PenArian Housing Finance PLC Pennaf receives top rating from Regulator (7257S)
04 Outubro 2017 - 11:39AM
UK Regulatory
TIDM71HO
RNS Number : 7257S
PenArian Housing Finance PLC
04 October 2017
Welsh Government
Housing Regulation
Regulatory Judgement
Pennaf Group - J136
September 2017
The Welsh Ministers have powers under Part 1 of the Housing Act
1996 to regulate Registered Social Landlords in relation to the
provision of housing and matters relating to governance and
financial management.
The Welsh Ministers are publishing this Regulatory Judgement
under sections 33A and 35 of the Housing Act 1996.
The judgement is published in accordance with the Regulatory
Framework for Registered Social Landlords in Wales and the related
performance standards.
http://gov.wales/topics/housing-and-regeneration/services-and-support/regulation/regulatory-framework/?lang=en
The judgement is based upon the Association's own evaluation of
its compliance with the performance standards together with
regulatory intelligence gained through on-going, co-regulatory,
relationship management between the Regulator and the
Association.
Basis of Judgement
This judgement is designed to provide the Registered Social
Landlord, its tenants, service users and other stakeholders with an
understanding of its financial viability and how well it is
performing, at a specific moment in time, in relation to:
-- Governance and Service Delivery
-- Financial Management
The judgement must not be relied upon by any other party for any
other purpose. The Registered Social Landlord is responsible for
the completeness and accuracy of information provided to the
Regulator.
Housing Regulation Team
RSL Sector Development and Regulation Division
Welsh Government
Merthyr Tydfil Office
Rhydycar
CF48 1UZ
e-mail: housingregulation@wales.gsi.gov.uk
Digital ISBN 978-1-78859-062-4
Crown Copyright 2017
Profile
The Group consists of Pennaf Limited, the parent
company, with subsidiary members: Clwyd Alyn Housing
Association Limited, T Glas Housing Society Limited,
Offa Limited, Tir Tai Limited, PenAlyn Limited,
PenElwy Limited and PenArian Housing Finance PLC.
The Group's Registered Social Landlords are:
* Pennaf Limited, which provides corporate management
services to the Group.
* Clwyd Alyn Housing Association Limited, providing
5,052 homes including general needs, Low Cost Home
Ownership and supported housing places.
* T Glas Housing Society Limited provides 273 homes and
operates an advice, adaptions and repairs service.
Pennaf Limited is a not for profit company limited
by guarantee. Clwyd Alyn Housing Association Limited
and T Glas Housing Society Limited are registered
under the Co-operative and Community Benefit Societies
Act 2014 and have charitable rules.
Tir Tai Limited is a company limited by guarantee
and provides development services to other parts
of the Group.
Offa Limited is a company limited by guarantee to
undertake any non-charitable work in the Group.
With effect from 1 October 2016 it has not been
active.
PenArian Housing Finance PLC is a special purpose
vehicle set up to administer bond finance to the
group.
PenAlyn Limited and PenElwy Limited are companies
limited by share with Pennaf Limited as the only
shareholder. PenAlyn Limited was set up to provide
maintenance services to other Group members. This
service was transferred to Clwyd Alyn on 1 October
2016 and the Group is now considering options for
PenAlyn.
The majority of the Group's activity arises from
3,905 general needs homes, 249 extra care apartments,
and 631 supported housing, residential and nursing
home places. They also provide 540 properties through
Low Cost Home Ownership. The Group is active in
six Local Authority areas in north Wales.
Pennaf Limited has built 3 new general needs homes,
refurbished 11 existing homes as part of the Rhyl
Regeneration scheme, and handed over the final 26
units at Chirk Court Nursing Homes during 2016/17.
The group is committed to building 114 additional
homes by 2018.
Key Financial Data
---------------------------- ----------- -------- --------- ---------
Historical Covenant Sector
Data Limit Average
---------------------------- --------------------- --------- ---------
2014/15 2015/16 2015/16
Restated
---------------------------- ----------- -------- --------- ---------
Performance
---------------------------- ----------- -------- --------- ---------
Operating surplus as %
of turnover 20.3% 20.0% n/a 19.1%
---------------------------- ----------- -------- --------- ---------
Surplus/(deficit) for the
year as % of turnover 4.4% 4.2% n/a 8.7%
---------------------------- ----------- -------- --------- ---------
Loss from empty properties
and uncollected rent as
% of rental income 2.9% 3.2% n/a 1.6%
---------------------------- ----------- -------- --------- ---------
Funding
---------------------------- ----------- -------- --------- ---------
Fixed borrowing as a %
of total 72% 65% n/a 74%
---------------------------- ----------- -------- --------- ---------
Gearing 66% 64% 75% 68%
---------------------------- ----------- -------- --------- ---------
Interest cover 116% 146% 105% 153%
---------------------------- ----------- -------- --------- ---------
Current cash balances and undrawn facilities are
sufficient for the Group to complete its committed
development programme.
-------------------------------------------------------------------------
Regulatory Judgement - Co-Regulation Status
Co-Regulation Status -- September 2017
Governance and Services -- Standard
-- Identifies and manages new and emerging risks
appropriately
Financial Viability -- Standard
-- Meets viability requirements and has the financial capacity
to deal with scenarios appropriately
This information is provided by RNS
The company news service from the London Stock Exchange
END
REAUSUSRBNARRAA
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October 04, 2017 10:39 ET (14:39 GMT)
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