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1 Annual Report & Financial Statements 2020 STRATEGIC REPORT ANNUAL REPORT & FINANCIAL STATEMENTS 2020 1 INTRODUCTION Contents Part 01 Chairman’s statement 06 Delivering high In the 12-month Chief Executive Officer’s strategic update 08 reporting period, Keepmoat Strategic Report A regional focus on national delivery 12 increased Placing our customers at the heart of our business 16 quality new homes its customer satisfaction score to Positive market positioning 18 and delighting our Government commitment to housing supply 20 92.6% The UK’s leading brownfield homebuilder 22 customers is our Sustainability 24 Our Vision, Mission and Values 26 top priority Making the most of our strengths 28 Delivering our product 30 Outstanding build quality 32 Strategic supply chain 34 Focusing on our people and our culture 36 Corporate sustainability 42 Delivering social value 48 Safety, health and wellbeing 52 Principal risks and uncertainty 54 Chief Financial Officer’s review 60 Part 02 Directors’ report 64 Directors’ Report Part 03 Independent Auditor’s Report 66 Principal consolidated accounting policies 73 Financial Review Notes to the consolidated financial statements 80 Principal Company accounting policies 112 Notes to the Company financial statements 113 Directors and Advisors Directors Registered office Independent auditors Bankers E J C Hawkes The Waterfront PricewaterhouseCoopers LLP Lloyds Bank plc S J Robertson Lakeside Boulevard Chartered Accountants and 3rd Floor J W Mitchell Doncaster Statutory Auditors 10 Gresham Street South Yorkshire Central Square London DN4 5PL 29 Wellington Street EC2V 7JD Leeds LS1 4DL 2 KEEPMOAT.COM ANNUAL REPORT & FINANCIAL STATEMENTS 2020 3 KEY HIGHLIGHTS 2020 INTRODUCTION HOMES SOLD PLOTS SECURED 2,460 24,000 Representing 6 years of delivery FINANCIAL YEAR ENDING AVERAGE SELLING EMPLOYEES 31 OCTOBER 2020 PRICE 1,145 £165,000 8% of which are trainees, Increased from £161,000 AN UNPRECEDENTED apprentices or graduates YEAR BROWNFIELD PERCENTAGE OF DEVELOPMENTS FIRST TIME BUYERS The last financial year has been one where Keepmoat have faced 80% 70% unprecedented challenges with the of open market properties impacts of the ongoing COVID-19 Pandemic. Whilst the financial and operational results were significantly impacted by the period of shutdown the business performed strongly throughout and is well positioned to deliver future growth plans. To provide a useful additional means of comparing the Group’s performance across periods, the figures above are compared to the unaudited 12 months to 31 October 2019. 4 KEEPMOAT.COM ANNUAL REPORT & FINANCIAL STATEMENTS 2020 5 CHAIRMAN’S STATEMENT STRATEGIC REPORT With an average Chairman’s statement 70% of the selling price of £165,000, Keepmoat homes we sell on helps customers achieve their Last year Keepmoat Homes¹, and indeed the whole country, faced unprecedented aspirations of owning their challenges that none of us could ever have anticipated due to the Coronavirus the open market own homes. Pandemic. But I am delighted to say that the business performed strongly throughout are being sold to and is well positioned to deliver our future growth plans. I am extremely proud of the way the Executive Team, led by We are a trusted partner of Homes England, local authorities first time buyers Tim Beale, have steered the business safely through the crisis and registered providers, with many of these relationships with the support of our highly competent senior management enduring for over 20 years. These trusted and lasting team. I would like to thank the Executive Board and the partnerships underpin our multi-tenure strategy and our wider Leadership team and Regional Directors, across the position as a top 10 UK home builder. Our work with business, who also showed their support by taking a voluntary registered providers and the build-to-rent market (or private 20% salary reduction for the period that our sites had to be rented sector) is important to us, as our partners want to closed during the first national lockdown. This was an act see more multi-tenure developments. Furthermore, as the of outstanding leadership and clearly demonstrates their UK’s leading brownfield homebuilder with 80% of current commitment to Keepmoat Homes. developments on brownfield sites, our work goes beyond the delivery of new homes. By regenerating urban and The value of our Partnership Business model was once again brownfield land, we create thriving new communities and we demonstrated last year when it was tested under extreme are delighted to see continued support for bringing forward circumstances, with the strength of our relationships with our brownfield land from the public sector. Partners helping us to steer the business safely through the Pandemic. Finally, I would like to thank each and every one of our people for all their hard work every day, our reliable supply chain The Board and our lenders are confident that our unique and our strategic business partners for their commitment to Partnership Business Model will continue to drive our future Keepmoat Homes. success. This was clearly demonstrated last year when we were able to increase our credit facilities by £27.5 million and our shareholders signalled their continued support with an injection of additional equity, and the business embarked on a programme of significant investment in new IT infrastructure. Keepmoat Homes is a different type of home builder which is uniquely placed to serve the needs of the UK today. It is the Stephen Stone UK’s largest partnership focused home builder committed to Non-Executive Chairman building sustainable communities in places where people want to live. We put our customers first and deliver high quality affordable homes, using a mix of tenures across the country. One of Keepmoat’s defining features is its quality product at affordable prices. With an average selling price of £165,000, Keepmoat helps customers achieve their ambitions of owning their own homes, with 70% of the homes we sell, on the open market, being sold to first time buyers. I am delighted that during the last financial year our customer score increased to over 90%, giving the Group five-star builder status across all our developments. ¹ Keepmoat Homes refers to the trading activities of the Keystone JVco Limited Group. 6 KEEPMOAT.COM ANNUAL REPORT & FINANCIAL STATEMENTS 2020 7 CHIEF EXECUTIVE OFFICER’S STRATEGIC REPORT STRATEGIC REPORT Chief Executive Officer’s strategic update Reflecting on the last financial year, I want to start by saying how proud I am of what we have achieved in successfully steering the business through the Coronavirus crisis. The last financial year has been one where we have faced unprecedented challenges with the impacts of the ongoing COVID-19 Pandemic continuing to affect all aspects of our daily lives. However, I am delighted to report that on the back of a very positive start to the year, whilst our financial and operational results were significantly impacted by the period of shutdown and ongoing economic uncertainty caused by COVID-19, our business has demonstrated the resilience of the multi tenure partnership model, and we are in a strong position moving forwards and well set up to deliver our future growth plans. We made a good start to the year with positive post- Sales offices were reopened with the creation of a bespoke election sentiment and demand for new homes reflected in online appointment booking system to allow customers to excellent sales figures and the business trading in line with visit our sales centres and show homes across the UK safely, our expectations for the period to March, before the onset in line with Government and Public Health guidelines. of the pandemic. Demand for new homes has remained In the previous financial year, we had already invested in strong throughout as one of the effects of the Pandemic digital technologies to re-engineer the customer journey has been to make people place greater value on owning to make the process of buying a new home even easier their own homes with flexible space for living, working, and more closely aligned to the expectations of our young exercising and relaxing. Our predominantly First Time Buyer customer demographic. This investment has paid dividends, audience and average selling price of £165,000 has further with the reserve online tool enabling the business to supported our continued strong performance. In fact, our continue to sell homes whilst sales offices were closed forward order book and pipeline in all our regions remain during lockdown. Further enhancements including the strong across all tenures, this forward visibility positions us appointment booking system and an online payment tool well for investment and growth in the future. to enable all payments to be made via the website, enabled When the UK entered its first national lockdown, as a sales offices to reopen safely, operating on an appointment responsible home builder, we prioritised the safety of our only basis and minimising unnecessary contacts. “I believe that the way we people, our customers and the communities we work with The bookings tool has provided additional benefits to the have successfully steered the and took the decision to temporarily cease operations. business with improved visibility on footfall to sites, enabling All our developments were closed in a safe and secure business through this crisis is staffing levels to be optimised accordingly. Looking ahead manner at the start of April 2020, with surplus PPE donated and building on the success of the Reserve Online tool, testament to the strength to NHS Trusts and Charities to support medical staff and phase two is now in development to include additional of our extremely competent key workers. During the shutdown period, the business features such as ID checks, anti-money laundering checks supported customers who were ready to complete, as management team, with the and electronic document signing. lockdown restrictions came into force, to ensure that they right people now in the right were able to safely move into their new homes.
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