Our Performance Updates are aimed at ensuring our investors and other stakeholders receive regular, timely information regarding the performance of the Group. We will publish these reports on a quarterly basis and will produce them within six weeks of the relevant quarter end. These results are published in advance of the Statutory Accounts for the year ended 31 March 2021 which will be issued following the AGM in September. The information included is based on unaudited management accounts and other internal performance measures and is subject to concluding the routine annual accounting adjustments as well as any adjustments that arise as a result of the external audit process. The final year end figures which will be used in the Financial Statements will include adjustments for pensions, derivatives, tax and the fair value gain resulting from the Transfer of Engagements of Equity Housing Group to Great Places.
Our Performance Updates are aimed at ensuring our investors and other stakeholders receive regular, timely information regarding the performance of the Group. We will publish these reports on a quarterly basis and will produce them within six weeks of the relevant quarter end. The information included is based on unaudited management accounts and other internal performance measures.
FINANCIAL PERFORMANCE: QUARTER THREE RESULTS
The management accounts of Great Places Housing Group (the Group) show year to date surplus of £15.3m, £2.1m better than budget. Turnover in the period (all income including property sales) was £103.0m and operating surplus £35.2m.
The main savings were interest £1.0m, due to interest rates lower than budget and effective management of liquid cash and revolving credit facilities, and property sales surpluses overall being £0.7m higher than budget. Other variances included overhead savings like bad debt expense lo