Governance
In any organisation it is important to have a good governing body in place. Please see below for more information on governance.
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Luminus Group Limited is a not-for-profit Company, limited by guarantee and not having a share capital.
It is registered under the Companies Act 1985, 1989 and 2006 and builds on the foundations of HHP (Huntingdonshire Housing Partnership) which was registered on 19 March 1999.
The current trading companies in Luminus Group comprise:- Luminus Group Limited
- Luminus Homes
- Luminus Oak Foundation (“Oak Foundation”)
- The Ferry Project
- Hope Social Enterprises (“Hope”)
- Luminus Finance Limited
- Luminus Developments Limited
Our registered office is Brook House, Ouse Walk, Huntingdon, Cambridgeshire, PE29 3QW.
Luminus Group has wide powers that include the ability to construct, improve, convert or purchase suitable dwellings, to manage dwellings or hostels, provide amenities and services, build houses for sale or lease under shared ownership agreements and undertake works of repair and maintenance.
Oak Foundation and The Ferry Project, as registered charities, are able to benefit from tax relief and their objects have been widely drawn to facilitate their involvement in a range of charitable activities connected with the Group’s broad MISSION. Luminus Developments operates in a commercially flexible way to seize opportunities that further the work of the Group. Hope Social Enterprises focuses on providing cost effective and high quality cleaning and grounds maintenance services to the Group, other organisations and private individuals, whilst providing employment to vulnerable and long-term unemployed people.
Each company within Luminus Group is registered under the Companies Acts 1985, 1989 and 2006 with Memorandum and Articles that have been agreed with the relevant regulators that provide for such matters as:- proper conduct of meetings
- membership arrangements
- preparation and consideration of annual returns
- submission of financial statements
- accounting procedures
- audit arrangements
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authorisation of borrowing and investments.
Luminus Group Limited, Luminus Homes and Oak Foundation are Registered Providers, registered with and regulated by the Homes & Communities Agency and are permitted to carry out any other activity defined under Section 2 of the Housing Act 1996. Oak Foundation and Ferry Project are further regulated by the Charity Commission.
Under the amendments to the Housing and Regeneration Act 2008, introduced by the Localism Act 2011 and the Secretary of State’s directions, the Social Housing Regulator has distinct roles in relation to economic regulation and consumer regulation. Economic regulation is applied proactively, while consumer regulation is a more reactive, ‘backstop’ form of regulation. The Regulator has assured itself that Luminus is well-governed and financially viable, in a risk-based and proportionate way.Anti-Slavery and Human Trafficking
Luminus makes an effective contribution to improve the health, safety and well-being of communities and to meet the needs of vulnerable and socially excluded people. It is committed to ensuring that slavery or human trafficking does not place in the business, or within supply chains. Luminus requires its new suppliers to declare that they have no involvement with slavery or human trafficking. This has been added to already rigorous checks of new businesses.Luminus’ recruitment processes are transparent and reviewed regularly. Candidates are communicated with directly to discuss job opportunities, and to confirm details of any offer made. Robust procedures are in place for the vetting of new employees, to ensure that identities are confirmed, and that the employee is paid directly via an appropriate, personal bank account.
To ensure a high level of understanding on the risks of slavery and human trafficking, relevant staff members have been provided with training.
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The key to success and growth is a strong approach to corporate governance that permeates all aspects of the Company. Our steady course through the turbulent waters of the political and economic external environment is carefully charted and monitored through a sophisticated framework of governance arrangements.
Strategic direction of Luminus Group is exercised through the Board, with the majority of members being non-executive and including tenants and council appointees. A significant number of non-executive positions are “independent” thus having no tie to any interest group. Our non-executives bring considerable experience from public, private and voluntary sectors with expertise in finance, law, chartered surveying, community affairs, churches and other faith communities. Our tenant board members and council appointees add significant value through their local knowledge which is particularly helpful in the delivery of services. The Group Chief Executive sits on all Boards within the Group, and brings four decades of business experience in the sector to support the Board in its repsonsibilities.
The business of Luminus Homes and Oak Foundation Boards is generally conducted by the Group Board, on which several members of these two subsidiary Boards, including tenants, also sit. Additional Luminus Homes and Oak Foundation Board members also attend the Group Board meetings as observers, with opportunity to raise questions. Luminus Homes and Oak Foundation Boards meet annually to approve the financial statements, and on any other occasion as the Group Board determines.
The Audit, Finance and Risk Committee, which operates independently and reports directly to the Luminus Group Board, is the audit committee for the Group. It provides effective monitoring of internal controls assurance, treasury management and the management of risk as defined in the Risk Management Strategy and Risk Management Policy.
Board members are focused on driving the business forward. Their work is underpinned by a wide range of knowledge, skills and experience. This is enhanced through a comprehensive programme of training and development, enabling non-executive directors to discuss, review, challenge and examine the various complex strands of activity affecting the company, the sector and the wider social, political and economic environment.
The effectiveness of the Boards in terms of governance and strategic planning is further enhanced by a rigorous and wide ranging annual Board Effectiveness Review that ensures the Boards are aware of their strengths, ability to work as a team and their areas for development. In addition to the support from the Executive, the Board has access to further external input in relation to legal advice, treasury management, risk, audit and specific areas for review that arise periodically. The Board also has a Succession Plan in place. -
Value for Money means getting a good deal for the amount of money spent. We must ensure that we are running our business in the most efficient and effective manner so that we are successful in achieving our key objectives. It is not simply about saving money. We must also strive to improve our services and keeping our customers satisfied.
Value for Money is incredibly important to us, particularly in the current economic climate. Find out more about how we are achieving Value for Money.
Self Assessment
Our regulator, the Homes & Communities Agency, requires us to produce an annual Value for Money Self Assessment which details how we are achieving Value for Money.
The Self Assessment includes details of previous successes, what we have achieved this year, and our plans for the future. There is also information regarding how our Board, tenants and staff get involved in helping us achieve Value for Money. We hope you will find the Self Assessment document interesting, in demonstrating that we are making the best use of all our resources to drive future success.