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2025-10-31-accounts

Registered number: 08257055 Charity number: 1149955

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

CONTENTS

Page
Members of the Board of Trustees and Executive Officers 1
Chairman's statement 2 - 3
Trustees' report 4 - 19
Independent auditors' report on the financial statements 20 - 23
Statement of financial activities 24
Balance sheet 25
Statement of cash flows 26
Notes to the financial statements 27 - 47

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2025

Trustees Stuart ST V Fitzgerald, Chair
Simon Millington (resigned 12 Mar 2026)
Stephen McDermott
Francis Anthony Roche (appointed 20 May 2025)
Jonathan Stiff (appointed 24 Feb 2026)
Company registered
number
08257055
Charity registered
number
1149955
Registered office
Elterwater Suite
Paragon House
Chorley New Road
Horwich
Bolton
BL6 6HG
Company secretary
Simon Ellis
Chief executive officer
Stephen Collins
Independent auditors
MHA
Statutory Auditors
The Pinnacle
150 Midsummer Boulevard
Milton Keynes
MK9 1LZ
Bankers
Lloyds Bank plc
25 Gresham Street
London
EC2V 7HN
The Co-operative Bank
1 Balloon Street
Manchester
M4 4BE
CVA Administrators
Begbies Traynor
31st Floor
40 Bank Street
London
E14 5NR

Page 1

MY SPACE HOUSING SOLUTIONS (A company limited by guarantee)

CHAIR'S FOREWORD FOR THE YEAR ENDED 31 OCTOBER 2025

The chairman presents his statement for the year.

The financial results for 2024–25 represent a pivotal year in stabilising My Space Housing Solutions and reestablishing the foundations required for regulatory compliance, effective governance and long-term financial resilience. While the year-end position continues to reflect the impact of historic control weaknesses and financial underperformance, it also evidences the decisive action taken to address those issues and the progress made towards recovery.

In our 2023–24 report, we acknowledged that the organisation had been adversely affected by legacy issues, including insufficient financial oversight, poorly controlled expenditure and under-recovery of income over a sustained period. During 2024–25, we have taken significant steps to strengthen governance, improve financial management and embed greater organisational discipline.

The appointment of a new Board of Trustees and Leadership Team in 2024 marked a fundamental reset in governance and accountability. This has enabled a clearer focus on compliance with statutory and regulatory requirements, alongside the introduction of enhanced controls, strengthened assurance frameworks and a culture of transparency, challenge and responsibility.

A critical milestone in the year was the approval by creditors of a Company Voluntary Arrangement (CVA) in March 2025. This restructuring was essential in addressing unsustainable legacy liabilities and ensuring the continued operation of the organisation. The CVA provides a legally binding framework to manage historic debt, improve cash flow and support the delivery of a credible and sustainable recovery plan. It also reflects the confidence of creditors in both the revised governance arrangements and the forward plan for the organisation.

Building on this platform, we introduced a new Corporate Plan in 2024, which was reviewed following approval of the CVA in 2025. A further review is scheduled for 2026 and beyond, grounded in the requirements of the Regulator of Social Housing and the Charity Commission. The Plan sets out a structured and deliverable pathway to achieving compliance with regulatory standards, restoring financial viability and improving outcomes for residents. It is underpinned by clear priorities, measurable objectives and strengthened oversight arrangements.

As a registered provider and a charity, the Board remains acutely aware of its duties to act in the best interests of the organisation, to ensure sound stewardship of its resources and to deliver demonstrable public benefit. Throughout this period of recovery, these duties have guided decision-making, including the pursuit of the CVA and the prioritisation of actions that safeguard homes and support for vulnerable residents. We are committed to ensuring that our activities continue to meet the Charity Commission’s public benefit requirements, while maintaining full compliance with all applicable regulatory standards.

We are clear that My Space remains on a recovery journey. While material progress has been made, there is further work required to achieve full compliance with regulatory standards and to secure long-term financial strength. The Board is fully cognisant of its responsibilities in this regard and is committed to maintaining rigorous oversight of performance, risk and delivery against the recovery plan.

Importantly, the actions taken during the year—including the CVA and the implementation of enhanced governance and controls—have safeguarded the continuity of services to our residents and allowed the organisation to move forward on a more stable and sustainable footing, preserving and enhancing the public benefit we deliver.

Page 2

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

CHAIR'S FOREWORD (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

I would like to acknowledge the commitment of our colleagues, stakeholders and partners during this period of significant change. Their continued support is critical to the successful delivery of our transformation programme.

The Board will continue to take a prudent, disciplined and transparent approach as we progress through the next phase of recovery. We are committed to demonstrating sustained improvement, achieving full regulatory compliance and fulfilling our duties to residents, regulators and the public.

Stuart St. V. Fitzgerald

~~...........................................~~ Stuart St. V. Fitzgerald (Jul 23, 2026 18:47:57 GMT+1) ..... Stuart ST V Fitzgerald Chair Date: 23/07/26

Page 3

(A company limited by guarantee)

MY SPACE HOUSING SOLUTIONS

DIRECTORS AND STRATEGIC REPORT FOR THE YEAR ENDED 31 OCTOBER 2025

Principal activities

My Space Housing Solutions (“My Space”) is incorporated in England and Wales (registered number 08257055) and is a registered charity (number 1149955). Established in 2012, the organisation’s principal activity is the provision of high-quality supported and specialised supported housing to vulnerable adults with complex needs.

Operating as a lease-based registered provider, My Space works in partnership with property owners and support agencies to deliver safe, well-maintained and appropriately located homes across the Northwest, Northeast, Midlands and Wales. All properties are fully furnished, managed in line with statutory and regulatory requirements, and carefully aligned to local housing need and community settings.

At the heart of My Space’s purpose is a commitment to those individuals for whom conventional housing options are not available. The organisation provides accommodation for people with complex and often interdependent needs, ensuring that even those at the greatest risk of exclusion can access stable housing environments. Through this approach, My Space plays a critical role in supporting local authority pathways and wider public services.

Tenants are referred through local authorities and partner agencies, with placements informed by detailed needs assessments to ensure suitability and sustainability. My Space’s Housing Teams work closely with tenants to help them manage and maintain their tenancies, promoting stability, independence and personal progression. Where appropriate, tenants are supported to move on to less intensive or independent accommodation, reflecting positive outcomes and reduced reliance on supported housing.

As a landlord, My Space maintains responsibility for the safety, quality and compliance of its housing stock. This includes undertaking regular property inspections, repairs and maintenance, and working proactively with local authorities, multi-partnership agencies and the police to address anti-social behaviour and support community cohesion.

Services are underpinned by its vision, Supporting Independence, Inspiring Growth, which reflects a broader commitment to delivering public benefit. By providing tailored housing solutions that enable vulnerable individuals to stabilise their lives, integrate into their communities and build independence, My Space contributes meaningfully to improved wellbeing and long-term social outcomes.

Through these principal activities, My Space ensures that vulnerable adults and young people live in safe, secure homes with access to appropriate support environments, creating the foundation for positive change and sustained independence.

Building the future

Following the appointment of a new Board of Trustees, Chief Executive and an experienced Leadership Team in 2024, a comprehensive organisational review was commissioned. This review was grounded in the requirements of the Regulator of Social Housing and the Charity Commission, with a clear focus on governance, financial viability and compliance. From the outset, the organisation has worked in close partnership with both regulators, maintaining transparency over findings, priorities, delivery (improvement) plans and timescales.

2024-25 was a period of honest appraisal and structured recovery. Through detailed self-assessment of statutory and regulatory standards, My Space has developed a robust Corporate Plan and improvement programme to address legacy weaknesses and establish a sustainable operating model for the future.

Page 4

(A company limited by guarantee)

MY SPACE HOUSING SOLUTIONS

DIRECTORS AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Achievements and performance

2024-25 has been a year of significant challenge, but also one of decisive action, organisational reset and measurable progress. The Company has operated in a context of sustained demand for supported housing, with increasing pressure across local authority areas to meet the needs of vulnerable adults, often in complex and urgent circumstances. Throughout this period, My Space has remained focused on maintaining service continuity while undertaking fundamental reform.

A critical achievement during the year was securing the long-term financial stability of the organisation. In March 2025, My Space successfully entered a Company Voluntary Arrangement (CVA), supported by its creditors. This provides a stable financial platform, enabling the organisation to restructure historic liabilities while continuing to operate and deliver services to its tenants. The CVA represents a fundamental step in restoring viability and underpins the delivery of the Corporate Plan.

Alongside financial restructuring, substantial progress has been made in strengthening governance, control and operational delivery. Under the direction of the new Board and Leadership Team, My Space has established a more disciplined and compliant organisation, with improved oversight and assurance.

Key achievements during the year include:

My Space is striving to rebuild trust with stakeholders. Under its current management, the organisation aims to be recognised as a responsible and committed provider, focused on delivering safe, compliant housing and support services.

Notwithstanding this progress, the organisation remains on a recovery trajectory. There is further work required to embed these changes, demonstrate sustained compliance and achieve long-term financial resilience. However, the scale of progress made within the year, alongside the stability provided by the CVA and the clarity of the Corporate Plan, provides a strong foundation for continued improvement.

Page 5

(A company limited by guarantee)

MY SPACE HOUSING SOLUTIONS

DIRECTORS AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Review of activities

During the year, My Space Housing Solutions continued to deliver on its core purpose of providing high-quality supported and specialised housing to individuals with complex needs across its operational regions.

The organisation scaled back its portfolio of properties, consolidating to 1,245 units, in core operating areas. Under the varied lease terms brought about by the CVA, My Space worked with head landlords to secure ongoing investment in property inspections, repairs and maintenance supported the provision of safe, compliant and well-managed accommodation aligned to local authority requirements.

Demand for My Space’s accommodation and service offer remained strong, reinforced by the protection of the CVA, with continued referrals from local authorities and partner agencies. The organisation worked collaboratively with these partners to ensure that placements were appropriate and sustainable, with careful matching of tenants to properties based on individual needs assessments.

Housing Teams provided consistent tenancy management and engagement, supporting residents to maintain their tenancies and improve stability. This included assisting tenants to develop independent living skills, manage their responsibilities, and access wider support services. As a result of this work, a number of tenants were able to progress into more independent living arrangements, demonstrating positive outcomes and reduced reliance on supported housing.

My Space also continued to strengthen its partnerships with support providers, local authorities, and community stakeholders. Joint working arrangements enabled effective responses to tenant needs, including addressing anti-social behaviour and promoting community integration.

Throughout the year, the organisation remained focused on delivering public benefit through its vision of Supporting Independence, Inspiring Growth. By providing stable housing environments for individuals who may otherwise face exclusion, My Space contributed to improved wellbeing and long-term life outcomes for its tenants.

The Board and senior management continued to monitor operational performance, regulatory compliance and emerging sector risks, ensuring that the organisation remains well-positioned to meet future demand whilst maintaining high standards of service delivery.

Compliance status

The Board recognises that, during the reporting period, the organisation was not fully compliant with certain aspects of the Regulator of Social Housing’s (RSH) standards. This relates to elements within both the Economic Standards (including Governance and Financial Viability, Value for Money, and the Rent Standard) and the Consumer Standards (including Safety and Quality, Transparency, Influence and Accountability, Tenancy, and Neighbourhood and Community).

The Board has maintained open and constructive engagement with the Regulator throughout the period. Areas of non-compliance have been clearly acknowledged and are being addressed through a structured and evolving Regulatory Improvement Plan, which is regularly reviewed and monitored by the Board and senior leadership team.

This plan sets out the actions required to achieve full compliance, including strengthening governance arrangements, enhancing internal controls, improving data quality and reporting, and embedding more robust assurance processes across the organisation. Progress against these actions is reported routinely to the Board and forms a key component of ongoing regulatory engagement.

Page 6

MY SPACE HOUSING SOLUTIONS (A company limited by guarantee)

DIRECTORS AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

The Board is committed to achieving full compliance and recognises that this requires sustained focus and organisational change. As the organisation moves into 2026/27, further progress is expected as the improvement plan continues to be implemented and embedded, with strengthened oversight and accountability supporting delivery.

Public benefit

The Trustees have had due regard to the Charity Commission's general guidance on public benefit when reviewing the Charity's aims, objectives, activities and future plans. In exercising their duties under the Charities Act 2011, the Trustees consider how My Space Housing Solutions' activities contribute to its charitable purposes and deliver clear public benefit through the provision of supported and specialised supported housing for vulnerable adults and care leavers with complex needs.

The Charity exists to provide safe, stable and appropriately managed accommodation for individuals who are often unable to access or sustain mainstream housing due to disability, mental ill-health, learning disabilities, autism, complex behavioural needs, care and support requirements, or other forms of vulnerability. Through its housing provision, tenancy management services and partnership working arrangements, My Space enables people to live safely within their communities, maintain their independence and access the support needed to improve their wellbeing and quality of life.

The principal beneficiaries of the Charity's activities are its tenants, who are referred through local authorities and partner agencies following assessment of housing and support needs. The Charity also delivers wider public benefit through reducing homelessness, preventing housing exclusion, supporting positive move-on outcomes, and helping to reduce demand on health, social care and other public services. Local communities benefit from My Space's work to promote tenancy sustainability, community integration and the proactive management of neighbourhood issues, including anti-social behaviour.

The Trustees recognise that the provision of supported housing can give rise to potential detriments or harms if accommodation is not safe, services are not effectively managed, or tenants are not appropriately supported. The Board therefore places significant emphasis on regulatory compliance, health and safety, safeguarding, property quality and effective governance. During the year, the organisation implemented a comprehensive property compliance programme, aligned with the Housing Ombudsman's Complaint Handling Code, enhanced oversight of repairs and maintenance, and continued to work closely with local authorities, support providers and other partners to monitor tenant outcomes and service quality. The improvement programme aims to strengthen the assurance framework around these activities.

The Trustees believe that these improvement activities ensure that any potential detriment associated with the Charity's activities is identified, managed and controlled. Having considered the Charity Commission's guidance and the impact of its work during the year, with the support of charity law specialists, the Trustees are satisfied that My Space Housing Solutions continues to provide a significant and demonstrable public benefit in furtherance of its charitable objectives.

Tenant satisfaction measures

As a registered provider of social housing, My Space Housing Solutions recognises the importance of understanding and responding to tenant feedback, and the value of Tenant Satisfaction Measures (TSMs) in strengthening accountability and service improvement.

During 2024–25, the Board determined that organisational recovery, regulatory improvement, governance strengthening and financial stabilisation were the immediate priorities for the organisation. As a result, a formal TSM framework was not implemented within the reporting period.

Page 7

(A company limited by guarantee)

MY SPACE HOUSING SOLUTIONS

DIRECTORS AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

The Board recognises that the organisation's operating model differs from that of many registered providers. In the supported housing arrangement, Housing Support Officers maintain regular contact with tenants, through weekly engagement and support sessions, providing frequent opportunities to understand tenant experiences, identify concerns and respond quickly to issues as they arise. This ongoing engagement has continued to provide an important source of customer insight throughout the organisation's recovery period.

Looking ahead, the organisation has developed a Customer Voice Policy which will be implemented during 2026–27. This will establish a more formal framework for tenant engagement, feedback and assurance, including the phased introduction of tenant satisfaction measures appropriate to the organisation's size, operating model and tenant profile.

Objectives and strategies

The Corporate Plan establishes a clear set of strategic priorities designed to deliver regulatory compliance, highquality services for tenants and a financially sustainable operating model. These priorities provide the framework through which My Space will strengthen governance, improve performance and deliver long-term value for residents and stakeholders.

Governance

To maintain strong and effective governance through a skilled, balanced and diverse Board of Trustees, providing robust leadership, oversight and accountability, and ensuring full compliance with all legal and regulatory requirements.

Measurable outcomes:

Financial Viability

To operate a financially resilient and sustainable business, ensuring that all activities are undertaken in the best interests of the organisation’s assets, tenants and stakeholders, supported by robust financial controls and risk management.

Measurable outcomes:

Consumer Standards

To protect tenants and continuously improve service quality, ensuring that services meet evolving needs and regulatory expectations.

Measurable outcomes:

Page 8

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

DIRECTORS AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Health and Safety

To ensure full compliance with all health and safety legislation and sector standards, safeguarding tenants, colleagues, contractors and partners.

Measurable outcomes:

Learning from Good Practice

To embed a culture of continuous improvement, adopting sector best practice and learning from complaints, audits and external insight.

Measurable outcomes:

IT and Data

To develop IT and data capability as a strategic enabler, supporting effective decision-making, compliance and operational efficiency.

Measurable outcomes:

Asset Management

To manage housing assets effectively, ensuring properties are safe, compliant and aligned to current and future service delivery requirements, supported by robust data and insight.

Measurable outcomes:

Resourcing and Development

To ensure the organisation has the right structure, capacity and capability to deliver the Corporate Plan, supported by engaged colleagues and effective performance management.

Measurable outcomes:

Page 9

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

DIRECTORS AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Quality and Performance

To provide the frameworks, assurance and oversight required to deliver high-quality services and achieve the organisation’s strategic objectives.

Measurable outcomes:

Year One essentials

The Corporate Plan is structured over a three-year period. Year One was focused on stabilising the organisation and establishing the fundamental building blocks for recovery. It remains underpinned by our regulatory improvement programme.

As a result, this reporting year has prioritised the essential areas of financial footing (via the CVA), compliance, governance, core consumer standards, and a comprehensive review and consolidation of the housing portfolio and our establishment. These priorities have been critical in creating a secure and controlled platform from which the organisation can progress its longer-term transformation objectives.

Factors critical to our success

The successful delivery of our ongoing plans depends on maintaining a focus on the core conditions that underpin recovery, compliance, and long-term sustainability for My Space.

During 2024–25, My Space has established a stronger platform for delivery through improved governance, enhanced financial control, a clear Corporate Plan and a structured regulatory improvement programme. Continued progress will depend on sustaining this momentum while maintaining safe, compliant services for residents and building confidence with regulators, partners and other stakeholders.

Critical to our success is:

  1. Strong governance, leadership and Board oversight

  2. Sustained progress towards full regulatory compliance

  3. Financial resilience, robust controls and delivery of the CVA commitments

  4. Effective performance management, assurance and risk oversight

  5. Safe, compliant homes supported by strong asset management and property compliance

  6. The right organisational capacity, systems, data and capability to deliver the Corporate Plan

  7. Maintaining stakeholder confidence and service continuity throughout the recovery journey

Principal risks and uncertainties

The Board recognises that the organisation operates within a complex and changing regulatory, funding and operating environment. As a provider within the lease-based supported housing sector, My Space faces a number of principal risks and uncertainties, which are actively monitored and managed through the organisation’s evolving risk management framework.

Regulatory Compliance and Governance Risk

There is a risk that the organisation does not meet, quickly enough, with the Regulator of Social Housing’s Economic and Consumer Standards. This includes governance effectiveness, financial viability, service delivery, and tenant outcomes. The Board will have improved oversight through a structured, new-look Regulatory Improvement Plan that we are enhancing with the help of specialists and the RSH, with the aim of providing strengthened assurance to Board, whilst we maintain regular dialogue with our regulatory lead.

Page 10

(A company limited by guarantee)

MY SPACE HOUSING SOLUTIONS

DIRECTORS AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Lease-Based Financial Model Risk

Although much of the risk relating to long-term lease liabilities, was captured in the varied lease terms brought about by the CVA, there remains exposure if the model fails operationally. We aim to control this risk through regular financial stress testing, careful scheme appraisal, and active management of lease commitments, accurate analysis and landlord liaison and reporting.

Housing Benefit and Rent Funding Risk

A significant proportion of income is derived from Housing Benefit, particularly within exempt and specialised supported housing. Changes in policy and local authority commissioning approaches could impact income levels and cash flow. The organisation manages this risk through close engagement with local authorities and robust rent setting practices.

Liquidity and Cash Flow Risk

Given the nature of income collection and lease commitments, there is an inherent risk to cash flow and liquidity. The Board monitors this through regular financial reporting and maintaining appropriate cash reserves. The greatest mitigation is continuously improving financial performance through filling voids, collecting rents and controlling costs to ensure in the medium to long term as high a percentage of pass through compared to lease rent as possible.

Operational and Property Compliance Risk

Failure to maintain properties in line with health and safety requirements (including gas, electrical, fire and building safety) could result in harm to tenants and regulatory breach. This risk is mitigated through planned compliance programmes, independent inspections, and strengthened asset management controls.

Reputational Risk

The organisation is exposed to reputational risk arising from its historical regulatory position. The lease-based supported housing sector continues to attract significant scrutiny from the Regulator of Social Housing, local authorities, and the wider public, particularly in relation to value for money, governance, and the effective use of public funds.

This risk is heightened by the organisation’s previous regulatory challenges, including the enforcement notice issued by the Regulator in 2023, and the financial restructuring undertaken through the Company Voluntary Arrangement (CVA). While these actions have provided a platform for stabilisation and improvement, they have also increased stakeholder sensitivity to the organisation’s performance, transparency, and ability to demonstrate sustainable compliance.

There is therefore a risk that any perceived or actual failures in governance, service delivery, property standards, or financial management could adversely impact stakeholder confidence, including that of the Regulator, local authority partners, funders, and tenants.

The Board is actively managing this risk through a clear focus on regulatory recovery, including delivery of the Regulatory Improvement Plan, strengthened governance and oversight arrangements, and improved transparency in reporting and decision-making. The organisation continues to engage openly with the Regulator and key partners, with an emphasis on demonstrating progress, accountability, and a commitment to achieving full compliance.

In addition, the Board’s strategic decision to prioritise specialised supported housing and commissioned care provision reflects a broader intent to strengthen reputation, align with commissioning priorities, and reduce exposure to areas of heightened sector risk.

The Board reviews the risk register regularly. The Leadership Team aim to ensure that Trustees are satisfied that appropriate controls and mitigation strategies are in place to manage these risks within the organisation’s risk appetite.

Page 11

(A company limited by guarantee)

MY SPACE HOUSING SOLUTIONS

DIRECTORS AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Principal funding and income generation

The Company’s primary source of income continues to be rental income funded through Housing Benefit. This reflects the organisation’s core role as a provider of supported and specialised supported housing to individuals with complex needs.

In addition to rental income, My Space levies a support charge for all tenants. This charge relates to services that fall outside the scope of eligible Housing Benefit costs and ensures that tenants can access the broader housing-related support required to sustain their tenancies and promote independence.

During the year, the organisation did not undertake fundraising activities. A wider fundraising strategy was developed and presented to the Board, with the aim of identifying opportunities to broaden income streams for support provision and strengthen financial resilience over the longer term. Implementation of this strategy is planned for a future period.

In the interim, the Board has taken a prudent approach to growth, determining that there is currently no appetite to expand exempt supported housing provision. Instead, strategic focus remains on the development of specialised supported housing and commissioned care arrangements, where there is greater alignment with local authority demand and funding certainty.

This approach ensures that My Space continues to operate within a sustainable financial framework while positioning the organisation to respond effectively to future opportunities.

Plans for future periods

Over the next three years, the organisation will focus on stabilisation, transformation and sustainable practice, following the restructuring delivered through the CVA.

In the immediate period, priority will be given to achieving regulatory compliance, strengthening governance and financial resilience, and embedding improved operational controls and performance management. The organisation will continue to work closely with the Regulator of Social Housing and the Charity Commission, delivering its Improvement Plan and demonstrating consistent progress.

As these foundations are established, focus will shift towards organisational maturity and transformation. This will include enhancing systems and processes, strengthen organisational capability and culture, and make greater use of data to drive performance, service improvement and decision-making.

In the longer term, the organisation intends to place a strategic emphasis on specialised supported housing and commissioned provision. This will be underpinned by a commitment to continuous improvement, delivering value for money, and responding to local authority needs, while maintaining strong governance and regulatory compliance.

Governance and decision making Organisational structure and decision making

The Charity’s Articles of Association sets out the regulations and framework governing their operations, in line with the Code of Governance 2020.

Trustees were onboarded in July 2024. In 2024-25, they continued to meet bi-monthly, whilst the Company is in a period of high change, receiving regular performance reports demonstrating our compliance and direction of travel against the commitments of the Corporate Plan. Where required, they received regulatory updates and workshops delivered by specialist advisors.

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(A company limited by guarantee)

MY SPACE HOUSING SOLUTIONS

DIRECTORS AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

The CEO is accountable to the Board of Trustees and, along with other senior staff, is responsible for the day-today management of the organisation. The CEO chairs the Executive Leadership Team, which is made up of key functional leaders. The Executive Team ensures the policies agreed by the Board of Trustees are implemented.

The Board of Trustees is responsible for the overall direction, strategy and governance of the organisation, ensuring that it operates in line with its charitable objectives, regulatory requirements and legal obligations. The Board retains responsibility for key decisions relating to strategy, financial viability, risk appetite, and compliance with the Regulator of Social Housing’s standards.

A formal Scheme of Delegation is in place, setting out matters reserved to the Board and those delegated to the Executive Team. This framework ensures that decisions are taken at the appropriate level, with clear lines of accountability and oversight. Day-to-day operational management is delegated to the Executive Team, led by the Chief Executive, within parameters approved by the Board.

Page 13

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

DIRECTORS AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Statement of Trustees' Responsibilities

The Trustees, who are also non-executive directors of My Space for the purposes of company law, are responsible for preparing the Annual Report and Financial Statements. This includes the Strategic Report, and the Financial Statements, including the detailed notes in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company, and of incoming resources and application of resources, including income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees keep proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company that enables them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for safeguarding the assets of the charitable company and therefore for taking reasonable steps to prevent and detect fraud and other irregularities.

Induction and training of Trustees

A recruitment, induction and succession policy guides the induction of Company Trustees.

The organisation is committed to ensuring that Trustees have the appropriate skills, knowledge and experience to discharge their responsibilities effectively.

All newly appointed Trustees receive an induction programme, which includes an overview of the organisation’s strategy, operations, financial position, risk profile, and regulatory obligations as a registered provider and charity. This is supported by key governance documents, including the Scheme of Delegation, Standing Orders, and relevant policies, as well as meetings with members of the Executive Team to provide insight into operational activities.

Ongoing training and development is provided to Trustees to ensure they remain up to date with evolving regulatory requirements, sector developments, and emerging risks, particularly within supported housing. This includes briefings on the Regulator of Social Housing’s Economic and Consumer Standards, governance expectations, and financial oversight responsibilities. The Company uses external specialists to provide additional training, guidance and workshops. All training and reference material is stored on a Board portal, for access/ongoing reference.

In 2026, the Board is undertaking skills assessments to identify capability gaps and inform both training priorities and future recruitment. This process will repeat, annually.

In light of the organisation’s regulatory position, additional focus has been placed on strengthening Trustee capability in areas such as governance, compliance, financial resilience and assurance, to support effective oversight and informed decision-making.

Page 14

(A company limited by guarantee)

MY SPACE HOUSING SOLUTIONS

DIRECTORS AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Pay policy for key management personnel

The key management personnel of the Charity are the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer and The Chief Central Services Officer. The Chief Executive Officer and the Board of Trustees set the salaries of the Chief Financial Officer, Chief Operating Officer and Chief Central Services Officer. The Chief Executive Officer's remuneration is set by the Board of Trustees. An associated policy is due to be ratified in 2026.

Currently no members of the Board of Trustees are remunerated.

Trustee indemnities

Company insurance policies indemnify Board members and officers against liability when acting for the Charity. Details are provided in the Company’s Articles of Association.

Diversity and inclusion

My Space Housing Solutions is committed to promoting equality, diversity and inclusion across all aspects of its activities. The organisation does not discriminate on the basis of age, disability, gender, gender reassignment, marriage or civil partnership, pregnancy or maternity, race, religion or belief, or sexual orientation. The Board is committed to ensuring that all appointments are made on merit and that fair and equitable practices are applied throughout the organisation.

As the organisation stabilises following the CVA and continues to strengthen its financial position, consideration will be given to expanding organisational capacity in a way that supports greater diversity and inclusion within the workforce and governance structures. The Board recognises the value that a diverse range of perspectives brings to effective decision-making and service delivery.

Health and Safety

The health and safety of tenants, employees, contractors and others who may be affected by the organisation’s activities is a key priority for My Space Housing Solutions.

The organisation maintains a Health and Safety Policy, which is subject to regular audit and review by the Board. Supporting procedures and controls are in place to ensure compliance with all relevant legal, regulatory and sector requirements, including those relating to property safety and compliance.

The Board receives regular assurance on health and safety performance, including compliance with statutory obligations such as gas, electrical, fire and building safety, and is committed to continuous improvement in this area as part of its wider focus on regulatory compliance and tenant safety.

Outlook

Following the successful implementation of the Company Voluntary Arrangement (CVA) in March 2025, the organisation has established a more stable financial and operational platform from which to move forward.

Over the coming period, the Board and Executive will focus on achieving regulatory compliance, strengthening governance and internal controls, and embedding the improvements set out in the Regulatory Improvement Plan. This will support the organisation in rebuilding stakeholder confidence and demonstrating sustainable viability.

Looking ahead, My Space Housing Solutions will continue to enhance operational performance and service quality. These actions will position the organisation to deliver improved outcomes for tenants and ensure longterm resilience.

Page 15

(A company limited by guarantee)

MY SPACE HOUSING SOLUTIONS

DIRECTORS AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Financial Review

During the financial year under review the organisation reports an operating surplus of £51,816,123 (2024 restated : (£8,934,675)). A significant increase from the deficit in the prior year. The surplus for the YE 2025 is due to the following:

On 7 March 2025 the organisation entered fully into a Company Voluntary Agreement (CVA) with agreement from its unsecured creditors that resulted in a solvent balance sheet. This event realised a net gain of £58,555,141 to the Income and Expenditure account by adding back certain outstanding creditors from the balance sheet. Amounts included within this gain are unsecured liabilities of £39,429,965, dilapidation costs £15,119,195 and various smaller creditors of £3,966,752. The main contributors were the largest six landlords, they agreed to transfer amounts outstanding under their leases to be claims in the CVA. In addition, they agreed to vary their leases to receive their future rents via a ‘Pass Through’ model.

The CVA has enabled the organisation to trade on a more secure financial footing and ensures that current creditors are paid as they fall due. It also ensures the organisation has a stable working cash flow. The organisation continues to work in partnership with its landlords and other trade creditors to ensure full compliance with the CVA and with full transparency.

A Tenant Debtor Provision is contained within the balance sheet as a credit of (£30,928,661) (2024: £25,983,477) this amount has been matched with Tenant debtors of £32,689,923 (2024: (£28,580,941). The net recoverable position of the organisation will leave a net recoverable debt of £1,761,263 attributed to My Space (2024: £1,984,778) as set out in note 14. Once, this debtors is received it will be distributed to the landlords via the ‘Pass Through’ model. The Charity continues to actively pursue tenants and local authorities where it feels that the debt is potentially recoverable, and some of these are being pursued through tribunals.

Trade creditors of £679,876 (2024: £35,319,506) The largest reduction of creditors being attributed to the largest landlords who agreed to enter the CVA and to being paid via the ‘Pass Through’ model on a month by month basis. This ensures the continuation of cash flow to the organisation and its operations. Amounts due to landlords 2025: £505,352 (2024: £32,357,655) and within creditors as payment to be made in November, to larger landlords.

Assets exceed liabilities 2025: £1,279,207, (2024: liabilities exceed assets by £50,536,916). The organisation is now solvent on a balance sheet basis.

Value for Money

The Corporate Plan was informed by a full review by the Executive Team and Board of Trustees as to the basic structure of what My Space offers, its cost and purpose.

One of the most important considerations for My Space is that we provide services that are Value for Money. At My Space, we believe that Value for Money is about achieving the right balance between the three 'E's'Economy, Efficiency and Effectiveness. This means spending less, spending well and spending wisely. Value for Money is high when there is an optimum balance between all three 'E's'; relatively low costs, high productivity and successful outcomes. Our main areas of expenditure are regularly cost tested to ensure that they provide Value for Money.

A framework for continuous improvement reviews is in scoping, ensuring annual reviews of the services we provide in terms of cost, process, customer expectations, demands and performance. We regularly compare our costs to other social housing providers to see where we can improve.

Page 16

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

DIRECTORS AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Key Performance Indicator (KPI’s)

My Space monitors its Value for Money using a number of KPIs to ensure they are making best use of their assets and resources to all stakeholders.

No. Key Performance Indicator 2025 2024
Restated		 2024 RSH
Comparison
1 Gearing % N/A N/A 45%
2 Earnings
Before
Interest,
Tax,
Depreciation,
Major
Repairs
Included (EBITDA MRI) Interest
Cover %		 (-33%) (-14.3%) 128%
3 Social Housing Cost per Unit* £18,437 £24,550 £5,300
4 Operating Margin (Overall) % 41.27% (-91.7%) 18.20%
5 Return
on
Capital
Employed
(ROCE) %		 4088% -74% 2.80%

Explanatory Notes

These Key Performance Indicators are based on the Regulator of Social Housing 'Value for Money metrics' Technical note guidance.

The first two of the Regulator of Social Housing's metrics are not reported on. The first metric since it is based on the investment in developments as a percentage of the total value of developments held. The majority of the developments leased by My Space are on operating leases and so the values do not appear on the balance sheet.

The 2024 RSH Comparison is based on the Regulator of Social Housing Value for money metrics.

Gearing%

This measures how much of the adjusted assets are made up of debt and the degree of dependence on debt finance.

It is calculated by taking long term and short-term debt and dividing this by the shareholder equity. The My Space Gearing is N/A and is due to the organisation no longer having any long or short terms loans or Finance leases.

EBITDA MRI

The EBITDA MRI interest cover measure is a key indicator for liquidity and investment capacity. It seeks to measure the level of surplus that a registered provider generates compared to interest payable.

It is calculated by dividing the Operating (Deficit)\Surplus plus depreciation charge for the year by Interest Payable and financing costs.

The organisation no longer has any attributable interest payments for a clear calculation of this metric. The restructuring of the organisation via the CVA has removed all loans along with any interests due. The remaining interest to assist with this calculation is late HMRC interest.

Social Housing Cost per Unit

The unit cost metric assesses the headline social housing cost per unit as defined by the Regulator of Social Housing. The RSH comparison is calculated as an average across all types of social housing. My Space provides specialised supported housing which attracts higher costs due to the enhanced vulnerabilities of our clients and for the purpose of these accounts including exempt housing.

Page 17

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

DIRECTORS AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

It is calculated by dividing all social and exempt housing costs by the total social housing units owned and/or managed at the year end.

This cost per unit has significantly reduced due to recharging the landlords post CVA for all major costs associated with their properties, reducing the costs in the organisation for the maintenance and repairs. This formed part of the CVA restructuring of the loses.

Operating Margin (Overall) %

The Operating Margin demonstrates the profitability of operating assets before exceptional expenses are taken into account. Increasing margins are one way to improve the financial efficiency of a business.

It is calculated by dividing the Operating (Deficit)\Surplus plus the gain/(loss) on disposal of fixed assets and investment developments, by total turnover.

This is higher than the sector's average due to a higher net gain in the year from the restructuring the organisation.

Return on capital employed (ROCE) %

This compares the operating surplus to total assets less current liabilities and is a common measure in the commercial sector to assess the efficient investment of capital resources.

It is calculated by dividing the Operating (Deficit)\Surplus plus the gain/(loss) on disposal of fixed assets and investment developments, by Total assets less current liabilities.

This is very high due to restructuring of the 2024 negative reserves in the current year via the CVA, leading to net assets in 2025 and a total surplus for the year of £51,816,123. This is the gain attributed to restructuring the creditors in the CVA.

Financial Instruments

The Charity's activities expose it to a number of financial risks including credit risks, cash flow risk and liquidity risk. The use of financial derivatives is governed by the Charity's policies approved by the Board of Trustees, which provide written principles on the use of financial derivatives to manage these risks. The Charity does not use derivative financial instruments for speculative purposes.

Cash Flow Risk

The Charity's activities expose it primarily to the financial risks of changes in interest rates. The organisation has very little risk as My Space holds no interest-bearing debt.

Credit Risk

The Charity's principal financial assets are bank balances, trade and other receivables and investments. The Charity's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. The Charity has no significant concentration of credit risk, with exposure spread over many counterparties and customers.

Page 18

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

DIRECTORS AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Liquidity Risk

The Charity ensures that it maintains sufficient liquidity by holding sufficient cash reserves throughout the cash cycle.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Stuart St. V. Fitzgerald ~~...........................................~~ Stuart St. V. Fitzgerald (Jul 23, 2026 18:47:57 GMT+1) .....

Stuart ST V Fitzgerald Chair Date: 23/07/26

Page 19

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY SPACE HOUSING SOLUTIONS

Opinion

We have audited the financial statements of My Space Housing Solutions (the 'charitable company') for the year ended 31 October 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 20

MY SPACE HOUSING SOLUTIONS (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY SPACE HOUSING SOLUTIONS (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report including the Strategic report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 21

(A company limited by guarantee)

MY SPACE HOUSING SOLUTIONS

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY SPACE HOUSING SOLUTIONS (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 22

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY SPACE HOUSING SOLUTIONS (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Elizabeth Newell BA (Hons) FCA (Senior statutory auditor)

for and on behalf of MHA Statutory Auditors The Pinnacle

Date: 24 July 2026

Page 23

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2025

Note
Income from:
Charitable activities
3
Other income
5
Total income
Expenditure on:
Charitable activities
Total expenditure
Net expenditure before interest and financing costs
Interest and financing costs
Net movement in funds before other recognised
gains/(losses)
Other recognised gains/(losses):
Gain on derecognition of finance leases
Other gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
21,086,396
101,592
21,187,988
27,924,560
27,924,560
(6,736,572)
(2,446)
(6,739,018)
-
58,555,141
51,816,123
(50,536,916)
51,816,123
1,279,207		 Total
funds
2025
£
21,086,396
101,592
21,187,988
27,924,560
27,924,560
(6,736,572)
(2,446)
(6,739,018)
-
58,555,141
51,816,123
(50,536,916)
51,816,123
1,279,207		 As restated
Total
funds
2024
£
23,715,283
342,500
24,057,783
34,027,692
34,027,692
(9,969,909)
(1,452,402)
(11,422,311)
2,487,636
-
(8,934,675)
(41,602,241)
(8,934,675)
(50,536,916)

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 27 to 47 form part of these financial statements.

Page 24

MY SPACE HOUSING SOLUTIONS (A company limited by guarantee) REGISTERED NUMBER: 08257055

BALANCE SHEET AS AT 31 OCTOBER 2025

Note
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
15
Net current assets / liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
16
Provisions for liabilities
18
Net assets / liabilities excluding pension
asset
Total net assets
Charity funds
Unrestricted funds
20
Total funds		 2,858,532
2,408,797
5,267,329
(4,094,945)		 2025
£
106,823
106,823
1,172,384
1,279,207
-
-
1,279,207
1,279,207
1,279,207
1,279,207		 2,914,470
811,064
3,725,534
(36,348,295)		 2024
£
661,551
661,551
(32,622,761)
(31,961,210)
(3,456,511)
(15,119,195)
(50,536,916)
(50,536,916)
(50,536,916)
(50,536,916)

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Stuart St. V. Fitzgerald

. ~~............................................~~ Stuart St. V. Fitzgerald (Jul 23, 2026 18:47:57 GMT+1) ... Stuart ST V Fitzgerald

Chair Date: 23/07/26

The notes on pages 27 to 47 form part of these financial statements.

Page 25

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2025

Note
Cash flows from operating activities
Net cash used in operating activities
24
Cash flows from investing activities
Loss on asset disposal
Purchase of tangible fixed assets
Gain on revaluation of fixed assets
Net cash provided by investing activities
Cash flows from financing activities
Interest payable and similar charges
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
25		 2025
£
1,228,909
480,646
(109,376)
-
371,270
(2,446)
(2,446)
1,597,733
811,064
2,408,797		 As restated
2024
£
(1,325,604)
38,773
(245,957)
2,487,636
2,280,452
(1,452,402)
(1,452,402)
(497,554)
1,308,618
811,064

The notes on pages 27 to 47 form part of these financial statements

Page 26

MY SPACE HOUSING SOLUTIONS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

1. Legal Status

My Space Housing Solutions is registered under the Companies Act 2006 (company registration number 08257055) and was incorporated in England & Wales. The company is a registered provider of social housing with Homes England as well as being a registered charity under the Charities Act 2011 (registration number 1149955).

2. Accounting policies

2.1 Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

2.2 Statement of compliance

The financial statements have been prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP) including Financial Reporting Standard 102 (FRS 102); the Housing SORP 2018: Statement of Recommended Practice for Registered Social Housing Providers; and comply with the Accounting Direction for Private Registered Providers of Social Housing 2022, and the Companies Act 2006.

2.3 Basis of preparation of financial statements

My Space Housing Solutions meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are presented in Sterling (£).

2.4 Going concern

The organisations financial statements have been prepared on a going concern basis, which assumes the organisation will continue to meet its liabilities as they fall due for the foreseeable future.

With the CVA restructure fully implemented, the majority of stakeholders pre CVA continued trading with My Space, there is a solvent balance sheet, the organisation is now in a sustainable position and planning for the future. Creditors are being paid in full as they fall due and new opportunities are being sought to enhance the portfolio of properties. Rent packs are annually reviewed, updated and sent to the Local Authorities with most are approving the new gross rents. Adherence to recent legislation and regulations is pivotal to ensure our property portfolio reaches the standards required by all relevant regulatory authorities.

A cash flow for the next 2 years has been prepared and scrutinised. The projection shows sufficient cash flow headroom to operate the business as a going concern and deliver rents to landlords in accordance with the varied leases and the CVA.

At the time of approving the financial statements, the key management team and Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the next 12 months from the approval of the financial statements.

Page 27

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

2. Accounting policies (continued)

2.5 Judgements

The following are the significant management judgements made in applying the accounting policies of the Charity that have the most significant effect on the financial statements.

Key sources of estimation uncertainty

Useful lives of depreciable assets

Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence that may change the utility of certain software and IT equipment and changes to decent homes standards which may require more frequent replacement of key components. Accumulated depreciation was £1,706,476 (2024: £1,859,511). Housing properties £1 (2024: £1) The carrying amount of tangible fixed assets at net book value is £106,823 (2024: £661,550).

Dilapidations and its reversal

Management reviews its estimate of the useful lives of depreciable assets in developments, for which it has a long full repairing lease at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to estimating the life of the asset, the wear and tear and changes in fire, health and safety requirements in communal areas and guarantees from developers to meet the dilapidations and maintenance costs. The carrying amount is £nil (2024: £15,119,195). See note 18.

A full reversal of dilapidations provision has been performed following implementation of the CVA, under which the Company's obligation for the previously recognised dilapidations liability has been compromised or otherwise extinguished.

Impairment of Debtors

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors, the status of any tribunals and historical experience. The carrying amount is £30,928,661 (2024: £25,983,477) See note 14.

Tenant Debtor Recoverability

The recoverability of Tenant receivables requires management to exercise judgement in estimating the level of impairment required. The assessment is based on factors including the age of outstanding balances, historical recovery rates, known issues affecting individual claims, correspondence with the relevant local authorities, and subsequent cash receipts. The impairment allowance reflects management's best estimate of amounts that may not ultimately be recovered and is reviewed at each reporting date to ensure it remains appropriate in light of available evidence.

Page 28

MY SPACE HOUSING SOLUTIONS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

2. Accounting policies (continued)

Lease Classification

The Company exercises judgement in determining whether lease arrangements are classified as operating leases or finance leases. This assessment requires consideration of whether substantially all of the risks and rewards incidental to ownership of the underlying asset have transferred to the Company. In making this determination, management considers the substance of the arrangement, including the lease term relative to the asset's economic life, the present value of minimum lease payments compared with the fair value of the asset, the existence of purchase options, and any other contractual terms that may indicate a transfer of the risks and rewards of ownership. The classification of leases affects the timing of expense recognition and the presentation of assets and liabilities in the financial statements.

CVA Accounting

The Company exercises significant judgement in determining the accounting impact of Company Voluntary Arrangements on its contractual obligations. This includes assessing the point at which the terms of the CVA become legally effective, identifying those liabilities that have been compromised or extinguished, and determining the extent to which existing provisions, including lease-related obligations and dilapidations, should be revised or released. Management considers the approved terms of the CVA, legal advice where appropriate, and the likelihood of any remaining obligations crystallising. Provisions are remeasured at each reporting date to reflect management's best estimate of the remaining obligation, with any resulting adjustments recognised in the Statement of Comprehensive Income in the period in which the assessment is updated.

2.6 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received, and the amount of the income receivable can be measured reliably. Turnover represents housing benefits receivable together with other related income. Rental income is recognised from the point when developments under development reach practical completion or otherwise become available for letting, net of any voids. Income is recognised weekly as the tenancy occupation is completed.

2.7 Donations and legacies

Unrestricted donations are recognised as unrestricted income when received or receivable. They will contribute to the annual accounting surplus that is credited to the Charity’s unrestricted reserves at the year end.

When donations are received with restrictions individual restricted funds are set up and restricted income is recognised when donations to that fund are received or receivable. Any unspent balance that has not been applied to the specified purpose by the year end will be retained in a specific restricted reserve for that fund.

Where a donation has performance related conditions (a condition that requires the performance of a particular level of service or units of output to be delivered, with payment of, or entitlement to, the resources conditional on that performance) income will only be recognised when the funds have been applied to the specified purpose by the year end. Otherwise, the fund will be prepaid as deferred income. No annual accounting surplus will arise as income will always be recognised to match actual expenditure incurred.

Any unspent balance on a restricted donation will remain immediately available to apply to the specified purpose in the following year.

Page 29

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

2. Accounting policies (continued)

2.8 Other trading activities

Charges for support services funded under Supporting People are recognised as they fall due under the contractual arrangements with administering Authorities.

2.9 Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, if it is probable settlement is required, and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading those aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings, they have been allocated on a basis consistent with the use of resources, with central staff costs allocated based on time spent, and depreciation charges allocated on the portion of the assets’ use. Other support costs are allocated based on the spread of staff costs. All resources expended are inclusive of irrecoverable VAT.

2.10 Raising funds

These are the costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

2.11 Charitable activities

Operating costs comprise those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

2.12 Governance costs

These include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including audit, strategic management and Trustee’s meetings and reimbursed expenses.

2.13 Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

2.14 Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

2.15 Taxation

The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 30

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

2. Accounting policies (continued)

2.16 Tangible fixed assets and depreciation

Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets to write off the cost or valuation, less any estimated residual value, over their expected useful economic life.

Depreciation is provided from the month of acquisition on a pro-rata time basis as follows:

2.17 Trade debtors

Trade debtors are mainly amounts due from local authorities for Enhanced Housing Benefits on behalf of Tenants for periods of occupancy on developments.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables.

2.18 Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of a change in value.

2.19 Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 31

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

2. Accounting policies (continued)

2.20 Provisions

Provisions are recognised when the Charity has an obligation at the reporting date as a result of a past event, it is probable that the Charity will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The Charity recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost, plus employers’ national insurance and pension contributions payable for the period of absence.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.21 Fund structure

Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the Charity. It is the trustees’ objective to hold a minimum value of three months expenditure in unrestricted income fund.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

2.22 Pensions and other post-retirement obligations

The Charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the Charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Comprehensive Income when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2.23 Financial instruments

Classification

Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities.

Page 32

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

2. Accounting policies (continued)

2.23 Financial instruments (continued)

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Statement of Comprehensive Income, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Charity, despite having retained some, but not all,significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Debt instruments

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or(iii) a combination of a positive or a negative fixed rate and a positive variable rate.

b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

Page 33

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

2. Accounting policies (continued)

2.23 Financial instruments (continued)

f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Commitments to make and receive loans, which meet the conditions mentioned above, are measured at cost (which may be nil) less impairment.

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

Other debt instruments not meeting these conditions are measured at fair value through the Statement of Comprehensive Income.

3. Income from charitable activities

Unrestricted
funds
2025
£
Social housing and exempt lettings vulnerable adults
28,671,197
Void losses
(7,584,801)
21,086,396
Unrestricted
funds
2024
£
Social housing and exempt lettings vulnerable adults
31,098,555
Void losses
(7,383,272)
23,715,283		 Total
funds
2025
£
28,671,197
(7,584,801)
21,086,396
Total
funds
2024
£
31,098,555
(7,383,272)
23,715,283

Page 34

(A company limited by guarantee)

MY SPACE HOUSING SOLUTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

4. Particulars of Cost of Sales and Operating Costs Relating to Social and Exempt Housing

As restated
2025 2024
Unrestricted Unrestricted
funds funds
£ £
Cost of Sales:
Housing costs 1,858,106 2,274,487
Wages and salaries 1,827,114 2,676,537
Social security 170,520 221,695
Employer's pension contributions 34,875 52,865
Sundry Expenses 34,482 159,432
Rents 11,033,389 17,318,682
Council tax 914,285 936,512
Repairs and maintenance 3,054,516 2,212,744
Dilapidation provision 192,675 (257,891)
19,119,962 25,595,063
Operating Costs
Employee costs 1,815,128 1,433,920
Office costs 466,390 441,210
Hire of assets 91,013 117,914
Motor and travel expenses 173,155 253,885
Advertising, cleaning & sundry 22,461 58,350
Legal & professional 971,269 678,759
Accountancy 38,280 8,109
Auditor's remuneration including disbursements 85,680 78,000
Other auditors remuneration non-audit services 5,508 1,920
Doubtful debts provision (see note 14) 4,469,079 4,637,281
Bank and invoice factoring charges 2,531 102,207
Depreciation 183,458 582,301
Disposal of Asset 480,646 38,773
Total operating costs 8,804,598 8,432,629
27,924,560 34,027,692

Page 35

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

5. Other incoming resources

Other income
Interest received
Other income
Interest received		 Unrestricted
funds
2025
£
101,280
312
101,592
Unrestricted
funds
2024
£
342,200
300
342,500		 Total
funds
2025
£
101,280
312
101,592
Total
funds
2024
£
342,200
300
342,500

Included in other income are amounts for successful insurance claims, tenant payments of utilities and HM Courts and Tribunals receipts.

6. Other gains

Gain from the extinguishment of liabilities 2025
£
58,555,141
58,555,141		 2024
£
-
-

During the year the charity entered into a Company Voluntary Arrangement. As a result, liabilities of £58,555,141 were legally released and have been recognised as other gains in the Statement of Financial Activities. This is a non-recurring item arising from the restructuring of the charity's financial obligations.

Page 36

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

7. Accommodation in management

Social Housing and exempt housing:
Non-regulated housing
Regulated housing
Total Social and exempt housing		 2025
No of
Properties
1,177
68
1,245		 2024
No of
Properties
1,711
68
1,779

8. Operating Surplus/Deficit)

Net incoming resources for the year include:
Operating leases - plant and machinery
Operating leases - other assets
Auditor's remuneration including disbursements
Other auditors remuneration non-audit services
Depreciation of fixed assets
Loss on asset disposal		 2025
£
91,013
11,033,389
85,680
5,508
183,458
480,646
11,879,694		 2024
£
117,914
17,318,682
78,000
1,920
582,301
38,773
18,137,590

9. Interest and financing costs

Bank overdraft interest
PAYE/NI Interest
Other Loan Interest
Factoring discount charges
Finance lease interest		 2025
£
-
2,446
-
-
-
2,446		 2024
£
146
-
14,211
2,193
1,435,852
1,452,402

Page 37

(A company limited by guarantee)

MY SPACE HOUSING SOLUTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

10. Trustees' remuneration and expenses

Trustee expenses:

Simon Millington: £502 (2024: £139) Gary Lee: £nil (2024: £769)

No trustees received remuneration in the year under review.

Trustee Donations: £nil (2024: £nil)

11. Staff costs

Wages and salaries
Social security costs
Pension costs		 2025
£
3,188,205
338,748
56,403
3,583,356		 2024
£
3,777,304
332,362
69,063
4,178,729

The monthly average number of persons (including senior management team) employed by the Charity during the year expressed as full time equivalents was as follows:

Housing
Maintenance
Finance and administration
Management and directors		 2025
No.
74
5
14
15
108		 2024
No.
99
6
14
29
148

Page 38

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

11. Staff costs (continued)

Under the Pensions Act 2008 the Charity operates a Work Place Pension Scheme for all eligible employees in accordance with the auto enrolment regulations.

The total employee benefits, including pension, of the key management personnel, which comprise the Chief Executive Officer, Chief Financial Officer, Chief Operations Officer, Chief Central Services Officer and Quality Performance and Project Manager of the Charity were paid a combined amount £554,758 (2024 - £249,707). In 2024, most of the key management joined during the year and accordingly the total cost in 2024 is much lower.

The Chief Executive Officer as the highest member of staff, received salary and benefits totalling £166,912 in 2025 (2024 - £108,547) including pension contributions of £1,321 (2024 - £1,321).

The full time equivalent number of staff whose remuneration payable was above £60,000 are as follows:

2025 2024
£60,000 to £70,000 1 1
£80,000 to £90,000 1 -
£100,000 to £110,000 - 1
£110,000 to £120,000 2 1
£160,000 to £170,000 1 -

12. Taxation

The Charity is a registered charity and is therefore exempt from taxation.

Page 39

(A company limited by guarantee)

MY SPACE HOUSING SOLUTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

13. Tangible fixed assets

Land &
buildings
improvements
£
Cost
At 1 November 2024
672,997
Additions
-
Disposals
(573,313)
At 31 October 2025
99,684
Depreciation
At 1 November 2024
168,270
Charge for the year
32,296
On disposals
(133,112)
At 31 October 2025
67,454
Net book value
At 31 October 2025
32,230
At 31 October 2024
504,727		 Housing
properties
£
1
-
-
1
-
-
-
-
1
1		 Motor
vehicles
£
-
16,055
-
16,055
-
2,741
-
2,741
13,314
-		 Tenant
fixtures and
fittings
£
1,830,938
88,439
(234,946)
1,684,431
1,679,670
144,023
(194,499)
1,629,194
55,237
151,268		 Office IT
equipment
£
17,126
4,882
(8,880)
13,128
11,571
4,398
(8,882)
7,087
6,041
5,555		 Total
£
2,521,062
109,376
(817,139)
1,813,299
1,859,511
183,458
(336,493)
1,706,476
106,823
661,551

In October 2024, the Canada Life Finance Leases went into default and were reclassified as operating leases (see note 17).

The Housing properties carrying value of £1, as shown above, relates to freehold value which My Space owns in the leaseback agreement with Canada Life.

Page 40

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

14. Debtors

Due within one year
Tenant debtors
Tenant rental doubtful debtors
Credit note provision
Other debtors
Doubtful debtors provision on other debtors
Prepayments and accrued income		 2025
£
32,689,923
(30,928,661)
-
7,056,798
(6,920,830)
961,302
2,858,532		 2024
£
28,580,941
(25,983,477)
(612,686)
7,186,069
(6,920,830)
664,453
2,914,470

Tenant Debtors – The debtors provision of £30,928,661 (2024: £25,983,477) has been calculated on the likelihood that My Space will not receive the debt. A full provision has been made against debts older than 12 months with each debt being assessed on a line by line basis.

Credit Note Provisions - Credit note provision during 2025 amounts to £Nil (2024: £612,686). No credit note provisions were required in the financial year. £600,000 formed part of the debtor provision above.

Other Debtors – A doubtful debt provision of £6,920,830 has been provided for, against other debtors of £6,920,830 (2024: £6,920,830). This has been disputed by Enabling Homes Ltd. Enabling Homes Ltd are now in administration with this debt and provision being held in the CVA account at £NIL value.

Property Deposits – Other debtors include property deposits of £Nil (2024: £127,794) paid on behalf of individual tenants. Property bonds have been fully provided as deemed potentially uncollectible. These are reimbursable to My Space Housing Solutions when the property is vacated by the tenant and returned to the agent less any make good costs.

Page 41

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

15. Creditors amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2025
£
679,876
76,351
116,437
3,222,281
4,094,945		 2024
£
35,319,506
72,277
164,946
791,566
36,348,295

Trade creditors – Included in Trade creditors is the amount of £Nil (2024: £27,473,691) owed to the largest six superior landlords for lease hold developments.

Amounts outstanding to the landlords for the year ended 31 October 2025 pass through rent is included in accruals of £505,352 (2024: £Nil)

Other taxation and social security – due to HMRC for PAYE, employer’s and employees’ National Insurance contributions for the month of October 2025.

Outstanding defined contribution pension costs as at 31 October 2025 £21,089 (2024: £26,295).

Page 42

(A company limited by guarantee)

MY SPACE HOUSING SOLUTIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

16. Creditors: amounts falling due after more than one year

Other loans
Accruals and deferred income		 2025
£
-
-
-		 2024
£
1,724,033
1,732,478
3,456,511

Other loans are from three privately owned property developers.

The amounts of £nil (2024: £1,724,033) is a disputed creditor with Enabling Homes Ltd in administration.

Accruals greater than 1 year represents rent free periods over long term leases amortised over the period of the lease in accordance with FRS102, due as follows:

Within one year
In two to five years
In over five years		 2025
£
-
-
-
-		 2024
£
110,033
440,134
1,182,311
1,732,478

In 2024, all investment properties originally held as finance lease properties were reclassified as operating leases (see note 17). As a result, there are no balances for disclosure in 2025.

Page 43

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

17. Operating Lease Commitments

Operating leases are those leases that cannot be classified as finance leases.

Total future minimum lease payments under non-cancellable operating leases are as follows:

Land and buildings
Within one year
Between one and five years
In over five years
Converted Finance Leases to Operating leases
Within one year
Between one and five years
In over five years		 2025
£
9,964,561
36,250,316
83,129,691
2,776,235
11,995,621
209,299,824
353,416,248		 2024
£
1,389,990
1,360,329
168,088,990
2,817,550
12,201,130
235,906,752
421,764,741

All of the operating leases for land and buildings above are for leases in excess of 5 years to 25 years.

These are leases that were converted from finance to operating leases in 2023/24, they have lease lengths of up to 40 years.

The total payments due are annually subjected to inflationary increases/decreases. The current inflationary increase at Oct 2025 was 3.6% (2024: 3.2%).

Even with the increased number of operating leases that now includes Canada Life (seven) the total operating lease commitments has reduced as it is calculated by a reduction of 1.5% in inflationary CPI over previous year which is applied to the total lease term.

All leases were varied in the CVA and all commitments are subject to the pass through mechanism, to calculate the monthly lease payments.

Page 44

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

18. Provisions

At 1 November 2024
Additions
Amounts reversed		 Dilapidations
£
15,119,195
-
(15,119,195)
-

Dilapidation is provided for developments where the Charity has a full repairing lease with that property and is for returning the property back into its original state from commencement of the lease. This covers those items that are not covered by 'Insured Risks' and latent defects insurance policies and property developers guarantees.

Following the CVA dilapidations liabilities the CVA vest in the CVA and subsequent dilapidations obligations remain with the landlord in accordance with the varied leases.

19. Prior year adjustments

During the year ended 31 October 2025, the directors received the final dilapidations survey reports relating to the Charity's previously held leasehold properties. The reports provided additional evidence of the condition of the property and the extent of the Charity's obligations that existed at 31 October 2023. This evidence demonstrated that a greater proportion of the dilapidations provision recognised in the year ended 31 October 2024 should have been recognised in the prior accounting period.

In accordance with Section 10 of FRS 102, management concluded that this represented the correction of a prior period error rather than a change in accounting estimate. The survey reports did not give rise to new obligations or events occurring after the reporting date but provided more reliable evidence of conditions that already existed at 31 October 2023. Accordingly, the comparative figures have been restated.

Following review, it was determined that £14,158,710 of the provision recognised in the year ended 31 October 2024 related to conditions and obligations that existed at 31 October 2023. The effect of the restatement was to increase the dilapidations provision and reduce retained earnings at 31 October 2023 by £14,158,710. Comparative figures for the year ended 31 October 2024 have been adjusted accordingly.

Page 45

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

20. Statement of funds

Statement of funds - current year

Balance at 1 Balance at
November Gains/ 31 October
2024 Income Expenditure (Losses) 2025
£ £ £ £ £
Unrestricted funds
Reserves (50,536,916) 21,187,988 (27,924,560) 58,552,695 1,279,207

Included in gains/(losses) is an amount of £58,555,141 which is a result of the charity entering into a Company Voluntary Arrangement.

As a result, liabilities of £58,555,141 were legally released and have been recognised as other income in the Statement of Financial Activities. This is a non-recurring item arising from the restructuring of the charity's financial obligations.

21. Pension and other schemes – Defined contribution pension scheme

The Charity operates a defined contribution pension scheme. The pension cost charge for the year represents contribution payable by the Charity to the scheme and amounted to £56,403 (2024: £67,332).

22. Charity Status

The Charity is a Charity limited by guarantee with a maximum liability of £10 per member in the event of a winding up and consequently the Charity does not have share capital.

23. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
106,823
Current assets
5,267,329
Creditors due within one year
(4,094,945)
Total
1,279,207		 Total
funds
2025
£
106,823
5,267,329
(4,094,945)
1,279,207

Page 46

MY SPACE HOUSING SOLUTIONS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

24. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gains on conversion of finance leases
Interest payable
Decrease in debtors
(Decrease)/Increase in creditors
(Decrease)/Increase in provisions
Gain from the extiguishment of liabilities
Other loans written off
Net cash provided by/(used in) operating activities		 2025
£
(6,739,018)
183,458
-
2,446
55,938
(33,985,828)
(15,119,195)
58,555,141
(1,724,033)
1,228,909		 2024
£
(11,422,311)
582,303
(1,836,410)
1,452,402
511,666
9,970,232
(257,891)
-
(325,595)
(1,325,604)

25. Analysis of cash and cash equivalents

Cash in hand
Analysis of changes in net debt
Cash at bank and in hand
Other loans		 At 1
November
2024
£
811,064
(1,724,033)
(912,969)		 2025
£
2,408,797
Cash flows
£
1,597,733
1,724,033
3,321,766		 2024
£
811,064
At 31
October
2025
£
2,408,797
-
2,408,797

26. Analysis of changes in net debt

Page 47

My Space - Final Accounts 311025

Final Audit Report

2026-07-23

Created: 2026-07-22 By: Kathryn Patel (kathryn.patel@myspacehousing.org) Status: Signed Transaction ID: CBJCHBCAABAAiWJmF0RFpE3gTpOYT-R-R24Vr53UnV4z

"My Space - Final Accounts 311025" History

Document created by Kathryn Patel (kathryn.patel@myspacehousing.org)

2026-07-22 - 10:55:24 AM GMT

Document emailed to Stuart St. V. Fitzgerald (stuart.f@myspacehousing.org) for signature 2026-07-22 - 10:55:33 AM GMT

Email viewed by Stuart St. V. Fitzgerald (stuart.f@myspacehousing.org) 2026-07-23 - 5:46:21 PM GMT

Document e-signed by Stuart St. V. Fitzgerald (stuart.f@myspacehousing.org)

Signature Date: 2026-07-23 - 5:47:57 PM GMT - Time Source: server - Signature Appearance Selected: TYPE

Agreement completed.

2026-07-23 - 5:47:57 PM GMT