Purpose

to ...
This report provides Cabinet with a final draft of the i4B Holdings Ltd (i4B) 2024/2 Business Plan. Cabinet is asked to approve the Business Plan on behalf of the Shareholder.

Decision

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