Using retained RTB receipts to buy temporary accomodation

My client is proposing to buy temporary accommodation for homeless families. The acquisition is to be financed by using 30% retained RTB receipts and the balance from General Fund borrowing. The argument is that these properties can be defined as Social Housing under Part 2 of Housing & Regeneration Act 2008. Has any other Authorities undertaken such acquisitions and if so how did they get on when the Pooling Return was audited?
Parents
  • My authority has also taken a similar route in terms of TA acquisition, this followed both internal and external legal advice regarding its compliance with the retention agreement. We have been audited, but the TA acquisitions were post audit. My experience of our audit would not however have tested this - it tended to be typical expenditure testing, e.g. provide transaction list, sample of invoice evidence but very little in terms of probing the details of the schemes themselves. we have a different auditor this year and an audit due imminently so I may be in a position to offer greater feedback in the next month.
Reply
  • My authority has also taken a similar route in terms of TA acquisition, this followed both internal and external legal advice regarding its compliance with the retention agreement. We have been audited, but the TA acquisitions were post audit. My experience of our audit would not however have tested this - it tended to be typical expenditure testing, e.g. provide transaction list, sample of invoice evidence but very little in terms of probing the details of the schemes themselves. we have a different auditor this year and an audit due imminently so I may be in a position to offer greater feedback in the next month.
Children
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