Ross and Maggie and their baby Reuben-James launch our 2021 annual report. A couple who were experiencing homelessness are now set up in their own place, confident, comfortable and ready to tackle whatever comes next in life.
At Sovereign we want to do more. As we consider the future: the environment; the society we live in; and the true purpose of our organisation, we remain absolutely committed to delivering more homes, more opportunity and better places for our customers.
Hear Ross and Maggie's story
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Despite the coronavirus pandemic bringing extraordinary changes to all of our lives during 2020-21, we are proud to say that our annual accounts show that we remain a strong and resilient organisation. We’re working hard to create amazing places and spaces for now and the future, keeping our 140,000 customers across the south of England at the heart of what we do.
The way that our people responded to the challenges of the pandemic was inspirational, and is truly reflected in the strong performance set out in our 2021 report.
We've been able to keep building, both homes and lives with the thought of future generations enjoying the places we create and regenerate, a source of inspiration and pride for us all.
The year in numbers
A strong financial position gives us a great platform to continue to deliver the high quality homes and services our customers and our communities expect and deserve.
| Quality services, more opportunity | 81% customer satisfaction with Sovereign remained steady at 81% £4.72m invested in communities 1,182 customers completed training to support their aspirations | 327 customers into work or better work 100% fire risk assessments completed 77,133 repairs made during lockdowns |
More homes, better places | £216.5m Investment in new homes £102.0m Investment in our existing homes 1,099 new homes delivered | 60,538 Homes owned and managed £417.4m Turnover £13.0bn Open market value of properties |
Strong foundations, more choice | £719m cash and undrawn committed facilities available £78.0m Surplus before tax G1/V1* Regulatory ratings A+ and A2 A+ Standard and Poor’s A2 Moody’s credit ratings | £1.2m invested in customer facing technology Living wage accredited employer Gold Investors in People 50/50 representation men and women on our Executive Board |
*Following a self-referral to the Regulator of Social Housing and subsequent issue of a Regulatory notice in January 2022, our governance rating has been downgraded from G1 to G2. The Regulator has confirmed our existing V1 grade for viability. A rating of G2 is compliant and means that we meet the Regulator’s governance requirements but we need to improve some aspects of our governance arrangements to support continued compliance. Read our full response to the governance downgrade.
Strategy
2021-2026
At Sovereign we exist to provide homes for those that need them most. We don’t just deliver one of the largest new affordable housing programmes in the country, we make great places too.
We continue on our ambitious journey, outlined in our corporate plan, which lays out what we want to achieve by 2026 and how we’ll achieve it. We believe that what we do in the next five years will create the foundations for Sovereign’s development over the next 30 years and beyond.
Strong foundations
At Sovereign, we’re building better homes and better places for people that need them most. Our customers come first, always – and a strong financial surplus is the fundamental building block on which we build our ambitious plans for the future.
Customers come first
We want to provide great customer service, responding positively to our customers’ ever-changing expectations. We want our residents to be proud to call a Sovereign home their own. We know our work doesn’t stop at the front door. We offer a range of services, investing in communities, to help people be the best they can be.
More homes, better places
As a financially and organisationally strong business, we’re committed to providing as many affordable new homes as we can, with plans to invest £2bn over the next five years. We’ll make sure that we provide the homes that people need, of the best possible quality, within successful places and communities.
Quality services and customer safety
Looking after almost 60,000 homes is a big job, but we know that the quality of a home can affect every aspect of a person’s life. We’ve been changing how we work, thinking differently, increasing investment, and considering the future sustainability needs of our residents.
Maximising our impact
We’re here if residents want a little extra support, whether that’s to sustain their tenancies or to work towards realising their potential, by signposting relevant agencies, working with external partners and making sure that we share helpful information.
More opportunities for our communities
At Sovereign, we’ve always recognised that fantastic local networks exist in our communities. We work with established charities and groups, supporting them to develop their assets in the way that they want to.
Valuing our employees
We’re investing and bringing out the best in our people by building an environment where employees are engaged, valued and passionate about what they do, developing our leaders, employees and apprentices so they can contribute more and advance their careers.