Agenda item

This report provides Cabinet with a final draft of the i4B Holdings Ltd (i4B) 2024 - 25 Business Plan for approval on behalf of the Shareholder.

Cabinet noted the introductory comments made by Andrew Hudson (as Chair of the i4B and First Wave Housing (FWH) Ltd Boards) in presenting the i4B and FWH Business Plans who began by outlining the nature of the current challenges faced in relation to the performance of both companies as a housing service, which included rent collection during a cost-of-living crisis; building safety; pressure from disrepair claims as well as longer term issues such as working towards net zero.

In focussing on priorities moving forward he highlighted the work being undertaken to tackle voids (including minor void performance), which included looking for best practice as well as further activity to streamline processes, and other housing management issues which had included establishing closer links between staff and the areas they covered in order to develop a more holistic approach and relationship with tenants and the Board continuing to closely monitor levels of tenant satisfaction.

In terms of strategic challenges, he advised members that they key focus remained on seeking to maximise the Boards contribution to the Council’s wider priorities, with a specific focus in supporting the work being undertaken to tackle the demand for housing and increasing levels of homelessness.  As part of this approach, the Board had identified workstreams over the coming year aiming to increase i4Bs level of stock (utilising the rise in Local Housing Allowance (LHA) rates and increased price cap supported by discussions with the Council on the potential draw down of further funding) with initial activity focussed around the acquisition of 3-4 bed houses in the North West of the borough above the North Circular Road and small blocks as well as supporting tenants to move through i4B.  In terms of the support to tenants, members were advised of the work already being undertaken with BEAM as a partner organisation to provide specific employment support alongside the focus in developing wider packages of support for tenants.

In recognising the challenges outlined alongside current performance and welcoming the approach adopted in relation to the strategic priorities identified by i4B, Cabinet RESOLVED:

(1)    To approve the 2024-25 i4B Holdings Ltd Business Plan and financial model as Shareholder of the Company.

(2)    To approvethe 2024-25 Service Level Agreement between i4B Holdings Ltd and the Council.

Eligible for call-in: Yes

Deadline for submission of call-in: 6pm on Monday 18 March 24

Prior to consideration of the report, Councillor Muhammed Butt (as Leader of the Council) welcomed Andrew Hudson (as newly appointed Chair of both the i4B Holdings Ltd and First Wave Housing Ltd Boards) to the meeting and invited him to introduce the key themes and strategic priorities within the 2024-25 Business Plans for both companies.

In presenting each Business Plans Andrew Hudson began by outlining the nature of the current challenges faced in relation to the performance of both companies as a housing service, which included rent collection during a cost-of-living crisis; building safety; pressure from disrepair claims as well as longer term issues such as working towards the achievement of net zero.

Focussing on priorities moving forward, he then highlighted the work being undertaken to tackle voids (including minor void performance), which included looking for best practice as well as further activity to streamline processes, as well as other housing management issues which had included the work being undertaken to establish closer links between staff and the areas they covered in order to develop a more holistic approach and relationship with tenants and the Board continuing to closely monitor levels of tenant satisfaction.

In terms of strategic challenges, he advised members that they key focus remained on seeking to maximise the Boards contribution to the Council’s wider priorities, with a specific focus in supporting the work being undertaken to tackle the demand for housing given the increase in levels of homelessness.  As part of this approach, the Board had identified workstreams over the coming year aimed at seeking to increase i4Bs level of stock (utilising the rise in Local Housing Allowance (LHA) rates and increased price cap supported by discussions with the Council on the potential draw down of further funding) with initial activity focussed around the acquisition of 3-4 bed houses in the North West of the borough above the North Circular Road and small blocks as well as supporting tenants to move through i4B.  As an example, members were advised of the work already being undertaken with BEAM as a partner organisation to provide specific employment support alongside the focus in developing wider packages of support for tenants.

In thanking Andrew Hudson for his opening comments, the Leader then invited Councillor Tatler (in completing her cover as Deputy Leader and Cabinet Member for Finance, Resources & Reform) to introduce the report included on the agenda detailing the final draft of the i4B Holdings Ltd 2024-25 Business Plan for consideration and approval on behalf of the Shareholder.  In presenting the report, Councillor Tatler advised that the Business Plan had been designed to set out i4Bs key priorities and strategy for the 2024-25 financial year in support of its key objectives.

In considering the report, Cabinet noted and welcomed the work being undertaken through the company to increase the supply of good quality affordable housing and support tenants, aligned with the Council’s strategic objectives in terms of seeking to address homelessness and reduce reliance on more expensive Temporary Accommodation, with the Board thanked for their work and support in this respect.  In noting the update provided within the report in relation to operational performance, Members welcomed the ongoing monitoring by the Board and focus in seeking to address the key operational issues identified in relation to voids and rent collection supported by the change in the Housing Management structure along with the efforts being made to actively support and engage with those tenants (particularly those impacted by the overall benefit cap an cost-of-living crisis) on measures designed to support their financial resilience and improve income collection through the provision of targeted budgeting advice and specific employment support designed to provide a renewed focus on the process for letting properties whilst also seeking to sustain tenancies over the longer term.

In recognising the challenges outlined alongside current performance and welcoming the direction and approach adopted in relation to the strategic priorities identified by i4B, Cabinet RESOLVED having noted with the exempt information contained within the appendices of the report:

(1)    To approve the 2024-25 i4B Holdings Ltd Business Plan and financial model as Shareholder of the Company.

(2)    To approvethe 2024-25 Service Level Agreement between i4B Holdings Ltd and the Council.