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Annual Report & Financial Statements 2016/17

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Annual Report & Financial Statements 2016/17 Annual Report & Financial Statements 2016/17 A new style provider for the digital age Contents Annual Report Operating and Financial Review Highlights of the Year (Strategic Report) 4 Chair’s report 32 Overview of the business 6 Chief Executive’s report 33 Stock profile 9 Customer service – 34 Performance a journey of improvement 36 Risk management and key risks 10 Corporate Strategy update 38 Value for money 11 Scrutinising performance 38 Customer satisfaction in detail Genesis in numbers and 12 Financial review where we work 39 Tax strategy 16 Our social purpose, our golden thread 43 18 Assets and Investments – Report of the Board new developments and pipelines 45 Report of the Board 20 Care and Support – progress and ambitions for the future 54 Independent auditor’s report 22 Diversity and wellbeing – a progressive organisation Financial statements 24 Board members and Executive team 56 Consolidated statement of comprehensive income 57 Consolidated statement of financial position 59 Consolidated statement of reserves 61 Consolidated statement of cash flows 62 Notes to the financial statements www.genesisha.org.uk 3 Creating and sustaining thriving communities Chairman’s Foreword By Dipesh J. Shah, OBE Chairman, Genesis Housing Association I am delighted to be presenting the 2016/17 Annual Report and the Financial Statements. In doing so, I wish to place on record my thanks to Charles Gurassa, the previous Chairman of Genesis, for his leadership at a time of great change for the organisation. Alongside Neil Hadden and his senior colleagues, he helped deliver a new and better Genesis. Thanks also to Colette O’Shea, who also left the Board last year due to work commitments. This is my first report as the new service approach, with a widening of I want to finish this foreword as I started Chairman of Genesis Housing ways customers can get what they – by thanking people who I have not Association, and the reporting year need or want from us. That Corporate known long but who have made a real 2016/17 offers much in the way of Strategy has set ambitious targets too impression. First, to my fellow Board activity, improvement and work of which on new homes built, many of which will members for welcoming me to the we are justly proud. It coincided with a be affordable. We are yet to reach the role of Chair. I look forward to working challenging external landscape – both in levels of new home output that the Board with them in the time ahead, especially terms of UK politics and policy and within wants to see, but are reassured by the as we embark on our merger journey the housing association sector itself. And, pipeline and on-site numbers. with Notting Hill Housing. The proposal while it did not occur in the reporting seeks to create a new and influential We have invested record amounts year, an appalling tragedy has caused organisation bringing the best of both in repairs and maintenance over many deaths and will lead to changes in together to build something new, and I the financial year, which – alongside house-building and investment for years know my Board colleagues will scrutinise sheer hard work by staff - has helped to come. Grenfell will stand the test of and strengthen the work we must do significantly improve customer service time as a truly defining moment. We owe to launch the new entity successfully. “A new style provider for performance indicators. Our Care it to those who died, were injured or were Second, to Neil Hadden and his Executive and Support business has done well. the digital age – that is an bereaved to play our part in responding and Senior Leadership Team colleagues Temporary housing too remains an properly and with care. for their navigation of Genesis through appropriate title of this Annual important part of our offer, but market a challenging 12 months. And of course, A new style provider for the digital conditions make it an increasingly Report and Financial Statements to all Genesis staff and volunteers for the age – that is an appropriate title of this challenging prospect. superb work each of them does each day because it is also our vision as Annual Report and Financial Statements I am proud also to report on another on behalf our valued customers. because it is also our vision as an very strong year for our corporate social an organisation” organisation, as set out in our five-year I hope you enjoy reading this Annual responsibility programmes and social and Corporate Strategy. Adopted by my Board Report and Financial Statements. economic regeneration schemes. These colleagues, it takes us to 2020 and will really do matter. You can read about our see a transformation in our customer achievements in this sphere on page 16. 4 www.genesisha.org.uk 5 Genesis Housing Association Creating and sustaining thriving communities Annual Report & Financial Statements 2016/17 regeneration team have helped to of Genesis. My Executive and Senior Chief Executive’s Report – secure 195 jobs for our residents; we Leadership Team colleagues have strength in turbulent times have created 809 volunteering places demonstrated their calibre throughout and achieved 44 apprenticeships. this year. I want to thank also our Almost every annual report tells how the previous reporting period has been Genesis communities have received fantastic and hard-working staff, over £24,000 in small grants from our apprentices and volunteers: ‘challenging’. I am not going to buck that trend – 2016/17 exhibited all that word Genesis Community Foundation to help despite set-backs and an make their local area that bit better for extremely difficult external implies. But alongside that, it was also a year which I believe showed the best of them and their neighbours. landscape, their commitment to our social purpose and Genesis. As we look to the future and all the achieving our stretching opportunities – and yes, challenges – First of all, I should mention the attempt we post a pre-tax surplus of £25m. That precisely that in places like Colchester, objectives has delivered real it presents, I believe we do so with real to merge with Thames Valley Housing ‘profit’ on what we did in the 2016/17 Old Oak Common and Chelmsford. At success which this Report confidence. The terrible events in west Association, which dominated much of financial year enables us to maintain our Grahame Park in Barnet, North London, illustrates so well. London have mobilised the sector like the year. While that ended at a late stage, stock of social housing, which remains our place-shaping is at an exciting stage never before – we must respond in the I commend it to you. the learning from it stands us in good a priority for us as a social purpose as we commence the phase two process right way to an event that will change stead for future opportunities – indeed, it business – and, crucially, to develop that will create over 1000 new homes and Neil Hadden how we build new homes, improve and has been invaluable in our now advanced a strong pipeline of 1383 new homes help deliver what will be a new Colindale invest in our existing stock and make and public discussions with Notting Hill at construction or pre-construction in years to come. Our private rented sure of their safety. Grenfell shows in Housing. Genesis was created from a stage. This is in line with our Corporate business is growing too – and so it must the most stark and tragic terms the number of successful mergers and we Strategy objectives – and although we as more and more people decide that importance of fulfilling our obligations move forward confident in our capacity to only completed 195 new homes in the buying property is either simply not for to provide all our customers with a safe complete those that may lie ahead. year, we did so while largely closing them or out of reach, despite their hard and secure home. down historic land-bank issues which work. Research shows the rapid change That confidence comes from our were the millstone around our neck in in the housing market – the private rental We’ll play our part in that. Genesis is innovative approaches to how we the period following the 2009 crash. In sector is on the up and we are positioned a proudly diverse, progressive and do business. Our Corporate Strategy my view, this is no mean feat. From next well to provide for those who want a innovative organisation that is stretching commitment to digitise our organisation year, we will see a significant upswing landlord that takes its responsibilities the envelope to get things done. Above moves on apace. As an example, our in completions across multiple tenures, seriously and at a price that is affordable. all, we are that new style provider, Genesis Customer app has now been matching the needs of our existing and harnessing the power and possibilities downloaded over 9,000 times since What all of this demonstrates is that future customer base and making an of the digital age and the technologies its launch and is now used by many of Genesis is a housing association that important contribution to tackling the within it to provide our customers with our customers to do what they need to continues to thrive and innovate. We do housing crisis. the services they need, when they with us at a time convenient to them. so because we have accepted that we need them. That goal will, I believe, be This success is further underlined by And that crisis shows no sign of abating.
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