Annual report watch

Scottish stock transfer organisation Weslo saw a slight dip in turnover and an increase in operating costs this year.

The organisation’s turnover fell about £10,000 to £5.87m.

Operating costs rose more than £200,000 to £2.85m.

Rent loss from voids was reduced by £5904 to £44,927 or 0.8% of total rent receivable.

Weslo is still in dispute with regulator Communities Scotland over whether it can register as a housing association. Communities Scotland says Weslo can’t register because it has senior staff on its board.

Weslo’s finance director Douglas Drummond said fewer right-to-buy sales in 2003/4 over 2002/3 accounted for the drop in turnover, while more spending on maintenance pushed up operating costs in 2003/4.

Turnover: £5.87m

Units: 2244 (2004); 2272 (2003)

Operating surplus: £3.02m (2004); £3.27m (2003)

Interest receivable: £352,285 (2004); £335,870 (2003)

Interest payable: £2.02m (2004); £2.04m (2003)

Employees: 53

Turnover per employee: £110,757

Interest cover: 1.67 (2004); 1.77 (2003)