b'Value for Money STRATEGIC GOAL(VFM) VALUE FOR MONEYChoice believes that a focus on Value for Money (VFM) leads to improved outcomes for customers and stakeholders, and generates savings on resources which can either be taken as short-term gainsor recycled back into the organisation as additional longer-term investment. Our VFM strategy has the following aims: The overall VFM process is continuous and we recognise that the quest to improve is never Setting VFM targets which become the focuscomplete. However, areas where we have for enhancing delivery; focused our efforts are: mproving tenant satisfaction levels;Establishing management systems and structures aimed at promoting VFM; and IImproving core operating metrics;Establishing a VFM culture at all levels of theorganisation. Achieving 100% compliance on health and safety; Enhancing our delivery on new build; andImproving returns from our assets. We aimed to achieve these targets while maintaining average rents at affordable levels.We are making progress in all of these areas, as follows:VFM Area ProgressImproving tenant We have improved our overall tenant satisfaction (based on the STAR satisfaction levels methodology) from 79% in 2016/17 to 88% at March 2019. Improving core There have been improvements in overheads, housing management costs, operating metrics voids, re-let times, SAP rating, and tenancy turnover. Other metrics require further improvement including: response maintenance costs and arrears.Achieving 100% complianceWe have achieved target levels of compliance and closely monitoron health and safety on-going performance.Enhancing our delivery onWe completed 301 new social units in 2018/19. We have implemented a number new build of initiatives to further enhance performance.Improving returns from ourOur return on assets (at 1.80%) was in line with local peers, but was lower than assets the previous year due to our additional maintenance expenditure in the year. We plan to improve this ratio in future years.Choice Annual Report | 2018/1941'