Value for money report introduction
Introduction to the value for money report 2023
Applies to England
Documents
Details
The purpose of the report
The Value for Money Standard (VFM) expects providers to annually report on their performance against a suite of measures defined by the regulator. These measures are set out in the VFM Technical Note. The requirements of the Standard are amplified in the VFM Code of Practice. We publish this information annually in order that Boards and other stakeholders can assess and challenge performance on these metrics and see how individual providers compare to their peers. Given the dynamics of the changing operating environment, Boards must be more accountable and transparent than ever to stakeholders who increasingly want to understand the value created with the assets and resources available to them.
This document summaries the VFM metrics data for the period ended 31 March 2023 for the sector as a whole and segments of the sector according to some of its key characteristics such as supported housing or housing for older people as well as geographical location.
Feedback on the quality of VFM reporting in the Accounts
Reporting on VFM should have wider benefits than regulatory compliance. The purpose of this section is to address important issues on VFM reporting that the regulator has identified to inform Boards and support stakeholder confidence. To help gain a view of the quality of VFM reporting and insights into the strategic choices that providers are undertaking, we review a sample of published accounts on an annual basis. This supplementary report can be found here.
VFM benchmarking tool
To supplement sector level analysis the regulator publishes individual providers VFM metrics to help organisations benchmark their performance more easily – a key change to the benchmarking tool this year gives providers more latitude to refine their own peer groups according to providers’ own knowledge of other organisations. The VFM benchmarking tool can be found here.