7 Reporting and Audit  

7.1 General

7.1.1 RSLs must report annually on credits to and expenditure from their Recycled Capital Grant Fund.

7.1.2 RSLs must retain documentary evidence to support an audit trail for all transactions leading to Recovery and re-use of Grant.

7.2 Annual Returns

7.2.1 RSLs who Repay or Recycle Grant must send an annual RCGF return to the Agency. It is the RSLs responsibility to ensure its returns are submitted on time. For the year ending 31 March 2007 and onwards, the deadline for returns is 30 June of the year in question.

7.2.2 The Agency can require Repayment of all or part of the balance of an RCGF if information is not supplied to schedule. This includes making an annual return to the date stated in the preceding paragraph.  Whilst the Agency will consider circumstances beyond the control of an RSL, and effects on the provision of affordable housing, our intention is to make use of this provision.

7.2.3 For the year ending 31 March 2007 and onwards, RSLs must show separately within their return outputs (i.e. units produced or repaired):

a. from RCGF combined with SHG (but not DPF;)
b. from RCGF combined with DPF (but not SHG);
c. from RCGF combined with DPF and SHG; and
d. outputs from RCGF or RCGF combined with non-Housing Corporation finance.

7.2.4 For the year ending 31 March 2007 and onwards RSLs must show in their return details of outputs, covering:

1. the number of homes provided (separating new build, rehabilitation/re-improvement and miscellaneous works,)
2. their unit size (net internal floor area) ,
3. tenure type:
   a. general needs rented units,
   b. supported housing rented units,
   c. NewBuild HomeBuy and,
   d. (for HomeBuy Agents) Open Market HomeBuy) 
4. client group. 

For rehabilitation/re-improvement and miscellaneous works RSLs must show the nature and extent of works.

7.2.5 RSLs who are Key Worker Living HomeBuy Agents must show separately within their return credits, debits, balances and outputs from transactions associated with:
1. Key Worker Living (and its predecessor programmes)
2. Open Market HomeBuy (and its predecessor products.)

7.2.6 The Agency collects returns by direct internet data entry only. Our business web site is www.housingcorp-online.org .  RSLs who need to report on Grant Repayment and RCGF must obtain access rights. For detail how to do this, follow the asterisk.  

 

Those RSLs who do not have access to IMS should contact the Corporation's Financial Assistant at Maple House for further advice on what information will be needed and how it should be provided.

7.2.7 After reviewing the electronically submitted annual return, the Agency’s Finance Department will notify, in writing, the RSL and the Agency's local office of any errors and adjustments required.

7.2.8 Any adjustment will be effected in the following year’s return.  Where a prior year adjustment is made notional interest should be recalculated (and credited to or debited from the RCGF) using the adjusted balance and across the full term of the adjustment.

7.2.9 RSLs who are submitting a RCGF return on IMS for the first time should contact the Agency's Financial Assistant if returns are also due for previous years.

7.3 Role of the External Auditor

7.3.1 RSL’s auditors must have regard to the disclosure of RCGF balances and transactions within their sign-off of an RSL’s accounts (see Accounting arrangements for the RCGF.) 

7.3.2 RSLs must keep a record of external auditors’ examinations of RCGF accounts.  Any observations by the external auditor should be communicated to Investment staff within the Regional Investment Team.