Value for money statement
Growth and service ambitions outlined in our business plan depend upon us achieving improved value for money; recognising that this does not mean the cheapest solution and taking into account the “priceless” social value attributable to enabling our customers to lead more independent lives.
What follows is a summary of our key achievements for 2015-2016 and things we will do over the next year.
Value for money savings
In line with the promises we made last year, we became more efficient and reduced our costs during 2015-16 by:
- raising our operating surplus as a percentage of turnover to 9.5%, at a time of increased cost pressures
- reducing our overhead costs from 12% of turnover the previous year to 9% – so that we can continue to improve and develop homes
- retendering our repairs contract, which should give us annual savings of 10%
- completing the sale of a hostel and a shared flat we no longer needed, to raise funds for investment
- comparing ourselves to other similar organisations – the data went to the Board.
We involved customers in our value for money work, by getting them to define what the term meant to them in addition to saving money. Customers also helped us with the retendering of the repairs contract, by helping us think about the service they expected and the cost.
- We will survey our care & support customers early in 2017 – we will report back on the findings later in the year.
- We will hold an official opening for Wishbone Way in Woking in the summer.
- We will open a new service at Whitley Rise.
- We will become more efficient and give better value for money, by:
- joining a benchmarking group of similar landlords to improve comparison data
- holding central costs to 9% of turnover
- working to speed up letting times so that we lose less rent because homes are empty, and
- drawing up a new asset management strategy to make sure we are making the most of our stock.