1 minute read
Overview of the business
from Annual Report
Operating and financial review
About us
Advertisement
As one of the UK’s leading housing associations, we own or manage approximately 33,000 homes across London and the East of England. Genesis’ stock portfolio includes a range of properties, including affordable housing, temporary accommodation and housing which offers care and support to vulnerable residents. Additionally, our portfolio of privately rented accommodation, shared ownership and homes for sale is continuing to grow through a development pipeline. As a member of the G15 group, which consists of London’s largest housing associations, Genesis is contributing towards eradicating the housing shortage and providing homes for around one in ten people living in the capital. One way in which we aim to tackle the housing shortage is by building new homes. Approximately 25 per cent of all new homes that are under development in the capital are being built by G15 housing associations, which includes Genesis.
www.genesisha.org.uk
Overview of the business
Genesis Housing Association Limited is registered under the Cooperative and Community Benefit Societies Act 2014 and is a registered provider. Genesis has a number of subsidiaries as well as a small number of special purpose vehicles set up solely to develop housing and regeneration schemes in particular locations. The charitable objectives of the association and the protection of social housing assets are delivered through the structure below. GenFinance Ltd and GenFinance II are wholly owned financial vehicles managing loans and a bond respectively. The main active subsidiaries are detailed below (the remainder are either dormant or not trading for particular reasons): •
The Genesis Community Foundation runs social regeneration and community projects and oversees the giving of grants from two charitable trusts.
Genesis Purchasing Ltd procures contracting and consulting services on behalf of all the organisations in the group.
LINQ Investors Ltd is 25% owned by Genesis and exists to acquire residential rental assets for long term investment.
Take Parts Ltd is 5.4% owned by
Genesis and supplies bathroom and kitchen items to the affordable housing sector. Springboard Two Ltd currently owns no assets and is being kept dormant pending decisions about its future role. GenInvest Ltd is a wholly-owned subsidiary of Genesis and is responsible for managing the delivery of those parts of the annual development programme delegated to it by the Genesis Board.
