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Annual Report and Accounts 2016/2017

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Annual Report and Accounts 2016/2017 Clarion Housing Group Annual Report and Accounts 2016/17 Clarion Housing Group Annual Report and Accounts 2016/17 Everybody 4 What makes deserves a Clarion different? good home. Clarion Housing Group formed in 2016, following the merger between two of the country’s largest housing associations, Affinity Sutton and Circle Housing groups. With nearly 125,000 homes we will use our strength and scale to create opportunities that change people’s lives. Introduction 56 The Group Board 2 Highlights 58 Group Executive Team 8–12 4 What makes Clarion different? 60 Report from the Remuneration and Chairman’s foreword 8 Chairman’s foreword Nominations Committee Chief Executive’s statement 10 Chief Executive’s statement 61 Directors’ remuneration 12 Board, Executive Directors and Advisers 62 Report of the Audit and Risk Committee 63 Board statement on the effectiveness Strategic report of the system of internal control for 14 About Clarion the period ending 31 March 2017 18 Where we operate 64 Statement of the Board’s responsibilities 19 Development highlights in respect of the Board’s report and the 20 Our business model financial statements 22 Our markets 24 Strategy at a glance Financial statements 26 Strategy in action 67 Independent auditor’s report to 38 Financial review of 2016/17 Clarion Housing Group Limited 42 Treasury management 68 Statement of Comprehensive Income 44 Principal risks and uncertainties 70 Statement of Financial Position 48 Value for money 72 Statement of Changes in Capital 52 Corporate Social Responsibility (“CSR”) and Reserves 54 Governance review of the year 73 Statement of Cash Flows 55 Clarion Group Committee structure 74 Notes to the financial statements Our markets 22 To find out more and access all our reports visit: clarionhg.com 52 Corporate Social Responsibility 26 18 Strategy in action Where we operate Clarion Housing Group Annual Report and Accounts 2016/17 1 Introduction Highlights The year at a glance Our key financial, Financial highlights Operational highlights operational and property development highlights over the past year. £796m 76.7% 79.9% Turnover Resident satisfaction Resident satisfaction with repairs £173m 3.5% 124,572 Net surplus Arrears Homes owned and managed at the end of the year £271m 74.5% £85m Net long-term investment in affordable housing properties Housing calls answered within 30 seconds Social value of community investment activity £4,623 Operating cost per home £109m Sales income Property development highlights 210% 1,340 1,206 Interest cover New homes constructed New affordable homes constructed A2 134 1,863 Credit rating (Moody’s) New private sales constructed New homes started 2 Clarion Housing Group Annual Report and Accounts 2016/17 Introduction Financial highlights Operational highlights reportStrategic £796m 76.7% 79.9% statementsFinancial Turnover Resident satisfaction Resident satisfaction with repairs £173m 3.5% 124,572 Net surplus Arrears Homes owned and managed at the end of the year £271m 74.5% £85m Net long-term investment in affordable housing properties Housing calls answered within 30 seconds Social value of community investment activity £4,623 Operating cost per home £109m Sales income Property development highlights 210% 1,340 1,206 Interest cover New homes constructed New affordable homes constructed A2 134 1,863 Credit rating (Moody’s) New private sales constructed New homes started Clarion Housing Group Annual Report and Accounts 2016/17 3 Introduction What makes Clarion different? Providing good services to our current residents is our top priority – and we know there are areas, especially in parts of London where we can and will do better. But building 50,000 homes over a decade and delivering the most extensive and influential community investment programme in the sector are bold ambitions. By attracting additional external funding, our investment into our communities will be around £150 million over the next 10 years, making this the largest programme of its kind in the country. Building futures Clarion provides more than housing. We support more than 4,000 people into work and training each year as well as supporting 15,000 young people a year to make a better start in life, for example through partnerships with the education sector and the provision of apprenticeships. 4 Clarion Housing Group Annual Report and Accounts 2016/17 Introduction Strategic report Experience Our experience of delivering large scale regeneration projects is sector-leading. We adopt Financial statements innovative approaches to secure successful delivery, which means we can deliver new homes and communities without the need to rely on government grant. Increased capacity We can increase our home building programme to 50,000 over 10 years, while maintaining a strong credit profile. Clarion Housing Group Annual Report and Accounts 2016/17 5 Introduction What makes Clarion different? continued In an uncertain economic environment a strong financial performance is more important than ever Uncertainties relating to Brexit and government stability can create problems. Our financial performance will ensure the Group remains stable through difficult times. Resilience to risk Our financial strength means we will be able to manage adverse trading conditions, absorb market shocks and ride out economic uncertainty. 6 Clarion Housing Group Annual Report and Accounts 2016/17 Introduction Strategic reportStrategic Greater efficiency A change programme on a scale unprecedented in the sector will modernise customer services and create a platform for growth. statementsFinancial Increased influence As the largest affordable housing provider in the country we have the scope to influence public policy for the benefit of our customers and the sector as a whole. Partnership At Clarion we know that unlocking the biggest opportunities is driven by our partnerships. From policy makers and local authorities, to architects, developers and the whole supply chain – we drive partnerships, working together to realise our ambitions. Clarion Housing Group Annual Report and Accounts 2016/17 7 Introduction Chairman’s foreword The formation of Clarion represents the largest merger the sector has ever seen I am pleased to present this, the first Annual Report and Financial Accounts for what is the now the largest affordable housing provider in the country – Clarion Housing Group, with responsibility for nearly 125,000 homes in 176 local authorities across England. Clarion, was created by the largest merger the sector has ever seen, between Affinity Sutton and Circle Housing groups. The merger, however, was not an end in itself. The creation of the new organisation puts us in a very strong position in terms of delivering for our customers, across all tenures, and making us a major national force in delivering new homes and helping to tackle the housing crisis. We are well on track to deliver our ambition to consolidate all of our housing association subsidiaries to create a single housing We are well on track to deliver association. This will enable us to deliver better local services to our residents as our ambition to consolidate all well as the biggest social investment programme in the sector, thereby of our housing association underlining our ongoing commitment to place social purpose at the heart subsidiaries to create a single of everything we do. housing association. We launched Clarion at a time when we are confronted by a very particular set of headwinds. Although it is too early to say what the impact of Brexit or the uncertain general election result might be, I am confident that our financial strength and Clarion’s clear sense of strategic direction will ensure we are able to drive future success. 8 Clarion Housing Group Annual Report and Accounts 2016/17 We ended 2016/17 having made a surplus Despite the inevitable challenges Introduction of £173 million on a turnover of £796 million associated with bringing two large and and generating an Operating Margin of 36%. complex organisations together – albeit Although marginally below forecast due to organisations with a shared a set of values, a number of exceptional merger related ethos and culture – plus the need to bring costs, our financial strength is recognised about significant improvements to service by Moody’s rating agency through our A2 delivery, our board and staff have risen to Strategic report rating, a strong investment grade rating. meet the challenges head on. I am very Most importantly these results provide us proud of what we have achieved in such with a solid foundation to deliver on our a short space of time and I would like to key merger drivers: to build more homes, thank all our people for their commitment deliver efficiencies, provide consistent and dedication. I would particularly like to customer-focused services through a record my thanks to two key individuals who multi channel approach and increase left Clarion after the year end. Sir Robin the numbers of people we can support Young, the former chair of Circle Housing Financial statements into work and training. and inaugural Clarion Chair and Mark Rogers, the former Circle Chief Executive. I am acutely aware that our scale and reach Robin and Mark had the foresight and brings substantially increased responsibilities, determination to steer through what particularly at a time of housing shortage. was a complex transaction in sometimes We aim to play a major role in developing difficult circumstances. The formation new homes. By merging we have been able of Clarion Housing Group would not have to unlock greater capacity and our target is been possible without them. to more than double the number of new homes we can build to 50,000 over 10 years. Clarion is new and ambitious. I am Our key priority, and social purpose, is to confident we are in the best possible build affordable homes for rent and low position to overcome the challenges we cost home ownership and this will form will face as we deliver our programme two thirds of our programme.
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