The New Charter Group was formed in March 2000 with the transfer of the Tameside MBC housing stock and ancillary assets. It was, and remains, a significant financial undertaking, and was charged with delivering a massive programme of investment in the housing stock amounting to £224m over a ten year period. Achievement of this programme will remedy the levels of disinvestment which had grown due to the lack of resources available to the Council, and will thereby ensure that the pledges made to tenants prior to transfer are upheld. In March 2004 the Group decided to accelerate the pace at which this programme of investment would happen, and also brought in a significant amount of additional funds to address problems relating to the environment. In November 2005 AKSA HA, (based in Oldham, but also owning stock in Tameside, Bury and Manchester) joined the Group.

The Group is clear that the viability of its business lies in the creation and maintenance of sustainable communities - a well rounded investment programme is the key to success.

As a Large Scale Voluntary Transfer, (LSVT), organisation the financial structure of the Group is such that the investment programme demands external funding. At the point of transfer from the Council a long term, facility of £213m underpinned the Group's finances. In March 2004 this was increased to a total of £270m, in order to provide resources to address environmental issues and start a new build development programme. In June 2007 this was increased again to £290m, providing yet more development opportunities. This facility has been agreed with a syndicate of funders, and is controlled through the operation of a formal Facility Agreement with the Nationwide Building Society which has extended loan finance of £170m. Our other partner in the syndicate is the Royal Bank of Scotland, (£120m). In addition AKSA has a funding facility of £13m, (Royal Bank of Scotland (£8m) and the Bradford and Bingley Building Society (£5m)), which was raised to purchase leased properties and for future development opportunities.

The main income base is the Group's rental income stream which is currently valued at £46m annually. The Group is progressing towards meeting the Government's requirement relating to "Rent Reforms". This means that by 2012 the rents payable on the Group's housing stock will be at a level determined by a formula which reflects the value of properties and relative earnings levels in the region. This has been reflected in the annual approval by the Boards of a "Rent Plan" which forms an integral element of the Group's overall Business Plan.

The fundamental element of expenditure reflects the Repairs Maintenance and Investment programme. The Group was originally formed to deliver a significant amount of investment in its housing stock - in seven years over £230m has been spent in line with these plans. In 2007/08 a further £29m will be spent. Delivery of this programme, investing in the Group's wider regeneration role and the day-to-day management of the housing stock together with the overall business and information services infrastructure is estimated to cost around £18m. The cost of servicing the loan finance is around £14m. Having established its core business, and delivered the promises about investment which were made prior to the transfer the Group is now looking to undertake development schemes - in 2007/08 £10m will be directed this way.

The Group discharges this responsibility through its Group Director of Finance and Deputy Group Chief Executive, Martin Frost. He is assisted by Jacqui Fieldhouse and Helen Stoddard, (Deputy Directors of Finance) who have responsibility for financial planning and control, including budget and final accounts issues and financial risk management. Julie Vickers, as Head of Revenues, is responsible for the effective billing, collection and recovery of all revenues due to the Group, (around £48m annually). Alan Clarke, (Head of Information Systems), heads up a team which ensures that the Group has the information and communication systems which are a fundamental requirement of the organisation.