implement new technology and ways of working which make our services more efficient. We have a series of principles which any change project must comply with: • Measurably add value. • Align with our risk appetite and golden rules. • Support self-service. • Support “freedom within a framework”. We have ambitious plans to transform the way we do business so that our systems and processes are modern and efficient, offering a great experience and value for money for our residents. We have agreed strategies and plans to achieve this, but as with any major transformation for a large organisation, implementing these can take longer than expected. We have spent some time during the year reviewing our priorities for what needs to change and putting some new governance arrangements in place to oversee the programme. In next year’s report, we expect to be able to tell you more about how we have modernised and transformed our services. External environment We continue to see significant challenges to our residents and colleagues, our organisation, the sectors in which we operate, and the wider economy. War and political changes on a global scale, alongside the effects of the United Kingdom having left the European Union, have continued to create inflationary pressure. This has been most keenly felt in energy costs, but has also affected construction, repairs and maintenance, and our ability to recruit and retain colleagues in parts of our business. Economic turbulence has impacted on everyone’s cost of living and people have less disposable income. The social housing sector has been influenced by significant regulatory and legislative shifts during the year. The Regulator of Social Housing has consulted on and introduced new Consumer Standards. Providers have been required to publish their Tenant Satisfaction Measures (TSMs) for the first time during 2024. This should provide more transparency about the sector’s performance and, in time, drive up standards. The Housing Ombudsman continues to be active in championing good complaint handling performance and highlighting areas for improvement in the sector. A section later in this report highlights Anchor’s evolving approach to complaints handling. The introduction of the Building Safety Act 2024 places new requirements on landlords in relation to the design, construction and management of high-quality homes. Anchor is reviewing its compliance and building safety strategy, structures, policies and procedures, engagement with residents and contract management arrangements. These reviews will ensure that Anchor can provide robust evidence that it complies with its new duties and responsibilities. Whilst managing these short and medium-term priorities, organisations are also having to consider their obligations
for sustainability and net zero carbon, and the ongoing demand for new housing. Against this backdrop, Anchor’s values, strong financialfooting and robust governance provide the framework that allows us to continue to deliver on the objectives of our Business Plan. LIVING BY OUR VALUES Our values • Accountable: We are positive about our work, each taking responsibility for doing a brilliant job, and we focus on and celebrate our successes. We are personally accountable for our actions and keep our promises. • Respectful: We care about people and show kindness, putting excellent customer service at the heart of what we do. We listen and encourage a variety of perspectives to be shared. We are inclusive and value everyone for who they are in helping us succeed as an organisation. • Courageous: We demonstrate courage to shape a better future by constantly seeking to move forward, improving, and innovating in our services to make a difference. We break down barriers and build connections through collaboration. We’re pioneers in our services. • Honest: We show integrity and demonstrate openness and transparency in everything we say and do. We are reliable, keep things simple and have honest conversations about what matters. Customers and colleagues trust us to keep to our word. Cost-of-living support - residents Providing value for money to our residents continues to be a top priority for Anchor. Our residents are experiencing higher costs of living largely due to external factors, so we are doing what we can to minimise the impact of this. For the year ending March 2024, we set and achieved our target that no resident paying for their energy via Anchor would pay more than the equivalent of the government’s Energy Price Guarantee, so that our residents were not disadvantaged by Anchor’s ineligibility for government support. We have written to residents whose utilities are fully included in their service charge to advise how they can claim from the Energy Bills Support Scheme (EBSS) which, along with Government Winter Fuel Payments and Pensioner Cost-of-living Payments (dependent on individual circumstances), can help with the cost of living. The rent we charge in our rented housing is controlled by a formula set by central government and usually increases each April in a calculation linked to inflation. For rent increases from April 2024, the Board carefully considered the case for increasing rents and the impact this would have on residents. We also had to take into account the fact that in April 2023, Anchor chose to apply 7% instead of the maximum potential increase of 11.1% and the impact this has on our financial plans. The decision to
10 Anchor Hanover Group Annual Report & Financial Statements 2024
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