Following completion of an In Depth Assessment (IDA) carried out by the Regulator of Social Housing between May 2021 and August 2021, Tuntum’s Regulatory Judgement (RJ) was issued as G2 V2. This is a downgrade from the previous RJ issued in 2020 which was rated as G1 V2.
Tuntum is disappointed by this result but accepts that there is improvement needed in some areas. An action plan is being put together which will be agreed with the Regulator of Social Housing in order to regain a G1 grading for governance as soon as possible.
Tuntum would also like it to be noted that despite the challenges of the last year, the Association was successful in achieving a number of positive outcomes. These included growth in the number of homes owned and managed by 7%, the implementation of two new community based mental health schemes, the installation of a new comprehensive IT management system and the drawdown of a further £13 million which will be used for the development of more homes.
Notes – Key to Grades
G2 (Compliant) The provider meets our governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance.
V2 (Compliant) The provider meets our viability requirements. It has the financial capacity to deal with a reasonable range of adverse scenarios but needs to manage material risks to ensure continued compliance.
If you wish to obtain any further information on this matter contact:
Richard Renwick MBE, CEO
Tuntum Housing Association