Martlet Homes Limited - Hyde Housing Association

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MARTLET HOMES LIMITED REPORT OF THE BOARD AND OPERATING AND FINANCIAL REVIEW (CONTINUED) Measures The Association’s Senior Management Team (SMT) and Board monitor the Association’s performance against its objectives through a number of performance indicators. The table below lists some of the key indicators used by the SMT and the Board to monitor achievement of these objectives. DIRECTORATE PERFORMANCE INDICATORS TARGET PERFORMANCE MEASURE Operations • Rent arrears • Void turnaround time • Emergency maintenance on time • Tenant satisfaction • Complaints response • Decent Homes Standard measures Finance • Operating margins • Margin before asset sales • Interest cover • Cash management and liquidity People • Staff turnover • Sickness absence 3.0% 3.9 weeks 98% 76.0% (80% by 2012) 10 days 100% 30.0% 10.0% 1.10 x EBITDA 1.00 x cash interest cover 13.0% 8 days ACTUAL PERFORMANCE MEASURE 1.7% 4.1 weeks 97.1% 76.0% 8.4 days 95.0% 33.9% 21.1% 2.72 x EBITDA 3.64 x cash interest cover 9.9% 7.8 days The objectives and measures discussed above are key for us in our efforts to deliver a first class customer experience. We pursue those objectives ever mindful of the risks (both internal and external) which the Association faces. 7
MARTLET HOMES LIMITED REPORT OF THE BOARD AND OPERATING AND FINANCIAL REVIEW (CONTINUED) Dynamics of the Social Landlord: External factors and risks The main risks faced by the Association are reviewed on an ongoing basis by SMT, and reported to Board on a quarterly basis. The definition of risk for this purpose is an event that could prevent the business plan from being achieved if it were to crystallise. Risks are recorded in a risk register which also records key controls to manage each risk, who is responsible for the control and how the control effectiveness is monitored. Risks are analysed according to their impact and probability (i.e. high, medium and low) given the current environment within which the Association operates. Martlet Homes Limited has identified the key risks within its own area of operation and the table below identifies the key risks (as at the 31 March 2010) that could have an impact on future performance. The Hyde Group risk strategy requires regular review of key risks by the Group Board and the Board of Martlet Homes Limited. RISK CONSEQUENCES EXISTING CONTROLS/ACTIONS Failure to achieve the Short Notice Inspection action plan. Non-integration of HydeMartlet staff into effective operating business units. Failure to provide effective customer service centre resulting in poor customer experience. Failure to comply with legal & regulatory requirements in respect of health and safety of residents, including gas safety. Failure to meet loan covenants. Cost of future pension contributions for the West Sussex pension scheme greater than planned. Failure to meet identified procurement savings. Prospects for improvement rating by the Audit Commission will be judged on the performance against the action plan. A bad result could impact future business plans. Inconsistent service across the OBU; local and Group policies not always aligned; increase in silo working, all of which can have an effect on staff morale and customer service. High level of abandoned calls and increased waiting time for customers. High level of customer dissatisfaction with the service. Damage to HydeMartlet’s reputation, effecting future business plans. Failure to maintain 100% compliance on gas safety checks; putting residents at risk. Potential re-negotiation and reduction of current facility at less favourable rates. Higher employer contributions following tri-annual review by actuary. If savings not made then will need to reduce other costs to meet overall budget surplus target. • Each area of the plan has a SMT sponsor and the extended team includes colleagues from the Group. • Plan agreed and submitted to TSA. • HydeMartlet Staff Conference • Review of governance arrangements to bring into line with Group. • Implementation of client/contractor split of Martlet Build. • HydeMartlet values and expectations act as a team target across the three offices. • Flexible staff arrangements in place to manage peak periods. • Manager post has been split between customer service and lettings to enable greater focus. • Project team set up to manage programme, additional resources used to gain access to properties and monitor dates. • Moved to Hyde Group policy on gas safety inspections. • Quarterly returns provided to funders • Regular contact and annual meetings with funders. • Financial covenants reported to the Board in the Financial Performance report. • Defined benefits scheme has been closed so number of employees gradually declining. • Defined contribution scheme for new employees. • Monthly budget meetings and information provided to managers. • Increase awareness of Value for Money and efficiency amongst all staff. • Ensure that appropriate controls on spending are being followed. 8
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Martlet Homes Limited - Hyde Housing Association

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