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What we spend money on

We invest any surplus we make into new homes, as well as services for existing residents, their homes and their local communities. Importantly, we are open about what we spend money on.

We believe that our residents, stakeholders and the general public should be able to see easily how effective we are and how we provide value for money.

We update this information each year, following the publication of our annual financial statements.

Salaries

We publish the pay details of our staff members in salary bands.

We also publish our Chief Executive and Chairman's salaries, and compare how much they earn to the number of social housing properties we manage. We are open about our board members too, and in addition to publishing how much we pay them, we also provide details of any other businesses that they are involved in and their interests outside L&Q.

We also give details of how much we have paid in social security contributions - such as National Insurance - for our staff and what we have paid towards their pensions.

Suppliers

We have the buying power to get advantageous deals from our suppliers and we aim to get value for money from the goods and services we buy. You can judge for yourself, as we have published details of how much we spent with each of our top 50 suppliers, and what we spent it on.

You can see our top 50 suppliers for 2013/14. We update this information at the end of each financial year.

Spending over £500

Everybody has an interest in how public money is spent. We receive Government funding through the Government-backed 2011/15 Affordable Homes Programme to help us build new homes to rent or buy.

We publish details of our  spending over £500 on projects supported by this funding.

Affordable Homes Programme spending

L&Q has entered into a contract to build new affordable homes using Government money. Funding comes from the Mayor of London for new homes in London and from the Homes and Communities Agency for homes outside the capital. This work is part of their Affordable Homes Programme, which runs from 2011 until 2015. The aim of the programme is to increase the supply of affordable homes in England.

We publish details every quarter of all items of spending over £500 that relate to the delivery of what are known as firm schemes. These are development schemes where we can say with a real degree of certainty that building will go ahead and have confirmed this with the Mayor of London or with the Homes and Communities Agency.

Tax policy

The Trust should pay any corporation tax legally due on its activities. However, the Trust is a charity and as such may claim exemption from corporation tax on most forms of income and capital gains, if they are applied to charitable purposes. In addition, the Trust has established a group structure so that the Trust's commercial subsidiaries undertake non-charitable activities and gift aid surpluses earned to the Trust. This is designed to maximise the amounts available for reinvestment in our business.