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Three major landlords delay publication of full-year accounts
Large housing associations Notting Hill Genesis (NHG), A2 Dominion and Swan have announced that they will be submitting their financial accounts late to the Regulator of Social Housing (RSH) this year.
In separate updates to the stock market, the three organisations announced that they had been granted extensions because they were unable to submit financial statements by the regulator’s deadline of the end of September.
Swan and NHG missed both the deadline for submitting to the regulator but also missed its deadline for submitting to the markets. A2Dominion confirmed that it had missed the deadline for accounts to be published set by the regulator but its deadline to publish to the markets is later this month.
London-based associations A2Dominion and NHG both said the reason behind the delay was connected to staffing problems at BDO, the firm that carries out their audits.
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In its statement, A2Dominion said it had been informed by BDO that the firm would be unable to finalise its financial statements as a result of “a senior member of the team at BDO being signed off on long-term sick leave”.
NHG said that the delay in filing its accounts was also due to BDO’s staffing issues. It said that because of circumstances outside its control, it had been given consent to postpone its filing to 30 November 2022.
In a statement to Inside Housing, it added: “No material issues have been raised regarding the content of the accounts, and the delay poses no risk in terms of services to our residents. The underlying performance of the business continues to remain robust.”
Swan secured an extension for submitting its financial statements after stating that it would be unable to publish its accounts by the deadline of 27 September. It did not give a reason for why it could not submit its accounts by this date.
“The Issuer and Swan have obtained consent from the bond trustee under the Bonds for an extension of the requirement to publish the 2022 Financial Statements by no later than 4 October 2022,” the housing association said in its update.
A2Dominion said that it had alerted the regulator about the delay.
Swan has been contacted for comment.
When contacted by BDO, a spokesperson said that the company could not comment on individual audits.
UPDATE: at 14.35pm, 07/10/22
This article has been amended. The original piece indicated that A2Dominion had filed its accounts for the markets late. This was incorrect and it had only missed the regulator’s deadline. This has now been made clear.
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