But G15 landlord hopeful it won’t miss statutory deadline for second successive year
Notting Hill Genesis’ accounts were not ready in time for its annual general meeting (AGM) as planned on Wednesday.
A letter to shareholders on Wednesday, seen by Housing Today, said: “The accounts will not be ready to present to shareholders at the AGM today, Wednesday, 24 September. They will be shared as soon as they are available.”
The accounts are now due to be presented to shareholders at a special general meeting scheduled for 16 October instead.
Housing Today understands the delay is due to complexities around accounting for liabilities relating to a subsidiary organisation, but NHG declined to comment on the reasons.
The 67,000-home landlord said it is working towards meeting Tuesday night’s deadline set by the Regulator of Social Housing for filing accounts.
However, if the statutory deadline is not met it would be the second successive year NHG has failed to meet the regulatory requirement to file accounts within six months of the reporting year end.
Last year, it missed the deadline as it assessed one-off costs, including building safety liabilities and asset impairments. It also missed an initial deadline of 27 September to provide accounts to its bond trustee M&G Trustee Company, meaning its bonds were temporarily de-listed.
An NHG spokesperson said this year the G15 landlord is only working to one deadline.
He said: “The statutory deadline for our 2024/25 accounts is Tuesday 30 September 2025 and we are working to that deadline.”
Earlier this year, NHG announced in an unaudited update said it would be reporting a deficit of £129m in 2024/25. This was in part to due to a revaluation of its private rental portfolio, which has led to a £119m drop in valuation.
NHG is continuing to work on an improvement plan after being downgraded to a non-compliant ‘G3’ governance grade by the Regulator of Social Housing in November. A regulatory inspection found issues of concern with its business planning and risk and control frameworks that led to ‘poor outcomes’ for tenants. It was also awarded a ‘C3’ rating against the consumer standards, meaning it is failing to meet outcomes and needs to improve.
NHG has previously issued a lengthy statement outlining the work it is doing to improve in a range of areas, including improving board skills, risk management framework and board oversight of health and safety. It is also working to improve its legal compliance of external managing agents, fire remediation actions, repairs and maintenance, its understanding of the condition of its homes and its listening to residents.
NHG appointed former Peabody chief executive Brendan Sarsfield as chair in June. It also earlier this year recruited troubleshooter Léann Hearne, former chief executive of Livv Housing Group, to its board as part of its plan to regain compliance.
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