Value for money
At Arawak Walton we have had another busy year ensuring we achieve and improve our value for money.
2019/20 marked the fourth and final year of the rent cut, with most of our tenants receiving a 1% rent cut. This means that our rents offer even better value for money than rents in the private sector – on average our rents were around £60 a week cheaper than private rent.
We continue to increasingly use text and email to communicate with our tenants, which is both much quicker and also more cost effective. Tenants are also able to visit our website to access their account information and log repair requests which also saves time and allows a much more flexible offer to our tenants. Where we need to send out big mail outs, we use the services of a specialist company, which costs much less than sending it ourselves.
During the year we were able to provide a further 26 homes in 2019/20,
mainly by working in partnership with other housing associations and local authorities, with 25 to be let at social rent levels.
The Association was also successful in its bid for grant funding during the year meaning that more properties can be acquired in the future due to the lower net cost of acquiring those properties.
During the course of the year we continued to maintain our stock and replaced 4 kitchens, 17 bathrooms, 11 boilers and heating systems and replaced windows at 46 of our homes. Our modern “A” rated boilers use much less gas, which saves our tenants money. They are also less likely to break down, which saves our tenants’ time and saves us the cost of repairs. The new boilers are also much better for the environment as they produce less carbon dioxide. New windows require much less painting than old wooden ones and also help reduce heating bills.
Due to successful tender processes, staff have ensured that the best price has been paid for a number of components, in order to obtain best value for our tenants.
Many of these replacement items have been bought direct from the manufacturers, meaning we can buy more for our money.
Following the rent cut announced in 2016, we have tried where possible to maintain costs at the 2015/2016 level, but this has not always been possible due to inflationary increases on some services and also growth in our property portfolio which brings additional costs. However, it is pleasing to note that operating costs per unit per year are £3,444 which is significantly below our peers’ costs of £3,574.
We constantly work to improve our value for money and we have plans to do this over the course of the next year.
Value for Money Self Assessment 2020 can be found here 2020
At Arawak Walton, we aim to continue to deliver excellent customer service, while looking for ways to generate savings and income wherever possible. This ensures that we can re-invest into our current neighbourhoods in addition to growing the number of homes we own and manage, helping to meet the demand for our homes and the aspirations of our tenants.
View our Financial statements for:
Arawak Walton Key Performance Indicators
The following table identifies where Arawak Walton are performing in key areas of the organisation in relation to our targets.
|Values||Key Performance Indicator||Sep-20||Dec-20||Mar-21||Targets|
|Financial Strength||Operating Margin||20%||21%||25%||>20%|
|Rent arrears of current tenants as a percentage of rent||3.18%||3.74%||2.54%||<3.2%|
|General Needs (GN)||3.37%||3.78%||2.78%||<3.4%|
|Housing for Older People (Over 55) (HfOP)||2.20%||3.52%||1.34%||<1.8%|
|Percentage of rent collected as a percentage of rent due||97.86%||100.79%||102.22%||>100.9%|
|Compliance with financial covenants (%)||100.00%||100.00%||100.00%||=100%|
|Rent loss dues to voids||£6,560||£11,936||£12,499||<£19,896|
|Rent loss due to voids %||0.15%||0.23%||0.24%||<0.40%|
|Number of days taken to let a property||35.5||28.87||24.57||<18.5|
|Growth and Innovation||Number of Months Left Available Loan Facilities||28||25||25||>24 Months|
|Percentage of properties acquired compared to Growth Plan||80%||80%||130%||>100%|
|Open and Accountable||Overall Cost Per Unit||£3,719||£3,589||£3,363||<£3,665|
|Percentage of properties that require a gas safety record which had a gas safety check and record completed by the anniversary date||100%||100%||100%||=100%|
|Percentage of tenants with Customer Profile Survey completed||99.63%||99.63%||99.63%||>99%|
|Overall satisfaction with the responsive repairs service||99.6%||99.8%||99.8%||>96%|
|Value People||Average Staff Sickness||14.81||10.42||6.31||<9 days|
|Overall Staff Satisfaction Rate||1.8||2||2||<1.8|
|Overall tenant satisfaction with services provided||9200%||9200%||9200%||>91%|