Best Value Statement

Policy details

• Date created - 31/10/2023
• Date reviewed - xx/xx/xxxx
• Date approved - xx/xx/xxxx
• Next review date - 31/10/2025
• Policy owner - Michelle Khambhaita

1. Introduction
2. Objectives
3. Roles and Responsibilities
4. Our Approach to Value of Money
5. Review of this policy

Introduction

Value for money has always been a key consideration for Co-op Academy Penny Oaks. Achieving value for money can be described in terms of three ‘E’s’ – economy, efficiency and effectiveness:

Economy – minimising the cost of resources for an activity (‘doing things at the right price’)

Efficiency – performing tasks with reasonable effort (‘doing things in the right way’)

Effectiveness – the extent to which objectives are met (‘doing the right things’).

Having the ‘right people’ is also an important aspect of ensuring value for money.

Obtaining the best outcomes for pupils, within available resources, is the key to achieving value for money.

Objectives

Co-op Academy Penny Oaks is committed to embedding a value for money culture throughout the school to ensure that value for money is achieved from all our activities. The following policy objectives for Co-op Academy Penny Oaks have therefore been approved:

To have a high level of awareness and ownership of value for money in all functions and activities throughout Co-op Academy Penny Oaks in order to maximise the benefits to pupils whilst minimising cost;

To ensure that all governors and staff have responsibility for promoting value for money principles;

To have active consideration of value for money in the planning and delivery of Co-op Academy Penny Oaks’ development and financial plans; service delivery methods, including partnership working; and budget and resource allocation;

Roles and Responsibilities

The responsibility for ensuring value for money lies with all governors and members of staff within Co-op Academy Penny Oaks and is not restricted to senior leadership or those with financial responsibilities.

The school is responsible for implementing arrangements that will ensure value for money is being sought. Managers are responsible for ensuring that these good practice arrangements are utilised effectively within their area of operation. All staff should endeavour to seek and achieve value for money in all activities and to highlight any opportunities for improvement or financial savings.

Our approach to Value for Money

Co-op Academy Penny Oaks recognises its responsibility to achieve value for money from all its activities, however they may be funded.

Co-op Academy Penny Oaks is committed to the pursuit of economy, efficiency and effectiveness, and seeks to adopt good practice and incorporate value for money principles in all its activities.

In order to achieve good value for money Co-op Academy Penny Oaks’ policy is to:

Ensure Co-op Academy Penny Oaks has an efficient and effective staffing structure to facilitate the achievement of its strategic aims and objectives

EnsureCo-op Academy Penny Oaks meets its annual funding, pupil number and pupil performance targets

Ensure Co-op Academy Penny Oaks meets its financial objectives each year

Ensure value for money principles are taken fully into account within existing management, planning and review processes

Ensure that Co-op Academy Penny Oaks’ Governing body has regard to value for money in its annual programme of work

Adopt recognised good practice where appropriate to do so

Benchmark Co-op Academy Penny Oaks activities against other similar institutions where this is considered useful

Respond to opportunities to enhance the economy, efficiency and effectiveness of activities

Have a robust competitive tendering process which complies with  regulations and which ensures that best value is achieved when goods and services are procured

Observe the need for price quotations and for tender invitations

Ensure that all administrative systems and processes are designed to maximise integration and eliminate duplication and delay

Through Co-op Academy Penny Oaks’ self-assessment framework, develop appropriate internal and external service standards and monitor delivery against them

Promote a culture of continuous improvement

Ensure that all staff recognise their continuing obligation to seek value for money for Co-op Academy Penny Oaks as part of their day-to-day activities

Undertake periodic value for money reviews of key areas or activities

Review of this policy

The Governing Body review this policy every two years. It may however review this policy earlier than this if the government produces new regulations, or if it receives recommendations on how this policy might be improved.