As we did not come into being until 3 April 2018. our first audited statutory accounts for LHP won't be available until the late summer of 2019 but here are our Financial Statements and Value for Money documents published prior to the merger of Boston Mayflower and Shoreline.
Our initial business plan is based on effective management of our existing estate and only adding to it on a prudent and modest basis plan. Our initial focus is consolidating the two organisations into LHP, while continuing our existing major repair programme. We concentrate on our core product, social housing with some shared ownership properties. We have a modest growth programme of both types of properties but do not have any exposure to outright sales.
Our business plan is managed through a prudent framework of planning and decision making and we work within a set of ‘Financial Golden Rules’ agreed by our board. These set out our expected minimum operating margins, maximum net debt/turnover ratio and social housing interest cover. The business plan is also regularly stress-tested, both in respect of single variant sensitivities as well as more complex combinations of factors or scenarios.
Our current funding is a combination of a bank loan, a private placement and finance raised from the capital markets.
Meanwhile, LHP is delighted to report, that our latest Standard and Poor’s (S&P) rating is an A+, with specific praise for the way in which the organisation has managed itself, post-merger, our ability to handle the onset of Universal Credit, our engagement of tenants and our efforts to reduce rent arrears.
Furthermore, in presenting us with the rating, S&P goes on to say how we have effective management of other risks, including those associated with Brexit, the strain on the housing market and increased build costs.
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.
To read the full report please click this link.
Our Finance and Investor Relations Team is led by Julie Kennealy, Director of Resources. Julie is responsible for all aspects of LHP’s finances. A chartered accountant, she has extensive experience of working in the housing, local authority and not-for-profit sectors at a senior level as well as significant expertise in complex capital financing arrangements.
To contact Julie please email: email@example.com
Appointment of Director of Resources at LHP Limited
Julie Kennealy has commenced as Director of Resources at LHP Limited.
Julie brings a wealth of finance experience to LHP and has joined us from Sutton Housing Partnership where she was Executive Director Resources. She has considerable experience at a senior level in public, private and not-for-profit organisations and an established track record in the development and delivery of major regeneration developments.
Change of Directors at Boston Mayflower Finance plc
On 3 April 2018 the Directors of Boston Mayflower Finance plc were changed from Lynda Bowen, Karen Hall, Murray Macdonald, Louisa Clarke and Sarah McKay to Murray Macdonald, Bridget Lloyd and Mark Jones.
Appointment of Director of Business Transformation at LHP Limited
Suzanne Wicks has commenced her appointment as Director of Business Transformation at LHP Limited.
Suzanne has over 25 years' experience of working in the housing association and local government sectors. Previous roles have included Executive Director of IT and Private Sector Services, Managing Director of leasehold and PRS management subsidiary and Managing Director of her own consultancy company.
Appointment of new non-executive director for LHP Limited
From 1 December 2018, LHP has appointed Simon Parkes as a Board Member. Simon Parkes is a Chartered Management Accountant with extensive experience at Board level. After spending the early part of his career in the Armed Forces, Simon joined the Civil Service where he served on the boards of the Government Legal Department, Department for Education, Education Funding Agency and Skills Funding Agency. Simon joined the University of Lincoln as a Deputy Vice Chancellor in 2017. He lives in Lincoln.
Additionally, John Crowther joins the Board as a co-optee member.
Information on Regulatory Notice, received from the Regulator for Social Housing
Please see press release from LHP Limited regarding the recent regulatory notice.
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