EastendHomes responds to Regulatory Judgement
On 25 May 2023 The Regulator of Social Housing (RSH) announced its Regulatory Judgement for EastendHomes as a G3 for Governance and a V2 for Viability. This follows an In-depth Assessment (IDA) carried out in 2022. Previously EastendHomes was graded a G1 / V2.
Kevin Moore Chair of EastendHomes Board said:
While we are very pleased to retain our V2 rating we are obviously disappointed our Governance rating is now a G3. Through the regulatory process our board and executive have been fully transparent, engaged with the Regulator’s concerns and have prioritised actions to ensure EastendHomes move back to a G1 rating as swiftly as possible.
Prior to the IDA, we had commissioned a comprehensive external governance review. This was completed earlier this year, many of the recommendations have already been actioned, and we expect all improvements to be in place this year.
A good example is that we have already strengthened the quality of our data, having completed a survey of 50% of our stock, with the remaining 50% to be captured in the next 12 months. This coupled with our extensive proxy measures including our strong local presence on estates has helped to further validate our fully costed and sustainable asset management strategy.
The Regulator’s confirmation of our V2 rating signals that our agreed financial plan supports our strategy which has prioritised building safety, stock decency and energy efficiency. The Board carefully monitors our financial performance to ensure that we remain in a good place to achieve our strategic objectives and to provide a local housing service which meets the needs, priorities, and aspirations of all our residents.