Finance & Procurement

Finance

2009 is going to be an exciting year for the finance function at Homes in Havering (HiH). We are looking to recruit to four senior positions and are gearing up for an Audit Commission inspection in the autumn.

The interim finance team is in place and has been working closely with the Executive and Board to take the finance function forward to the next stage of supporting Homes in Havering achieve its very important strategic development goals.  HiH has set itself a target of achieving at least a 2 star rating at the next Audit Commission inspection in September 2009 and an essential part of its improved business practices necessary to achieve this rating is for high achieving individuals to join the finance function, that can bring their knowledge and experience of good financial practice elsewhere to build a strong new finance team at HiH. 

The rest of the organisation must have full confidence in the essential information and support it requires from the new finance team to achieve an initial 2 star rating in September 2009, leading on to further improvements and a 3 star rating in due course. Achievement of a 2 star rating in September 2009 will immediately release the first tranche of 'Decent Homes' capital improvement funding, worth in excess of £100m at Havering over the next 5 years.  This is a real opportunity for senior finance individuals to join the organisation as part of a whole new finance team and make a very significant impact at a crucial time in the company's development.

In 2008 a substantial deficit of £2.7m came to light relating to the previous two years, which has required extensive and detailed analysis by a specialist team of interim finance staff recruited for this purpose.  The previously reported financial statements for these periods have had to be restated and major changes implemented to financial processes and procedures, in order to prevent a recurrence of the failure to maintain proper accounting records and internal controls, that allowed these overspends to occur.  The company's financial position has now been stabilised, with additional financial support from its parent the London Borough of Havering, which is fully committed to its long-term future. The budget for 2009/10 has been agreed.

Procurement

The new Chief Executive and the ongoing development to achieve a two star rating are driving the creation a new procurement function that is seen to be a key element in the strategic development and ongoing aim for excellence throughout the organisation.

The procurement function will have responsibility to engage with all key stakeholders around the business to formulate and devise a procurement strategy.  A main element of this is to ensure that all ongoing procurement and contracting arrangements with suppliers offer best value to HiH.

Click here to view the Finance & Resources Organisation Chart.