VFMOBJECTIVES We have determined several VfM objectives based on an honest selfassessment of our current approach to VfM. Essentially this took the form of a gap analysis of the organisation against practice that is widely accepted to maximise VfM. Our objectives are as follows: 1. Improve service quality at a cost affordable to our residents; 2. Provide high standard business performance; 3. Develop our relationship with partners and resultant income streams; 4. Reduce costs; 5. Improve procurement; 6. Improve asset management; 7. Embed a VfM culture amongst Board and staff; and 8. Develop our tenants’ role in service shaping and VfM scrutiny. Specific areas of work we will embark on to see the changes we need to continue to deliver our strategic objectives will include: • Procurement of a major works programme to meet our commitment to safe and quality homes • A tender programme for the supply of most of our maintenance services through our outsourced business model to enhance service levels and drive down costs • A review of our social housing costs per unit to improve operating margin • Working effectively with Local Authorities and other partners to guide residents to support with available benefits and training and provide information on local services and activities • Investment in our people by ensuring all staff are equipped with the right development plans and support and embraces a culture that aligns with our core values • Continued investment in our systems, IT and data, so that we become a forward-thinking organisation, so our residents directly benefit from automated and up to date services, and our decision making is led with business intelligence. LONG-TERM FINANCIAL PLAN Our long-term financial plan, shared with our lenders, demonstrates that our gearing remains very comfortably within loan covenant compliance limits and expected operational performance provides a buffer between our forecast EBITDA MRI Interest Cover and limits set in our loan covenants. We want to ensure that through driving efficiencies and generating better returns on the use of our assets, we improve services to residents and support our wider social purpose. Annual Report 2021-2022 35
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