Value for Money
Our vision is to:
Have a positive impact on people and communities by providing high quality homes, supporting independence and creating opportunities.
Value for Money (VFM) underpins the delivery of the Group’s vision and our key strategic aims, as shown in the Group’s Strategic Plan and Business Priorities 2020- 2025 – the ‘Plan’.
A comprehensive assessment of VFM for the year has been carried out by the board and Executive Team. This gives our stakeholders a rounded picture of how we have performed against our VFM targets for 2019/20, how we have progressed since last year and how we intend to deliver VFM in the future. 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.
We are confident that we have complied with this VFM standard in full. The board is committed to ensuring that VFM is embedded in both our culture and our decision-making processes.
We achieve this by:
- Setting the overall strategic direction and culture of the Group, and recognising how important it is to maximise VFM in order to deliver our strategic aims;
- Approving the VFM Strategy and overseeing its implementation;
- Having a dedicated VFM and Performance Working Party in place to implement strategy and ensure compliance; Scrutinising and approving major business proposals including cost/ benefit/risk analysis arising from those proposals;
- Approving key strategies and ensuring that VFM has been considered throughout;
- Including VFM targets in the Plan;
- Setting high performance targets and monitoring business performance closely.We do this by benchmarking against our peer group, which enables the board to challenge the organisation to do more;
- Reviewing progress against the Plan to ensure that the business is continuously improving and achieving more;
- Identifying the VFM activities on our VFM action tracker;
- Publishing our compliance with the VFM standard 2018 by the deadline of 30th September 2020.
Our Plan is structured around our six strategic aims.
The first three are outward looking and are drawn directly from our vision. The final three are more inward looking and focus on making sure we have a solid foundation on which to build our future success.
Our six strategic aims which are: Homes, Independence, Opportunities, One Team – Working Together, Customers at the Heart, and Stronger Organisation.
The Plan contains our business priorities and our plans to achieve them. We believe that by achieving these factors, we will be able to deliver the Plan. VFM is a crosscutting theme running through all six strategic aims and is essential to their delivery. Maximising VFM in our activities will enable us to realise our ambitions and we set this out in our annual VFM Strategy.
- Value for Money position statement 18/19
- Value for Money strategy 2019
- Value for Money position statement 17/18
- Value for Money self-assessment 16/17
- Value for Money self-assessment 15/16
- Value for Money self-assessment 14/15
- Value for Money - in year review 15/16
- 2020- 25 Strategic Plan and Business Priorities