Value for Money
Value for money (VfM) is something we have always considered at Howard Cottage, from our early roots of ensuring that Ebenezer Howard’s vision for Garden Cities was realised within the constraints of our charitable status, to the challenges surrounding the current economic climate and the need to be transparent about financial activities.
In 2018 88% of residents taking part in our annual satisfaction survey told us they were satisfield that their rent provides value for money and we performed very well when benchmarked against our peers.
Satisfaction with value for money amonst those living in houses, flats and bungalows places us above median (87.14% against a median of 85%)
Satisfaction amongst those living in sheltered housing is even higher and places us in the upper quartile nationally (98.18% against an upper quartile of 91.98%)
Our performance monitoring includes performance indicators (PIs) for a variety of service areas and we regularly report on them. Each PI is discussed at management level every month and at Board level every quarter. We regularly benchmark our PIs with like-sized associations and discuss performance with our peers at other associations.
Our Board’s commitment to VfM is shown through their nomination of a Board sponsor, who, as an experienced accountant and Audit Commission Director, has a keen interest in the subject and is happy to challenge management at all times.
Our staff are our best ambassadors for VfM. Every member of staff has a job description that highlights their responsibilities with regard to VfM. We provide an excellent benefits package that makes us good to work for. However, pay rises are not automatic and have to be worked for, therefore demonstrating VfM and engendering a respectful environment to work within.
In summary, VfM is an integral part of how we work. Our residents and staff recognise our commitment to providing VfM in all our activities and our Board and management ensure they deliver on it.
To view our value for money statement and Board report on our accounts see our Annual Review .