Previous regulatory judgement: Golden Lane Housing Limited (30 November 2022)
Updated 15 November 2023
Applies to England
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RSH Narrative Regulatory Judgement
- Provider: Golden Lane Housing Limited
- Regulatory code: 4803
- Publication date: 30 November 2022
- Governance grade: G1
- Viability grade: V2
- Reason for publication: Viability regrade
- Regulatory route: Stability Check and Reactive Engagement
Regulatory judgement
This regulatory judgement regrades our previous published assessment of Golden Lane Housing Limited’s viability from V1 to V2 and confirms its G1 grade for governance.
The regulator has assurance that Golden Lane Housing Limited (Golden Lane Housing) complies with the financial viability elements of the Governance and Financial Viability Standard and that its financial plans are consistent with, and support, its financial strategy. Golden Lane Housing has an adequately funded business plan, sufficient security and is forecast to continue to meet its financial covenants.
Golden Lane Housing has experienced a significant rise in the interest costs relating to its existing debt. Coupled with the current inflationary pressures, this has reduced the capacity within Golden Lane Housing’s business plan to deliver its development plans and to respond to further adverse events.
The regulator’s assessment of Golden Lane Housing’s compliance with the governance elements of the Governance and Financial Viability Standard remains unchanged. On the basis of the Stability Check, the regulator has concluded that there is no evidence to indicate a change to Golden Lane Housing’s current governance grading.
Other providers included in the judgement
None
About the provider
Origins
Golden Lane Housing is a community benefit society and a provider of specialised supported housing for individuals with learning disabilities or autism. In April 2022 Golden Lane Housing de-merged from its unregistered parent, Royal Mencap Society, and is now a standalone organisation.
Registered Entities
Golden Lane Housing is the sole registered entity.
Unregistered Entities
There are no unregistered entities.
Geographic Spread and Scale
Golden Lane Housing delivers bespoke community-based housing to around 2,300 tenants in 1,300 properties nationwide.
Staffing and Turnover
Golden Lane Housing reported a turnover of £25.5m for the year ending 31 March 2022 and employs the full-time equivalent of 110 staff.
Development
Golden Lane Housing’s development strategy includes a £10m per annum acquisition and adaptation programme.
About our judgements
Key to Grades
Governance:
| Compliant | |
|---|---|
| G1 | The provider meets our governance requirements. |
| G2 | The provider meets our governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance. |
| Non-compliant | |
|---|---|
| G3 | 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. |
| G4 | The provider does not meet our governance requirements. There are issues of serious regulatory concern, and the provider is subject to regulatory intervention or enforcement action. |
Viability:
| Compliant | |
|---|---|
| V1 | The provider meets our viability requirements and has the financial capacity to deal with a wide range of adverse scenarios. |
| V2 | 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. |
| Non-compliant | |
|---|---|
| V3 | 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. |
| V4 | The provider does not meet our viability requirements. There are issues of serious regulatory concern, and the provider is subject to regulatory intervention or enforcement action. |
Definitions of Regulatory Routes
In Depth Assessment (IDA): An IDA is a bespoke assessment of a provider’s viability and governance, including its approach to value for money. 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.
Stability Checks: Based primarily on information supplied through regulatory returns, a Stability Check is an annual review of a provider’s financial position and its latest business plan. The review is focused on determining if there is evidence to indicate a provider’s current judgements merit reconsideration.
Reactive Engagement: Reactive engagement is unplanned work which is triggered by new information or a developing situation which may have implications for a provider’s current regulatory judgement.
Stability Checks and Reactive Engagement: In some cases, we will publish narrative regulatory judgements which combine evidence gained from both Stability Checks and Reactive Engagement.
For further details about these processes, please see Regulating the Standards.