Revised Value for Money statement | News

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Revised Value for Money statement

We are pleased to publish our  improved 2015 Value for Money statement. The statement, approved by our Board of Trustees, demonstrates our commitment to meeting our strategic objectives and working efficiently to provide value for money for our residents.

Highlights of 2015 include:

Lean Systems Reviews Outcomes

  • A Lean Systems Thinking restructuring review in 2014/15 of our repair and maintenance service resulted in providing value for money as they carry out more day-to-day repairs at a lower cost [Reference Financial Statement: Use of Assets 5.3]. For example in 2013/2014 the trade’s teams completed 24,220 repairs, costing an average of £128.49 and taking 11.7 days to complete per job. In 2014 / 2015, 26,844 repairs were completed taking an average time of 10.9 days and costing an average of £123.69.


  • A contract for the company’s 80 leased vehicles is being retendered in three phases in order to increase the financial capacity during the three year lease period to 2018 [Reference Financial Statement: Use of Assets 5.4];
  • Receiving a £50,000 grant from Essex Fire and Rescue Services to install a sprinkler system in Parkside Court meant that we could increase expenditure on Fire Security in other properties [Reference Financial Statement: Use of Assets 5.5].


  • CHP compares its performance against other housing associations through participating in Housemark, the most widely used benchmarking tool. The majority of our results demonstrate that we are a high performing organisation when compared to our peers.

Return on Assets

  • Voluntary sales increased our financial capacity. In 2014 / 2015 we raised almost £770,000 via our asset disposal scheme which provided us with the opportunity to dispose of 16 properties and use the income to build 32 homes by 2018;
  • We have built 21 new homes on former garage sites in 2014 / 2015 [Reference Financial Statement: Use of Assets 5.2]. While the majority of garage sites are retained, as the income exceeds expenditure, some do not offer value for money due to their location or layout.

Action Plan for 2015/ 2016

For the forthcoming financial year the Action Plan approved by the Board includes:

  • Reviewing our company purpose and objectives;
  • Introducing an e-tender system;
  • Providing 12 homes on garage sites;
  • The sale of 20 homes while delivering two homes for every property sold between 2016 – 2018;
  • Reduce materials cost of our repairs service by £150,000 compared to the 2014/2015 budget;
  • Save £100,00 on renewing our fleet of vehicles;
  • Reviewing the appetite for risk within the company;
  • Recharging for non-fair wear and tear items c£70,000;
  • Assess improving the financial capacity within the company by restructuring ISDA agreements.


For a full comprehensive copy of our Value for Money statement please see our Financial statement [pdf] 5MB. For more information, or if you have any questions, please contact Katherine Eley, PA to the Chief Executive, on 0300 555 0500 or email katherine dot eley at chp dot org dot uk.


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