Why we are engaging with Ark Housing Association Ltd (Ark)
We are engaging with Ark about its financial management and service quality.
Ark has told us it has plans to develop new homes for social rent and needs to obtain new private finance during 2023/24 to support this.
To assess the risk to social landlord services we have reviewed and compared the 2021/22 service quality performance of all social landlords to identify the weakest performing landlords. We will therefore engage with Ark about tenant satisfaction and emergency repairs.
What Ark must do
- send us by 30 April 2023:
- an update on the borrowing requirement for 2023/24;
- its latest projected monthly cash flows for the 12 months to 31 March 2024; and
- review its performance for tenant satisfaction and emergency repairs and consider what improvement action it needs to take.
What we will do
- review the cash flow projections and liaise as necessary;
- review Ark’s service quality performance as part of our 2023/24 risk assessment; and
- update our published engagement plan in the light of any material change to our planned engagement with Ark.
Ark 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.