Value for Money
27 July 2023 2024-10-26 19:49Value for Money
Value for money
Caspian School of Academics focus on the following key areas to ensure that students get value for money:
- Teaching quality and outcomes
- Consumer protection
- Fees, funding and efficiency
Value for Money (VfM)
Policy Statement
Value for Money (VfM) is a term used to assess whether an organization has obtained the maximum benefits from the goods and services it acquires and provides, within the resources available to it. In relation to this policy, Value for Money is considered from both students’ and taxpayers’ perspectives.
The Caspian School of Academics (CSA) is committed to ensuring Value for Money from its operations for both students and taxpayers. Value for Money will be measured through the two main stakeholder-related objectives as set out in the Office for Students (OfS) Value for Money strategy 2019 – 21 to ensure:
- Students receive Value for Money when they experience the full benefits of higher education – both during their studies and afterwards – in exchange for the effort, time, and money they invest.
- Taxpayers receive Value for Money when higher education providers use public money and student fees efficiently and effectively to deliver provision and enable achievement, including graduates from all backgrounds, who contribute to society and the economy.
- Value for Money not only measures the cost of goods and services but also takes into account the mix of quality, cost, resource use, fitness for purpose, timeliness, and convenience to judge whether or not they constitute good value. Student feedback, including satisfaction with teaching, support, and resources, along with success in gaining relevant employment post-qualification, informs both the School and students about their Value for Money.
- The key measures of Value for Money for students include:
- Providing clear, accessible, and up-to-date information about courses offered, along with transparent admissions systems.
- Implementing a widening participation approach to student recruitment, considering the needs of minority ethnic groups and traditionally underrepresented learners.
- Offering quality teaching and learning practices, continually seeking to improve through student feedback and partnerships.
- Treating students as consumers, enhancing transparency in teaching and learning strategies, and supporting student achievement.
- Providing guidance to support student progression to employment.
To achieve strong Value for Money, CSA focuses on economy, efficiency, and effectiveness in overall student learning, teaching, assessment, and support:
Economy: Minimizing resource costs.
Efficiency: Effective use of resources.
Effectiveness
Meeting objectives, particularly in terms of student achievement and progression.
The School evaluates its Value for Money through monitoring student achievement, satisfaction surveys, feedback, and post-course destination surveys, with outcomes included in annual monitoring reports published on the website to inform stakeholders.
CSA is committed to integrating Value for Money principles within its management and planning processes, adopting recognized good practices, benchmarking against similar organizations, and promoting a culture of continuous improvement. Financial accounts are audited and posted on the website to provide transparency on funding expenditure and clarify Value for Money.
The School has clear procedures for fee management, refunds, and terms and conditions of enrollment. It supports student transfers and provides guidance on credit transfers.
Objectives
CSA aims to provide good Value for Money to its students and the funding agency by:
- Integrating Value for Money principles within management and planning processes.
- Adopting recognized good practices.
- Benchmarking activities against similar organizations.
- Promoting continuous improvement.
- Ensuring all staff recognize their obligation to seek Value for Money.
- Delivering relevant priorities within the strategic plan.
- Evaluating Value for Money as part of the annual monitoring process and reports.
Framework of Control
CSA has identified areas of control aimed at securing Value for Money, including:
- Measuring and evaluating learner progress, achievement rates, satisfaction, and post-course destinations.
- Business planning, including defining objectives and targets for Value for Money.
- Utilizing financial contributions and conducting value-added analyses.
- Comparing results with benchmark figures.
- Implementing specifically identified Value for Money reviews and improvement projects.
Responsibility
The responsibility for achieving VfM lies with The Board of Governance, managers and staff and is not restricted to those with resource or financial responsibilities:
- The Board are responsible for securing economical, efficient and effective management of CSA’s resources and expenditure, so that the benefits that should be derived from the application of public funds are not put at risk.
- The Senior Leadership Team (SLT) has overall responsibility to put arrangements in place to ensure that VfM is a priority and underpins all delivery of learning, teaching and assessment management.
- Managers have the responsibility to maintain an awareness of good practice in their own area of operation and to ensure that these are followed appropriately.
- All staff should endeavour to seek and achieve VfM in all activities and to bring to management’s attention any opportunities for improvement.
Internal Audit will be used to identify any potential VfM issues or good practice as part of their internal audit assignments. In addition to audit judgments, the Board will receive regular information on value for money indicators from SLT.
Fees, Funding and Efficiency
The School intends to post audited financial statements on its website within two weeks of signing by the Chair of the Board of Governance and no later than five months after the fiscal year ends.
Higher Education institutes are regulated to ensure responsible behaviour and fulfilment of obligations to students, as mandated by the Office for Students and publication requirements for Financial Statements.
Read more about the School’s Income and Expenditure.
