Legal Status Arhag Housing Association Limited (Arhag) is incorporatedwith limited liability as a charitable Housing Association under the Cooperative and Community Benefits Societies Act 2014, registration number 23520R. The association is registeredwith the Regulator of Social Housing, registration number LH3811. The association is a Public Benefit Entity, as defined in Financial Reporting Standard 102 and applies the relevant paragraphs of FRS 102 for Public Benefit Entities as they apply to the association. Governance arrangements The Board is committed to effective governance arrangements that deliver its aims and objectives in a transparent and accountablemanner. Arhag’s Rules remain the principal document of constitution and they regulate various matters including the Board, its powers and its role. The Board approves the StandingOrders, Scheme of Delegations, Code of Conduct, Financial Regulations and its Committees’ Terms of Reference. ArhagHousingAssociation Board The Board of Arhag shapes and directs the strategic aims and vision of the organisation and examines and scrutinises performance against the agreed Business Plan. As at March 2022, the Board was made up of ten non-executive members that embrace a broad range of experience in business, finance, property development, risk management and housing services. There is also expertise in migrants and refugee issues. One of the nonexecutives is a resident of the association. The association’s Board has well-established processes that it uses to determine the policies, strategy, and the financial and operational performance of the organisation, which are regularly reviewed. The Boardmeets regularly to set and review the strategic direction and the financial and operational performance of the association. It met five times in 2021/2022. Board members are paid a fee for their services. The Board takes advice from independent advisors as required when undertaking reviews of the fee structure. These reviews are benchmarked against levels for comparable organisations and are designed to ensure that Arhag is able to recruit and retain high calibre Board members. The Board is supported by two Committees whose functions are set out below. Audit and Risk Committee The Audit & Risk Committee (ARC) has been set up to support the Board in discharging its responsibilities, particularly in maintaining an effective system of internal control, ensuring the adequacy of risk management and governance arrangements, and that Arhag resources are used efficiently and effectively. ARC is accountable to the Board and will assist in formulating the assurance needs of Arhag and assessing how comprehensive and reliable those assurances are. ARC also oversees the work of the internal audit service, the external audit and such other matters as may be referred to it by the Board. The external and internal auditors attend key meetings and have direct access to the Committee Chair. ARC keeps the relationship between the association and its auditors under review. ARC met five times during the course of the year. Operations Committee The Operations Committee helps the Board discharge its responsibility to manage its housing stock and ensure a sustainable and viable strategy is in place to enable growth. It is the platform to monitor operational activity and targets as well as to undertake in-depth analysis to drive up standards in our efforts to achieve top quartile performance. It also takes the lead on housing development and disposals, evaluating new build housing and land and property purchases to ensure that Arhag is using its development capacity in the most viable and cost-effective manner. The Operations Committee met four times during the year. 4. CORPORATE GOVERNANCE 36 ARHAG
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