Arhag Annual Report 2019/2020

FINANCIAL PERFORMANCE 2020 (£’000) 2019 (£’000) Turnover 6,675 6,687 Operating costs (5,223) (5,569) Other income 221 26 Other operating items (51) - Surplus on disposal of housing properties 500 1,731 Deficit on sale of fixed assets (37) - Operating Surplus 2,085 2,875 Interest receivable 4 5 Interest payable (1,303) (931) Surplus on ordinary activities before tax 786 1,949 “We are pleased to report that our underlying operating costs are lower than in previous years.” During the financial year, we have exited fromour offices in Camden andpurchased our own offices in Stratford, built a partnership with other BAME organisations, and continuedwith our stock rationalisation programme. With the uncertainty of the wider economic situation due to both Covid-19 and Brexit, our financial performance is essential to enabling us to achieve our objectives. Hence, we are pleased to report a good set of results and a strong financial position. 14 Arhag