Research and analysis
Notes about the VFM 2023 report
Comparability of results between the VFM metrics and reporting publication and the Global Accounts
Applies to England
Documents
Details
The main source for information relating to the Global Accounts and the VFM metrics and reporting publication is the FVA (Financial Viability Assessment) 2023 database. Care must be taken when considering the performance results between publications as they are not directly comparable.
Reasons for the differences include methodology employed on key measures and averages quoted. It is also important to note that for-profit registered providers are excluded from the VFM analysis.
The key reporting difference between publications and a reconciliation between results are shown in the table below.
| Metric / measure | VFM | GA | Key reporting differences |
|---|---|---|---|
| New supply (social) No. of units |
48,791 | 53,000 |
VFM analysis excludes for-profit PRPs. GA result excludes new social leasehold units. GA rounding difference. |
| New supply (non-social) No. of units |
8,280 | 2,000 |
VFM analysis excludes for-profit PRPs. GA result excludes new outright sale units, and new leasehold units. GA rounding difference. |
| Gearing | 45% | 51% |
VFM analysis excludes For-profit PRPs. The VFM metric is net of debt i.e. it subtracts cash. GA measure is total debt and includes cash. VFM quotes median value. GA quotes sector aggregate. |
| EBITDA MRI Interest Cover | 128% | 103% (weighted average) 124%(median) |
VFM analysis excludes For-profit PRPs. VFM analysis quotes quartile values but focuses on the median value. GA quotes median and weighted average values. |
Published 15 February 2024