Notting Hill Housing is one of the most financially robust Housing Associations in the UK. The group has an asset base of £1,317 million and a social housing business with an annual turnover of £162 million. The total reserves at the end of 2008/2009 were £188.2 million. The gearing[1] for the Notting Hill Housing Group (comprising Notting Hill Housing Trust and Notting Hill Home Ownership Limited) was 34% at 31 March 2009 and this low level of debt reflects the company's financial strength and stability.
HCA partner
Notting Hill Housing is a preferred partner for the Homes and Communities Agency (formerly the Housing Corporation) and has a current grant allocation (2008 -2011) of £110 million for 2008/11 funding years. The group's capital spend approvals amount to £ 86.8 million for rented homes, £ 75.3 million for shared ownership and £14.1 million for our private sales programme. In addition, it has access to £9.6 million of recycled capital receipts, mostly from shared ownership staircasing (owners buying a further share of their home).
The group has access to a land bank fund of £200 million which ensures flexibility in the marketplace allowing it to compete for sites ahead of planning as well as saving money.
Profit with purpose
Social responsibility is at the heart of Notting Hill Housing and through its "profit for purpose" ethos, all profit generated by the company is recycled back into the Trust to improve the lives of homeless, poorly housed and vulnerable people across London by providing housing, training, support and job opportunities. In 2007 Notting Hill Housing made a profit of £22.1 million and £17 million of that was paid to the Trust for positive social purpose.