Transcript VfM – The English Perspective

VfM – The English Perspective
Caroline Moore
Executive Director of Finance &
Corporate Services
Yarlington Housing Group
E: [email protected]
follow me @CMYarlington
Agenda
• Brief Overview of Yarlington
• (Recent) History of VfM in England
• VfM Self-Assessment Statement
• Yarlington’s Approach
• Key Initiatives
• What have we learned?
Who is Yarlington?
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Stock transfer in 1999
Around 10,000 units based in the South West
Development programme of 250 units pa
Simple group structure, stable management
Simple funding structure
Recent credit rating – A2 Moody’s
VFM compliant
(Recent) History of VfM in
England
• Annual Efficiency Statement (AES) – 2005
• Operating Cost Index – 2008
• VfM Standard – HCA Regulatory Code 2011
• Annual VfM Self Assessment Statement –
2012/13
VfM Self-Assessment Statement
• Robust approach to making decisions, or use
of resources
• Understand return on assets and strategy for
optimising returns
• Have performance management
arrangements to drive improvements
• Understand the costs and outcomes of our
services
Yarlington’s Approach
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Overall viability strategy – 2011
VfM Strategy or plan?
Raise awareness, embed the culture
VfM Log and report
VfM targets
Key Initiatives
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‘Service Evolution’
Responsive repairs
Procurement
Benchmarking
Optimising return on our assets
Understanding our costs and value
Benchmarking
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Not just Housemark!
Targeted operationally
Financial
Development
Salary levels
Optimising return on our
assets
• For customers
• Financially
• For social value
Understanding Our Costs
+ Value
• Not ‘Finance’s responsibility’
• Segmental reporting
• Understanding the costs of each activity
• Baselining project
What have we learned?
• Difference between cost + value
• Close link to understanding KPIs
• Wider sense of return on assets
• An art, not a science!
VfM – The English Perspective
Thank you
Any Questions?