Value for money
Providing value for money means being as economical, efficient, and effective as possible in everything we do.
Meeting our objectives:
We have a duty to you, our customers, to ensure you get value for money from our services and understand where money is spent. We want to make sure the way we spend money matches our objectives.
We assess our performance against key measures in this report, including showing you how every pound of rent is spent.
We use this information to see where we’re performing well, where we can do better, and to be transparent about how we reinvest the money we receive from rent payments, bank loans, government funding and grants.
Reinvesting savings we’ve made:
In 2023/24, we achieved £1.3m through a combination of cost savings and additional income.
We’re reinvesting some of the savings into a new computer system, which will allow us to improve how we manage our housing stock better and provide a better service to you.
We completed 17 compliant procurement activities with contract values totalling around £13.5m. All contracts were competitively sourced to ensure we deliver value for money while maintaining high-quality service and goods. Additionally, we held further competitions for various projects under our building works and disabled adaptations framework to secure the best and most competitive deals from our suppliers.
The Regulator of Social Housing (RSH) asks us to measure ourselves against nine value for money indicators. You can find this information in our annual value for money document on our website at www.boltonathome.org.uk/corporate-document-hub.
What we’re doing next to deliver value for money:
We’re always striving to deliver even better value for money. We’ve set targets and put measures in place to improve our performance in several areas over the coming financial years. These include:
- Our Procurement Hub will help buyers within Bolton at Home to buy services, goods and works in a compliant way that demonstrates value for money and delivers social value in our communities.
- As explained earlier in this report we want to make our repairs, maintenance, and empty properties services work more efficiently so we can save money and reinvest it into improving our properties.
- We’ll keep investing in community support services to empower people with the resources and opportunities they need to build a better life. This helps to reduce long-term costs and improves efficiency through early intervention and self-sufficiency.
- We’ll continue to provide non-social housing services alongside our social housing activities, aiming to make additional income that we can reinvest in social housing.
- We plan to deliver most of our savings target for the next three years by cutting management costs and exploring new ways of delivering services while working with partners.
How we spent money in 2023-24
We want you to know what your rent pays for. Improving homes, making affordable housing more accessible to more people, and supporting our local communities are still our main priorities.
Below is a breakdown of how we spent each pound of the £83.5 million from April 2023 to March 2024.
