Agenda item

This report provides Cabinet with a final draft of the First Wave Housing Ltd (FWH) 2023/24 Business Plan for approval on behalf of the Guarantor.

Having noted the introductory comments from Martin Smith (as Chair of First Wave Housing (FWH) Ltd Board) relating to the current performance and strategic priorities of FWH, Cabinet RESOLVED:

(1)                    To approve the FWH 2023/24 Business Plan.

(2)                    To approve the content and proposed strategic priorities of the FWH 2023/24 Business Plan.

(3)                    To approve the updated financial model contained within the FWH 2023/24 Business Plan.

(4)                    To approve the Service Level Agreement for 2023-25 in Appendix 4 of the report.

(5)                    To delegate authority to the Corporate Director of Finance & Resources to approve the variation of the Service Level Agreement during 2023/24.

Councillor Mili Patel (Deputy Leader and Cabinet Member for Finance, Resources & Reform) introduced a report, providing Cabinet with a final draft of the First Wave Housing Ltd (FWH) 2023/24 Business Plan for consideration and approval on behalf of the Guarantor.

In considering the report Cabinet noted the use of FWH as the preferred body to be used by the Council for the purpose of entering into a formal leasing arrangement for the acquisition of 118 London Living Rent units at the Fulton Road site, which was currently being progressed.  This was on the basis of the leasing arrangement being structured around FWH’s status as a Registered Provider.  In terms of FWH’s operational performance, members were advised that the key challenge remained void times.  Members also noted the overview provided in relation to delivery of the objectives within their 2022-23 Business Plan and key strategic priorities for 2023-24 which, as for i4B, remained focussed around delivering safe and sustainable homes; increasing the supply of affordable housing in the borough; running a viable business; and providing a consistently good housing service.  Whilst the cash position of FWH was forecast to remain positive, the impact of the current economic challenges identified in relation to rising inflation, interest rates, corporation tax and levels of rent along with the pressures created as a result of the cost of living crisis on affordability and rent collection, had been recognised and reflected within development of the Business Plan.  As with i4B, members noted the way in which FWH was able to benefit from access to acquisition funds and potential GLA funding with support being provided on how access to the loan and other grant funding could be utilised to support the company’s strategic objectives and Council’s wider Housing Strategy.

On being invited to comment on the report, Martin Smith, Chair of FWH Ltd Board, advised he had nothing further to add in relation to the introductory comments made.  Members therefore thanked him for attending the meeting and once again outlined their support for the contribution being made by FWH towards delivery of the Council’s Housing Strategy through the supply of safe, secure and sustainable affordable housing.

Having noted the current performance and strategic priorities outlined in relation to FWH, along with the exempt information contained within the appendices of the report, Cabinet RESOLVED:

(1)            To approve FWH’s 2023/24 Business Plan.

(2)            To approve the content and proposed strategic priorities of FWH’s 2023/24 Business Plan.

(3)            To approve the updated financial model contained within the 2023/24 Business Plan.

(4)            To approve the Service Level Agreement for 2023/25 in Appendix 4 of the report.

(5)            To delegate authority to the Director of Finance to approve the variation of the Service Level Agreement during 2023/24.