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.
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 2017/18, how we have progressed since last year and how we intend to deliver VFM in the future. We have adopted the metrics prescribed by the Regulator of Social Housing (RSH) in its revised VFM standard, published in March 2018. We have also included some performance figures against our own targets. We are confident that we have complied with the regulator’s VFM Standard.
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 the proposal;
- Approving key strategies and ensuring that VFM has been considered throughout;
- Including VFM targets within the Strategic Plan and Business Priorities (Business 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 us to do more;
- Reviewing progress against the Strategic Plan to ensure that the business is continuously improving and achieving more;
- Publishing our compliance with the VFM Standard by the deadline of 30th September.
By completing a comprehensive VFM position statement, we are complying with the regulator’s VFM Standard. We have produced a full and honest assessment so that our stakeholders understand how we are performing against the targets we have set ourselves, and what our future targets are.
Our Strategic 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 strategic aims are:
- Provide more and better homes;
- Support individuals and communities to encourage independence;
- Create opportunities;
- Work as one team;
- Develop a stronger organisation and;
- Put customers at the heart of what we do.
The Business Plan contains clear targets and our plans to achieve them. Within this plan we have a number of critical success factors. We believe that by achieving these factors, we will be able to deliver our Business Plan promises. VFM is a cross-cutting 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 17/18
- Value for Money strategy 2019
- 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
- 2022 Strategic Plan and Business Priorities