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102 Blackstock Road
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0300 131 7300

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News

Updated Regulatory Judgement

 

The housing regulator has today announced that it has upgraded Islington and Shoreditch Housing Association Group’s regulatory grading to G1 for governance and regraded the financial viability assessment from V1 to V2.

The Regulator restored ISHA to the highest Governance grading because the Regulator is assured that ISHA has the appropriate arrangements for the control of health and safety risks.

The change from V1 to V2 was made as part of the annual review of the Group’s financial returns. The report said “The regulator has assurance that ISHA complies with the financial viability element of the Governance and Financial Viability Standard. ISHA’s financial plans are consistent with, and support, its financial strategy. It has an adequately funded business plan, sufficient security, and is forecast to continue to meet its financial covenants.”

It added “Based on the projections in its latest financial plan, ISHA's financial profile indicates that there are limitations on its capacity to deal with downside risks. It is increasing major repair spending in accordance with its updated asset management strategy. As a result, interest cover for the core social housing business is forecast to remain weak for at least the next five years. This investment in its stock reduces ISHA’s financial capacity to offset potential risks, including those relating to development and market sales.”

Stephen Stringer, Chair of ISHA’s Board said “We are really pleased that we have been regraded to G1, which reflects all the hard work of the Board and staff at ISHA. We are reassured that the regrade to V2 is a compliant grade and the Regulator is supportive of the investment we have planned for our existing homes. Along with the upgrading back to G1, I am looking forward to supporting ISHA’s new Chief Executive, Ruth Davison, in building on our success, and maintaining ISHA as a truly community based housing association.”

For the full report from the Regulator of Social Housing see here .

19 December 2018

 

Ends………………

NOTES FOR EDITOR

About ISHA Islington & Shoreditch Housing Association ('ISHA') is a registered society under the Co-operative and Community Benefit Societies Act 2014 and the roots of ISHA go back to 1933. Lien Viet Housing Association is a subsidiary of ISHA, as is Urban Style Ltd.

The ISHA Group has over 2,260 homes and operates in the London Boroughs of Camden, Hackney, Haringey, Islington, Tower Hamlets and Waltham Forest.

The Board was pleased to report a surplus for the year to 31 March 2018 of £7.3m for the Group.

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