Why we are engaging with Blue Triangle (Glasgow) Housing Association Ltd (Blue Triangle)
We are engaging with Blue Triangle about its financial management.
Blue Triangle recently restructured its operations and developed a new business plan to ensure that it can continue to deliver its strategic objectives.
What Blue Triangle must do
Blue Triangle must:
- send us by 30 April 2024:
- its approved business plan and updated risk register; and
- its budget for 2024/25 and supporting information including the report to the Board and minutes of the Board meeting where the budget was discussed.
- send us by 30 June 2024:
- long term financial projections consisting of statement of comprehensive income, statement of financial position and statement of cash flow complete with assumptions and explanatory narrative;
- financial sensitivity analysis which considers the key risks and the mitigation strategies for these risks;
- report to the Board in respect of the long term financial projections and sensitivity analysis; and
- evidence of how it demonstrates affordability for its tenants.
What we will do
We will:
- review the business plan, budget, supporting information and financial information;
- meet with Blue Triangle’s senior staff to discuss the business plan, budget, supporting information and financial information; and
- update our published engagement plan in the light of any material change to our planned engagement with Blue Triangle.
Regulatory returns
Blue Triangle must provide us with the following annual regulatory returns and alert us to notifiable events as appropriate:
- Annual Assurance Statement;
- audited financial statements and external auditor’s management letter;
- loan portfolio return;
- five year financial projections; and
- Annual Return on the Charter.
It should also notify us of any material changes to its Annual Assurance Statement, and any tenant and resident safety matter which has been reported to or is being investigated by the Health and Safety Executive or reports from regulatory or statutory authorities or insurance providers, relating to safety concerns.