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.
VFM underpins the delivery of our vision and strategic aims.
VFM is important to us as we want to ensure we are able to achieve our priorities year on year in order to maintain our existing properties, manage our liabilities, improve our operating cash flows, protect services to customers and continue our development programme. Value for money is about achieving excellent quality services to the satisfaction of our tenants and customers.
The Group’s strategic plan contains clear targets for the future and our plans to achieve them. VFM is a cross-cutting theme running through all six strategic aims and forms part of our Whole Business Targets. Our ambitions can only be realised through maximising VFM at every level within our business. Our VFM strategy includes key areas: Asset Management, Service Costing, Benchmarking, Procurement, Social Value & Scrutiny
The Board and Senior Management Team have overall responsibility for the delivery of VFM activities within the Group and Operational managers play a major part in helping to deliver VFM actions and in preparing service cost reviews for their areas of responsibility.
This VFM self-assessment for 2015/16 sets out:
- our strategic approach to VFM
- what we have achieved in relation to VFM during 2015/16 against the plans that we made
- our VFM priorities and targets for 2016/17
- how we manage our assets in order to deliver a positive return on the significant levels of investment we make
- our benchmarking results with peer groups to allow stakeholders to judge how well we perform
- how well we manage our financial and
- operating performance to maximise VFM
- our commitment to the development of more affordable housing
- our overall assessment of VFM for the Group.
The Board’s overall assessment for 2015/16 is that we have successfully delivered against our value for money targets during the year, whilst identifying further areas for improvement. We are confident that it has complied with its regulator, the HCA’s, VFM standard.