The Regulator of Social Housing has updated the technical guidance for the Value for Money metrics that sets out how registered providers of social housing should calculate the metrics for inclusion in their annual accounts.
The update reflects minor changes that have been made to the 2020 FVA template - the electronic accounts regulatory return - and also includes an additional note for small providers to help them calculate the metrics as they are not required to submit an FVA.
The metrics, which are part of the 2018 VfM Standard requirements, continue to be a regulatory requirement. They help capture performance across the sector in a fair and comparable way and therefore remain unchanged. It is important that providers completing their accounts read and follow the guidance to ensure that metrics are calculated on a transparent and comparable basis, in accordance with the requirements of the Standard.
As part of its efforts to reduce the regulatory burden on providers during the coronavirus pandemic, RSH has extended the final submission date for the 2019/20 FVA return from 30 September to 31 December 2020. Likewise, the Regulator will take no action against providers who are unable to submit their Statutory Accounts by 30 September, provided these are submitted by 31 December. However, as the guidance notes, providers should submit regulatory returns as soon as practicable.
Jonathan Walters, Deputy Chief Executive of RSH, said:
Although providers should calculate their VfM metrics from their accounts and aim to report these as usual, we recognise that reporting on VfM in line with the regulatory standards may be challenging in the current circumstances.
We are seeking to be proportionate in our approach to the regulation of the VfM Standard in these unprecedented times, but providers should not lose sight of the need to deliver value for money for their tenants and other stakeholders. Being able to demonstrate the delivery of VfM remains an important part of the transparency commitment of the sector.
The guidance is available on the website's Value for money metrics page.
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You will find the Regulatory Standards, VfM Code of Practice on the Regulatory Standards page of the website.
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RSH promotes a viable, efficient and well-governed social housing sector able to deliver homes that meet a range of needs. It does this by undertaking robust economic regulation focusing on governance, financial viability and value for money that maintains lender confidence and protects the taxpayer. It also sets consumer standards and may take action if these standards are breached and there is a significant risk of serious detriment to tenants or potential tenants.
