Making a lasting difference
Annual Report and Accounts 2018
In June 2017 Peabody and Family Mosaic merged to become one organisation. We are now responsible for 55,000 homes in and around the capital. We build great quality places and will develop more than 2,500 new homes each year.
Our mission is to help people make the most of their lives by providing great quality affordable homes, working with communities and promoting wellbeing.Download the full report
Delivering our shared social purpose and helping more people in housing need was at the heart of our decision to merge.Lord Kerslake Chair
The new Peabody stands out from the crowd because it strives to do things differently to make the biggest difference for our residents and for our communities.Brendan Sarsfield Chief Executive
The financial performance for 2018 is an especially strong result, against a backdrop of continued rent reductions and upfront merger costs.Susan Hickey Chief Financial Officer
Our business at a glance
Peabody owns and manages over 55,000 homes across London and the South East. Most of our 110,000 residents live in London, predominantly in the inner boroughs – such as Islington, Greenwich and Hackney – with diverse and growing populations. But our portfolio is actually spread across 29 of the capital’s boroughs. Outside of London, we have a significant number of homes in Essex, including many sheltered and supported properties, which sit within our subsidiary, Peabody South East.
Our development strategy
We help tackle London’s housing crisis through our growing development pipeline. We seek to deliver 2,500 new homes per year from 2021. We are not driven to grow for growth’s sake; our growth has purpose. We are committed to providing more affordable homes to help the most vulnerable and those in housing need.
We aim to build a third of our homes for market sale, a third for shared ownership and intermediate rent, and a third for low rent. That means we will be delivering an additional 6,000 new affordable homes by 2021.
Number of properties
- 1,000 - 5,000
- 500 - 1,000
- 250 - 500
- 1 - 250
Our core services
The essence of our strategy is to provide modern, responsive, cost-effective services that are fit for purpose in the 21st century.
Our communities are an integral part of our mission. Our ambition is to create communities that are healthier, wealthier and happier.
Care and support
Co-production of support services ensures we are focused on issues that matter most to our customers.
Our business model
What we do
We help people make the most of their lives by providing great quality affordable homes, working with communities and promoting wellbeing.
What sets us apart
We put the most vulnerable first
We create great places, where people want to live
We build resilience in people and communities
We are an efficient organisation delivering a profit/surplus of £175m which we reinvest in homes and communities.
We have an asset base of £6.3bn and own 55,700 homes across London, the East and South East.
We have 3,100 employees.
Our experienced leadership team is well respected among our stakeholders.
We have strong relationships with a wide range of stakeholders, and are trusted to deliver our promises. Our strong resident scrutiny provides our customers with opportunities to shape our services.
How we create value
Social housing operations60%
What we do with the value we create
Build many more affordable homes for rent and shared ownership
Deliver the services that will support our residents’ and customers’ wellbeing and make the most of their lives
Invest in our existing homes to ensure they remain great places to live
The value we share
We invested £250m1 in developing new homes, £68m in maintaining our existing homes and communities and £6.9m in supporting residents through Peabody Community Foundation.
We provide our investors with a stable ROI, achieved through our long-term approach and investment in our assets.
We develop mutually beneficial partnerships to offer the most value to our customers.
We offer a great place to work and invest in our people, focusing on developing a diverse organisation at every level.
We have a strong relationship with the main political parties and are a trusted and credible advisor. We campaign and influence on issues that are most important to our customers.
1 Defined as fixed asset additions plus movement in stock.
* Percentages are based upon sales divided by turnover.
Our strategy in action
It’s wonderful, it’s beautiful. It’s everything the way I want, you know. I’ll never see a place so spotless and clean.
It’s new, it’s lovely. It’s a new flat. There are shops and parks. I feel safe and I like everything here.
I don’t know what would have happened without this help. People my age don’t like asking for help but I was amazed to find it was available. I have absolute peace of mind now and I really don’t know what I would have done without it.
I really enjoyed having our meetings here. I liked having someone to talk to about my health.