Housing Association selects asset accounting solution to streamline operations for its 7,000 properties and meet component accounting standards
Newlon Housing Trust, a charitable housing association providing affordable homes across north and east London, has selected a fixed asset management soloution from Real Asset Management (RAM) to control its £644m worth of assets in line with the Statement of Recommended Practice (SoRP). The software presents the housing trust with a robust asset register that provides the component accounting detail required to achieve SoRP, delivering greater transparency of the 70,000 components distributed across Newlon’s 7,000 properties.
Newlon Housing Trust, a ‘not for profit’ housing association, owns or manages affordable homes in eight boroughs in north and east London. These homes are a mix of affordable tenures, housing for people nominated from local authority waiting lists, specialised accommodation for Key Workers and Shared Ownership homes to help people take their first step on the property ladder. Newlon also works in partnership with Outward (part of the Newlon Housing Group) providing housing for people with a wide range of support and care needs.
Commenting on the organisation’s processes prior to the purchase of the new software, Meera Dodhia, Business Analyst for Development, comments, “We previously had simple Excel spreadsheets in place where we only needed to detail costs at property level and for any related developments. With the pressing need to meet SoRP legislation, we quickly realised that we required a solution that would be able to manage an increased level of information. Trying to implement component accounting within our existing spreadsheet system would have been unmanageable, resource-hungry and prone to error.