![]() ![]() 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. In Depth Assessment (IDA): An IDA is a bespoke assessment of a provider’s viability and governance, including its approach to value for money. There are issues of serious regulatory concern, and the provider is subject to regulatory intervention or enforcement action. The provider does not meet our viability requirements. There are issues of serious regulatory concern and, in agreement with us, the provider is working to improve its position. It has the financial capacity to deal with a reasonable range of adverse scenarios but needs to manage material risks to ensure continued compliance. The provider meets our viability requirements. The provider meets our viability requirements and has the financial capacity to deal with a wide range of adverse scenarios. The provider does not meet our governance requirements. There are issues of serious regulatory concern and in agreement with us the provider is working to improve its position. The provider meets our governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance. The provider meets our governance requirements. Red Kite plans to develop around 822 homes between 20. Red Kite’s turnover for the year ended 31 March 2022 was £37m and it employed 146 full-time equivalent staff. ![]() Red Kite owns and manages around 6,500 homes in Wycombe and the surrounding area. Pennvale (Holdings) Limited is a commercial holding company which has been dormant since March 2021.Red Kite DevCo provides development services and.Edenmead Limited develops homes for outright sale.Twenty11 is a charitable company limited by guarantee that provides homes, management, and support services.Red Kite has four unregistered subsidiaries: Its key activities are the provision and management of social housing and community investment. It was formed in 2011 to take transfer of the housing stock from Wycombe District Council. Red Kite is a charitable community benefit society. Other providers included in the judgement The provider has an adequately funded business plan, sufficient security in place, and is forecast to continue to meet its financial covenants under a wide range of adverse scenarios. Based on evidence gained from a Stability Check, the regulator has assurance that Red Kite’s financial plans are consistent with, and support, its financial strategy. The regulator’s assessment of Red Kite’s compliance with the financial viability elements of the Governance and Financial Viability Standard is unchanged. The board now has appropriate oversight of key risks facing the business. In addition, Red Kite has improved its stress testing and has strengthened its mitigation strategies. Compliance reporting on landlord health and safety obligations and financial covenants has improved and is sufficient to enable the board to exercise effective oversight. Red Kite Community Housing Limited (Red Kite) complies with the governance elements of the Governance and Financial Viability Standard and it has addressed the issues raised in the judgement we published in July 2021.īased on evidence gained from reactive engagement, the regulator now has assurance that Red Kite has strengthened its governance arrangements. This judgement upgrades our assessment of Red Kite Community Housing Limited’s governance from G2 to G1 and confirms its existing V1 grade for viability. Regulatory route: Stability Check and Reactive Engagement.Reason for publication: Governance upgrade.Provider: Red Kite Community Housing Limited. ![]()
0 Comments
Leave a Reply. |