strength. influence. impact. - torus · the torus mission to use our strength and influence to...
TRANSCRIPT
Corporate Plan 2016–2020
Strength. Influence. Impact.
Hello and welcome to Torus
Imagine a strong business with 22,000 homes, 800 talented people and an annual turnover of around £100 million.
Imagine an influential business that sits at the heart of the vibrant North West; a trusted partner with vision and belief, focussed on opportunity, place and home.
Imagine an impactful business with the ambition to build at least 1,200 new homes.
Imagine Torus.
A partnership between:
Golden GatesHousing Trust
02 Our Corporate Plan
Just like the unique business it represents, a Torus has many dimensions. Think fusion, revolution and transformation with a 360 degree view. Think regeneration and opportunity. Think endless possibilities. Think Torus.
ContentsHello and welcome to Torus 02The Business Case for Torus 04The Torus Mission 05The Torus Principles 06Opportunities and Challenges 08Strategic Risks 09Strategic Aims 10Strategic Priorities 2016–2020 11
03
The Business Case for Torus
Since Torus was formed, there have been unprecedented changes to our operating environment presenting new challenges as well as opportunities. The Government’s Summer Budget in July 2015 fundamentally shifted our business plans, reducing our income by 1% year on year for the next four years. Other changes to the way welfare benefits are paid, local government budgets and government funding for new homes, forced an early review of our initial ambitions, with an overarching goal to reduce our annual operating costs by £20 million by 2020.
Torus is well placed to respond; both subsidiaries are stronger as a result of coming together. We maintain our ambition to be a key partner within the region, and to use our strength and influence to impact on the wider economy.
This is an interim corporate plan, as we respond to the new challenges we face and recalibrate our business plans and targets. Our intent remains the same – to provide opportunity, increase aspiration and reduce levels of dependency in the places where we work and through the homes we provide.
04 Our Corporate Plan
Our key focus will be: To deliver ambitious plans to develop new homes to own and
to rent, meeting a range of housing needs in the North West and specifically across Cheshire and the mid Mersey region.
To reduce our annual operating costs by £20 million by March 2020, improving our financial resilience, providing better value for money to our tenants and enabling us to do more.
To invest in our neighbourhoods where it’s needed most, making them fit for the future by building new homes, changing our existing homes and investing in the communities that live there.
To grow our commercial operations, exploiting opportunities that generate profit and help us protect our business.
To be a valued partner in the region, contributing to regional agendas including devolution and city region priorities.
Torus was formed in April 2015 when Golden Gates Housing Trust and Helena Partnerships came together to form a stronger business with 22,000 homes, 800 talented people and a turnover of around £100 million. Our vision – to be an influential social business sitting at the heart of the vibrant North West, a trusted partner with vision and belief, focussed on opportunity, place and home.
04 Our Corporate Plan
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The Torus MissionTo use our strength and influence to deliver change
Strength Our financial capacity
Our asset base
Our people
Influence Our location and scale
A valued partner
An influential voice
Impact Delivering economic regeneration
through new homes and stronger, healthier communities
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06 Our Corporate Plan
The Torus Principles
Financial viability and strengthWe will be resilient, creating the financial capacity to do more. Our 30 year financial plans are robust, making us more attractive to lenders. This, coupled with our significant asset base, allows us to drive efficiency and take advantage of commercial opportunities. Torus allows the group to be stronger together, masters of our own destiny, less exposed to the economic climate and risks that the housing sector is facing.
Asset management Torus will pro-actively manage our significant asset base, valued at £430 million and made up of homes, land and commercial property. We will use our assets to drive value, enhance financial capacity, achieve greater value for money and increase the supply of new homes. New and innovative approaches to procurement, partnerships and investment decision making will secure efficiencies and economies. We will focus our asset and neighbourhood management activity on those neighbourhoods that need additional investment to secure the longer term viability of both our business and of the communities that live there.
Value for moneyTorus will drive greater value from our assets and resources. Over the next 4 years we aim to generate annual cost savings of around £20 million, creating the capacity to build more new homes, invest in services to our customers and neighbourhoods and increase our resilience against the increasingly challenging environment in which we operate.
06 Our Corporate Plan
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Our people Torus will invest in people. We have a long term commitment to our tenants, our partners and our leaseholders and we are here for the long term. Importantly we will invest in our employees, building on the energy, enthusiasm and experience that people bring to Torus. Our aim is create an innovative and agile workforce focused on transforming what we do and delivering against our ambitious plans. We will work with communities to tackle digital exclusion, support more vulnerable tenants, get people into work and help young people get a better start.
PartnershipsWe will build on our reputation as a partner of choice within the region, and work collaboratively in order to pool our collective resources and maximise our impact in the places where we work. Our aim is to invest in the longer term sustainability of our neighbourhoods, grow our commercial business and add strength to regional agendas. We will seek out partnerships that enable Torus to deliver on its ambitions for regional influence and commercial growth, whilst recognising our continued commitment to our tenants, communities and local stakeholders.
GovernanceTorus will be well governed, providing the leadership and stewardship to navigate the economic challenges ahead. A larger, stronger organisation with greater capacity and expertise, it will have robust governance structures with significant skills, experience and knowledge. Our governance structures will be agile and efficient, supporting the Group’s ambitions for growth and regional influence. Tenants are part of the DNA of Torus, and will retain an influential voice in the Group’s governance structures.
The Torus Principles
07
Torus is operating in unprecedented times. Housing associations need to reinvent themselves if they are to self-determine their future. Traditional operating models need to change, creating stronger and more viable housing providers.
Constraints on future income, public spending and reform of the welfare benefit system mean a greater emphasis on value for money and efficiency, less subsidy for new homes, cuts in local services and reduced financial support from national and local agencies. At the same time devolution, the emergence of city regions and the vision for a Northern Powerhouse provides opportunities.
Housing providers need to think and act differently. They need to sharpen their resolve, their ambition and their intent. They need to move at pace to protect their viability and create a self determined future. The ask of our governors is also changing - housing providers need stronger governance with an ability to preserve the value of our business and core services whilst exploiting commercial opportunity.
Torus brings together two strong housing associations in order to manage risk, strengthen viability and deliver better outcomes more quickly. Together, Torus can increase the supply of affordable housing and respond to housing need across the mid Mersey and Cheshire regions and beyond.
Opportunities and Challenges
08 Our Corporate Plan
Strategic Risks
The key strategic risks for Torus are:
Ensuring that the stock profile of our homes is consistent with current and future demand
Delivering our development programme and being able to sell the homes we build
Managing pension costs
Managing health and safety
Complying with data protection legislation
Delivering on our strategic objectives
Ensuring that our stakeholders have confidence and trust in us
Managing our employee relations effectively
Managing the impact of and instability caused by Brexit and other political changes
09
Strategic AimsStrategic priorities Strategic purpose 4 year targets
Our customers To provide a tailored service offer, digital by design
To maximise our income by responding to welfare reform and providing support to tenants to pay their rent
To work with partners and external funders to optimise our services to older and more vulnerable people at an affordable price
Maximise the use of our housing stock to meet changing demand
80% of customers access services online
Less than 1.75% of income lost due to our homes being empty
At least 95.5% of our income is collected
Services to older people break even financially
Our neighbourhoods To help tenants find work
To engage with residents to tackle local concerns
To support young people into work and training
To promote digital inclusion
To invest in the 5% neighbourhoods that most need it, identified through estate masterplanning
2,500 residents into work
For every Torus pound we will attract a pound of external funding and deliver £4 of social value
An improvement in asset value and neighbourhood performance indicators in our lowest 5% performing estates
Our region A “go-to” partner with significant geographical presence and housing market impact
Creating economic opportunity, new homes and commercial growth
A voice with regional and national influence on policy
£128 million impact on the local economy
1200 new homes
£5 million annual turnover from commercial activity
Northern Powerhouse player and an enabling partner within the Liverpool City Region and Cheshire
Our people A resourceful, innovative and agile workforce delivering transformation and modernisation
Achieve IIP Gold as a group
Our business A strong and resilient business with a significant asset value, strengthened credit rating and financial capacity
Increase the group net asset value by 60% while still achieving a £20million cost reduction per year by March 2020
AA credit rating
Our Corporate Plan10
Strategic Priorities 2016–2020Strategic priorities We will develop strategies setting
out our ambitions for: Which reflect our priorities in the following areas:
Our customers Service delivery
Services to older and more vulnerable people
In-house contracting
Income maximisation
Allocations and lettings
Tenancy sustainment
Integration of the in-house contractors
Contact centres and digital services
Our neighbourhoods Social investment
Estate Masterplanning
Employment and skills
Young people
Digital inclusion
Tenant engagement
Neighbourhood Sustainability
Our region Diversification
Brand
Growth
Land
Development programme delivery
Brand, reputation and stakeholder engagement
Commercial programme delivery
Our people Organisational development People and talent management
Leadership
Performance management
Employee relations
Pensions
Terms and conditions
Our business Asset management
Risk
Finance
Governance
ICT
VFM
Business intelligence
Legal services
Back office transactional services
Office accommodation
Governance
Regulatory and legal compliance
Health and safety
Procurement
Continuous improvement
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Working with strategic partners Torus will focus on the issues that matter in the North West. Jobs, transport links, digital connectivity and housing. If you share our vision and can help us have an impact
Get involvedTelephone: 0303 303 2015Email: [email protected] Twitter: @WeAreTorusVisit: www.wearetorus.co.uk
4 Corporation Street St Helens Merseyside WA9 1LDTorus is part of Torus62 Limited Registered in England and Wales Company Registration No: 9183881 Registered Charity No: 1158510
Published October 2016