Why we are engaging with Osprey Housing Ltd (Osprey)
We are engaging with Osprey about its financial management and organisational change.
Osprey has told us it needs to obtain new private finance during 2022/23.
On 1 November 2021 Aberdeen Soroptimist Housing Society Ltd (Aberdeen Soroptimist) transferred its homes to Osprey. Osprey will now support Aberdeen Soroptimist as it progresses removal from the SHR Register of Social Landlords.
What Osprey must do
Osprey must send us by 30 April 2022:
- an update on the borrowing requirement for 2022/23;
- its latest projected monthly cash flows for the 12 months to 31 March 2023; and
- provide the information we require to progress the de-registration of Aberdeen Soroptimist. This includes Aberdeen Soroptimist’s final audited financial statements and auditors report.
What we will do
We will:
- review the cash flow projections and liaise as necessary;
- consider the de-registration application for Aberdeen Soroptimist; and
- update our published engagement plan in light of any material change to our planned engagement with Osprey.
Regulatory returns
Osprey 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.