Value for Money Strategy 2016 - 2019

Revised May 2016

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Table of Contents

Page

About Us

3-5

The National Context

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Mission, Vision and Values

6

What is Value for Money(VFM)

7-9

The Value for Money Standard

9

The Value for Money Framework

10

Our approach to Value for Money

11-17

Our Corporate Objectives

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How will our VFM work Support our Corporate Objectives

18-19

Measuring Value for Money

20

Value for Money Roles and Responsibilities

21

Value for Money Monitoring & Reporting

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VALUE FOR MONEY STRATEGY 2016 - 2019 About us: Broadacres was established in 1993 when it purchased the housing stock from the local District Council. Now 23 years later we provide almost 6,000 properties to rent across North Yorkshire and beyond. Broadacres’ geographical area of operation is largely based in North Yorkshire. 90% of our stock is in the district of Hambleton. However, we also have stock in the areas shown below in table 1, Hambleton district covers an area of 506 square miles. It has a population density indicator of 0.68 compared to an England average of 4.07 (per person per hectare) which places Hambleton within the 25% most sparsely populated districts in the country and making it predominantly rural (based on 2011 census figures). The majority of our stock is located in the five market towns of Northallerton, Bedale, Stokesley, Thirsk and Easingwold. However 44% of our tenants live in more than 100 villages. We are based between the major conurbations of Teesside and West Yorkshire and provide services in an area with two national parks. Local Context Table 1 Local Authority District name East Riding of Yorkshire Hambleton Harrogate Richmondshire Ryedale Scarborough

IMD - Rank

215 245 289 225 184 90

Hambleton is ranked 245 out of 326 districts in the national index of multiple deprivation (IMD)2015 (with 1 being the most deprived –source DCLG Index of Multiple deprivation (IMD) 2015 indices of deprivation) Nevertheless there is what some analysts called a ‘two tier’ economy in many of the districts within North Yorkshire. One is characterised by relatively high levels of gross household income in some areas, but this is dependent upon a wider regional economy. The more local economy is characterised by low wage levels and relatively restricted employment opportunities. As an example 29% of children living in the Brompton Ward and 28% in the North Northallerton ward are living in poverty (source ONS 2013) House prices are fairly high in Hambleton with the average price of a three bedroomed semi detached property at £190,000 compared to £168,000 in North Yorkshire and an average for England and Wales of £179,000 (HM Land Registry March 3

2016).

In terms of home ownership the ratio of median house prices to median earnings in Hambleton is 8.69 compared to England as a whole of 6.45 and North Yorkshire 7.20 which indicates the difficulties that people face in buying a property on the open market. (source DCLG table 577 last updated Aril 2014). In terms of affordability of private rent which is a calculation of median average private rent for a 2 bed property compared to the local median average take home pay Hambleton is 221st out of 326 authorities (with 1 being the lowest) with an indicator of 32% (NB 35% is considered unaffordable) 39.2% of our tenants are 60 years of age or over at March 2016 compared to 43.5% in March 2013 and compared to 29.2% in the 2011 census for Hambleton. 18.08% are aged over 75 compared to 20.9% in 2013 and compared to 9.9% in Hambleton overall. The fall in older customers will have to be recognised as we go forward in planning our services and highlights the increase in working age customers we have experienced over the last three years. Our operational environment can have both positive and negative effects in respect of value for money (VFM)and delivery of our services as follows: 

The dispersed nature of our stock does affect our management costs and requires more careful planning of service delivery.



The reduction in older tenants who have been less affected by welfare benefit changes means that pressure on our rent teams increase.



Our in house repairs and improvements team continue to face an ongoing problem in providing a reactive service to a wide geographical area and although we have invested heavily in information technology to support effective planning of repairs using Optitime and mobile technology there is no doubt that fuel costs and the length of travelling times can have a negative impact on our costs. We continue to work with York Housing who currently deliver our repairs on the East Coast and around York.



We provide catering, care and support services to 1,950 people with 106 of our staff. These services remain subject to extreme financial pressures and possible funding cuts.



Our void rate is around 10% per year and whilst not high, many of the vacating tenants have previously refused improvement work or indeed the properties have been occupied for a number of years and returned properties may not be up to the required standard resulting in an increased level of work required when the property comes empty. This affects our costs and performance in repairing and re-letting the properties.



We achieve high customer satisfaction rates with our services. However we recognise that this is partly because of our tenant profile as older people are generally more satisfied. However, we also invest in tailoring our services to our more vulnerable customers. 4



There are fewer opportunities to attract inward investment, most programmes and projects focussing on more deprived areas. One area which Broadacres has worked hard to address is to improve access to money advice and tenancy support particularly due to the impact of welfare reform. We have employed an additional Money Advisor and two Tenancy Support Advisors over the last three years as well as expanding the scope of our ‘older persons support service’ to cover younger vulnerable tenants. Our Money Advice Service for 2015/16 was successful in achieving additional annual income of £873,000 for the customers they assisted.



We can sometimes struggle to attract staff due to the high cost of accommodation and the competition from other housing and support providers, particularly on Teesside. Consequently, we have to provide an attractive salary and benefits package. Our smaller size can also mean that staff leave for career progression, which we are not able to provide. We implemented a new job evaluation scheme in March 2016 and will review salaries on a regular basis with a view to always paying at least the mid market salary for each role

In conclusion Broadacres operates in one of the most sparsely populated areas of England which while considered idyllic by some, brings its own challenges, particularly for those of our customers who live in the deeper rural areas as opposed to the market towns. It also impacts on our costs and certain service practicalities such as travel distances between customers. It is in this context that we adapt our approach to Value for Money.

The National Context Major changes have taken place since the VFM strategy was first developed which will continue to have a significant impact on the housing sector and Broadacres. These include:    

 

The rent cut of 1% for the majority of our customers until 2020 and the ongoing uncertainty as regards what the future will hold for rents after that. The potential impact on our asset base given the extension of the Right to Buy to housing association tenants. The continuing uncertainly as regards the impact of housing benefit caps to local housing allowance levels. The impact on development opportunities given planning changes, the impact of ‘starter homes’ and the pressure from Government to promote home ownership products such as shared ownership in preference to new rented properties. Welfare reform and the end of direct housing benefit payments to landlords; Significant changes to benefits for the most vulnerable customers such as young people and the disabled. 5



 





As a result of the proposed change in the Homes and Communities Agency consents regime and the desire to remove Registered Providers from being classed as public bodies means funders may increasingly view housing providers as higher risk and as a result the cost of funds may increase; Longer term debt has moved towards capital markets and banks have moved towards only offering shorter term loan facilities; Continuing focus of VFM in the government’s attitude towards housing providers and an apparent desire to see a smaller social housing sector with a reduction in the number of providers via mergers. A greater onus on housing providers to develop their own approaches to the way they manage their business, and services as opposed to being driven by regulatory requirements; Demographic change.

These changes mean:    

housing providers have to manage their business in a more commercial and innovative manner; housing providers need to focus on efficiency, effectiveness and VFM; greater emphasis on housing providers using their capital, assets and revenue streams more effectively. the requirements of the Social Value Act require housing providers to consider how the services they commission and procure might improve the economic, social and environmental wellbeing of their area.

Mission, Vision and Values Broadacres Vision To deliver an individual service, which makes a real difference to people’s lives’. Broadacres Mission Through a committed, enthusiastic and skilled workforce, working together, we deliver: Homes people want to live in Customer driven services Value for money Wider community investment through partnership working, and Environmental responsibility Broadacres core values in providing our services are: Be approachable, accessible, fair and honest; Value and respect equally the contribution of all people; 6

Involve customers in all aspects of our business; Be environmentally responsible; Keep promises and commitments; Expect the highest standards from our own staff and those acting on our behalf.

What is Value for Money Value for Money (VFM) is a concept that we apply daily in our lives. We are constantly choosing which items or services to buy and judging what is the right balance between quality and cost. Broadacres, as an organisation, is no different. For us, it is about obtaining the maximum benefit with the resources available. It is a way of doing things that underpins everything we do; from performance management to procurement, from business planning to consultation with customers and service delivery. VFM has long been defined as the relationship between economy, efficiency and effectiveness but is perhaps more easily understood as the relationship between Cost, Quality and Outcomes

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Economy is the price paid for what goes into providing a service. Economy is about minimising the cost of the resources for an activity. An example is the cost per hour of a repairs operative. Efficiency is a measure of the activity, i.e. how much you get out (outputs) in relation to what you put in (inputs). Efficiency is primarily associated with the process and delivery and performing tasks with reasonable effort. An example is the number of repairs carried out by a repairs operative. Effectiveness is a measure of the impact achieved and can be quantitative or qualitative. Effectiveness is primarily associated with the outcomes for the customers and they should be equitable across communities, so effectiveness measures should include aspects of equity as well as quality. Sustainability is also an increasingly important aspect of effectiveness. A example is the satisfaction of the customer receiving the repair. VFM is achieved when there is an optimum balance between all three elements – relatively low cost (economy), high performance (efficiency) and successful outcomes for customers (effectiveness). VFM can also be demonstrated by the diagram below:

Output

Output Base

Input Output

Line

Input

Input

Less Input, For Same Output

More Output, For Same Input

Invest: More Output, For More Input

VFM is not just about reducing costs. It is a complex balance of the cost (economy), inputs (efficiency) and the outputs (effectiveness). Success in delivering VFM will be judged by the quality of the services provided, the resources used, whether the service is fit for purpose and ultimately, the satisfaction of our customers.

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It must be appreciated that assessing and measuring VFM can be a challenge. Some elements, such as quality, may be subjective or intangible. ‘Value’ can take a long time to materialise, particularly when changes to services take some time to bed in. What is VFM one year, may not be the next. A strong element of good, informed judgement is, therefore, required when considering whether VFM has been achieved or how it might be improved. In addition we also need to consider the ‘Social Value’ of the services we provide. This is particularly important where there may not be an easily measurable amount of monetary savings that can justify the need to provide the service. All major procurement exercises include criteria aimed to enhance the social value we deliver to our local community. Tender submissions are asked what social value they generate to our local community and this is a consideration when evaluating our preferred supplier.

The Value for Money Standard The Regulator for Social Housing, the Homes and Communities Agency (HCA) has specific expectations in respect of demonstrating and delivering value for money. They expect that the association’s board will have an informed view of the cost base and the factors affecting it. They will have a strategy for making best use of their assets and a plan for improving VFM that has been developed in a transparent way with input from stakeholders. The regulators findings on this will be reflected in published Regulatory Judgements The VFM Standard requires registered providers to articulate and deliver a comprehensive and strategic approach to achieving VFM in meeting the organisations objectives. Boards must maintain a robust assessment of the performance of all of their assets and resources (including financial, social and environmental returns). This will take into account the interests of and commitments to stakeholders, and will be available to them in a way that is transparent and accessible. This means managing resources economically, efficiently and effectively to provide quality services and homes, planning for and delivering year on year improvements in VFM. Specifically Registered Providers should:  Have a robust approach to making decisions on the use of resources to deliver the organisation’s objectives, including an understanding of the trade offs and opportunity costs of its decisions;  Understand the return on its assets, and have a strategy for optimising the future returns on assets, - including a rigorous appraisal of all potential options for improving value for money, including the potential benefits in

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alternative delivery models - measured against the organisation’s purpose and objectives;  Have performance management and scrutiny functions which are effective at driving and delivering improved value for money performance;  Understand the cost and outcomes of delivering specific services and which underlying factors influence these costs. Registered Providers’ boards shall demonstrate to stakeholders how they are meeting the standard. As part of this process, on an annual basis, they will publish a robust self assessment which sets out in a way that is transparent and accessible to stakeholders how they are achieving value for money in delivering their purpose and objectives. The assessment shall:  Enable stakeholders to understand the return on assets measured against the organisations objectives;  Set out the absolute and comparative costs of delivering specific services;  Evidence the value for money gains that have been and will be made and how they have and will be realised over time.

The Value for Money Framework This strategy sits alongside a number of other strategies and policies which also identify actions to improve VFM including: Corporate Plan 2012-2017 Asset Management Strategy 

Procurement Strategy



Financial Inclusion Strategy



Customer Involvement Strategy.



ICT Strategy



Human Resources Strategy



Communications Strategy



Anti Social Behaviour Strategy



Performance Management Framework



Business Plan

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Customers Business Plan

Corporate Plan

Service Reviews

Budgets

Performance Targets

Service Improvement Plan Key strategies

Staff appraisals and one to ones Delivering the following

Customers Value for Money Procurement Customer Services Asset Management ICT Development Human Resources Performance Management

Co –regulation, Customer scrutiny via the Performance Improvement Panel.

Our Approach to Value for Money Our Value for Money strategy has four key themes:  Promote and embed a VFM culture.  Understanding our costs and performance and how we compare.  Effective procurement and partnership working.  Involve our Board, customers and staff.

Promote and embed a VFM culture What do we do:  We have a Value for Money Working Group which is cross-departmental and led by a Head of Service  We have a VFM Board Member Champion who attends meetings of the working group.  Board reports include a value for money assessment of any new initiatives or major changes to services. 11

 Regularly include articles on VFM in our weekly brief for staff – The Big Listen  VFM is part of the induction process for new staff.  Have an electronic efficiency register to capture on going efficiencies which is easily accessible on our intranet. Staff are encouraged to fill it in.  Ask staff to put forward suggestions on VFM as part of their appraisal.  Annually review our performance management framework which is currently a balanced scorecard approach.  Identify VFM outcomes as part of our service improvement planning process and include such outcomes in our board reports. Communicate the work of the VFM Working Group via the VFM page on the intranet.  Undertake staff surveys on VFM and use that to identify actions required.  Provide training for managers, staff and board members. What we need to do:  Continue to publicise the VFM register and encourage staff to complete it more regularly. We need a continuing emphasis on the non cashable savings which are sometimes forgotten.  Remind staff at all levels in the organisation that it is the outcome and not the process that is important.  Refine our calculation of the “Social Value” of the services we offer and challenge managers to articulate the value of their services in this way. Provide training where appropriate. (We currently use the Housing Association Charitable Trust (HACT) model but would like to incorporate some additional measures such as wellbeing and overall happiness).

Understanding our costs and performance and how we compare:  What we do We are a member of Housemark benchmarking service. This service includes a value for money scorecard produced as part of the annual benchmarking report which compares BHA with a peer group of providers. The value for money scorecard analyses four drivers in assessing the value for money offer by BHA: •

Processes: including; income collection , re-let ,and repairs performance



People: staff turnover, sickness and employee satisfaction - We have reviewed our terms and conditions of employment to ensure they are fit for purpose in a commercial environment. 12



Value: satisfaction with new homes, repairs & maintenance, neighbourhood, and an overall VFM rating for the rents and service charges



Business and Financial: including; Cost per property of housing management, repairs, major works, cost of borrowing, total overhead costs as % adjusted turnover, current tenant arrears as % rent due, rent loss due to voids, write offs as a % of rent due, growth in turnover and operating margin.

Extract from Housemark VFM Scorecard 2014/15

Table 2 illustrates that there are areas of particular strength within the scorecard which indicate that the VFM strategy is impacting, including; low overheads, a strong operating margin, high satisfaction with the quality of neighbourhood, strong income recovery performance and high satisfaction amongst tenants that the rents charged provide value for money.  With regard to areas of weakness, some have been addressed, for example there were issues with the performance of the grounds maintenance contractor which impacted on tenant’s perception on the value offered by service charges when the survey was undertaken in 2014. The contractor was subsequently replaced and transactional surveys indicate higher tenant satisfaction as a result. Similarly the repairs service had only recently been brought in-house and transactional surveys again indicate higher satisfaction than those reported in the 2014 STAR survey. What we Need to Do There remain areas of the scorecard which need to improve. The BHA Service Improvement Programme 2016/17 includes projects to improve void performance and increase customer satisfaction with new homes.  Table 2 summarises the relative strengths and weaknesses within the BHA Housemark Value for Money scorecard. 13

Table 2 Strengths

Weaknesses

Rent collected as a % of rent due

Average relet time

Satisfaction with neighbourhood

Satisfaction with the quality of new homes

Satisfaction that rent provides VFM

Satisfaction maintenance

Staff turnover

Satisfaction that provide VFM

Staff sickness

Rent loss due to voids

with

repairs

service

and

charges

Total cost of housing management per property Total cost of major works and cyclical maintenance Total overhead costs as % of adjusted turnover Gross arrears written off

Operating Margin

 In working to develop the effectiveness of the score card in conjunction with Housemark we are reviewing the pool of peer providers to ensure the most relevant match with BHA’s operating environment.  With the change in emphasis in national housing policy away from the development of rented homes towards promoting affordable owner occupation BHA will need to develop the VFM scorecard to encapsulate the perception of value that the for sale products offer.

.

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 We are currently reviewing our Older Persons Support Services, Domiciliary Care, Mental Health Services and Young Persons Homeless Service.  Review the organisations we compare ourselves with on Housemark and choose an appropriate range of comparable factors e.g. we currently compare ourselves to local organisations and Large Scale Voluntary Transfer (LSVT’s) 2500-7500 properties.  Review our Asset Management Strategy (due in 2017) and Development Strategy during 2016.

Effective procurement and partnership working What we do:  We have a Procurement Strategy and related action plan in place.  We provide procurement advice to staff on the procedures for ordering goods, services and letting contracts to ensure OJEU requirements and the Financial Regulations are complied with.  We use experienced consultants to assist us in establishing our new purchasing framework which covers the following areas of spend o

Development Contractors

o Cost & Design Consultants o Material Suppliers  We have an experienced quantity surveyor who can benchmark and check our costs  Our facilities team are skilled and knowledgeable in letting other smaller contracts and purchasing consumable supplies.  We provide procurement training for key staff.  We use an internet tendering service “My tenders” to ensure that tender processes are open and transparent.  Purchase supplies and products through consortia and agreements where it is value for money to do so, for example: •

framework

Procurement for Housing – office furniture, stationery, uniforms and utilities.

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Government Procurement Service and Public Sector Procurement Network – repairs materials, mobile telephones



Northern Housing Consortium –Electronic payments, equipment, call monitoring and maintenance contracts .

Lifeline

 We tender for the procurement of other services where we want to ensure we were receiving the best value for example rent collection costs and tenants’ insurance scheme.  Work with partners and voluntary agencies to develop and access services such as mediation and victim support for cases of anti-social behaviour.  Have a repairs agreement in place with York Housing Association in respect of our properties on the east coast and York and a management and repairs agreement with Harrogate Borough Council for our properties in the Harrogate area. What we need to do:  Continually review our internal procurement processes to ensure they are operating consistently across all departments and that we update our Social Value Register for all procurement decisions.  Ensure we evaluate procurement networks regularly to ensure we are achieving the highest savings possible.  Introduce an electronic procurement / ordering system

Involve our board, customers and staff. What we do:  Ask tenants their priorities and redirect resources towards these; for example dealing with anti social behaviour and building new homes. The next survey is planned for Autumn 2016 and will assist by informing the Corporate Plan and Business Planning priorities in the future.  Employ a Service Charge Coordinator who monitors the services customers receive and consults with customers on service changes.  Consult tenants on service levels and the costs of providing those services; for example, providing cleaning services in communal blocks, updating fixtures and fittings in extra care and supported schemes and the quality of our catering services.  Offer incentives to encourage tenants to access services in a different way; for example pay the rent by direct debit.

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 Our customers on the Performance Improvement Panel* undertake independent reviews of our services.  Provide training on VFM for involved tenants  We involve tenants in co-regulating BHA, both with regard to supporting them in scrutinising services and in undertaking a compliance self-assessment of BHA’s compliance with regard to the Customer Standards required by the HCA.  Use our customer feedback group to consider feedback on all aspects of our service.  Include tenants on panels to select consultants and contractors.  Involve our Maintenance Focus Group of tenants to continue to review our maintenance service.  Reviewed our income management processes to ensure we collect rent and prevent arrears in the most effective way. *The Performance Improvement Panel is Broadacres tenants scrutiny panel.

What we need to do:  Review the service we provide to tenants for repairs and provide more information to them about their role in delivering value for money.  We will consult with and inform customers when we are considering changes to their services.  Invest in on-line services for customers.

Our Corporate Objectives The commitments set out in our Corporate Plan 2012-2017 have been informed by our customers who were asked to set out their areas of greatest concerns for the future. In recognition of this we focus our efforts on those areas and ensure that we recognise the changing operational environment we are in. The new Corporate Plan will be developed during 2017 and surveys of current and future customers as well as staff, stakeholders and partners will be undertaken. This may change the priorities in the life of this strategy but currently the four key areas that our customers want us to focus on are: •

The Cost of Living



Crime and Anti Social Behaviour



Affordable homes

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Support for the vulnerable

So how will value for money support our current corporate objectives? Value for Money and the Cost of Living What we do:  We operate an affordable oil scheme  We offer a multitude of payment options for customers including internet and telephone payments.  Our Money Advisors and Income Teams provide budgeting advice.  We have a programme to provide renewable energy heating systems to our properties which are not on mains gas.  We operate a local furniture store which provides recycled low cost furniture and white goods.  We offer a low cost home insurance scheme.  We provide administrative support and staff volunteer at our local food bank, Hambleton Foodshare.  We encourage customers to switch to affordable energy tariffs via the National Housing Federation switching service. “My Home Energy” on our website  Our Home Improvement Agency provides repairs, improvements, gardening services and adaptations to properties.  We offer customers the opportunity access to new affordable white goods and furniture via “Smarter Buys”.  Install smart meters in void properties in conjunction with a consortium of 10 local partners.  Promote access to affordable and accessible loans for customers via Darlington Credit Union. This is promoted via twitter and facebook via our #moneysavingmonday.  Install energy efficient heating and water systems and solar and PV panels in our new development properties taking advantage of any FIT or renewable heating incentives available.

What we need to do: 18

 Continue to investigate the possibility of creating an Energy Services Company with a consortium of similar organisations to see if we can secure more affordable tariffs for our customers. Continue to promote access for our customers to be able to use on-line services via “Get on line at home”. This will enable customers to take advantage of internet deals.

Value for Money – Crime and Anti Social Behaviour What we do:  We provide a range of diversionary activities for young people.  We offer diverse ways for customers to be involved in our services via our Community Development Team.  We provide access to mediation services.  We train staff to resolve ASB quickly and where legal action is required, use an in-house solicitor where possible. What we need to do:  Identify potential funding streams to help meet the costs of diversionary activities and also how they can be sustained without Broadacres input.  Keep abreast of proposed legislative changes and changes to local community safety partnerships to ensure that we deploy the most effective response.

Value for Money – Affordable Homes What we do  We provide a range of affordable home tenures including shared ownership, intermediate rent and ‘Rent to Buy’ as well as traditional rented stock. We also provide home ownership options for customers via Mulberry Homes and the Governments ‘Help to Buy’ Scheme. We continue to be successful in providing additional homes via S106 agreements with local house builders and developers.  We have a development company that has secured options on key land in our area of operation. What we need to do:  Ensure our future development of properties meets the needs of our future customers.  Evaluate the effectiveness of our housing stock and rationalise where possible. 19

Value for Money – Support for the Vulnerable What we do  Employ over 100 Care and Support staff delivering a range of services. This includes o Mental health services o Learning disability services o Domiciliary care o Extra Care including dementia services o Older persons services o Floating support o Young persons and homelessness services o Provision of a refuge for those fleeing domestic abuse o Therapeutic day service for vulnerable adults  Provide money advice and tenancy support. What we need to do:  Review the provision of our services to ensure we are cost effective and meeting the needs of our customers in this changing environment.  Investigate the possibility of setting up a fundraising group “Broadacres Community Friends” which could access grant funding for our care & support services.

Measuring Value for Money  Where appropriate, areas identified as possible efficiencies will be assessed against previous period’s costs or performance. A reduction in costs, increase in revenues/surpluses or improvement in quality will represent a gain.  All gains will be identified, assessed and quantified by the relevant department and included on Broadacres’ Efficiency Register which is reported to the Board as part of the Annual Report of the Value for Money Group.

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 The Performance Report presented to the board at each meeting compares the efficiency gains made against the annual target.

Value for Money Roles and Responsibilities All staff within Broadacres must be aware of the need to deliver Value for Money in accordance with our Vision and Core Values and must seek and achieve VFM in their activities and bring to their manager’s or a member of the VFM working groups attention any opportunities for improvement. Value for money should be discussed at team meetings and Heads of Service are responsible for the collation and recording of all service changes under their control, to ensure all possible efficiency gains are captured. It is vital that all members of staff within Broadacres clearly understand how important efficiency gains and Value for Money are: In helping Broadacres to meet new challenges  In mitigating the risks that BHA faces going forward as set out in our risk register  In the delivery of on-going services to our existing and potentially new customers  In providing resources for the development of new homes and improvements to our existing stock  In ensuring Broadacres’ future financial viability. Directors are to ensure that VFM is being actively sought and that the board are kept up to date. As part of the VFM standard, the Board must satisfy themselves that VFM is being achieved and they are confident that the information they receive in respect of performance and data is sufficient for them to make that assertion.

Value For Money Monitoring & Reporting Annual Report of the Value for Money Group The Value for Money Working Group prepares an annual report which is presented to the Senior Management Team and the Board. Our Service Improvement Plan actions have a value for money section and our efficiency register is also reviewed annually by the Board and monitored quarterly by the Management Team. Risk Management: 21

The VFM Strategy is a key document in supporting our Corporate Plan and ensuring that we comply with the HCA regulatory framework. The strategy overall is categorised as low risk. Any risks of the individual projects will be identified within the project plans.

Equality Impact Assessment (EIA): This revised strategy is included on the EIA timetable for September 2017. The current strategy is considered neutral in its impact. However, it is recognised that projects flowing from the strategy may have an impact on different groups and these will continue to be assessed as part of the individual projects.

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