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.
During the year, we have reviewed and updated our approach to VFM and identified our priorities. To help us achieve our value for money objectives, we operate the strategy under five areas of activity. These activities are linked to our business plan priorities set out in our 2021 vision document. Each area aids our level of understanding and assists in delivering improvements throughout the organisation.
We have identified our top two priorities for 2016/2017 which are asset management and service costs and benchmarking. Our Active Asset Management Strategy helps us to deliver our objectives under the homes strategic aim. It provides a framework for the Group to manage stock proactively and support business plan objectives. It links the knowledge of the stock gained to date, the property requirements in response to local demand and customer aspirations and what is affordable in the Group’s Business Plan.
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 2016/17 sets out:
- What we have achieved in relation to VFM during 2016/17 against the plans that we made
- Our VFM priorities and targets for 2017/18
- 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 we manage our financial and operating performance to maximize VFM
- Our commitment to the development of more affordable housing
- Our overall assessment of VFM for the Group.
Where we have identified any weaknesses, we are feeding this information back into action plans across the Group. Findings will also inform our annual update of the Group’s VFM strategy.