The SYHA group comprises SYHA (the parent organisation) and two active subsidiaries, Alliance Housing Association and SYHA Enterprises.

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1 Value for Money Statement 1. Purpose This Statement is targeted at our customers and stakeholders, and aims to give a rounded selfassessment of SYHA s performance. It will be published on the SYHA website. 2. The Structure of our Business / Cost Drivers The SYHA group comprises SYHA (the parent organisation) and two active subsidiaries, Alliance Housing Association and SYHA Enterprises. SYHA is a Registered Provider of Social Housing (RP), with two main parts to its business. It owns and manages around 3,800 rented homes. It also provides care and supported housing to 1,800 customers (LiveWell), which accounts for around 60% of its income. Group turnover is around 44 million. Alliance HA is a charitable RP, managing 217 homes. SYHA Enterprises is a limited company providing property sales and letting services. Annual turnover for each organisation is around 1 million. A defining characteristic of SYHA comes in the form of our LiveWell services, providing care and support to many vulnerable customers. The business dynamics, cost drivers, and asset management issues for this part of our business are often quite different to those for social rented housing. This report will often, therefore, distinguish between these two activities. 3. What is Value for Money? Achieving value for money means that we actively look to make sure that the money we have is spent in the best possible way, whilst also ensuring that it is used effectively to provide a high quality of service to our customers. It can be split into three key components: Economy: Whether we have made the best possible use of the resources we have. Efficiency: Whether we have used fewer resources to provide the same (or a better) level of service. Effectiveness: Whether we actually meet our customers needs. Value for money is achieved when there is a balance between lower costs, higher productivity and successful outcomes. If we are able to save money carrying out our services, then we can use that money to fund additional activities which add value for our customers and communities, or to provide new homes. This is why keeping a constant focus on value for money is important for our stakeholders and for SYHA. 4. Our Approach to Value for Money SYHA has a Value for Money (VfM) Framework which has been approved by its board, and challenges the organisation to consider Value for Money in every decision that it makes. Our aim is to ensure that all of our services provide excellent value for money to our customers and to the public purse. The key components of our Framework are: Our Corporate Strategy developed and approved by the Board each year, setting out our key objectives, and with VfM as a fundamental element of this An annual business plan process, setting out longer term financial objectives Our annual budget setting and approval process, which incorporates o o Robust VfM challenges for budget holders using data from SYStates (see below) Review by the Senior Management Team and Board to ensure resources are being targeted towards priorities set in our Corporate Strategy SYStates the primary way in which we aim to embed VfM across the organisation more information on this is provided below

2 Regular reporting to the Board on financial performance and on a range of operational performance indicators Our Asset Management Strategy, which aims to maximise the return on our assets Engaging and collating data from our customers and other stakeholders to establish key priorities for improvement in both customer priorities and best practice A Treasury Plan is approved each year, which sets out how we will manage debt and interest payable a sizeable cost to our business As stated above, one of the main ways in which we embed VfM across the organisation is through the maintenance of 26 SYStates. These are mini-vfm Statements for all key functions across the business, with the following aims: Set out the core purpose of the function and identify its costs drivers Provide analysis of the cost, efficiency and quality elements of the service provided, using benchmarking against peers wherever possible Set annual VfM objectives for each department which are monitored and reviewed twice a year providing a strong performance management and scrutiny function Departmental managers are encouraged to fully engage in the delivery of VfM to all members of their team by sharing their SYState and ensuring staff recognise VfM as part of their routine activities in order for objectives to be met 5. Major Value for Money Gains in 2014/15 We list below examples of the ways in which we have made VfM gains for the Association in the year: Void works A review of the specifications of works undertaken has led to savings of 190,000 a reduction of 518 spent on each void property Staffing restructures Savings of 188,000 through the reduction in the use of temporary and agency staffing, and renegotiating contracts Void rent loss re-engineering our voids process has led to a reduction in void rent losses of 106,000 New contractual & grant income investing 99,000 in our tendering team has brought in over 10.8 million additional income since July 2013, helping to pay for our core business infrastructure Flooring procurement renegotiating contracts saving 36,000 per annum Renegotiation with suppliers to our in house maintenance service savings of 14,000 per annum Staff management Savings of 10,000 by Natterbox and managing our own on calls for out of hours emergencies Sourcing cheaper fuel suppliers savings 10,000 per annum SYHA provides many services which reduce the burden on other public services. Below we give some examples of how our services deliver material savings for the wider public purse: Innovative new services o In the last year, we have started to deliver new services which, through initial estimates and backed by some ongoing independent research, will bring savings of 4,500,000 to local authorities and the NHS, two examples being Social prescribing allowing GPs to prescribe non-medical solutions to issues presented by patients at their surgeries Providing accommodation and support to individuals who were previously in expensive out of town placements Mental health services o Taking just one example of our mental health services, independent research has shown that use of this service, by preventing admissions to expensive hospital services (which

3 would be the most probable outcome if it did not exist), saves the NHS 2,251,688 per annum Providing services with reduced grant o By working to reduce costs and remodel service delivery, we are constantly finding ways to operate services with less grant funding than we received in the past o One example is our Support 55 service, where (for 2014/15) we now deliver the same quality of service with over 100,000 less grant than we received in the previous year. 6. Benchmarking 6.1 Our Approach to Benchmarking Benchmarking our services against similar or competing organisations is a key part of assessing the relative cost and quality of the services which we provide. We set out below the context for our work on benchmarking. LiveWell SYHA derives around 60% of its income from the provision of a wide variety of care and supported housing (LiveWell) services. These are often of a specialist nature. This is a competitive market, with contracts subject to regular tendering, and we are only able to win and retain business where we are clearly demonstrating value for money. For all of these reasons, high level general benchmarking against peers adds little value, and our approach is to undertake more targeted work as set out below: Regular research into market trends to ensure our service offers remain fit for purpose Conducting detailed competitor analysis on new contracts or contracts due for retender, and comparing price and quality Analysing feedback on tenders to assess our VfM position Carrying out an annual health check assessment of all of our care and support services in particular, on the added social value provided to our customers Using data to evidence the preventative cost benefits of our services General Needs Our general needs housing service lends itself much more readily to benchmarking against other social housing providers. SYHA subscribes to the HouseMark benchmarking service, which is the most commonly used benchmarking service for our sector. We compare ourselves to a peer group consisting of similar social landlords in the North & Midlands. SYHA also uses HouseMark to benchmark its back office costs. 6.2 HouseMark Benchmarking General Needs Housing & Overheads We have used HouseMark data for year ended 31 March 2015, along with data for previous years, and comparing with a peer group of similar organisations, to prepare the information set out below. Sections 6.2.1, and focus on three major service areas: Maintenance (covering cyclical maintenance, major works, responsive repairs and void works) Housing Management Overheads Each area looks at how our costs and performance compare to the previous year and to our peer group. The peer comparison data places us in a performance quartile where this relates to cost, the higher the quartile, the lower our costs are compared to the peer group. Where it relates to performance, the higher the quartile, the better our relative performance.

4 Direct Cost Per Property ( ) Maintenance Our strategy is to get the maximum value from our assets for our customers and our business. We aim to maintain our properties in good condition, over the medium to long term, in a way which maximises value for money. We make decisions on whether to repair or replace property components in our assets. As indicated by the data below, compared to our peer group, the proportion of our overall spend is weighted towards responsive repairs rather than major works. We do not see this balance as inherently good or bad, so long as our total maintenance spend remains at or around the median. However, we think there may be some limited opportunities to achieve savings by shifting some responsive works into planned works. The chart below shows our direct maintenance costs per property over the last 3 years compared to the median costs in our peer group: Maintenance Costs Median 2012/ / /15 Void Works Cyclical Maint. Major Works Responsive Repairs Our total direct repair cost per property is 1, above the median level for our peer group. Each of the four elements of our repairs service is examined separately below. Responsive Repairs Costs: Responsive repairs costs are in the lower quartile compared to our peers. This is in the context of a combined overall maintenance spend that is just above the median. Although the responsive repair expenditure appears to be the same year on year, the numbers of repairs per property has actually reduced from 4.2 to 3.2, which in real terms mean the average cost per repair has increased by 44. Some of the factors involved are due to the fact that we now carry out repairs to our green components such as modems for power roofs and filters for rain water harvesting systems. These bring tangible benefits to customers, but add to our core maintenance costs. We do try and sweat our assets and will often repair rather than replace in order to stretch out the stock improvement programme. Performance: Average number of calendar days taken to complete a repair has dropped by almost 3 days from 9.10 to 6.27 due to more efficient working processes (owing to mobile technology and booking systems) and a higher skilled workforce % of our HMT repairs are completed at first visit. This is slightly below the peer group average of 91.15%.

5 Customer satisfaction with the overall repairs and maintenance service is 79% placing us in the lower quartile. Our customer satisfaction is lower than previous years but we are aware of a software problem that is affecting our scores and are committed to addressing that within 2015/16. Areas for improvement: Reduce average cost per property by renegotiating contracts and bringing more work in-house Automate invoicing to reduce transaction costs Build on the productivity gains already made through the use of mobile technology in our in-house maintenance service most immediately by upgrading the appointment system Drive up customer satisfaction survey returns and results Major Works Costs: Major works costs are in the upper quartile, both for management and service provision. This does not necessarily represent value for money as under-investment can drive up responsive repair costs, which has been reflected within higher spend in this area. We have renegotiated new stock investment contracts which have seen costs significantly drop in 2014/15. The change in contractors have attracted significant savings on kitchens and bathrooms of approximately 1,000 per refit, allowing us to deliver 30 more kitchen refits than planned Performance: Customer satisfaction with the major repairs service was very high at 96%, placing us in the upper quartile. Areas for improvement: Shift some repairs from responsive into major works where this will achieve better VfM Renegotiate contracts to reduce rates for works carried out, allowing us to deliver more with the same level of capital investment Looking at insourcing some of this work to save VAT charges and reduce costs Better use of data to inform the stock improvement programme. We will also defer some responsive repairs to achieve better value for money Cyclical Maintenance: Costs: Direct cost per property has increased by 4.34 which is primarily linked to annual increases on service contracts, such as gas and lifts. Despite this rise, value for money has been achieved by signing up to a bespoke paint supplier that guarantees the life of paint repairs and products, which saves 30% on previous external decorations contracts. Performance: As expected and usually the norm, all of our properties have a completed gas certificate. We are also delivering full external redecoration every 6 years in line with our programme customer satisfaction with external decorations is 90%. Areas for improvement: Performance for gas contracts varies between 99.5% and 100%. We are looking to automate standard letters and access letters on a weekly basis to provide efficiencies and allow us to work on a 10-month programme to provide more notice for access and ensure we maximise performance and minimise risk. We will also look to reduce the frequency of our painting contracts as a VfM measure.

6 Void Works: Costs: Average cost of a void repair has significantly reduced by 518 compared to last year. This has mostly come about through better management of contracts and reducing some of the non-mandatory specifications of our voids works without compromising the lettable standard. This now places us in line with our peers. Direct costs per property still remain in the lower quartile despite a 42 reduction in cost from the previous year. Performance: Our continued investment in voids works is providing better value for money year on year having significantly reduced our general needs voids as a percentage of rent due from 2.01% to 0.77%, elevating us from the lower quartile to the mid-upper quartile against our peers. Other significant areas of improvement include a better average re-let time from 31.8 days to 21.5 days which now places us in the top quartile amongst our peers. Areas for improvement: Explore insourcing of some voids works to save VAT charges, bring down the overall cost of voids, and improve controls. Maintenance Matrix The illustration below looks at both cost and quality measures to show how value for money has been achieved compared to the HouseMark peer group. Each section has been plotted on a traffic light grid, where red represents areas for concern, amber highlights areas for improvement and green is where we want to be. This allows us to encapsulate our VfM story over the last 12 months. 2014/ /14 RR = Responsive Repairs VW = Void Works CM = Cyclical Maintenance MW = Major Works

7 Direct Cost Per Property ( ) Summary: In 2013/14 responsive repairs, void works and cyclical maintenance were all in the red area, highlighting a cause for concern. Responsive repairs still remains in the red, although it is expected that over the coming years some insourcing, coupled with a shift in expenditure towards major works will provide better investments in our assets and fixtures and represent better value for money. In all other areas, we have achieved either higher levels of performance whilst maintaining costs or maintained high levels of performance at lower cost Housing Management Housing Management Costs Median 2012/ / / Tenancy Management Lettings ASB Resident Involvement Rent Arrears & Collection The data in this section relates to our general needs rented housing service. The chart above shows that total direct housing management costs per property remain slightly higher than the median of the peer group, but we have reduced the cost per property by 24 in the last year. Rent Arrears & Collection Costs: We continue to rank in the lower quartile for direct cost per property of rent arrears & collection, although the gap with other providers is narrowing. We have been able to maintain our costs despite incurring additional expenditures relating to Allpay, debt support and legal fees. This has primarily been offset through lower staffing costs. SYHA accept costs will remain high in this area because it is our VfM strategy to support customers to maximise and manage their income so they can pay their rent and live well especially in the context of welfare reform. This makes sense for our customers and SYHA as a business. Evidence where this has been achieved can be seen in section 7 (Social Value). Performance: Although our direct costs are high, we still represent value for money as our current tenant rent arrears has reduced from 3.8% to 2.4%. This also represents a significant move from the middle-lower quartile to the upper quartile in relation to our peers. However, our former tenant arrears still remain high at 2.7%, placing us in the lower quartile, and we are looking at measures to improve performance in this area. Areas for Improvement: Ultimately, the association looks to reduce former tenant arrears below 2.5% and maintain our current tenant arrears performance. We anticipate that costs will be reduced by increasing the number of customers paying by direct debit and other lower-cost methods, therefore reducing transaction costs. We

8 expect that processing efficiencies will be made through housing officers fully utilising hand held devices by avoiding duplication of work, reducing travelling and reducing the administrative time spent on case management. ASB Cost: Direct cost per property has increased by 7 compared to last year, placing us in the lower quartile. This is mostly due to a large increase in legal fees to handle some complex cases. Similarly, our cost per ASB case has also moved from the upper quartile to the middle-upper because of the legal fees and also a reduction in the number of cases we managed, meaning any additional costs were spread over fewer cases. Performance: Our performance on customer satisfaction of ASB case handling is high, and our customers tell us that dealing with ASB is a priority for them. We will therefore continue to prioritise the investment of resources to maintain service quality. Areas for improvement: We will continue to look to provide this service as efficiently as possible, whilst maintaining quality. Our aim is to contain any cost increases within the level of annual salary uplifts. Lettings Costs: We have reduced the direct costs of our lettings function by 12 per property compared to 2013/14, due largely to a reduction in the staffing budget. Performance: Although costs have reduced, the team has improved performance, particularly in relation to void rent loss, reducing this from 2.01% to 0.77%. This has resulted in collecting over 100,000 more rent per annum. This was achieved through an improvement project which mapped our processes and identified where efficiencies could be made, and has reduced the average time a property is empty. Areas for Improvement: Our aim is to maintain the level of performance while maintaining or reducing the overall cost. We expect the new welfare reforms to have a negative impact on the social lettings market increasing turnover which would have an impact on our ability to reduce future costs. Tenancy Management Costs: Total direct costs have reduced slightly by 4.46 resulting in a shift from the middle lower quartile to the median when compared to our HouseMark peer group. This is largely down to a reduction in the proportion of neighbourhood officers staff time devoted to tenancy management. Performance: Performance is primarily based on tenancy turnover and customer satisfaction with the tenancy management service. We have maintained performance in these areas whilst achieving a reduction in costs of 9.15 per property, therefore improving value for money overall in our tenancy management services.

9 Areas for improvement: Our aim is to reduce property turnover below 10% (currently stands at 10.49%). We will look to do this by targeting higher turnover neighbourhoods and encouraging customers to stay longer by providing individual support and investing in neighbourhood improvements, and by investing in mobile technology to improve efficiency. Resident Involvement SYHA carry out So What Assessments which assess the outcomes of our key customer involvement initiatives and also the value for money each piece of work offers. Although our costs have reduced significantly, placing us in the upper quartile, it is expected that costs will rise as improvement plans are put in place to add depth, reach and scope of engagement work with customers. Our improvement plan looks to: Build on partnerships to share costs and deliver more for less. Use new in house design resources for promotional activities to further engage customers Improve our website and increase the use of social media to reach customers at lower cost Housing Management Matrix 2014/ /14 RA = Rent Arrears & Collection TM = Tenancy Management ASB = Anti-Social Behaviour L = Lettings Summary: In a similar fashion to the maintenance matrix, three sections were identified as areas for concern Rent Arrears & Collection, Tenancy Management and Lettings. Rent Arrears & Collection remain in the red but have at least seen significant improvements in performance and through the use of handheld devices it is hoped that this can be further improved upon next year. The lettings team has seen a remarkable

10 transformation in both cost and performance, while ASB performance has also increased, albeit at the expense of higher costs Overheads Overhead costs as % of adjusted turnover Department 2014/15 (%) Quartile 2013/14 (%) Quartile 2012/13 (%) Quartile IT & miduppeupper mid mid-upper Communications Office Premises 0.81 upper 0.76 upper 0.76 upper Finance 1.28 upper 1.17 upper 1.21 upper Central & Other 4.61 upper 4.08 upper 3.75 upper Benchmarking data indicates that our overhead costs are low compared to our peers. IT & Communications is the only area not in the upper quartile on cost. This is due to a planned programme of material investment in technology to support front line services, and we may see that our IT costs increase further in the coming years. We have seen productivity and efficiency improvements arising from this investment, and expect this to be reflected in improving future performance on direct operations costs. Total overheads measure at 9.48% of adjusted turnover whereas the median for the peer group is 12.93%. The above diagram summarises our overheads position in relation to our peers using % of direct revenue costs as an additional measure.

11 7. Social Value In addition to the material gains identified at Section 6 above, SYHA invests resources to support our customers and communities in a wide variety of ways. Not only does this improve quality of life, in the vast majority of cases it reduces the burden on the NHS or social services, and can reduce reliance on welfare benefits. Examples of this are set our below: Through our Green Doctor service, we helped customers identify energy savings worth 54,707 per annum Together with partners, we helped 288 customers obtain 16,386 in backdated benefits and tackle debts of 73,000 We helped over 800 customers identified as requiring support to ensure correct benefits were received We helped 191 customers claim 50,348 in Discretionary Housing Benefits Over 300 customers have benefited from our Moments of Joy scheme which uses arts and culture to promote wellbeing and widen their aspirations We helped over 200 customers requiring support to establish contact with friends or family We helped 190 customers to participate in training/education 39 of whom gained a qualification as a result We helped over 550 customers who needed support to better manage their physical health We provided support to 42 people who have gone on to participate in paid work We provided help to over 900 customers identified as at risk of not being able to manage their tenancy and thus facing potential eviction We have provided training and support to 73 registered volunteers we estimated that these people have provided added services to over 500 customers 8. Return on Assets Active Asset Management is one of five core strategies within our overall Corporate Strategy, and is reviewed and updated each year. SYHA aims to get the maximum value from its property assets by investing appropriately in maintenance, or through a change of use or disposal where this is appropriate. In this way, we provide our customers with quality homes and neighbourhoods, or release capital for investment in the provision of new homes. Led by senior staff from across the business, our Asset Management Group meets monthly to oversee this work. It is informed by detailed performance analysis referred to below. 8.1 Understanding our Assets SYHA s stock profile is diverse, comprising: 1,600 supported housing properties a mix of standard homes and properties of a specialist nature, for example, extra-care schemes for people over 55, or specialist nursing homes 3,800 social rented properties a mixture of houses and flats, dispersed across our area of operation, and generally with small numbers in any one location 250 shared ownership homes Broadly, for our supported housing assets, SYHA would regard the social value, delivered by the care and support services to customers, as more important than maximising financial return. Of course, this cannot ignore the need for this part of our business to deliver a surplus, but we do choose to accept that some services operate at a loss. Our approach on social rented housing is slightly different. SYHA regards the maximisation of the overall number of high quality homes available in our area of operation as a key objective. This means that we will potentially give more weighting to the financial performance of our assets when making decisions on asset management, in order to maximise the amount available to develop new homes. Where we do not have

12 sufficient property in an area to have a material neighbourhood impact, this will influence our approach to our engagement in that area. For shared ownership properties, our objective is to operate at a surplus, whilst enabling our customers to maintain or increase their equity stake. 8.2 High Level Financial Performance of our Assets The table below shows the Return on Capital Employed (ROCE) for our three main categories of properties. ROCE measures the profit made for each category of properties as a percentage of the total amount we have invested in them. The average ROCE for our assets is 4.1%, and the cost of the capital for year ended 31 March 2015 is 2.4%. General Needs LiveWell Shared ownership 14/15 13/14 14/15 13/14 14/15 13/14 Capital employed , ,854 28,797 28,912 5,803 6,047 Profit before interest 000 5,015 5,015 1,496 1, Return on capital employed 3.8% 4.1% 5.2% 4.2% 6.9% 6.6% 2014/ /14 Average cost of capital 2.4% 2.8% 8.3 Measuring Value SYHA uses specialist software to analyse the performance of its property assets, using a range of measures: Financial performance (net present value): Rents, arrears, void rent loss, routine repair costs, major repair costs and management costs Service performance: Energy efficiency, customer satisfaction, re-let frequency, re-let time Neighbourhood performance: Index of multiple deprivation, neighbourhood satisfaction We produce traffic light reports (an extract from an example is given below) setting out the position by neighbourhood, property type and individual property. The benchmarks for the traffic lights have been set by our Asset Management group to reflect our business targets.

13 8.4 Improving the Quality of our Neighbourhoods We use other sources of operational data, triangulated with data from Insight4Homes, to help us identify areas for improvement either as cause for concern neighbourhoods, or as thematic causes for concern across our stock for example, properties with a negative net present value (NPV). We have drawn up a Neighbourhood Investment Plan with actions to improve the sustainability of neighbourhoods, and we are able to track the progress and impact of investment decisions. For example, for our Danewood Avenue scheme, and working with residents to understand their priorities, we are able to see that interventions have led to an increase in the NPV of properties from 1,295,290 in 2014 to 1,379,040 in 2015 an increase of 83, Decision-Making on Assets We use the principles set out above, alongside data referred to elsewhere in this section, to support decisions on: Where to invest resources in developing new homes Where to invest resources in major repair and improvement works including energy efficiency measures How we can target investment to improve neighbourhoods Where and when to dispose of properties We set out below some examples of material asset management decisions taken during the year: Every void property is reviewed to determine whether to re-let, sell or change to an alternative use. Whilst the majority of properties are re-let we will consider the disposal of a property when the following circumstances exist: High void repair costs

14 Historically high maintenance costs Low demand Is in an area we have decided to exit Is part of an area where we re working to change the tenure mix Sale will generate a high capital receipt, which we are able to invest in providing new homes In 2014/15 we disposed of 23 properties, with an NPV of 1.4 million, generating sales receipts of 1.6 million. This generated a surplus of 696,000. Receipts from disposal for 2013/14 were 5.2 million, and for 2012/ million, giving a 3-year total of 9.7 million. All of the receipts from disposals have been, or will be, used to create capacity to acquire or build new homes. This is vital to our being able to deliver new homes, as, with lower capital grants available, many new social rented homes will incur operating losses. We are building a balanced portfolio of pipeline development schemes that will provide flexibility to respond to new opportunities but will also maintain a stream of new supply to ensure that the business continues to grow. This portfolio will include grant-funded schemes, strategic acquisitions and the potential for off balance sheet activities. 8.6 Impact of our Actions Through our asset management activity, we have been able to improve the financial performance of our existing stock, whilst creating 9.7 million of capacity over the past 3 years to support the supply of new homes. We will use the overall NPV of our stock as an indicator of improvements in the performance of our property assets. This is just the second year for which this data is available, but we can demonstrate a clear increase, year-on-year: Year Average Net NPV , ,658 SYHA has been operating close to the capacity limit of its gearing covenants. Through informed asset management decisions, it has created capacity to deliver new homes which would otherwise not have been provided. Looking just at the most recent HCA Affordable Homes Programme , we will develop 62 new homes. We will also provide at least 37 homes via Section 106 agreements with developers. 8.7 Asset Register SYHA maintains a central register holding all key data for property assets, including any legal charges and if the property is mortgaged, and to whom. This is regularly reconciled and used to submit data to our

15 regulator and other organisations. This is being updated to link with the additional property data referred to above, which will streamline our analysis and decision making. 9 Performance Management and Scrutiny SYHA uses a variety of methods to scrutinise and improve performance: Managers, senior management team, and the board, receive and review a comprehensive performance report each quarter o This covers all parts of our business, and gives current performance, trend performance, compared to peer benchmarks where relevant with commentary from the appropriate manager SYStates are prepared as part of budget submissions and are reviewed, along with departmental action plans, at quarterly review meetings held between each department manager and the Senior Management Team VfM is a central part of our annual budget setting process o o Actual, trend and projected data is used to inform our decision making Directors and managers have devolved responsibility within overall control of directors and the board to allocate resources in line with agreed objectives The board receives management accounts each quarter, and all budget holders receive detailed monthly reports for their area of control The results of any external evaluation of our services are reported to the board for example, inspections of our services by the Care Quality Commission or reports received from the Homes and Communities Agency All internal audit reports incorporate best practice examples to inform and drive future improvements We use a variety of ways to engage with customers, including sharing performance information in our Annual Report to Tenants o o We have a customer scrutiny panel, our Challenge Group, which scrutinises performance, and can select any area of our work for investigation As an example, during 2014/15, we worked together with this group to undertake a major exercise to analyse and specify a response to Welfare Reforms 10 Delivering Future Value for Money Recent announcements in the budget, in particular the introduction of rent decreases over the next four years, will reduce projected income and provide material challenges for SYHA as it will for many associations. It necessitates a fundamental review of our business, and we will need to reduce costs substantially to remain viable. Some of the objectives below will therefore be subject to review, and will inevitably change as we develop our revised plans. However, many of the ways in which we are already looking to improve our efficiency, such as the increased use of technology, will remain. We will look to maintain service quality, but the scale of the reduction in our income will almost certainly mean that we need to prioritise the use of our reduced level of resources. We are currently working on plans to address the situation described above, and will prepare a revised Business Plan in October We have developed criteria which we will apply in making our decisions: It is essential that SYHA continues to grow and develop profitable new services. The organisation s growth engines should not be materially damaged. In particular, the Association may need to replace rapidly and at scale homes lost through Right to Buy Remaining resources should be sufficient to safeguard revenue streams. Customer satisfaction may fall from its current level of over 90%, but should not be allowed to fall to levels which lead us to question the VfM provided by our services SYHA jobs should continue to be sustainable and worthwhile - we are not moving to a high stress, factory farm model

16 SYHA must continue to be able to add value to customers lives, the local infrastructure and local neighbourhoods. If this cannot be delivered, it will be time for SYHA to consider other options Our changed circumstances mean that we will need to reappraise our priorities, and this may involve reducing the levels of service provided, or not providing some services which may be described as discretionary. We have developed a plan, yet to be approved by our full Board which will deliver annual savings of 1.68 million by 2018/19, with, we believe, minimal impact upon service delivery. Below we give examples of these savings and our wider push to improve profitability and VfM: Use of technology - under our Modernising Customer Service project, we will look to make significant productivity gains of 172,000 through the use of technology by: o Rolling out mobile working to more front line staff over the next two years o The use of electronic document management systems o Improving use core IT software through the use of Customer Relationship Management module o Automating maintenance invoicing systems o Implementation of the Electronic Document and Records Management (EDRM) system Insourcing: o We have made gains through insourcing some repair activities already, and will expand our in-house repair service to make further gains of 519,000 saving on both VAT payable on works and doing this more cheaply than contractors o We plan to create a larger in-house pool of temporary staff for our supported housing schemes to save 51,000 per annum on agency cover arrangements Asset management: o We will continue to dispose of properties to improve financial performance of our portfolio and create capacity to develop new homes with more emphasis on identifying higher value homes o Conduct a systematic review of our care and support services to determine the long-term viability of each service and potential for alternative use of assets to maximise income A greater focus on procurement: o We work to a plan incorporating a programme of category reviews, with a minimum savings target of 39,000 per annum o We will look afresh at opportunities for collective procurement and at our core repairs and development spend Further accelerate our programme of bidding for grant to cover the cost of value added activities we are currently paying for out of our own resources such as our volunteering programme, work on financial and digital inclusion, and work on poverty alleviation. It is estimated that grants of at least 50,000 will be received to cover some of the cost of these services. Further diversification of our income streams further to reduce reliance on existing sources o 80% of business won in 2014/15 has been with new funders - we now hold contracts with the Department of Health, NHS England, Public Health England, Doncaster CCG and the National Lottery o We have invested 99,000 in our tendering team, and this has brought in an aggregate of 10,862,000 of additional contractual and grant income over three years o Investing in pilots of new products for the health and social care system this will both bring in additional income for SYHA and realise savings for other public bodies 11 Overall Self-Assessment The assessment below aims to give a fair and rounded picture of VfM within SYHA. We would add the caveat that future objectives will almost certainly need to be reviewed in the light of recent changes announced in the budget. The competitive nature of the market for our LiveWell services means that we will only win or retain business where we demonstrate that we provide VfM

17 o We have reduced salary and other costs substantially over the last two to three years, and will continue to look for further savings o However, unless service commissioners can change contract delivery criteria, the scope for further efficiencies is limited o We aim to bring in diversified income streams to support our core infrastructure costs Benchmarking for our social rented housing indicates that, overall, our operating costs are just above the average for our peers, and we deliver a level of service performance which is above that provided by our peers o Generally, our management of service functions is below average, and amounts spent on direct services to customers is higher than average o The proportion of our overall maintenance cost spent on responsive repairs and major works differs from our peer group - we are undertaking a review of this to see if we might change this to provide better long term value o Our aim is to maintain performance whilst continuing to invest in value added services and reducing costs unless our financial circumstances are worse than our projections Benchmarking indicates that our overhead costs are low compared to our peers, but we will trim these further We now have much better data on the performance of our property assets, and use this systematically to inform our decision making o We are able to demonstrate that our investment decisions are having a positive impact on our asset base and neighbourhoods o Our disposal decisions similarly can be seen to improve the overall financial and other performance of our assets o We are creating capacity to provide new homes o We can, and aim to, make further improvements to our use of data to inform decisions o We have relatively few high value properties, but will look to dispose of this type of asset, where appropriate, to maximise resources available to develop new homes We have robust processes in place for our big ticket procurement items, such as repairs and development, but will refresh the challenge to procure or deliver these functions at lower cost o We will set targets for further savings each year as we implement our procurement plan o Considering (again) the use of collective procurement vehicles o Bringing in ideas and challenge from others in the sector Insourcing of services has proved to bring material cost reductions, and we aim to continue this process within our capacity to manage this We will continue to use resources to improve the life chances of our customers and in our region more generally

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