Why we are engaging with West of Scotland Housing Association Ltd (West of Scotland)
We are engaging with West of Scotland about its development plans and transfer of engagements from Charing Cross Housing Association Ltd (Charing Cross).
West of Scotland is one of the largest developers of new affordable housing in Scotland. It has plans to grow through a considerable programme of new homes for social rent and mid-market rent and will receive significant public subsidy to help achieve this.
Following a successful ballot of tenants, Charing Cross transferred its engagements to West of Scotland on 1 August 2022 and the former removed from the Register of Social Landlords on 20 December 2022. Since then we have monitored the progress of the integration of Charing Cross into West of Scotland and the delivery of the commitments that West of Scotland has made to Charing Cross’s tenants and service users.
What West of Scotland must do
West of Scotland must:
- send us by 30 April 2024:
- its approved business plan;
- its updated risk register, including details of its approach to development risk management and mitigation;
- the report(s) to the Board/appropriate committee about the plan and approach to risk management and mitigation; and
- evidence of how it demonstrates affordability for its tenants.
- send us an update on its development programme by 31 October 2024. This will include its latest report to the governing body/appropriate committee about development and details of the scale and tenure mix, timescales for delivery and any material delays or changes to the programme;
- tell us if there are any material adverse changes to its development plans which might affect its financial position or reputation, in line with our notifiable events guidance; and
- send us quarterly updates on progress with the delivery of the commitments West of Scotland has made to Charing Cross’s tenants and service users.
What we will do
We will:
- review the business plan and supporting information;
- meet with West of Scotland’s senior staff to discuss the business plan, supporting information and any risks to the organisation;
- review the development update and engage as necessary;
- review the updates on the delivery of the commitments West of Scotland has made to Charing Cross’s tenants and service users and engage as necessary; and
- update our published engagement plan in the light of any material change to our planned engagement with West of Scotland.
Regulatory returns
West of Scotland 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.