Why we are engaging with Trust Housing Association Ltd (Trust)
We are engaging with Trust about its financial management and stock quality.
Trust has told us it needs to obtain new private finance during 2022/23.
In February 2022 Trust notified us about serious defects affecting a small number of its homes. Following investigation it found that the properties, which were developed by Wishaw and District Housing Association, were constructed using incorrect foundations for the ground conditions. Trust is taking action to address the issue including investigating neighbouring properties and is engaging with affected tenants. Trust is engaging openly and constructively with us as it addresses this issue.
What Trust must do
- send us by 30 April 2022:
- an update on the borrowing requirement for 2022/23;
- its latest projected monthly cash flows for the 12 months to 31 March 2023; and
- provide us with monthly updates on progress in addressing the serious defects it has identified in its homes.
What we will do
- review the cash flow projections and liaise as necessary;
- engage with Trust to monitor progress with its plans to address the defects it has identified in its homes; and
- update our published engagement plan in light of any material change to our planned engagement with Trust.
Trust 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.