Highest Governance rating confirmed by the Regulator of Social Housing
South Lakes Housing (SLH) has today received confirmation of its governance and viability rating from the Regulator of Social Housing (RSH) following an In-Depth Assessment (IDA), conducted over the past few months. The intensive process involved scrutinising a range of evidence including board reports, performance measures, delivery of the business strategy and financial and risk planning. Interviews were held with the Executive Team and the Chair of the Board and Audit & Risk Committee, as well as observing a meeting of the SLH Board in May.
The Regulator confirmed that SLH has retained the highest governance rating of ‘G1’ which provides stakeholders with a strong level of assurance that the Housing Association continues to be well managed and effectively governed.
The Regulator of Social Housing had previously regraded our financial viability assessment to a compliant V2 rating following the annual stability check in November 2022. The judgement reflected SLH’s ambitious plans to invest heavily in existing homes and delivering new affordable homes, against the backdrop of increased risks associated with restricted rent increases and an uncertain economic climate.
This part of the judgement remains unchanged following today’s IDA publication and the Board will continue to ensure that these risks are effectively managed through strong resilience planning so that we have sufficient financial capacity and a ready-made plan to respond to further adverse events.
The judgement is: Governance grade: G1 and Viability grade: V2
Commenting on today’s judgement Cath Purdy, Chief Executive, said “We are delighted to maintain the highest governance grading and that the Regulator has confidence in how the business is run and the outcomes we are delivering. The Regulator understands the choices that have been made to significantly invest in existing homes, including accelerating energy efficiency works which is vital for our residents coping with the cost-of-living increases, and delivering much needed new affordable homes across our operating area.
The judgement means that stakeholders can have confidence as we press ahead with our Growing, Greening and Transforming activities which are focussed on improving customer experience, neighbourhoods, energy efficiency, safety of homes, affordability and increasing the supply of new quality homes.
Thanks to our diligent Board, committed and hardworking colleagues and engaged residents we have maintained the standards set by the Regulator despite the many challenges over the past few years. The focus for us now is to ensure that our customers’ experience consistently good quality services and that their feedback and engagement is central to SLH’s future decisions about investment and improvements.”
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