Page 12 - Housing Solutions Annual Report

OVERVIEW OF THE BUSINESS FINANCIAL POSITION AND PERFORMANCE
The Group’s main activities are the management, The Group’s five-year Statement of Financial
maintenance and development of social and Performances and Statement of Financial Positions
affordable housing, residential care homes and are summarised on page 16 and the following
providing a comprehensive repairs services to stock paragraphs highlight key features of the Group’s
owned by other partners. financial position up to and including 31 March
2020 as well as the position at the year end.
The Group’s head office is in Maidenhead and
its properties are primarily in Maidenhead and The Group’s forward business plan, which includes
surrounding areas, although increasingly new the updated development strategy, has been
social housing properties are being developed robustly stress tested based on the key strategic
in Wokingham, Slough and around the county of risks reported to Board.
Berkshire and Buckinghamshire which we fund
and manage. The Group’s focus remains its social STATEMENT OF COMPLIANCE
housing activities and these constitute 94% of the In preparing this Strategic Report, the Board has
Group’s activities by turnover. followed the principles set out in the Statement of
Recommended Practice (SORP): Accounting for
registered social housing providers 2018.

RISK MANAGEMENT The World Health Organisation classed Covid-19
The Board considers that the risks detailed as a pandemic on 11 March 2020. Following that
below are the principal risks facing Housing announcement, the UK Government introduced
Solutions. These are the risks that could affect various measures to address the impact in the UK,
the ability of the organisation to deliver its Corporate resulting in lockdown from 23 March 2020. We have
Objectives. The Board confirms that the principal adopted a number of measures to ensure the safety
risks of the organisation, including those which would of tenants, staff and business partners during this
threaten future performance, have been robustly time. We undertook the following:
assessed throughout the year ended 31 March • Amended the 2020/21 budget to reflect the change
2020, and that processes are in place to continue in operations due to Covid-19;
this assessment. Further details of risk management
processes are detailed in the risk registers. • With the social distancing measures, we decided to
postpone major component replacements such as
The principal and emerging risks and uncertainties kitchens and bathrooms and stop non-emergency
relating to the organisation are regularly reviewed repairs for the foreseeable future;
by the Board and the Audit Committee and the
executive team along with the internal controls and • All construction on our rented and sale
risk management processes that are used to mitigate programs was halted in line with Government
these risks. Risks are recorded, assessed and tracked recommendations to protect our staff and business
in terms of their impact and importance. partners. All decisions on uncommitted schemes
were put on hold;
The principal uncertainty currently facing the
Housing Solutions is the impact of the ongoing • Continued with our program of gas safety testing,
global COVID-19 outbreak. The Board and Executive wherever possible, balancing the risks of not doing
Team continue to monitor the outbreak, including so against the need to protect residents and staff
UK Government advice, and acknowledge that from Covid-19;
we face a prolonged period of uncertainty. While
the evolving nature of the situation means it is not • Provided regular contact with vulnerable residents
possible to accurately quantify the financial impact, to ensure that they had access to food and required
Housing Solutions is in a good financial position to medicines;
help manage this risk. Steps are being taken, on an • Provided guidance to those residents who faced
ongoing basis, to minimise the impact on Housing financial difficulties; and
Solutions activities and the effect this may have
on our residents and stakeholders. Infrastructure • All staff adopted working from home. Where
is in place to allow staff to work remotely and our staff were not able to work from home, they were
key priority is to ensure, as far as possible, that our redeployed, where appropriate, to provide support
housing services are still available when needed. to other areas of the organisation or furloughed.

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16645.02 HS Annual Report 86pp A4 v10.indd 12 10/11/2020 13:34