Financial Statements.

Financial

Statements.

2020/21

.uk

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Midland Heart Financial Statements 2020/21

Contents

Chair¡¯s Foreword

4

Chief Executive¡¯s Foreword

5

Strategic Annual Review

6

Operating and Financial Highlights

8

Our Corporate Plan ¨C

Making What Matters Brilliant 2019-2025

10

Risk Management

33

Board and Executive Overview

36

Board and Non-executive Members

37

Directors¡¯ Report

51

Statement of Board¡¯s Responsibilities in Respect

of the Board¡¯s Report and the Financial Statements

53

Independent Auditor¡¯s Report to Midland Heart Limited

54

Financial Statements

58

Midland Heart Financial Statements 2020/21

3

Chair¡¯s foreword

Challenging times tell you a lot about yourself and those around

you. This year has shown that Midland Heart is a strong, resilient

organisation that adapts quickly to change.

The second year of our corporate plan Making What Matters

Brilliant has like everything around us been defined by the

Coronavirus pandemic. Throughout the year we have consistently

stayed ahead of the curve acting swiftly, and before restrictions

mandated, to keep our customers and colleagues as safe as

possible while maintaining the services they rely on.

Due to our ability to respond so

quickly, putting in place measures

to maintain safety and training

colleagues on how to continue to

deliver services in Covid-secure ways,

we have been able to maintain a

higher level of service than many in

our sector.

It is a source of pride that we have,

even during this challenging year,

maintained our ?22m investment on

planned improvements to our existing

homes and that 99% of customers

reported that we adhered to social

distancing measures while completing

the works at their home.

We also maintained our focus on

building as many new affordable

homes as we could, completing

350 new homes and agreeing to

build 4,000 by 2025.

It is this industry leading performance and our organisational

strength and resilience that allowed us to secure a ?100m bond

at our lowest ever rate, while maintaining our A1 stable rating.

This year we have also agreed a new,

more ambitious carbon reduction

plan that commits us to becoming a

carbon neutral landlord by 2050. The

plan also commits us to ensuring all

of our properties are EPC D or above

by the end of Making What Matters

Brilliant, and C or above by the turn

of the decade. Our plans also make

the most of our current investment in

technology to ensure our colleagues

can spend more time with customers

and less time travelling to offices to

complete administrative tasks.

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Midland Heart Financial Statements 2020/21

Finally, this year the Board agreed to

extend our current corporate plan by a

year to 2025, our centenary year.

John Edwards CBE

Chair, Midland Heart

Chief Executive¡¯s foreword

This year our homes have meant more to us than ever before. They

became everything to us from offices and nurseries to gyms. Our

customer's and colleague's safety has been at the centre of every

action we have taken this year.

In a year when our external environment has been increasingly

unpredictable, I am proud to say that we have continued to make

the improvements to the day-to-day issues our customers have

told us matter most to them.

We have continued to invest in

improvements to our customers homes,

further developed our customer app,

created a new more user-friendly

lettings portal and built 350 new

affordable homes across the Midlands.

We have also worked hard to keep our

re-let days low, despite the disruption

we faced, so that nobody had to wait

any longer than necessary to get their

keys and feel settled in their new home.

We have also continued our

investment in our Retirement Living

offer. As our customers come together

again, after a very difficult year, they

will do so with new and improved

services, refurbished communal areas

and even better catering.

As a result, we have maintained

our industry leading 90% customer

satisfaction score for a second year.

We also continued our drive to be one of the region¡¯s

leading employers, continuing to recruit and remotely

onboard over 260 new colleagues, promoting 70 colleagues,

offering virtual wellbeing activities and investing record

amounts in colleague development.

We also kept everyone of our

colleagues working and delivering

for our customers throughout

the pandemic, saving any of our

colleagues the uncertainty of

being furloughed.

This year, following the summer¡¯s

sad events in the USA, we have also

taken time to reflect on what diversity

and inclusion means for us as an

organisation. This reflection has been

led by colleagues in our Inclusion

Networks and the outcomes have

helped shape our diversity priorities

for the year.

As a result, we have been named

the 24th most inclusive business in

the UK and maintained a colleague

engagement score of over 80%.

We go into the third year of our

corporate plan as an engaged and

united team who has delivered for our

customers in the most challenging of

circumstances and has clear plans for

a more sustainable future.

Glenn Harris MBE

Chief Executive, Midland Heart

Midland Heart Financial Statements 2020/21

5

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