Rent accounts for the very vast majority of our annual income. On top of rents we receive grant money from Glasgow City Council to adapt residents’ homes (in response to a medical condition). The grant covers the cost of the adaptation work, and we receive an allowance of 10% (of works cost) for admin expenses. We have an adaptation budget for of £20,000 for 2019/20, so we should ‘bring in’ £2,000 in allowances.
Our income is sometimes augmented by grants that we get to fund projects, and interest accrued from investments.
In 2019/20, we have budgeted to receive £<> in rental income. We won’t have any grant income for community projects in 2019/20, but we will be securing a loan of £1million to boost our reserves and help cover the cost of the major repair works that we are planning to do over the next few years.
We are also receiving development related income in 2019/20; more detail about that below.