Financial Statements 2020 | 15
Accord continues to demonstrate that resources are invested efficiently and effectively to maximise the return on investment , and this is supported by a clear understanding of how resources shall be committed . Accord ’ s business plan sets out strategic objectives and the activities and initiatives required to achieve these goals and support Accord ’ s vision . This ensures that resources are applied effectively and that processes are carried out efficiently when work is undertaken .
Accord considers its corporate performance in the context of both ensuring value for money and delivering against business plan objectives by measuring the actions taken to ensure services are not only highquality , but deliver value for customers , communities and stakeholders . These activities are underpinned and supported by a Board approved Value for Money Strategy which ensures that resources are used effectively and embedded across the organisation .
The concept of value for money to Accord is to ensure the organisation continues to :
n Procure goods and services economically for the right price
n Be effective in delivering the right services
n Deliver activities efficiently and in the right way .
Accord ’ s Board sets strategic objectives which translate our core purpose of providing and managing housing and appropriate support services to people in need , into measurable targets across three strands of : Meeting Need ; Great Housing & Services ; and Good to Great . Our Value for Money Strategy complements our corporate plan and articulates how value for money is measured and delivered in achieving our corporate aims through striving to :
n Increase operating margins and profitability ;
n Maximise efficiency in operating delivery models ;
n Increase efficiency in the development of new homes ;
n Be clear and transparent in reporting of value for money .
Earlier in 2020 the outbreak of coronavirus , also known as Covid-19 spread to the UK . The World Health Organization declared the virus a pandemic on 11th March and the Government quickly followed this with a series of closures , restrictions and support packages . Fortunately the financial impact on the organisation was minimal in 2019-20 however there will be an inevitable impact on operational plans and value for money targets for 2020-21 .
Business Plan objectives and Value for Money
The Accord five year business plan sets out the organisation ’ s strategic objectives as determined by the Board , following consultation with customers , staff and stakeholders . The business plan translates Accord ’ s shared values into corporate objectives and medium-term goals . Objectives are set in the context of Accord ’ s key purpose which is the provision of homes , support and services for those in need . As part of the business planning and performance scrutiny process Accord ’ s Board undertakes strategic planning sessions which focus on short to long-term objectives and the effectiveness of these in meeting the core values and purpose of the organisation . The value for money driver is clear throughout the plan , with clear links between the key objectives and the strategy to ensure value for money is embedded throughout the organisation in a transparent and meaningful way .
The plan consistently draws out the on-going growth aspirations of the organisation . Performance is measured against a range of key performance indicators relating to delivery as well as financial performance . The Board remains mindful of the purpose of the organisation , its guiding principles and ethos balanced with a commercial approach to ensuring effective use of its resources , recognising efficiency gains wherever possible and requiring on-going reviews of value for money across all business units .
Accord continues to deliver a range of new affordable homes which meet differing needs . Accord works closely with customers and communities to understand housing need on a local basis leading to schemes such as towncentre regeneration projects providing much needed housing for rent and low cost home ownership homes for families and for older people . The organisation continues to deliver support and care services as it has done for over 50 years , firmly believing that providing just a house is not always enough and the wider offer of support to sustain tenancies , help people in their own homes , with their health and wellbeing is just as important . A balance is therefore struck between providing high quality services and meeting need whilst generating surpluses to support the delivery of such services as well as new housing supply .
As part of the on-going assessment of delivery of new homes and the management of existing units , Accord continues to carry out detailed stock condition surveys and financial appraisals of the efficiency of stock and the return on investment in assets . This information supports the delivery of both Accord ’ s Asset Management and Stock Disposal strategies , and ensures that funds are invested in a focussed way , maintaining assets which will generate income for the future .