Delivering Customer Value - Trafford Housing Trust

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Delivering Customer Value

VALUE FOR MONEY REPORT 2013-2014

Value for Money

Creating the right balance between economy, efficiency and effectiveness 2

Contents Introduction4 Section 1 

5

Section 2 - VfM Strategy7 Section 3 - Return on Assets11 Section 4 - F inancial Control & Performance Management 

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Section 5 - A  chievement and Reinvestment of Efficiency Savings28 Section 6 - Customer Scrutiny37 Section 7 - U  nderstanding Costs and Outcomes44 Section 8 - O  verall Self-Assessment55 Section 9 - Appendix 157

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1

Introduction

Since its inception in 2005, VfM has always been a cornerstone of financial and resource management at the Trust. The efficient and proper use of the Trust’s resources is fully integrated in the way the Trust is managed, and VfM is a key consideration in decision making across the organisation. Whilst it is recognised that there is always scope for further improvement, the Trust has a strong track record in the delivery of VfM initiatives and VfM is well-embedded in the strategic and operational thinking of the Trust’s Board, Management and staff. This has become known as Social Value for Money, and incorporates both financial and non-financial resource utilisation and benefits realisation. This Self-Assessment provides information on how the Trust ensures it delivers value and makes appropriate decisions around investment of resources. The Trust’s key strengths and areas for improvement are analysed across the following areas: • VfM strategy • Return on assets • Financial control and performance management • Achievement and reinvestment of efficiency savings • Customer scrutiny • Understanding our costs and outcomes • Overall self-assessment This Self-Assessment also sets out the Trust’s performance against the requirements of the HCA Value for Money Standard (Appendix 1).

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1.1

The Trust’s Approach to VfM

Since 2005 the Trust has been, and continues to be, committed to achieving continuous improvement in service delivery to customers, utilising resources efficiently and effectively to gain the maximum value from its service provision, and generating capacity to deliver new affordable housing to the residents of Trafford into the future. At the Trust, VfM is about delivering customer value, identifying the “sweet spot” of cost, quality and customer satisfaction (or aspiration) levels in setting service standards. In all areas of activity, the Trust strives to obtain the maximum benefit from the resources available, achieving the right balance between economy, efficiency and effectiveness, but also ensuring equity. As well as measuring financial value, the Trust seeks to recognise the social value it creates, in order to assess the achievement of ‘Social Value for Money’.

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SOCIAL VALUE

Social Value for Money

At the January 2013 Staff Conference, the concept of ‘Social Value for Money was launched to all staff through an interactive presentation entitled ‘Adding Value’. Building upon the previous strength of VfM within the Trust’s culture, this sought to introduce all staff to the concept of social value, and the social impact of activities across the Trust:

What is Social Value?

It’s our IMPACT on...

It’s our WIDER IMPACT on... Training & Employment

Housing Health

Value for Money

CO

M M U NITIE

FA

S

Quality of Living

Reduce ASB/Crime

M ILIES

LOCAL BUSINESSES

Access to Services

Wealth

Empowerment

LOCAL GOVERNMENT HEALTH

INDIVIDUALS

Wellbeing

Support Local Economy

SCHOOL FIRE POLICE

CENTRAL GOVERNMENT

Improve Health

Partne