Page 98 - Pobl Annual Report FY25

96 Annual Report 2025
Notes to the Financial Statements
for the year ended 31 March 2025
During 2011, Pobl, established The Welsh Housing Partnership Limited (“WHP”), a Jointly Controlled Entity with three other
Welsh Registered Social Landlords.
During 2017, Pobl established WHP2 Limited (“WHP2”), a Jointly Controlled Entity with three other Welsh Registered Social
Landlords.
Pobl has an investment (less than 20%) in MORhomes. MORhomes purpose is to provide affordable funding on terms
specifically designed to meet the needs of the sector. MORhomes plc has provided loan facilities to Pobl Homes &
Communities.
The amount loaned to the Group by MORhomes is £40m.
Pobl holds 30% of the shares in WHP and WHP2. The other investors and their holdings are as follows:
Hendre Group - 30%
Coastal Group - 30%
Grwp Cynefin - 10%
Shares have voting rights and the entitlement to benefit from dividends and any receipt on dissolution. Pobl has the right to
nominate a member to the Board of WHP and WHP2. A partnership agreement sets out the respective rights and obligations of
the investors in respect of the strategic and operational conduct of WHP and WHP2.
Group WHP1 WHP2 MORhomes Total
£’000 £’000 £’000 £’000
At 1 April 2024 5,708 7,608 230 13,546
Share of profit/(loss) 29 (130) - (101)
At 31 March 2025 5,737 7,478 230 13,445
Company WHP1 WHP2 MORhomes Total
£’000 £’000 £’000 £’000
At 1 April 2024 8,880 7,625 230 16,735
Reduction in share capital - (915) - (915)
At 31 March 2025 8,880 6,710 230 15,820
17. Investments - Other
2025 2024
£’000 £’000
Housing properties 59,479 61,268
Housing property stock consists of properties under the course of construction that are being developed for sale or first tranche
shared ownership.
18. Stock