Total Resident Management

Our version of Johann Cruyff’s Total Football

‘Our team is ready to take part in decision making’ (Cruyff in the golden age of Ajax)

Self financing

• The Government has devolved financial control and responsibility to those local authorities that have kept their housing stock

• Southwark Council has further devolved financial control and responsibility to the JMB

Control over our own destiny

• Next stage in the JMB’s development

• No longer an annual argument with Southwark about funding

• Ability to plan major repairs and improvement programmes

• Leaseholders can plan their major work payments

Relationship with Southwark Council

• Partnership: Southwark remain the landlords• JMB is 2.7% of Southwark’s stock• Relationship based on trust: built over many years• Vote of confidence in the JMB’s governance, major

works project management and financial controls• Not a stock transfer: no interest payments,

facilitation or lawyers’ fees

Parallel Process

• Same track for Southwark and the JMB

• First years are very difficult and then life gets better: income increases, but debt repayments remain constant

• Southwark has a high non decency rate (40%)

• Inside Housing: Southwark has highest outstanding debt of any authority

Income

• Rents: £5.5m. Southwark will continue to decide on rent levels

• Leasehold service charges for day to day: £450,000

• Leaseholder contribution to major work costs

Expenditure

• Unpaid debt on 2.7% of Southwark stock: £1.9m per year

• Contribution to Southwark’s central costs:

£1.1m per year

• JMB’s Operating costs: £2m per year

• JMB’s major works and improvements

Income Issues

• What will future rent levels be? Convergence with H.A.’s rents

• What will be the effect of the recession/ benefit changes? Particularly the direct payment of housing benefit to tenants

• Will fixed term tenancies be imposed and what will the effect on void levels be?

• What effect will right to buy sales have?

• Current level of disrepair: decent homes back log, known disrepair, life cycle replacement, health and safety works

• JMB has undertaken its own stock condition survey

• Residents’ aspirations over the next 30 years: security and landscaping

• How to cost the works? Base on recent contracts

• What will the building industry inflation rate be over the next 30 years?

Major Works Costs

Central Costs

Makes explicit the cost of central services to 1,500 JMB residents:

• Housing options: £40,000• Tenant Management Organisation Support: £26,000• Financial services: £33,000• Parking control: £37,500• Pest control: £32,700• Press office: £10,700

30 year financial projection

Leathermarket JMBBusiness Plan

Maximum Backlog = £378,276

Cash FlowsIndex 2012.13 2013.14 2014.15 2015.16 2016.17 2017.18 2018.19 2019.20 2020.21 2021.22 2022.23 2023.24 2024.25 2025.26 2026.27 2027.28 2028.29 2029.30 2030.31 2031.32 2032.33 2033.34 2034.35 2035.36 2036.37 2037.38 2038.39 2039.40 2040.41 2041.42 2042.43 2043.44 2044.45 2045.46 2046.47 2047.48 2048.49 2049.50 2050.51 2051.52

IncomeRents Govt policy £5,122,132 £5,379,441 £5,644,537 £5,915,745 £6,179,578 £6,433,873 £6,683,378 £6,930,074 £7,178,754 £7,430,071 £7,683,483 £7,941,809 £8,202,956 £8,467,400 £8,736,283 £9,010,997 £9,292,333 £9,580,777 £9,877,612 £10,182,053 £10,495,089 £10,817,074 £11,147,888 £11,486,796 £11,835,053 £12,193,339 £12,562,288 £12,941,017 £13,330,811 £13,732,251 £14,145,389 £14,570,676 £15,008,239 £15,458,701 £15,922,637 £16,400,449 £16,892,554 £17,399,296 £17,921,184 £17,588,696Tenants' Service charges RPI+0.50% £508,153 £523,357 £539,015 £555,142 £571,751 £588,857 £606,475 £624,620 £643,307 £662,554 £682,377 £702,793 £723,820 £745,475 £767,779 £790,750 £814,408 £838,774 £863,870 £889,715 £916,335 £943,750 £971,986 £1,001,067 £1,031,017 £1,061,864 £1,093,634 £1,126,354 £1,160,053 £1,194,760 £1,230,506 £1,267,321 £1,305,238 £1,344,289 £1,384,508 £1,425,931 £1,468,593 £1,512,532 £1,557,785 £1,606,400Tenant Voids & Bad Debt losses -£168,909 -£206,598 -£247,342 -£291,190 -£337,566 -£351,136 -£364,493 -£377,735 -£391,103 -£404,631 -£418,293 -£432,230 -£446,339 -£460,644 -£475,203 -£490,087 -£505,337 -£520,978 -£537,074 -£553,588 -£570,571 -£588,041 -£605,994 -£624,393 -£643,304 -£662,760 -£682,796 -£703,369 -£724,543 -£746,351 -£768,795 -£791,900 -£815,674 -£840,149 -£865,357 -£891,319 -£918,057 -£945,591 -£973,948 -£959,755Leaseholder service charges RPI+0.50% £454,000 £471,523 £489,698 £508,549 £528,101 £548,379 £569,408 £591,218 £613,834 £637,288 £661,609 £686,828 £712,978 £740,093 £768,206 £797,355 £827,576 £858,908 £891,392 £925,067 £959,978 £996,169 £1,033,685 £1,072,574 £1,112,886 £1,154,670 £1,197,981 £1,242,872 £1,289,401 £1,337,625 £1,387,606 £1,439,406 £1,493,090 £1,548,725 £1,606,380 £1,666,129 £1,728,045 £1,792,206 £1,858,692 £1,923,347Garage & Store Shed rents As rents £190,000 £200,053 £210,445 £221,189 £231,682 £241,906 £251,923 £261,879 £271,959 £282,187 £292,545 £303,140 £313,894 £324,826 £335,982 £347,416 £359,162 £371,239 £383,701 £396,519 £409,734 £423,364 £437,405 £451,833 £466,698 £482,032 £497,862 £514,158 £530,972 £548,333 £566,245 £584,731 £603,801 £623,482 £643,803 £664,785 £686,448 £708,812 £731,903 £755,739Miscellaneous See Ops tab £45,210 £46,453 £47,731 £87,944 £50,392 £51,778 £53,202 £54,665 £100,719 £57,713 £59,300 £60,930 £62,606 £115,351 £66,097 £67,914 £69,782 £71,701 £132,109 £75,699 £77,781 £79,920 £82,117 £151,301 £86,696 £89,080 £91,530 £94,047 £173,281 £99,290 £102,021 £104,827 £107,709 £198,454 £113,715 £116,842 £120,055 £123,357 £227,284 £130,234Total Income £6,150,587 £6,414,228 £6,684,084 £6,997,378 £7,223,938 £7,513,655 £7,799,893 £8,084,720 £8,417,471 £8,665,182 £8,961,021 £9,263,270 £9,569,915 £9,932,502 £10,199,144 £10,524,346 £10,857,924 £11,200,423 £11,611,609 £11,915,465 £12,288,345 £12,672,235 £13,067,088 £13,539,177 £13,889,047 £14,318,225 £14,760,499 £15,215,079 £15,759,974 £16,165,909 £16,662,973 £17,175,061 £17,702,402 £18,333,501 £18,805,686 £19,382,817 £19,977,639 £20,590,612 £21,322,898 £21,044,662

Expenditure before Debt Service & Major WorksManagement See Ops tab £811,551 £837,927 £865,159 £893,277 £922,308 £952,283 £983,233 £1,015,188 £1,048,181 £1,082,247 £1,117,420 £1,153,736 £1,191,233 £1,229,948 £1,269,921 £1,311,194 £1,353,807 £1,397,806 £1,443,235 £1,490,140 £1,538,570 £1,588,573 £1,640,202 £1,693,508 £1,748,547 £1,805,375 £1,864,050 £1,924,631 £1,987,182 £2,051,765 £2,118,448 £2,187,297 £2,258,384 £2,331,782 £2,407,565 £2,485,811 £2,566,599 £2,650,014 £2,736,139 £2,825,064Service Costs £424,988 £438,800 £453,061 £467,786 £482,989 £498,686 £514,893 £531,628 £548,905 £566,745 £585,164 £604,182 £623,818 £644,092 £665,025 £686,638 £708,954 £731,995 £755,785 £780,348 £805,709 £831,895 £858,931 £886,846 £915,669 £945,428 £976,155 £1,007,880 £1,040,636 £1,074,456 £1,109,376 £1,145,431 £1,182,657 £1,221,094 £1,260,779 £1,301,755 £1,344,062 £1,387,744 £1,432,845 £1,479,413RVC £865,924 £894,066 £923,123 £953,125 £984,101 £1,016,085 £1,049,107 £1,083,203 £1,118,408 £1,154,756 £1,192,285 £1,231,035 £1,271,043 £1,312,352 £1,355,004 £1,399,041 £1,444,510 £1,491,457 £1,539,929 £1,589,977 £1,641,651 £1,695,005 £1,750,092 £1,806,970 £1,865,697 £1,926,332 £1,988,938 £2,053,578 £2,120,319 £2,189,230 £2,260,380 £2,333,842 £2,409,692 £2,488,007 £2,568,867 £2,652,355 £2,738,557 £2,827,560 £2,919,456 £3,014,338Non-Works Capital £10,325 £10,661 £11,007 £11,365 £11,734 £12,115 £12,509 £12,916 £13,336 £13,769 £14,216 £14,678 £15,156 £15,648 £16,157 £16,682 £17,224 £17,784 £18,362 £18,958 £19,575 £20,211 £20,868 £21,546 £22,246 £22,969 £23,715 £24,486 £25,282 £26,104 £26,952 £27,828 £28,732 £29,666 £30,630 £31,626 £32,654 £33,715 £34,811 £35,942Payments to Southwark LBC £1,211,611 £1,250,988 £1,291,645 £1,333,624 £1,376,967 £1,421,718 £1,467,924 £1,515,632 £1,564,890 £1,615,748 £1,668,260 £1,722,479 £1,778,459 £1,836,259 £1,895,938 £1,957,556 £2,021,176 £2,086,864 £2,154,688 £2,224,715 £2,297,018 £2,371,671 £2,448,750 £2,528,335 £2,610,506 £2,695,347 £2,782,946 £2,873,392 £2,966,777 £3,063,197 £3,162,751 £3,265,541 £3,371,671 £3,481,250 £3,594,391 £3,711,208 £3,831,822 £3,956,357 £4,084,938 £4,217,699Total Expenditure £3,324,399 £3,432,442 £3,543,997 £3,659,176 £3,778,100 £3,900,888 £4,027,667 £4,158,566 £4,293,719 £4,433,265 £4,577,346 £4,726,110 £4,879,709 £5,038,299 £5,202,044 £5,371,110 £5,545,671 £5,725,906 £5,911,998 £6,104,138 £6,302,522 £6,507,354 £6,718,843 £6,937,206 £7,162,665 £7,395,451 £7,635,803 £7,883,967 £8,140,196 £8,404,752 £8,677,907 £8,959,939 £9,251,137 £9,551,799 £9,862,232 £10,182,755 £10,513,694 £10,855,389 £11,208,190 £11,572,456

Balance Requirement £500/rented dwelling £525,500 £538,601 £552,029 £565,792 £579,898 £594,356 £609,174 £624,361 £639,927 £655,881 £672,233 £688,993 £706,170 £723,776 £741,821 £760,315 £779,271 £798,699 £818,612 £839,021 £859,939 £881,378 £903,352 £925,873 £948,957 £972,615 £996,864 £1,021,717 £1,047,190 £1,073,297 £1,100,056 £1,127,482 £1,155,591 £1,184,402 £1,213,930 £1,244,195 £1,275,214 £1,307,007 £1,339,592 £1,372,990Starting Balance £525,000 £538,601 £552,029 £565,792 £579,898 £594,356 £609,174 £624,361 £639,927 £655,881 £672,233 £688,993 £706,170 £723,776 £741,821 £760,315 £779,271 £798,699 £818,612 £839,021 £859,939 £881,378 £903,352 £925,873 £948,957 £972,615 £996,864 £1,021,717 £1,047,190 £1,073,297 £1,100,056 £1,127,482 £1,155,591 £1,184,402 £1,213,930 £1,244,195 £1,275,214 £1,307,007 £1,339,592 £1,372,990In-year contribution £13,601 £13,428 £13,763 £14,106 £14,458 £14,818 £15,187 £15,566 £15,954 £16,352 £16,760 £17,177 £17,606 £18,045 £18,495 £18,956 £19,428 £19,913 £20,409 £20,918 £21,439 £21,974 £22,522 £23,083 £23,659 £24,249 £24,853 £25,473 £26,108 £26,759 £27,426 £28,110 £28,810 £29,529 £30,265 £31,019 £31,793 £32,585 £33,398Ending balance £538,601 £552,029 £565,792 £579,898 £594,356 £609,174 £624,361 £639,927 £655,881 £672,233 £688,993 £706,170 £723,776 £741,821 £760,315 £779,271 £798,699 £818,612 £839,021 £859,939 £881,378 £903,352 £925,873 £948,957 £972,615 £996,864 £1,021,717 £1,047,190 £1,073,297 £1,100,056 £1,127,482 £1,155,591 £1,184,402 £1,213,930 £1,244,195 £1,275,214 £1,307,007 £1,339,592 £1,372,990Interest earned (made available for investment) £10,636 £10,906 £11,178 £11,457 £11,743 £12,035 £12,335 £12,643 £12,958 £13,281 £13,612 £13,952 £14,299 £14,656 £15,021 £15,396 £15,780 £16,173 £16,576 £16,990 £17,413 £17,847 £18,292 £18,748 £19,216 £19,695 £20,186 £20,689 £21,205 £21,734 £22,275 £22,831 £23,400 £23,983 £24,581 £25,194 £25,822 £26,466 £27,126Interest earned rate 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

Net Operating Income before Interest & Major Works £2,823,222 £2,979,265 £3,137,503 £3,335,552 £3,443,123 £3,609,985 £3,769,374 £3,923,231 £4,120,755 £4,228,846 £4,380,527 £4,533,934 £4,686,900 £4,890,814 £4,993,627 £5,149,676 £5,308,604 £5,470,778 £5,695,778 £5,807,399 £5,981,797 £6,160,755 £6,344,016 £6,597,637 £6,721,939 £6,918,220 £7,120,028 £7,326,328 £7,614,875 £7,756,132 £7,979,915 £8,209,844 £8,445,855 £8,776,157 £8,937,771 £9,194,237 £9,457,974 £9,729,103 £10,108,437

Share of HRA Debt was c. £13.4mStart year pro rata changed debt £13,306,422 £13,122,771 £12,928,490 £12,722,944 £12,505,465 £12,275,347 £12,031,846 £11,774,178 £11,501,517 £11,212,997 £10,907,707 £10,584,696 £10,242,968 £9,881,488 £9,499,180 £9,094,933 £8,667,606 £8,216,035 £7,739,048 £7,235,478 £6,704,190 £6,144,118 £5,554,318 £4,934,049 £4,282,909 £3,601,043 £2,889,541 £2,151,192 £1,392,237 £627,496 -£94,585 -£94,585 -£94,585 -£94,585 -£94,585 -£94,585 -£94,585 -£94,585 -£94,585Repayment -£144,763 -£154,231 -£164,297 -£174,996 -£186,364 -£198,438 -£211,257 -£224,861 -£239,291 -£254,587 -£270,792 -£287,946 -£306,089 -£325,260 -£345,492 -£366,814 -£389,247 -£412,799 -£437,462 -£463,201 -£489,948 -£517,579 -£545,886 -£574,533 -£602,966 -£630,242 -£654,658 -£672,759 -£675,966 -£630,651RTB reduction ave & RPI+0.5% -£38,887 -£40,050 -£41,249 -£42,483 -£43,754 -£45,063 -£46,411 -£47,800 -£49,230 -£50,703 -£52,220 -£53,782 -£55,391 -£57,048 -£58,755 -£60,513 -£62,324 -£64,188 -£66,109 -£68,086 -£70,124 -£72,222 -£74,382 -£76,608 -£78,900 -£81,260 -£83,692 -£86,195 -£88,774 -£91,430End year £13,122,771 £12,928,490 £12,722,944 £12,505,465 £12,275,347 £12,031,846 £11,774,178 £11,501,517 £11,212,997 £10,907,707 £10,584,696 £10,242,968 £9,881,488 £9,499,180 £9,094,933 £8,667,606 £8,216,035 £7,739,048 £7,235,478 £6,704,190 £6,144,118 £5,554,318 £4,934,049 £4,282,909 £3,601,043 £2,889,541 £2,151,192 £1,392,237 £627,496 -£94,585 -£94,585 -£94,585 -£94,585 -£94,585 -£94,585 -£94,585 -£94,585 -£94,585 -£94,585Interest rate 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90% 6.90%Interest on Debt no principal £916,801 £904,089 £890,643 £876,417 £861,368 £845,444 £828,596 £810,769 £791,906 £771,948 £750,830 £728,489 £704,854 £679,855 £653,416 £625,463 £595,915 £564,692 £531,714 £496,899 £460,170 £421,453 £380,682 £337,806 £292,799 £245,669 £196,491 £145,458 £93,002 £40,143 -£6,526 -£6,526 -£6,526 -£6,526 -£6,526 -£6,526 -£6,526 -£6,526 -£6,526

incl principal £1,061,565 £1,058,321 £1,054,940 £1,051,413 £1,047,731 £1,043,882 £1,039,853 £1,035,630 £1,031,197 £1,026,534 £1,021,622 £1,016,434 £1,010,943 £1,005,114 £998,908 £992,277 £985,162 £977,491 £969,175 £960,100 £950,118 £939,031 £926,568 £912,339 £895,764 £875,911 £851,149 £818,218 £768,968 £670,794RTB receipts retained by JMB nil assumed pro temLeaseholder contributions 70.00% recovery £253,761 £341,176 £266,071 £244,694 £490,272 £406,924 £479,993 £390,074 £572,229 £506,270 £629,996 £623,078 £518,819 £1,096,002 £633,765 £621,464 £635,931 £678,080 £703,328 £682,058 £712,137 £1,242,214 £837,189 £1,024,358 £815,313 £629,789 £577,134 £642,126 £778,203

Resources for Stock Investment £1,761,657 £2,174,705 £2,423,739 £2,550,210 £2,640,085 £3,056,374 £3,136,444 £3,367,594 £3,479,632 £3,774,541 £3,865,175 £4,147,496 £4,299,036 £4,404,519 £5,090,720 £4,791,164 £4,944,907 £5,129,218 £5,404,683 £5,550,627 £5,713,737 £5,933,860 £6,659,662 £6,522,487 £6,850,533 £6,857,622 £6,898,668 £7,085,244 £7,488,033 £7,863,541

Investment RequirementsMajor Works Requirement Arising in year

Tenants £1,497,533 £1,870,152 £1,304,278 £1,437,064 £1,858,676 £1,582,711 £1,815,035 £1,523,536 £2,098,787 £1,885,645 £2,381,201 £2,356,792 £2,034,643 £3,792,468 £2,384,016 £3,076,685 £3,141,707 £3,289,041 £3,386,283 £3,348,540 £2,712,422 £4,234,381 £3,077,143 £3,608,305 £3,023,181 £2,952,119 £2,830,000 £3,033,439 £3,428,825 £3,696,057Leaseholders £388,121 £543,240 £297,507 £349,562 £700,388 £581,319 £685,705 £557,248 £817,470 £723,243 £899,994 £890,112 £741,170 £1,565,716 £905,379 £887,806 £908,473 £968,686 £1,004,754 £974,368 £1,017,338 £1,774,592 £1,195,985 £1,463,368 £1,164,733 £899,698 £824,477 £917,322 £1,111,718 £1,240,432

Garages/Sheds £430 £0 £9,170 £68,883 £31,172 £22,193 £2,077 £0 £0 £2,805 £18,109 £0 £0 £16,573 £74,896 £160,813 £22,826 £0 £0 £0 £3,769 £0 £0 £0 £50,044 £444,044 £68,037 £0 £0 £0Total Requirement Arising in year £1,886,083 £2,413,392 £1,610,955 £1,855,509 £2,590,236 £2,186,223 £2,502,816 £2,080,784 £2,916,257 £2,611,692 £3,299,304 £3,246,904 £2,775,812 £5,374,757 £3,364,290 £4,125,305 £4,073,006 £4,257,726 £4,391,037 £4,322,908 £3,733,530 £6,008,973 £4,273,128 £5,071,673 £4,237,958 £4,295,861 £3,722,514 £3,950,761 £4,540,544 £4,936,490Add in Backlog Brought Forward

Tenant (incl garages/ sheds) £0 £101,821 £295,681 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0Leaseholder £0 £26,382 £82,595 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0

Requirement for YearTenants £1,497,963 £1,971,973 £1,609,129 £1,505,946 £1,889,848 £1,604,904 £1,817,111 £1,523,536 £2,098,787 £1,888,449 £2,399,310 £2,356,792 £2,034,643 £3,809,041 £2,458,911 £3,237,499 £3,164,533 £3,289,041 £3,386,283 £3,348,540 £2,716,192 £4,234,381 £3,077,143 £3,608,305 £3,073,226 £3,396,163 £2,898,037 £3,033,439 £3,428,825 £3,696,057

Leaseholders £388,121 £569,622 £380,102 £349,562 £700,388 £581,319 £685,705 £557,248 £817,470 £723,243 £899,994 £890,112 £741,170 £1,565,716 £905,379 £887,806 £908,473 £968,686 £1,004,754 £974,368 £1,017,338 £1,774,592 £1,195,985 £1,463,368 £1,164,733 £899,698 £824,477 £917,322 £1,111,718 £1,240,432Total Requirement for Year £1,886,083 £2,541,594 £1,989,231 £1,855,509 £2,590,236 £2,186,223 £2,502,816 £2,080,784 £2,916,257 £2,611,692 £3,299,304 £3,246,904 £2,775,812 £5,374,757 £3,364,290 £4,125,305 £4,073,006 £4,257,726 £4,391,037 £4,322,908 £3,733,530 £6,008,973 £4,273,128 £5,071,673 £4,237,958 £4,295,861 £3,722,514 £3,950,761 £4,540,544 £4,936,490

Total Investment for Year £1,761,657 £2,174,705 £1,989,231 £1,855,509 £2,590,236 £2,186,223 £2,502,816 £2,080,784 £2,916,257 £2,611,692 £3,299,304 £3,246,904 £2,775,812 £5,374,757 £3,364,290 £4,125,305 £4,073,006 £4,257,726 £4,391,037 £4,322,908 £3,733,530 £6,008,973 £4,273,128 £5,071,673 £4,237,958 £4,295,861 £3,722,514 £3,950,761 £4,540,544 £4,936,490Tenants £1,399,141 £1,687,311 £1,609,129 £1,505,946 £1,889,848 £1,604,904 £1,817,111 £1,523,536 £2,098,787 £1,888,449 £2,399,310 £2,356,792 £2,034,643 £3,809,041 £2,458,911 £3,237,499 £3,164,533 £3,289,041 £3,386,283 £3,348,540 £2,716,192 £4,234,381 £3,077,143 £3,608,305 £3,073,226 £3,396,163 £2,898,037 £3,033,439 £3,428,825 £3,696,057

Leaseholders £362,516 £487,394 £380,102 £349,562 £700,388 £581,319 £685,705 £557,248 £817,470 £723,243 £899,994 £890,112 £741,170 £1,565,716 £905,379 £887,806 £908,473 £968,686 £1,004,754 £974,368 £1,017,338 £1,774,592 £1,195,985 £1,463,368 £1,164,733 £899,698 £824,477 £917,322 £1,111,718 £1,240,432(split assumes pro rata tenure requirement)

Reserve AccountStart £0 £0 £0 £438,853 £1,149,279 £1,222,612 £2,125,917 £2,808,400 £4,164,245 £4,816,539 £6,087,347 £6,780,624 £7,825,835 £9,520,807 £8,731,282 £10,649,602 £11,535,112 £12,646,435 £13,779,570 £15,078,944 £16,620,518 £18,952,937 £19,256,133 £22,051,655 £23,958,010 £27,075,870 £30,204,767 £34,016,778 £37,862,941 £41,597,165In Year Surplus £0 £0 £434,508 £694,702 £49,849 £870,151 £633,628 £1,286,810 £563,375 £1,162,848 £565,872 £900,592 £1,523,223 £0 £1,726,430 £665,859 £871,901 £871,492 £1,013,646 £1,227,718 £1,980,207 £0 £2,386,534 £1,450,814 £2,612,575 £2,561,762 £3,176,154 £3,134,483 £2,947,490 £2,927,051In Year Spend £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 -£970,238 £0 £0 £0 £0 £0 £0 £0 -£75,113 £0 £0 £0 £0 £0 £0 £0 £0Interest £0 £0 £4,345 £15,724 £23,484 £33,154 £48,855 £69,036 £88,919 £107,959 £127,406 £144,618 £171,749 £180,714 £191,890 £219,651 £239,421 £261,644 £285,728 £313,856 £352,212 £378,308 £408,988 £455,541 £505,286 £567,135 £635,857 £711,680 £786,734 £861,214End £0 £0 £438,853 £1,149,279 £1,222,612 £2,125,917 £2,808,400 £4,164,245 £4,816,539 £6,087,347 £6,780,624 £7,825,835 £9,520,807 £8,731,282 £10,649,602 £11,535,112 £12,646,435 £13,779,570 £15,078,944 £16,620,518 £18,952,937 £19,256,133 £22,051,655 £23,958,010 £27,075,870 £30,204,767 £34,016,778 £37,862,941 £41,597,165 £45,385,430

Backlog by Tenure end yearStart Year £0 £128,203 £378,276 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0

Tenants £0 £101,821 £295,681 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0Leaseholders £0 £26,382 £82,595 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0

AdditionsTenants £98,821 £184,960 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0

Leaseholders £25,605 £53,727 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0Removals

Tenants £0 £0 £295,681 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0Leaseholders £0 £0 £82,595 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0

End YearTenants £0 £98,821 £286,780 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0

Leaseholders £0 £25,605 £80,109 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0

Chart dataYear 2012.13 2013.14 2014.15 2015.16 2016.17 2017.18 2018.19 2019.20 2020.21 2021.22 2022.23 2023.24 2024.25 2025.26 2026.27 2027.28 2028.29 2029.30 2030.31 2031.32 2032.33 2033.34 2034.35 2035.36 2036.37 2037.38 2038.39 2039.40 2040.41 2041.42Investment £1,761,657 £2,174,705 £1,989,231 £1,855,509 £2,590,236 £2,186,223 £2,502,816 £2,080,784 £2,916,257 £2,611,692 £3,299,304 £3,246,904 £2,775,812 £5,374,757 £3,364,290 £4,125,305 £4,073,006 £4,257,726 £4,391,037 £4,322,908 £3,733,530 £6,008,973 £4,273,128 £5,071,673 £4,237,958 £4,295,861 £3,722,514 £3,950,761 £4,540,544 £4,936,490Backlog end year £124,426 £366,889 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0Debt End Year (RH axis) £13,122,771 £12,928,490 £12,722,944 £12,505,465 £12,275,347 £12,031,846 £11,774,178 £11,501,517 £11,212,997 £10,907,707 £10,584,696 £10,242,968 £9,881,488 £9,499,180 £9,094,933 £8,667,606 £8,216,035 £7,739,048 £7,235,478 £6,704,190 £6,144,118 £5,554,318 £4,934,049 £4,282,909 £3,601,043 £2,889,541 £2,151,192 £1,392,237 £627,496 -£94,585Reserves end year (RH axis) £0 £0 £438,853 £1,149,279 £1,222,612 £2,125,917 £2,808,400 £4,164,245 £4,816,539 £6,087,347 £6,780,624 £7,825,835 £9,520,807 £8,731,282 £10,649,602 £11,535,112 £12,646,435 £13,779,570 £15,078,944 £16,620,518 £18,952,937 £19,256,133 £22,051,655 £23,958,010 £27,075,870 £30,204,767 £34,016,778 £37,862,941 £41,597,165 £45,385,430

Issues

• How reliable can a 30 year financial projection be?

• Sustainability of the JMB over 30 years: succession planning

• How could the JMB respond to a catastrophic event?

Issues

• JMB: balance of cost/ benefit for leaseholders

• Southwark: will the JMB get too rich? Break clause

• Southwark: how does T.R.M. effect the rest of the H.R.A./ major works programme?

Cabinet Decision

• Soft change 2012/13

• Contractual change 2013/14 (subject to the Secretary of State’s approval)