Value For Money

A new Value for Money (VfM) Standard issued by the Regulator of Social Housing came into effect on 1 April 2018.

We must comply with the requirements of the new Standard which are:

 

  • to clearly articulate our strategic objectives
  • to have an approach agreed by Board to achieve VfM in meeting these objectives and demostrate our delivery of VfM to stakeholders
  • through our strategic objectives, articulate our strategy for delivering homes that meet a range of needs
  • to ensure that optimal benefit is derived from resources and assets and optimise economy, efficiency and effectiveness in the delivery of our strategic objectives

 

We must demonstrate

 

  • a robust approach to achieving VfM - including decision making and a rigorous appraisal of potential options for improving performance
  • regular and appropriate consideration by the Board of potential VfM gains - this must include full consideration of costs and benefits of alternative commercial, organisational and delivery structures
  • consideration of VfM against our whole business and where we invest in non-social housing activity we should consider whether this generates returns commensurate to the risk involved and justification where this is not the case
  • that we have appropriate targets in place for measuring performance in achieving value for money in delivering our strategic objectives and that we regularly monitor and report our performance against these targets