The Committees

Audit & Risk Committee

Chair: Shena Winning The role and responsibilities of the Audit and Risk Committee are set out in written terms of reference which are reviewed annually by the Committee, taking into account relevant legislation and recommended good practice.

The Committee’s responsibilities include, but are not limited to, the following matters:

• Oversight of the integrity of VIVID’s financial statements

• Review of VIVID’s annual financial statements including the clarity and completeness of disclosures

• Oversight of risk management and internal control arrangements

• Oversight of compliance with legal and regulatory requirements • Oversight of the external auditor’s performance, objectivity, qualifications, and independence; the approval process of non-audit services; recommendation to the Board of the nomination of the external auditors for shareholder approval; and approval of their fees

• Review of the programme and performance of the internal auditors.

During the year, the committee met 4 times and we undertook a full programme of work including:

• Reviewing the Annual Review and Accounts. The reviews incorporated the accounting policies and significant judgements and estimates underpinning the financial statements and the appropriateness of adopting the going concern basis of accounting

• Monitoring and agreeing the Assurance Plan quarterly based on the Strategic Risk Register. Our approach to assurance was reviewed in April 2021 and improvements to the process will be made during 22/23 • Reviewing the outcomes of quarterly operational controls audits and specialist deep dive audits, as well as following up to ensure the actions based on audit findings were completed through the Control

Improvement Plan

• Approving/recommending Board approve the

Speak up, Risk Management and Prevention of

Financial Crime policies and financial regulations

• Reviewing our accounting judgements and policies

• Considering our legal compliance based on a report received every six months

• Agreeing our external audit strategy and planning memorandum

• Noting cases of potential fraud raised on the fraud register

• Considering renewal of the contract with our insurance provider.

The committee provided the Board with an overall opinion of internal controls, which confirmed our arrangements for the management of risk are robust.

Customer Services Committee

Chair: Philip Raw The Customer Service Committee (CSC) is responsible for ensuring customers are involved in decisions that affect them and that their views are taken into account when decisions are made.

The committee ensures we have clear service standards which are consistently delivered and that we handle complaints promptly, effectively and fairly and that we implement the lessons we learn. The committee met 4 times during the year.

It has been the first full year the committee has been operating and we are learning and adapting as we go. During the year we have looked in-depth at the complaints we received and how we respond to them, along with ensuring we embed any learning from them.

We looked at how we could make what we do more transparent and understandable to customers, including the types of performance data we can routinely share.

In July we reviewed our Customer Engagement Strategy including how this marries with the Together with Tenants framework.

The committee also undertook a series of deep-dives into key aspects of our work, including building and fire safety, damp and mould and how we tackle anti-social behaviour. Remuneration and Nominations Committee

Chair: Jane Earl The Remuneration & Nominations Committee (RNC) is responsible for overseeing our approach to people and reward and the appointment and performance of our nonexecutive directors and the Chief Executive. During the year, the committee met 5 times.

Early in the year we reviewed our compliance with the Code of Governance and carried out our annual governance review, which ran alongside our In-Depth assessment by the Regulator of Social Housing. We reviewed and recommended board and committee appointments, which were made following the AGM in July.

We reviewed our People Policy, Gender Pay Gap report, Code of Conduct, Standing Orders and gave a commitment for an external governance review in 2022.

In September, a panel made up of members of the Committee interviewed and made a recommendation to the board in November for the appointment of 2 new Non-Executive Directors, following an open recruitment process. In December we appointed a Board Member Designate. We supported the Chief Executive in consideration of bonus payments and pay award for staff. As part of our commitment to learning from others we made links with a number of other RNC Chairs in other Housing Associations to learn from their good practice and to build a network of support for the future.

Project Approvals Committee

Chair: Mark Perry The Project Approvals Committee (PAC) is responsible for approving expenditure on major projects which support our Development Strategy and Corporate Plan.

It monitors the award of contracts and our planned improvement programmes to ensure that approved projects deliver the expected benefits and that the risks connected with these projects are managed.

This may include the development of new schemes, the remodelling, rehabilitation, regeneration and disposal of the Group’s stock or projects within the asset management strategy. During the year, the committee met 11 times.

The Committee has experienced another productive year overseeing development projects that enabled us to deliver 1401 homes for our customers.

We’ve continued to review schemes upon their completion through our end of scheme reviews, which help us improve and transfer insight into new and ongoing projects.

Treasury Committee

Chair: Shena Winning (took on the role in 22 July 2021) The Treasury Committee is responsible for overseeing our treasury strategy, recommending an appropriate Treasury Management Policy to the Board. It approves the Annual Treasury Plan and provides detailed scrutiny of the terms of funding agreements and provides assurance to the Board on new funding decisions.

During the year, the committee met 5 times. The committee was chaired by David Mairs until 22 July 2021. Shena took the chair from 22 July 2021.

The committee had a busy year which started with recommending to the board for approval the Treasury Management Policy and Investment Policy and approved the priorities for the Treasury Strategy. This included 3 new priorities for 2021/22, covering investor relations and research, the transition from LIBOR to SONIA and the efficient use of property security.

We completed the transition from LIBOR to SONIA in November 2021 and continued to oversee the maintenance of our liquidity levels, compliance with our Golden Rules and financial covenant compliance. We also reviewed options for our future funding strategy, finalising our first unsecured facility, and we commenced renewal of some of our loan facilities and carried out an evaluation of our legacy debt.