Why we are engaging with Kingsridge Cleddans Housing Association Ltd (Kingsridge Cleddans)
We are engaging with Kingsridge Cleddans about its governance.
We had been engaging with Kingsridge Cleddans to seek assurance about the steps it was taking to address weaknesses in its governance and to achieve compliance with regulatory requirements including the Regulatory Standards of Governance and Financial Management.
Kingsridge Cleddans has worked constructively with us as it developed and delivered a programme of improvements to its governance and it has now provided us with assurance that it is complying with the regulatory requirements including the Standards of Governance and Financial Management (the Standards). It has a small number of outstanding tasks remaining. This includes embedding its succession planning activities and ensuring appropriate scrutiny of the annual assurance statement process. It must also continue to sustain the improvements which it has already achieved particularly in the delivery of a revised internal audit programme and its governing body training plans.
What Kingsridge Cleddans must do
Kingsridge Cleddans must:
- complete the outstanding tasks remaining in its governance improvement programme; and
- provide us with quarterly updates on progress with the governance improvement programme.
What we will do
We will:
- consider the updates from Kingsridge Cleddans relating to progress with the outstanding tasks remaining in its governance improvement programme and engage as necessary; and
- update our published engagement plan in the light of any material change to our planned engagement with Kingsridge Cleddans.
Regulatory Returns
Kingsridge Cleddans 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.