Notting Hill Genesis accounts delayed as it reviews one-off costs

Notting Hill Genesis has announced a delay to publishing its accounts as it assesses one-off costs, including building safety liabilities and asset impairments.

The housing association said in June it will post a deficit of £82m in 2023/24 after identifying around £110m in one-off items.

In a fresh market update, it said: “We have ensured the exceptional items mentioned in our market statement on 28 June 2024 have been thoroughly reviewed and agreed, and this robust due diligence has taken time.”

NHG now intends to submit its accounts by no later than 25 October.

The delay means NHG has missed an initial deadline of 27 September to provide accounts to its bond trustee M&G Trustee Company, meaning its bonds have been temporarily de-listed. M&G Trustee Company has however agreed to the extended 25 October deadline.

NHG said there is no reason to believe the accounts will be “subject to any audit qualfication”

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The deadline also means NHG is late filing its accounts to the Regulator of Social Housing (RSH). Under the Housing and Regeneration Act 2008, private registered providers must submit a copy of their accounts no later than six months after their year-end. This for most providers, including NHG, is 30 September.

A spokesperson for RSH said: “We expect all providers to submit the required regulatory information to us in a timely fashion, including their annual financial accounts.

“This is essential for allowing proper scrutiny and the specific expectations are set out in our Governance and Financial Viability Standard. We follow up with landlords who are late in submitting regulatory information.”