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RSH Narrative Regulatory Judgement
- Provider: Trent & Dove Housing Limited
- Regulatory code: L4311
- Publication date: 29 November 2023
- 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 Trent & Dove Housing Limited’s financial viability from V1 to V2 and confirms its G1 grade for governance.
The regulator has assurance that Trent & Dove Housing Limited (Trent & Dove) continues to comply 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. Trent & Dove has an adequately funded business plan, sufficient security and is forecast to continue to meet its financial covenants.
Trent & Dove is continuing to deliver its development, regeneration and community support strategies in a more challenging operating environment. This, combined with the increasing costs of investing in existing properties, is weakening financial performance and impacting Trent & Dove’s capacity to respond to adverse events.
The regulator’s assessment of Trent & Dove’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 Trent & Dove’s current governance grading.
Other providers included in the judgement
None
About the provider
Origins
Trent & Dove was formed in 2001 following a stock transfer from East Staffordshire Borough Council. It is a charitable community benefit society and the parent of the group. Trent & Dove’s core business is the provision of general needs homes for social and affordable rent.
Registered Entities
Trent & Dove is the only registered entity in the group.
Unregistered Entities
Trent & Dove has two wholly owned unregistered subsidiaries:
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First Housing Limited, a company that lets and manages 21 shop units; and
-
Trinity Housing Developments Limited, provides design and build services to Trent & Dove.
Geographic Spread and Scale
Trent & Dove operates across six local authority areas. It owns and manages around 6,500 homes, the vast majority of which are in East Staffordshire.
Staffing and Turnover
Trent & Dove reported a turnover of £33.6m for the year ended 31 March 2023 and employs the full-time equivalent of 191 staff.
Development
Trent & Dove plans to develop around 830 new homes by 2029.
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. |
Note: The use of an asterisk (*) against a grade indicates that the assessment refers to a provider that is designated as being for-profit.
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.
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