We have retained our V1 financial viability rating following an in-depth assessment by the Homes and Communities Agency (HCA), the social housing regulator.
We’re delighted that the HCA recognised once again that we meet all the financial viability requirements and have the capacity to effectively mitigate any risks. The HCA found that our financial viability was unchanged; our financial plans support our financial strategy and that we have sufficient security in place. They were also assured that we are “forecast to continue to meet its financial covenants under a wide range of scenarios.”
However, we are strengthening our governance arrangements after receiving a G2 governance grading in the HCA’s Regulatory Judgement released today (Wednesday 31 May 2017).
In returning the compliant G2 governance grading the HCA said: “We have assurance that CHP has a clear understanding of its operating markets and key risks. However, it needs to improve the quality of risk reporting…which enables the board to gain assurance that the appropriate controls and actions are in place.” CHP has a detailed improvement plan in place to regain its G1 rating by early 2018 and is already working hard to action this.
Ursula Heelis, Chair of our Board of Trustees, said: “We meet the regulator’s governance requirements but we recognise that we need to improve in some areas.
“I am confident that our action plan, together with our strong record as a high-performing organisation, will put us in an excellent position to regain our G1 rating soon. I welcome this opportunity to review our processes to ensure we continue to provide an excellent service to all of our residents, stakeholders and investors.”