Agenda item

Westminster Community Homes - Business Plan 2024/25

Decision:

The Westminster Community Homes Business Plan 2024/25 was approved.

 

 

 

 

Minutes:

The Chair invited Neil Tryner to the meeting.

 

Neil Tryner spoke to the Business Plan 2024-25 for Westminster Community Homes.

 

Neil Tryner talked through how the business is operating, noting that inflation and pressures are up, meaning that costs are up as well. Neil Tryner informed the committee that the business plan outlines that they will meet KPIs, as well as have a healthy level of surplus.

 

Neil Tryner said that the Board asked for stress tests to be applied, and that the business plan holds up against these stress tests, such as if there is a rent cap or a further inflation increase, the business can survive these.

 

The Chair thanked Neil Tryner for speaking to the report and invited the committee to ask any questions.

                                                           

Councillor Liza Begum asked how Westminster Community Homes will know if they are reaching their financial KPIs, to which Neil Tryner responded that they will be measured during monthly check-ins.

 

Councillor David Boothroyd asked how they are seeking to minimise actual spend during the refresh. Neil Tryner confirmed that this will be part of the sweep up activity to identify and remedy the outstanding day to day repairs that have not yet been reported. He confirmed this would come from the £2m investment into the refresh.

 

Councillor David Boothroyd also commented that the stress tests are a welcome activity. Councillor David Boothroyd asked whether the lower income from temporary accommodation will have an adverse impact. Neil Tryner said that some units have been handed back, but they are currently working on how they can make those units permanent.

 

Councillor Matt Noble asked about the impact of the rise of inflation, to which Neil Tryner replied that this was part of the stress tests they have completed, and that they would expect rents to rise with inflation.

 

The Chair asked about the issue of increased shared ownership, and whether these lease agreements were put in place when inflation was lower. Neil Tryner responded that these agreements were put in place with the figures prior to September, which are in line with the lease agreements. 

 

Councillor Hug also asked about improving standards for existing tenants, and whether Westminster Community Homes has the capacity to deliver on this. Neil Tryner confirmed that they have revised their services, and that there will be an uplift in resources.

 

The Chair asked the committee to approve the business plan for Westminster Community Homes 2024-25. The committee indicated approval.

 

 

 

 

 

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