It has been announced by Havering Council today that Homes in Havering (HiH) has discovered a gap in its finances. The Council is investigating the exact details with HiH to deal with the issue, and a report on the situation will be brought to Cabinet shortly.Apparently, the Council has raised concerns about HiH’s financial position and accounting practice over a number of months. HiH agreed with the Council that a team of forensic accountants undertake an initial audit of finances at HiH in September and that an interim Director of Finance should be appointed. His report now indicates a budget gap from last year’s accounts of between £1.8 million and £2.2 million.
Further work is now underway to clarify this year’s financial position, with the Council instructing HiH to account for any and all past and present budget gaps and explain how they occurred. The Council has also instructed HiH to cease all unnecessary expenditure, whilst safeguarding services to tenants and leaseholders, until its financial position is clear.



