Joseph Rowntree Housing Trust (JRHT) has room for improvement if it is to maintain compliance, the Homes and Communities Agency (HCA) revealed.
According to Housing News:
The regulator, which downgraded JRHT’s governance rating from G1 to G2, said the provider “meets the requirements on governance set out in the Governance and Financial Viability Standard, but needs to improve some aspects of its governance arrangements to support continued compliance”.
The provider retained its V1 rating for viability.
The regulatory judgement stated: “Based on evidence gained from contact with the trustees and executive, a review of board papers and other published documentation, the regulator has concluded that JRHT’s governance arrangements are adequate but that it needs to improve some aspects of governance to maintain compliance.
“The Value for Money standard sets a specific expectation that providers’ self assessments should enable stakeholders to understand the return on assets measured against the organisation’s objectives; set out the absolute and comparative costs of delivering specific services; and evidence the value for money gains that have, and will be, made and how these have, and will be, realised over time.
“We have concluded that JRHT has not published a robust self-assessment which sets out in a way that is transparent and accessible to stakeholders how it is achieving value for money in delivering its purpose and objectives. This means the regulator has only limited assurance that JRHT is delivering a comprehensive and strategic approach to achieving value for money in meeting its organisational objectives.
“The regulator’s assessment of JRHT’s compliance with the financial viability element of the governance and financial viability standard is unchanged. Based on evidence gained from contact with the executive and a review of the latest financial forecasts, annual accounts, and the quarterly survey the regulator has assurance that the financial plans are consistent with, and support, the financial strategy of the provider.
“The provider has an adequately funded business plan, sufficient security in place, and is forecast to continue to meet its financial covenants under a range of scenarios.”