A HOUSING association has been upgraded by its national regulator following a recent review of the way the organisation is managed and run.

In a report issued by the Regulator of Social Housing (RSH) this week, Broadacres was deemed to be compliant for governance and financial viability – the two standards that all housing associations in England are judged upon.

It follows the regulator’s previous assessment in February 2017 which downgraded Broadacres in both areas due to the performance of its commercial arm Mulberry Homes Yorkshire.

Over the past 18 months, Broadacres has been working closely with the RSH to address the issue, including introducing a new governance and committee structure to drive improvement.

This, along with other measures, has satisfied the RSH that Broadacres can be returned to a compliant rating for both governance and financial viability.

In its new report the RSH says: “Broadacres commissioned a series of independent reviews into its governance arrangements, risk management and internal controls.

“Recovery plans were put in place and delivered following the outcome of these reviews and the board and executive team has been substantially changed and strengthened. It has determined its risk appetite and developed a new corporate plan with support strategies. The regulator has assurance that the financial plans support its financial strategy."

Broadacres’ chief executive Gail Teasdale said: “We have been liaising closely on an action plan with the regulator since early 2017 and this marks the culmination of lots of hard work by staff and board members."