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 2022-2027 - the ‘Plan’.
The board and Executive Team have carried out a comprehensive assessment of VFM for the year. The assessment gives our stakeholders a rounded picture of how we have performed against our VFM targets for 2022/23, 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 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 to deliver our strategic aims;
- Approving the VFM Strategy and overseeing its implementation;
- 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 within the Plan;
- Setting appropriate 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;
- Publishing our compliance with the VFM standard by the deadline of September 2023.
Our Plan is structured around our three strategic aims; homes, independence and opportunities.
The Plan contains our business priorities and our plans to achieve them. We believe that by achieving these aims, we will be able to deliver the Plan. VFM is a crosscutting theme running through the 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.