2024/25
WHY WE NEED AN INTERIM PLAN
Our current Business Plan is no longer appropriate, and we need time to prepare a new Business Plan.
We want to set out our Goals and Priorities for this financial year.
We want to communicate these Goals & Priorities to our stakeholders, particularly our tenants and local residents.
We need a clear framework to guide our operational plans and targets.
We need a tool to help us assess our progress and performance.
CURRENT CONTEXT
The Scottish Housing Regulator has been engaging with us about our governance for the last 5 years. A key area of concern has been our failure to demonstrate strategic control and an effective business plan. Following a strategic options appraisal process in 2022, we decided that the best interests of the Association and our tenants lay in a partnership with another housing association. In late 2023 a ballot of tenants voted in favour of the proposed transfer. However, in January 2024, the transfer was rejected by our members.
ABOUT US
We are a community-based housing association formed in 1975 and operating in a clearly defined area to the east of Glasgow’s city centre. As one of the oldest housing associations in Scotland, we were a pioneer of the community-based model. Originally set up to prevent the demolition of traditional sandstone tenements typical of the local area, our Management Committee embarked on a programme of comprehensive rehabilitation of the tenements. We now own and manage some 900 social rented homes and provide factoring services to almost 200 owner-occupiers.
Since then, new members and co-optees have joined our Management Committee, all committed to restoring our once-proud reputation as a sector leader and innovator. We have presented our Governance Improvement Plan to the Scottish Housing Regulator setting out how we will now demonstrate compliance with all legislative and regulatory obligations. This includes a comprehensive strategic review of our business, which will result in a new, soundly-based, medium-term business plan being developed and approved for 2025/26 and beyond.
OUR COMMITMENT & ACCOUNTABILITY TO THE LOCAL COMMUNITY
We have evolved from the local community. We have always believed that regeneration is as much about people as it is about buildings. We have worked hard to invest in our homes, but we also regard investment in the community as a significant and highly important priority. This has included supporting the development of the Reidvale Neighbourhood Centre, the establishment of Reidvale Community Allotments and the provision of an adventure playground.
REIDVALE HOUSING ASSOCIATION INTERIM BUSINESS & OPERATIONAL PLAN 2024/25
OUR BUSINESS GOALS
Our Goals for the year reflect our business imperatives and set out where we want to be by the end of 24/25. They reflect our desire to improve data quality and our understanding of the current state of the organisation. Once we have achieved this, then we can develop a sound and well-informed longer-term business plan based on a confident view of our future direction.
GOAL 1
We have a clear strategic direction.
GOAL 2
We are close to full regulatory compliance.
PRIORITY PROJECTS
GOAL 3 We are engaging well with our stakeholders. GOAL 4 We have a clear plan for investing in our homes.
GOAL 1: We have a clear strategic direction.
GOAL 5
Our core services are high quality and effective.
By March 2025, we will have settled on a sustainable future strategic direction and will have a new business plan which reflects our Management Committee’s vision and strategic objectives.
Our Priority Projects include:
• Develop a robust business strategy and plan.
• Produce long-term financial plans.
• Review borrowing requirements to ensure finance can be put in place.
• Prepare a strategic risk register.
GOAL 2: We are close to full regulatory compliance.
By March 2025, we will have implemented the vast majority of our governance and financial management improvement plan and be very close to meeting all regulatory requirements.
Our Priority Projects include:
• Conduct a full self-assessment against the regulatory standards.
• Update our Risk Management Policy.
• Complete our Annual Assurance Statement.
• Strengthen our Committee succession planning, induction, training and appraisal process.
GOAL 3: We are engaging well with our stakeholders.
By March 2025, we will have fully re-engaged with our staff, tenants, local community and partners and have made good progress in rebuilding any lost trust and confidence in the Association.
Our Priority Projects include:
• Develop a Resident Engagement Strategy.
• Establish new structures for consultation and feedback with tenants and local residents.
• Undertake a staffing restructure and review of pay systems.
GOAL 4: We have a clear plan for investing in our homes.
By March 2025, we will have carried out thorough reviews of our property investment, resident safety, and other requirements and will have a sustainable and fit-for-purpose Asset Management Strategy in place.
Our Priority projects include:
• Carry out a further 25%-30% stock condition survey.
• Update our stonework survey and cost projections.
• Identify a long-term solution for re-instatement of properties in Bellfield Street.
• Prepare an updated 30-year stock investment plan.
• Produce a new Asset Management Strategy.
GOAL 5: Our core services are high quality and effective.
By March 2025, we will have maintained, and where possible improved, the quality and effectiveness of our core services.
Our Priority Projects include:
• Review our core landlord services and the associated infrastructure.
• Review our factoring, retirement and community investment services, and the use of our commercial properties.
• Upgrade our IT systems.
FINANCING THIS PLAN
Up until January 2024 our financial plan was based on the assumption that the Association would be transferring all its assets and liabilities to another housing association. We have since prepared an interim set of 5- and 30-year projections. These are now under comprehensive review to ensure that we can:
• Provide quality homes at affordable rents for tenants and other service-users.
• Provide quality core and repair services which provide good value for money.
• Ensure that the new asset management strategy will provide for all essential works.
• Demonstrate the affordability of our community investment programmes.
• Maintain a minimum cash balance at least 3 months’ running costs.
REIDVALE HOUSING ASSOCIATION INTERIM BUSINESS & OPERATIONAL PLAN 2024/25
MANAGING RISKS
Our Management Committee recognises that the following key risks can threaten the successful delivery of this Interim Business & Operational Plan, and will ensure that these risks are closely monitored, and that any necessary mitigating action is identified and implemented so that risks are effectively managed:
• Rent strategy – Failure to find an appropriate balance between rent affordability and providing a realistic income base from which we can achieve our objectives.
• Asset management – Failure to invest in our homes to maintain quality, meet tenants expectations and comply with national standards and requirements.
• Stonework repairs – Planned works become unaffordable, programme is delayed or overextended, or tenant and public safety risk is at unacceptable level.
• Ancillary services – Aspirations for community investment become unrealistic, costs are not controlled, or are not affordable against value-for-money measures.
• Financial viability – New long-term financial projections are unable to offer a sustainable independent financial future, or resilience to unexpected changes to key assumptions (e.g. cost inflation; interest rates).
• Tenant communication and engagement – Failure to engage effectively with tenants and other local residents, lack of confidence remains unresolved.
• Governance compliance – Failure to implement or sustain improvements and regulatory status remains unchanged.
• Governance effectiveness – Major programme to upskill the Management Committee fails to improve the effectiveness and sustainability of the Committee.
• Staff morale – Necessary changes to the human resources framework and continuing uncertainty lead to unwanted losses of key staff.
FURTHER INFORMATION
If you have any questions or would like further information about our plans for 2024/25, please get in touch:
MAIN OFFICE
13 Whitevale Street, Dennistoun Glasgow G31 1QW
T: 0141 554 2406
E: corporatesupport@reidvale.org.uk
www.reidvale.org.uk
Property Factor Reg. Number PF000099
Registered Scottish Charity No. SCO44023