The salary of the chief executive of Places for People, the UK鈥檚 largest housing association, fell 5% over the past year, according to the company鈥檚 accounts.

David Cowans was the highest paid chief executive in the sector last year with a total remuneration of 拢298,000. This has fallen to 拢282,000, making him the third highest paid.

Over the past year, Places for People鈥檚 payroll has fallen from about 1,200 to 1,082, a decline of 10%; it has spent 拢1.4m on severance pay.

Places for People made an annual pre-tax profit to 31 March of 拢22.5m, compared with 拢1.7m in 2009; turnover rose by 10%, from 拢312m to 拢347m.

The group built 1,087 homes during the year and said it had 1,818 in development at the year end. It said it would spend 拢243m on building these out in 2011.

The company鈥檚 borrowing position worsened significantly over the year. Loans worth 拢225m are due before the end of March 2011, almost double the 拢118m figure in the previous year. In total the organisation鈥檚 debt has reached 拢1.63bn, compared with 拢1.6bn in 2009.

Places for People, which is a not-for-dividend organisation, is based in London, but manages about 60,000 homes throughout Great Britain.

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