Investors finance and investors

Welcome to the Investors page for Lincolnshire Housing Partnership (LHP).

LHP provides high quality and affordable homes to rent and buy.

We own and manage over 12,000 homes along the East Coast of Lincolnshire.

Our six key strategic priorities are:

• Deliver quality services
• Invest in existing homes and estates
• Build new and regenerate homes
• Listen to and empower tenants
• Support and develop colleagues
• Ensure strong governance and finance

Financial Statements

Please read the LHP Financial Statements - March 2020

Financial statements prior to merger

Boston Mayflower Financial Statements 31 March 2018

Boston Mayflower Value for Money self-assessment 2016/17

Shoreline Housing Partnership Financial Statements 31 March 2018

Shoreline Housing Partnership Value for Money self-assessment 2016/17

Credit Rating

We are 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.

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 read LHP's Standard & Poor's A+ Credit Rating - April 2020.

Information on Regulatory Notice, received from the Regulator for Social Housing

The Regulator of Social Housing has announced the results of our In-Depth Assessment carried out during 2019. Our ratings for Governance and Financial Viability have remained at G2:V2. This means that we meet the regulator’s requirements in relation to governance.  Regarding viability, our grade demonstrates that we meet the regulator’s requirements and have the financial capacity to deal with a reasonable range of adverse scenarios.

You can view the judgement here.

Investor contacts

LHP's Finance and Investor Relations Team is led by Julie Kennealy, Executive 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: investor@lincolnshirehp.com

Boston Mayflower Finance PLC

5 June 2020

Boston Mayflower Finance PLC (the Issuer)

£150,000,000 4.321 per cent. Guaranteed Secured Bonds due 2059 (the Bonds)

Dated 5 June 2020

The Issuer has today agreed to sell £40,000,000 in principal amount of its Retained Bonds on 19 June 2020.

On 8 September 2014 the Issuer issued £150,000,000 in principal amount of the Bonds.  The Issuer immediately repurchased £75,000,000 in principal amount of the Bonds (the Retained Bonds).

Following the sale, the aggregate outstanding principal amount of the Bonds in issue will remain £150,000,000, of which £35,000,000 will be Retained Bonds held by or on behalf of the Issuer.

The Issuer has today also executed a Forward Purchase Agreement for the sale of the additional £35,000,000 in principal amount of its Retained Bonds on a deferred basis. It is expected that the proceeds of sale will be received on 7 June 2021.  Following completion of this deferred sale all of the Retained Bonds will have been sold and none of the Bonds will be held by or on behalf of the Issuer.

Contact for more information: 

Julie.Kennealy@lincolnshirehp.com

Julie Kennealy

Executive Director of Resources

Lincolnshire Housing Partnership

Announcement of Investor Presentation and Meetings

Boston Mayflower Finance PLC

27 May 2020

Boston Mayflower Finance PLC

£150,000,000 4.321 per cent. Guaranteed Secured Bonds due 2059

Dated 27 May 2020

Boston Mayflower Finance PLC and Lincolnshire Housing Partnership, the Guarantor, are hosting investor meetings in line with the announcement released on 18 May 2020.

The audited accounts for the period ended 31 March 2020 are expected to be published later in the summer in the normal manner.

Boston Mayflower Finance PLC and Lincolnshire Housing Partnership are issuing the following additional information as a performance update for the year to 31 March 2020, all numbers presented on a consolidated group basis:

  • Unaudited turnover in the most recent management accounts, for the full year 2019/20, is £53.0m being comprised of £49.3m of social housing lettings income and other items including £2.0m of first tranche sales income.
  • After adjusting for actuarial gains on the company’s pension schemes, amounting to £4.3m, the latest unaudited management figure for net comprehensive income is £13.1m.

The audited accounts for the year to 31 March 2019 covered the merger between the two predecessor organisations Boston Mayflower and Shoreline Housing Partnership, which completed on 3 April 2018, and there are some material one-off items included. The following table summarises the position and includes the above figures:

(£m or %)

2018/19 statutory accounts

Material one-off items *

Adjusted 2018/19

2019/20 management accounts

Turnover

53.6

 

53.6

53.0

Operating income

9.9

5.8

15.7

15.9

Operating margin

18%

 

29%

30%

Surplus after tax

(1.1)

10.0

8.9

8.8

Net comprehensive income

(4.2)

10.0

5.8

13.1

EBITDA MRI interest cover **

43%

 

137%

145%

*: £4.6m demolition costs, £1.2m electrical testing and implementation of in-house repairs service, £4.2m hedge break costs.

**: The Social Housing Regulator’s value for money metrics were reported in the statutory accounts for 2018/19 and in respect of this metric calculations were provided both on an unadjusted basis and adjusted in respect of the demolition costs and hedge break costs referred to in the previous note.

For further information please contact:

Julie Kennealy
Executive Director of Resources
julie.kennealy@lincolnshirehp.com

Disclaimer: The figures included in this announcement for the financial year 2019/20 are unaudited and are therefore subject to change and should not be relied on. Boston Mayflower Finance PLC and Lincolnshire Housing Partnership are not under any obligation to update or revise the information contained in this announcement (other than in due course through the publication of audited annual accounts). This statement is neither recommendation nor advice and is not an offer or solicitation to buy or sell any securities.

Announcement of Investor Presentation and Meetings

Boston Mayflower Finance PLC

18 May 2020

Boston Mayflower Finance PLC

£150,000,000 4.321 per cent. Guaranteed Secured Bonds due 2059

Dated 18 May 2020

Boston Mayflower Finance PLC and Lincolnshire Housing Partnership, the Guarantor, will be hosting investor meetings over the next two weeks. Investors will be updated generally at the meetings and a sale of the Issuer's existing retained bonds may follow.   

The investor presentation has been uploaded at the link below:

Investor presentation

Meetings will be hosted via Webinar. For further information, including joining details, please contact:

Julie Kennealy

Executive Director of Resources

julie.kennealy@lincolnshirehp.com

Lincolnshire Housing Partnership appoints new Executive Director of Property

Lincolnshire Housing Partnership (LHP) is delighted to announce the appointment of Alex Dixon, who has joined us as Executive Director of Property.

Alex has a strong background in management and development, having previously held directorship positions with Freebridge Community Housing in Kings Lynn and Bromford Housing Group in the West Midlands.

The appointment of a new Executive Director of Property comes at a crucial and exciting time for LHP, as we implement our new Repairs Standard, and continue our commitment to building new and regenerating homes.

Lincolnshire Housing Partnership announces Senior Independent Director

Lincolnshire Housing Partnership (LHP) has appointed one of its existing board members to a new senior role.

The housing association, which has offices in Grimsby and Boston and a portfolio of over 12,000 homes, has appointed Chartered Management Accountant, Simon Parkes, as Senior Independent Director.

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.

He then joined the University of Lincoln as Deputy Vice Chancellor in 2017.

Anthony Read, Chair of the Board at LHP said: “I am delighted to advise that Simon Parkes has been offered and has accepted the role of Senior Independent Director for LHP.

“Simon brings a wealth of experience to the role and is very committed to helping LHP achieve its objectives.”

Simon takes on the role of Senior Independent Director for a period of three years, subject to him remaining a Non-Executive Director of the Board at LHP.

Lincolnshire Housing Partnership appoints Treasury Advisors

LHP is delighted to announce the appointment of Centrus Advisors as the housing association’s Treasury Advisors, with effect from February 2020.

Centrus Advisors will support LHP with their Treasury Strategy, providing strategic and technical advice in corporate financial areas.

Jonathan Clarke, Managing Director at Centrus, said “We are really pleased to have been appointed by LHP and look forward to working with the board and finance team on their treasury strategy.”

Board and Directors

Details of our current Board Members can be found on this page.

Details of our Executive Team can be found on this page.

 

 

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