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Annual Report and Accounts 2023

2023 has been a challenging year but our increased investment and renewed local focus are starting to make a difference.

Our investment case

We offer a safe and secure investment, backed by more than 160 years of experience.

Providing safe, secure and affordable homes is the foundation of our enduring purpose - helping people flourish. More broadly, investment in social housing is the single best way of alleviating poverty and driving sustainable, inclusive growth and prosperity for the country.   

Our financial performance – strengthened by our merger with Catalyst - remains resilient despite challenging economic conditions. We continue to invest extensively in our existing homes, spending on building safety, energy efficiency improvements and planned investment work. And we have a strong development pipeline.  

We currently have 107,000 homes, 220,000 residents and look after 17,500 care and support customers spread across London and the home counties. 

We work closely with the Regulator of Social Housing and with national government, the GLA and local councils. Certainty on rental income enables us to invest for the long term for the benefit of our residents.  

Our key numbers:




total group assets


social rent subsidy


spend on existing homes


investment in new homes


value of investment in community activities

What we offer 

We’re continually looking for ways to improve how we run our organisation so that everyone – residents, customers, partners and colleagues – can flourish.   

Our social purpose is at the heart of everything we do. As a regulated not-for-profit organisation, we reinvest any surplus back into providing homes and services, and invest in communities that people want to live in.

Value for money plays a key part in this as we work to achieve the best return possible from every pound we spend. And to do this we don’t just look at the cost of delivering a service to our residents, but also at the quality of the outcome for them.  

Tracking our performance 

We regularly report on our performance to make sure we're delivering our priorities - getting the basics right, focusing on people and creating a sustainable Peabody.

Our reporting calendar and feedback schedule

Every month

Key performance indicators (KPI) report for the executive team. Telephone feedback surveys with a sample of residents.

Every quarter

Key performance indicators (KPI) report for the board.

Every year

Annual reports and financial statements covering overall group performance. Annual reports to residents, focusing on the areas that matter most in our communities. Annual ESG reports, focusing on our performance against environmental, social and governance indicators.

Our key ratings

A- (negative outlook)

Standard & Poor's credit rating 

A3 (stable outlook)

Moody's credit rating

G1, V2

Regulatory rating

Presentations to investors

Below you can view and download our most recent investor presentations.

Download our

Investor update April 2024

Download our

Investor Presentation November 2023

Download our

Investor Presentation October 2022

Download our

Investor Presentation June 2022

Download our

Investor Presentation February 2022

Download our

Investor Presentation December 2021

Download our

Investor Presentation October 2020

Read our RNS statements

Executive Team changes - 5 March 2024

Peabody Trust has today announced the following changes to its executive team:

Elly Hoult’s title changes to Chief Operating Officer and Deputy Chief Executive Officer to reflect a broader remit across the organisation.

Bob Heapy will step down as CEO of Town & Country Housing on 6 April 2024. Elly Hoult will take over executive responsibility, working closely with Colin Lissenden who will take up the position of Town & Country Housing Managing Director.

John Lewis will take on a broader role as Executive Director - Sustainable Places. This will help us accelerate our plans to become local and resident focused, and ensure sustainable places are at the heart of our future strategy. John will continue to lead our placemaking team in Thamesmead.

Eamonn Hughes to leave Peabody in 2024

Peabody today announces that Eamonn Hughes, Chief Financial Officer, will leave the organisation at the end of the current financial year. Eamonn has been Peabody CFO since February 2020 and the process to appoint his successor will begin in due course.

Read full statement

Peabody Group Accounts published statement

Peabody Group Accounts published (including Peabody Trust, Peabody Capital PLC, Peabody Capital No.2 PLC)

Peabody has today published its Annual Report for the year ended 31 March 2023. The annual reports have also been published for Catalyst Housing Limited, Peabody Capital PLC and Peabody Capital No.2 PLC.

This is the first year of Catalyst Housing Limited and its subsidiaries joining the Peabody Group, with the focus on creating a new, locally focused Peabody – closer to our residents and better connected with communities.

Investment in existing homes

We now have 107,449 homes within the Peabody Group. In 2022/23 we invested £179m in improving our homes and spent a further £177m on routine and cyclical maintenance. Together this makes a substantial combined spend of £356m in existing homes during the year. Over the next five years we anticipate spending over £2bn on maintaining and improving our existing homes.

We completed over 256,000 repairs with a satisfaction rating of 83%. We tested boilers and gas appliances in more than 45,850 homes and completed 12,935 electrical safety tests. Our teams carried out safety checks in over 7,000 blocks, inspecting fire doors and emergency lighting and making sure that common areas were kept clear.

Almost 78% of our homes are rated EPC C or above which continues to improve year on year. We secured a further £27.3m in grant to invest in making our homes more energy efficient. We are matching this with £25m to upgrade thousands more homes in the next three years. Further details are set out in our recently published Sustainability Strategy.

Getting closer to residents, customers and communities

We are working hard to improve overall resident satisfaction across the Group. Our increased investment and renewed local focus are starting to make a positive difference and we’re committed to continuous improvement in our services.

Our rents remain substantially below market levels at an average of £127 per week and an annual subsidy of £621m. 17,438 people benefitted from our care and support services in London and the home counties. We supported 443 people into work, provided 546 people with energy advice and invested £10m in community activities across the Group. This included giving £1.1m directly to people in the community to start their own local initiatives.

We also helped 3,526 people with advice and support to improve their skills and 689 people to achieve qualifications. Our annual jobs fair connected more than 1,600 job seekers with 60 employers and a wide range of services and support.

New homes and sustainable places

We invested more than £550m in our new homes programme during the year, completing 2,399 new homes and starting 2,376 more. 78 percent were for social rent and other affordable tenures including shared ownership. We also provided 525 market sale homes to help subsidise the development of much-needed affordable homes and were able to support 469 households to own more of their shared ownership home, generating £81m to be reinvested. With a strong pipeline of top-quality new homes, we’ll continue to do what we can to help tackle the housing crisis through sustainable long-term placemaking.

Surplus for the year

Our operating surplus before changes in investment property valuations was £257m, compared to £213m in 2022. This shows Peabody’s financial resilience, which was further strengthened by the transfer of Catalyst’s £1.8bn net assets on 1 April 2022. This supported our extensive investments in our homes and places in 2022/23.

Our overall operating margin before investment property valuation was 23% compared to 32% in 2022. As we set out in July our operating margins were impacted during the year by challenging economic conditions including high inflation, rising interest rates and labour and material shortages. The reduced margin also reflects increased spending on repairs and maintenance as well as higher sales volumes.

In the autumn we reprofiled the delivery of new homes with partners to prevent exposure to an undue level of risk. We’re prioritising investment in our existing homes and locally focused services. However, we’re also well placed to continue delivering new affordable homes due to careful financial management. We also took decisive steps to hedge our exposure to interest rate rises in the year as an important response to the difficult economic backdrop.

Despite the economic challenges we’ve invested substantially in our existing homes to make them safer, more sustainable and energy efficient and to better meet the needs of our residents. Our operating surplus has been fully reinvested in our homes and our communities and in subsidising new social and affordable homes.

New Directors

On 1 September 2023 Eustace Xavier was appointed to the Peabody Trust Board and will sit on the Audit & Risk and Finance & Treasury Committees.

On 19 September 2023 Martyn Burke joined the Peabody Trust Board.

Contact: Anthony Marriott, Director of Treasury & Corporate Finance or Ben Blades, Assistant Director Corporate Affairs

Read the full report

Programme Admission Particulars

Peabody Trust has published a £1bn Note Programme dated 16 February 2024.

Read the full update

Peabody appoints new Chair

Caroline Corby has been appointed as the new Chair of the Peabody Group following a competitive recruitment process. She will take up the role on 1 April 2024 with current interim Chair David Hardy becoming Vice-Chair of the Group.

Read the full update

Peabody half-year trading update

In line with our priorities of getting the basics right and getting closer to our residents, we spent £184m on our existing homes in the six months to the end of September. This is an increase 50 percent on the same period last year. Our Financial Inclusion team received over 1,100 referrals and helped residents to increase their household income by over £1m.

Despite the economic challenges, we continued to spend on building safety, improving insulation and proactively managing damp, mould and condensation, repairs and maintenance. We also surveyed 6,560 residents’ homes to assess their condition.

Commenting on the results, Peabody’s Chief Financial Officer, Eamonn Hughes said:

“We continue to invest in getting closer to residents through a renewed local focus, with more neighbourhood teams, proactive condition surveys and a plan for a more effective and efficient repairs service.

“We continue to make progress with our substantial change programme and this trading update demonstrates that we are prioritising investment.”

Read the full update

Board update

Ravi Rajagopal has decided not to seek re-appointment to the boards of Peabody Trust, Peabody Capital PLC and Peabody Capital No 2 PLC when his three-year term comes to an end on 31 October 2023.

Read full statement

Providing greener homes and sustainable places for the future

The Peabody Group has published its Sustainability Strategy 2023-26. This sets out the organisation's action plan for the next three years as we work towards a carbon neutral future..

Read full statement


Our financials

Our finances remain resilient despite the challenging economic environment. We're investing extensively in our existing homes and planning for the future carefully.
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For us, sustainability isn’t just about the environment. It’s about everything we do, from how we source supplies and build our homes, to how we manage our money and provide services to our residents.
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Our leadership

Learn about the people who lead our mission to provide homes, champion communities and change lives.
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Our reports and statements

Download our latest annual report, half-year trading statement and financial statements.
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Annual report and accounts 2023

2023 has been a challenging year. But we’re making good progress towards our goals of putting our customers first, being visible in our communities and listening to our residents.
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About us

We’re one of the UK’s oldest not-for-profit housing associations. But our focus is always on the future.

Contact us

Got specific questions about Peabody? We’re always happy to help.