Our clean bill of financial health
08 May 2019
A+ financial rating
LINCOLNSHIRE Housing Partnership has received a clean bill of financial health following an external analysis, which highlights the organisation’s ‘well established’ and ‘experienced’ leadership.
A report by rating agency Standard and Poor’s (S&P) has been released, which praises LHP in key areas, one being its post-merger management, and another being its ability to handle the onset of Universal Credit.
The report reaffirms the organisation’s A+ financial rating and reflects LHP’s strong position.
In assessing LHP’s financial profile as ‘strong’ the report states: “The group has actively managed the roll out of Universal Credit and current rental arrears appear to be falling.
“Management is engaging with tenants to ensure early detection of potential arrears and working closely with tenants to minimise cases,” it adds. However, it does highlight the ‘higher than average’ arrears that still exist, a hangover from a long-standing issue within the old Shoreline area in North East Lincolnshire before the merger with Boston Mayflower to form LHP in April 2018.
S&P also identifies the organisation’s focus on ‘traditional social housing’ which provides a secure income and allows management to remain focused on growing a strong base post-merger. It adds that other risks associated with Brexit, the strain on the housing market and increasing build costs have been managed effectively.
The report notes that Lincolnshire has a strong economic profile with steady population group, low social rents and good levels of affordability, with LHP concentrating on housing that reflects the area’s needs.
LHP Chief Executive Murray Macdonald sees the analysis as a reflection of the hard work and determination of everyone within the organisation.
“There is little doubt that the change undertaken by everyone here over the last year has been enormous and has brought with it challenge and opportunity. We have always been focused on our key objectives and it is therefore extremely pleasing to see S&P report on our work in this way,” said Murray.
“This gives us the confidence to push on into the future, with an overarching vision to provide good quality and affordable housing for all, thereby improving the communities in which we all work and live,” he added.
Lincolnshire Housing Partnership Limited registered as a charitable Community Benefit Society under the Co-operative and Community Benefit Societies Act 2014 with registered number: 7748. Data Protection registration number: ZA345449
Registered Office: Westgate Park, Charlton Street, Grimsby, North East Lincolnshire, DN31 1SQ