This section is where you can access the latest templates for FVA (electronic annual accounts) and FV5 (five year forecast) returns and the Capacity model. Together these comprise the Financial Regulation System (FRS) 2008.

New Capacity Model submission requirements in 2008 are detailed below.

Purpose

These returns collect the financial information the Corporation needs to regulate associations and to give valuable feedback on the sector via the Global Accounts, OCI and other publications.

Requirement to submit regulatory returns

Associations owning and/or managing 1,000 units or more at the start of their accounting period are required to submit an FVA and FV5/Capacity Model  There may however, by exception, be cases where we consider that an association with between 250 and 999 units should be regulated on a risk basis, in which case an FV5 may be requested.

Because of changes we need to make to the software we use to process the returns that you submit, we will shortly be unable to process any returns that we receive which have been completed using the previous year’s (FRS2007) software.  Any returns that you plan to complete now should be done using the 2008 software.

FV5 and Capacity Model

Following the introduction of "regular market engagement" and in year bidding in respect of development funding, there has been a review of how and when associations should submit a capacity model.  It was announced in the National Affordable Housing Programme 2008-11 prospectus that where an organisation planned to develop or own at least 100 new units then it should submit a capacity model.  It has now been clarified that when an association bids through regular market engagement or in year bidding and the cumulative number of units is at least 100 for this programme round then they will need to submit a capacity model.

However, associations with less than 1,000 units who fall into this category will be able to complete an abbreviated version that only requires the 'Business Plan Accounting Data' sheet to be filled out.  Please speak to your local Housing Corporation office if you fall into this category.

All other associations that own or manage 1,000 units or more have the option to supply us with either an FV5 or a Capacity Model.  Associations that are in a group and that wish to submit a consolidated group FV5 instead of or as well as individual association returns should speak to the financial appraisal team at their local Housing Corporation office.  Some associations with between 250 and 999 units which are being regulated on a risk basis may be asked to submit an FV5 return.

FVA (including private finance return information)

As well as being used for regulation of individual associations, the data in the FVA return is used by the Corporation for a number of other purposes including the annual global accounts publication and the annual review of housing association private finance.  All associations owning and/or managing 1,000 units or more at the start of their accounting period - whether the association is a group parent, subsidiary or stand alone organisation - are required to submit the FVA return.  There is no requirement for associations to submit a consolidated group FVA return.  If however you choose to submit a group FVA as well, please speak to the financial appraisal team at your local Housing Corporation office about how this should be done.

Deadlines for Submission

The submission deadlines for returns are the same as they were last year:

• FV5 -  eight weeks after the association’s year end;
• Capacity Model - three months after the association's year end*; and
• FVA - six months after the year end.

* Associations with non-March year ends which meet the criteria set out in the pre-prospectus should submit a Capacity Model by 30 June 2008 if they have not previously completed a model following their year end.

Submission addresses

Please email completed FVA, FV5 and Capacity Model returns to the relevant field office e-mail address as shown below:

London   london.finreg@housingcorp.gsx.gov.uk
South East   southeast.finreg@housingcorp.gsx.gov.uk
South West   southwest.finreg@housingcorp.gsx.gov.uk
East/East of England  efinan.regu@housingcorp.gsx.gov.uk
West Midlands   westmidlands.finreg@housingcorp.gsx.gov.uk
North - Manchester  northwest.finreg@housingcorp.gsx.gov.uk
North - Leeds   northeastern.finreg@housingcorp.gsx.gov.uk