Delivering value for money
Achieving value for money and continuous improvement remains a fundamental business strategy for L&Q and we have strengthened and deepened our approach since last year.
In 2014/15 we generated a surplus of £209 million, up from £174 million in the previous year. It is key to L&Q's aims that we continue to generate significant surpluses for reinvestment. We can now use our expertise in housing to maximise our business and find ways to fund our social mission ourselves. We acknowledge that we need to continue working hard to improve resident satisfaction and innovate so that we can achieve more for our customers.
How we deliver value for money
We have integrated our approach to achieving value for money into all that we do.
- Governance - Our board members review the efficiency of our work and make sure that we comply with industry standards on value for money. We also encourage staff to question how we operate to find ways of providing a better and more efficient service;
- Financial - Our budget and business plans include targets for making efficiency gains and improvements to services each year. Each department also works to improve how it buys goods and services and looks for new ways to work with partners so that we provide real value for money;
- Our assets increasing our understanding of the performance of our assets and taking steps to improve their performance;
- Managing performance - We review our performance continuously and check how we compare to other large housing associations. We aim to remain among the best for financial strength and quality of services. To do this, our senior staff review the costs of our activities and identify how we can improve services;
- Resident focus - We are committed to making sure that residents receive value for money from their rent and service charges. We involve residents in our decision making and our board and senior staff monitor resident satisfaction levels regularly;
- Planning process - Our yearly business planning process aims to achieve the best service to residents at the most efficient cost, and to generate enough surplus to enable us to invest in improving services and growing responsibly; and
- Our people - We are committed to investing in our staff and rewarding outstanding performance to improve resident satisfaction and financial strength.
You can find further information on how we provide value for money in the following documents: