Your article attempting to report on housing association spend was, unfortunately, wholly inaccurate and misleading.

Comparing allocations (which are commitments to grant spread over the development life of a project) to the claiming of grant (which happens in tranches triggered by events) is quite meaningless. The Guinness Trust achieved, in 2004-05, 134% of its spend target (as opposed to your listed 71%) and 129% of its completions within the approved development programme. We are particularly disappointed that, before publication, you did not check your interpretation of these figures and those for the other associations must also be incorrect.

John Coveney, investment director, Guinness Trust