Value for Money
At THCH we are committed to delivering and demonstrating Value for Money (VFM) in all that we do. Board members take a lead on this and they have the full commitment of the Management Team and all staff to achieve it. We have both a Board Champion (Jennifer Simnett) and an Executive Director Champion (David Joyce) reflecting the priority as an organisation that we place on VFM. This hasn’t always been something that we’ve been able to demonstrate, however, over the last two years it has been a corporate priority.
During 2018/19 each Corporate Plan action had a specific VFM element included.
In March 2019 we introduced three new Corporate Objectives. These are:
Providing Great Homes
Delivering Excellent Services
Valuing Our People
An action plan for 2019/20 has been developed to help ensure we meet these objectives going forward and each of the actions has a specific VFM target.
We recognise that we must continue to prioritise VFM and that it is an important element of the culture at THCH. We have made improvements each year since 2016/17 in embedding VFM and have embraced changes that will mean we will continue to deliver progress in the future. We have extended our sources of bench marking and adopted the Sector Scorecard. We now benchmark with a peer group of similar organisations through Housemark and by comparing ourselves to Placeshapers, a network of more than 100 community based housing organisations.
Our Value for Money Strategy will now involve us in:
- Having a culture where staff strive for an efficient business that delivers good quality services for customers.
- Creating capacity by maximising income and minimising cost base where possible.
- Using our assets and resources to optimise options for delivering Corporate Objectives.
- Prioritising resources based on customer insight and consultation.
A copy of our 2019-22 Value for Money Strategy can be downloaded here: Value for Money Strategy – March 2019.
Page 2 of the Strategy provides details on how we have performed compared to similar organisations. It also provides targets for the current year 2019/20. Some “metrics” are set to improve in 2019/20, such as a reduction in our overheads. Others have been affected by the Board of THCH deciding to invest over £5m in health and safety works and activity during the 2019/20 year, such as re-cladding a block of flats and rolling out a fire door replacement programme. Keeping residents safe is THCH’s number one priority and, in the short term, we have taken a conscious decision to increase spend in this area of our work. We are doing this in such a way that our money goes as far as it can.
A Value for Money Statement 2018-19 can be downloaded here: Value For Money Statement 2018-19.
We welcome any feedback from our stakeholders on our VFM performance or targets. If you have any comments then please contact our Executive Team VFM Champion, David Joyce at firstname.lastname@example.org,uk.