VALUE FOR MONEY SELF-ASSESSMENT STATEMENT
A strategic approach to value for money
Throughout the year Accord has continued to demonstrate a commitment to ensure that value for money (VFM) is embedded in
core operations and activities, and that value added services are delivered to our customers and communities. VFM is increasingly
important in light of the rent reduction regime and the Government’s strong appetite to increase housing supply through
Registered Provider’s increasing their development activity. Accord’s VFM self-assessment statement considers performance
against our VFM strategic objectives and measures the actions taken to ensure services are not only high-quality, but deliver
value for our customers, communities and stakeholders. Accord ably demonstrates that all resources are invested efficiently and
effectively to maximise the return on investment, and is supported by a clear understanding of how resources are committed.
Accord’s Business Plan sets out strategic objectives and the activities and initiatives required to achieve these goals and support
Accord’s vision. Every objective has an associated VFM outcome. This ensures that resources are applied effectively and that
processes are carried out efficiently when work is undertaken.
Embedding the VFM strategy and a VFM culture
The Business Plan sets out strategic objectives and the activities required to deliver the plan. The plan is underpinned and supported
by a Board approved VFM strategy which ensures that resources are used effectively and efficiently. In addition to the VFM corporate
action plan, each directorate and function within the Association has its own VFM targets which are captured within departmental
action plans, highlighting the level of commitment to a fully embedded entity-wide approach to delivering VFM.
Value for Money is branded as ‘Make it Count’ within Accord. Whilst this campaign is supported by colleagues from all parts of the
organisation, responsibility for ensuring the VFM strategy is discharged remains with the Executive which provides the Board with VFM
and efficiency update reports.
Value for Money achievements
Value for money is an embedded and well established working practice within Accord. In the last five years Accord has:
n Invested over £170m in the delivery of new housing supply
n Improved social housing lettings operating margin by 5%, from 29% to 34%
n Reduced social housing lettings total operating costs by 9%, or £291 per unit
n A total investment of over £73m in maintaining and improving the Association’s existing homes.
n Invested over £6,300 per home in maintenance and improvement works
n Employed an average of 3,400 colleagues
n Invested over £264 million back into our communities and the local economy
n Delivered around 1,000 new homes to our communities
n Generated £22m from the disposal of existing homes to fund the supply of new homes
The Association’s VFM achievements also include a significant number of non-cash examples of social value added. Furthermore,
to ensure that VFM remains embedded within everything the Association does a further £3.4m of operating efficiencies have been
identified and built into the 2017/18 budget.
Full details of the Association’s commitment and delivery of VFM is included in the 2017/18 Value for Money Self-Assessment Statement
which is included in the Accord Housing Association Financial Statements and can also be found on the website:
accordgroup.org.uk/value-for-money
Financial Statements 2017
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