You are viewing 1 of your 1 free articles
A London-based housing co-operative has been found in breach of the regulator’s standards after it failed to file financial statements
The Regulator of Social Housing said Park Hill Housing Co-operative has failed to submit financial statements within six months of the latest accounting period, despite repeated reminders.
The regulator said the co-operative has failed to meet the governance part of the Governance and Financial Viability Standard and it does not have “sufficient assurance” of its financial viability.
Registered providers are required to submit financial statements no later than six months from the date on the statements.
The regulator is now considering what further action to take, “if any”, in relation to the breach.
Park Hill Housing Co-operative has been approached for comment.
In a second judgment, 24,000-home Paragon Asra Housing saw its governance upgraded to the highest G1 rating.
The regulator found it needed to make improvements in 2016 but that it had already strengthened its operations to address “serious concerns” about its business planning and control frameworks.
Following the merger between Paragon and Asra in April last year, the association carried out a “wholesale revision” of its governance arrangements and the regulator said risks are now being managed “satisfactorily”.
North Devon Homes also had its governance upgraded to G1.
The regulator concluded in 2016 that the 3,325-home association needed to strengthen the skills of its board to match the organisation’s plans to develop 200 new homes over three years and improve its approach to business planning.
Since then the regulator has contacted board members and watched a board meeting to check improvements had been made. It found that the association had put in place a governance improvement plan with support from independent advisors and created a smaller skill-based board.
Its business planning has been expanded to reflect its development strategy, including modelling and managing sales risk.
Provider | Governance rating | Viability | Change |
Cornerstone Housing | G1 | V1 | No change |
Jigsaw Homes Group | G1 | V1 | Merger (first judgement) |
Lincolnshire Housing Partnership | G2 | V2 | Merger (first judgement) |
Local Space | G1 | V1 | No change |
North Devon Homes | G1 | V1 | Governance upgrade |
Origin Housing | G1 | V2 | No change |
Paragon Asra Housing | G1 | V1 | Governance upgrade |
Park Hill Housing Co-Operative | N/A | N/A | Non-compliant |
Southway Housing Trust (Manchester) | G1 | V1 | No change |
Sovereign Housing Association | G1 | V1 | No change |