Providing Value For Money
Delivering Value for Money (VfM) is at the centre of everything that RBH does. It is at the very heart of RBH’s Corporate Strategy, Together. The Improving Together theme recognises that we need to change and improve the way we work with a clear focus on value for money. Together states:
Ensuring financial sustainability and excellent value for money - Making sure, and being able to demonstrate, our long term financial sustainability is critical to the ongoing success of RBH as a mutual housing Society. Demonstrating that we will have the resources in place, year on year, to carry out our activities and invest in our strategic priorities underpins the rest of this Strategy. We will continue to define value for money in terms of what this means for RBH and our members to consider the balance of money, quality and local social and economic benefits and will clearly set out how we are achieving our financial and social value goals.
The priorities set out in our VFM Strategy therefore have been developed in conjunction with the Representative Body and members who were consulted on RBH’s definition of value for money and how we prioritise the different factors that make up that definition.
VfM is always a balance of factors, all factors are important and all may be vital. As a result of the work with the Representative Body and members we rank these factors as follows:
- high quality homes, goods and services;
- financial considerations;
- local social and economic benefits;
- environmental issues
There are 2 key priorities included in our new 3 year strategy:
1. to improve the quality of services whilst maintaining unit costs
This first objective will be met by a programme of service improvement activity; by setting cost per unit targets and identifying savings; through effective procurement; by investing in technology; and through income generation where possible. The objective links closely to RBH’s Financial, Transformation and Procurement Strategies.
2. to maximise the financial, social, and environmental return on our assets
This objective is about how we manage our main assets, our homes, to maximise the return; how we will create social value; and how we can deliver environmental returns as well. It links closely to the Growth and Social Value strategies.
The strategy includes targets to measure how well we are doing in terms of VfM performance. The majority of these measures are the standard metrics required by the regulator but others are our own. We publish a VfM Statement in the financial statements each year, starting on page 13. Download the 2018-19 statement: RBH Group Financial Statements 2018-19 [pdf] 1MB