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Colne Housing demonstrates strength with highest possible rating

Wed 31 January 2018

East Anglian-based housing association Colne has gained the highest possible regulatory rating.

It means Colne, which manages around 3,000 affordable homes in Essex and Suffolk, is highest rated for governance and financial viability - G1 V1.

The Regulator of Social Housing (RSH), formerly Homes and Communities agency (HCA), published the judgement. (Jan 31 2018).

Mrs Thakkar said: “Colne Housing is very proud to be one of the highest rated housing associations in the country. We are a strong, ambitious and commercially-astute business – this puts us in a fantastic position to continue to build homes and do what we can to meet housing need in East Anglia.

“The Board and I welcomed learning form this experience and embrace all opportunities to improve. Our sound approaches to governance, risk management and Value for Money (VfM) keep us safe and successful.”

In September 2016, following an HCA In Depth Assessment (IDA) Colne remained compliant at G2 while it implemented internal improvements to the project management of financial reporting.  This was following a period when interim management was in place for this area of the business.

Colne’s top V1 rating for financial viability remained unchanged.

The improvement plan provided assurance that financial reporting to the Board and to the regulator returns remain consistent and reflect Colne’s current financial plans and forecasts.

The RSH today said ‘Colne now meets our G1 governance requirements.’

The regulator said:

“Colne has, with support from independent advisers, reviewed the issues that led to the identified discrepancies in financial reporting and has ensured that proper controls are in place to prevent similar problems occurring in the future.

The effectiveness of these has been tested by Colne’s internal auditors. No material errors have been apparent in recent regulatory returns.”

Mrs Thakkar is keen to share Colne’s experiences with other housing associations if it would benefit them and will be leading a social media discussion #colneconversation on LinkedIn and Twitter.

To see the judgement in full click here.

Colne is a 3,000-home housing association which provides a range of housing solutions in Essex and Suffolk to enable independent living.

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Colne Housing demonstrates strength with highest possible rating

Sara Thakkar welcomes G1 V1 rating