In a recent trading update, Notting Hill Genesis, a prominent not-for-profit housing association in London, reported on its financial performance for the year ending 31 March 2025. Despite economic challenges, the group demonstrated resilience with a 1% increase in turnover to £717 million driven by rent increases, offsetting a decrease in new home sale revenues.
The operating surplus saw a 14% rise to £115 million, although exceptional charges totaling £164 million, including revaluation and impairment items, led to a deficit after taxation of £129.4 million. Notwithstanding, the organization maintained a strong financial position with over £588 million in liquidity and successfully raised £250 million post the reporting period.
Notting Hill Genesis highlighted strategic progress made under its Better Together strategy. Initiatives included improved customer connections, home maintenance, and community regeneration efforts. The group invested significantly in building safety programs, with 36.6% of buildings already completed or undergoing works to mitigate risks.
Management changes were implemented to align the organization with its strategic objectives, including new roles on the Executive Board. The group has been actively addressing regulatory compliance following a review by the Regulator of Social Housing, with a comprehensive action plan in place overseen by a newly appointed non-executive director.
Patrick Franco, CEO of Notting Hill Genesis, acknowledged the operational advancements made despite market conditions, emphasizing the ongoing transformation efforts within the organization. He expressed confidence in the strategic plan and the dedication of the team towards delivering results for residents.
For further information on the financial performance and strategic initiatives of Notting Hill Genesis, interested parties can contact the Chief Financial Officer, Mark Smith, for financial inquiries, or Sanctuary Counsel for media inquiries.
The detailed financial statements for the year 2024/25 showed a surplus on sale of assets, joint venture performances, and operating surplus figures before and after fair value adjustments and exceptional items. The statement of financial position highlighted the group’s assets, liabilities, and funding structure.
Notting Hill Genesis’ commitment to financial resilience, operational excellence, and regulatory compliance underscores its dedication to providing quality housing solutions and community support in London. The organization’s ongoing efforts to address challenges and drive positive change reflect its mission to create better homes and places for its residents.
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