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Regulatory Judgement on Islington and Shoreditch Housing Association Limited L0457

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Regulatory Judgement on Islington and Shoreditch Housing Association Limited L0457 Regulatory Judgement on Islington and Shoreditch Housing Association Limited L0457 August 2021 Regulatory Judgement Islington and Shoreditch Housing Association Limited L0457 Publication Details Reason for publication Changed basis for viability grade Regulatory process In Depth Assessment Please see the definitions in Annex 1 for more detail Governance G1 (Compliant) The provider meets our governance requirements. Viability V2 (Compliant) The provider meets our viability requirements. It has the financial capacity to deal with a reasonable range of adverse scenarios but needs to manage material risks to ensure continued compliance. Key to grades G1 / V1 Compliant G2 / V2 Compliant G3 / V3 Non-compliant and intensive regulatory engagement. G4 / V4 Non-compliant, serious failures leading to either intensive regulatory engagement or the use of enforcement powers. Page 2 of 5 Regulatory Judgement Islington and Shoreditch Housing Association Limited L0457 Provider Details Origins Islington and Shoreditch Housing Association Limited (ISHA) is a registered provider and a charitable community benefit society. ISHA’s core business is the provision of general needs and shared ownership housing. Registered Entities ISHA is the only registered entity. Unregistered Entities ISHA has a single, wholly owned, unregistered subsidiary, Urban Style, which is currently dormant. Geographic Spread and Scale ISHA owns and manages around 2,300 homes across six local authority areas within Greater London. Staffing and Turnover At 31 March 2021, ISHA employed 62 full time equivalent staff members. ISHA’s unaudited turnover for the year to 31 March 2021 was £23.5m. Development ISHA forecasts the development of 172 units between 2022 and 2026. The units will be allocated between social or affordable rented housing and shared ownership. Page 3 of 5 Regulatory Judgement Islington and Shoreditch Housing Association Limited L0457 Regulatory Judgement This judgement confirms the regulator’s existing assessment of ISHA’s governance and viability (G1/V2). Following completion of an In Depth Assessment (IDA), the regulator has assurance that ISHA complies with the financial viability elements of the Governance and Financial Viability Standard and that its financial plans are consistent with, and support, its financial strategy. ISHA has an adequately funded business plan, sufficient security and is forecast to continue to meet its financial covenants. ISHA is undertaking building safety works requiring significant expenditure. As a result, interest cover is forecast to remain weak for at least the next five years. This increased investment in its stock reduces ISHA’s financial capacity and gives rise to material risks that the provider needs to continue to manage. The regulator’s assessment of ISHA’s compliance with the governance elements of the Governance and Financial Viability Standard remains unchanged. Based on the evidence gained from the IDA, the regulator has assurance that ISHA’s governance arrangements enable it to adequately control the organisation and to continue meeting its objectives. Page 4 of 5 Regulatory Judgement Islington and Shoreditch Housing Association Limited L0457 Annex 1: Definitions of Regulatory Processes In Depth Assessment (IDA) An IDA is a bespoke assessment of a provider’s viability and governance, including its approach to value for money. It involves on-site work and considers in detail a provider’s ability to meet its financial obligations and the effectiveness of its governance structures and processes. Stability Checks Based primarily on information supplied through regulatory returns, a Stability Check is an annual review of a provider’s financial position and its latest business plan. The review is focused on determining if there is evidence to indicate a provider’s current judgements merit reconsideration. Reactive Engagement Reactive engagement is unplanned work which is triggered by new information or a developing situation which may have implications for a provider’s current regulatory judgement. Stability Checks and Reactive Engagement In some cases, we will publish narrative regulatory judgements which combine evidence gained from both Stability Checks and Reactive Engagement. Further Information For further details about these processes, please see ‘Regulating the Standards’ on https://www.gov.uk/rsh. Page 5 of 5 .
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