1 Definition

Value for Money (‘VfM’) for Soho Housing means that:

  • We are delivering our mission and corporate objectives
  • We have a large majority of very satisfied customers in a range of delivery areas
  • We are financially sustainable
  • Our costs compare well with other housing organisations
  • We are becoming more efficient, which means having the same outcomes for reduced resources applied or better outcomes for the same resources applied

In order to demonstrate value for money we must have metrics which can show that we are achieving the above.  The goals of our VfM strategy are to reduce our operating costs per unit on a year on year basis, improve our performance on costs compared to other associations operating in Central London and to ensure that we are making the best possible use of our assets to meet our objectives.

This statement sets out how Soho Housing can demonstrate where we are meeting the criteria which we believe indicate VfM is being achieved, the areas where there is room for improvement and an action plan which shows how and when we will be addressing those areas.