Why we are engaging with West Granton Housing Co-Operative (West Granton)
We are engaging with West Granton about its financial management.
West Granton has told us it needs to obtain new private finance during 2024/25 to support its plans.
What West Granton must do
West Granton must:
- send us by 30 April 2024:
- an update on the borrowing requirement for 2024/25; and
- its latest projected monthly cash flows for the 12 months to 31 March 2025.
What we will do
We will:
- review the cash flow projections and engage as necessary; and
- update our published engagement plan in the light of any material change to our planned engagement with West Granton.
Regulatory returns
West Granton 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.