VfM – The English Perspective Caroline Moore Executive Director of Finance & Corporate Services Yarlington Housing Group E: caroline.moore@yhg.co.uk 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? 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 Overall viability strategy – 2011 VfM Strategy or plan? Raise awareness, embed the culture VfM Log and report VfM targets

Key Initiatives ‘Service Evolution’ Responsive repairs Procurement Benchmarking Optimising return on our assets Understanding our costs and value

Benchmarking Not just Housemark! Targeted operationally Financial Development Salary levels

Optimising return on our assets For customers Financially For social value [Need to improve on environmental]

Understanding Our Costs + Value Not ‘Finance’s responsibility’ Segmental reporting Understanding the costs of each activity Baselining project [long time coming]

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?