MWS Tenant's annual report - Magna West Somerset

Value For
Money
Where the money goes
Chris Parsons & Nick Blackshaw in our stores Fitting a new kitchen
Our income for 2011/12 was £10.8 million.
There were three main areas of spend:
maintenance, management and interest
payments.
We borrow money to buy and build homes. We
repay our borrowings over 30 years.
Our financial statements are on our website,
www.magna.co.uk, under ‘facts and figures’.
We regularly review and manage services, with
efficiency as a number one priority.
We review all services to ensure they are
delivered in the most cost effective way possible.
Did you know?...
In 2011/12, Magna tendered its communal
electricity and gas supplies, resulting in a saving
of £35,000. This reduced service charge costs for
residents.
In 2012, Magna tendered its insurances and
this produced a saving of £39,000 for MWS for
2012/13.
Where the Money was spent
in 2011/12:
£3.7 million on
maintenance costs
£2.1 million on
interest payments
£3.5 million on
management costs
Any surplus in our accounts each year is used to
reduce MWS’s overall debt.
Tony Murray
MWS director
tony.murray@magna.org.uk
01984 635102