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 expect to have an adaptation budget for of approximately £20,000 for 2020/21, so that should ‘bring in’ about £2,000 in allowances.
Our income is sometimes augmented by grants that we get to fund projects, and interest accrued from investments.
In 2020/21, we have budgeted to receive £3,246,461 in rental income. We have received £27,950 in Supporting Communities Grant (which was spent on helping tenants tackle the effects of COVID-19), and we have applied for a grant of near £25,000 from the Scottish Government’s (COVID-19) Recovery Fund; which will also be spent on our residents, if our application is successful.
We have budgeted to receive £3,248,264 in rental income in 2021/22. At this stage we do not anticipate additional funding in 2021/22 other than around £2,000 in allowances for medical adaptations.