Value for money
Across all of our activities, we aim to generate efficiencies and savings in order to maximise our surpluses.
We use our surpluses to subsidise the provision of new homes and to improve existing homes and services.
Every year, we undertake an annual value for money self-assessment to evaluate our performance against the standards set by our regulator, the Home and Communities Agency.
How we use our Surplus
We achieved our highest-ever surplus of £114.5m in 2015/16, a 56% increase on the previous year.
As a not-for-profit organisation, all of our surpluses are used for social purposes, including providing affordable homes and supporting community investment projects.
How we compare (costs)
We have compared our costs in key services areas against other housing associations of a similar size and whose rent charges are less, the same or more than ours.
Alongside our own reporting, we also use 2014/15 information provided by HouseMark, an organisation that helps housing associations measure their performance against others.
How we compare (performance)
In addition to benchmarking our costs, we also compared our performance with other housing associations of a similar size, Again, some of this 2014/15 information has been provided by HouseMark, and shows our comparative performance against each other.
We made efficiency savings of over £2.7m by improving the way we work, streamlining systems and processes and reviewing procurements and contracts.