ACCORD ’ S VFM STRATEGY
The Board-approved VFM strategy has been developed to meet the requirements of the regulatory standards , to complement the delivery of the Business Plan objectives and also to ensure that there is transparency in VFM from which stakeholders can take assurance . The strategy is underpinned by an annual efficiency plan which informs the budget setting process for that year .
Application and delivery of Accord ’ s VFM Strategy
Accord ’ s Board approved 2015-2018 VFM Strategy consists of five strategic themes which are each aligned to regulatory requirements and complement and supports the delivery of the Business Plan objectives . The table below outlines the key objectives of the VFM strategy and the key actions already undertaken in delivering against these .
Theme
Objective : What has Accord committed to ?
Implementation : What has been delivered ?
Plan and manage our costs
Develop a VFM framework / model to measure VFM achieved on strategic business objectives .
Review and reorganisation of overheads to drive efficiency and increase VFM
Improved use of performance management and benchmarking data to understand costs and drive business improvement . n During 2016 / 17 the strategic annual review of VFM in the context of business plan objectives was again prepared at the request of the Board . n In response to the rent reduction regime the outcomes of the VFM response plan have been embedded in the 2017 / 18 budget . n Overhead efficiencies of £ 2million included in the 2016 / 17 and 2017 / 18 budget . n The Board and Executive continue to be clearly sighted on benchmarking data including cost per unit analysis to ensure a full understanding of Accord ’ s cost base . n This information is used to inform performance improvement . n Benchmarking exercises were undertaken to ensure the Board and Executive understand Accord ’ s cost base and financial performance in the context of peer organisations . n 2017 / 18 surpluses ahead of budget . n Corporate Asset Management budgets were exceeded – these budgets also included embedded year on year efficiency savings . n Improved year on year cost per unit efficiency metrics over a five year period . n A number of detailed operational reviews have been delivered during 2016 / 17 to implement leaner ways of working and drive up service standards . n An investment in core systems to improve operating practices freeing up front-line resource to prioritise on adding value through reduced administration / bureaucracy .
Financial Statements 2017 17