Pivotal Housing Association
Financial health, per its FY2024 accounts
The accounts state that the Association reported net liabilities of £3,551,210 for the year ended 31 March 2024, following a historic fixed-rent lease structure that accumulated landlord liabilities due to occupancy levels below required thresholds. However, the trustees report that post-year-end restructuring agreements resulted in the write-off of approximately £4.3 million in historic liabilities, and the financial statements are prepared on a going concern basis subject to a material uncertainty regarding the Regulator's ongoing review and the untested nature of the new lease arrangements.
What the accounts disclose
“The Board has agreed a Reserves Policy establishing a target minimum unrestricted reserve of £500,000.” — page 14
“Accordingly, these matters indicate that a material uncertainty exists which may cast significant doubt on the Association’s ability to continue as a going concern and therefore its ability to realise its assets and discharge its liabilities in the normal course of business.” — page 17
“Pivotal Group Holdings Included in other creditors are £1,071,888 (2023: £877,694).”
“Charles Terence Estates Limited D Dixon is a director and shareholder of this Company. S Fowley is a director and shareholder of this Company This Company has paid rentals during the period for hostels occupied by the Association as follows: £65,271 (2023: £75,279) rentals payable to Charles Terence Estates Limited.”
“Pivotal Group Holdings Included in other creditors are £1,071,888 (2023: £877,694).”
“Charles Terence Estates Limited D Dixon is a director and shareholder of this Company. S Fowley is a director and shareholder of this Company This Company has paid rentals during the period for hostels occupied by the Association as follows: £65,271 (2023: £75,279) rentals payable to Charles Terence Estates Limited.”
“Pivotal Group Holdings Included in other creditors are £1,071,888 (2023: £877,694).”
“Charles Terence Estates Limited D Dixon is a director and shareholder of this Company. S Fowley is a director and shareholder of this Company This Company has paid rentals during the period for hostels occupied by the Association as follows: £65,271 (2023: £75,279) rentals payable to Charles Terence Estates Limited.”
“Pivotal Group Holdings Included in other creditors are £1,071,888 (2023: £877,694).”
“Charles Terence Estates Limited D Dixon is a director and shareholder of this Company. S Fowley is a director and shareholder of this Company This Company has paid rentals during the period for hostels occupied by the Association as follows: £65,271 (2023: £75,279) rentals payable to Charles Terence Estates Limited.”
“Pivotal Group Holdings Included in other creditors are £1,071,888 (2023: £877,694).”
“Charles Terence Estates Limited D Dixon is a director and shareholder of this Company. S Fowley is a director and shareholder of this Company This Company has paid rentals during the period for hostels occupied by the Association as follows: £65,271 (2023: £75,279) rentals payable to Charles Terence Estates Limited.”
“PHA has previously received regulatory notices from the Regulator of Social Housing (RSH), including in March 2021 and a subsequent enforcement notice in April 2025 and a notice of intended deregistration in January 2026. These identified weaknesses in governance, financial viability, risk management and rent compliance.” — page 13
Structured financials (annual return, FY ending 31/03/2024)
Trustees
- John Clark
- Paul Hackett
- Steven Walton
- Timothy Carpenter
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/03/2025 | — | — |
| 31/03/2024 | £9.6m | £12.3m |
| 31/03/2023 | £9.3m | £10.3m |
| 31/03/2022 | £8.8m | £8.7m |
| 31/03/2021 | £8.0m | £8.0m |
Common questions
Is Pivotal Housing Association financially healthy?
The accounts state that the Association reported net liabilities of £3,551,210 for the year ended 31 March 2024, following a historic fixed-rent lease structure that accumulated landlord liabilities due to occupancy levels below required thresholds. However, the trustees report that post-year-end restructuring agreements resulted in the write-off of approximately £4.3 million in historic liabilities, and the financial statements are prepared on a going concern basis subject to a material uncertainty regarding the Regulator's ongoing review and the untested nature of the new lease arrangements. Its FY2024 accounts were audited by PKF Francis Clark.