Value for Money

 

What is Value for Money (VFM)?

VFM can be described as the relationship between economy, efficiency and effectiveness. For Housing Associations within Wales this means getting the most benefit from our spending and ensuring that Tenant’s rent is appropriately spent.

 

To maximise VFM, the needs of tenants and stakeholders must be met by ‘doing the right thing, in the right place, at the right time and at the right price’. It is of paramount importance that the needs of tenants and other stakeholders are met however. Any reduction in cost which has a corresponding reduction in satisfaction levels or outcomes for tenants cannot be viewed as achieving ‘value’.

 

We Monitor Value for Money closely by benchmarking our costs while at the same time monitoring our tenant and staff satisfaction levels together with efficiency measures. 

 

The results can be found below:

Money Icon

Stakeholder Metrics

Tenants Home

The Association undertakes a full tenant survey to obtain feedback on our services. Below are the results of the surveys sent out to all of our Tenants asking how satisfied they are with their First Choice Home. 

My Home Questions
2021/22
I am happy with my home
98.5%
My home is right for my physical needs
98%
I feel safe in my home
99%
I know who to speak to if i didnt feel safe in my home.
100%
At home I do the things that matter to me
99%
My individual circumstances are considered in my home
97%
My home helps me to be more independent
98.5%
I feel like I belong in my Community
97.5%
I feel like I can make a contribution there
98%
I feel like i belong in my community as a place to live
97.5%
My home helps with me making good friendships
97%
Living in a First Choice house I can arrange my own social life and be with people I choose.
99%
% of tenants who feel FCHA offer Value for Money
96%

Tenant Satisfaction

Tenant Satisfaction
2021/22
Satisfaction with Communications
99.5%
Satisfaction with Condition of Home
97.5%
Satisfaction with Getting Things Fixed
97%
Satisfaction with overall services provided by FCHA
99%
Satisfaction that FCHA is a good landlord
99.5%
DCA Satisfaction
100%
tenant and staff garden project

Maintenance Programme Efficiency Measures

Maintenance Measures
21/22 Q3
Appointments kept
100.0%
Repairs completed on first call
76.0%
Repair completed to a high standard
100.0%
Satisfied with the contractor
100.0%
Satisfied with the way FCHA dealt with repair
100.0%
No. defect calls (call-backs on completed repairs)
0.0%
Emergency calls target completion
100.0%
Average repair completion time
7 Days
Cumulative avg repair completion time
9 Days

Staff Perspective - Efficiency Measures

Staff Measures
21/22 Q3
CHC Sector Average
Satisfaction with W/L balance
100%
>90%
Satisfaction with FCHA as Employer
100%
>90%
Incidents of work related stress
0
n/a
Sickness Absence
2.50%
2.73%
Staff Turnover
0.0%
13.22%
Group Shot Keep Wales Tidy
 

Sector Value for Money Indicators

The Value for Money Metrics

This is how First Choice Housing Association compares with the Median costs across the housing sector. 

Metric
FCHA
Median
Reactive repair costs per Social Housing unit
£1,309
£1,144
Major repairs and component costs per Social Housing unit
£298
£887
Bad debts per Social Housing unit
0
48
Weighted average cost of capital
2.48%
4.24%
Free cash flow (before draw down or repayment of loans)
£1,860
£288
Gross Arrears/Social Housing turnover
1.20%
4.47%
Turnover per Social Housing unit
£8,184
£5,610
Rental void loss per Social Housing unit
28
£66
Management costs per Social Housing unit
£855
£1,104
Operating costs for lettings per Social Housing unit
£2,986
£3,403
 

Social Value Metrics

Community Benefits 

Comms Benefits Info
20/21 Amount
Value of spend on goods, service and overheads
£3,061,632
Local Welsh sub-contractors
116
Local Welsh suppliers
180
Person-weeks in employed training/ apprenticeship
69.5
Person-weeks of employed operatives, semi skilled, uskilled employees and trades apprenticeships within Wales.
823

Total amount of in-year savings 20/21

£336,630