Value for Money
Value for money (VFM) is a key component of our three key objectives: social heart, business head and local impact.
One of our board's overall responsibilities is delivering VFM including setting our 2018-2023 Corporate Strategy and the financial models which support it.
We use our business head to obtain good VFM through our procurement and day-to-day activities. We use our social heart to ensure we add social value back into our local economy and produce a strong local impact.
We seek to develop and embed VFM in the culture of the business, particularly in shaping our approach to service delivery, planning and management. We will use benchmarking and cost comparisons alongside our annual social value report and new tools such as our stock viability assessment to show how we are delivering our VFM approach.
VFM Impact
» Improved operating and net surplus in the year ploughed back into new homes in west London.
» Reduced housing management costs.
» Increased spend on maintenance.
» An “average” performance on costs in London but, at times, high cost.
» Efficiencies in our work on procurement, interest costs, rent arrears and empty homes.
» Consistent resident satisfaction with our work.
