YMCA Thames Gateway acknowledges the regulatory judgement published today by the Regulator of Social Housing.
The organisation accepts the regulator’s findings and recognises that significant improvements are required in relation to governance, financial resilience, asset management, health and safety assurance, and property investment planning.
The Board and Executive Team have been working closely with the Regulator for many months and have already implemented an extensive recovery and improvement programme.
Over the last year YMCA Thames Gateway has:
- Refreshed its Board and executive leadership.
- Delivering a comprehensive turnaround programme under close Board oversight.
- Exited a number of loss-making activities to focus on core charitable and housing services.
- Completed an asset disposal programme that has significantly strengthened liquidity.
- Reduced historic liabilities and improved financial stability.
- Introduced strengthened financial governance and reporting arrangements.
- Commissioned a full stock condition survey programme across all homes.
- Implementing enhanced health and safety assurance systems.
- Initiated a strategic process to identify an appropriate merger partner capable of providing long-term strength and sustainability.
The regulator’s judgement recognises the positive engagement of the Board and Executive Team and acknowledges the significant work already undertaken to improve the organisation’s position. The judgement also notes the progress made in addressing immediate liquidity concerns through the delivery of the turnaround plan and asset sale programme.
Interim Chair Mark Johnston-Wood said:
“The Board fully accepts the findings of the Regulator and is determined to address every issue identified.
While the judgement highlights serious historical weaknesses, it also reflects the extensive work already undertaken to stabilise the organisation and create a sustainable future.
Our focus remains firmly on protecting homes, supporting tenants, safeguarding services and ensuring YMCA Thames Gateway has a strong long-term future.
We have already delivered substantial improvements and have clear plans in place to complete the remaining actions. We will continue to work closely with the Regulator and other stakeholders throughout this process.”
Chief Executive Matt Jones added:
“The issues identified are being addressed through an improvement programme with oversight from the Board.
Our services continue to operate, our teams continue to support young people and communities every day, and we remain committed to delivering safe, high-quality homes and services.
We are grateful for the ongoing support of our partners, funders, commissioners and stakeholders as we continue this important work.”
YMCA Thames Gateway provides housing and support services across London, Essex and Kent and remains committed to delivering positive outcomes for the people and communities it serves. The organisation will continue to provide updates on progress as improvement work continues.
