Annual Report and Financial Statements 31 March 2022

£102.3 million surplus provides solid foundation for better homes and resident services

Notting Hill Genesis (NHG) has reported a net surplus of £102.3 million for the 2021/22 financial year in its annual report and financial statements published today, Tuesday 15 November 2022.

As in previous years, the surplus will be used to invest in our existing homes as well as continuing our programme to build more new homes across London. In 2021/22, we completed 1,346 new homes, just below our annual target of 1,400. The surplus will also contribute to the £173 million provided for in our strategic plan to address building safety issues, a significant challenge for many housing associations and developers.

This year's surplus is well above the budgeted target of £82.7 million, largely due to higher than expected levels of staircasing, where leaseholders buy a further proportion of their home. Turnover was lower than in 2020/21, in the main because of smaller sales revenues.

Chief financial officer Yomi Okunola said: "Once again, our annual results show Notting Hill Genesis to be a financially sound organisation with substantial liquidity. This is of particular relevance given rising costs across the board and increased pressure on our residents.

"I hope that the results give our residents, investors and other stakeholders confidence in our ability to withstand challenges within the housing sector but also to continue to deliver homes for a range of needs across London and surrounding areas."

The financial statements are complemented by our second environmental, social and governance (ESG) report and our annual standards report for 2021/22, both published in September 2022.