Why we are engaging with Easthall Park
We are engaging with Easthall Park about its governance.
COVID-19 has significantly impacted the services provided by social landlords in 2020 and will continue to influence how services are provided in 2021. We will continue to monitor, assess and report upon how each landlord is responding and we will keep our regulatory engagement under review so that we can continue to respond to the challenges of COVID-19.
We have been engaging with Easthall Park over a Notifiable Event and its handling of the circumstances leading up to the submission of the Notifiable Event which occurred in 2020. This has identified concerns relating to Easthall Park’s governance arrangements in relation to the Notifiable Event. Easthall Park has commissioned independent support to conduct a review of these circumstances and to provide assurance about its wider governance arrangements. It will then produce an improvement plan to implement any recommendations of the review. Easthall Park also plans to strengthen its governing body with the appointment of an additional co-optee to bring new skills and expertise. It will also provide additional training and development for the governing body. Easthall Park is continuing to work openly and constructively with us to ensure that it is complying with the Regulatory Standards of Governance and Financial Management (the Regulatory Standards).
What Easthall Park must do
Easthall Park must:
- update us on progress in completing its governance review; and
- provide us with the report on the governance review once complete and set out what actions it is taking to address any recommendations from the review in an improvement plan.We will:
What we will do
We will:
- continue to engage with Easthall Park as it completes its governance review and implements its improvement plan to address any issues from the review;
- liaise with Easthall Park to monitor progress with its improvement plan; and
- update our published engagement plan in light of any material change to our planned engagement with Easthall Park.
Regulatory returns
Easthall Park 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.