Financial Statements 2016 | Page 10

In addition, Accord and its customers continue to experience the financial challenges and impacts brought about by the ongoing implementation of Welfare Reform. Accord continues to identify the extent of the impact of welfare reforms, both on the Group’s finances and on individual customers. Accord is committed to working alongside customers to ensure they understand how these financial challenges also impact upon them. The Group has reviewed its financial assumptions and decisions in order to reflect all current economic risks and equip the organisation to manage the associated pressures. The Group also continues to stress test the Business Plan each year with various scenarios to demonstrate the ability to manage these pressures. Group objectives and strategy The Group’s objectives and strategy are set out in the strategic five year Business Plan that is reviewed annually and approved by the Board. The Group sees identifying and managing its risks and opportunities as integral to the way we do business. The Group’s main objectives and strategies taken from the Business Plan 2015-2020, are summarised in the following table: Strategic objective Meeting Need Great Housing and Services Good to Great By 2020, we will: Across the Group have 15,000 homes in management including the development of 1,800 affordable, high quality homes Develop and establish a personcentred approach to housing, assets, care and community services to create efficiency and improve satisfaction Have achieved £150 million turnover and approaching £10 million surplus to plough back into our work to support those most in need Further improve the quality, value and range of care services Increase the number of homes manufactured at the LoCaL Homes factory and sale of products to external partners Create volunteering, apprenticeship and employment opportunities for customers, their families and local community members within the group and with key partners Continue to raise funding from a variety of sources to support our ambitions 8 Accord Group Continued implementation of the strategic stock investment and disposal process achieving 447 units sold. This consists of 260 units of new development for sale and 187 units of existing stock disposals. Combine the direct labour teams across the Group and develop a competitive and efficient inhouse maintenance team Significantly environmentally improve existing units ensuring they remain high quality homes and help reduce fuel poverty for customers Procurement and other efficiency programmes to address rent reduction and other demands to reinvest into core purpose. Have reduced office/commercial building costs and other associated overheads by 20% in order to invest in new services for customers Increase meaningful customer engagement and access to the customer web portal by 20% Further improve existing stakeholder relationships and seek out new links to help develop business opportunities Have reviewed and where appropriate, updated the Group structure to ensure an efficient, VFM business deliver ing core purpose Have further enhanced and developed governance arrangements to attain excellence in governing standards To increase employee engagement