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Report of the Board and Strategic Report

The Board presents its Report and audited Financial Statements for the year ended
31 March 2016.

Introduction by the Chair

Southway has completed another good year, with strong performance across all
service areas and the delivery of the first year of our new ambitious corporate
strategy, the Futures Strategy 2015 to 2020.

Southway has risen to the challenges of the current economic and national policy
environment, and is well placed to take advantage of new opportunities that will take
us closer to our vision and strategic priorities. Our financial Business Plan is robust
and has been “stress tested” by the Board. We have a cost reduction plan in place
and are on target to deliver this as part of managing the impact of the 4 year rent
decrease. We have also achieved improvements in value for money both in outright
terms and when compared to our peers.

With this as the context, 2015/16 was an exciting year. Major change has been
delivered to the company structure, the Board and the senior management team to
make sure we have the vision and drive, and the skills and capacity to reach our
goals. We have also implemented a fundamental review of our landlord service,
building on the skills and commitment of our staff and the successes of earlier years
to provide a more flexible and efficient service for our customers. Performance in key
areas has improved. Rent collection is now in the upper quartile of stock transfer
landlords – which matches the upper quartile performance of our repairs service, the
service which is always cited as the most important to our tenants.

The final piece of the restructuring arrangements was put in place in April 2016 as we
completed our refinancing project. We are now in a position to use our financial
strength, alongside our other objectives as a community based landlord and
neighbourhood manager, and aim to build over 700 new homes within the next 5
years.

Our social objectives remain at the heart of our plans. We achieved added value
from the use of our resources in 2015/16 by supporting our tenants and residents to
realise their potential. This included employment and training outcomes, volunteering
opportunities, health and wellbeing projects and age friendly initiatives to reduce
isolation amongst some of our older tenants. We will continue to collaborate with a
wide range of community and voluntary sector partners to achieve these aims in the
future, and play our part in transforming public services.

I will be leaving the Southway family in September this year after 8 years as a Board
member. I am proud of what the organisation has achieved since the stock transfer
in 2007, and have seen the changes that have improved homes and the quality of life
of our tenants and their families. I know that Southway will go on to deliver more and
more and look forward to seeing our ambitious plans becoming a reality.

Southway Housing Trust  2015 - 16 Annual Accounts 5
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