What we spend money on
We invest any surplus we make into new homes, as well as
services for existing residents, their homes and their local
communities. Importantly, we are open about what we spend money
We believe that our residents, stakeholders and the general public should be able to see easily how effective we are and how we provide value for money.
We update this information each year, following the publication of our annual financial statements.
We publish the
pay details of our staff members in salary bands.
We also publish our Chief Executive and Chairman's salaries, and compare how much they earn to the number of social housing properties we manage. We are open about our board members too, and in addition to publishing how much we pay them, we also provide details of any other businesses that they are involved in and their interests outside L&Q.
We also give details of how much we have paid in social security contributions - such as National Insurance - for our staff and what we have paid towards their pensions.
We have the buying power to get advantageous deals from our
suppliers and we aim to get value for money from the goods and
services we buy. You can judge for yourself, as we have published
details of how much we spent with each of our top 50 suppliers, and
what we spent it on.
You can see our top 50 suppliers for 2013/14. We update this information at the end of each financial year.
Spending over £500
Everybody has an interest in how public money is spent. We
receive Government funding through the Government-backed 2011/15
Affordable Homes Programme to help us build new homes to rent or
We publish details of our spending over £500 on projects supported by this funding.
Affordable Homes Programme spending
L&Q has entered into a contract to build new affordable
homes using Government money. Funding comes from the Mayor of
London for new homes in London and from the Homes and Communities
Agency for homes outside the capital. This work is part of their
Affordable Homes Programme, which runs from 2011 until 2015. The
aim of the programme is to increase the supply of affordable homes
We publish details every quarter of all items of spending over £500 that relate to the delivery of what are known as firm schemes. These are development schemes where we can say with a real degree of certainty that building will go ahead and have confirmed this with the Mayor of London or with the Homes and Communities Agency.
The Trust should pay any corporation tax legally due on its
activities. However, the Trust is a charity and as such may claim
exemption from corporation tax on most forms of income and capital
gains, if they are applied to charitable purposes. In addition, the
Trust has established a group structure so that the Trust's
commercial subsidiaries undertake non-charitable activities and
gift aid surpluses earned to the Trust. This is designed to
maximise the amounts available for reinvestment in our