2025-03-31-accounts

North Devon Homes _- North Devon Homes Financial Statements for the year ended 31 March 2025 ndh north devon homes Registered Company No. 03674687 llw llNllllllllll Regislered Chority No. 1164142 AEcfoxFU 0911012025 COMPANIÉS HOVSE A14

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.. wor*ing 10gethEr to (￿ore c￿￿￿￿￿1t1ts wljerepople wont to live-

North Devon Homes __ Norfh Devon Homes Flnanciol Statements for the year ended 31 Moich 2025 Contents Boord Members. Executive off￿erS. Advi50r5 ond Banke￿ .. Boord of Monogement repc*l lorthe year ended 31 Morch 2025........................................................... Strolegic Report............................. . stolement ol the Board of Monogemenl's Responsibililies.......................................... .29 Independent Avditor5' report lo the member5 of N(ylh Devon Homes.................................................33 Consolidoted ond Associotion Slotemen15 of Comryehensive Income for the year ended 31 M(wch 2025.................... .37 Consolidated ond A5sociotion Slalements of Financial P0511ion os ot 31 Morch 2025 ....... Consolidated Stalement of C05h Flows for the year ended 31 March 2025....................... . . . ...........39 Consolidated Stolement of Chonges in Reserves for the yeorended 31 Morch 2025...................-.... As50ClOtion Slotement ol Chonges in Reserves for the year ended 31 Morch 2025.......-.................... 41 Notes to the Finonciol Stolements IC￿ the year ended 31 Morch 2025_. . .42 .. wothin9 togrther to communiThes whefepeople wont to &"ve-

North Devon Homes __ Boaid of Management rewl lor Ihe year ended 31 March 2025 The 80￿d of Managemenl Mr John Creswell Ichair from l Jonuary 20251 Mr Jomes Goss Dr Oebtse Hay M5 Suzonne Ingmon Ms Delylh Lloyd-Evans Mr Paul Oldroyd Mr Simon Songer-Anderson Mr Mike Day loppointed l October 20241 Mr Ben Wilson loppoinled l October 20241 Mr Michael Viclory-Rowe loppoinled 24 March 20251 Soficittxs Trowe￿ & Homlins LLP The Senate Soulhernhay Gardens Devon EXI IUG Tozers LLP Broodwalk House Soulhernhoy West Exeter Devon EXI IUA Company Secietary Victorio sne11￿0ve loppointed l Oclober 20241 Prfnclpal Funders Lloyds Bonk PLC 25 Gresham Slreel London EC2V 7HM Execullve DlrectOTS Mr Martyn Gimber Ichiel Execvlivel Mr Marc Roslock (Director ol Neighbourhoodsl Mr5 Philippo Butler IFinance Direct￿) Funding Advlsors Altair Treasury and Finonce Solutions Ltd Tempvs Wharf 29a Bermond5ey Woll West London SEI 6 45A Stalvlory Independenl Audllors 8ishop Fleming Sall Quay House 4 North East Quoy Sullon HorbouT Plymouth PL4 OBN bankers Nolwest plc 2SO Bishopsgate London EC2M 4AA North Devon Homes is a compony limited by guarontee IRegistered in Engkjnd, Compony Number 036746871. registered charily (Chority Number 11641421 ond is reglstered with Ihe Regulator of Sociol Housing IRegi5trakn"on Number LH42491. The registered office 15 01: Weslocott Roaiy Barnstaple Devon EX32 8TA www.ndh-Ild.co.uk . working together to creote comfflynit￿￿ whÈrewple wcnt lo thye"

North Devon Homes _- Board of Mana9emenl report lor Ihe yery ended 31 IAorch 2025 {conllnued) Sfrale9ic Report The Board ol Monogemenl pre5enls ils strategc report Ipoges 9 10 281 ond oudiled financiol slolemenls for the year ended 31 Morch 2025. Legal Slrvclure North Devon Home51'NDH' or 'the Association'l wos inc(xporated in November 1998. NDH is an independent sociol bvsiness ond regislered chorify. It has one wholty owned subsidiary Anchtywood Limited. NDH is registered with the Chority Commission os o charitoble company ond os o provider of social housing with the Regulotor of Sociol Hovsing. It is a150 0 company limited by guarantee. registered ot Componies House. Anch¢Jwood Limited is <)150 registered at Componies House. The Directors ol the Associolion who have served during the yeor are li51ed below ond the current di¥ector5 UP to the dote ol the signing of Ihe5e financial stolemenls are listed on Kyjge 3. Prlnclpal a¢tlvSttes The principol oclivify of the Associolion is lo Kwvide sociol hov5ing. Any finonciol svrpluses ore reinvested into improving e￿$tIng homes. communilEs ond services ond developing new homes. The Group olso consists 01 Anchwood Limiled. a property development compony. Revlew of Ihe buslne55 A review ol the bvsine5S 15 di5cvssed in the Strategic Report or) pages 9 10 28. This inclvde5 the Value for Money Statement 2025 and the Board's arrangements ond appetite lor monoging risk. Results The Group's surplus ofter tox for the yeor was £235k12024-. £479k Ios51- Golng concern The Board ha5 a Teasonoble expectation that adequote iesources continue in existence for Ihe Icweseeoble futvre ond lor thi5 reoson it conhnves to adopt the going concem bas15 in preparing the Finonciol Slolemenls. Further defoils wth regord lo going concern ore considered in Note I to the Finonciol Slolemenls on poge 42. Constitutton and Govemance The Boord is skills-bosed ond consisls ol up lo len independent members. . working rD9ether to create c(KrJrnunities kvherÈpeople wont lo live-

North Devon Homes _- Board of Management rew* for the year ended 31 March 202S (continued) For the yeor ending 31 Morch 2025 Ihe followng members seNed on Ihe Board.. o Mr c￿1n Dennis (resigned 31 December 20241 Mr Asad Bvll Irestgned 30 Seplember 20241 o Mr Scoll Murray Iresigned 30 September 2W241 Ms Delyth Lloyd-Evons Ms Svzonne Ingman Dr Debbie Hoy Mr Povl Oldroyd o Mr Simon Sangei-Anderson o Mr John Cre5well o Mr Jomes Gos5 o Mr Mike Doy Icppoinled l October 20241 Mr Ben Wilson (appointed l October 20241 Mr Michoel Viclory-Rowe lopponted 24 Morch 20251 The governance strucluie for the Group is summaiised below: The Boords ol North Devon Homes and ils SUbs￿l0ry compony Anchowood Dmited ale committed to upholding and maintaining the highest stondaTds of govemonce. occounlobility and probity in elfeclively leoding ond manoging the business. The Boords continue to WO￿ ond challenge themselves to ensure that they have the necessary skills. experience and. where approwate. the necessary exlemol advice to 54JPPOrt decision moking and st¥olegic planning. - ¥¥orking ro9etheK to creote communit￿$ whrepeople to live"

North Devon Homes_- &oard of Management rew* for the year ended 31 Moreh 202S (continued) Compllan¢e statement North Devon Homes has assessed its compliance with the Reg￿al0[ of Sociol Housing's Governonce ond Finonciol Viability Stondord and considers itself to be complionl lor Ihe yeor ending 31st Morch 2025. Chorlty Commlsslon compllonce The Board 0$ Trustees con confim Ihol in respect ot the Associotion os the regislered charity, it hos complied wilh Charity Commission's requiremenls during the year. Execulive offlcers The Board ol Management hos delegated authority for operolional matters to o team ol execulive office￿. The executive officers who held off￿e during the year ore: Mr Marlyn Gimbef Ichief Execvtivel Mr Morc Rostock (Director ol NeighboLvhoodsl Mrs Philippa Bvtler (finance Director) .. working togerher to creore con￿?￿nit¢S wherepeople wont to live-

North Devon Homes _ Booid ol Manogemenl rewllor the yeor ended 31 March 2025 (conlnved) FinoD¢lol Rlsk Mgnagement Objedives and Poficies The Associotion's operotions expose il to o voriety of financial risks thot include the ellects of credil risk, liquidity risk and interest rote risk. The Associolion hos o fonnal risk monogement and 055urance framework to mitigate the potenh.ol adverse effects thol such risks may pose. which ore further detailed in the Slralegic Rep(￿1 on pages 9 10 28. Employees The sliength ol Ihe Grovp lies in the quolity ond comnNlment of ils employees. Ovr 51rong Teom- NDH culture enables us lo meet OLff objeclives ond deliver good quolity se￿iceS lo our customers in on efficient monner. We volve huhly the conlinved dedication and professionalism ol ovr teom. The Grovp opercltes o continuous performance monogemenl review process. which support5 the delivery of corporate obieclives by 1dentl￿-ng any troining ond development needed lo achieve those objectives. Equal Opportunltles The Group is committed lo ensuring equal opporlunities for all. The Recruitment and Seleclion Policy and Procedure ensures that r￿n-disCriM1notQry practices ond processes are in place. It 15 our policy that Ihose with o disobility ole oulomoticolly offered on interview ￿ long 0$ they meet the basic requiremen15 01 the role. Reasonoble odjuslments are offwed to remove any barriers to accessing the interview process. Eqvallty, Dlverslty & Incluslon The Group is commilted lo chompioning equoth"ty. diversty and inclusion IEOII to challenge ir)eqvolity in the community Served and is developing ils r)ext EDI strotegy setting out our oims 05 0 community londlcKd and locol employer_ This wll ensvre thot we ore truly represenlotive of our community ond thot our stoll. customefs ond controclors feel valued. respecled, supported ond are able to be themselves. The Board receives regvlor updotes on progress againsl EDI action5. Dedicoted Boord and sloll EDI chompions work together to provide addilionol oyergght ond perspective. A Nevrodiver5ity Employee Re50vrce Grovp has been set up to svpport slafl ond lo improve inclusion within the workploce. Regulor EDI reloted troining is ￿0VIded to front-line teams lo help them better support our customers. Troining includes.. the moking of reosonoble adjuslmenls. a psychologicolty informed approach. Unde￿landing ol personality disorder5. neurodiversity. drugs and olcohol oddictKJn ond hoording. Dlreclors, and ¢)fficeis' Ilablltty Insuronce The Group has maintoined directors, ond olkers. liabih.ty insuronce throughout the year. Dlreclors, and officers. remunerotlon The remuneration ol the Chief Executive. Dyector of Neighbouthoods and finance Oireclor is determined by the Boord with the old ol external prole5sionol odvice. The Boord member5 (who ore olso Trustees) ore rernuneroled lor they services. Oeloils ore set out in note 7 to the Finoneiol Stalemenls. Dlsclosvre ol Infom)allon to the ovdltors In the c05e of each person who wos o Boord member al the time thi5 report wos opproved: so laT a5 that Board member was aware there was no relevont ovailable infomalion ol which . the OLtdilors were vnowore,. ond . working together to cre(rfetLWnmurtif(es to live"

North Devon Homes _-- Boord ol Management rewt lor Ihe year ended 31 March 2025 (conllnued) thot Boord rnembeT hod loken oll steps that the Boord member ovght to have token as a Booid member lo moke himself or herself owore of any relevonl oudil inlormotion ond lo esloblish Ihot the auditors were oware of thot informolion. This confirmation is given and should be interpreted in aCCOTdonce wth Ihe provision of section 418 of the Componies Act 2006. y ordeT of the Board John Creswell Chalr of the Board 15 Seplembei 2025 . workin9 tO9ether¢o Cfwe comffjunittes whÈrepeople wonrts live-

North Devon Homes _- strolegk Ilep¢)rt Background North Devon Homes is o fegistered p(ovider of sociol housing established to accept the Iransfer ol 3.281 home5 from North Devon Council in February 2C(K). At 31 March 2025, the Association owned 3.36012024.. 3.3511 affordable homes. With Ih** exceplion twenty-five properties owned in Ihe Torridge oreo. all of North Devon Homes, hov5ing stock is located wlhin the local govemment di5tTiCt ol North Devon. the Associotion operotes in on area where there is on ocule shortoge ol e￿sting ollordoble homes and limited supply of new sites for new housing Pfovision. In oddilion lo this. the oreo hos very low overoge wages coupled wth high property prices and a shortage of privote renled sector supply. At the year end the Association owned and/c¥ manoged 3.475 housing properties, plvs 67012024.. 6701 goroge5 lor letting ond 1912024'.181 commercK]I properties. Fvrther detoil is provided in Note 19. Governance and Management During 2024125 the NDH 8oard mel seven limes to provide effective governonce lo the business. The Board is supported by its Group Audit ond Risk Committee and also its Group Remunerolion ond People Commiltee. The AnchoNood Limited Boord mel five limes during Ihe yeor. The NDH Board has foTmolly odopted the Notionol Housing Federotion INHFI Code ol Govemance 2020. This Code not only underpins the way the Board operoles bvl 0150 foms the bosis ol an ongoing commitment to governance excellence ond continuous strengthening ol North Devon Homes. govemonce orrangemenls. Full compliance wlh the Code was ochieved during 202412S. Further details are provided within the 8oord of Management Report on F)ages 3-8. Regulatory Slahjs The Associotion is o Registered Provider IRPI of Sociol Housing ond is reguloled by the Regulator of Sociol Housing Ilhe 'Regulator"l under Ihe Regulalory Framework lor Sociol Housing in Englond. The Regulotor's previous rovtine proce55 of In-Depth Assessments IIDA'S) w05 ieplaced by a new Inspection programme Irom l April 2024. In occordonce wlh the four-ye￿Y cycle, the A550cialion wos one ol the IiTSt ￿ganisatIOnS lo be inspected under the new Inspection regime, which included asse55ment against the new Consumet Stondards. The results of the Inspection were published in Augvsl 2024,. the Association moinloined its G I governonce ond V2 linonciol viability grodings ond wos pleaseij to achieve o Cl groding in respect of the ossessmenl ogoinsl the Consumer Standards. a reflection ol the Association's lorig-slanding focus on strong customer engagement and Service delNery. .. working together to creote Communir￿ wheyepeople wont to ltye-

North Devon Homes Strateglc Report (conllnved) Corporate Pri￿111e$ ond Sfralegies The Corpoiate Plon 2024-27 sets out the priorities for the three yeors ond 0150 sets out the Associotion's cultLffe ond the way it inlends to deliver the Plan. 2024125 wos the lirsl year of the Plon ond a summary ol progess al the end ol the first yeor ogoinsl the five areas ol commitment that were ogreed by our custom￿. stoff ond Boord. is set out below.. l. Valve- rent and Ihe cost ol Ilvlng In ow hornes offws good y¢￿e lor money Enefgy Efficiency upgrades we ate ahead of OUT torget units lor energy efticiency. which hos been helped by grant funding. bul slightly down on Home Improvements in the year. We continue to invest heavily in the stock. Overoll. we have spent £5.8m before grant on repai￿ investment in both revenue ond copitol lems against a IoTget ot £5.2m. Hornes not meeling Oecent Hom•s - We have 69 homes or 2.1% failing decent homes,. this is due lo high radon readings. Rent ond seNiee Charges through our Cv5tomer Boord Partnetship IC8PI we continue to lioise closely wilh customers on the best woy lo opprooch Off￿dable rent changes ond providing information on rents lor the coming yeoi. Development ond growlh we were unoble to hjI￿ deliver our develogmenl lorget with a delay in hondoveT5 Ot The Shields. Ilfracombe clue to chowenging conditions on sile. These will come through in Year 2. Shared Ownership soles ore also behind originol target due to the slow housing morket. 2. Salety- homes are sale. well deslgned and molntoined Tronsactional repan salisfactlon is comparatively strong ond solisfacth.on improving. We very norrovAy mi$5ed our non-emergency targel ond continue lo moke improvements to service delivery ond improve resilience across the opproved Supplier base. There is a need to upgrode ond modemise OLff osset system ond Ihis hos been acceleroled in the IT Strategy lor 2025126. Complitsnce perfomonce remains very good. Metrics reHect lenont Sattsloction Meosvres ITSM'sI. Whwe we missed lorge15. these were impacted by ￿901 ach.on required to gain occe5S. 3. Cuslomer- dellverTng on excellenl cuslomer experfence Sati5factitsn - Overall sotisloction continves to improve wth o TSM uplift ot 5% ocross oll metrics. which is %milor to most londlords in tt)e secloT. At the year end overoll solislaction wo$ 73.5%. Complalnls octivity and volume h05 incTe05ed significontly over the past fvio yeats largely driven by the Hovsing Ombudsmon ond wder medio publicity lo encovroge more reporting. We have increosed resovrces occordingly ond are U￿ng leorning to help us inform ond focu5 on oreos for service improvement. The cvstomer doto validclion approach is criticol lo helping vs improve workflow ond reline our customer-facing IT ond website olfering. 4. Accovntablllty - we wlll be open and occountable to cvslomers by provlding proles51onal. accessible service5 Ihal ore designed to refiect CVStomers' needs Customer5 are engaged wth key decision5 through CBP. Customer Heolth & Solety Portnership. and Fresh Idea5 meetings. We odopted o new slrotegy in 2025 to lurther embed our opprooch. 5. Local- w• have a locally based in.pe￿On service offer Cuslomer satlslacllon remains good ond 15 tracked lo moinlain improvement. .. wothing tagetherto crtote comrnunit¢es L+Jtrep wxjnt ro INE" 10

North Devon Homes - Slrateglc Report (conllnved} Corptxate Prforflfgs and Slrglegles {conllnued) Custorner d(thi valldatlon - We hove volidated 25% of our dato ogoinst a torgel 0140% in year l. The start of this wos deloyed due to the Regulolory Inspection ond technology implementation. which will improve the pace ol validohon into 2025126. Anti-soclol Beh+)vlovr (A5&) relative lo others is on trock ond the customer metric on feeling safe in Ihe home is improving. Key strategic priorities for 2025-26 are= Energy Efficlency Improvements- We hove akeady secured gront for vp to 180 homes under Wave 3 of Wami Homes fun(fing. Repalrs- We will invest £6m in repaws and mointenonce. Development- We wll odd 29 Rented ond 3 Shaied OWne￿hIp homes. These will be in addition to the 5 caThied ovef from 2024125. Cuslorner portol ond webslte project lo enoble customers lo acce55 some service5 online. The scope ond project plon wll be worked vp wth CBP involvement. Cu51omer-led service Teviews lo help improve communicotion ond seryice delivery. Customer data- to hove validated 80% ol cu51omeT doto. Moblle technology- deliver mobile-working technology to improve the efliciency wilh which slolf can coplvre ond raise. monitor ond updote c05ework. Enrol sltjll In PTofes5ional stondards and competency fromewtxk- dependent on final limings and requirements for the sectOT.' these ore 51111 to be 15sved by the government but we continve to invest in leoming and development Perfom)ance Management Frornework The Compony hos a robust Perfonnonce Management ftomewoth in place. The Corporole Objectives. sel by the Board os port ol the Corporate Plon. ore coscoded inlo Service Excellence Plans ISEPS) lor eoch seNice areo. In lum. the SEPS inform Ihe personal objectives for eoch Member ol stall within each Service area. ffterefore. the delivery of the Corporote Plan is dependenl on the achievement ol bolh SEP and staff objectives. For this reoson. both are regulorfy monitored. Key Perforrnonce IndlcatOTS (KPl$) KPIS ore set by Ihe B¢xJrd annually and are largely selected for their olignment lo Corporate Plon Objectives. NDHs' Board ond Executive Team monitor the Group's KP15 Ihrovgh quarterfy performance reporting ond regular meelings of Ihe Execvtive Teom ond ol the Strotegic Performonce Group. The Customer Booid Partnership reviews KPIS ol its meelings ond, more generally. perfomance information is widely available in customer newslett￿5. on the NDH websile and in ond oround NDH ollices. Since the introduction ol the Tenanl Solisfaclion MeasLwes ITSMS) in Apnl 2023. the TSMS have been an importonl port of organisalional pertomonee reporting. Performance ocr055 the orgoni501ion os 0131 Morch 2025 is svmmorised on the fdlowng poges-, this includes NDHS. 2024125 finol. weighted TSMS collected Irom tenonl-perception SLKveys ond those collected from managemenl inlormotion. . L¥orkin9 together ttytreote communir￿S whErppeople wontto ITh*"

North Devon Homes _- Strateglc Rep¢xt (contlnued) Key Performance Indlcator$ (KPls} (conllnued) rv4 Tenant Sotisfoction Measures (fsms) ndh 2024125 . E￿REI Low Cost Rental Accommodotion TYAS ¢oleoe¢l from ienoN percepilon ResL4I T￿P￿￿ortj￿ OfiÈPlr¥JtyLa ttht Ihty IheÉxrtyl W¥èlromP*i &7A H li¥twsiF iqr4r¥W4W¥ 410 'For 2024125 TSMS collected from tenonl perceplion surveys. targets have been bosed on NDH'S 2023124 linol weighted scores .. workin9 tagetherro ({￿re cornmunittes ￿peOple w17nt to &ve- 72

North Devon Homes _ Strateglc Report (contlnved) Key Performance Indi¢atOTS (KPIS) (continued) TT Tenant Sotisfoction Measures rrsms) ndh 2024125 . QEEE￿￿. TSM$ 9en•r•i•d trorn fflonwert knf¢rmal Tdt9el IJ w•Yw8eÈ Utt .. wothin9 together to create ctyMUrtit￿ wherepeople *17nr to Itve" 73

North Devon Homes _ Strateglc Report (contlnued) Key Perf¢fmance Indicators (KPIS) {contlnued) Key Performance Indicotors (KPIS) 2024125. QEEBaI ndh RÈWL Tar9Qi woTNo Some further commentory on NDH'S performonce is ￿0V￿led below.. TSMS collecled from tenant perceplion swveys.. NDH'$ 2024125 linol weighted scores ore presented obove alongside targets. which ore based on NDH'5 previous yeor's fi'nal weighted scores. All melrics ore presented os 'or) largel. lo show that 2024125 Scores showed improvement on 2023124 resvlts. TSMS generated from rnonagement infom)ation= in 2024125. NDH received 166 stage one comploints ond 25 stage two complainls lexpressed per l.(m homes above os 50.9 ond 7.7 respectively). Allhovgh this is 0 signiliconl increose on 2023124 comploint5 volvmes 1114 sloge one ond 13 stage Iwo comploinlsl earty avoiloble benchmorking results suggest that NDH comploint volumes are 5irnilar lo the median lor UK Housing Associations. The Complaints Review Grovp continue5 to review all fomiol complain15 mode ond to lake fO￿ard ony leofning or improvements needed. Al the close of the year. NDH reported Ihol 2.1% of its Iow-c05t renlol occcKnmodolion did not meel the decent homes standard.. this relates lo 69 properties with rodon level tesl resvlls above recommended levels. Within these properties. various eqvipment hos been inslolled lo mih9ole and reduce radon leve15- however. ot the time ol reporting. NOH wos owoiling revised lesl re5vIIs meosuring the impact ol these rodon mitigoling system5. These TesLAls ore being collected in order lo confirm that improvemenl works hove been eflective. and to provide assurance that the Decent Homes Slondord Is mel. The number of onh"_sociol behaviour cases opened per l.IKKJ home51137.31 remoins largely consistent with coses opened in Ihe previous yeor 1139.01. At o cose level this equotes to 460 ancl 465 in Ihe yeor respecliyely. Despite the TSMS indicating good salisfoclion with the time taken to complete repairs. NDH'S on lime performonce foi non-emergency repairs Idl just short of torget. NDH understonds Ihal pertormonce hos been impacted by slolf turnover and recruitment. Consequenlly, Ihe team is working hord lo improve resilience to ensure Ihot resource meets demand. - working rogdher to creote CLwnFyJunittes ¥%fvrepeople ￿tstro Itve- 14

North Devon Homes - Strolegle Report (contlnved) Key Performance Indicat¢ys (KPIS) (continued) At the end of the year. NDH ochieved 100% compfiance for Fire. Asbestos. Woter and Lifl safety. Gos solety perfomonce w05 slrong bvl foiled to ochieve lotol complionce due to two properties where legol action was ￿"ng laken lo goin occess. Operallonal KPls' despite the continued rdl-out of Universal Credit in N￿h Devon. NDH'$ 2024125 rentol collection performance conlinued to be extremely strong with year-end orrears at 0.7f and 5ignificanlly betler than target. Although the number ol properties Telel during 2024125 w05 the some 0$ in the previous yeor, the lime token lo complele necessory works ond relel tvoperties increosed from 39.6 doys lo 49.0 doys. The impact is visiblp in the associated KPI. renl1055 due lo empty horne5 lallhough less Ihan torget this remainecl wlhin business plon 0ssvmplionsl- The Voicls teom hos since reviewed the end-lo-ené process to identify where improvements can be mode to reduce void lurnorovnd times. Rl$k Monogemenl The Group has a cleor framewtyk for manoging risk ond during the yeoi an exlerncl review of Risk Monagement Wa5 carried out by Hargreaves Risk and Strategy. which concluded thol the Risk Monogement fromework remained 'very good.. The risks ore recorded in the Risk Register and ore ossessed in tems 01 impoct and probobilify. both in terms ol inherenl risk li.e. if all conlrols failed / wo￿1 cose scenoriol and residual risk li.e. controls in place and working os expectedl. Eoch risk has an underfying plan which includes details of controls in place. time-specif￿ assurance5 ogainsl those controls, 05 well os aclions plonned lo Ivrther improve controls where oppropriole An Assuiances report is completed for eoch risk. which sets out Ihe criticol ossuronces in ploce ogoinsl the three lines ol delence model. Risks thot ore highly scored ond l ￿ requi￿ oclion to reduce them ore designaled Strotegic Ri5k5. The full risk register is reviewed every fovr to 5iK weeks by the Strategic Performance Group. ond the Strotegic Risks are reviewed by the Group Audit ond Risk Committee on o qvorterfy ba51S. The Boord consKlers risk in oll of its dectsK)n moking ond the Executive Teom ond Ihe Board hove on open diologve regaTding the key ond emerging risks lo Ihe busines5. This ensures that the Board under5tonds the risks and receives ossurance regarding the systems of interrial control. The Boord h05 estoblished o programme ol inlemol ovdit work designed to provide oddihonol assurance on the Group's oreos ol greolest risk. The internal auditors provide on independenl view on the design and operolion of Ihe Gtoup's controls, which inlorns the Boord's assessment. Some of Ihe key risks to 5vcces5ful ochievemenl of the Grovp's objective5 ore summorised below. These risks ore oclively monitored by Ihe Boord, the Executive Team and the Slrotegic Performance Group. . b¥orkirAJ tDgetlJer to c<tote co1￿M￿nit*S %thepeople wont to live-

North Devon Homes __ Slrategle Report {conllnued) Rlsk Monogemenl {contlnued) Risk Follvre to achieve ond dellvef Value lor Money (Vfm) Ke controls Budgetary control policy and procedvres in place. Corporole Plon 2024-2027 estoblished VIM priorities. The VIM Slrolegy 2024-27 oullines how volve will be delivered ond includes key metrics lo track progress. Procurement slrotegy embedded bn VIM Strategy. Vfm ￿"nk ttwough strolegy. deportmentol service excellence plons, pertcmionce ond Boord decision moking. Use ol benchrnarking tools to monitor perfomonce ond inform a Fxogromme ol continuous improvement ach"vity. Asset Monagement & Development strategy in place to ensure effective Use of and felvm on ossets. Annuol submisgon of dolo lo Housemork fcK benchmarking comparison. Benchmorking undertaken onnuolly ogoinst peer group to idenlify c051 sovings ond performonce improvements. ond monthly lo identify performonce issue5 impacling VIM. Fallure ol Anchorwood Ltd lo dellyer Ihe outcorne in Ils c￿Porate Plan Business Flan. Intro-grovp loon ogreement ond finonciol plon in place lor Anchorwood Lld. Weekly perfornonce dashboord cwculated to all AnchoMood Board members. Stress testing of business plon carried oul. Anchorwood risk register in place and reviewed by monogement group ond reported to 8oord. Monthly monagemenl occounts PTovide deloils on sales. WIP, unsold stock. cosh, loans etc. Strategy in place to set out ogeed objeclives ond values for Ancholwood lo pursue. Service level ogreement in ploce for services to Anchorwood Ltd delivered by the Gioup. Project grovp reviews soles octivity. inlomed by JV portners to ensvre morket condilions ore understood. Regulor morket information received from extemol sources. Phased opprooch lo development in ploce lo allow omendments in plans in response to chonging morkel conditions. FaHure to ellectlyely monltor. anticipale ond respond to chun9es in Ihe economic environrnenl Interest role exposures cOrefU￿ monilored ond Treosury Slrategy regvlorfy reviewed. Prvdenl but realisth"c business plan assumptions made around inflation ond intere5f rates Iv5ing external advicel and sensih.vity onalysi5 carried out. Stress testing corried ovt based on exlemally developed Scenarios lo ensure Bvsiness Plan copocity is Understood. the Boord is prepored lor chonges in the environment ond hos identilied triggers ond recovery actions. Regular review by Senior management of external sources of information and atlendonce ol events. Emwging risks discussed ol Strolegic Perfcymonce Grovp ond Group Audit & Risk Committee. Where possible. contracls are put in ploce that stipulole ogreed pricing strvcture5 ocross the length of the contracl. . kworking ro57erher 10 cth)re comrnunit¢s wherewplt wont to Irve" 76

North Devon Homes _- Strateglc Report (eontlnued) Rlsk Management {con15nved) Rlsk Failure lo develop and implement an Inforrned Asset Management Strotegy controls A55el Monogement Strolegy oligned lo Corporate Plan. custome￿ engoged in the development ol Ihe Asset Monogemenl Strotegy. e Corporole Plan is underpinned by Ihe Business Plan Ihal includes prov15ion lo deliver planned improvements and energy elliciency works. Annual Hovsemork benchmorking showing costlquoh'ty of repoirs seryice compared wlh peers. Managemenl accounts monitLYed fcw delivery perfcymonce. KPIS in place to monitor planned improvement works. rest>on5e repair5 delivgry ond compliance. Extemol environment monitored through profesyonal netw￿kS ond resovrces including troining evenls. meetings ond Hargreoves Risk review. Pilots of new technologies lo understond the cost5. risks and benefi15 to customers ond Communit￿5. Funding secured through corbon reduction initiotive5. Negallve ovt¢omes lor buslness as a resu￿ ol poor data quality Trairung in procedures ond processes reloting to doto enty ond IT systems vse covered in indvclions 0$ oppropriole. In-person doto Froining corried out ocioss the busines5 coveiing issues oround dalo quolify ond govemonce. Key dala sets hove ossurar)ce processes in place to check dota quality. Exlemal Teview of dota relvms where requested by the Board. Skills in ploce to buikl. quality check and verify dala reports lo ensure quality. Business Anolyst in ploce wlh ski1Tr5 in reP￿ing ond doto onolysls. Dolo Govemonce Fromewofk in ploce ond Dota Govemonce Committee esloblished lo Monit￿ dolo issues. Doto Strotegy opproved by the Board in Morch 2025 covering all elements ol dola management ond improvement. Issues and resolution pfocess in place. manoged via Dalo Govemance Working Group. Follure to effeclively galher and use cuslomer Inleligence Customer Involvement Strotegy in ploce thot sets out how Cvslomers ore involved and inllvence services. Cvslomer Experience Manoger role in pk]ce lo draw togelher customer feedback from different Sources and ensLre this intell@ence 15 used lo improve services. Cvstomer Boord Partnership in ploce to consider operationol an strotegic issues ond gather customer input into decisKJns. TSM data used lo improve seryices and identify aTe05 of concernigood seTvice delivery. Key Customer commitlees in ploce lo inflvence specific oreos ol octivity le.g. scnJtiny. comploints. heolth ond sofetyl. 1nfomoth.on golhered from customer5 in different way5 e.g.. locol conversolions. events. Iron50clional sali5foclion svrveys lof repoirs ond plonned works. Key customer-focing ￿an$. strotegTres and policies consvlled on with cvslomers. Palch-bosed worting model developed ond in ploce lo bring together knowledge oboul households from dilferent front-lir)e 51afl. .. kvorking 109etherto trt(rfe communi￿5 wherepEWe won¢ toliwe- 17

North Devon Homes _ Straleglc Report (conlinved) Risk Management (conllnued) Risk Heollh and Safety Incldent arisln9 from fallure lo rnointaln struclure. labllc and servl¢es within our propertles Key conlro15 Building Solely Manager in place to oversee all H&S, Building Solely ond Fire Safety QC1055 the NDH estole. Compliance grovp set up to monitor H&S regulation5 and Se9islalion. recording all oclions ond changes. Risk 055e55merit and leslirwJ programme in place to cover.. Fire risk, Asbestos. Ga5 Solety. ￿ecIncol Safety. Legionello ond woler systems. Slock condilion Slffveys undertoken regulally and plonned maintenance progromme updated ￿th lolest condition. Controls in place to cover Servicing of lifts, sob'd fuel. biornoss and septic lank5. H&S policy Signed off by Chief Executive ond Ihe Choir ol Board. AJrangements in place lo ensure all contractors oppoinled comply with oll aspects ol H&5 regulolTron and legislation. H&S arrongemenls implemented onsile to ensure safety and welfare ol employees, conlroclor5. Customers ond anyone else who moy be allecled. Incicjents. near misses and hazords reported to idenlily trends. IT rlsks Includlng Cybei. inelleclive syslems folllng to deliver efficlencles ond Infvastrv¢lvTe dellclencles Exlemal cyber secuiify partner in place to monitor systems 2417. Mondotory training in pkice for all stoff covering dota security. GDPR. cyber oclivily. Inlormolion Security Complionce Group responsible lor reviewing all ospecls of system seCL￿ty. GDPR complmjnce and technicol policy chonges. and Dola Strotegies approved by the Board and managed by the intemol Programme Board and Strategic Performance Group. All crilicol applications ond infrastructure components are 5UPPOrtable and within vendor sUPPOrt. IT dashboard ol key contsols developed to monitor critbcol applications. IT Risk fromewth in ploce ond reviewed by Progromme Board on o monthly bosis. Housing Monogement system conlinuolty reviewed and monilored for IS5ue5 and efficiencies. Conlrocl moniloring idenlifies areos for improvemenl. Budget and resources ollocoted to meet IT reqviremenls. inlrastruclvre ond sofNvare. The key risks obove were oddressed throughout 2024125. On an ongoing bosis risk5 are c105ely and Tegulorfy monitored by the Executive Team and the strolegic Performonce Group who meet every month to review the entire risk register. The Group Avdil ond Risk Committee meels quorterfy and is kept informed on proposed chonge5 to the risk regisler, risk eody warnings Ihol hove been triggered Ibul not necessarily resulted in o score changel ond emerging risks_ Risk mono9emenl wll remoin o key locus during the coming yeor os a result ol the conhnving uncertain ond chollenging operating envwonmer)t. . wwking rogether 10 create communit$ 4%liepeople wrntto &"¥*- 18

North Devon Homes __ Strateglc Report (conllnved) Volue for Paoney Slalement As a community londlord. Value lor Money IVfMI 15 0 key driver ol our culture ond is integral in everything thal we do. from setting strategies al Board level through to delivering good volue service5 lo our cvstorners. Volue 15 one of our five commitments os agreed upon by our customers ond OLV Board, ond 0$ defined in Our Corp￿ale Plon 2024-2027. It includes keeping rents. service charge5 and the cosl ol running our homes as offordoble 0$ possible." reinvesling income Into Cuslomers. homes to ensLve thot they are well maintoined.. and invesling in new offorclable home5 lo meet demand. Thi5 VIM 5talement outlines our key oreas ol ochievement during the yeor 0$ well os highlighting those oreas where we could have perfomied better. 8enchmarked dolo is contoined in the report to show how well we ore performiriy Loriipored lo our peers Ihe sector os o whole. In line wtt) the Regulotor's Vfm Slandard. our stotement is focused on the seven key metrics Ihol the Regulator of Sociol Hovsing IR5HI uses lo compare providers. Wider benchmarked dolo for operolionol oreos is used in oddilion to demon5trote Ihe VIM we ochieve. Value for Money performonce 2023124 The lotest benchmarked clolo lor the Vfm metiics. as published in Ihe Regvlator's Global Accounts doto lor 2023124. is set out below_11 shows the Associolion's perfomonce compored to the whole sector medion ond Ihe medion hou￿n9 ossociohons ol o similar 5ize12,500 10 4,999 units). Spctormedia vtm Mekncs 2023 24 NDrth t)2von Homes Performance agalr￿¢ landlord5 With2,500 10 4,999unii5'. Ali 1500 to4,999 Aeinvestmeni New Suppty- So¢iai Fh)vsiryUnits New gj - NO￿sr￿lal Hou51 Units Gearin E81TDAMRI Inierestcoverl Headline Soci31 Housin Cost Perufiil Operati MaF£iTh- gxial HwsingLeui Opeiatingma in- (￿erall Aeiurn on Cawral Employed IROCEI s.gyj 0.$4V4 oFse than med13n 0.00 60.1% 28.496 45.1% 119.096 £5.601 122.0% ES.136 20.4% 18.5% 2_8% 182% 18.6 The toble on the next poge sets out the Associolion's pertormonce ogoinst the VIM metrics for 2024125, comporing it lo the lorgel sel out in the Associolion's current 2024-27 Vfm Strategy. The table also sets oul the VIM slrotegy tOTgel for Ihe next yeor. .. hvorkirtg togethtr to crÈote commtsn(Thes ltherepeople wot)t to itvÈ" 79

North Devon Homes - Slrateglc Report (conllnued) Value for Money Stolemenl (contlnued) ertDrrn3ncp 2024 25 VIM Meiwies Vfm Stvatr¥y Targ vrm StTategy Taryt2025 26 HoTnes Perf•FmancE-. REinve51menl New Supply- Social trIO￿nIU￿￿ts News pl - Non-social Housin Uniis 5.51 0.8 3.7• Drsethan 202JS.25 ia et 0.41b 55.8 EBITDA MRI Interest Covewl HEathine SociilHou51ll CO￿ Perunit Operaiingma - SocSal HousingLeiti Operatin Mar Oveiall Reiurn on Ca ital Employed IROCE 72.1% £5,691 22.3 226% 3.5% É5.650 15.3% 182% 16.7% A 5umm¢yy commentary on perfomance is provided below.. Relnveslmenfr Expenditvre on development ol new ￿0pertIeS wos lower thon expected due lo some deloys in hondovers ond linol completion ol S106 ocquisilions. New Suppty Dell¥eted (Soclal Housing Unltsj." New suppty delivery 15 lower than lorecost due to Ihe later deh'very ol S106 unit5- 21 new s¢xiol houyng vnils were delivered in Ihe yeor as OPP05ed lo 26 originally forec051. New Supply Delivered (Non-soclol Housing Units).. New supply delivery Inon-sociol housing units1 is lower thon lorecost dve to the deloyed delivery ol outright rnorket soles ot Taw Whorf (Phose 41 and o chonge in developrnent limings. 21 unils weie completed as opposed to the 23 forecost. Gearing.. Slower than forecosl open market sales al Tow Wharf hos Tesulled in o higher thon onticipaled short-lemi loan balonce oulslanding ot the yeor end. Anance *ose obligations ore also higher thon forecost when the slrolegy lorget wos ogreed. IEBifDA MRIJ Inlerest Cover.. A higher level ol capitolised major Tepoits investment wos completed in the yeor ond finonce c0515 wwe obove lorec051 dve lo the higher inleresl role environment.. both loclots reducing performance ol this melric. The RSH colculalion ol this metric does not include S￿1V5eS from the disposol ol property a5set5. nor does il toke into occovnl ony capital gronl.. ￿onI of £457k receivable this yeor Imoinly Irom SHDF Wove 21 is excluded. whdst the costs (we included. If gronl wos included Ihis melric fesull would improve to60 1%. Headllne Social Housing Cosl.. When setting Ihe strolegy target additional provision wos mode lor inciea5ing costs across Ironl-line service5. particulorly in respect ol routine repair5 and mointenance but actual costs were lower than forecost re5vlling in the metric performing better thon lorget by £370 per property. Opeiullng Mow9in (Soclol Houslng Lellings Only).. The higher tI￿n forecost operoling surplus os o result ol expenditure being lower thon forecosl, has resulled in the morgin being obove torget. Operaling Morgln (Overaffj.. Whilst the overall Group operoting surplus and Ivrnover were obove forecosls. the rolio ol svrplus lo tumover in Anchowood (where the mojorily of oclivily wos in relolion to Tow Wharf phose 4 solesl. wos lower Ihan onlicipated ￿adIng lo overoll operating margin folling below the target. Return on Copital Employed (ROCEJ.. This metric. which tokes inlo account overall operaling surplus. is posilively impacted by the higher thon lorecost surpluses from fixed Ossel soles working together to creote ￿li1j{l￿5 Lvl>ereAevple wunt to love- 20

North Devon Homes __ Slrateglc lewl (contlnved) Volve Money Sttslemenl (contlnved) In oddition lo the metric5 Used by Ihe RSH. the Associalion svbmits benchmorking doto to HouseM￿k, the lolesl doto ovailoble being in relolion to 2023124. Ovr peer group ol Southern Traditionol Housing As50Citstions has previousty been used. but due lo the low number of orgoni50tions 1151 in the peer group submitting Ihew detailed dato. Ihe peer group ha5 been extended to oll English Housing A550CiOlion5 lor this yeor176 AssOClOtionsl. The table below shows VIM perfomonce for 2￿23/24 compored to the peer group for Ihe key operalionol oreos. Catp•r cot￿r unlt P•rtomi*nt¢ 14ediaft Quartite £ W.34 £ X4826 £ 853.55 £ 310.12 È 1.15LJO E 219.41 Mtdian £ 1.047.74 £ 3Q04 Cfverheadcostper unil Housirernan•gernertCPU RoutinemairrtenartteCPU Planned mainlwance Major wep3irs E5tste sew¥lces È m.45 £ 38459 £ 914M5 E 37&67 £2.07&70 E 15174 £ 918.fil £ 525.33 £ 537.45 É 240.9) £ 1.46L69 47.45 oi É 378.a3 El.180.11 £ 26523 oi The charts below take into occounl costs of the Se￿iCe ond performance ol the service. giving a good indicator of VIM 202212023.. 2023124: Oo• The Housemork dolo shows thot whilst there have been some movemenls between yeors. r)0 areas are within the poor performance. high<ost quadrant. The Cl￿rts represent o high-level view on cosl vs quoh"ty= l. Ovetheads- performance has worsened due to the number ol average doy5 lost to sickness per employee being above the peer group median19.4 doys. ogainsl a median of 9.0 days). .. worting towher to credte comm1￿11￿$ hvhÉrtBople wonrto live" 21

North Devon Homes __ Stroleglc Report (conllnued) Value for Money Stotement (¢ontlnved) 2. Hou51ng managernent- perfomance remoin5 high due to current tenant orrears being well below the medion in the peer group. but hovsing monagemenl costs ore £43 per unit higher thon the peer group median. 3. Responslve repatrs - cosls remain below the peer gfOUP medion and performance above peer group medion with the diffefentiol to median increasing in 2023124. therefore improving the metric. 4. Vokls and letllngs - perf￿monCe has remained good. wth v<yd rent 1055 being well below the peer gcoup median, however Ihe c051 of void wo￿5 has increosed belween year5 05 more extensive works are undertoken prior lo re-lel. 5. Bvllding safety- perfcrfmance ha5 improved be￿een yea5. vthh costs being below the peer group median ond ful compliance in temis of gos salety checks ot loo%. Valug for Money Targets The Housemork dalo shows that in general. NDH offers good VIM in respect of void5 and lettings and performonce in hovsing monogemenl. responyve repoirs ond building sofety h05 remained relatively unchonged between the Iwo yeors_ Overheod costs have increosed in 2024125 reflecting fvrther investment in bock-office services. porticularly in relation lo IT. othw Vfm taygets: As noted above. the key Vfm torgets ore ogoinsl Ihe seven Vfm mefrics sel by the RSH. However, the Board also ovllined fvio other largets in its 2024-27 Vfm strategy. These are set oul in the loble below: Metric 2024125 ToFgel Performunce No. ol cnanges as a re&uII ol cuslomer consultationlleedbock Sociol Valve delivered Evidence of sociol volue delivered Evidence of 50cioI valve delNered Cu51omw con$ultatlon I feedbo¢k In the year, 60 changes were recoided 0$ o dwecl resulf of consullalK)n wilh ond leedbock from customers. These inclvded chonges to policy. such as NDH'S ontl-socioS behaviour policy ond noise policy.. change5 to customer communications inclvding Home New5 Orticles and various leaflets Ilrom rent selling to new home informolionl.. ond chonges resvlling from customer co-design. such as the development ol Ihe Customer Experience Slrategy ond Independent Uving Hondbook. Soclal Value Here ore some of the woys NDH delivered social volue during the yeaf= NDH'S Specia11s1 Support Teom provided odvice and guidonce to customers with o ronge of complex neeé5 ond helped them to mointain Ihew tenancie5. NDH'S Neighbourhoods Teom organised various cleor-up days lo improve the oppeaTance of locol neighboLffhoods. NOH work closely with the locol c¢Jlege'. dLrying 2024125. 2 op￿enhceS joined NDH to sludy bvsiness admini5tiotion. - wcrkuw together to treote c(YFJrnunit(es wl*people tolive- 22

North Devon Homes - Strateglc Report (conllnued) Value Money Slolement (conllnved) Soclal Volue An Energy and Wellbeing Officer worked wlh customers to ensure Ihol they were obtoining all the linonciol support available to them in respect of energy charges Irorn utility suppliers. In oddition. the Officer worked with customers to en5VTe thal Ihey were using their own heoling systems ellicienlty A Community Service Lioison Officer ieoched oul to cuglomeTS With fimiled interoction with NDH over the previous 12 month5. The Officer checked in on their general well-being and orronged support where needed. NDH'S Money Motters service hondled 324 refeThots ond obtoined approx. £300k odditional income for CUStomer5 over 6 months. The Hardship Fund Ifinonced by NDHI helped cvslomcr5 in need by providing linonciol support with healing costs ond moving home costs. gifting Christmos Hompers. ond providing while goods. Iloor coverings ond food etc. Customer board Partnershlp. Cvstomer Heqllh ond Salety P(ff1r￿sh1p and Cvslomer Scrullny Panel As a community londlord, engoging wth ovr customers is o core part of how we both improve ond deliver Vfm. As a result of cvslomeis volvnleering the¥ tirne through our cu51omer groups. such as ovr Cu5toFner Board Portner5hip. Customer Health and Safety Partnership ond ovr Customer Scrutiny Ponel. capacity hos been fvrther devek)ped this yeor lo support meoningfvl and effective customer involvement. A5 a key port of our community engogement. we hdd an annuol cuslomer summer layTe. In July 2024. this community event brought staff. Board Members and Several hundred customers together in o neutral setling to hove shared Conversat￿n$ obout service5. W￿"Ch we hove used lo infcxm how we wo￿. During the year. our customer cha￿ ot tt)e Customer 8oord Partnership ICBPI led the work of our involved customer5. The w¢yk ol our Cuslomer Board Portnership ha5 continued lo evolve to be incre05ingly strategic in locus ond the CBP was o key group in overseeing the developmenl of our new Corporote Plon. Customers. Boord Members and the Executive Teom hove met with senior Service managers regulady through Ihis yeor ond have consideTed and influenced a wde-ronging ogendo including.. Developing our first Customer Experience Strotegy: Monitoring the delivery ol ovi c￿orate Plan- Our approoch to rer)t setling- Monitoring and chollenging our Key Performonce Indicolor5 ond performonce levels ocr055 the busin85S- Comploints, comploinl handling, Ihe Housing Ornbudsman's code and how learning is embedded.. Reviewing and strengthening OUT Customer Involvement strolegy- Our Decorbonisalion plons ond progress.. How we engage wth and get value from the Advanluge South Wesl portnership: Our IT sy51ems'. Our Cvslomer Heollh ond Solety Portnership developmenls.. Ou¥ cvslomer communications plan and stralegy.- and Our opproach lo Tenonl Solisloction Meosvres ond understonding whal the feedback means for us. .. working ta9ether fo creotÈ communittes **erepeopie wcnt to ti¥e- 23

North Devon Homes _- Straleglc Repryt {contlnved) Customer Board Partnershlp. Custorner Heallh and Safety Pafftietshlp. and Customer Scwllny Panel (conllnued) Customers also allended and participoled in a range ol strolegc meetings throughout the yeor including regular allendonce al Board meeh.ngs ond our I￿nt Boord ond Customer Slralegic Plonning doy. Boord Members. Senior Monogers ond customers olso hod o joint training day on customer vulneralility to supporl ond foster lurther understanding and insight into Ihis crilicol area. Our Customer Health ond Safety Portnership ICHSPI hos continued to SUPPOrt our oppiooch lo customer safety. wth o slructvred progromme of troining supp￿ed to promote meoninglul engagement ond conlribulions lo our londlord comp5iance and customer safely agenda5. This group has rnonit￿ed and challenged how we deliver landlord compliance ond customer safety. moniloring performance and developing ond focilitaling customer events to engage customers in our customer partnership solety ogenda. The CHSP Choir hos loken o leod rde in providing customer-led scrutiny of these orrangements and engaging partners such as Ihe Fire Service, Police and Local Authority in sofely related i5sue5 10 improve outcomes lor customers. For exomple. ovr customers Tecenlly engoged in meelings with the Devon ond Somerset Fwe & Rescue 5eryice lo give lived experience insights into o proposal lo chonge the woy in which Ihe Fye Service iespond5 10 linked olorms. Ow Customer ScnJliny Panel hos also developed and undertaken on oclive piogramme ol reviews. which has researched. evaluated ond scrvlini5ed a number ol area5 and mode recommendation5 for improvements in how we desgn. monitor. implement ond l or review services including our approoch to onli-social behavioLK. The grovp have al￿ made proposals for how we develop our digital inclusion work. A number ol policies and procedure5 have also been reviewed in the year leading to Process efficiencies and better outcome5 lor both cvstomers ond the A$50ciolion. In od(Jilion. cvslomers hove otlended ond conliibuled to o progomme of externol events orgonised by the Regvlalor for Sociol Hou&ng. the Housing Ombudsmon ond TPAS Itenonl engagement expert51. Dvring Ihis challenging year. customer groups were olso creoled and I cx focussed on some ol Ihe emergent issues to inlom ond determine ow response. For example. ow cuslomers conydered ond helped shope ovr deCi￿On on rent setting. We hove olso been con5vlling on howwe develop ond continue our proce55es lo collect the Tenant sati51aclion Meosures ITSM51. This has informed how ond when we have contacted customers.. and we will be reviewng the oulpvts from our TSM surveys throvghoul the year lo goin further insight into the drivers behind the Ihings Ihot customers score lovovrably ond unlovovrobly ond ony challenge5 or oreos for imwovement that may be idenlilied. Sustalnablllty Reportlng Standard (SRS) The Sustoinobilify Reportbng Stondord lor Sociol Houyng is on envwonmenlal. sociol ond governance standard deigned to help Ihe housing seclor measure. reporl ond enhonce ils Environmental. Social and Govemance IESGI perfomonce in a tran5porenl. consistenl ond comporoble woy. The Slandard consi51s of 48 queslions iequwing comply or exploin response5. 2024125 wos the first year that the A550ClOtion osse5sed ilself agoin51 the Stondord. OveToII. we were able to fulty answer 47 questions. the exception being the meosurement of Green House gos emi5sion5.' we ore currently una*￿e to measure this dolo. workin9 toget1￿ to creote (L￿1￿U￿1t￿S wherepvople wort lo live" 24

North Devon Homes__ Stralegle Report {conlnved) Suslalnabmlty Rep¢)rtln9 Slandord (Stts) {conttnved) 2025126 will be the fK5t yea¥ we formally submil responses to Sugtainobility for Housing ISfHI. responding in respecl of the same 47 que51ions. As formal adopters of the Stondard the answers will be t>enchmarked agoinst ￿milar organisations ollowing vs to identify oreos for improvement. Plans for Ihe year oheod In addition lo focussing on Ihe Vfm taigets outlined obove. other key corporole plan priorities lor the year 2025126 ore os follows.. Project initiolion new as5el monogement Sof￿are system to en$￿e continued robusl oniloring of our slock condilion doto ond conlinued focu5 on delivering investment inlo existing homes. Thbs wll enable us lo enhuiiLe our mobile workn.ng creating further efficiencie5. Work wth customers to scope our customer portol os port of our ongoing digitol tran5formalion project and manage ony implementotion carefully lo mainlain customer solislaction. Implement a wider investment pfogromme in respecl of some key siles where there is 0 higher level of rep¢yled repo¥s c where thefe bs Stomed developmenl. Continue with our ongoing data val"dotion project to meet ovr end ol year 2 target to volidole 80% 01 Customer data and gain better insighl into the profi￿5 ond preferences of Customers. Invest in our slafl troining and development lo ensvre thol we ore able to conlinue lo provide excellent services to our customeis and meel the requirements ol the sector's PrOfeS￿onal SlandcTrd5. Through ol￿ 'Team NDH, cullure we wll empower stall to help them develop their capacity. potential and skills. Ensure thol ovr systems ond processes ore in ploce lo meet chonges os o result of Awoob's Law and thol our ossel slrolegy con meet Pfojecled chonges arising from Decent Homes 2. Monitor the perfomonce and progress of Anch¢)rwood ond ochievemenl ol its own corporote plan objeclives lo ensure Anchcxwood's oclivilies continue to support Ihose of NDH. Deliver 29 rented homes and 3 shared ownership homes. Review our Environmental Strolegy ond assess ourselves agoingl SRS benchmorking dola. Delivery of tt)e VIM strolegy wll be o conlinued focus during the coming year lor our &oord Ihrough its decision moking.. for customers including our Cvslomer Board Portnership. Customer Heolth and Safety Partnership ond Scruttny Ponel- ond Iof Stolf through our Vtm cullure and key projects delivering our corporole plan objeclives. We continue to monitor and Teport perfomiance against oll ol our torgels and in our commvnicolions with customers tsnd sloll. .. working togerher ro creofe rominunit(es 4vherepEople tive" 25

North Devon Homes _- Sfrateglc Report (conllnued) Operallng and Flnanclal Review Financial Review Income from social hovsing lettng5 increased in the yeor to 31 M(xch 2025 by 6.3%12024: 9.2% increasel from £18.024k in 2023124 10 £19.158k in 2024125 (which included the 7.7% renl increase being applied lo the majority ol properties1. Sociol housing letting5 income included £128k12024.' £329kl of revenue gront inc(Ime. Two generol need5 propertie5 were lost through Right to Buy and there were len slrotegic disp05a15 in tt)e year. Seventeen new social housing rented propertie5 were delivered. Thi5 wos lower thon l(xeca5t impacting overoll social housing letlings rent received compored lo the bvdgel lor the year. ere was on increose in tLmover within other social housing acknwties ol £186k to £803k in 2025 12024.. £617kl.' this wo5 atlribulable to a higher number of fI￿t tronche shared ownership sole receipts in the year. There were three shored owneT5hip property soles in the year12024-. 1 l. some of these being un501d properties fiom 2024. Four new shared ownership h¢)me5 completed and there were 5 vnsold properties ol the yeor end.. these ore lorecost lo complete in 2025126. Inclvded within non-sociol housing octivity. tumover trom open morkel sole ochvity Ihrough NDH'S subsidiary Anchowood Ltd wos £3.019k12024." £2.577kl as o result of 15 soles completing ot the Tow Wharf scheme. wlh seven compleled propertie5 remoining unsold al the end of the year. The Group svrplus excluding gains on disposal ol property. plant and equipment wos comporable lo Ihe previous yeor ot £4.(M)Ok12024'. £4.041kl. however goins on dispos019 ol property ol £1.731 k were £811 k higher thon in the previovs yeor12024.- £920kl os the Associolion continued wth its progromme ol disposing of ils poores1 perfoming properh.es in terms ol energy performance ond those properties not considered lo be suitoble for current doy sociol housing. Receipts from Ihese di5posols are reinvested into improvements e￿Sting stock ond into the development programme lor the Provision ol new ollordoble homes in the area. A5 0 resull. the Group operoling surplus lor the yeor was £5.731 k12024'. £4.961 kl. an increase or £770k from the previous yeor. There wos on increose in Group tumover ol £1.639k 0ri5ing trom the higher level o1501es oclivify in Anchowood. Anchorwood profits resulted in gilt old lo be paid the yeor 01 £69k. wilh £184k oclvolly received in the year in respect of 2023124 perfomionce. Overoll operoling cos15 increosed by £1.680k from the previ¢xJs yeor. Whilst there wos o nel decreose ol costs in other sociol housing octivities 01 £138k. Ihere wos on increase ol non-sociol hovsing aclivity costs of £526k a5 0 resvll ol higher cost 0150les lorgely reloting to Anchorwood a5 0 result ol the higher level ol octivity.. wlh operaling C￿lS lor social housing lellings increosed by £1.292k os a result of c05t pressures ocr05s all oreas ond incTeosed spending on planned and major repoirs expenditure. which inclvded £550k12024.' £823kl costs expensed in relolion lo SHDF Wove 2 works. As o re5vIt of ongoing investment into existing properties. rouline mointenonce costs reduced by £182k compored to Ihe previous yeor. During the year £2.372k12024.. £1.834kl of major repa¥5 expenditure wos wrilten off to the income and expenditure occount and in addition. £4.688k ol works were copitoksed12024'. £6.306kl reflecting the significant investmenl into e￿5￿"ng housing stock.. these revenue and capital costs included £2.217k12024.' £4.109kl of stralegic decarboni5alion works. Interest c0515 decreosed by £137k in the yeor ot £5,697k comp4yed to £5,834k in 2023124 moinly os a resull ol Ihe onnuol change to Ihe inflolion linked loan in August 2024. The GTOUP'S Surplus before lax wos £240k12024.' £477k lossl. There wos on ocluoriol gain in the yeor of £138k12024'. £407k10551 in ielolion lo the SHPS pension scheme. The Group's total comprehensive income fcK the yeor wos £373k12024.. £886k10551. Ihi5 omount was credited lo revenue reserves. Debt Profile A summary of drown loans (excluding ony interest ond fees oppliedl 0$ ot the year end is below.. . warkillg together to creGtt comMuni￿s *here people wont ro IivÈ- 26

North Devon Homes _- Strateg1¢ Report (continved) Operatlng and Flnanclol Revlew Financial Revlew (conllnved) Lender 2025 Group 2025 A$$￿'n £'LK)O 36.300 8.000 27.638 12.500 12.000 96.438 2024 Grovp 2024 Assoc'n Description Lloyds Affordoble Hovsing Finonce IAHFI GB Sociol Housing MORhomes Natwest TOTAL 36.300 36,3(M) 36.3(Kl Fixed 8.CQO Fixe 27.638 F￿ed 12.500 ￿ed I0.5C￿ Variable 94.938 27.638 12.500 12,702 97.140 27,638 12.5CI) 12,650 97.088 Total loon facilities ovoiloble at 31 M￿ch a)25: Lender 2025 2025 ovp A￿0¢.￿ 2024 2024 Assoc'n Grovp Description Lloyds Aflordable Hovsing Finonce IAHFI G8 Social Housing MORhomes Natwest TOTAL 36.300 36.300 8.OlJO 27.638 46.or 15.OlX) 132.938 36.3C 36.3(K) Fixed 8.CQD Fixed 27.638 Fixed 46.(￿ Fixed 15.(KK) Vorioble 132.938 27.636 46.000 19.700 137.638 27.638 19,7CX) 131.638 Group Debt profile 0131 Mofch 2025.. 2025 £84.438 £12.702 2024 £84.438 £12.6 Fixed Rale Loans £'(X)O Vorioble Role Loans £'CtJo Tolol Loans Drawn £'O(KI £97.140 13% £97.088 13% % unhedged Averoge cost ol funds Undr¢wn faclllly £'(XK) 5.52% 5.33% £40.498 £40.550 In the first qvarter 012025126 Ihe e￿sting £15m Revolvin9 Credit Focilily wth Notwesl wos exlended to £20m. wlh repoymenl in 2030 Iwilh the option to exercise an exfensK)n of one yeorl. In addition lo this. the £36.3m facility wilh Lloyds wa5 re-structured. breaking Ihe £16.3m legocy RPI linked loon ond replocing it wlh a fixed role loon. As port of the restructuring negotiolions. Ihe repoymenl dote on the Lloyds lacility wus shortened from expiring in Avgust 2038 to May 2035. Individual lender5 specify their own covenant reqvwements. For Lloyds. Notwest ond GB Social Housing these inclvde interest cover. ossel cover. georing ond debt per unit. The two Affordoble Housing Finance covenonls are nel annual income and ossel cover. The MORhomes bond requires 055et cover only. Thwe were no covenonl breaches during the yeor. The overoge moturity of nel debl wos over live yeors (see note 151. .. workin9 tsgether to creGte communities wherepEople wontto live" 27

North Devon Homes _ Stroleglc Report (conllnved) Operallng and Flnancial Review (conlinued) Treasury operations ore manoged by the fvnonce Director within paiometers set down by Ihe Board ol Management through ils Treasury Manogement Strategy and Policy. This oclivity is regulorly reported to and monitored by the Board. Externol odvice is sovght in relolion lo policy, strategy and troining in this afeo. Cash How$ Cosh inflows ond outflows lor the yeor under review ore contoined in the Consolidaled Stotemenl of Cash Flows on poge 39. The moin nel cosh inflow5 from operating activities are from housing management ochvilies. The nel tash outflow from investing activities is the nel expenditure lafler gronll on development properties and planned moinlenonce improvements. including the replocemenl ol components ol housing properties. Market value ol land ond bull dings The voluolion bosi5 ond volvolion timing requirements vory behveen the fjve lenders. As 0131 March 2025 the volve of chorged properties wo5.. Lender Valvallon basis. EUV-SH MV-S EUV-5H MV-5Tt MV-STt Lotesl formal valualion date June 2023 Jonuc 2024 March 2025 June 2023 Morch 2025 Charged volve 05 at 31 March 2025 £81.7m £20 8m £12.Om £46.7m £18.Om Llo ds Notwesl AHF GB Sociol Housin MORhomes 'Der￿lI{¢ns." EUv-￿1= E￿$ting Use Vots Sowl HouswYJ MV-ST= Mortet Vottje. 5ubpcl lo TerJono¢s Devon County Councll Penslon Scheme After consultation with affected employees. the LGPS scheme wos c105ed to future occruol lor the remoining employees thot were members on 31 Jonuory 2024. Following Ihis. the Associolion exited the scheme entirely in September 2024. rele05ing fund5 of £1.607k previously held 05 an indemnily ogoinsl the scheme. ond setming Ihe exit payment of £768k Ihol hod been included within creditors for the year ending 31 March 2024. Statement of compllance The Board ol Management confims thot Ihe Strategic Report hos been prepared in accordonce with the principle5 sel out in the SORP 2018. y order ol the Boord John Creswell Chalr of Ihe Board 15 September 2025 orking tOg•her tOCKeote convnunit&s i**erepeople wonE 10 Iwe- 28

North Devon Homes __ statement ol Ihe Board ol Managernenl's Respon$lblKtles The Board is responsible lor preparing Ihe Boord's Rewt and the Finonciol Sialements in occordonce with opplicoble law and regulation5. Company low requires Ihe 80￿d lo prepore financiol statements lor eoch finonciol yeor. Under those Tegulalions the Board has elected lo prepare the ￿nancIal Statements in aCc￿danCe wilh UK Accounting Standards. including FRS 102 Jhe Financiol Reporting Slandord opplicoble in the UK uffid Republic of Ireland. The financiol stotement5 ore reqvired by Icjw lo give o tnJe and fair view of the state ol affair5 01 the Group ond the Associalion ond of the income ond expenditure of the Group and the AsSOClOtion Ic¥ Ihot period. In preporing these Finonciol Stotements. the Board is reqvred to= select sultable occounting policies ond then apply them consistenHy. make judgements ond eslimole5 IIK]t ale reosonabje ond wudent. stole whether opplicoble UK Accounting Stondords ond Ihe Stotement of Recommended PTactice have been followed. subject lo ony maleriol deportures disclosed and explained in the Financial SlateTYients. OS5esS the Group's ond the As50cialion's ability lo continue as a going concern. disclosing. 05 opplicable. mattels reloled to going concem," ond. use Ihe going concem bosis of occovnling unless It either inlends to liquidate the Group, to cease operations or hos no realistic altemative bvl to 40 50. The Boord is responsible for keeping proper books of occounls Ihot disclose, wilh reosonoble accvrocy ot ony lime. the linonciol pos11ion of the Associotion ond enoble it to ensure thol the Association's Finonciol Staternents comply wth the Companie5 Act 2006, the Housing and Regeneration Act 21x18 and the Accounting Direction for Private Regislered Providers of Social Housing 2022. It is responsible lor svch inlemol control 0$ it determines is necessory to enoble the preporolion ot finoncial slolemenls thot ore fTee from moleriol misslotement, whether due to fvou or error, ond hos general responsibility lor toking such steps 0$ ore reosonobly open to il to sofeguard the assets of Ihe Associotion and Io prevent and delecl trOL￿ and other ¥regularilies. The Board is responsible for the mointenonce and integrity ol the corporate and financiol inlormotion included on the Associolion's websile. Legislolion in the UK goveming Ihe preporotion and di55eminolion of financiol Slalemenls moy differ from legi51otion in other jurisdictions. The Report of the Board. Ihe Slrolegic Report ond Ihe Financial Stotements were approved by the 8oord on 15 September 2025 and signed on its beholl by.. By ￿der ol the Board John Cre5well Cholr ol Ihe 8oard 15 Seplernber 2025 29

North Devon Homes _ Report of the Board on Intemal Conlrol The Boord ocknowledges Ihot it hos overol responsibility f¢y esloblishing ond moinloining the inlemal control systems ond Ic* reviewing Ihe¥ effectiveness. This responsibility applie5 to all orgonisotions ¥Mthin Ihe Group. The internol control systems in place locvs on= the significonl risks Ihot threoten the Group's ability to meet its objeclives as described in its Corporate Plan- the prevenlion ol fiovd ond the sofegucffding of assets agoinst vnouthofised vse or disPOSltion. The system of intemal contr(A is designed to monoge. rother than eliminate. the risk of failure to achieve business objeclives and can On￿ provide reosonoble ond not obsolvte 05svronce ogoinst molerial misslotement or Ioss. The overoll intemol contrd5 system has remoineij largely unchanged during Ihe year. but there has been continued focus on marmjging cyber risks and govemance ol dota. The GTOUP'5 assurance framework aligns the monitoring process carried oul by the B￿rd and the Customer Board Partnership. through lo operationol level ond cleorfy sets ovl the reporting Ifomewotk. This liomework supports the robust culture of inlemal conlrols wthin the Group. The process lor identifying. evalualing and manogrng the risks foced by the Group is ongoing and port of ils Risk Monogement Framework thol hos been in ploce Ihroughoul the yeor, up to the dole of approval ol the Annual Report ond Finonciol Stolements. The framework is exlernally reviewed al least annvolly. The 8oord receive5 an update on key risks facing Ihe Group al each meeting and Ihe Group Avdit ond Risk Committee receives o deloiled report on risk ol eoch quorterfy meeting focus&ng not onty on reviewng cvrrenl risks but also emerging risks. The Committee also receives 'deep-dive' asguronce reports review ot each meeting. Board agenda5 are structured so that key risk issues are discussed as earfy agenda items and are clearfy identified at the slcrt of reports. The Boord hod o dedicoted risk workshop in the yeor to review risks ond how they con be best miligoted. The Strategic Performance Group compnsing seni(K members of monogemenl ocross oll oreos of the business, met regvlorfy in the year to review the Grovp's risk register-, ensure Ihol risk management continued to be embedded ond operated effectively wlhin the bv5ine55.' to identify emerging risks ond review risk triggers.. and lo review the organisolion's linoncial performonce. lorecosls ond key metrics followng publication ol monthly monogemenl occoun15. As o resvll of these conlrols ond reviews ol when controls hove been effective. for exomple in the prevention of fraud. the iisk register hos been updoted Tegulorfy throughout Ihe year ond risks reoligned or developed in response to the many chonges thol the seclor hos loced. As port of the risk monagemenl of Ihe Tow Wh(xf scheme Iwhich 15 the moin Anchorwood Limiled developmenll. the Anchorwood projecl group hog continved to meet regulorly lo review the project risk register 0$ well 05 ony new or emerging risks ond the risk register is reviewed by the Anchorwood Boord al eoch meeting. Discussions oboul the risks being manoged by Ar)chorwood" Ltd inform the scoring of Gri>up Risk 67 "Foilvre ol Ancho￿00d Ltd to deliver the outcomes agreed in its Corporote Plon le.g. vnils. income) within budget and plonned timescales" . working togetherro IreoteCiYThnUnlttes b¥herepeople wont to live" 30

North Devon Homes _- Rep¢xl ol the booTd on Intemal Conlrol (contlnued) Our cvslomer involvement Iromewort is well embedded in our control envronmenl ond, as port ol this. the Cuslomer Scrutiny Panel undertoke5 0 progromme of regulor reviews into a blood ronge of service areas. The outcome5 ore reported lo the Customer Boord Partnership and vllimotely the tsord. This opprooch provides Ivrther ossurance over performance oné key policies. which form o key port of the inlemal control environment. The Regulatory Inspech"on that was completed during the yeoT ￿clUded ossessment ogainst the Corisuriier Stondords introduced from April 2024.. the highest Cl groding was owarded, confmiing our strong approach to customer engogement and our striving to deliver a high Standard of customer service. The &oup produces o thfee-yeor C(Mporale Plon ond o J>year finonciol Business Plan, which is updated on al le05t an onnual basi5. and which ￿ supported by detailed finonciol bvdgets and forecosts. The Business Plon idenlifses the threols ond opporturiilies in the environment. which moy pievent the achievement of objectives- ond sen￿tivity ond scenorio modelling is carried out to model different events and develop confi.r￿entY plons. A key orea of locus during the year hos been scenorio tesh.ng and ossessment of economic impacls on the Group's activities. during a continuing penod ol chollenging economic condilions. This hos been considered in the context of chollenges lo NDH delivering ils choritable objectives, delivery of market sole propertie5 Ihrough ils svbsidiory Anchorwood. Ihe uncertoin economic environment and Ihe impoct of high cosls-ol- living on customers. The doy-to-doy operotion of intemol contrd is delegoted to Ihe ExecutNe. The Group has o clearfy defir)ed orgonisalional strvctvre bosed upon on approved system of delegotion ond aulhori5alion Ihol includes members of the Board of Management and the Officer5. The levels of aulhorily ore sel oul in the Group Slonding Ordets ond Financial Regulolions ond are svbjecl lo periodic review. Some ol the key policies thol ore estoblished to ensure efleclive inlemal control ore shown below. - Anli-Fraud. Bribery and Corruption - Group Code of Condvct Group Piobily, Hospitolily. Gifts ond Inlefegls - Integrity ot Work Inl(ymation Secvrity Doto Protection Disciplinory - Anli-money Lovndering Investment - Income Colleclion ond Debt Recovery - Trea5w Monagement Isubjecl to external review annuomyl Whistleblowing Health and Safely Policy slalement ond ossocioted policies North Devon Homes hos suitobly qvolified ond experienced sloff who ore respon51ble lor its business Ivnclions. Recfultment. indvclion ond training pioce55es are comprehensive and ore designed to ensLffe that 5tolf entering the orgonisation ore both qualified ond committed to working wilh the Group ond the achievemenl of ils objectives. .. ¥working togethtrto ueote ¢(￿>￿￿￿t¢S wherepeople wont to &¥e- 31

North Devon Homes _- fleport ol the 8oard on Intemal Control (continued) The Grovp h05 an ongoing intemol ovdit plan and Beever & Slrvthers were employed 0$ inteTnol auditors during the year. The Grovp olso employs consullonts, where necessary. who provide specialisl support. advice oncl Iroining. Hofgreave5 Risk ond Strategy con5ultonls ore olso engaged to provide speciolisl advice on risk ond Altair Treosvry ond h"nonce Solulions cffe engaged to provide fvnding ond Ire05ury odvice. The Group has an an￿fraUd. bn.bery and corrupth.on policy in ploce covering PTevenlion. detection and reporting ol fraud. The Boord reviews the fravd register al each Boord meeting ond con confirm that Ihere hove been no frouds ogoinst the Group during the year Ihol hove resulted in any losses. The Boord connot delegote ultimole responsibility for the system of inlernol control. but il con ond hos appointed o Group Audit and Risk Committee lo oversee fisk ond intemal control. A full report on Internal Controls Assuronce wos provided lo the Group Audit ond Risk Committee on 24 Februory 2025 ond Ihe results of the Boord's subsequent review of Ihol report ore the basis of Ihis statemenl. The Grovp Audit and Risk Committee approves an onnvol ￿teMal oudit plon. reviews Ihe ellectiveness of intemol control sy5terns ond hos on aclive role in the womolion orKI monitoring ol slondards. The Group Audit ond Risk Commiltee achieves thi5 by considering risk reports. recommendolion5 on inlemal oudil repcwls and ogreeing appropriole iesponses and oction5 Wlth Ihe Execulive Officers.. reviewng the external ovdilors. monogement letter.. ond can vndertoke speciolisl reviews on oreas such 0$ heollh and solety. The intemal ond externol auditCs ore guaronleed o right ol direct occess to the 8oord ol Monogemenl arhd the Group Audit ond Risk Committee should they ￿entIfy any moterial intemal control concern5. By order ol the B0￿d aJlF(&xU John Creswell Cholr of the Board 15 September 2025 . workins? together tocieote communihes beiepeople wontm I￿. 32

North Devon Homes __ Independenl Audilors, report to Ihe members of Narfh Devon Homes Oplnlon We have audiled the linoncial stotements of N¢Jth Devon Homes (the 'parent association'l ond its subsidiory I'lhe grovp'l for the year ended 31 Morch 2025 which compnse the Con501idaled and A5sociolion Stotements ol Comprehenyve Income. the Consolidated ond A$50CiOtion Slotemens of Financiol Posltion. the Consolidoled Slolement of Cosh Flows. Ihe Consolidoled Stotemenl of Chonges in Reserve5. the Associolion Stotement of C1￿1)ge5 in Reserves and notes to the financial slolements, including significant accounting policies. Ihe finonciol re￿ling framework that ha5 been opplied in their preporolion is opplicable low ond Uniled Kingdom Accounling Slondords. including Financial Reporting Slondord 102 Ihe Finonciol Reporting Standord applicable in the UK ond Republic of Ireland (United Kingdom Generally Accepted Accounkn"ng Procticel- In our opinion the linoncial stotemenls= give o true ond loir view ol Ihe stote ol Ihe group's and porent 0$￿Clotion's olfoirs os ot 31 Morch 2025. and ol its income and expenditure for the year then ended,. have been properly piepared ir) accordance with Uniled Kingdom Generally Accepted Accounting Practice.. and hove been prepared in aCC￿danCe wlh the requyements of Ihe Componies Act 2006. the Hovsing and Regeneration Act 21J)8 ond the Accounting Direction for privote registered providers ol sociol housing in Englond 2ry22. Basis for oplnlon We conducted our audit in accordance wlh Inlemalional Standard5 on Auditing IUKI IISAS IUKII and opplicoble low. Our responsibilities vnder those standords ore further described in the ouditor responsibilities lor the audit ol the financiol slotements section ol our report. We ore independent ol the goup ond porenl ossociolion in occordonce with the ethicol requiremenls thot are relevont lo our audit of the finonciol stotemenls in the UK, including the FRC'S Ethbcol Stondurd, ond we hove fulfilled our olher elhicol responsitxlitie5 in occordonce wth these requirement5. We believe Ihal the audit evidence we have obtoined is Suff￿lent and appropriate to provide o bosis lor cAJr opinion. Con¢luslon3 relotin9 to going concem ln ouditing the linonciol slolemenls. we hove Concl￿e￿ thol the boord's use ol the going concern basis ol occovnling in the ￿epOratIon of Ihe finonciol stolements is oppropriote. Based on the work we have performed. we hove not idenlified ony moterial uncertointies relating to evenls or conditions that. individuolly (y collectively. moy cost 5ignilicont doubl on the group ond parent associotion's ability to continve os a going concern for o period of ol leosl twelve months from when Ihe linoncial slotemenls ore ovthorised for i￿ve. Our responsibilities and the responsibilities of the board wlh respect to going concern ￿e described in the relevonl sections of this report. other inlormallon The other informotion comprises the infomotion included in the annuol report. othei than the financial statements and our ouditor's report thereon. The director5 are responsible lor the other information contained within Ihe onnuol report_ Our opinion on the finonciol slolements does not cover the olher inlormotion ond, except to the extent olherw5e explicilly slaled in OUT report. we do not express any form ol assurance conclusion thereon. Ovr responsibility 15 to reod the other infomolion ond. in doing $0. consider whether Ihe other inlormotion is moterially inconsislenl with the linanciol slolemenls ￿ our knowledge obloined in Ihe course of the oudil. or otherwise .. tykirtg tOgÈther tocfEote CL¥nmun(ties L¥hÉYe• hvorjt to tive- 33

North Devon Homes _- Independent Auditors. report to the membets d North Devon Homes (¢onllnved) oppeors to be materiolty misstoled. If we ider)h"fy 5vch moteriol inconsi%tencies cfj apparent molerial misslatements. we are required to determine whether this gNes rise to o maleriol misstatement in the financial slalement5 themselves. If, bosed on the work we have pertormed. we conclude that there is o material misstotemenl ol this other inlormotion. we ore reqvired to repixt Ihat locl. We hove nothing lo report in this regard. Oplnlons on other matters Fxescrlbed by the Companles Act 2006 In our opinion. based on the work undertakeri in the course ol the oudil.. the informalDn given in the boaTd of management report lincorporaling Ihe slrolegic report) lor Ihe financiol year for which Ihe finoncial 51olemenls ore Fxepored is consistent with the financiol statements-. and the boord ol monogemenl report lincOrp￿oI1ng the strolegic reportl hos been prepored in occordonce wilh opplicoble legol requwements. Mollers on whlch we ore required to report by excepllon In the light ol the knowledge ond under51onding ol Ihe group and the porent ossociotion ond its envifonmenl oblained in the course ol the oudit. we hove not identified moleriol misslotemenls in the boaid of monagement report linc0vp￿01ln9 the strotegic Teportl. We have nothing lo report in respect of the following matt￿5 in relation to which the Companie5 Act 2LK16 reqvires u5 to report lo you il. in our opinion: odequcte occounting records have nol been kept. or relvm5 adequole for ovr audit have not been received from bronches not visited by us.. or Ihe finonciol 5totements ore not in ogreement wth the occounling Tecords ond relvrns.. or certoin disc105ure5 01 diieclors. remuneralion specified by low ore not made.. or we have nol received oll the inlcKmolion and explonotions we require Iof our oudil. In addition. we hove nolhing to report in respect of the following matter where the Housing and Regeneration Act 2(M)8 requires Vs lo report lo you il, in ovr opinion.. a satisfactory System of conlrd over tronsaclions hos not been mainlained. Responsibililies of the Board As explained more fully in the Stolemenl of the Boord ol Management's Respon5ibililies. the board (who are olso the directofs ol the porent ossociolion for the pvrposes ol charity lowl ore responsible lor the preporolion ol the finonciol slolemenls ond for being sotisfied thol Ihey give o true and foir view. and for such internol contsol 05 me boord determine is necessory to enable the preparation of linonciol slotements that ore free from moterial misstolemenl, whelher due lo fraud or error. In preporing the financial stolements. the b¢￿rd is responsTble 0sses&ng the group and the porent ossocialion's abilty to continue os o going concem. disclosing. os opplicoble. motters related lo going concem and using the going concern basis of accounting unless the board either intends lo liquidate the grovp or the parent associotion or lo ceose operalions. or h05 no realistic alternative bul to do so. Auditor responsibilllles the audil of the financlal statements Ovr objectives ore lo obloin Teosonable assurance ot)ovl whether the financiol slotements a5 a whole ore free from mateiol misslolemenl. whether due to froud or error. ond lo issue an auditor's reporl Ihot include5 our opinion. . workirJ9 togetherto crtote c4tsknunit(eJ wherewople to live" 34

North Devon Homes __ Independenl Audltors. reyl to Ihe members of Norlh Devon Homes (conlinued) Reasonoble assuronce is o high level of assLvonce. l)ut is not o gl￿rantee that on oudit conducled in accordance with ISAS IUKI will oNYay5 delect o material misstotemenl when it exisls. Misslatements con orise from fraud IN error ond ore considered mol&iol il, individuolly or in the oggregote. they could reosonobly be expecled to influence the economic decisions ol users taken on the bogs ol these financiol stolemenl5. Irregulorities, inclvding fraud. are instance5 01 rbon-complionce with laws and regulotions. We design procedures in line wlh our responybililies. outlined above. to detect molerial misstalemenls in fe5pecl of irregvlorilies. including fraud. The extent lo which our procedures ore copoble ol detecting irregularilies. inclucling fraud 15 detailed below.. We have considered the notLffe of the sect￿. control envonmenl and financial performance: We have considered the re5vlts ol enquiries wth management ond directors in relalion to their own idenlificotion ond Ossessmenl ol the risk of irregulorities wthin the entily.. We have reviewed the documentation ol key processes ond controls ond performed walkthrovghs ol Iransaclions to conf¥m tl)ol the syslems are operoting in line with documenlalion-, Any matters identified hoving obtained and reviewed the grovp's documenlolion ol their policies ond procedures reloling lo.. Identifying. evolualion ond complying ￿trh lows ond regulolions ond whether they were aware of any instances of non-compliance." Detecting and responding lo the risks of fraud and whelher they have knowledge of ony actual. suspected or olleged Iroud.. The internal controls e5t01￿15hed to mitigate risks of fravd cff noncompliance with lows ond regu10lions.' We hove considered Ihe mattets discussed omong the oudil engagemenl teom regording how and where fraud might occur in the linanc￿l slotements ond ony potenliol indicottJ5 ol fraud. As o result ol these procedures. we hove congdered the oppcthjnities and incentives that moy exisl wthin Ihe ￿gon1$0110n for Iroud and identified the highest oreo of risk lo be in relotion to income recognition. wilh o particulor risk in relalion lo yeornd cut off. In common wth all oudils under ISAS IUKI we are a150 required to perform specific procedures to respond to the i15k of management override. We hove also obtained unclerslanding ol the legol and iegulatory frameworks that the gfOVP operole5 in. focusing on provisions ol those laws and ¥egulations thot hod o direct effect on Ihe dete¥minotion ol moleriol omoun15 ond disclosures in the finoncial 51otemenls. The key lows and regvlalion5 we COn￿dered in this conlext included the Companies Act ￿(16. FRS 102. and UK tox legislotion. In addition. we considered the provisions of other Iow5 and regulolions that do not have a direct eflecl on the finonciol slolemenls bvl complionce with which May be Ivndamenlol to the group's ability lo operole or avoid a molerial penalty. These include dato protection regulations. heollh ond safely regulotions. employment legislotion, ond money laundering legislotion. Ow procedures to re5pofKI Io iisks idenlilied inclvded the f¢Jlowng- Reviewng the linonciol stolemenl disclosures and testing lo supporting documentotion lo assess compliance with provisions of relevonl laws ond regulath"on5 described 0$ having a direct ellecl on the linanciol statements- . ktyrrir$7 logetherto crtot2 If￿￿￿11{e$ W￿￿e￿pIE wont to live- 35

North Devon Homes _- Independent Audbtors. rewl lo the membets al Ntylh Devon Homes (contlnued) Performing anolyticol procedures lo identify unusual or unexpected relationships thol may indicote risks of moleriol misslotement due to fraud.. Reviewng Boord meeting minvtes," Enquiring ol monogemenl in relotion to octuol ond polential cloims or litigotions.. Performing detailed transackn.onal testing in relath)n to the recognition of income, with o porticvlor locus oround yeor-end cut oll,. and In addressing Ihe risk of frovd through monagement overnde ol conlro15. lesling the oppropriotenes5 01 joumal enth.es ond other adju5tmenls.' assessing whelher the judgmenls made in accounting estimates ore indicolive of potentiol ts"as.' and evolualing the business rolionale of significont Ironsoctions thot ore unvsuol or Out￿de the nonnol course of busine￿. We 0150 communicated identified law5 and regulotion5 and polential froud ri5k5 lo all membeis of the engagement teom and remained alert to possible indicalor5 01 fraud or non-compliance wilh lows ond regulations throughovt the audil. We 0150 communicated identified law5 and regukJlion5 and polentiol froud rT5k5 lo all membws ol the engagement team ond remained alert lo possible indicalor5 01 fraud or non-compliance wilh lows ond regulotions throughout the oudil. As o result of Ihe inherenl limilalions of an oudil. there 15 a risk Ihat not all Yregvlorilie5. including o materiol misslolement in linancial slotemenls or non-complionce with regulation. wll be detected by us. the risk increoses the further removed complionce with o low ond regulation 15 from the events and tronsoctions reflected in the linoncial stotements. given we will be less likely lo be owore ol it, or shovld the irregulority occur as o result of froud rather thon o one-off error. as this moy involve inlenlional concealment. l¢ygery. collusion. omission or misrepresentation. A further description al.. hlt of our responsibililies ovoiloble on the FRC'S web51te auditorsres onsibilitie5. This de5CriPtion forms part of oui auditor's report. Use of ourreport This report is mode solely to the associotion's members. as a body, in occordonce with Chopler 3 of Porl 16 of the Componies Act 2006 ond section 137 of the Housing and Regenerotion Acl 2(X)8. Our ovdil work hos been undertoken 50 that we might stole lo Ihe as50cialion'5 member5 Ih05e molters we ore required lo slote lo them in on ouditor's report ond for no other purpose. To Ihe lullesl extent pem)itted by law. we do nol occepl OT assume responsibility lo onyone other than the association and the association's members as o body. for our oudil wort, lor Ihi5 report, or lor the opinions we hove fcimed. Nolhan Coughlin Isenior stotutc¥y oudilorl IOT and on beholf ol Bishop Fleming Avdit Limited Chortered Accounlonls statutory Auditors Plymouth Dote.. 17 September 2025 .. tog&her ro ¢rEore Lthertpeople ￿l￿t to live- 36

North Devon Homes __ Consolldoted and Associalion Sl¢rtements of Comprehensive Income for Ihe year ended 31 Mareh 2025 Group 202S Ass¢xlatlon 2025 Group 2024 £'ooo 22.258 Assoclallon 2024 £'ooo 19.798 Not• Tumover 23.897 20.895 Operating Expenditure Goin on disposol of property. plant and equipment Operatlng Svrplus Shore ol operoting goin in ossociofe 119.8971 1,731 116,8941 1.731 118,2171 920 115.7611 920 5.731 5.732 4.961 4.957 23 19 Intere51 receivable 113 123 267 292 Intere51 and Finoncing Costs surplv5.on revolvotion ol investment properties SU￿1￿s/(LO5sj bel￿e toxation Toxalion 15.6971 7.0 15.6971 70 15.8341 110 15.8341 110 240 228 (477) 121 (479) 14071 {4751 151 235 151 223 Surplus1[Loss) for Ihe ye( Acluarial gainllloss) in respect of 21 pension schemes (477) 14071 Tolal Comprehensive Incorne/(expense) lor the yecw 373 361 (886) 1884) . Mwkin9 fogether to cffe￿e k4*erepeople ￿1>¢ 10 live" 37

North Devon Homes _-- Consolldated and Association Stolements ol Hnanciol Poslllon as at 31 M(wch 2025 Registered number 03674687 Nole Grovp Association 202S 2025 £'ooo Group Association 2024 2024 £'ooo £'ooo Fixed assets Intonglt￿e A55ets Tangible fixed assets- Housing Properlies other property. plant & equipment IOC Tolal flxed a$s8ls loo 994 169,332 994 170,107 1.025 166,319 1,025 167,095 3.517 173.843 3.438 174.539 3.749 171.093 3.663 171.783 Investments Investmenl Properties Investment in Svbsidiory Investment in Associates other investments 3.365 3,365 3.295 3,295 392 3.902 392 6.062 143 398 3.81S 398 5.998 243 Deblots due alter more than one 12b year Total invèstments and debtors dve ofter more than one year 3.815 6,241 Cuffenl assets Deblorg Slock Cash ar￿ cash equivalents Totol CU￿ent assets Credttors: omovnts frA¥ng dve wtthin one year Nel cuirenl ossets Tolol assels less cuffent lioblliiies Credilors.. amount5 folling due ofter more than one yeor Defined Benefit pension liobility Nel assets 120 1,825 4.655 5.164 1.936 11.755 18,1671 3,566 758 1.746 6.070 14.7181 698 .861 2.271 7.579 15.6571 14 14.2091 1.922 179.667 (209} 180.535 3.588 178,496 1.352 179,37é {115.6771 16501 63.340 1115.6771 1114.4981 16501 11,0311 64.208 42.967 1114.4981 11.0311 63.847 21 Copilal and Reserves Income & Expenditure reserve Revaluation reserve 21.642 41.698 63.340 22.510 41.698 64.208 21,037 41.930 62.967 21,917 41.930 63.847 These Finonciol Stolemenls logether with the Ossocialed notes on page5 42 10 80 were approved and oulhorised lor issue by the 8oord on 15 Seplember 2025 ond were sffJned on ils behall by.. John Creswell Chalr Paul Oldroyd Boaid Memb working tOgerherEO creote comrntsnrf￿S bvhErÈwcplÈ want to bve- 38

North Devon Homes _ Consolldated Slalemenl al Cash Flows lor year ended 31 March 2025 Note Group 2025 Group 2024 £'ooo Nel cash genwated from operamng acllvllles 16 9.456 5.378 Cash flows from InvestSTr9 AcNvltles: Purchose of tangible ond intangible fixed ossels Proceeds from sole ol longible ftted ossets RTB ShaTing Agreement Grant received 16.7461 2.406 110.8861 1,603 12771 1.355 12391 191 Intere51 received 94 254 Nel cash used in investing activilie5 (3.168) (9.077) Cash Ilows from Finon¢lng Aclivili•s: Interest paid Interest element of finonce lease renlol poyment5 New secured loons 16.1401 16.0051 1401 4.231 13,012 Repoyment of 8orrowngs Capitol elemenl ol linonce le(tse ientol payments Withdrawol from investmen15 14.3471 105 115,3751 761 102 Corporotion Tox Nel cash generaled (used in)/from finoncing acllvllles 121 (6.153) {7.4851 Nel increase in cash ond cash equivalents Cosh and cash equivolents at beginning of yeor Cash and cash equlvalefits at end ol year 16 335 16 .936 13.120 2,271 1.936 . workirtg tttg•hei to cieote communities wherepeople wortt to &"ve" 39

North Devon Homes _ Consolldated Slatement ol Chonges kn Iteserves for Ihe yety ended 31 March 2025 GTQVP Income ond Expendltvre Reserve É'ooo RevaluatloTh Reserve £'ooo Total £'ooo olonce as at l April 2023 Releose from Revolvalion reserve 21.759 42.071 63.830 Loss from Statement ol Comprehenyve Income lor Ihe yeor Aclvariol loss in respect of pension schemes DCC Pension Reserve pre5enl volue ol unfvndecl obligolion Adjustment lo Subsidiory Reserve 8alan¢e as al 31 March ￿124 14791 14791 14071 26 14071 26 131 21.037 41.930 62.947 Surplus from Statement of comr￿ehenS￿e Income lor the year Actuoriol gain in respect of pension schemes Release from Revoluolion reserve 235 235 232 12321 Bolon¢e a3 at 31 MaT¢h 2025 21.642 41.698 63.340 - wortring together torreote CL¥TWnUrrittes *knepeoplt L¥ont to live"

North Devon Homes _- Assoclotlon 51atemenl of Charyes In Ile5errfes for the year ended 31 March 2025 Assoclalion Income and Expendtture ReseNe Revolvollon Reserve £'ooo Total £'ooo Balonce as ol l April 2023 22.634 42.071 64,705 Releose from Revolvotion reserve Loss from 5totement of Comprehensive Income for the yeor Actuarial loss in respect of pension schernes DCC Pension Reserve present value of vnfunded obligation Balance as at 31 March 2024 14771 14771 14071 26 14071 26 21.917 41.930 13.847 Surplus from Stolemenl ot Comprehensive Income for the year 223 223 Actuariol goin in respect of pension schemes Release from Revoluation reserve 138 232 12321 Bolonce as at 31 March 2025 22.510 41.698 64.208 .. WOtirtg tO9eiher to cwtecomrnunit¢es bthErepEople vnt to tive-

North Devon Homes _- Notes to the Finonclal Slatements lor the yeor erKled 31 March 2025 Accounting Polkles Generol Informatlon North Devon Homes is o regslered chcrrity and is o registered provider of social housing. 11 is a public benefit entily. SlgnlNcanl accovnting policies The principol occounh.ng policies applied in the p(eporolion ol Ihe Group Finonciol Stotemenls 05 required by slolvle ond the seporote Finonciol Stotemenls ore set out below. These policies hove been consi5tenNy opplied to oll the periods pre5enled. unles5 Otherwise sloled. Bosls of preparatlon The Group's Finoncial Stotemenls hove been prepored in occordonce with UK Generally Accepted Accovnting Proctice (UK GAAPI including Finonciol Reporting Stondord 102 IFRS1021, Ihe Housing and Regeneration Act 2¢J)8. Ihe Stolemenl ol Recommended Practice lor Registered Sociol Housing Provider$ 20181'SORP 2018.1 and comply with the Accounh"ng Direction for Privote Registered Providers of Social Housing 2022. The occounts are prepared under the historicol cost convention. North Devon Homes rneets the definition ol a qualifwng entity under FRS102. The following exemptions ovailable under FR5102 in respecl ol certoin disclosures have been applied.. the requwement lo present o seporote stotement of cosh Ilows ond reloted notes ICY Ihe Associoh'on,. financial instrument disclosure5 as the infornation is provided in the consolKloted disclosures. Basls of ¢onsolklaWon The Group Financial Slatements conscadote the Financiol Slalements of North Devon Homes Ilhe "Associalion'l and ils sub&diary undertoking Anchorwood Limiled. Golng ¢oncern The Finonciol Stotemen15 hove been prepoced on o going concem bosis. which the Direclorg consider to be oppropriote for the reosons below. The Group prepores a 30-year business plon. which is updoted and approved on on annual basi5. The rnosl recent business plan wa5 opproved in Moy 2025. A5 part ol the business plan approvol the 8oord vpdoted ils stress testing ond mvlli-voriole scenorio testing ogoinsl the bose plon ond portbcvlarfy considered impocts 01 o chollenging opeTothng environment with budgetory pressures. high household cosls impocting customer5 and 5toff. increasing customer ond regulotory expeclahon5 - porticulorfy in relation Io repo1￿ and maintenance. The Board is nindful ol its exposure to housing markel risk and Ihe impoct of the 51owdown in the morket due lo economic condilions. impocting soles prices ond demond.. perfomionce ogoinsl the busine55 plon forecosls continues to be o key locus for the coming year. The stress and scenorio testing impocls were meosured agoinst loan covenant5 and cash focilith"es. with potenkn.al mih"gating actions identified where these would be necessory. The Board. after ieviewing the Group 3>yeor bvsiness plan ond budget lor 2025126 is ol the opinion that, taking occount ol severe but plau&ble downside5. the Group and Association have adequate resource5 to conh.nue in business for the foreseeobk fvtVTe. .. working rogethtrto creote cOrnffluftit￿ whwepeople wonrto live" 42

North Devon Homes _- Notes lo Ihe Flnanelal Slalements Ihe yeaf ended 31 March 2025 {conllnued) Accounffing Pollcies (Conllnved) Golng concern [conltnued) The Boord believes the Group and the A550CiQtion have sufficient funding in place rJnd expec15 Ihe Group to be able lo comply vitth loon covenonts. even wlh severe scenarios occurring. due to the recovery actions Ihot it has idenh.fied and prioritised. The BoaTcI has set golden njles and a risk appelile ogoinst Ihe5e in order lo enswe Ihot covenont compliance is mointained and early worningg 01 o downword movement in perfonnonce thol impocts loon covenants ore identified. Therefore. despite the ongoing chollenges of the opeiah.ng environment. the Board continue5 to believe Ihal the Group ond Associotion ore well ploced to manoge the￿ busines5 risks successfully and that the Group ond Associotion hove odequole finonciol resources b05ed on cuffent lorec05ts. lo continue in operotional existence fLv the loreseeoble lulure. ffte Boord has there1￿e conh'nued lo adopt the ￿ng concern basis in preparing its Financiol Slolemenls. Signbficanl judgements and key sources ol estimation vncertainty The preparation ol Financiol Slalemenls in conforming wilh generolty accepteLI accounting proclice reqvires management lo moke jvdgemenls. e5h"mole5 and ossumptions that allecl the reported omount5 for assets ond liobilities ot the Slatement ol Finonciol Position dote and the aTTiovnts reported lor revenues oncl expenses during Ihe yeor. However, the nolure ol e5timalion means thal actual outcomes could differ trom Ihose eslimoles. The followng Manogement Judgements hove hod the mosl significant effecl on omount5 recognised in the Financial Slolemenls.. Develo ment ex enditure The Grovp capilalises development expendilvre in accordonce wlh the accounting policy given below. Initial copilalisation of cos15 is bosed on monogement's judgement that the development scheme is confirmed. usually when 8oord opprovol hos taken place, including thol there is occess lo the appropriote funding. In deteimining whether o project is likely to ceose, monogement moniloT5 the development ond considers if changes have occurred that resull in impairment. Onerous conliacts Where constrvclion controcls ore loss-moking. if manogement hos ossessed Ihal the controct 15 onefovs o provision is mode bosed on forecosl cost estimoles. The Fyovisions wll be unwound over the remaining term of the contract. Iho sin ro The Group hos underloken o detoiled review ol the intended Use of oll hovsing properh'es. In determining the inlencled use, Ihe Group has considered il the osset 15 held for sociol benefit or to earn commercial Tentols. The Grovp hos deter￿Nned that Ma￿et rented piopertie5 are investment properties. aim The Grovp hos undertaken on impoinnent assessment as port of ils preporotion of Ihe Financial Stolements ond in light ol the chollenging economic climote ond cost-of-living Cflsls. In corrying out the assessment. management has considered Ihe deloiled criteria sel out in Ihe SORP. Bonk Loons Where I¢x3n ogreemenls conloin two-woy break clauses in iespecl of earty repayment. these loons hove been treated as basic finonciol inslruments. within section I l ol FRSI 02. Other key souices ol estimation.. .. workin9 toger￿1 ro trEcte cornmurritie5 wherepe¢wle wontto hve- 43

North Devon Homes Noles to Ihe Financlal Statements lor Ihe year ended 31 Morch 202S (contlnued) Accounting P¢)Ikles (conllnued) Significontjudgements and key sowces of eslwnation uncertainty {continv¢d) Ton ible fixed asset other than inveslmenl properties. longible fixed assets ale depreciated over ther useful lives. which are a5se55ed onnualy and may vary depending on a number ol factors. In re-assessing 055el lives. fact(X5 such as technologicol innovation. product life cycles ond maintenance progromme5 ore token into occount. Defined en ension scheme The Group has obligotions to poy pension benefits lo certain employees. The cost of these benefits ond the present volve of the obligotion depend on o number of foctors including life expectoncy, solary increoses. inllalion. a55el voluolion5 ond Ihe discount rate opplied. Managemenl estimate5 these loctors in determining the net pension obligation in the Statement ol Financial Position. The assumptions reflect historical experience and cuThent trends. Furlher details are given in Note 21. oirmenl I n n-linonciol assets Reviews lor impoirmenl ore carried out when a trigger has occurred and ony impoirment Ioss 15 recogni5ed by a charge to the Slolement of Comprehen%ve Income. The Group hos assessed thol the chollenging economic climole represents o trigger impairment and h05 L+ndertoken o review which ha5 inclLKJed the ofhce property fixed osset and Anchorwood's Tow Whorf scheme. The Group h05 carried out on as5e5sment of impoirment in accordance with the SORP ond no impoinienl losses were identified in the reporling period. Assoclales An entity is treated as an ossocioled undertoking where Ihe &oup hos o participating interest end exercises significant influence over it5 operating ond linonciol policies. The consolidoled income ond expendilvre occount includes the GTOUP'S share of the associole's operoling results and the con501idaled 51atement ol linanciol position includes the Group's share of the Associole's a55els under the equity accounting method. In Ihe iesulls of Ihe Associotion. associates are accovnled for vnder the cost model. Tvrnover Tumover represen15 Tental income ond seNice chorges receivable net ol void5. fee5 ond capital grant5 from local authorilies and Homes England. recogni5ed in income on a systemotic bosi5'. income from first tronche shored ownership soles ond morket sole5.' revenue gionts,. and income receivoble from other sources (excluding VATI. Rental income is recognised on the basis ol the omount reeeivoble for Ihe year. Rental income received in advance 15 disclosed within creditors in the 5toternent of Iinancial position. other income. including seNice chorgeg. is occounted on the bosii of the volue of goods or services supplied during the period. Income from ffrsl tranche shared ownership 501es and propertie5 developed outright 501e is recognised when legal cOm￿e￿)n occurs. Surpluses on soles ol housing occommodotion comprise proceeds from property soles, which ole recognised al the date of complet￿n. less the foll¢)wng omounts: lol the nel book value ol the properhes., Ibl selling costs. including agent fee5 ond legol costs.. ond Icl any liabilities under Right lo Bvy shoring ogreement5 With the locol authority. .. wothing tO9tther tocieote Cuthttes wheyepeople LvoNtrI t¢ Irve"

North Devon Homes _- Notes to Ihe Financkl Slatements lor Ihe yery ended 31 March 2025 (conllnued) Accovnllng Policles (contlnved) Operatlng surplu5 Operoting surplus is defined 05 Ivrnover le55 operoting expenses plu5 goins ￿ losses on disp05ols prior to Ihe adjustments for the shore in 0ssOClOte profits or losses, finance income and costs, revoluahon and lair volve ond taxation. Shared ownershlp property sales Shared ownership properties. including those under con51Tuction. are split be1ween fixed Ogsets and current assets. The split is determined by the percentoge of the property lo be sold under Ihe first tronche sole. which is shown on initiol recognition os a current ossel, wth Ihe remainder 05 o r￿ed asset within property. plant ond equipment. Wheie th￿ would resull in o surphJs on the disposol of the current asset thal would exceed Ihe onlicipoted overall surplus. Ihe surplus on di5P05010l the first Ironche is limited to the overoll surplu5 by odjusting the cost5 ollocoted to current or T￿ed ossets. Proceeds from first tranche sales are accounted for as tumover in the Statement ol Comprehensive Income for the period in which the sale occuts and the cost of sole is transferred from cvrrenl assets to operating cost5. Proceeds from Subsequent tronche soles ore treated as dispos015 of fixed as5el5. Houslng Propertles Tangible hxed assets are slated ol cost. less accumulated depreciation. Development C05t includes the cost ol acquiring lond and buildings. the cost of controcted works cornpleled to dote. directly ollribuloble development c05t5 ond ollribuloble interest chorges incurred dunng the development period. Housing properties in the course of construction ond those subjecl to shared ownership ore staled ot cost. All costs ￿ loting to capital expenditwe incurred in Ihe year are included in Ihe Financial Statement5 at gross volve before Telentions. Expenditure on item5 riot seporolely identified os componenls IS coiitolised il the expenditure results in an increose in Ihe net rentol streom over the life of the property, over the standard originally 0s5essed when the property was Iw5t acquired or conslrucled. Copltallsation of development cosls Development costs which orise directly fvom the construction or ocqutrsilion of o property are capilalised lo housing properties in course of construction. Capilol expendilure on schemes which are aborted is chorged to the Statement of Comprehensive Income in the year in which it is recognised that the 5cheme5 will not be developed to completion. Capllallsed Snterest Interest on borrowngs. to the extenl Ihal the bo￿owing5 ore financing development5. 15 capitalised up lo the dole ol practicol completion of Ihe scheme. Depreclallon Freehold land and housing properties vnder construction ore not deprecioled. Housin ro erties The Associafion separolely identifies the major components which comprise 115 Iiuusirig properties ond deprecioles cornponenls on o stroight-line b05is over Iheii individuol useful economic lives. The components idenh"lied. with their respective economic live5 are os follows.. . bvorking ro9ethÈrto cieote communitie5 where people ￿)rtr to Iwe- 45

North Devon Homes _ Noles to Ihe Hnanclal Stolements lor Ihe year ended 31 M(Ych 2025 (contlnued) Accounling Policies (¢4)ntinued) DeFxeclallon (conlinued) Com onent Slructure Years Com onent Externol woll in5ulob.on Years Bothrooms Kilchen5 Doors Windows Electrics/rewres Gos boilers Biomoss boilers Electric heolin Gos heotin Solid fuel heothn Aw ond round source heolin Lilts Roofs Heolin 20 25 25 75 25 Distribution Where a separolely identified ond depreciated component of an e￿sting property 15 replaced. Ihe corrying voKJe ol the compor)enl is expensed within acceleroled depreciolKJn ond the cost of the replocemenl component capilalised. Propertie5 held on long leoses are deprecioted over Ihe sh¢yter ol th￿[ eslimoled useful economic lives ond the unexpired term of the leose. ther tan ible fixed ossets Depreciation on olher fixed assels is provided Ic¥ on the folk)wing 5traight-line basis= Assel Freehold ollice buildin Pholovolloic onels Freehold office im rovements Leosehold office improvemen15 Years 15 yeors or over the vnexpired term ol the lease Plont ond mochine Fumilure, equipment fyxtvres ond Com uter e Molor vehicles menl Soclal Housing ond olher Government Grant5 Sociol Housing Gront I'SHG, S or other governmenl gronl received lo svbsidise the c05t of housing properties is included in Credit￿$. Gronls due or received in odvonce ore included os o currenl asset or liobility. SHG received in excess of the cost ol housing properties in Ihe course of conslrvclion 15 shown as SHG received in advonce ond included as a current liability. SHG moy be repoyable on the sole. chonge of use or demolition ol housing propertie5. If Ihere 15 no requirement lo iepay the gronl on disposal. any vnomortised grant remaining in creditors is releosed and reeognised as income. Govemmenl Grants received l(x housing pfoperties ore recogni5ed in income over the u5elvl life ol the housing property slruclure. The unamortised element of Ihe gronl is recognised os deferred income in creditor5. Grants reloting lo revenue ore iecognised in the Slolemenl ol Comprehensive Income over Ihe some period os the expenditure to which they relate. unt￿ the revenue grants ore recognised as income they ore recorded as liabilikn"es. working rogerher to creote conyNnuft1t￿ *￿ere￿PIe tD &ve- 46

North Devon Homes __ Notes lo Ihe Hnonclal 5tolements for the year ended 31 Morch 2025 (contInL￿d) l. A¢¢ovnting Policies {¢ontinued) Non-Govemmenl Grants Grants received from non-govemment sources ore iecognised under Ihe perf¢)rnonce model. 11 there are no specific perfomiance requirements Ihe ￿onI$ are recognised when received or receivable. Where grant is received with specific perfomionce reqviremenls it is recognised os a liability vnlil the conditions ore met ond then it is recognised as tumover. A gron* received before the revenue recognition criterio ore solisfied ￿ recognised 05 0 liobility. Impolrment Properties held for their Social benefit ￿e riot held 501ely for the cash Inflo￿ they generate ond are held for their service potenliol. An assessment 15 made at each reporling dotre as to whether on indicotor ol impairment exists. If svch on indicator exists. on impairmenl 05sessmenl is carried oul and an estimate of the recoveroble omounl of the osset is mode. Where the conwng omount ol the ossel exceeds its recoveroble omount, on impoiment Ioss is recognised in the Stotement of Comprehensive Income. The recoverable amount of an a55el is the higher ol it5 volue in use ond loir value les5 C05t5 to sell. Where assets are held for their service polenkn"al. value in use is determined v5ing deprecialed replocement cost. An impairment10ss is reversed il the reosons for the impoimient10ss hove ceased lo apply ond included in Ihe Stalement of Comprehensive Income. Followng the assessment of the indicotors of imporiment. it wos viewed thot.high borrowing cosls and on uncertoin economic envwonmenl leoding to O slowdown in the housing morket, was o trigger for impoiiment in relotion to Wort in Progress IWIPI and inveslment property. An impoirment review was undertaken including Ihe following key area5'. morkel sale yoperties al Tow Wharf. Barnslople linclurfing WIPI the investment port ol the Heod Office site ol Weslocoll Rood. 8urnslople Following o detoiled review. no impoiment wos identified and so no odju51ment to corrying volues wos required. Demollllon Where properties are demolished lor development. the cost Inel of depTeciotionl of the property. excluding land. is wmtlen off lo operating costs. The cost of demolilion 15 capilalised a5 part ol the CO51 of redevelopment. An impoirment rewew is corried out al the point o decision is mode to demolish. Valvotlon of Inveslments Q1h￿ than Investmenl propertle$ Investments are shown ot cost less any amount5 written off. Provisions ale mode for reduction5 in value. Investment properties Investment property includes commerciol ond other properties not held l(x the sociol benefit ol the Group. Investment prooerty is meosured ol cost on initiol recognilion. which includes purchase Costs and any direclly otlribulable expenditlffe ond subsequenlly ot fair volue ot the reporting dote. Fo¥ volue is delem)ined onnuolly by exlemol voluers. No depreciolion is provided. Chonge5 in foir volue ale recognised in the Stotemenl ol Comprehensive Income. . bworking togerherw creote c0rywnunlt￿ vtherepeople w(rnt to live- 47

North Devon Homes __ Note5 to Ihe Flnanclol Slalements for the year ended 31 March 2025 (contlnved) l. Accounting Pollcles {¢ontknued) Intangible assets Inlongible osset5 are stated ot hi5tThic cost. le55 occumulaled am4ylisolion and any provision for impoirmenl. Amortisotion is provided on all inlongible ossels ot rctes calculoted lo write off Ihe cost ol each asset on a straighl-line bosis over its expecled vseful ￿"fe os follows: computer 501twore 5 yeors Intongible ossets in Ihe proces5 of development ore nol Orn￿$ed. stock and w<yk In progress stock (includin9 molerials slockl ond wort in progress is staled at the lower ol cost ond net rea1150ble volue. Properties devdoped outrohl sole ond shored ownership first Ironche sole ore included in current ossels 0$ they ore inlendecl to be sold. Al eoch reporting dote stock ond properties held for sale ore 05sessed for impairment. Any impoirment losses are recogntsed in Ihe Slolemenl of Comprehensive Income. Long-leTm controcts Where the substonce of o contract is Ihol the contractuol obligotions are perfc¥med grodvolly over time. revenue and c0515 are recognised os the contract oclNity progresse5 to reflect the portial performonce ol conlroctuol obloolions. Operating Leases Leases Ihal do not Iransler oll the risks and rew￿d$ of ownership ore clossified os operating leases. Poymenls vnder operating leoses ore chorged to Ihe Statemenl ol Comprehensive Income on o stroight-line bosis over the period of Ihe leose. Finance lease5 Leases are classified 05 finonce le05es whenever the terms of the lease ITansfeT 5vbslantiolly all the risks ond rewards ol ownership ol the leased asset to the Group. Assets held under finonce leoses ore recognised initiolty ol the loir value of the leosed ossel lor, il lower the present volve ol minimum lease poymenlsl ot Ihe inception ol the lease. The CO￿espor1d1ng liability is included in the statement of financial posth.on within creditors. Le05e poyment5 ore opportioned be￿een finonce chorges and reduclion ol the lease obligoh.on using Ihe effective interest method so OS to ochieve a constonl rote of interest on the remaining balance of the liability. Renlol poyment5 are charged 05 expense5 in the periods in which they are incurred. Corporatlon Tax The Associotion is a registered chority ond is nol subiect to C¢yporotion Tox on its chariloble aclivitie5 bul is subject lo lax on ar)y non-charitoble octivities. Anchorwood LÈmiled 15 subject to Corporolion Tox. The lax expense fcx the peritxj CoMpr￿eS current and deferred lax. Deleffed loxolion is recognised in respect of oll timing differences thol hove originated but nol reversed ot the Stolement of Finonciol Position date where Ironsoctions or evenls Ihal result in on obligation to pay more lox in the lulure or a righl lo poy lax in the future have occurred ot the Stolement ol Finonciol Position dole. riming differences ore differences be￿een the Group's taxable SL+rpluses ond its iesvlls os stoted in the Finonciol Slolements. . wwkillg gogptherio creote iomfflunitles Lvhereryople wt7nrto Itvt" 48

North Devon Homes _- Notes to the Flnanclol Stotements lor Ihe year ended 31 Mrych 2025 (contlnued) Accounting Policies (continued) Corporallon Tox (¢onHnued) Deferred lax is measured al Ihe average lax rote5 thot are expected to apply in the period in which the timing differences ore expected to Tever5e. based on tox rates and laws that hove been enacted OT subslonliolly enocted by the Stulenienl of Financial P051tion dole. Deferred tox is meosured on o non-discovnled bosis. A deferred tax asset is only recognised when it is more likely than not thot Ihe osset wll be recoverable in the foreseeable future oul of suitoble laxable SLKpIu5es from which the underfying liming dillerences con be deducted. Value Added Tax ('VAT') The Associolion is registered for VAT bul o lorge proportion of its income. including its rents. is exempt lor VAT purposes. The mojorrty of ils expendih)re 15 Subject to VAT which canno* be recloimed. ond expendilvre 45 therefore shown inclv%ve ol iThecoveroble VAT. Anchorwood Limited is 5epcwate￿ registered for VAT ond is oble to recloim VAT. Ils expenditure is shown exclv5ive of V AT. Interest Received Interest earned on short-lem) investments rs accovnted lor when receivable. Penslons Retirement benefit5 to cwenl employee5 ore provided by the Sociol Hovsing Pension Scheme I'SHPS'I defineé contribution scheme. During the yeor the Board seltled the e￿1 debt in relation to Ihe Locol Government Pension Scheme I'LGPS'I ladministered by Devon County Council Pensionsl defined benefit pension scheme. Further detoils of bolh schemes ale provided in Note 21. Past service reliTemenl benefits fo employees ore also provided by the SHPS and LGPS defined benelil schemes. details ol which are given in Note 21. Pension costs accounted lor as defined benelit schemes are in aCC￿danCe with FRS102 lsecth.on 281. fin onlri heme The Associolion porticipoles in the SHPS mulliemployer delined contribution scheme where the amount chorged lo surplus of delicil in Ihe Slolement of CompTehensive Income in respect of pension costs and other post-ieliremenl benefits is the conlribulions poyable in Ihe yeoT. HP D fined fil scheme The Associotion contributes to the SHPS mvlth"_employer defined benefit scheme for post service retirement benef Is los the scheme is closed lo luture occrvoll. The amounts charged lo operoling surplus ore the costs orising from employee serwces ￿eVIoUslY rendered and the c05t of benelil changes, seltlernenls and curtoilments. They (xe Included os port ol slaff c051s. The net intere51 cost on the nel defined lioiylily 15 charged lo revenve and included wthin finonce costs. Re- me05urement. comprising actuoriol goins and losses ond the retvrn on scheme ossets lexcluding omounls inclvded in net inleresl on the net defined benefit liobifityl is recognised immediately in other comprehensive income. Defined benefit schemes ore ftjnded. wlh Ihe assets of the scheme held seporotely from those ol the Association, in seporote Irustee-odmini5tered fun(Js. Pension scheme osset5 ore measured at foir value ond liabilitie5 ore measured on on ocluarial bosis using the projected unit credit method. The actuarial valuations are obtoined Iriennially ond are updated ol eoch Statement ol Finonciol Position dole. . woFkiFJg 109erherto creote cornrnunities wherepeople wunt tsl(ve- 49

North Devon Homes _ Notes lo Ihe ffnancial Stolements for the yeor ended 31 Much 2025 (conllnved) Accounting Pollcles (contlnved) Reser4es Pollcy Income and ex enditu reserve Reserves ore retained ol levels Ihot ollow the compony lo continue to achieve ils corporole objectives ond provide the new homes ond services thot the reserves are intended to 5UPPOrt. whilst monoging the risks associoted wlh long-teim expendilure plons. A budgel is set eoch year olong wlh a J>yecff business plan including o forecosl lor reserves. ollowing the company lo achieve its corporate objectives. This is monitored throvghoul the yeor and is reported quartedy throvgh Ihe management occoun15 to the Board. Revolualion R The revaluotion reseTve represents the difference on tronsitlon whefe deemed cost tronsilional relief wos taken. between the foil value of sociol housing properties ond other ossets or those assets thot are re-meo5vred annvolly and the hi5tOTical cost corying volue. Provlslons Provisions ore recognised when the Group hos o present obligothon Ilegol or constructivel os o resull of o post event. it 15 PToboble thot o tronsfeT ol economic benefits wll be requiiect to seltle the obligotion ond a reliable e51imole con be mode of the omounl ol Ihe obligolion. ftestrlcted Reserves There ore cvThently no reslricled reSe￿e5. Flnanclal Instruments Finonciol ossets ond linanciol liobililies ore meosured at tronsocfvon pice initialfy plus direcl ollributable transaction costs and ore recognised in the slalemenl of linonciol posilion when tt)e Association becomes a party to the controctuol provisions ol Ihe instrument. Trode ond othei debtors ond creditor5 ￿e cbs&fied os b05ic finoncial instruments ond meosured at initiol recognition at tronsoclion price. Cash ond cosh equivalent5 ore clossified 0$ bos￿ finar)ciol inslrumenls ond comprise cash in hond and at bank. short-term bank deposwfs wth on original molurity of three months OT less and bank overdrafts. Interesl bearing bank loons. overdraft5 and other loons which meet the criterio lo be clossilied a5 basic linonciol inslwrTierit5 are iniliolly recorded al the PTesenl value ol cosh payable lo the bonk. which is ordinorily eqval lo the proceeds received net of direcl issue costs. These liobilities are subsequently measured at omortised cost. using the effective interest rote method. The effective interest role is the rate that exaclly discounts estimated ful￿e cash flows through Ihe expected life of the linonciol ossel or ￿"abIlIty. or. where oppropriate. a sh¢)rter period. lo the net carrying omounl on iniliol recognition. Non-basic financiol in51rumenls ore recognised ot fair volue using o voluotion technique with ony goins or losses being reported in surplus or delicit. Reloled parties The Group discloses transoctions wth reloled porties which ore nol wholly owned subsidiories. . wcrkng togetherto Crtote conynUn(￿es wherepcople to live- 50

North Devon Homes _- Note5 to the Hnanclal Slotements lor Ihe yeai ended 31 M<wch 2025 {¢onllnued) 20 Partlculais d lurnover. opefallng ¢o$ts and opwallng $vrplw- GfOVP Income ond expendllvre from general needs lellings 2025 2024 Tumover OperoNng Costs OpwaNng Surplus Tumover /(Deficll) Operoling Surplus IIDelicitl Operoling Costs £'ooo £'ooo 19.158 (15.901) £'(x)o 114,6091 Sociol Housing Letllng$ (note 2b) 3.257 18.024 3,415 01h￿ sociol housing octSvilles: Shared ownership first tronche sole5 Chorges lor support services other activities {210} 120 145 (292) {238) 45 15591 15141 419 419 427 427 Non.soclal housing octlvllles Other oclivities lotol 3.936 {3.494) 23.897 (19.897) 442 3.617 r2.258 12.9681 118.2171 649 4.041 2a Parliculars ol lumover. opeT¢Jkng costs ond operaling surp1￿- Association Income und expendituie fvom genertsl needs lettlngs 2025 2024 Tumovef Operaling Costs Operallng Surplvs Tumover l(D•ficlt) Operating Costs Operoling Surplvs IIDelicill £'ooo £'ooo 11.158 (15.901 } £'ooo 114.6091 Soclal Houslng Lettings (note 2b) 3.257 18.024 3.415 Other soclal houslng actlvities: Shared oWne￿hIp first Ironche soles Chorges lor support services (210) 120 145 64 (292) (238) 45 15591 15141 other activities 419 419 427 427 Non-soclal houslng actlvllles other oclivities Gill Aid Total 856 78 20.895 (16.894) (491) 365 78 4.001 982 175 19.798 115.7611 15121 470 175 4.037 . workiry tO9etherto crtcte Communir￿S wherepeople wontto Irwe"

North Devon Homes _- Notès to Ihe Rnanelal Statements for Ihe Ye￿ ended 31 March 2025 {contlnued} 2b Partl¢uJais ol Income and Expendihjre from s¢xlal hovskng lettlngs- Group ond Assoclatlon General Svpported Needs Houslng 2025 Total 2024 Tolol £'(KJo £'ooo £'ooo £.￿0 Rent rece1votr￿e net of idenlifiable service charges Service charge income Amortised Goveinment Gronts 15.332 2.633 17.965 16.725 812 161 178 158 other Gronls 128 329 Tvrnover fvom soclal houslng lettln9S 15.927 3.231 19.158 18,024 Expendilvre on lettings: Monagement Semce charge c051s 12.6101 14Q)I 13.8741 11.1431 11.9901 1341 2.660 15051 16701 19881 12321 13821 161 4Q7 (3.115) {1.070) (4.862) (1.375) {2.372) (40) 3,IM7 12.4221 11.0551 15.0441 11.0851 11.8341 1771 3.092 Rovtine maintenonce Plonned maintenance Mojor repairs expenditure. Bod debts De reciolion ol housin ro erties Operolln9 expendblure on Social Houslng Lettlngs {12.711) {3.190) {1 S.901) 114.6091 Operatlng surplv5 on soclal houslng letllngs 3216 41 3.257 3.415 Vold losses 1901 1481 'included within major repairs is £55)k costs in relolK)n to energy efficiency and soc￿1 Housing Decarbonisotion Fund works. workiry togetherto crte communities where people to Irve" 52

North Devon Homes __ Notes lo Ihe Financial Statements lor Ihe year ended 31 M¢x¢h 2025 (continued) Galn on dlsposal of property. planl and equlpment Group and Association Right to Buy Sales Strategic Soles 2025 Totol 2024 Tolol £'ooo Pioceeds 01 soles Igr0551 2.253 1,620 Le5S Costs ol sales 1751 14951 {570) 14251 78 1.758 1.834 North Devon counc.il sharing of proceeds ogreement 11051 (105) 12751 Surplusl{deficit) on dlsposal (27) 1.7S8 1,731 920 Intewest recelvablt Group Associatlon 2025 £,￿0 Group Association 2024 2024 £'ooo £,￿0 Interest receivoble 123 267 292 Intrere￿ and finonclng costs Group and Assoclallon Grovp 2025 Associ¢yllon Group 2025 2024 £'OOO £'(XK) 43 66 AsSOClOtN)n 2024 Nel Inlerest on defined benefit liablity pension (see Note 211 Interest poyoble 66 S.776 5,915 5.866 Funding Management Chorge 138 138 130 5.957 5.825 6.062 Borrowing costs capilolised (260) (128) 12771 12281 5.697 5.697 5,834 5,834 . worktng togtthei to IreGre comrnuntt¢s wh¢repeople woni to live" 55

North Devon Homes Notes lo the Financial Slalements for the year ended 31 M<¥ch 2025 {contlnued) Surplus bet￿e laxallon Group Association 2025 2025 Group A55wialion 2024 2024 £'oco SuTpIu5 on i)rdinory activitie5 before tOxa1￿ is Stoled aller chorging.. Depreciolion of tongible fTrxed ossels 3.526 3.520 3.558 Amortisation of intangible fixed assets 346 330 Auditors. remvnerolion.. - Stolutory Audit 56 53 42 - Toxation complionce services - Other services Olher operating lease renlols 33 33 Dlreclws. iemunerrjllon and tranwcllons Group and Associalitsn Key manogement personnel ￿e the Executive Teom who oversee the doy-lo-doy operotionol running and. working with Me Boord INon-Execulive Directors) and wdef colleogue5. identify and execute the Group'5 slrotegic direction. They ore delailed on page 3 01 ihese linonciol Slotements. The remuneration poid to the Execvtive Teom ond Ihe Non-EKecutive tirectors during the yeor was 0$ follows.. GTOUP and Assoclallon 2025 T•lal 2024 Total Executive Tearn Salary emolurnents Penslon Chief Executive M Gimber 135.927 4.972 9.778 150.677 149.608 Direclor of Neighbourhoods M Rostock 96,6(M) 4.623 7.178 108.401 107.983 Finonce Direclc4 P Buller 96,357 4.623 6.836 107.816 109.090 Totol 328,884 14.218 23.792 366.894 366,681 The values above include any occrued omounls os 0131 March 2025. .. ￿￿kIng togetherto crellteromm4Jnities Ivherepeople wont to Iwe-

North Devon Homes __ Notes lo the Flnancial Slalements for Ihe Ye￿ ended 31 Mareh 202S (eonllnued) Dlrectors. remunerollon and Ironsodlons (contlnved) Non-Execullve Dlrect(xs Grovp Assoclatlon 2025 2025 Grovp 2024 Association 2024 J Creswell (Choir) M Day lfrom l octob￿ 20241 6.064 6.064 3.369 3.369 4259 4.259 DHOY 4.798 4.798 3,827 3.827 J Goss 4.798 4.718 3,369 3,369 S Ingman D Lloyd-Evons 4.798 4.718 3.827 3.827 P Oldroyd 6.06S 6.065 6,065 6,065 S Sangef-Anderson B W*lson Ilrom l October 20241 C Dennis (until 31 December 20241 6.065 6.065 6,065 6.065 4259 4.259 7.396 7,396 9,861 9,861 A Bvll Ivntil 30 September 20241 S Murray luntil 30 September 20241 3.500 7.000 2.399 2.391 3.827 3.827 Tolol 61.401 54.210 54,210 Expenses paid during the year lo Boofd Members omounted to £5.47912024'. £3,9511. No Non-Executive ThrectOTS portieiF>ate in the pension scheme. The three member5 01 the Executive Teom ore ordinory members ol the pension scheme. No enhonced or speciol terms apply. .. wothirtg ri>]dher to creGte communities wantto I1￿￿- 55

North Devon Homes _- Notes to Ihe Flnanclal Staternents lor the year ended 31 March 2025 {conllnved) Employee Inform¢Jllon Group and Assoclallon The overoge nvmber ol persons employed dvring Ihe year expressed in ILAI-time equivalents was.. 2025 No. 2024 No. 94 Olltce staff Maintenance stoff 54 50 Wordens. caretakers and cleoners 163 151 stt)11 ¢osls for Ihe above employees 2025 £'ooo 5,143 521 2024 £'ooo 4.853 Wages ond solaries Social security cosls Pension cos15 483 371 375 4.035 5,711 The numbei of employees dLving the yeor. expressed in full-h.me equivolents whose remuneration exceeded £60k'. 2025 No. 2024 No. Remvnerolion be￿een £60k ond £70k Remuneration be￿een £70k ond £80k Remuneralion be￿een £80k ond £90k Remuneration between £90k ond £1 (K Remvnerolion be￿een £1 (X)k ond £1 l( Remvnerolion behveen £120k ond £1 Remunerolion be￿eeTr £130k ond £140k Remuneration be￿een £140k ond £15( RemUnerat￿*n between £7￿ ond £160k . working together to creote ctrnmunitie5 wherepeople bVOnt to IovE- 56

North Devon Homes _-- Note5 lo Ihe Hnonclal Slolements far Ihe ye(w ended 31 March 2025 (conllnued) Toxation The lax charge CoM￿lse5.. Group 2025 Associatlon 202S Group 2024 A550ClQtion 2024 Cu(renl lax Adjvslment in respect of previous periods Tolol tax per Income stalemenl The charge for the yeor con be reconciled to the profil per the income stotement as follows.. Grovp 2025 Associalion Group 2024 Association 2024 2025 Profil for the period Tox on profil at standud UK lax rate of 19%12024.' 19%1 Effect5 of.. 228 14771 14751 45 1901 Expenses not deductible for tax purposes Income not laxable for lox purposes Eflecls of group ielief/other reliets Other permanent differences Deferred lox not recognised Share ol LLP profits lax foi Ihe peiiod 4310 4.293 4.103 4.103 {4.336) 14.0121 14,0121 .. WOt*irtg rogether ro create cornrnurjities whereFeople wont to live- 57

North Devon Homes Notes lo Ihe financial Stirtements for tt* year ended 31 Mtych 2025 (conlinued) 100 Inlanglble assets Group and Association Computer SoftrAore £'ooo Total £'o(KJ Co As ot l Awil 2024 Additions 1.950 315 1,950 315 As ot 31 March 2025 2.265 2.265 Accumulated am¢Jrti5alion A5 Ot l April 2024 Charge for the yeor As al 31 March 2025 925 346 925 346 1.271 994 i.IY25 1.271 994 1.025 Net book value as at 31 March 2025 Nel book value as al 31 March 2024 Intongible ossets ore SOftw￿e projects which are omoth.sed on completion in accordance with the accounting policy in Note I Ipage 421. . working rogetherto creote commtsnit￿S bvheie pwle WGnt ta Itwe~ 58

North Devon Homes _- Note5 to Ihe Hn<Jncial StolemèThts lor the year ended 31 March 2025 (continued) Iob Tanglble ffxed ossels - Houslng Properfles Group Social So¢lal Hou$lng hovslng propefly propety lor under lettlng Construc￿ on compSeled Shared Ownwshlp propèty Shared under Ownership c¢)nstrucllon completed £'ooo £'ooo Total £'o(x) Cosl or deemed cost As at l April 2024 Additions Componerit addilion51replacements' Disposo15 Transfers to completed Transferred to CU￿ent ossels 2.372 415 184.498 i.Ic(J 779 328 5,366 193,015 198 2.041 4,688 11.0481 743 11251 11.0481 17431 1381 12921 38 14171 As at 31 March 2025 189.856 777 5.602 198.279 Accurnulated depfeclotlon As ol l April 2024 Charge lor the yeor linclvding acceleraled depreciation) Dispos01s As at 31 March 2025 Net book value as al 31 March 2025 Net book value os 0131 Morch 2024 26.441 3,039 255 28 26.696 3.067 18161 28.664 18161 283 28.947 161.192 777 5.319 169.332 2.372 158.057 779 5.111 166,319 'included within component additions/resYocemen15 cost is £1,667k in relation to energy efficiency and Social Hovyng OecaTbcNMsalion Fund works. .. working together to creoger0mmuftlt￿ wherewple bVGntto tive" 59

North Devon Homes _-- Note$ to the Flnanclol Slatements for Ihe yeor ended 31 March 2025 (conllnued) Iob Tonglble fixed assets - Houslng ￿opert￿e$ (continued) A550clotl¢>n Soclal houslng FKoperty for lelling compleled Shored Ownershlp opety under constrvcllon Soclal Houslng Prope￿ und constNction Shored Ownershlp ompleted £'ooo Tolal £'ooo Co$1 or d•emèd cost A5 at l April 2024 Additions Cornponenl oddilion51replacemenl5' Disp050ts Tronsfers lo completed Transferred to CuThent Assets 185.062 1.099 779 328 5,366 198 193,791 2.040 4,688 415 11.0481 743 11.0481 17431 1381 12921 11251 As at 31 March 2025 2.256 190.419 777 5.402 199.054 Accumulated depreclollon As ot l April 2024 Chofge for the yeor lincluding occeleroled depreciolionl Disposals A5 at 31 Moich 2025 26.441 3.039 255 28 26,696 3.067 18161 28.164 18161 28,947 283 Net book Yolue os ot 31 March 2025 Nel book volve as ot 31 Morch 2024 2.256 161.755 777 5.319 170.107 2.584 158.621 779 5.111 167,095 'included wthin componenl oddilionslreplocements cost is £1,667k in relotion lo energy efficiency ond Sociol Hovsing Oecorbonisolion Fund works. .. working tO9elher tocreote ¢¢yMJunities wherepEvple wort 10 hve-

North Devon Homes _ Notes lo the Financlal Stotements for Ihe ye<w ended 31 March 2025 {conlinued) IOC Other Property. Plant & Equlpment Grovp other Flxturès lond & and Ollke buldlngs Flttlngs Investment Propertles Mot4X Vehlcles £'ooo Total £'ooo Cost or valuolion As al l April 2024 3.295 3.114 292 1.597 9.507 Additions 149 228 Revaluation 70 Disp050ls As ot 31 March 2025 3.365 3.125 292 1.740 1,277 9.805 Accurnulaled depreclatlon As ot T April 2024 Charge for the year Disposals 707 110 1.124 522 2.463 56 14 281 460 AJ at 31 March 2025 763 124 1.233 803 2.923 Net book valve as al 31 Maich 2025 3.365 2.362 168 513 474 6.882 Nel book volue 05 0131 March 2024 3,295 2.407 182 473 7.044 The Inveslment Properties. which ore oll freehold. were volved lo foir value 0131 Morch 2025 bcssed on valuations undertoken by Vickery Holman Limited. Property Consultants and Webbets who ore independenl valuer5 With recenl experience in the locah.on and class ol the investment property being volued. The voluolions ore not reported os being subject to moterial valuation uncertointy. The carrying value of the inveslment properties Ihal would have been recogni5ed hocl Ihe a5se15 been corried undef the cosl model is £2.01 I k12024.. £2.01 I kl. . work¢ng togetlw to ClEUte CLvnmtsnitw wheffepw￿ wont to INe- 61

North Devon Homes _- Notes lo Ihe Financial SI(￿ments f¢x yeu ended 31 Mawch 2025 (continved) IOC Other Property. Plant & Equlpment (conllnued) Association oth land & bvlldlngs Flxlures and Fllllngs Inveslmenl Propevlle5 Office £'ooo Molor Vehleles Total E'ooo Cost or valvolion As ot l April 2024 3.295 3.114 292 1.476 9.386 Additions 149 228 Revoluotion 70 70 Disposols As al 31 March 2025 3.365 3.125 292 1.425 1277 9.484 Accumulated depreclallon As al l Apiil 2024 Chorge for the yeor Disposols 707 1,089 522 2,428 102 281 453 A5 at 31 March 2025 763 124 2.881 Net book value as ot 31 Maich 2025 3.365 2.362 474 6.803 Nel book value 0$ ot 31 March 2024 3.295 2.407 182 387 6.958 . working tO9ether ro ¢reotecomrnUnt￿es L**erepwie to Itve- 62

North Devon Homes __ Notes lo the Flnanckll Stalements for Ihe year ended 31 M(xch 2025 (conlinued) Inveslments Group companies The Group includes the Ic4lowng subsidiary. which is registered in Englond.. Mame Incorporotlon ¢md ownershlp Anchorwood Limited Company IW% Westocotl Road Bamslaple Devon EX32 8TA Regulaledlnon- regulated Non-regvloled Nolwe of buslness Property development Group 2025 Assoclatlon Group 2025 2024 £'(x)o £'oco Association Investments 2024 Inveslmenl in Advanlage South Wesl LLP Inveslmenl in Anchorwood Limited 145 2.31x1 Inveslmenl in MORHomes PLC 82 82 Investment in South West Mutual Ltd Investmenl in Aflordoble Houshng Finance PLC 311 537 2.697 520 2.703 Advonlage South West LLP.. The Group's investment represents 0 33% shareholding ond capital confvtbvtion. The Group's sh¢ye ol net assets 0131 Morch 2025 wos £145k12024.' £122kl ond shore ol profits lor the yeor wos £23k12024'. £19kl. Anchorwo¢xl Limiled.. Ihe subsidiary company was esloblished in June 2015. NDH has a l 00% shoreholding. The nel assets at 31 March 2025 were £2.302k12ff24'. £2.301kl and profil before lax for the year ended 31 March 2025 was £79k12024= £178k profill- MORHomes PLC.. The Grovp's inveslmenl represents 82.SIXI cydinory shofes of £O.I O eoch. Sovlh Wesl Muluol Lld= The Group's investment iepre5ents 333 of founders. share5. Aflordoble Housing Finance PLC.. The Group's inveslmenl represents monies required to be held (including interestl in the Liquidity Re￿r¥e Fund. in occordance WTth Ihe k)on ogreemenl. Registered oifice oddresses ICY Ihe investment componies ore- Advonloge Soulh West LLP. I Wellington Woy. Clyst Hoi)ilon. Exeter. EX5 2F MORHomes PLC, Future Business Centre. Kings Hedges Road. Combridge. CB4 2HY South We51 Mulval Ltd. Devonport GU￿dho1l. Ker Street. Plymouth. PLI 4EL Affordable Hovsing Finance PLC. 3rd H¢x￿. 17 St. Swithin's Lone. London, EC4N 8AL working togetherttstrertecommurnttes btherepeople *Y7nttotive" 63

North Devon Hornes __ Notes to Ihe Al￿ncIal Statemenls lor the yeiy ended 31 March 2025 (conllnvedj 120 Debtors- amounts lalllng dve wilhin one year. Group Assoclulion Group Associotion 2025 2025 2024 2024 £.￿0 Rental orreor5 244 311 Le￿ provisions lor bod debts (214) (214) 12661 12661 45 Prepayments and accrued income 585 254 254 Amounts owed by subsidiary compony 74 213 Other debtors 560 102 2.936 1.634 Other Grant receivable 650 650 1.420 1,420 1.825 4.655 3,566 Included in olhei debtor5 lor 2024 wa5 £1.577m being the value ol Ihe Local Govemment Pension Scheme indemnity that wos held in o jointly controlled bank account wth Devon County Council os the odministering authority. This was released during the year. 12b Debtors- amounts falling due alter one year.. Group Assoclallon Group Associolion 2025 2025 2024 2024 £'(K)D 243 Amounts owed by subsidiory compony 143 143 243 Included in omounts owed by subsidiory company lollTrng due ofler one year is £143k owed to the Associotion by Anchorwood Limited. reloting to the purchose of pholovoltoic ponels on 31 March 2017. which 15 held 05 o long-lerm intercompony debt wlh no repoymenl dole. The intercompony loon bolonce al the end of the yeor wos £nil12024'. £0. I Ooml. The loon focility (excluding equityl ol rhe end ol Ihe yeor wos £5_057m12024= £4_907ml ond is repoyoble in July 2030 Ihoving been renewed in May 20251. Interest poyab￿ dlrring the year wos calculated al bose role plu5 3.35%12024.' LIBOR plu5 3.35%). - workin9 tO9elher to cieate [L￿￿M￿nI[￿S wherepeople hvcnt to &"ve-

North Devon Home5 ___ Notes lo the Flnonclal Stalements lor the year ended 31 M¢ffch 2025 (conllnued) 13 Slock Gwoup Associalion Group Associolion 2025 £'ooo 2025 2024 2024 Completed PTopertieslproperties held lor sale 2.042 417 959 329 Work in progres5 Moteriols 51 3.875 99 230 230 698 5.164 758 14 Creditors: amounts lo￿n9 due wilhin one yeow Group A$50clatlon Group Association 2025 £'ooo 2024 2024 Rent ond other receipts in advance 650 650 619 619 Trade creditors 357 281 463 Amounts due under Right to Buy Shoring ogreement 106 106 277 277 Deferred capital grant 183 183 other loxalion ond sociol security 103 107 107 Interest occruols 763 763 896 896 Pension exil lee accnjol IDevon County Councill 768 768 Other creditors 665 740 Loon5 702 2.186 Accruals ond deferred income 2.128 2.125 1,942 1,424 5.657 4,209 8,167 4,718 other creditors represent S106 public ope.n spoce and edvcolion monie5 that are due lo be paid in lotei years 05 sole units ore completed. working togetl7erfo [reG￿ C(%Mulliftes whepwlewtsnt tu lib" 65

North Devon Homes _- Notes to the HnoThclal Statements for the yeor ended 31 Mtych 2025 (conllnued) 15 cred￿0T$. amovnts falling due ¢Jllew more than one ye4w oup and association Group Assoclalion Group Associolion 2025 2025 £'ooo 2024 2024 £'ooo Loans Defeffed capital giant Recycled copitol gronl lund Finance lease liability 100.183 14.956 100.183 14.9S6 168 370 115,677 650 99.071 14.676 168 583 114,498 1,031 115.529 99.071 14.676 370 115.677 650 116.327 583 114.498 1.031 115.529 Defined Benefit Pension Schemes 116,327 Debt Analysis Group ond a550clollon Grovp Assoclolion Group Associolion 2025 2025 2024 2024 £'ooo Loans Expiring in l yeor OT more bul le5S thon 2 yeors Expiring in more thon S yeofs 100.183 100.183 100.183 100,183 99.071 99.071 99.071 99.071 The weighted overage period for which interesl role5 are fixed 15 25 yeor5. All loans are ¥epayable at the end of their fixed rote lerm. The weighted overage lolol interest rate for oll loons was 5.52% 12024.. 5.33%). Loan volues inclvde £819k12024.' £720kl of copitolised lees which ore ornortised on o slfoight-line bosis and £4.708k12024.' £4.997kl of loon premium omorti%ed on a discovnled c05hflow basis. The Group hod one linance leose with ITEC ￿Inter5. which began in the year 2022123. There wefe 1812024.. 261 capitali5ed von leases al Ihe yeor end. Group Associatlon Group AsSOClOtion 2025 £'ooo 202S 2024 2024 £'ooo Flnance Lease kna￿lmy Al l April Additions Amortisalion At 31 Morch 583 46 259 370 583 46 259 370 761 194 583 761 194 583 . bworking tO9ethertO (Teote COmrnun(hes wherepeople to li¥e- 66

North Devon Homes _- Notes to Ihe Hnon¢lal Slalements fow yery end•d 31 March 2025 (¢ontlnued) Grovp Assoclatlon Group Association 2025 £'oo 2025 £'ooo 2024 £'ooo 2024 £'ooo Delerred Income- Government Grants Al l April Grants receivable Transfer lo recycled grant Amortisation to cornprehensive Income Al 31 March 14.840 477 14.840 13.559 13.559 477 1,439 1.439 (178) 15.139 (178) 15.139 11581 11581 14.840 14.840 Grovp Associallon Group Associolion 2025 £'ooo 2025 £'ooo 2024 £'ooo 2024 £'(x)o Amount5 to be releosed wilhin one yea Amount5 to be released in more than one yeor 183 14.9S6 IS.139 183 14.956 15.139 164 14.676 14.840 164 14,676 14,840 15a Rocycled Capital Grant Group and AssoclaNon 2025 É'ooo 168 2024 Atl Apr Gran15 recycled in Ihe year 168 168 168 Repayment of gront At 31 Morch 168 WithdrawaFs from Ihe recycled copilol grant fund will be used for the purchose ond development of new hov5ing schemes foT leth.rig and lor app¥oved work5 to existing properties. .. wor*4ng together to rreote Communit￿ wple wortto live- 67

i• North Devon Homes _- Notes lo the F5nanciol Statements lor Ihe Ye￿ ended 31 March 2025 {¢ontlnued) 16 Statement ol Cashllows Cashllow from operallng acllvlNes oup 2025 £'ooo Group 2024 £'ooo Svrpluslldeficill lor the year Ad-uslm nt I non-cash item5-. Depreciolion ol tongible fixed ossets Amorti5alion of intongible 055et5 Decreosellincreosel in stock Decreasellincreosel in Irode ond other debtiys IDecreasellincrease in Irode and other creditor5 Per)5ions cos15 less contributions payable Abortive cosl write-olf Shore of operoting svrplus in ossociote 240 14791 3.526 3.563 330 14S31 11.9091 466 12321 1.681 2.830 12,1361 12431 109 1231 Ad'ustm nt5 lor investin or finoncin oclivilie Proceeds from sale of property. plant and eqLripment' Increase in fair volue ol investment property Governrnenl Gronls vtilised in the year Interesl Paid Inlere5f Received Loon Fee amortisolion Net cash generated frorn o 11,7311 1701 11781 5.697 19201 11581 5,834 1267 279 9.656 ralln 5.378 Analysls ol ¢han9e$ In nel debt Al 31 March Cashflows At 31 March 2025 2024 £'ooo 2,271 {100,183) (370) (98.282) Cash ond cosh equivalents Debt due aflefone yeor nance lease 335 1.936 199,D711 15831 197.7181 213 Net debt 15641 . working togethtr to creoteciynmurtitos wherewpie woni M ITwe"

North Devon Homes _ Notes to the ￿nanCial Stalements for Ihe year ended 31 lknrch 2025 {conlinued) 17 Flnanclol Commllments Copitol commitments ore os follows: oup Assoclollon Group Association 2025 2025 2024 £'OOO £'O(X) 4.601 4.499 2024 Controcled for but not provided for in the Financia5 stotements Future expenditure opproved by Drectors bvl not conlracled lor ot Ihe ear end 4.628 3.543 4.628 4.601 4.499 3,543 Capilol commilments wll be lunded by a mixlure of loon facihties. gronts and cosh reserves. Tolol future minimum lease poyments vnder non-concellable operoting leases ore 05 follows.. Group Assoclallon Group A5SOCiation 2025 2025 £'ooo 2024 2024 Poyments due=_ Within one yeai - Be￿een one and five yeovs 23 22 23 22 27 10 37 27 4S 45 37 18 Fknanciol Instruments The Group's linonciol inslrvments comprise debloT5. creditors. cosh and cosh equivolents and loans. Al the Finonciol Inslrvments ￿e considered lo be Bosic under the criterio specified under FRSI 02. The As50CiOtion's fi"nanciol instruments comprise debtor5. creditors. cash ond cash equivalents and loons. Flnanclal Assets ovp AssocluNon Group Associolion Dèbt Instruments measvved al omorlisèd cost 202S 2025 £'ooo 1.861 1.7S3 3.614 2024 £'ooo 1.936 4,655 6.591 2024 Cosh & Cosh equivolents Debtors 2.271 2.137 1.746 3.566 5.312 . working together tocreGte cotrThnurtit*s whereKwle bvot)t to live- 69

North Devon Homes _- Notes to Ihe Flnanclal Statements lor Ihe yeff ènded 31 March 2025 (ctsnlinved) 18 Rnancial Inslrurnents (conllnued) Flnanclal IloblNlles measwed at amt>Ttised costr Group Assoclation Group AssrKiolion 2025 2025 2024 2024 BoNowlngs: Housing Loans Total Bonowlngs 100.183 100.183 100.183 100,183 99,071 99,071 99.071 99,071 Olher financial liabililies.- Trode credit(￿$ 669 593 463 Accruols ond olher creditors 4.593 370 3.924 370 5.513 4,255 583 Finance1e05es Tolal 5.632 4.887 6.564 5.301 InteTe5t Income ond expense oup Assoclalion Group Associotion 2025 2025 £'ooo 123 2024 2024 £'ooo 292 Total interest income for linonciol ossels ol omortised C05t Total interest expense lor finoncial liabdities at omort15ed cost 113 267 5.697 5.697 5.834 5.834 19 Houslng Stock Grovp ond Association 2025 Unlts 2024 Units Soclal housing General needs housing: sociol rent. offordoble rent Housing older people.. social fenl ollordoble rent Intermediale rent generol needs housing lor older people Low cost home ownership Total owned Accommodation manoged for others Total owned andlor managed for others Non-social houslng Accommodolion let al market rent Leasehold accommodation Total owned and managed 2.305 421 2.283 425 513 31 510 31 88 3.340 14 3.376 84 3.351 3.367 91 90 3.475 3.465 .. workirtg together ttrtreore wherepeople woht ro &ve- 70

North Devon Homes _-- Notes to Ihe Flnonclal Statements lor Ihe Ye￿ ended 31 March 2025 (contlnved) 19 HouslThg Slock {conllnued) 'Geneiol needs housing - sociol rent includes 1012024.. 91 F)ropethes owned but managed by others. There were 2.57212024.. 2.5891 properties wth o fixed charge as at 31 Murch 2025. The net book volue ol Ihese properties wos £92.731 k12024.' £1 tM).366kl- Related Party transacllons During the year one Executive Oflicer wos o Boord member ol Advontoge South Wesl I'ASW") in which the A5SOClOtion hos a 33% shareholding. The Group's share ol ASW'S operotlng surplus in the year wos £23k12024.' £19kl. The Association paid membership fees lo ASW of £15k12024.. £15kl and Ihere were no omounts owed lo ASW ot 31 March 202512024.. £nill. The Association ha5 on investment of £2.Th12024.' £2.3Wkl in the Shore copitol ol its non-reguloled subsidiory Anchorwood Limiled and nil owed12024.' £1(X)kl in respect ol inter- compony loons. Anchorwood's moin business is the design ond build of open morkel sole homes. As ot 31$1 Morch 2025 there wos o short-lerm deblor bolonce of £74k12024.' £213kl ond o long-term creditor bolonce of £143k12024.. £243kl. A service level ogreemenl wlh Anchorwood provides income lor the A5SOCiOt¢on. £88k12024.' £1 I Ikl. The As50cialion al50 received £IOk in interesl from Anchorwood in respect of the Inler-company l¢)on12024'. £25kl. All tran5acth"on5 ore at arm's-lenglh and have been removed under consolidolK)n. . ¥swking togetherto creotecommunifies Lvherepeople ￿tIn¢ ro Itve-

i• North Devon Homes _- Notes lo the Flnanclol Slolements for Ihe ye(x ended 31 PA<ch 2025 (contknved) 21 Penslons Retirement benefits lo employees ore provided by the Sociol Housing Pension Scheme ISHPSI. Up until 31 Januory 2024 retirement benefits were also provided to o smoll number of employees by the Locol Government Pension Scheme ILGPSI. adminislered by Devon County Council Pensions. The pension costs lor the year were- 2025 £'ooo 2024 Oevon Covnty Councll Service cost 48 Administration Expenses 52 Soclal Houslng Pen51on Scheme Employer contributions Adminislrotion Expenses 360 310 io 13 370 323 Tolal poyments 370 375 The acluarial gains ond losses in respect ol the pension schemes fof the yeor were= 2025 £'ooo 2024 £'ooo AcluaTial gain l (10s3) Devon Covnly Council Pension Scheme Sociol Housing Pension Scheme 1741 13331 14071 138 138 .. workiNTrg togrtherto creote cornmunities whwep wont ro IrvÈ- 72

North Devon Homes _-- Notes to the finonclal Stolements for Ihe yery ended 31 la)rnunihe5 Lvherepeople wotytio th"ve- 73

North Devon Homes _- Notes to the Financial Stalemefits lar ye¢w ended 31 M￿h 2025 (conllnued) 21 Penslons (contlnued) Dgvon County Council Pension Scherne (DCCPS) (conllnued) Re¢on¢Hlallon ￿ openlng and closlng balances ol lh• fair valve ol Fund a55ets 31 Mar 21Y25 31 Mor 2024 £'ooo Opening fair value of Fund assets Inlerest on ossets 4.524 177 Retvm on assets less interest 124 other octuorial gains I Ilosse51 1291 Administlotion expenses Accruol lor e￿1 poymenl due 768 Assets exlingui5hed on setHernenl 15.3921 Conlribulion5 by employer inclvding vnfvnded Contributions by Scheme pC￿1Clponls ond ott)er employers 90 Estimoted benefits paid plus unlunded net of tronslers in Closing taw valve ol Fund assets 12661 . k¥orking together ro crefft c0rnML¢niE￿ VA7n1￿ &ve- 74

North Devon Homes _- Notes lo the Flnancial Slalements l¢x the yff¥ ended 31 Mrych 2025 (conllnued) 21 Pension5 {¢ontwiued) Devon County Councll Penslon Scheme (DCCPS) (conllnued) Amounts recognised In slalemenl ol comprehenslve Income 31 Mai 2025 £'ooo 31 Mor 2024 £'ooo 48 Swice cost Adrninislralion expenses Amounts ¢h¢xged to oper¢)tlng Costs si Nel inlerest Ichorged lo other finonce coslsl Tolol loss 27 78 Re-measuremenl ol nel assets / (defined f￿biTty) In other comprehenslve Income 31 Mor 2025 £'ooo 31 Mor 2024 £'ooo Retum on Fund ossets in excess of interesl 124 Other octuorial goins I110sse51 on ossets Change in linanciol ossumptions Change in demogrophic assumptions Experience goinlllossl on defined benefit obligation Re-measuremenl ol the net assets I Idellned Ilablllty} 1291 137 13061 1741 . together to creore communities whereJ*Wt wcnt to live- 75

North Devon Homes _- Notes to the Flnonclol Slotements for Ihe Ye￿ ￿ded 31 March 2025 {conllnued} 21 Penslons (eonllnved) So¢lal HoU￿Tr9 Penslon S¢hem• (SHPS) SHPS is o multi-employer. defined benefit scheme. The most recent formal octuaiiol valuotion wos completed os 0130 September 2024. Under the delined benelil pension accounting oprxooch. Ihe SHPS net deficit as at 31 Morch 2025 is £650k12024.' £1.031 kl. statemènl ol finan¢lol posltlon Nel penslon Ilablllty 31 Mor 2025 31 Mor 2024 Present valve ol ijefined benefil obligotion Foir volve of plan assets Net defined benefil lialxlty 4.985 5.424 4.335 4.393 650 1.031 Reconclllollon ol openlng and closlng balance5 01 Ihe present value of scheme Ilabllllles 2025 £'ooo 2024 Opening s¢heme liabililie5 Current service cost 5.424 5,414 Expenses Interest expense Actuarial losse5 dve 10 Scheme experience Acluariol goins due to chonges in demogrophic ossumplions Actuorial gains dve lo chonges in finonciol ossumptions Benefit5 paid ond expenses Closlng Scheme liabllllles 264 260 1531 1861 (799) (103) 4.985 5.424 .. woykirjg togetherro creott cornfftvnitie5 whErepeopie bvont to &ve"

North Devon Homes _ Notes lo the Knancial Statements for Ihe ye( ended 31 March 2025 (continued) 21 Penslons (contlnued) Soclal Houslng Penslon Scheme (5HPS) (conllnued) Reconclllallon ol openlng and closlng balances of the k value ¢)f plan a55els 2025 2024 Openlng lalr value of plan assets Interest income 4.393 221 4.484 221 Experience on plan assets lexcluding inleresll (470) 1472 Contributions by employer 294 279 Benefits poid ond expenses (103) Closlng lair volve of plan assets 4.335 4.393 Arntsunts recognised In statemenl of comprehenslve Income 2025 £.￿0 2024 £'ooo Expenses Amounts charged to operoling costs Net interest 43 39 Amovnts charged to other finance costs Defined benefit costs reeognlsed In slalemenl ol comprehenslve Income 43 39 51 47 Deflned benefit costs recognlsed in other compTehenslve Income 2025 £'ooo 2024 Experience on plon ossets (470) 14721 Eyperience gains on Ihe plaii liabifitie5 (191) Effecls ol chonges in the demogrophic ossumptions Effec15 of chonges in the finonciol a55umplion5 Total amount recognlsed In olher comprehenslve Income 791 86 138 13331 . woing together to Ireote ctThwmunthes 4)erep ￿?￿tt0 ifve" 77

North Devon Home5 _- Notes lo Ihe Flnonclal Slalements lor year ended 31 M<vch 2025 (conllnued) 21 Pensions (corrtlnued) Soclal Houslng Penslon Scheme (contlnued) Prlnclpol actuarfal as$umpllons: Flnancial assumptlon$ 31 Mar 2025 31 Mar 2024 %pa Dlscovnt rate 4.92 Future Sulary Incre05e5 3.79 Future Pen51on Increases 2.83 Inllalion ossvmption (RPI) 3.06 3.11 IDfigllon ossvmpllon (CPI) 2.79 Mortality assumpllons The mortality assumptions adopted ot 31 Morch 2025 imply Ihe followng lile expeclancies: 31 Mar 2025 no. ol ears 31 Mor 2024 no. of ears 20.5 Moles ret￿ng lodoy Femoles reliring tTrJay Mole5 reliring in 20 yeoTS Female5 retiring in 20 year5 23.0 23.0 21.7 21.8 24.4 . workin9 togetherro treore commurtit(es wherepeople btyont to &"ve" 78

North Devon Homes __ Notes to Ihe Flnanclal Slalements l¢r Ihe Ye￿ ended 31 March 2025 (continued) 21 Pensions (¢ontTnued) Soclol H¢wsln9 Penslon Scheme (conllnved) Major categories of plan assets a5 0 percentage of lotol plan ossets Asset breakdown 31 M(wch 2025 31 March 2025 31 Morch 2024 31 Morch 2024 £0￿$ Globol equity Absolute fetum 438 171 Dislressed opportunities Credit relotive volue 155 144 Alternative risk premio Liquid Allemolive Emerging marke15 debl Risk shoring Insuronce-linked securities Property Infroslruclure 139 19 57 257 13 23 217 176 444 10 Privole equity Reol As5et5 519 12 Private debt 173 Opportunistic illiquid CTedil Piivote Credit 172 $31 12 Credit 166 Investment Grode Credil High yield Cash 59 87 Long lease property Secured inc¢)me 28 72 Liobilify driven investment Currency hedging Nel cuThent assets 1.313 31 1.787 121 41 Total 4,335 100 4.393 The individuol percentages shown ore to the nearest percentage point for each osset closs ond may not sum to I l)YA. .. worktny together to treote ctynmvnities **erÈpeoplt worttto b¥Y-

North Devon Homes _-- Notes lo the Flnanclol Statements l¢x Ihe year ended 31 March 2025 (conllnved) 22 Group Members North Devon Homes 15 Ihe porent undertaking ond hos one subsidiary being Anchorwood Limited. 23 Leglslollve provlslon The Associolion is o compony limited by guorontee ond is registered wtrh the Regulotor of Sociol Housing under the HoLJng ond Regeneration Act 2LX)8. . working together to createcornfflunit￿￿ whÈrepew to live"