Engagement plan from 31 March 2023 to 31 March 2024

Landlord name

Cordale Housing Association Ltd

Publication date

31 March 2023

Regulatory status


The RSL meets regulatory requirements, including the Standards of Governance and Financial Management.

This landlord is a subsidiary of Caledonia. You can read the engagement plan for Caledonia an all its subsidiaries below.

Why we are engaging with Caledonia Housing Association Ltd (Caledonia) 

We are engaging with Caledonia about its development plans and because it is a systemically important landlord. 

We refer to a small number of RSLs as systemically important because of their stock size, turnover or level of debt or because of their significance within their area of operation.  We need to maintain a comprehensive understanding of how their business models operate, and how they manage the risks they face and the impact these may have.  So we seek some additional assurance each year through our engagement plans.  Given Caledonia's size, turnover and level of debt we consider it to be systemically important.  

Caledonia 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 low cost home ownership and will receive significant public subsidy to help achieve this.  The number of affordable homes provided by Caledonia will increase by around one fifth over the next five years. 

What Caledonia must do 

Caledonia must: 

  • provide copies of its Board and audit committee minutes as they become available; 
  • send us an update on its development programme by 31 October 2023. 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; and 
  • 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. 

What we will do 

We will: 

  • review the minutes of the Board and audit committee meetings and liaise as necessary;  
  • observe Caledonia’s Board; 
  • meet with Caledonia’s senior staff to discuss progress with the business plan and any risks to the organisation; and 
  • update our published engagement plan in the light of any material change to our planned engagement with Caledonia. 

Regulatory returns  

Caledonia 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.  


Our lead officer for Caledonia Housing Association Ltd is:

Laura Gillespie

Regulation Manager