TIDM71HO
RNS Number : 5798B
PenArian Housing Finance PLC
07 June 2019
To view the below in full (including the group structure),
please view the PDF version.
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Year-end Unaudited Results for the Group
As at 31 March 2019
ClwydAlyn has performed well over the year to 31 March 2019. The
surplus for the period was GBP2.74m, ahead of the budgeted figure
for the year of GBP2.59m but down from last year's figure of
GBP3.88m.
For the year 2018/19, the Group is showing:
Measure Year-end Year-end 6 months 6 months
31.03.19 31.03.18 to 30.09.18 to 30.09.17
---------- -------------
Operating Surplus GBP9.1m GBP10.84m GBP5.54m GBP5.56m
---------- ---------- ------------- -------------
Net Surplus GBP2.74m GBP3.88m* GBP2.56m GBP2.15m
---------- ---------- ------------- -------------
Housing Properties GBP443.5m GBP420.6m GBP431.3m GBP409.0m
at Cost
---------- ---------- ------------- -------------
Total Borrowing GBP205m GBP205m GBP205m GBP205m
---------- ---------- ------------- -------------
Liquid Funds GBP53.82m GBP58.86m GBP51.98m GBP66.24m
(Cash + Undrawn)
---------- ---------- ------------- -------------
* excluding exceptional costs related to refinancing
Attached as Appendix 1, 2 and 3 are the unaudited Summary
Financial Statements for the year to 31 March 2019.
Business Update
(a) Year-end performance
-- Turnover rose by GBP3.5m to GBP42.9m (2018: GBP39.4m)
reflecting a growth in properties and an increase in average rental
levels of 4%.
-- Operating Surplus declined by GBP1.7m (2018: GBP10.8m).
-- Underlying Total Surplus after tax was GBP2.74m, which is ahead of budget.
-- 412 new affordable homes completed since start of development strategy.
-- 273 units were completed this year (2018: 139 homes).
-- Operational Performance during the year
o Average Voids Turnaround - 15 days (2018: 14 days).
o Current Tenant arrears as a % of Gross debit - 3.85% (2018:
3.76%).
o Customer satisfaction with Repairs and Maintenance - 82%
(2018: 83%)
o Customer satisfaction with Contact Centre - 96% (2018:
91%)
o Overall satisfaction with Services delivered - 90% (2018:
88%)
(b) Leadership Changes
In April 2018, Clare Budden became Group Chief Executive
following the retirement of the former Group Chief Executive,
Graham Worthington.
Clare has brought over 30 years' experience in the housing
sector having previously been with Flintshire County Council, CDS,
Greater Hornby and New Generation.
Following a review of the business she has reorganised the Group
structure (see Section C below) and the Senior Executive Team to
align more closely with key business priorities and therefore
better achieve the Group's aspirations.
This restructuring was completed in March 2019 with the
appointment of Paul McGrady as the newly created Executive Director
of Resources. Paul previously undertook a similar role for another
Housing Association and has responsibility for Finance, IT,
Governance, Performance and Health and Safety co-ordination.
(c) Group Reorganisation
During the year the Board completed the consolidation of the
former three Housing Associations within the Group into a single
Association with charitable aims named ClwydAlyn Housing which came
into effect from 1(st) April 2019. The simplified Group structure
strengthens governance, reduces the level of complexity and proves
greater clarity on the roles of Group Members.
The Group's associated governance arrangements have also been
reviewed and updated to support the simplified structure. This
includes appointing the new Clwyd Alyn Board from April, along with
a new committee structure.
As of 1(st) April 2019 the Group comprised the following legal
entities;
(d) Credit Rating
The Group's Investment Grade rating has been reaffirmed by
Standard & Poor's (S&P) as being "A" with a stable
outlook.
(e) Pension
The Group had a pension deficit of GBP5.5m in 2018, which has
risen to GBP10.2m in 2019. This is attributable to a change in the
valuation and a change to the apportionment of the deficit by the
Social Housing Pension Scheme to Employers. The Group closed the
Defined Benefit pension scheme to all staff on 31 March 2016.
(f) Development
The Group's plan to deliver 1,500 units by March 2022 remains on
track.
In the period between the start of the development strategy in
2017 and March 2019, 412 units have been completed a cost of
GBP59.5m.
During the last financial year ending 31(st) March 2019, this
included:
-- three new Extra Care Schemes for older persons providing 196
new homes (including state of the art dementia-friendly units);
-- 67 new homes for families/single persons for Rent; and
-- 10 new Rent to Own properties.
GBP16m of capital funding was received from Welsh Government
towards new projects during the year.
In addition, over 14 acres of land with planning permission was
acquired for development in future years.
Currently there are a further 176 units on site at a cost of
GBP29.5m. There are a further 847 units in acquisition/design and
pre-contract stage equating to a total cost of around GBP131m.
Cash balances together with undrawn bank facilities are
sufficient to meet all current development expenditure once Welsh
Government Capital funding and operational cash flows are taken
into account.
Investor Meetings
The Executive Team has announced a series of meetings in London
and Edinburgh, with existing and potential investors, on 11 and 18
June 2019. These meetings are designed to provide a performance
update and further information on the Group restructure and
Leadership changes.
Appendix 1
GROUP STATEMENT OF COMPREHENSIVE INCOME
For the period ended 31 March 2019
Year to Year to Year to
31(st) March 31(st) March 31(st) March
2019 2019 2018
ACTUAL * BUDGET ACTUAL
GBP'000 GBP'000 GBP'000
TURNOVER 42,928 42,900 39,446
Operating costs (33,857) (33,194) (28,607)
-------------- -------------- --------------
OPERATING SURPLUS 9,071 9,707 10,839
Surplus on sale of fixed asset
properties 538 200 (31)
Interest receivable and similar
income 327 32 75
Interest payable and similar charges (7,156) (7,304) (7,001)
Loan breakage costs - - (15,904)
-------------- -------------- --------------
SURPLUS / (DEFICIT) ON ORDINARY
ACTIVITIES BEFORE TAXATION 2,780 2,634 (12,022)
Tax on surplus on ordinary activities (38) (40) (60)
-------------- -------------- --------------
SURPLUS / (DEFICIT) FOR THE PERIOD 2,741 2,594 (12,082)
Actuarial Gain / (loss) in respect (5,376) - -
of pension schemes
-------------- -------------- --------------
TOTAL COMPREHENSIVE INCOME (2,635) 2,594 (12,082)
The Group's turnover and expenses all relate to continuing
operations.
* Subject to Audit
Appendix 2
GROUP STATEMENT OF CHANGES IN RESERVES
As at 31 March 2019
Income and
Restricted expenditure Total
reserve reserve reserves
GBP'000 GBP'000 GBP'000
At 1 April 2017 24 15,375 15,399
Deficit and total comprehensive
expenditure for the year - (12,082) (12,082)
Big Lottery Grant received 69 - 69
Big Lottery Grant expenditure (58) - (58)
-------------- -------------- --------------
At 31 March 2018 35 3,293 3,328
Surplus and total comprehensive
income for the period - (2,635) (2,635)
Big Lottery Grant received 17 - 17
Big Lottery Grant expenditure (52) - (52)
-------------- -------------- --------------
At 31 March 2019 0 658 658
2019 figures are subject to Audit
Appendix 3
GROUP STATEMENT OF FINANCIAL POSITION
As at 31 March 2019
31 March 2019 31 March
* 2018
GBP'000 GBP'000
FIXED ASSETS
Tangible assets
Housing properties - Cost 443,534 420,626
- Depreciation (56,390) (52,482)
-------------- --------------
387,144 368,144
Other tangible fixed assets 4,272 3,284
FIXED ASSET INVESTMENTS
Homebuy loan 3,218 3,231
-------------- --------------
394,634 374,659
-------------- --------------
CURRENT ASSETS
Stocks 190 167
Debtors - due after one year 2,299 2,329
Debtors - due within one year 2,558 2,338
Investments 65 65
Cash at bank and cash equivalents 31,820 33,860
-------------- --------------
36,933 38,759
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR (11,426) (12,263)
-------------- --------------
NET CURRENT ASSETS 25,507 26,496
-------------- --------------
TOTAL ASSETS LESS CURRENT LIABILITIES 420,142 401,155
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR (419,786) (398,128)
DEFERRED TAXATION 302 301
-------------- --------------
NET ASSETS 658 3,328
CAPITAL AND RESERVES
Non-equity share capital - -
Reserves 658 3,328
-------------- --------------
658 3,328
* Subject to Audit
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END
FR UBRVRKUANRAR
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