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

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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

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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: hello@wearetorus.co.uk 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