Value for Money
Each year, we undertake a comprehensive assessment of how we are performing and how we plan to continue to deliver Value for Money. We report on the metrics prescribed by the Regulator of Social Housing (RSH) in its VFM Standard 2018. We also report on some of our own, additional metrics.
What is Value for Money?
Contrary to how it sounds, value for money isn’t just about saving money! It is about ensuring that the business is efficient, effective, and economical. We measure it in the following ways:
This is a measure of productivity - how much you get out in relation to what you put in.
This measures the impact of obtaining value for money.
This is the price paid (the impact on people as well as actual money spent) for providing a service at best value, taking price and quality into account.
Performance against our Value for Money Strategy
Value for Money (VFM) is at the heart of the services we deliver; we want to ensure that we are offering the best possible services we can in the most efficient and effective way.
You can view our annual VFM position statement on our website by clicking here.
The savings and efficiencies we make through VFM activity can be used to provide more new homes for people who need them; invest in local communities so they offer a safe and healthy place to live; and support people to achieve more opportunities and independence.
Here are some examples of our recent VFM activity:
- Reviewed several existing contracts with a value of £3.3 million and have either maintained the existing cost, contained to a low-cost increase and achieved savings of £0.3 million.
- Procured new contracts to provide a cost-effective solution and improved service provision to tenants.
- Accessed funding for 52 supported living customers reducing expenditure within the Group.
- Invested in training and support for managers, which has resulted in a reduction in sickness absence with a cost reduction of lost time across two years of £0.4 million (48%).
- Increased employee available resources to provide services to customers.
- Maximised the use of the Apprenticeship Levy. This costs us approximately £66,000 each year, and this year we have 37 employees accessing training and development opportunities.