VFM metrics - sources and notes on supplementary Value for Money (VFM) Metric data
Updated 7 March 2023
Applies to England
© Crown copyright 2023
This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: psi@nationalarchives.gov.uk.
Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned.
This publication is available at https://www.gov.uk/government/publications/2022-global-accounts-of-private-registered-providers/vfm-metrics-sources-and-notes-on-supplementary-value-for-money-vfm-metric-data
Introduction
The VFM Standard requires all registered providers to report on performance against the regulator’s VFM metrics in their accounts, as set out in the VFM Technical Note, and how that performance compares to peers.
The Value for Money Benchmarking Tool is available to support providers and other stakeholders to compare registered providers’ VFM performance across these range of measures and how to compare them with other providers with similar characteristics. The regulator does not mandate how peer groups are selected - it is up to individual organisations to decide on the most appropriate criteria that allows them to compare performance meaningfully.
New: As part of the Value for Money metrics tool, this year, the functionality that allows stakeholders to select a peer group and compare performance with other similar providers has been expanded
This database contains data from the annual account regulatory returns (known as FVAs) which must be submitted by PRPs managing at least 1,000 units and are derived from their audited financial statements. These are used to calculate a range of VFM metrics as set out in the VFM Metrics Technical Note (Annex A). VFM Metrics technical note guidance
The Value for Money 2022 report (annex to the Global Accounts) is based on this database of information. The FVAs used relate to the accounting period ending 31 March 2022. Four of the providers included here have a December year end. This is highlighted in column C of the data sheets, where it applies. For-profit providers and a small number that were unable to finalise their accounts in time for inclusion in this year’s analysis have been excluded. 2022 Global Accounts of private registered providers
The majority of large providers are part of a group structure. Group structures can include multiple registered providers and non-registered entities. The Global Accounts publication considers providers’ accounts on both a registered entity (entity level) and group consolidated basis (consolidated level). Both datasets, included the calculated metrics are included in the Value for Money Benchmarking Tool.
Supplementary information
Supplementary information has been detailed in areas which have been shown to be key contextual factors.
Stock type (supported housing/housing for older people)
% Supported Housing (Excl HOP)
Number of Supported Housing, excluding HOP, units owned divided by the Total Number of Social Housing units owned, as reported in the 2022 SDR.
% Housing for Older People
Number of Housing for Older People, including Care Home, units owned divided by the Total Number of Social Housing units owned, as reported in the 2022 SDR.
In the published analysis, supported housing/housing for older people providers are defined as those with more than 30% of their stock as relevant type.
Provider type (traditional/LSVT)
Type
A provider has been defined as an LSVT if the total number of units transferred into the entity accounts for over 50% of their current social stock and the largest transfer, by tenanted stock, was less than 12 years ago. Otherwise they have been defined as Traditional.
Date of Largest Transfer
This shows the date of the single largest transfer, by tenanted stock into the entity, from RSH records. If the total units transferred account for over 50% of the current social stock and the largest transfer was over 12 years ago, the date is shown for reference only but the provider is treated as traditional for analysis.
LSVT Age
Uses the date of the largest transfer to band providers where transferred units account for over 50% of the current social stock. The three bands used are < 12 years (classes as LSVT for analysis) and > 12 years (included with traditional for analysis).
Region
Region with 50%+ of social stock owned
Defined as the region where the provider holds more than 50% of its owned Social Housing stock as reported in the 2022 SDR; if no such region exists then the provider is defined as “Mixed”.
Annual Survey of Hours and Earnings Regional Wage Index (England = 1)
An index calculated using data on relative regional administrative and construction sector earnings ASHE and information on Social Housing units owned by region as reported in the 2022 SDR. The England average is 1.
Data and metrics
2022 VFM Metrics consolidated
Presents the VFM metrics calculated from consolidated statements and notes in providers’ FVAs.
2022 VFM Metrics entity
Presents the VFM metrics calculated from the entity statements and notes in providers’ FVAs.