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Regulator of Social Housing publishes further non-compliant Regulatory Judgement for Christian Action (Enfield) Housing Association

The Regulator of Social Housing (RSH) has published a further non-compliant Regulatory Judgement for Christian Action (Enfield) Housing Association (CAE).  CAE owns and manages around 1,600 properties primarily in the north London boroughs of Enfield and Waltham Forest, but also in Haringey and Barnet.

CAE has been downgraded from V2 to V3 because the RSH lacks assurance that:

  • CAE has a robust financial plan that it is capable of delivering
  • It is effectively managing its financial position and performance and
  • its mitigation strategies will be effective in ensuring the long-term viability of the organisation, and protecting social housing assets should further risks crystallise.

CAE’s financial performance alongside the limited headroom continues to put pressure on its key financial metrics, and consequently the RSH lacks assurance that CAHA has the financial capacity to ensure continued covenant compliance.

The RSH had previously downgraded its assessment of CAE’s Governance to G3 in December 2022 as:

  • it lacked assurance that CAE has a robust and prudent business planning, risk and control framework and
  • the Board of CAE had not been managing its affairs with an appropriate degree of skill, diligence, prudence and foresight.

CAE’s Board had failed to identify the potential crystallisation of a serious risk in time to effectively manage it and consequently it came within weeks of a potential loan covenant breach.  In addition, CAE’s communications with the RSH about its covenant compliance issues had not met the RSH’s expectations.

All of the Regulatory Judgements, Regulatory Notices and GUR listings published by the RSH can be viewed on the RSH’s website here.