TIDM63SQ
RNS Number : 8579N
Beyond Housing Ltd
27 September 2023
Co-operative and Community Benefit Society registration number:
RS007814 Regulator of Social Housing registration number:
LH4401
Beyond Housing Limited
Report and financial statements for the year ended
31 March 2023
Contents Page
Officers and professional advisers 1
Strategic report 2
Statement of the board's responsibilities for the
report and financial statements 32
Independent auditor's report 34
Group statement of comprehensive income 42
Association statement of comprehensive income 43
Group statement of financial position 44
Association statement of financial position 45
Group statement of cash flows 46
Group statement of changes in reserves 47
Association statement of changes in reserves 48
Notes to the financial statements 49
Board members
J D Hayward (Chair)
P A Baren (Senior Independent Director) Retired - 23 September 2022
K Abson
R Du Rose (Chief Executive)
H J Flack Appointed 19 May 2022
S D Hardwick Retired - 23 September 2022
S E Nattress Appointed 19 May 2022
C Owston Appointed 23 September 2022
G Taylor (Senior Independent Director)
J P Williams
S D Williams
F Yeomans
Executive leadership team
R Du Rose (Chief Executive)
K Hanlon (Chief Finance Officer)
S Rawson (Chief Operating Officer)
Company Secretary
L Peacock
Registered office
Brook House
4 Gladstone Road Scarborough North Yorkshire YO12 7BH
Auditor Principal Solicitors Principal Bankers
BDO LLP Devonshire's Solicitors Natwest Bank Plc
Chartered Accountants LLP 1 Trinity Gardens
3 Hardman Street 30 Finsbury Circus London 2(nd) Floor, Broadchare
Manchester EC2M 7DT Newcastle upon
M3 3AT Tyne NE1 2HF
The board presents its annual report and audited consolidated
financial statements for Beyond Housing for the year ended 31 March
2023.
The consolidated financial statements include the results of
Beyond Housing Ltd, for the year ended
31 March 2023. They also include the results of its subsidiary
companies Beyond Housing Developments Limited and Viola Homes
Limited.
Principal activity
The group's principal activity is the provision and management
of housing and associated services to
people in housing need.
Group structure
On 31 March 2023 Beyond Housing (the 'group') comprised the
following entities:
-- Beyond Housing Limited (BHL).
-- Beyond Housing Developments Limited (BHDL).
-- Viola Homes Limited (VHL) (formerly Beyond Housing Sales
Limited (BHSL), name change 20 March 2023).
Beyond Housing, the parent is a:
-- Community Benefit Society (CBS) registered under the
Co-operative and Community Benefit Societies Act (2014), is
regulated by the Financial Conduct Authority (FCA).
-- Registered and regulated by the Regulator for Social Housing (RSH).
BHDL and VHL are both limited companies and are wholly owned
subsidiaries of Beyond Housing. Within this report and the
financial statements, the consolidated financial position is
referred to as
'group' and the parent entity financial position is referred to
as 'association'.
An introduction from the Chair of the Board
I am pleased to introduce the 2022/23 annual report and
accounts, which highlight another challenging year with many
successes for Beyond Housing against the economic backdrop,
inflationary pressures, cost of living challenges and regulatory
requirements. The year also focused on better understanding the
quality of our homes, particularly homes that are susceptible to
mould and damp.
Overall business performance for the year end 31 March 2023
resulted in an increased group turnover to GBP91.4m (GBP76.5m 2022)
and a higher surplus before tax of GBP7.8m (GBP2.5m 2022). We
strengthened our balance sheet with overall reserves increasing to
GBP157.7m (GBP118.4m 2022). The operating surplus declined to
GBP14.9m (GBP17.2m 2022), due to nutrient neutrality regulation and
planning delays impacting the development of new homes and
revenues. Inflationary pressures significantly increased overall
costs across the business, and we had a number of one-off costs;
including the GBP2.7m impairment cost to demolish Beyond Housing's
only high-rise block (Spencerbeck House) and a rent refunds
provision of circa GBP700k.
Beyond Housing maintained the regulatory V1 financial viability
grading and its annual credit rating
assessment from Moody's as A2 but with a move to the status of
unstable.
Supporting customers has and always will remain the key
priority, especially given the cost-of-living crisis. Once again,
we supported customers with Universal Credit and other benefit
claims helping them to protect their income and pay their rent.
Beyond Housing collected 99.6% of rents and helped customers claim
GBP1.9m of additional benefits. Employment and training was a key
focus, and we were extremely proud to support new apprentices.
Despite the challenging building environment, we completed 210
homes and made a start on 48 homes working towards our overall goal
to meet circa 2,750 homes by 2030/31. Of the 210 homes, 141 were
affordable rent, 17 shared-ownership, 2 rent to buy, and 50 were
for outright sale. A Homes England grant of GBP7.2m was received
during the year.
We made significant progress with the GBP16m project to
regenerate Church Lane (Redcar) which will complete in the 2023/24.
We continued to support homelessness initiatives in both regions,
providing 12 homes in Redcar and 8 homes in Scarborough for rough
sleepers.
We invested GBP19.9m in 58,000 planned and routine repairs, and
a further GBP6.9m in major repairs. Our capital works programme
delivered 268 window replacements, 273 new doors, 26 replacement
heating systems, 464 energy components, and 766 new/replaced 'A'
rated boiler installations. In addition, we worked with Tees Valley
Combined Authority and other providers to achieve a successful
GBP3.2m bid for second wave decarbonisation funding.
Our Reach & Respond service continues to support 9,059
(c8,972 at 2022) customers to live independently in their own homes
using assistive technology and a responder service. The service is
accredited under the Telecare Services Quality Standards
Framework.
Following on from remote working during the pandemic, colleagues
moved to agile working during 2022/23 and now spend a combination
of their time in the office, at customer locations, or at home. The
overall colleague engagement survey analysis at the end of 2022/23
indicated that 74% of colleagues think Beyond Housing is a good
place to work.
We were pleased to receive The Royal Society for the Prevention
of Accidents (RoSPA) President's Award, which recognises that we
have achieved their gold standard for 10 consecutive years. In
addition, we achieved accreditation from the Institute of Customer
Service for our customer service training.
We continually reviewed our key risks during 2022/23, given the
economic and cost of living pressures it was prudent to do so. The
impact was both immediate and longer term, and our business plans
were constantly reviewed, and stress tested to mitigate and control
the increased risks.
We were disappointed to find a significant error in the way
rents had been previously set within our legacy organisations -
dating back to 2010. We self-referred this matter to the Regulator
of Social Housing (RSH) and received a regulatory judgement that
resulted in a down grade to our governance grading to G2. We
continue to work closely with the regulator to prove that our
current controls and processes are robust, and we have already
refunded most of the customers who were overcharged.
Plans for 2023/24 include further investment in our existing
stock, development of new homes and the completion of the Church
Lane North regeneration project in Redcar delivering 33 new homes.
In Scarborough we also expect completion of our 113 outright sale
units at our Mill Meadows development. In addition, our other
priority is to improve overall customer satisfaction using the new
Tenant Satisfaction Measures (TSM's) as our key indicators. We will
further invest in and enhance our voids and repairs offer for
customers. ICT and technology change will continue to develop a
better 'self-serve' offer that is beneficial to customers and more
effective for the business.
James D Hayward RD Chair
Overview of Beyond Housing and our 2020-2025 strategy
Beyond Housing is a registered Community Benefits Society (CBS),
with a group turnover of GBP91.4m. We own and manage 15,184 homes
across nine local authorities in the north-east/yorkshire, housing
over 30,000 customers. The current regulatory grading is G2/V1 from
the Regulator Social Housing. We employ over 700 colleagues and
offer homes for rent and sale, including shared ownership.
We also undertake a wide range of activities to improve the
lives of our customers, including our independent living services
'Reach and Respond' which supports older and vulnerable people to
live independently in their homes for longer.
As a business we aim to deliver our purpose and mission. We
launched a new five-year strategy in April 2020 with clear
objectives and ambitions for our services, homes, place and
people.
We are investing in good quality homes and services for people
in housing need and for the communities we work with. This year we
have achieved a higher net surplus before tax of GBP7.8m (GBP2.5m
2021/22), as 2021/22 included one off refinancing costs of
cGBP7.1m. We invested GBP42.7m in new homes and GBP39.2m revenue
spent in our existing properties (routine/planned maintenance and
major repairs).
Our five-year strategy
Our strategy is based on four strategic objectives:
-- Provide quality services to our customers - increase customer
satisfaction, grow our ILS business and have 55% of our customers
registered using our 'Me and My Home' digital services.
-- Build new homes and keep our existing home in good condition
- build circa 2,000 new homes (2020-25) revised to c2,750 by
2030/31, increase customer satisfaction with the quality of our
homes and repairs satisfaction and improve the Energy Performance
Certificate (EPC) ratings for all our properties to EPC C or better
by 2030.
-- Invest in our communities/neighborhoods to create a great
place to live and work - offer the best information and advice to
customers, be a leading training provider and create neighborhoods
our customers are proud of.
-- A great place to work for our people - achieve Investors in
People (IIP) accreditation, deliver an agile working environment,
increase colleague satisfaction and improve their health and
wellbeing.
We intend to target year on year improvements in our business
and services. These include investing more in our homes,
neighborhoods and communities through high quality repairs and
planned capital programs. We intend all properties to be energy
efficient by 2030 at EPC C or better. In 2022/23 our operating
margin declined due to higher inflation across all costs, rising
interest rates and these also impacted our higher Social Housing
Costs Per Unit (SHCPU). Our financial performance and VfM metrics
are explained in more detail later in this report. Our development
program for new homes was hindered by planning (nutrient
neutrality, planning delays) and wider economic constraints and
units have been reprofiled into future years. Sales of new homes on
our Mill Meadows, Filey development performed strongly and the
regeneration of Church Lane, North Estate in Eston continued apace.
We will continue to invest in our digital infrastructure e.g., 'Me
and My Home', telephony and new Customer Resource Management (CRM)
system.
In November 2022 we issued GBP40m of our retained bond through a
forward purchase agreement. This means the pricing (gilt rate) was
fixed with the bond recipient in November 2022, but the transaction
completes November 2023 when the security and legal documents
complete and the cash value is received. Our GBP250m bond was
issued in May 2021, being GBP165m drawn on issuance and we now
have
GBP45m remaining as retained. Our credit rating from Moody's in
2022 was A2 (unstable) a change from A2 (stable) due to the wider
housing sector per downgrade to unstable as a result of more
challenging economic environment.
Our operating margin will improve by 2030 in line with our
business plan to drive greater efficiency and cost saving to allow
more investment in homes and to address zero carbon challenges. We
will continue to deliver our 2,000 new homes under our current
strategy (2020-25 revised to 2,750 by 2030/31) providing affordable
homes across our area of operation. We will also look at those
areas that may require future regeneration, higher zero carbon
investment and continue to build more homes.
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END
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