Genesis Housing Association
Encyclopedia
Genesis Housing Association, known until May 2011 as Genesis Housing Group Ltd, is one of the largest housing association
s in London. It was formed through the amalgamation of PCHA, Pathmeads and Springboard housing associations.
and the south east, providing services to tens of thousands of people. It was formed by a merger in May 2011 of PCHA, Pathmeads and Springboard housing associations. They had for some years been managed as a corporate group
, Genesis Housing Group. The group also includes Genesis Community, a charitable foundation, and Genesishomes which provides shared ownership properties.
PCHA was founded over 40 years earlier as Paddington Churches Housing Association, and managed more than 11,500 homes.
Pathmeads was formed in 2001 as a rescue vehicle for West Hampstead Housing Association, which had overextended its temporary housing operation. In 2011 it had over 21,000 managed homes.
Springboard provided management services to around 5,000 homes and another rescued association, St Matthew Housing. Eastwards Trust was also a subsidiary of Springboard.
The current Chairman of the Board of Trustees is Charles Gurassa, who previously chaired and held senior management roles at various commercial organisations. He replaced Adrian Bell in 2010.
users and 3,076 sheltered units
. The group also owns 3,690 home ownership units and non-social housing stock of 2,532.
, Essex, formerly the Central Campus of Anglia Ruskin University
. The group purchased it from Countryside Properties
in 2007. The developer had obtained planning permission for 700 homes in 2003. Genesis prepared a revised plan in 2011 for about 600 homes, along with new shops and offices. Some of the old buildings are to be retained including Anne Knight House, the 1823 listed former Quaker meeting house.
Genesis is working with Hackney Borough Council on the redevelopment of Woodberry Down, one of the largest urban regeneration projects in the UK.
for new developments. As the late-2000s financial crisis
developed, Genesis wrote off around £6 million from asset values in its balance sheet each year from 2008 to 2010, but in 2011 this entry in its accounts increased to £20 million – a third of the total impairment
booked by all housing associations in the year.
Genesis strengthened its financial position by raising its first own-name bond issue
for £200 million in 2010. It rationalised its asset holdings, selling its 40% interest in a portfolio of 1,650 properties in central London to Grainger plc
for £15m in 2011.
Housing association
Housing associations in the United Kingdom are independent not-for-profit bodies that provide low-cost "social housing" for people in housing need. Any trading surplus is used to maintain existing homes and to help finance new ones...
s in London. It was formed through the amalgamation of PCHA, Pathmeads and Springboard housing associations.
Background
Genesis Housing Association manages more than 40,000 homes across LondonLondon
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and the south east, providing services to tens of thousands of people. It was formed by a merger in May 2011 of PCHA, Pathmeads and Springboard housing associations. They had for some years been managed as a corporate group
Corporate group
A corporate group is a collection of parent and subsidiary corporations that function as a single economic entity through a common source of control. The concept of a group is frequently used in tax law, accounting and company law to attribute the rights and duties of one member of the group to...
, Genesis Housing Group. The group also includes Genesis Community, a charitable foundation, and Genesishomes which provides shared ownership properties.
PCHA was founded over 40 years earlier as Paddington Churches Housing Association, and managed more than 11,500 homes.
Pathmeads was formed in 2001 as a rescue vehicle for West Hampstead Housing Association, which had overextended its temporary housing operation. In 2011 it had over 21,000 managed homes.
Springboard provided management services to around 5,000 homes and another rescued association, St Matthew Housing. Eastwards Trust was also a subsidiary of Springboard.
Management
Neil Hadden was appointed as Chief Executive in 2009. He succeeded Mr Anu Vedi CBE, who had led the group for ten years, through its growth from 10,000 to over 38,000 homes.The current Chairman of the Board of Trustees is Charles Gurassa, who previously chaired and held senior management roles at various commercial organisations. He replaced Adrian Bell in 2010.
Properties managed
, stock owned and managed totals 40,675. The social housing stock of 34,453 homes includes 2,228 units suitable for wheelchairWheelchair
A wheelchair is a chair with wheels, designed to be a replacement for walking. The device comes in variations where it is propelled by motors or by the seated occupant turning the rear wheels by hand. Often there are handles behind the seat for someone else to do the pushing...
users and 3,076 sheltered units
Sheltered housing
Sheltered housing is a British English term covering a wide range of rented housing for older and/or disabled or other vulnerable people. Most commonly it refers to grouped housing such as a block or "scheme" of flats or bungalows with a scheme manager or "officer"; traditionally the manager has...
. The group also owns 3,690 home ownership units and non-social housing stock of 2,532.
Current developments
Genesis owns a 3.4 hectares (8.4 acre) site in ChelmsfordChelmsford
Chelmsford is the county town of Essex, England and the principal settlement of the borough of Chelmsford. It is located in the London commuter belt, approximately northeast of Charing Cross, London, and approximately the same distance from the once provincial Roman capital at Colchester...
, Essex, formerly the Central Campus of Anglia Ruskin University
Anglia Ruskin University
Anglia Ruskin University is one of the largest universities in Eastern England, United Kingdom, with a total student population of around 30,000.-History:...
. The group purchased it from Countryside Properties
Countryside Properties
Countryside Properties Ltd is a property development company based in the United Kingdom. It is active in urban regeneration and creation of sustainable communities. It also carries out Design and Build contracts for housing associations....
in 2007. The developer had obtained planning permission for 700 homes in 2003. Genesis prepared a revised plan in 2011 for about 600 homes, along with new shops and offices. Some of the old buildings are to be retained including Anne Knight House, the 1823 listed former Quaker meeting house.
Genesis is working with Hackney Borough Council on the redevelopment of Woodberry Down, one of the largest urban regeneration projects in the UK.
Finances
From 2005 to 2007, Genesis spent £200 million on its land bankLand Bank
A land bank is a bank that issues long-term loans on real estate in return for mortgages. This term could also apply to:*The Land Bank of Taiwan, a wholly state-owned bank of the Republic of China...
for new developments. As the late-2000s financial crisis
Late-2000s financial crisis
The late-2000s financial crisis is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s...
developed, Genesis wrote off around £6 million from asset values in its balance sheet each year from 2008 to 2010, but in 2011 this entry in its accounts increased to £20 million – a third of the total impairment
Revaluation of fixed assets
In finance, a revaluation of fixed assets is a technique that may be required to accurately describe the true value of the capital goods a business owns...
booked by all housing associations in the year.
Genesis strengthened its financial position by raising its first own-name bond issue
Bond (finance)
In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...
for £200 million in 2010. It rationalised its asset holdings, selling its 40% interest in a portfolio of 1,650 properties in central London to Grainger plc
Grainger plc
Grainger plc is a leading British-based residential property business. It is headquartered in Newcastle upon Tyne and is a constituent of the FTSE 250 Index. Grainger has approximately £2.1 billion of wholly owned property assets and £2.8 billion of assets under management...
for £15m in 2011.
Awards
Genesis won the top prize for social housing at the Daily Telegraph British Homes Awards 2011 for the first phase of new homes at Woodberry Downs.External links
- Genesis Housing Association
- Genesis Homes (shared ownership)
- Housingnet profile of Genesis Housing Group