Opening Doors - Enhancing Lives

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Pennaf operates across 7 Local authorities in North Wales and owns and manages over 5,700 properties within that region. The group is committed to providing high quality new homes through its main Registered Social Landlord’s (RSL’s) Clwyd Alyn Housing Association and Tŷ Glas.

The Groups Primary Purpose is “Opening Doors – Enhancing Lives” and it’s five corporate objectives are:

  1. We invest in and adapt houses in the community
  2. Residents are satisfied with our services
  3. We are financially resilient and deliver value for money
  4. We are governed effectively
  5. We maximise our people’s potential, effectiveness and engagement

You can find more information via each of the company websites:

Financial Information

The Group’s strong operational performance and efficiency has resulted in robust financial health, despite economically challenging times. Over the past three years the group has experienced strong growth. The Group’s intention is to continue to grow and we intend to deliver 1,500 new homes over the next 5 years. The Group’s most recent financial statements are available on the Pennaf website:

Financial statements for the year ended 31st March 2018

The Group is showing an operating surplus of £10.839m for 2017/18 compared to £9.842m for the year ended 2016/17.  This compares favourably also with the Groups budgeted position of £8.728m. However, there is an overall deficit of £12.082m.  This is after allowing for breakage costs of £15.904m as part of the Group’s decision to review its borrowing in the first quarter of this year.  On 7th June 2017 the Group repaid £126.943m of Clwyd Alyn Housing Association Limited’s debt with six lenders, with the associated breakage costs.

On the same day PenArian Housing Finance plc received £160m offering £250m publicly listed bonds, retaining £90m. This was then on-lent to Clwyd Alyn to repay its existing debt, pay the breakage costs, and retain £17m for further development.  The new interest rate applicable is 3.212%, which compares very favourably with its previous average loan rate of 4.02%.

The Group’s Operating Surpluses continue to improve. The full Financial Statements are available through the Pennaf Group Website.

Group statement of comprehensive income - For the period ended 30 September 2017


Our financial strength and stability has been supported by the rating issued by Standard and Poor’s, with a rating currently of A Stable. Standard and Poor’s view was that Pennaf’s enterprise profile was a rating strength as was the high quality earnings. They also felt that Pennaf will be able to pursue its development program while containing financial risks.

Bond Issue

The Group was the first in Wales to secure £160 million publicly listed bonds through the capital markets, with a further £90 million retained for future investment. These funds have been used to reduce financing costs by settling bank debts and to build additional housing in line with the Group’s aims.

Operational Information

The Group is regulated by the Welsh Government and the latest Regulatory Judgement Report, which was issued in September 2017, gave the Group the top rating of ‘Standard’ for both Governance and Services, and Financial Viability.

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The Board & Management Team

Responsibility for the management of Clwyd Alyn rests with the Board of Management who have a wealth of skills and experience gained over many years, and offer their services and expertise on a voluntary basis.

Latest News

Up to date information from across the group, including project activities within our communities

Our Performance

The Latest financial statements, Group wide KPI’s and Self Evaluation documents

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