. However, if GHA is successful in achieving certain targets in respect of its performance and second stage transfers then the grant repayments are significantly reduced. The Business Plan also includes Scottish Government funding for specific elements of our investment programme in respect of demolition and new build works.
At the time of the stock transfer GHA managed its interest rate risk by entering into hedging arrangements, which have the effect of fixing the interest rate on a proportion of the projected debt levels each year. The interest rate on the remainder of the debt will vary in accordance with market interest rates. As GHA evolves, its projected debt levels change, therefore in March 2010 GHA approved a new hedging strategy for implementation in 2010/11, which achieves closer alignment of the fixed rate profile to the latest projected debt profile. We regularly review our arrangements with respect to the hedge on our loans. The Board receives updates each quarter which detail the debt, cash and interest received and paid. Changes to banking arrangements and bank signatories are approved by the Board. The GHA Group Treasury Management Policy sets down the framework for investing and managing of cash, raising loans, interest rate management and the use of financial derivatives of the Group. A key objective of the Policy is to ensure that the Groups loan portfolio represents the optimum balance of risk in interest rate, loan maturity and fixed rate exposure. In turn, it ensures that Group officers have the authority to take the necessary action as and when required in response to changes in the financial markets. The overriding objective of this Policy is to be risk averse, whilst at the same time maximising return on funds invested within laid down agreed parameters. Longer-Term Business Planning Each year GHA produces a 30-year Business Plan which details and costs long-term plans. This document, which is examined by the Board and by external advisors, demonstrates our longerterm viability and regeneration plans. A copy is on the GHA website and available on request from GHAs offices. The GHA 30-year Business Plan for 2010/11 highlights the following five big aims for the organisation: 1. Empowering tenants to enable us to deliver local priorities 2. Delivering service excellence 3. Maximising assets and services to regenerate Glasgow 4. Empowering and motivating staff to make a positive difference to peoples lives 5. Creating value through innovation.
The Business Plan is made operational through GHAs Delivery Plan with outcomes cascaded throughout the organisation. Key Outputs The key outputs for 2009/10 were:
a Capital expenditure on our tenant investment programme

totalled 146.9m (156.6m, 2008/09) out on behalf of owners
a A further 16.5m (21.4m, 2008/09) of works was carried a A total of 2,408 units (2,676 units, 2008/09) were
demolished during the year
a Phase 1 of the new build programme is confirmed and,

in the year under review, has delivered the final 54 of the 239 units. A further 20 units were completed through Phase 1a in the year
a Letting activity management and maintenance
a A total of 153,369 (194,256 2008/09) repairs were completed.

The investment programme and an increased focus on cyclic / planned maintenance have also had a direct impact on responsive repairs and the volumes in this area have reduced of total stock, a significant improvement on 1.68% from 2008/09
administration costs were 96.6m (90.9m, 2008/09)

costs are employee costs (excluding capitalised employee costs) totalling 63.5m (57.6m, 2008/09) 2008/09) and planned maintenance to improve housing totalled 22.1m (26.2m, 2008/09).
a Included in management and maintenance administration a Repairs to GHA properties totalled 32.8m (37.7m,
a Lettable void rates are below our 1.61% target at 1.46%
a Sitting tenant arrears at the year end were 3.6% (4.0%,

2008/09) better than our operational target of 3.8%
At the end of the year, GHA had rent arrears of 12.0m (12.0m, 2008/09) and bad debt provisions of 7.3m (6.5m, 2008/09) mainly from tenant arrears balances. Balance Sheet Our investment during the year in tenants homes totalled 146.9m (156.6m, 2008/09). The value of housing stock is 452.8m (331.7m, 2008/09). GHA participates in the Strathclyde Pension Fund. The deficit of 56.0m (3.5m deficit, 2008/09) will be addressed through changes in employers contributions. At the year end, GHA group had a net asset position of 165.1m (171.0m, 2008/09).
a Our Neighbour Relations Team assisted a total of 3,116

people (2,796 people, 2008/09) who were subject to anti-social behaviour and responded to all referrals within agreed target times.
Non Adjusting Post Balance Sheet Event In June 2010 a further 5 second stage transfers took place in line with the detailed Business Plan. These disposals realised 7.649m.
31
32
GHA Board, Committee structure and related matters

GHAs Rules currently allow for the appointment of up to 15 Board members as follows: At 31 March 2010 there were 13 members of the GHA Board: six tenant members, five independents and two council Board members. Each member of the Board holds one fully paid 1 share that is cancelled on cessation of membership. During 2009/10 five shares were issued and five memberships cancelled. The members of the Board during the year are listed below:
GHA Board, Committee structure and related matters continued

GHA Board The Board is responsible for the overall strategic direction and objectives of GHA. Key responsibilities are: Regeneration Committee Responsible for directing GHA in relation to:
a Up to six tenant Board members a Up to six independent Board members a Up to two council Board members a The option to appoint the Chief Executive
as a co-optee to the Board
Approval of the Business Plan, budget, and any variations and amendments to them, together with other matters which fall within the strategic role of the Board these objectives
a Strategic oversight of the transformational

regeneration projects neighbourhoods
a Other strategies for creating and sustaining successful a The new build programme a The future of properties with an uncertain future.
Operations Committee
Responsible for:
a Establishing strategic plans and policies to achieve a Approval of any amendments to the SST programme
and approval of Second Stage Transfers
Name
Alastair Dempster Fred Shedden Margaret Ward Sandra Forsythe Wilma Masterton Keith Kintrea Councillor Pat Chalmers John Grant Councillor Kenny McLean Ian Wall Gordon Sloan Councillor Ruth Black Kate Willis Robert McCormick Alastair MacNish Elizabeth Walford Councillor James Dornan Councillor Philip Braat
First Joined Board

3 May 2002 3 May 2002 30 September 2003 17 December 2004 6 September 2006 6 September 2006 27 November 2007 17 September 2008 9 October 2008 27 October 2008 23 March 2009 25 March 2009 9 September 2009 27 April 2009 17 August 2009 17 August 2009 3 September 2009 3 September 2009
Re-elected/re-appointed
9 September 2009 17 October 2008 29 September 2006 17 September 2008 9 September 2009 9 September 2009
Left Board
a Approval of the creation or dissolution of a subsidiary a Defining and ensuring compliance with our values
and objectives as a registered social landlord
16 August 2009 28 May 2009 (deceased)
a Approving each years financial statements a Establishing an appropriate framework of delegation

and systems of internal control
a Approving the capital programme investment strategy a Monitoring compliance with Remodelled Management
Agreements
a Monitoring compliance with and performance of GHAs

overall housing and property services, investment and demolition programme
a Taking key decisions on matters that will, or might,

3 September 2009
create significant risk including approving any significant contractual arrangements
a Approving and monitoring implementation of the LHO a Approving and monitoring implementation of policies a Receiving reports from the Regeneration Committee
3 September 2009 9 September 2009 9 September 2009 3 September 2009
In order that it can deliver its role effectively GHAs Board operates a committee structure with delegated responsibility to the following 6 committees: Appointments and Appraisals Committee Responsible for:
development strategy including approval and amalgamations or transfers of engagements between LHOs including service delivery, investment, housing management and Local Shared Services of properties to be demolished in the transformational regeneration areas, for inclusion in the associations demolition programme.
9 September 2009
a The process for recruitment and selection of Board members a Ensuring Board Members have necessary skills and
experience to fulfil their roles
a The appointment and remuneration of the Chief Executive a Considering and approving where appropriate, relevant
Business Transformation Committee Responsible for:
offers of employment and promotion as required by the provisions of Schedule 7 of the Housing (Scotland) Act 2001.
a Overseeing and monitoring issues relating to the Community

Ownership process and consideration of business services units as well as the devolution of activities through Local Shared Services arrangements the pilot programme and COI process
Audit Committee Responsible for monitoring the financial integrity of the financial systems of the association. Specifically, this committee:
a Monitoring implementation of the SST process including a Approving and monitoring implementation of the associations
policies relating to Community Ownership, Second Stage Transfers and business service units.
a Reviews GHAs system of internal control and risk a Provides an overview of the internal and external
audit functions
management system including that within the LHOs
a Scrutinises the financial statements a Monitors the implementation of internal audit

recommendations and external audit reports and management letters
Finance Committee Responsible for:
a Overseeing the long term strategic planning

of the Associations finances
a Reviews the internal audit plan and scope of work a Reviews the effectiveness of the overall risk strategy.
a Monitor and review the Associations current and

projected performance against Budget for financial management and financial risk
a Ensuring that the Association has an effective framework a Overseeing treasury management, procurement a Approval of the Scheme of Financial Delegation
33
34
GHA Board, Committee structure and related matters continued

Governance Review Summary Reflecting the various reports, GHA undertook an exhaustive review of its governance arrangements through November June 2010. The aim was enhanced scrutiny of decisions, a clear strategic focus of the Board and a new committee structure to reflect our new strategic direction and building in our new empowered Area Committees. Employee Policies GHA recognises that delivering excellent service is dependent on all of our employees. Accordingly, GHA is committed to the promotion of lifelong learning. During the year, we provided financial support to fund over 30 employees through higher education. GHA introduced externally accredited concierge and manager development programmes. GHA, GHA (Management) Ltd and 16 LHOs have Investors in People accreditation. GHA has organised wellbeing days for staff, promoting a work/life balance, as well as a programme of medical screening which has proved popular with staff. GHA recognises two trade unions, Unison and GMB, and engages in collective bargaining with these organisations. GHA remains committed to the principle of equal opportunity and to ensuring that no applicant or employee receives less favourable treatment on the grounds of gender, race, age, colour, nationality, religion, HIV status, disability or sexuality. GHA has a policy to support any member of staff who becomes disabled whilst employed by GHA through modification of duties or retraining and support. Tenant Participation GHA sees tenant participation as a key strength of our organisation. Tenants make up the largest single grouping on our Board. Throughout the LHO network, there are approximately 600 tenant LHO committee members who make key decisions on delivery of services and investment in their area. We also carry out regular tenant consultation through surveys, questionnaires and publications. GHA consults with LHOs, registered tenant organisations throughout the city and other key stakeholders. Even greater engagement of our tenants will be secured via our new governance structure, due to come into force at the AGM. Health and Safety The health and safety of tenants and staff is a key concern for the Board which receives regular reports on accidents at work and health and safety incidents. We have a health and safety team to give advice on policy and to carry out inspections and investigations when required. We also have access to specialist advice if this is necessary. In addition to our Scottish Health at Work (SHAW) accreditation we received a 5 star rating from the British Safety Council following their audit of our procedures and operations. Sustainability We have published a sustainability policy for GHA and are implementing new initiatives on recycling, energy efficiency and reclamation of materials from demolished properties. All recent multi-storey flat demolitions have carried out all recycling of rubble and waste on site. Political and Charitable Donations There were no political or charitable donations made by GHA within the year. Creditor Payment Policy GHA agrees payment terms with its suppliers when it enters into contracts. The average creditor payment period for the year was within 30 days. Disclosure of Information to Auditors The Board members who held office at the date of approval of this Board report confirm that, so far as they are each aware, there is no relevant audit information of which the Associations auditors are unaware; and each Board member has taken all the steps that he/she ought to have taken as a Board member to make himself/herself aware of any relevant audit information and to establish that the Associations auditors are aware of that information.
Internal financial control

The Board of GHA is responsible for ensuring that an effective system of internal financial control is maintained within the organisation. This system of internal control can provide reasonable but not absolute assurance against material misstatement or loss. The mechanisms by which the Chief Executive obtains assurance that the system of internal control is working effectively are the same as those that the Board uses to assure itself, although there are separate and additional responsibilities of the Chief Executive in respect of the organisational management and operational systems and procedures. Framework of Internal Control The internal control framework is supported by organisational control measures including financial and business planning, risk management, performance monitoring and reporting, project management and communication systems and by formal governance measures including a structure of corporate policies and authorities and responsibilities delegated from the Board to the Executive Management team. The key methods by which the Board establishes the framework for providing effective internal financial control are as follows: Management Structure The organisation for which the Board has overall responsibility is governed by a set of Standing Orders, which reserves specific powers to the Board and delegates functions and powers to its Committees. The Board has delegated the responsibility to the Chief Executive for maintaining sound systems of internal control that supports the achievement of the organisations objectives. Audit Committee As at 31 March 2010 the Audit Committee consisted of five Board members. Meetings are held quarterly and are attended by the Chief Executive, the Director of Finance and Business Services, the Company Secretary, the Head of Internal Audit and Risk and the External Auditors. The Board has delegated powers to the Audit Committee to approve the annual internal and external audit plans, reports and follow up reviews. In addition the Audit Committee reviews the risk management arrangements including the corporate risk register. The Audit Committee makes annual reports to the Board covering these issues. Finance Committee The Finance Committee was created and convened for the first time at GHA in December 2009. As at 31 December 2009 the Finance Committee consisted of five Board Members. The specific responsibilities of the Committee are to set out and oversee the annual budget process; set budget and business plan parameters; provide assurance to the Board that budget, business plan, and, cash flows are aligned, and, to review GHAs Business Plan and provide assurance to the Board that the financial information therein is sound. Internal Audit The Head of Internal Audit and Risk reports to the Chief Executive, with direct access to the Director of Finance and Business Services and the Chair of the Audit Committee. During the year the Audit Committee determined that the internal audit function required to deliver a comprehensive audit plan of c.1000 days. The bulk of the resource for Internal Audit is provided under a co-sourced contract by Deloitte LLP. This is managed by a Head of Internal Audit a GHA retained role. This arrangement strengthens the management of the service. The systems of internal control reviewed by internal audit in 2009/10 included core financial and non-financial systems. Internal audit has carried out its programme of work, as approved by the Audit Committee. The reports prepared to date noted a number of weaknesses in the system of internal control, all of which are being resolved. In addition action has been taken to improve the control framework, including monitoring the closure of internal audit recommendations and follow-up internal audit reviews. Systems of Internal Control The key elements of the system of internal control are as follows:
a Regular meetings of the Board which has a schedule of matters

which are specifically reserved for its approval and which are the subject of regular standard reports as required
a Arrangements under terms of reference for an Audit Committee

of the Board to meet regularly and receive reports from management and internal and external auditors on the system of internal control, and to provide reasonable assurance that control procedures are in place and are being followed Committee of the Board to meet regularly and receive reports from Finance Management on the soundness of financial management, and to provide reasonable assurance prudent practices are in place and being followed and with clear lines of responsibility
a Arrangements under terms of reference for a Finance
a An organisational structure to support business processes a An Internal Audit function with an annual internal audit
plan and producing an annual internal audit report
a Adoption of a risk-based approach to internal control through

evaluating the likelihood and significance of identified corporate risks, vesting responsibility for risk management and internal control with designated owners, and with an ongoing process of monitoring and reporting progress against the companys key risks established through the corporate risk management function
a A Business Plan and Budget supporting strategic and
operational plans, financial targets, regularly revised forecasts, a comparison of actual with budget and with forecast on a quarterly basis, operating cash flow and variance statements, and key performance indicators, all of which are reviewed by the Board the Delivery Plan objectives and key performance indicators and targets objectives stated in the Chief Executives Efficiency Statement. The Efficiencies Group is chaired by the Director of Finance & Business Services.
a Measurement of financial and other performance against
a Monitoring by the Efficiencies Group of Value for Money
35
36
Internal financial control continued

Management of Business Risk The Board is responsible for ensuring that business risk is managed jointly, with the Executive Management team, for identifying the major business risks faced by the organisation and for determining the appropriate course of action to manage those risks. The financial implications of major business risks are controlled by means of delegated authorities, which reserve significant matters to the Board for decision. Segregation of duties, levels of project approval and physical controls over access to assets and information are the responsibility of the Executive Management team. Corporate Risk The Board has continued to develop its risk management strategy and review the corporate risk register. A risk workshop was held in June 2009 to prepare the corporate risk register for the forthcoming year. This was used to inform the Internal Audit Plan for 2009/10. In February 2010 the Audit Committee approved the Annual Audit Plan covering the period to 31 March 2011 (note, in the year the audit plan was made synchronous with the financial year). The Internal Audit plan was supplemented with reviews of key financial systems and special exercises. Throughout the year ended 31 March 2010 GHA has maintained a system of internal control, which includes an on-going risk management process for cascading the corporate risk register into the operational business and identifying, evaluating and managing the significant risks faced by the organisation. This process has been improved during the year. Management Information Systems Management Information Systems have been developed to provide information on the key areas outlined in the Business Plan and Delivery Plan. Business performance is reported monthly against key financial and non-financial targets. Management accounts comparing actual results against budget are presented to the Board monthly and to the Finance Committee quarterly. The organisation continues to broaden and develop the depth and detail of data required to assist management at all levels. Investment Appraisal Capital expenditure is specified in the Business Plan and regulated by a budgetary process and Scheme of Financial Delegation. For expenditure beyond specified levels or out with budget and plans, approval is required by Committee or the Board as appropriate. Quality and Integrity of Personnel The integrity and competence of personnel is ensured and maintained through formal recruitment processes and subsequent training and development initiatives. High quality personnel are an essential part of the control environment and the conduct and ethical standards expected are embodied within the organisations stated aims and objectives. On behalf of the Board
Statement of Boards responsibilities in respect of the Boards report and the financial statements
The Board is responsible for preparing the Boards Report and the financial statements in accordance with applicable law and regulations. Industrial and Provident Society law requires the Board to prepare financial statements for each financial year. Under those regulations the Board have elected to prepare the financial statements in accordance with UK Accounting Standards. The group and parent financial statements are required by law to give a true and fair view of the state of affairs of the group and the parent association and of the groups and the parent associations surplus or deficit for that period. In preparing these financial statements, the Board is required to: The Board is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the group and the parent association and enable them to ensure that its financial statements comply with the Industrial & Provident Societies Acts 1965 to 2002 and the Industrial and Provident Societies (Group Accounts) Regulations 1969, the Housing (Scotland) Act 2001 and the Registered Social Landlords Accounting Requirements (Scotland) Order 2007. The Board has general responsibility for taking such steps as are reasonably open to it to safeguard the assets of the association and to prevent and detect fraud and other irregularities. The Board is responsible for the maintenance and integrity of the corporate and financial information included on the associations website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
a Select suitable accounting policies and then apply

them consistently and prudent
a Make judgments and estimates that are reasonable a State whether applicable UK Accounting Standards and
the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements
a Prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the group and parent association will continue in business.
Sandra Forsythe, Chair 27 August 2010
37
38
Independent auditors report to the members of The Glasgow Housing Association Limited
We have audited the financial statements of The Glasgow Housing Association Limited for the year ended 31 March 2010 which comprise the Group and Association Income and Expenditure Account, the Group and Association Balance Sheets, the Group Cash Flow Statement, the Group and Association Statement of Total Recognised Surpluses and Deficits, and the related notes. These financial statements have been prepared under the accounting policies set out therein. Respective Responsibilities of The Board and Auditors The Boards responsibilities for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Boards Responsibilities. Our responsibility is to audit the financial statements in accordance with applicable law and regulatory requirements and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Boards Ethical Standards for Auditors. This report, including the opinion, has been prepared for and only for the group and Associations members as a body in accordance with Section 9 (1) of the Friendly and Industrial and Provident Societies Act 1968 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Industrial and Provident Societies Acts 1965 to 2002, the Industrial and Provident Societies (Group Accounts) Regulations 1969, the Housing (Scotland) Act 2001 and the Registered Social Landlords Accounting Requirements (Scotland) Order 2007. In addition we report to you if, in our opinion, a satisfactory system of control over transactions has not been maintained, if the group and Association have not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors remuneration and other transactions is not disclosed. We read the Board Report and other information within the financial statements. We are not required to consider whether the Boards statement on internal control fairly represents the groups and Associations system of internal control, or to form an opinion on the effectiveness of the groups and Associations system of internal control. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Basis of Opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Board in the preparation of the financial statements, and of whether the accounting policies are appropriate to the groups and Associations circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. Opinion In our opinion the financial statements:
The Boards financial statements
a Give a true and fair view of the state of the groups
and Associations affairs as at 31 March 2010 and of its surplus and cash flows for the year then ended Kingdom Generally Accepted Accounting Practice
a Have been properly prepared in accordance with United a Have been properly prepared in accordance with the
Industrial and Provident Societies Acts 1965 to 2002, the Industrial and Provident Societies (Group Accounts) Regulations 1969, the Housing (Scotland) Act 2001 and the Registered Social Landlords Accounting Requirements (Scotland) Order 2007.
PricewaterhouseCoopers LLP Chartered Accountants and Registered Auditors Glasgow 13 September 2010
39
40
Group Income and Expenditure Account

for the year ended 31 March 2010
Before exceptional items 2009 '000 249,620 (219,759) 29,861 6,157 1,800 (3,585) 34,233 129 34,362 Exceptional items 2009 '000 8,035 8,035 8,035 8,035 Total 2009 000 249,620 (211,724) 37,896 6,157 1,800 (3,585) 42,268 129 42,397
Association Income and Expenditure Account

Before exceptional items 2009 '000 243,473 (213,140) 30,333 6,157 1,748 (3,585) 34,653 34,653 Exceptional items 2009 '000 8,035 8,035 8,035 8,035 Total 2009 000 243,473 (205,105) 38,368 6,157 1,748 (3,585) 42,688 42,688
Notes Turnover Operating costs Operating surplus / (deficit) (Loss)/surplus on sale of fixed assets housing properties Interest receivable and similar income Interest payable and similar charges Surplus / (deficit) on ordinary activities before taxation Taxation on surplus / (deficit) for the year Surplus / (deficit) for the year 12 22 3 3 3 9 10 11
2010 '000 251,232 (216,886) 34,346 (8,803) 84 (8,596) 17,031 (21) 17,010
Notes Turnover Operating costs Operating surplus / (deficit) (Loss)/surplus on sale of fixed assets housing properties Interest receivable and similar income Interest payable and similar charges Surplus / (deficit) on ordinary activities before taxation Taxation on surplus / (deficit) for the year Surplus / (deficit) for the year 12 23 3 3 3 9 10 11
2010 '000 244,527 (210,283) 34,244 (8,803) 80 (8,567) 16,954 16,954
Group Statement of Total Recognised Surpluses and Deficits

Notes Surplus for the year Unrealised gain on revaluation of fixed assets Actuarial loss on pension assets and liabilities Total recognised surpluses and deficits for the year 22 22 24 2010 '000 17,010 29,558 (52,448) (5,880) 2009 000 42,397 19,407 (16,015) 45,789
Association Statement of Total Recognised Surpluses and Deficits

Notes Surplus for the year Unrealised gain on revaluation of fixed assets Actuarial loss on pension assets and liabilities Total recognised surpluses and deficits for the year 23 23 24 2010 '000 16,954 29,558 (52,448) (5,936) 2009 000 42,688 19,407 (16,015) 46,080
Note of Historical Cost Income and Expenditure

2010 '000 Reported surplus for the year 17,010 2009 000 42,397
Note of Historical Cost Income and Expenditure

2010 '000 Reported surplus for the year 16,954 2009 000 42,688
The notes on pages 44 to 64 form part of these financial statements.
41
42
Group Balance Sheet

at 31 March 2010
Notes 2010 '000 2009 '000
Association Balance Sheet

at 31 March 2010
Notes 2010 '000 2009 '000
Tangible fixed assets

Housing properties Other tangible fixed assets 15 16 452,769 29,810 482,579 Debtors due after more than one year 17 514,852 331,721 29,824 361,545 669,797
Tangible fixed assets

Housing properties Other tangible fixed assets 15 16 452,769 29,810 482,579 Debtors due after more than one year 17 514,852 331,721 29,824 361,545 669,797
Current assets
Debtors due within one year Cash at bank and in hand 17 45,688 28,330 74,018 Creditors: amounts falling due within one year Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 19 18 (86,202) (12,184) 985,247 (254,000) 731,247 Provisions for liabilities and charges Government grant Net assets excluding pension liability Pension liability Net assets including pension liability 24 20 15 (509,080) (1,080) 221,087 (55,959) 165,128 37,868 20,190 58,058 (95,351) (37,293) 994,049 (154,500) 839,549 (663,926) (1,104) 174,519 (3,511) 171,008
Current assets
Debtors due within one year Cash at bank and in hand 17 44,369 27,323 71,692 Creditors: amounts falling due within one year Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 19 18 (84,422) (12,730) 984,701 (254,000) 730,701 Provisions for liabilities and charges Government grant Net assets excluding pension liability Pension liability Net assets including pension liability 24 20 15 (509,080) (1,080) 220,541 (55,959) 164,582 36,591 19,341 55,932 (93,715) (37,783) 993,559 (154,500) 839,059 (663,926) (1,104) 174,029 (3,511) 170,518
Capital and reserves

Share capital Revenue reserve excluding pension reserve Pension reserve Revenue reserve including pension reserve Revaluation reserve 21 22 22 22 22 161,478 (55,959) 105,519 59,609 144,468 (3,511) 140,957 30,051
Capital and reserves

Share capital Revenue reserve excluding pension reserve Pension reserve Revenue reserve including pension reserve Revaluation reserve 21 23 23 23 23 160,932 (55,959) 104,973 59,609 143,978 (3,511) 140,467 30,051
Consolidated funds
These financial statements were approved by the Board on 27 August 2010 and were signed on its behalf by: Sandra Forsythe, Chair Wilma Masterton, Board Member Gordon Moir, Secretary
165,128
171,008
Associations funds
These financial statements were approved by the Board on 27 August 2010 and were signed on its behalf by: Sandra Forsythe, Chair Wilma Masterton, Board Member Gordon Moir, Secretary
164,582
170,518
43
44
Group Cash Flow Statement

Notes Net cash inflow from operating activities Returns on investment and servicing of finance Right to buy and Second stage transfer proceeds Payment to Glasgow City Council for their share of right to buy proceeds and payments to Second Stage transfer Organisations Interest received Interest paid 9 9 10 11 9,350 (13,055) 84 (7,999) (11,620) 18,339 (5,202) 746 (3,585) 10,298 27 2010 '000 44,859 2009 '000 50,809
Notes to the Financial Statements

1. Legal Status The Glasgow Housing Association Limited (GHA or the Association) is registered under the Industrial and Provident Societies Act 1965 and is a housing association registered with the Scottish Government under the Housing (Scotland) Act 2001. The Association and its subsidiaries are referred to as the Group. 2. Accounting Policies The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. Basis of Accounting The financial statements of the Group and the Association are prepared in accordance with applicable accounting standards and in accordance with the accounting requirements included with the Registered Social Landlords Accounting Requirements (Scotland) Order 2007, and under the historical cost accounting rules, modified to include the revaluation of properties held for letting and commercial properties. The financial statements have also been prepared in accordance with the Statement of Recommended Practice, Accounting by Registered Social Landlords Update 2008, issued by the National Housing Federation. Whilst the Group and Association Balance Sheets show net current liabilities, the Group has in place a loan facility as explained in note 19 which allows the Group and Association to borrow sufficient funds to meet its current liabilities as they fall due. Accordingly the financial statements have been prepared on a going concern basis. On 7 March 2003 the Association acquired, as part of a large scale voluntary transfer, the housing stock and a number of other related assets of Glasgow City Council. The acquisition was structured such that the Association paid a notional consideration of 25 million for the assets (this consideration was not based on a valuation of the assets being acquired) and received grant funding from the Scottish Executive of 368 million, payable in instalments over the next 10 years. The net effect of the transfer was therefore the acquisition of the assets, at their current value, and a remaining 343 million of grant income. The excess of the purchase price over the fair value of the net assets acquired was 7 million. Under the recommendations of the SORP for business combinations and the requirements of FRS 10 Goodwill and intangible assets, this amount would have been classified as a fixed asset on the balance sheet and amortised over its estimated useful economic life. The Board, however, did not believe that this treatment presented a true and fair view of the nature of the large scale voluntary transfer as a whole, since they believed that the amount paid to the Council should be considered in substance as an adjustment to the grant receivable of 368 million. Consequently, the assets were included in the financial statements at their fair value and the grant receivable from the Scottish Executive was reduced to 361 million. Basis of Consolidation The Group financial statements consolidate those of the Association and its subsidiary undertakings drawn up to 31 March 2010. Profits or losses on intra-group transactions are eliminated in full in accordance with FRS 2 - Accounting for subsidiary undertakings. Turnover Turnover, which is stated net of value added tax, represents income receivable from lettings and service charges, fees receivable, revenue grants and other income. In respect of the group income and expenditure account, turnover also includes factoring income. Grant Income Grant income received is matched with the expenditure to which it relates. Where grant is paid as a contribution towards revenue expenditure, it is included in turnover. Where grant is received from government and other bodies as a contribution towards the capital cost of housing schemes, it is deducted from the cost of housing properties on the face of the balance sheet. Financial reporting standards require tangible fixed assets to be stated at purchase price, or valuation, less any provision for depreciation or diminution in value. However, this requirement conflicts with the generally accepted accounting principles for Registered Social Landlords (RSLs) set out in the Statement of Recommended Practice: Accounting by Registered Social Landlords (SORP 2008). The purpose of these capital grants is to subsidise the cost of social housing, and the income from properties is a function of net cost. Accordingly the Board considers it necessary to adopt the accounting treatment set out in the SORP to give a true and fair view. Bad and Doubtful Debts Provision is made against rent arrears of current and former tenants as well as other miscellaneous debts to the extent that they are considered potentially irrecoverable. Supported Housing Expenditure on housing accommodation and supported housing is allocated on the basis of the number of units for each type of accommodation, except for staffing and running costs for which the level of expenditure is directly attributable. Deposits and Liquid Resources Cash, for the purpose of the cash flow statement, comprises cash in hand and deposits repayable on demand, less overdrafts repayable on demand. Liquid resources are current asset investments that are disposable without curtailing or disrupting the business and are readily convertible into known amounts of cash at or close to their carrying values. Pensions Accounting Policy GHA participates in the Strathclyde Pension Fund (the Fund). The Fund is administered by Glasgow City Council in accordance with the Local Government Pension Scheme (Scotland) Regulations 1998 as amended. All existing and new employees have the option of joining the Fund. The Fund is a defined benefit one, providing benefits based on final pensionable pay, which is contracted out of the State Second Pension. Assets and liabilities of the Fund are held separately from those of the Association.
Capital expenditure and financial investment

Improvement of properties Purchase of other fixed assets Grants received 15 16 25 (162,146) (3,579) 55,216 (110,509) (175,922) (6,374) 59,765 (122,531)
Management of liquid resources

Cash withdrawn from money market deposits 27 102
Financing
Loan drawn down Scottish Government Loan received 19 72,350 12,500 84,850 70,500 12,500 83,000
Increase / (reduction) in net cash
27
7,580
21,678
45
46

for the year ended 31 March 2010 (continued)
The Association accounts for its participation in the Fund in accordance with FRS 17 Retirement benefits. The amendment to FRS 17 Retirement benefits has been adopted in these financial statements for the first time and the disclosures it requires have been presented for both the current and comparative period. The amendment to FRS 17 also requires that quoted securities are valued at their current bid-price rather than their mid-market value. No adjustment has been applied to the comparative figures as the Board considered the effect of this change not to be material to the financial statements. The Fund liabilities are measured using a projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. The Associations share of the Fund surplus (to the extent that it is recoverable) or deficit is recognised in full. The movement in the Fund surplus / deficit is split between operating charges, finance items and, in the statement of total recognised gains and losses, actuarial gains and losses. Valuation of Housing Stock Housing properties in the course of construction are stated at cost and are not depreciated. Those properties are transferred to completed properties when they are ready for letting. Housing properties are valued on an Existing Use Value for Social Housing (EUV-SH) basis by an independent professional adviser qualified by the Royal Institution of Chartered Surveyors to undertake valuation. Where it is considered that there has been any impairment in value this is provided for accordingly. The cost of properties is their purchase price together with capitalised repairs. Expenditure on schemes that are subsequently aborted is written off in the year in which it is recognised that the schemes will not be developed to completion. Housing stock has been split into two streams of property for valuation purposes, namely housing retained for letting and demolition programme properties. This separation into categories is on the basis of the Associations 30 year Business Plan which identifies the core stock which will be the subject of the Associations investment expenditure going forward and the stock which forms part of the demolition programme until 2016, and consequently has limited investment expenditure attached to it. Improvements to Housing Properties The Association capitalises repairs and improvement expenditure on housing properties that results in an enhancement of the economic benefits of the asset. Donated Assets All donated assets are separately disclosed. Properties donated from Glasgow City Council are valued at EUV-SH basis. The difference between the EUV-SH value and the transfer price is treated as a government grant. Government grants are writtenoff against the value of the asset over the estimated useful life of the asset being 50 years. Commercial Properties Commercial properties are stated at existing use value. Depreciation Depreciation is charged on all housing properties on a straight-line basis to write down the value of freehold properties, plus capital additions net of grants over their expected useful economic lives. The average life of GHA housing stock is estimated to be 50 years. For other tangible fixed assets, depreciation is charged on a straight-line basis over the expected useful lives of fixed assets to write off the cost, or valuation, less estimated residual values at the following annual rates. Assets are depreciated in the month of acquisition, or in the case of a larger project, from the month of completion, at the following rates: Commercial properties Offices Furniture, fittings and office equipment Computer hardware and software Capitalisation of Development Overheads Staff costs that are directly attributable to bringing housing properties into working condition for their intended use are capitalised. Provisions The Association only provides for contractual liabilities that exist at the balance sheet date. Taxation As a charity, GHA is exempt from corporation tax on its charitable activities by virtue of Section 505(1) Income & Corporation Taxes Act 1988 and from capital gains tax by virtue of Section 145 Capital Gains Tax Act 1979. A charge for taxation is made in GHAs subsidiary companies, based on their profit for the year. In accordance with FRS 19 Deferred Tax, full provision is made for all material timing differences. Value Added Tax The Association is registered for VAT. A large portion of its income, including rental receipts, is exempt for VAT purposes, giving rise to a partial exemption calculation. Expenditure with recoverable VAT is shown net of VAT and expenditure with irrecoverable VAT is shown inclusive of VAT. VAT on refurbishment works expenditure included in the development works agreement with Glasgow City Council is substantially recoverable. Expenditure on these works is shown net of VAT. Development Agreement The Association has entered into agreements with Glasgow City Council whereby the undertaking of catch up repairs and improvement works remained with the City Council, with that obligation sub-contracted to GHA. This has been shown on the Associations Balance Sheet as a debtor offset by a provision of an equal amount. As work progresses, both amounts will be reduced by the appropriate amount. 2% 2% 20% 3333%

for the year ended 31 March 2010 (continued) 3. Particulars of turnover, operating costs and operating surplus / (deficit)
2010 Operating surplus / (deficit) '000 29,062 5,284 34,346 2009 Operating surplus / (deficit) 000 29,509 352 29,861 8,035
GROUP Social lettings (note 4) Other activities (note 5) Total Exceptional operating item surplus on revaluation of housing stock Total after exceptional item
2010 Turnover '000 197,437 53,795 251,232 -
2010 Operating costs '000 168,375 48,511 216,886 -
251,232
216,886
34,346
37,896
ASSOCIATION Social lettings (note 4) Other activities (note 5) Total Exceptional operating item surplus on revaluation of housing stock Total after exceptional item
2010 Turnover '000 197,437 47,090 244,527 -
2010 Operating costs '000 168,375 41,908 210,283 -
2010 Operating surplus / (deficit) '000 29,062 5,182 34,244 -
2009 Operating surplus / (deficit) 000 29,509 824 30,333 8,035
244,527
210,283
34,244
38,368
In accordance with its policy shown at note 2, GHA has stated its housing stock at the economic value for social housing which has been determined by an independent professional advisor. At 31 March 2010 this valuation was greater than the total of the opening value plus the historic cost of additions. The revaluation of 29.558m is recorded as a credit to the revaluation reserve account. In 2009, 8.035m was recorded as an exceptional credit to the Income and Expenditure account to reverse the deficit charged in the prior year with the balance being credited to the revaluation reserve.
2010 '000 Exceptional items credited to income and expenditure Credited to revaluation reserve Uplift on valuation -
2009 000 8,035 22,964 30,999
47
48

for the year ended 31 March 2010 (continued) 4. Particulars of turnover, operating costs and operating surplus from social letting activities
General Needs '000 192,635 4,557 Supported Housing '000 3,097 9 2010 Total '000 195,732 4,566 2009 Total 000 197,701 4,774

for the year ended 31 March 2010 (continued) 5. Particulars of turnover, operating costs and operating surplus from other activities
Grants from Scottish ministers '000 16,001 2010 Operating surplus / (deficit) '000 (3,952) 816 2,260 (444) 5,177 51 1,376 2009 Operating surplus / (deficit) 000 (4,392) 667 2,478 151 (472) (88) 2,008
GROUP AND ASSOCIATION Rent receivable net of service charges Service charges
GROUP Wider role activities to support the community Factoring
Other revenue '000 7,419 2,603 24,425 1,376
Supporting people income '000 1,971 -
Total turnover '000 7,419 2,603 1,971 24,425 16,001 1,376
Total operating costs '000 3,952 6,603 343 2,415 19,248 15,950 -
Gross income from rents and service charges Less rent losses from voids Net income from rents and service charges Total turnover from social letting activities
197,192 (2,816)
3,106 (45)
200,298 (2,861)
202,475 (3,327)
Commercial Property Support activities Owners improvement activities Demolition activities Other income
194,376
3,061
197,437
199,148
194,376
3,061
197,437
199,148
Management and maintenance administration costs Service costs Planned and cyclical maintenance including major repairs costs Reactive maintenance costs Bad debts rents and service charges Depreciation of social housing Operating costs for social letting activities Operating surplus for social lettings
95,097 6,472 21,796 32,305 2,751 7,292
1,528 104 350 519 44 117
96,625 6,576 22,146 32,824 2,795 7,409
90,944 7,014 26,220 37,710 3,013 4,738
Total from other activities
16,001
35,823
1,971
53,795
48,511
5,284
352
ASSOCIATION Wider role activities to support the community Other income - Gift Aid
Grants from Scottish ministers '000 16,001 -
Other revenue '000 714 2,603 24,425 1,376
Supporting people income '000 1,971 -
Total turnover '000 714 2,603 1,971 24,425 16,001 1,376
Total operating costs '000 3,952 343 2,415 19,248 15,950 -
2010 Operating surplus / (deficit) '000 (3,952) 714 2,260 (444) 5,177 51 1,376
2009 Operating surplus / (deficit) 000 (4,392) 1,139 2,478 151 (472) (88) 2,008
165,713
2,662
168,375
169,639
28,663
399
29,062
29,509
Commercial Property Support activities Owners improvement activities Demolition activities Other income
Total from other activities
16,001
29,118
1,971
47,090
41,908
5,182
824
49
50

for the year ended 31 March 2010 (continued) 6. Board members emoluments
Board members received 1,143 (2009: 1,015) by way of reimbursement of expenses.

for the year ended 31 March 2010 (continued) 8. Employees
In the year to 31 March 2010, the full time equivalent number of employees of the Association, including executive directors, was 2,173 (2009: 2,034). All staff are employed by the Association with their costs being recharged to the subsidiary companies where appropriate.
7. Executive directors emoluments

2010 '000 Aggregate emoluments payable to directors (including pension contributions and benefits in kind) 2010 '000 Emoluments payable to the highest paid director (excluding pension contributions) 162 2009 000 180 1,256 2009 000 785 2010 '000 Staff costs (for the above persons) Wages and salaries Social security costs Employers pension costs 56,583 4,273 6,440 67,296 Staff costs capitalised (3,831) 63,465 52,098 3,988 5,159 61,245 (3,632) 57,613 2009 000
During the periods the directors emoluments (excluding pension contributions) fell within the following band distributions: More than 10,000 but not more than 20,000 More than 20,000 but not more than 30,000 More than 40,000 but not more than 50,000 More than 50,000 but not more than 60,000 More than 60,000 but not more than 70,000 More than 80,000 but not more than 90,000 More than 90,000 but not more than 100,000 More than 110,000 but not more than 120,000 More than 120,000 but not more than 130,000 More than 130,000 but not more than 140,000 More than 150,000 but not more than 160,000 More than 160,000 but not more than 170,000 More than 180,000 but not more than 190,000 1 1 1 1 1 1 1 2 1 1 1 1 1 2 1
9. (Deficit)/Surplus on sale of fixed assets housing properties

This represents net income from the sale of properties under tenants Right-to-Buy (RTB) entitlement and the second stage transfers (SST) to other Registered Social Landlords.
2010 '000 Right-to-Buy Proceeds from disposal of properties Value of properties disposed Due to Glasgow City Council 6,686 (1,208) (2,522) 2,956 Second stage transfers Proceeds from disposal of properties Value of properties disposed Payments made to SST organisations Payments made to SST organisations re prior year transfers 2,664 (6,921) (2,902) (4,600) (11,759) (Deficit)/ Surplus on sale of fixed assets (8,803)
2009 000
14,533 (1,485) (5,553) 7,495
4,739 (6,077) (1,338) 6,157
The directors are defined for this purpose as the Chief Executive and any person reporting directly to the Chief Executive earning at the rate of over 60,000 per annum. Emoluments include relocation expenses where appropriate. The directors are eligible to join the Strathclyde Pension Fund and employers contributions are paid on the same basis as other members of staff. There have been a number of changes in the Senior Management Team during the year and changes in reporting lines of key individuals that is impacting on the above analysis. The number of Directors in each banding includes both the current and previous post holders which results in the analysis not being an actual representation of the Directors in post at the end of the Financial Year. The current post holders are detailed later in the financial statements. All payments to current and previous post holders are also included, which is affecting the level of overall emoluments.
10. Interest receivable and similar income

2010 '000 Group Bank interest receivable on deposits in the year Net return on pension asset Total 84 84 2009 '000 Group 746 1,054 1,800 2010 '000 Association 80 80 2009 000 Association 694 1,054 1,748
51
52

for the year ended 31 March 2010 (continued) 11. Interest payable and similar charges
2010 '000 Group Bank interest payable Net cost of pension liability Total 7,999 597 8,596 2009 '000 Group 3,585 3,585 2010 '000 Association 7,970 597 8,567 2009 000 Association 3,585 3,585

for the year ended 31 March 2010 (continued) 13. Auditors remuneration
2010 '000 The remuneration of the auditors (excluding VAT) is as follows: Audit of these financial statements Audit of financial statements of subsidiaries pursuant to legislation Other services 60 17 68 15 2009 000
12. Tax on surplus on ordinary activities

2010 '000 Group Corporation tax UK Corporation Tax on income for the year Adjustments in respect of prior years 221 200 21 The Associations charitable status means that no corporation tax is payable on its activities. Tax is payable on the profits from the activities of the subsidiary companies. Factors affecting the tax charge for the current period 2010 '000 Group Current tax reconciliation (Loss) / profit on ordinary activities of subsidiary undertakings Current Tax at 28% (2009: 28%) Effects of: Charitable donation against prior period liabilities (Over) / under provision in prior year Other items Total current tax charge (above) 200 (200) 21 318 (340) 11 (130) 77 21 (425) (119) 2009 000 Group 1 (130) (129) 2009 000 Group
- in respect of loan compliance - in respect of specialist advice
50 -
69 51
14. Financial commitments

Capital commitments All capital commitments of the Group relate to the Association and were as follows: 2010 '000 Association Expenditure contracted for, but not provided in the financial statements Expenditure authorised by the Board but not contracted 35,472 134,951 170,423 Operating leases At 31 March 2010 the Group and Association had annual commitments under non-cancellable operating leases as follows: 2010 '000 Land and buildings Operating leases that expire: Within one year In the second to fifth years inclusive Over five years 178 147 2,075 127 29 968 147 1,693 20 156 2009 000 Land and buildings 2009 000 Association 28,006 150,546 178,552
2010 '000 Other
2009 '000 Other
2,400
156
2,808
176
53
54

for the year ended 31 March 2010 (continued) 15. Tangible fixed assets - Housing Properties
Donated assets '000 Housing under construction 000

for the year ended 31 March 2010 (continued) 15. Tangible fixed assets - Housing Properties continued
74 units with a net book value of nil (gross cost of 3.535m less reprovisioning grant of 3.535m) have been completed in the year and transferred to core stock. These have been re-valued under EUV-SH to 2.948m at 31 March 2010. Total '000 During 2009/10 GHA disposed of 204 properties to tenants under RTB entitlements. These properties were valued at 1.094m during the year. The number of units of accommodation owned and managed (excluding unlettable voids) by the Association at 31 March 2010 is shown below: 330,417 146,863 (8,007) 8,129 22,163 499,565 1,304 (38) 1,266 5,567 15,283 (8,129) 0 12,721 337,288 162,146 (8,007) 22,125 513,552 The housing valuation has been based on the number of houses held for letting, approved for demolition and planned for demolition as per the approved business plan as follows: 39,933 8,129 48,062 0 5,567 15,283 (8,129) 12,721 5,567 55,216 60,783 Housing Properties Housing held for long-term letting Housing approved for demolition Housing planned for demolition (7,383) 7,383 0 (26) 26 0 (7,409) 7,409 0 The difference between total units and Total Social Housing is made up of unlettable voids mostly within the approved for demolition and planned for demolition categories. Non adjusting post balance sheet events In June 2010 a further 5 second stage transfers took place in line with the detailed Business Plan. These disposals realised 7.649m. Total Units 53,992 1,589 6,106 61,687 54,407 3,088 7,334 64,829 2010 2009 Social Housing General Supported Housing Total Social Housing 59,224 937 60,161 60,894 937 61,831 2010 2009
Core stock '000 Cost or Valuation At 1 April 2009 Additions Disposals Transfers Revaluation At 31 March 2010 Grants At 1 April 2009 Received / receivable for year Transfers At 31 March 2010 Depreciation At 1 April 2009 Charge for year Revaluation At 31 March 2010 Net Book Value At 31 March 2010 Net Book Value At 1 April 2009
451,503
1,266
452,769
330,417
1,304
331,721
The valuation of housing properties is separated into two categories, namely those retained for letting and those properties which form part of the Associations demolition programme, as detailed in the Associations 30-year Business Plan for 2010/11. The demolition programme identifies 7,695 properties for demolition during the period until 2016, with no long term investment expenditure associated with these properties. Demolition programme stock has a negative valuation for accounting purposes, and so is held at nil on the balance sheet as under FRS 12 there is no constructive obligation at the balance sheet date to provide for these costs. Retained stock for letting has been valued at 452.8 million. Housing Properties have been valued by DTZ Pieda, an independent professional adviser qualified by the Royal Institution of Chartered Surveyors (RICS) to undertake valuations. This valuation was prepared in accordance with the appraisal and valuation manual of the RCIS at 31 March 2010 on an Existing Use Valuation for Social Housing (EUV-SH). A discount rate of 6.25% (2009: 6.5%) was used for retained stock and a rate of 7.5% (2009: 7.5%) for demolition stock. The valuation assumes no rental increase in 2010 and an increase of RPI + 1% in line with the Associations 30 year Business Plan (2010/11). During 2007/08 GHA received 30 properties from GCC at nil cost. These properties were valued by DTZ Pieda at 1.266m as at 31 March 2010 on an EUV-SH basis. In line with our policy on donated assets the value of these properties has been treated as a government grant and written-off against the value of the asset across the economic life of the asset. The balance on the government grant account at 31 March 2010 was 1.080m.
55
56

for the year ended 31 March 2010 (continued) 16. Tangible fixed assets - other tangible fixed assets
Commercial properties '000 Furniture, fittings and equipment '000 Computer equipment 000

for the year ended 31 March 2010 (continued) 17. Debtors continued
2010 '000 Group 11,987 (7,324) 4,663 Other debtors Due from subsidiary undertakings Total 41,025 45,688 2009 '000 Group 11,951 (6,456) 5,495 32,373 37,868 2010 '000 Association 11,987 (7,324) 4,663 39,069 637 44,369 2009 000 Association 11,951 (6,456) 5,495 30,378 718 36,591
GROUP AND ASSOCIATION Cost or Valuation At 1 April 2009 Additions Disposals Revaluation At 31 March 2010 Depreciation At 1 April 2009 Charge for year At 31 March 2010 Net Book Value At 31 March 2010 At 31 March 2009
Total '000
DUE WITHIN ONE YEAR Arrears of rent and service charges
22,105 22,105
8,337 729 9,066
13,253 2,850 16,103
43,695 3,579 47,274
Less: provision for bad and doubtful debts
(526) (442) (968)
(4,964) (1,324) (6,288)
(8,381) (1,827) (10,208)
(13,871) (3,593) (17,464)
18. Creditors: amounts falling due within one year

2010 '000 Group 57,191 3,615 2,432 221 1,030 15,000 2,522 4,191 86,202 2009 '000 Group 49,425 3,359 2,376 208 470 29,650 5,553 4,310 95,351 2010 '000 Association 54,073 3,615 2,432 1,030 2,559 3,665 17,048 84,422 2009 000 Association 47,621 3,359 2,376 470 5,553 3,649 30,687 93,715
AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors and accruals Rent and service charges received in advance Salaries, wages, other taxation and social security Corporation tax
21,137 21,579
2,778 3,373
5,895 4,872
29,810 29,824
Commercial Properties were valued by an independent professional adviser, Ryden Property Consultants, on 31 March 2008 in accordance with the appraisal and valuation manual of the RICS. The Directors updated this valuation on 31 March 2009, eliminating 3.0m from the revaluation reserve. No further revision was considered appropriate in 2010.
Bank overdraft Bank loans (note 19) Right -to- Buy receipts due to Glasgow City Council (note 9)
17. Debtors
2010 '000 Group 507,054 7,350 448 514,852 2009 '000 Group 662,097 7,700 669,797 2010 '000 Association 507,054 7,350 448 514,852 2009 000 Association 662,097 7,700 669,797
Other creditors Due to subsidiary undertakings Total
DUE AFTER MORE THAN ONE YEAR Development agreement (note 2) Due from subsidiary Arrangement fees Deferred Expenditure Total
In accordance with the development agreement accounting policy, included in debtors is a balance of 507.5m (2009: 662.1m) in respect of the expected cost of the development work that Glasgow City Council has committed to undertake in order to refurbish the properties. The Council has sub-contracted the Association to carry out the programme of catch-up repairs to the residential accommodation as part of a development agreement. This balance is matched by a provision for the same amount, which reflects GHAs obligation to deliver these works. As work progresses both of these balances will be utilised when the work is actually undertaken.
57
58

for the year ended 31 March 2010 (continued) 19. Creditors: amounts falling due after more than one year
2010 '000 Group Scottish Government Loan Bank loans Amount due to group company Total 75,000 179,000 254,000 2009 '000 Group 62,500 92,000 154,500 2010 '000 Association 75,000 179,000 254,000 2009 000 Association 62,500 92,000 154,500

for the year ended 31 March 2010 (continued) 21. Share capital
2010 Shares of 1 each issued and fully paid At 1 April 2009 Issued during year Surrendered during year At 31 March 14 5 (6) 13 14 5 (5) 14 2009
The Scottish Executive has made available 100.0m of contingent efficiencies grant over an eight year period. Under this agreement 75.0m (2009: 62.5m) has been received and is shown as an interest free loan. The amount is repayable in 2033-34. Bank lending facility A committed facility of 725.0m, secured on the Associations housing stock is available from a syndicate of banks. During the year an additional 72.4m was drawn down (2009: 70.5m) at an interest rate of 5.3% (2009: 5.9%). The bank loans are secured over the whole of the housing stock, excluding new build properties completed since stock transfer in March 2003 and certain other properties of the parent company, The Glasgow Housing Association Limited. These bank loans are stated net of arrangement fees of 7.4m (2009: 7.7m) which are amortised in accordance with FRS 4. 2010 '000 Borrowings are repayable as follows In less than one year In more than five years 15,000 179,000 194,000 29,650 92,000 121,650 2009 000
22. Reserves
Revaluation reserve core housing stock '000 22,964 29,546 52,510 Revaluation reserve donated assets '000 176 12 188 6,911 Revaluation reserve commercial properties 000 6,911 -
GROUP Opening Balance at 1 April 2009 Surplus for the year Revaluation during the year Actuarial gain / (loss) in respect of pension provision Closing balance at 31 March 2010
Revenue reserve '000 140,957 17,010 (52,448) 105,519
Total '000 171,008 17,010 29,558 (52,448) 165,128
23. Reserves 20. Provisions for liabilities and charges

Development agreement '000 At 1 April 2009 Created in year Utilised At 31 March 2010 662,098 (155,044) 507,054 Insurance '000 1,828 256 (58) 2,026 Total '000 663,926 256 (155,102) 509,080 Revenue reserve '000 140,467 16,954 (52,448) 104,973 Revaluation reserve core housing stock '000 22,964 29,546 52,510 Revaluation reserve donated assets '000 176 12 188 6,911 Revaluation reserve commercial properties 000 6,911 -
ASSOCIATION Opening Balance at 1 April 2009 Surplus for the year Revaluation during the year Actuarial gain / (loss) in respect of pension provision Closing balance at 31 March 2010
Total '000 170,518 16,954 29,558 (52,448) 164,582
Development Agreement The provision represents the best estimate of the costs of contracted works for the repair of managed properties in 2003 less the cost of repairs carried out since that date. This agreement is part of the development agreement and as work progresses the provision will be utilised when the work is actually undertaken. It is matched by the prepayment detailed in Note 17. Insurance A provision has been made in respect of the excess arising on all outstanding insurance claims.
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for the year ended 31 March 2010 (continued) 24. Pensions
The Association participates in the Strathclyde Pension Fund which is administered by Glasgow City Council and is a defined benefit scheme. The assets of the scheme are held separately from those of the Association in investments under the overall supervision of the Fund Trustees. The latest full actuarial valuation was carried out at 31 March 2008 and was updated for FRS 17 purposes to 31 March 2010 by a qualified independent actuary. The next full actuarial valuation is due as at 31 March 2011. The average employers contribution rate payable by the Association was 267.3% of the employees rate until 31 March 2010. The assumptions that have the most significant effect on the results of the valuation are those relating to the rate of return on investments and the rates of increases in salaries and pensions. The principal actuarial assumptions (expressed as weighted averages) at the year end were as follows: 31 March 2010 Discount rate Expected rate of return on plan assets Future salary increases Inflation 5.5% 7.2% 5.3% 3.8% 31 March 2009 6.9% 6.5% 4.6% 3.1%

for the year ended 31 March 2010 (continued) 24. Pensions continued
Movements in fair value of plan assets 2010 '000 116,559 8,207 39,081 12,307 2,534 (1,488) 4,315 (2,330) 179,185 2009 000 139,653 10,117 (39,206) 6,239 2,055 (2,299) 116,559
Opening fair value of plan assets Expected return on plan assets Actuarial gains / (losses) Contributions by the employer Contributions by the members Assets distributed on settlements Assets acquired in a business combination Estimated benefits paid Closing fair value of plan assets
In valuing the liabilities of the pension fund at 31 March 2010, mortality assumptions have been made as indicated below. The assumptions relating to longevity underlying the pension liabilities at the balance sheet date are based on standard mortality tables and include an allowance for future improvements in longevity. The assumptions are equivalent to expecting a 65-year old to live for a number of years as follows:
a a
Current pensioner aged 65: 20.6 years (male), 23.9 years (female) Future retiree upon reaching 65: 22.6 years (male), 25.0 years (female).
Expense recognised in the income and expenditure account
2010 '000 4,265 4,051 1,518 8,804 (8,207) 10,431
2009 000 4,988 423 260 9,063 (10,117) 4,617
The assumptions used by the actuary are chosen from a range of possible actuarial assumptions which, due to the timescale covered, may not necessarily be borne out in practice. Value at 31 March 2010 '000 Present value of funded defined benefit obligations Fair value of plan assets Net liability Movements in present value of defined benefit obligation (235,144) 179,185 (55,959) Value at 31 March 2009 000 (120,070) 116,559 (3,511)
Current service cost Losses on settlements or curtailments Past service cost Interest on defined benefit pension plan obligation Expected return on defined benefit pension plan asset
The expense is recognised in the following line items in the profit and loss account
2010 '000 120,070 4,265 1,518 8,804 3,843 94,446 2,534 (1,280) 3,274 (2,330) 235,144
2009 000 128,771 4,988 260 9,063 423 (23,191) 2,055 (2,299) 120,070
2010 '000 216,886 (84) 597
2009 000 211,724 (1,800) -
Operating costs Interest receivable and similar income Net cost of pension liability
Opening defined benefit obligation Current service cost Past service cost Interest cost Loss on curtailment Actuarial losses/(gains) Contributions by members Liabilities extinguished on settlements Liabilities assumed in a business combination Estimated benefits paid Closing defined benefit obligation
The total amount recognised in the statement of total recognised gains and losses in respective of actuarial gains and losses is 55.365 million loss (16.015 million loss, 2009). Cumulative gains reported in the statement of total recognised gains and losses for accounting periods ending on or after 22 June 2002 and subsequently included by prior year adjustment under paragraph 96 of FRS 17, are losses of 35.980 million (19.385 million gain in 2009).
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for the year ended 31 March 2010 (continued) 24. Pensions continued
The fair value of the plan assets and the return on those assets were as follows 2010 '000 137,972 23,294 12,543 5,376 179,185 Actual return on plan assets 47,373 2009 000 85,088 18,649 9,325 3,497 116,559 (29,679)

for the year ended 31 March 2010 (continued) 25. Scottish Government and other grants
The Scottish Government has made available a secured repayable grant of 366m receivable over 10 years. The grant is subject to a number of specified conditions. These conditions were revised on 1 April 2009 to make the grant repayable under certain circumstances. If GHA delivers all commitments to tenants made at the time of transfer in March 2003, and meets the performance standards of the Regulator by 31 March 2015 then no grant will be repayable. In the opinion of the Board, it is improbable that this grant will be repaid, and accordingly no provision for repayment of the 292.2m received to date has been made in these financial statements. Additionally, the Scottish Government has made available to the Association a further 100m of Contingent Efficiencies Grant receivable over an eight year period from 2004/05. 75.0m has been received up to the 31 March 2010 and is shown as a loan (note 19). A list of Scottish Government Grants and loans receivable for the year is given in the table below: 2010 '000 2009 000
Equities Corporate bonds Property Cash
GRANTS & LOANS Scottish Government Grants (Capital) Secured Repayable grant
35,700 15,283 50,983
34,800 21,981 56,781
History of experience gains and losses BALANCE SHEET Present value of scheme liabilities Fair value of scheme assets Surplus / (deficit) 2010 '000 (235,144) 179,185 (55,959) 2009 '000 (120,070) 116,559 (3,511) 2008 '000 (128,771) 139,653 10,882 2007 000 (148,395) 136,808 (11,587)
Reprovisioning grant Total Scottish Government Capital Grants Other Capital Grants Energy Efficiency Total Capital Grants Scottish Government Revenue Grants
4,233 55,216
2,984 59,765
ExPERIENCE ADJUSTMENTS Experience adjustments on scheme liabilities 000 Experience adjustments on scheme liabilities % Experience adjustments on scheme assets 000 Experience adjustments on scheme assets %
2010 '000 / % 7 0.0 39,081 21.8
2009 000 / % 11,500 9.6 (39,206) (33.6)
2008 000 / % 2 0.0 (14,228) (10.2)
2007 000 / % (56) 0.0 103 0.1
Demolition grant Scottish Government Loan Contingent Efficiency Total
16,272
13,479
12,500 83,988
12,500 85,744
Comparative information is only shown to 2007 as the Association accounted for its participation in the Strathclyde Pension Fund on a defined contribution basis until 31 March 2007. A change in circumstances effective at that date resulted in the Association applying defined benefit accounting in full from 31 March 2007. GHA expects to contribute approximately 6.438 million to its defined benefit plans in the next financial year.
The government grants of 1.080m on the group and association balance sheet relates to the value of properties donated by Glasgow City Council in 2007.
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for the year ended 31 March 2010 (continued) 26. Related party transactions
During the year and the previous year the tenancies held by tenant Board members were held on normal commercial terms and they are not able to use their position to their advantage. The Association retains a register of members interests. The following interests in related parties require to be declared. GHA has agreed Remodelled Management Agreements with Local Housing Organisations (LHOs). A number of current Board members serve on the boards of LHOs which have a transactional relationship, in line with FRS 8 Related party disclosures, with GHA as detailed below: Sandra Forsythe Wilma Masterton John Grant Gordon Sloan Robert McCormick Kate Willis Tower Homes Clydeside Tenant Partnership Mosspark Housing Association Keystone Tenant Managed Homes Compass LHO Castlemilk LHO

for the year ended 31 March 2010 (continued) 27. Cash Flow Analysis continued
At 1 April 2009 '000 20,190 (470) 19,720 (30,000) (154,500) (164,780) At 31 March 2010 '000 28,330 (1,030) 27,300 (15,000) (254,000) (241,700)
ANALYSIS OF CHANGES IN NET DEBT Cash at bank and in hand Overdraft Movement in cash Deposits Debt due within one year Debt due after more than one year Net debt
Cashflow '000 8,140 (560) 7,580 15,000 (99,500) (76,920)
No related party transactions took place in the year or in 2009 for these LHOs. During the year GHA held nomination rights to a directorship of Scotcash CIC. These rights allow GHA to nominate up to two directors to the board of Scotcash with Peter Denheen nominated onto the board during the year. During the year GHA made no payments to Scotcash (2009: 110,000).
28. Subsidiary and associated undertakings

The Association has two subsidiaries The Glasgow Housing Association (Funding) Limited (GFL) and GHA (Management) Limited (GHAM), both private limited companies. The Association owns the whole issued share capital of all subsidiary undertakings. The objects of GFL include the provision of finance to registered social landlords. GHAM delivers factoring services to homeowners. The results of Scotcash CIC have not been consolidated as an associate undertaking into these accounts as they are not material to GHAs operations. 2010 '000 34,346 11,352 (7,372) 6,557 (24) 44,859 2009 000 37,896 8,327 11,046 2,167 (8,035) (24) (568) 50,809
27. Cash Flow Analysis
RECONCILIATION OF SURPLUS / (DEFICIT) TO NET CASH INFLOW FROM OPERATING ACTIVITIES Surplus from operating activities Depreciation charges (Increase) /decrease debtors Increase in creditors and provisions Exceptional operating item surplus on revaluation Release of government grant Pensions costs less contributions payable Net cash inflow from operating activities
29. Contingent liability

Under the terms of an agreement with Glasgow City Council, in the event of the Associations commercial property assets being sold, the proceeds are subject to a claw back agreement which provides for up to 80% of the consideration being due to Glasgow City Council.
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Net funds at 1 April Increase in cash in the year (Increase) /reduction in overdraft Reduction in deposits Cash inflow from debt due within one year Cash inflow from debt after more than one year Net debt at 31 March
2010 '000 (164,780) 8,140 (560) (15,000) (69,500) (241,700)
2009 000 (103,356) 10,803 10,875 (102) (16,000) (67,000) (164,780)
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Supplementary Information
Secretary and Registered Office Gordon Moir Granite House 177 Trongate Glasgow G1 5HF Auditors PwC LLP 141 Bothwell Street Glasgow G2 7EQ Bankers Royal Bank of Scotland Glasgow Corporate Office 100 West George Street Glasgow G2 4QS Lloyds TSB Scotland plc Henry Duncan House 120 George Street Edinburgh EH2 4LH Bank of Scotland 2 Redheughs Rigg South Gyle Edinburgh EH12 9DQ Members of Loan Syndicate Royal Bank of Scotland Glasgow Corporate Office 100 West George Street Glasgow G2 4QS Abbey National Treasury Services 2 Triton Square Regents Place London NW1 2AN Nationwide Queens House Floor 3 29 St Vincent Street Glasgow G1 2DT Bank of Scotland 2 Redheughs Rigg South Gyle Edinburgh EH12 9DQ European Investment Bank 100 Boulevard Konrad Adenauer L-2950 Luxembourg Lloyds TSB Scotland plc Henry Duncan House 120 George Street Edinburgh EH2 4LH
Board Members and Executive Team Information

Board Members Sandra Forsythe MBE, Chair Re-Elected as Chair in 2009, Sandra has been a tenant Board member since 17 December 2004. Sandra has been involved in Glasgows housing since 1991, having started her career with Glasgow City Council. Her significant contribution to social housing was recognised when she was awarded an MBE for services to social housing as well as being the winner of the EVH Scottish Housing Committee member of the year for 2008. Sandra is a member of GHAs Appointments & Appraisals, Operations, and Business Transformation Committees. Alastair Dempster CBE, Vice Chair First appointed as an independent Board member on 3 May 2002 and reappointed on 19 September 2005, 17 October 2008 and 9 September 2009. A Fellow of the Chartered Institute of Bankers, Alastair has extensive experience as a banker including as Chief Executive of Lloyds TSB Bank Scotland plc. He was formerly Chair of Sportscotland and the Scottish Community Foundation. He is Chair of the Board of GHA (Funding) Ltd, Chair of GHAs Finance, and Appointments & Appraisals Committees and a member of the Audit Committee. Alastair MacNish OBE Alastair was appointed to the Board on 17 August 2009. He has extensive senior experience in the public sector, having previously been the first Chief Executive of South Lanarkshire Council and Chairman of the Accounts Commission for Scotland and of Audit Scotland. Alastair is Chair of the Audit Committee, a member of the Finance, and Business Transformation Committees and a Director of GHA (Funding) Ltd. Keith Kintrea Keith Kintrea joined the Board in September 2006 as an independent member and was reappointed on 9 September 2009. Keith is a senior lecturer at the University of Glasgow and has written widely on housing, housing policy and regeneration. He is Chair of GHAs Business Transformation Committee and a member of the Regeneration, and Appointments and Appraisals Committees. Ian Wall Ian was appointed as an independent Board member on 17 October 2008 and reappointed on 9 September 2009. Ian has an extensive background in regeneration and recently retired as Chief Executive of the EDI Group. He is an Honorary Fellow of the Royal Institute of Architects Scotland, a Fellow of The Royal Institution of Chartered Surveyors and is currently Chair of the Scottish Urban Regeneration Forum (SURF) and a Director of Shelter UK. Ian is Chair of GHAs Regeneration Committee and a member of the Business Transformation Committee. Liz Walford Liz was appointed to the Board on 17 August 2009. Liz has a significant experience in housing and governance, having recently retired as Group Chief Executive of Walsall Housing Group and served at Board level in various not-for-profit organisations. She is the Chair of GHAs factoring subsidiary YourPlace, which previously traded as GHAM, a Director of GHA (Funding) Ltd and is a member of the Audit and Finance Committees. Wilma Masterton Wilma was elected to the Board in September 2006 and reappointed on 9 September 2009. Wilma has been a tenant activist for over 30 years and was the founder member of Clydeside Tenant Partnership. She was previously a tenant member of the GHA Board for 11 months between 12 May 2000 and 27 April 2001. She is Chair of GHAs Operations Committee and a member of the Regeneration Committee and of the Board of YourPlace, which previously traded as GHAM. John Grant John was elected to the Board in September 2008. He is currently Chair of Mosspark Housing Association and adds a strong role on a variety of local steering groups and the Registered Tenant Organisation Federation. John is a member of GHAs Operation Committee. Gordon Sloan Gordon was appointed as a casual Board member in March 2009 and elected on 9 September 2009. Gordon has previously served as the Chair of the independent review panel for Greater Glasgow Health Board and as a member of the RSSPCC Executive Board. He is a member of the Operations and Business Transformation Committees and a Director of GHA (Funding) Ltd. Robert McCormick Robert was elected to the Board on 9 September 2009. Robert is currently Chair of Compass LHO and has served on various local steering and action groups representing tenants. He is a member of the Operations and Regeneration Committees. Kate Willis Kate was elected to the Board on 9 September 2009. She is the Chair of Castlemilk LHO and also serves on her local Registered Tenant Organisation. Kate is a member of the Audit and Finance Committees. Councillor James Dornan James was nominated by Glasgow City Council on 3 September 2009. He is the Leader of the SNP party and a member of the Glasgow City Council Executive Committee. James is a member of the Finance, Audit, and Business Transformation Committees. Councillor Philip Braat Philip was nominated by Glasgow City Council on 3 September 2009. He is a qualified lawyer and a member of the Law Societies of Scotland and England & Wales. Philip is a member of the Operations and Regeneration Committee.
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Executive Team
Martin Armstrong, Chief Executive Martin joined GHA in January 2008 as Director of Housing and Customer Services from West Lothian Council where he was Director of Customer Support. Through his 18-year career, Martin has worked in housing departments across the UK, from southern England to Moray Council in the north of Scotland. Martin holds a BSc (Hons.) degree in Social Administration and Housing Management from the University of Ulster. Martin took over as Chief Executive in September 2009. Mark Logan, Executive Director of Finance and Business Services Mark, a Chartered Accountant, joined GHA in October 2009 from West of Scotland Housing Association where he worked, initially as Director of Corporate Services and latterly as Deputy Chief Executive. Prior to that he was Assistant Director of Housing and Regeneration at Ernst & Young for six years where he provided support to clients across the UK, including large local authorities and housing organisations. Mark, a graduate of Strathclyde University, has a wealth of experience in stock transfer and second stage transfer. Alex McGuire, Acting Executive Director of Housing and Customer Services Alex joined GHA in April 2008. Prior to stepping up to the role of Acting Executive, he was responsible for the city wide capital investment and revenue repairs and maintenance programmes. Alex came to GHA from West Lothian Council where he worked as a manager in Housing Strategy. He was also responsible for the creation and running of West Lothian Housing Partnership - which improved the choice and quality of homes available to tenants in the area. Gordon Moir, Company Secretary Gordon joined GHA in November 2009. Between 1999 and 2009, with BT, he worked on a myriad of legal, commercial and regulatory matters, including the creation of a new regulatory regime in New Zealand, as well as establishing one of the most respected legal teams in the sector. As well as being General Counsel to the Retail Division, he was also responsible for running BTs global regulatory and anti-trust law teams. Gordon is a graduate of Aberdeen University and has a Masters in Advanced European Law from the College of Europe in Belgium. After graduating he went on to work in Glasgow, Brussels and London before a brief stint at the European Court of Justice. He then moved to Ashurst Morris Crisp in London and has written and presented extensively on legal and regulatory matters. Peter Denheen, Executive Director of Human Resources Peter joined GHA in February 2009 from RMJM Architectural practice. In addition to sitting as a member of the Employment Tribunals for over 12 years, Peter has also held a number of senior HR roles in various blue chip organisations spanning over 25 years, these include Rolls Royce, BA, Grandmet, NCR, Ernst and Young and Royal Liver. Peter is a Fellow of the Chartered Institute of Personnel Development and holds a Masters Degree in Law. Jim Sneddon, Executive Director of Regeneration A qualified architect, Jim joined GHA in June 2008 from the London Thames Gateway Corporation where he was Director of Development. Throughout his 30 year career Jim has sat on the Inner Cities Committee which advised government on inner city issues and advised HRH the Prince of Wales on community architecture. He has also worked as one of the founding directors of Grantchester Group plc, which rapidly grew to become one of the largest out-of-town retail developers in the UK.
Contact Information
This document is available in other formats or languages. Call us at the freephone number below if you would like us to organise this. Registered Office: The Glasgow Housing Association Limited, Granite House, 177 Trongate, Glasgow, G1 5HF The Glasgow Housing Association Limited is a not-for-profit housing association registered under the Industrial and Provident Societies Act 1965, registered no. 2572R(S). It is also recognised by HM Revenue and Customs as a Scottish charity (SC034054) and is registered with The Scottish Housing Regulator under the Housing (Scotland) Act 2001 as a registered social landlord, no. 317. VAT Registration No. 796709466. Registered office: Granite House, 177 Trongate, Glasgow G1 5HF VAT Registered No. 796 7094 66.
Would you like more information? Freephone 0800 479 7979 or visit www.gha.org.uk
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This annual report has been printed on Greencoat Offset uncoated and GF Smith Colourplan, using Diamond inks. Greencoat Offset is manufactured in Austria by Lenzing using 100% post-consumer waste recovered from Austria, Switzerland and Germany. An elemental chlorine-free (ECF) bleaching method is used to treat this product and its pulp source has been third party verified. Greencoat Offset is certified by the Forest Stewardship Council (FSC) and also carries the Nordic Swan ecolabel. Lenzing is committed to minimising its environmental impact and has achieved ISO 14001 accreditation. More than 85% of the energy used to operate its mill is renewable, having been generated from biomass and black liquor (a by-product of the pulping process), thus minimising Lenzings carbon footprint. Greencoat Offset is fully recyclable. GF Smith Colourplan is manufactured from 100% virgin ECF fibre by James Cropper Plc who is accredited with ISO 14001, FSC & PEFC. All shades are certified by the Forest Stewardship Council (FSC). Diamond 4 colour inks are committed to the environment. Independent Institutes confirm that Diamond Process Colours contain 74% of renewable materials determined by the so called C14 method which is used in modern archaeology. Complies with industrial standards including ISO2846:1, EN71/3 (toy regulations) and CONEG (Regulation on Toxic heavy metals). Allows printing to ISO 12647:2
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Glasgow Housing Association www.gha.org.

Glasgow Housing Association www.gha.org.uk

Annual Report and Accounts 2009/10

Better homes, better lives

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Chief Executives Report

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Staff are more visible and are more accessible.

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

a 80 per cent of tenants were satisfied with GHA

landlord - an increase of 16 percentage points from the previous survey.

a the expansion of GHA(M)s customer base by attracting,

a and working with the Scottish Government to create

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

a 26 homes built at Airgold Drive and Ledmore Drive

a 13 at Shafton Road in Knightswood a 22 at Halley Place in Yorker a 16 at Kempsthorn Crescent and 70 at

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

a two blocks in Shawbridge, as part of the areas

a two nearby blocks at Riverford Road and Riverbank

a and six 19-storey blocks in Sighthill to make way

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

a supported environmental improvements, such as local

a built, in partnership with Glasgow City Council, nine

a provided 81 different exercise and arts classes at 23

a introduced the Birthday Bags project, which has

a distributed Welcome Bags containing practical items

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

a 325 people who were recruited as a result of a clause

apprenticeship programme as part of the City Councils Commonwealth Apprenticeship Initiative.

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Glasgow Housing Association Annual Report and Accounts 2009/10

Reactive Maintenance Costs

Factoring Surplus on Sale of Fixed Assets

Planned Maintenance Costs

-4% (8.8m) 1% 1.8m

A A A A a a a a a a A 11% 27.7m A A A A A A a a a a a a A 13% 30.6m

a Capital expenditure on our tenant investment programme

a Phase 1 of the new build programme is confirmed and,