2025-09-30-accounts

(Consolidated Accounts) (Limited by Guarantee) Report and Financial Statements for the Year Ended 30 September 2025 HYELM is a company limited by guarantee, registration No. 00244598, and is registered with the Regulator of Social Housing No. H0312. HYELM is charitable and is registered with the Charity Commission No. 215575.

HYELM Report and Financial Statements for the year ended 30 September 2025 Contents Page Members, Senior Staff, Advisors and Bankers Report of the Board Independent Auditorfs Report 14 Statement of Comprehensive Income 18 ststement of Changes in ReseNes 19 ststement of Financial Position 20 ststement of Consolidated Cash Flows 21 Notes to the Financial Ststements 22

HYELM Report and Financial Statements for the year ended 30 September 2025 Members, Senior Staff, Advisors and Bankers Chair Vanessa James VI￿ Chair Andrew Brainin from 24 June 2025 Ordinary Members J￿1 Inbakumar to 25th November 2025 Rhiannon Meredith Febechi Chukwu David Capel Jonathan Clowes Jayesh Doshi Liliana Shanbhag from 18 March 2025 Isla Haigh from 24 March 2026 Seniorstslf Chief Exerutive Debra Ives Director of Finance & Company Secretsry Martin Grundy Auditors Moore Kingston Smf(h LLP 9 Appold Street London EC2A 2AP PrinapalBankers Barclay5 Bank 28 Hampstead High Street Hampstead London NW3 IQB Bank of Ireland I t)onegall Square South Belfast BTI 5LR Registsred Offi 43-51 New North Road London NI 6JB

HYELM Report and Financial Statements for the year ended 30 September 2025 Report of the Board Report of the Board The Board is pleased to present its report and financial statements based on a limited company format and in accordance with accounting requirements by legislation and as set out in the Statement of Recommended practi￿,ACcOuntin9 by Registered Social Landlords, {'SORP' Update 2018). Review of the Period The Board reports a deficit of £3,426,001 for the year to 30 SeptemLEr 2025 (2024.. deficit £11,582,892). The overall deficit is a combination of a number of separate elements: an operating deficit arising from running the corporate functions and the Old Street property (£170k); the costs of fire remediation work at the Old Street propety (£661k)' the reduction in the valuation assigned to the Imperial House site (£2,568k). The operating deficit for the year of £170k is lower than the operating deficit for the previous year (£410k) and arises as the costs of the corporate funrtion needed to run a Registered Social Landlord are higher than can be supported by the single income generating asset (the Old Street propety) which Hyelm currently operates. The Board is focusing on minimising this deficit as much as possible whilst 0￿ratIng within our charitsble objertives but to achieve long term financial viability other income generating assets are needed and this is reflected in the strategic plan. The cost of the fire safety works and enhanced fire safety measures during the year was £660,758 increasing the total cost incurred to date to £3,610,926. The second phase of these works which involves the corrertion of fire stopping def￿ to the apartments within the building, has continued throughout the year and planning for the third phase of these works in relation to the external fa￿de of the building has also continued through the year. The enhanced fire safety measures at the Old Street building have continued to be in pla￿ whilst the remediation works are completed. The valuation of the Colindale site has been undertaken by major firms of professional valuers and the decline in value reflects the continued Un￿rtaInty associated with the development activity. Legal Status The HYELM Group comprises HYELM, a Company ￿Mited by Guarantee and which dcks not have share capital, The Ames House Trust, a charity established under Trust Deed, and Arthur West House Limited, a private limited company which 15 a wholly owned subsidiary of HYELM. HYELM is a non-profit rnaking con￿rn registered as a Charty and a Registered Provider under the Housing Acts. The Ames House Trust is accounted for as a branch of HYELM due to a uniting direttion in pla￿ with the Charity Commission. The consolidated accounts show the financial position of The Group as a whole, and for the AssC￿lation which includes HYELM and The Ame5 House Trust. Principal Activity and Public Benefit HYELM provides a high standard of affordable accommc(iation in a homely environment for keyworkers, critical workers and professionals aged 18 - 35, on low to moderate incomes. The Board confirms that it has referred to the guidan￿ contained in the Charity Commission'5 general guidance on public benefit when reviewing HYELM'S aims and objectives and in formulating plans. Format of Financial Statements The Board is pleased to present its report and financial statements based on a limited company format and in accordan￿ wf(h accounting requirements by legislation and as set out in the Statement of Recommended practi￿,ACcOuntlng by fteg1ster￿ Social Landlords, CSORP' UOate 2018).

HYELM Report and Financial Statements for the year ended 30 September 2025 Report of the Board Future Plans The Board adopted an updated strategic plan for the peri(Kl 2025-2028. The plan focuse5 on three key activities: to grow sustainably, to maintain the quality safety and affordability of our housing to create an environment where young residents can thrive. Growth- Hyelm's objertives are to increase the number of housing units we deliver, securing an additional scheme, to develop the HYELM model (housing and viability), and to build partnerships and diversify funding and financing. Housing- The objectives in this area are to complete the remediation of our Old Street scheme, to develop our Energy and Sustainability strategy, and ensure our rents remain affordable. Community & Wellb•ng- we plan to increase our resident involvement and community engagement, reswnd to our resident's needs- developing partnerships and our offer, and to review the Hyelm Membership purpjse and structure. Board The Board has reviewed the recommendations of the National Housing Federation's CcJe of Goveman 2020 and this year decided that it would be appropriate to establish a separate audit and risk committee which now means that the Board fully complies with the Code. The Board has also adopted, and is compliant with, the National Housing Federation Code of Conduci issued in 2012. HYELM is a member of the Federation. HYELM has implemented a comprehensive Board and Board members appraisal prcKess and a governance development plan which is reviewed and uplated annually. In accordan￿ with the Articles of Association, Vanessa James and Joel Inbakumar are required to stand down at the 2026 Annual General Meeting. Vanessa remains eligible for re-elertion for another term of three years but J￿1 ha5 reached the end of his term and has retired as a Board member. J￿1 has bn Board member for 9 years and we thank him for his support during this pericxj and are grateful for the invaluable advi￿ he had provided. VALUE FOR MONEY STATEMENT 2025 Introduction The Value for Money Standard 2018 The 2018 Value for Money Standard published in April 2018 requires that Registered Providers must: aearly articulate their strategic objectwes. Have an approach agreed by their board to achiewng value for money in meeting these objectives and demonstrate their delivery of value for money to stakeholders. Through their strategic objectives, arbculate their strategy for delivering homes that meet a range of needs. Ensure that optimal benefit is derived from resour￿5 and assets and optimise economy, efficien and effectiveness in the delivery of their Strategic objectives.

HYELM Report and Financial Statements for the year ended 30 September 2025 Report of the Board The Standard requires that that Registeraj Providers must demonstrate: A robust approach to achiewng value for money- this must include a robust approach to decision making and a rigorous appraisal of potential options for improving performance. Regular and appropriate consideration by the Lyjard of potential value for money gains - this must include full consideration of the costs and benefits of alternative commercial, organisational and delivery structures. Consideration of value for money across their whole busine55 and where they invest in non-social housing activity, they should consider whether this generates returns commensurate to the risk involved and justification where this is not the case. That they have appropriate targets in pla￿ for measuring perf0mlan￿ in achieving value for money in delivering their strategic objectives, and that they regularly monitor and report their performance against these target5. It is also a requirement that Registered Providers must annually publish eviden￿ in the statutory accounts to enable stakeholder5 to understand the providerfs.. performan￿ against its own value for rrKiney targets and any metri(s set out by the Regulator, and how that performance compares to peers. Measurable plans to address any areas of underperformance, including clearly stating any areas where improvements would not be appropriate and the rationale for this. Hyelm is committed to finding ways to provide excellent services whilst at the same time seeking to redu￿ cost5 and improve efficiency. To ensure that we can measure efficiency gains and to provide meaningful comparison5 Wlth other organisations providing Similar services, the Board ha5 adopted the 2018 Value for Money Standard for Registered Providers of Social Housing. How We Deliver Value For Money Although Hyelm d￿5 not provide s(Kial housing - the Old Street development provides a mix of accommcKlation on intermediate and affordable rents for young people on low incomes - the Value for Money stsndard provides a framework for measuring performantr in a consistent manner. Achieving Value for Money (VFM) is a fundamental element of our objective to become a top quartile performing organisation. We see VFM as the pro￿$$ of delivering savings and improving quality by simplifying everything that we do and by achieving a balance befften costs, quality and results. This statement outlines our approach to achieving VFM in meeting our objectives With referen￿ to our financial, soKial and environmental returns, and measures performan￿ using the metrics included within the 2018 Value for Money Standard. Value For Money is embedded within our business in the following ways: Governan Board members, duties include reviewing the efficiency of our OFerations and our Value For Money perf0rrnan￿ as well as ensuring compliance with the regulatory Value For Money standard. The Board discusses our Value For Money Policy and Statement at least annually and reviews the 0￿ratIonal and financial performance of the business quarterly. FlnanaalManagen￿nt We operate a robust budgeting prcKess that sets out the financial parameters within which our organisation is required to work to deliver improvements in the semces that we provide to our residents and others who work with us. The business planning process helps to ensure that our resources and assets are used in the most appropriate ways to deliver our objectives. Our budget arKi business plan targets a￿ structur￿1 to ensure that effective use is made of our resou￿$ each year to strengthen our capacity to develop new homes and enhan￿ our servi￿.

HYELM Report and Financial Statements for the year ended 30 September 2025 Report of the Board Procurenjent We continuously seek to obtain Value For Money from our suppliers and look to rationalise contracts and re-tender when necessary to ensure that the Servi￿ that we re￿1ve from them meet and deliver our business objectwes. Where appropriate, we undertake an options appraisal process to ensure that there is a robust business case for investmenvdivestment decisions and that returns are optimised. Managing Performance We Continual￿ review our perfOrrnan￿ and benchmark ourselves against our peer groups. A key objective of our Strategic Plan is to achieve top quartile perf0rrnan￿ for financial strength and qualty of servi￿. The Eijard reviews performan￿ information on a regular basis. We have set ourselves the challenge of benchmarking our performan￿ against that of other organisations that provide similar services within the social housing sector and not for profit housing sectors. Comparative analysis is based on information provided by Housemark, Acuity's clients in London and other publicly available information. ResidentFocus Improving resident engagement and obtsining regular feedback in relation to our services are key objectives for the life of our Strategic Plan. Acuity is commissioned to undertake an independent satisfaction survey of our residents on an annual basis and collect data on their opinions of, and attitudes towards, HYELM and the seNices we provide. Their survey has been designed using the new Tenant Satisfaction Measures from the Regulator of s￿la1 Housing. OurPeople Our staff are critiGII to the organisation for the delivery of services to our residents. Providing training and support to our staff is e￿entIal to ensure that we maximise their capability. Salary and benefits packages are reviewed every three years. The review includes a benchmarking exercise to ensure that the salaries and iEnefits that stsff re￿1ve are comparable with our peer group. In 2020 as part of our longer term strategy we reviewed our staffing structure to ensure that the right number of appropriately skilled stsff will be in place to manage a growing organisation. The strurture will be further reviewed as needs change. OurStrategicPlan The Strategic Plan f￿USeS on three key actwities: l. Growth To expand our housing capacity to meet the housing need of more young people securing financial sustainability for Hyelm through strategic partnerships and funding dwersification More specifically, we will Expand Housing StcKk'. Develop new units on existing land and acquire new sites for future projerts. Review the potential for the purchase of completed housing schemes. st￿ngthen Partnerships: CollaiK)rate with developers, the Greater London Authority, and LLKal Authorities to unlock housing opportunities. Diversify Funding Sources.. Secure additional grants, explore impact investment opportunities, and make best use of our assets. Formalise the Hyelm management m(xiel as the foundation for the management of schemes on behalf of third-party landlords.

HYELM Report and Financial Statements for the year ended 30 September 2025 Report of the Board Grow sustainably, consolidating our geographical presence and approach in Hyelm's existing and legacy locations. To 0￿rate close to key employment hubs, that are supported with robust local infrastructure. To increase the numikr of units we provide through either developing our current large site or new development subjert to financial and viability constraints. 2. Our Housing To maintain and enhance the quality, safety and affordability of our housing st￿k while meeting kest practi￿ and regulatory standards. More specifically we will Ensure Safety and Compliance: Complete Old Street refurbishment arKI achieve full fire safety compliance, including cladding remediation. Maintain Affordability & EX￿llen￿. Keep rentsl levels affordable while adhering to the Decent Homes Standard. Enhan￿ Living Conditions.. Implement proactive rna1ntenan￿ and invest in modern, high-quality housing design. Improve ventilation by repla￿ment of the windows to address overheating issues. Explore the integration of long-term sustainability and low carty)n retrofit measures at Hyelm Old street. 3. Community Vi&thlity & Resident Well-bang To strengthen community engagement, support our tenant's well-being and create an environment where young residents can thrive. More specificalty we will.. Increase Community Engagement- Develop more resident-led activities and partnerships with local stakeholders. Improve Resident Support.. Offer financial planning resources and debt prevention programs. Enhan￿ Membership & Representations: Redefine what it means to be a Hyelm member and create a Hyelm alumni. Involve residents more in governance and decision making. Forge partnerships to SUPPOrt residents, career growth and independen￿. Progress against the objectives within the Strategic Plan Our growth programme Regarding our growth programme, we adopted a strategy in 2013114 to disp)se of one of our existing properties, Arthur West House, with a view of using its capitsl receipt to develop and manage a further 250 bed-spa￿S of modern accommcxiation within Greater London by 2019. The expansion of the housing st￿k we manage is a key objective of the longer term strategy adopted by the Board. The propety, sold in 2014, generated a receipt of £30.05 million, some £6 million above the maximum forecast sale pri￿. The sale prO￿ed5 were apportioned between HYELM and The Ames House Trus¢ which had a leasehold interest in Arthur West House. The amount received by HYELM amounted to £24,115,125, with the balance of £5,934,875 being re￿iVed by The Ames House Trust. We continue to consider our development options but the current economic situation continues tr) hinder progress. The value of the Colindale development site purchased in 2018 has reduced significantly since it was purchased and whilst this is currenuy only a paper loss, it is a significant factor when considering future development options. All options for the site remain under consideration and our expectation is that the market outlwk will improve, at least in the medium term, to enable this site to be used in the future to support the HYELM strategic development objertives.

HYELM Report and Financial Statements for the year ended 30 September 2025 Report of the Board Our housing operations Our Old Street scheme is now seventeen years old. It was built to compty with (the then) Eco Home5 standards and achieved a Very G(x)d rating in this regard. During the course of the financial years 2023124 to 2027128, we will be carrying out major works at our Old Street scheme to remedy fire safety issues that were identified following investigations carried out following the Grenfell tragedy in June 2017. In addition to fire safety issues, a number of additional deferts were identiffied dating back to the construction of the building, and these defects will be remedied concurrently with the fire safety issues. The costs if this work will be met, at least in part by monies receNed from our insurers and the original contractor. To ensure best value for money, competitive tenders were sought, and value tested. The works are being undertaken over a four-year period to minimise disruption to our residents and the loss of rent income. Following the completion of the remedial works our forward plans for our Old Street scheme include provision for the regular Maintenan￿ and refurbishment of the property to ensure that it continues to provide high standards of affordable accommodation that meet the expectation of our residents. To ensure that we achieve test value for money from the gcx)ds and servi￿5 that we procure, Standing Orders are in place that require competitive quotations to be sought for low value g(xJds, and for formal tendering Pro￿dureS to be enacted for more valuable se￿iCe5. During the year to 30 September 2025 the following gocxls and seNices were tendered.. Gas and elertricity supplies,. Insuran￿ cover; Building safety adviser,. Health & Safety adviser,. tr management servi￿. Sustainability consultants. Fire safety servI￿s. Where wssible, we make use of procurement exercises that have been undertaken by other organisations to ensure that best value has been obtsined. Old Street provides accommodation for young people at the beginning of their careers ensuring that they are accommcxlated in low cost, quality accommodation in a secure environment. Of the units available 74 bed-spaces provide intermediate ￿nt accommodation for priority group workers. The remaining 51 bed spaces are provided for non-priority group workers. The Hyelm Group endeavours to provide rent&J accommodation to tenants which provides value for money when compared with rent charged for comparable properties. To ensure that the rent represents g￿d value for money, the Board has approved a wlicy of linking all rents to no more than 800/0 of the market rate. The use of the space on the ground flcK)r of the building continues to be reviewed. The office accommodation market declined during the Cowd pandemic and lettings have not returned to previous levels so much of the accommodation has been vacant during the financial year. The supply of electricity, and gas are retendered annually to ensure best value is obtsined, for both HYELM and our residents. Implementation of the Government's Future Homes Standard is designed to improve energy efficiency within buildings to help to redu￿ energy consumption. We will review the requirements of the Future Homes standard to see what improvements can be made to reduce our energy costs and provide VFM for our residents by reducing their energy service charges costs.

HYELM Report and Financial Statements for the year ended 30 September 2025 Report of the Board Our communities and people As part of our strategy ill relation to Our communities and people the rewsions to our stsfffing structure and job profiles has enabled us to.. Deliver business as usual,. Provide supwrt for our two major projects (Development and Fire Defect work); Effertively manage organisational risks; Manage building safety in line with Hackett review recommendations. Overall, there are very gocKI levels of satlsfaction with the Se￿iCe5 provided by HYELM, with all Tenant Satisfaction Neasures, as prescriLEd by the Regulator of Social Housing, scoring above the median level of our peers. Nine of those measures ex￿edIng the higher per￿ntlIe. Overall satisfaction amongst tenants was at 880/0. Satisfattion levels are highest for; Friendly and Approachable stsff.. 960/0 Maintenantr of Communal Areas: 94% HYELM is easy to deal with.. 910/0 Providing a safe home.. 890/0 On the other hand, satisfaction is lowest for,. Complaint handling - 64D/o, albeit this was a large increase on the previous satisfacknon levels (360/0 in 2023-24) Making a positive contribution to the community- 630/0 Rent being value for money- 62010 Compared to last year satisfattion has increased in 9 areas including with approach to anti-social behaviour (up IIO/o) and complaint handling (up 280/D). Satisfaction has decreased in 3 areas; The time taken for repairs, (from 930h to 870/0), Providing a safe home (from 920/0 to 890h) and overall satisfattion with HYELM (from 910th to 880/0). Some of the other measures we monitor are summarised in the table below other Measures Benchmark: Peer group median 4.040/0 HYELM 2022123 HYELM 2023124 HYELM 2024125 Current rent arrears Average re-let time (days) 0/0 of void losses 1.70/0 3.90/0 2.60/0 52 65.17 63.91 Our rent arrears figures have decreased since the previous year and are below the sertor average. This is due to closer management of arrears cases and earlier engagement with residents who fall behind with their ￿nt payments. Average re-let times and the per￿ntrge of void losses have also redu￿ since the previous year reflerting increased management attention in these areas. The percentage of voids still compares unfavourably with the benchmark peer group and this is due to the need to provide vacant accommodation for contractors to carry out the fire safety works referred to above.

HYELM Report and Financial Statements for the year ended 30 September 2025 Report of the Board Finance The accounts for the year ending 30 September 2025 have been prepared in accordance with UK Generally Accepted Accounting Prattl￿ (UK GAAP) including Financial Rewrting Standard 102 (FRS 102), the Housing SORP 2018.. Ststement of Recommended Practice for Registered Social Housing Providers and the Accounting Dirertion for private registered providers of social housing 2022. Following the sale of Arthur West House in 2014, HYELM only provides accommodation at its Old Street property. This is a mix of private rented accomm(Kiation and grant Support￿ intermediate rent accomm(Kiation that IS tenarrted by priority group workers. Following the disposal of the Arthur West House site, management costs per unit increased as ￿ntral costs previously all(xated to the property have b￿n retained but are supwrtirvJ the development programme, which will provide new accommodation on a numter of sites. Reporting against the 2018 Value for Money Standard The Hyelm Group has adopted the reporting requirements of the 2018 Value for Money Stsndard. Metric l - Reinvestment 2021122 actual 2022123 2023124 2024125 actual actual actual Reinvestment 0/0 10.120/0 2.860/0 4.25% 1.28% Following the sale of the Hampstead property, HYELM has only the Old Street scheme in operation. Delays in gaining planning approval and relief from the Community Infrastructure Levy for the Colindale scheme resuited in delays to the building programme, thus investment has keen less than planned in recent years. Metric 2- Supply Unlike many large Registered Providers, Hyelm does not have an annual development pr￿]ramme. Our investment in property relates to a $￿ITiC scheme and therefore the supply metric is not a relevant measure of performance. Metric 3- Gearing 2021122 2022123 2023124 2024125 actual actual actual actual Gearing Hyelm currently has one loan. Our investment in the new development will be funded at least in part by Hyelm's cash reserves, thus a5 the value of housing propertie5 increase as the development programme progresses gearing will decrease. On completion of our new developments Hyelm will have additional capacity for borrowing to support the development of additional accommodation and complete our strategic objective of providing further accommodation. Metric 4- Earnings before Interest Tax Depreciation and Amortisation - Major Repairs Induded -40.16Wo -27.180/0 _20.920/0 _17.950/0 The EB￿DA MRI (Eamings before Interest Tax Dep￿CiatIon and Amortisation - Major Repairs Included) interest cover measure is a key indicator for liquidity and investment capacity. It seeks to measure the level of surplus that a registered provider generates against interest payments (the measure avoids any distortions stemming from the depreciation charge). The need to provide vacant aCcomm￿lation for the fire safety and remedial works, has led to a reduction in rent income, which coupled with higher management cost has led to a decrease in the interest cover. During 2021122 the level of interest cover increased significantly due to the recovery of monies for the fire safety works from our insurers and the original building contractor, but this was a one off receipt and the figures for later years reflect the earlier trend.

HYELM Report and Financial Statements for the year ended 30 September 2025 Report of the Board 2021122 2022123 2023124 2024125 actual actual actual actual -121.59¥0 -101.79¥0 -34.87Wo EBrrDA MRI EBITDA to Debt servi￿ Cost Our loan facility agreement requires Hyelm to achieve a ratio of EBIDTA to Debt SeNice Costs of a minimum of I:l.l The ratio measures our ability to fund the repayment of capital and interest payable on the outstanding loan from current income generated by Hyelm. A revised method of calculating the EBITDA ratio was agreed in 2020 until the completion of the fire safety works. The revised method of calculation permits the balan￿ held in a reserve account to be added to the earnings figure when calculating the ratio. Using the revised method of calculation, the EBITDA ratio for the year ended 30 September 2025 is in ex￿55 of the bank requirements. 2021122 2022123 2023124 2024125 actual actual actual actual 1.12.29 1.22.33 1.11.29 1.7.65 EBrrDA- loan facility Metric 5 - Headline residential housing cost per unit The unit cost metric assesses the headline s(Kial housing c05t per unit as defined by the Regulator. Although The Group is not a provider of S￿la1 housing, the scKial housing cost per unit is the benchmart against which Hyelm choose5 to measure performance. 2021122 actual £7,673 £147.15 2022123 2023124 2024125 actual actual actual £9,575 £10,430 £10,423 £183.64 £200.02 £199.89 Costs overall per w￿k In 2022123 0)sts have increased due to higher utility prices, repair work needed to the roof and lifts and the costs associated with the 5 yearly fixed wire test and in 2023-24 costs further increased mainly due to increased professional fees and consultsncy support. In 2024-25 costs have remained broadly similar to the previous year. Metric 6- Operating Maryin The Operating Margin demonstrates the profitability of operating assets before exceptional expenses are taken into account. Increasing margins are one way to improve the financial efficiency of a business. The operating margin for 2021122 reflected the recovery of monies to fund the fire safety works at Old Street and in later years the margin has reduced to previous levels. 2021122 2022123 2023124 2024125 artual artual artual actual 69.580/0 _16.420/0 _27.380/0 -9.270/0 Operating Margin Overall Metric 7 - Return on Capital Employed (ROCE) This metric compares operating surplus to totsl assets less cu￿ent liabilities and is a measure to assess the efficient investment of capital resour￿. The 2024125 return figure shown in the table below reflects the deficit incurred during the year. 2021122 2022123 2023124 2024125 actual actual artual actual 0.44010 -0.630/0 -1.510/0 -0.580/0 ROCE io

HYELM Report and Financial Statements for the year ended 30 September 2025 Report of the Board Value For Money ftir 2024125 HYELM remains in a perioxl of tran51tion and the Value for Money Metri￿ will reflect this until the new developments come on stream and the fire safety works at the Old Street building are completed. During this pericKi the Value for Money metrics will be measured against budgets and business plans and future reFK)rts will reflect this approach. When the development programme is complete and the remedial works at Old Street are finished, it is our aim to be in the top quartile for both financial and operational perforrnan￿, and to see our perf0rrnan￿ improve each year. We will undertaking further work over the next year to supp)rt our aim of improving value for money for our existing residents by.. Re-tender for the supply of electricity, gas, and Insuran￿5. Retendering the contrart for HVAC services. Tendering for the works needed to the external facade of the Old Street building Review the elements that make up the Servi￿ charges that our residents pay to ensure that they remain as affordable as tX)Ssible for those whom we Set out to house. Officer's Insurance The Group has in Pla￿ indemnity insurance to safeguard voluntary Board memLErs and senior executNe staff. Key Policies and Strategies eseNes Pol. The majority of reserves are currently in the unrestricted reserve fund which at the reporting date totalled 113,834,229. The Board is committed to investing in new accommodation tr) house young people on low to moderate incomes and will apply the majority of its, free reseNes, together with the Endowment Fund in pursuit of this objective. A free reserve balan￿ equivalent to 3 months operational expenditure will be maintained to manage the day-to-day flurtuations in cash flow and operational risks. A small proportion of reserves are currently held in a designated reserves for non-accomm(KJation activities such as the provision of sporting, recreational and scKial facilities. Any surplus income from the provision of non-accomm(Klation activities is returned to the Acb"vities fund. Following the sale of Arthur West House, the Treasury Management Policy was reviewed and updated to indude the key recommendations of CIPFA'S "Treasury Management in the Public Services.. Code of Prattl￿, (The Code), as descritkd in Section 4 of that Code. Increases take into account the income of our residents, charges lewed by competing organisations aThJ are in line with guidan￿ from the Regulator of 5cKial Housing. Statement on Internal Controls Assuran The Board acknowledges its responsibility for establishing and maintaining the whole system of internal control and for reviewing its effectiveness. The system of internal control is designed to manage, rather than eliminate, the risk of failure to achieve business objectives, and to provide reasonable assuran￿ against material misstatement or loss. The pro￿$ for identfying, evaluating and managing the significant risks faced by the company is ongoing and has been in place throughout the ￿riod commencing l Ortober 2024 up to the date of approval of the report and financial statements. Key elements of the control framework indude.. Board approved terms of referen￿ and delegated authorities for all sub committees of the Board. Clearly defined management responsibilities for the identification, evaluation and control of significant risks. li

HYELM Report and Financial Statements for the year ended 30 September 2025 Report of the Board Robust strategic business planning prO￿$se5, with detailed financial budgets and forecasts. Formal recruitment, retention, training and development policies for all staff. Established authorisation and appraisal pr(￿lureS for significant new initiatives and commitments. Regular rewrting to the appropriate committee on key business objectives, targets and outcomes. Board approv￿ whistle-blowing policies and anti-theft and corruption rKJlicies. A regular programme of independent internal audit. Board approved fraud policies, covering prevention, detection and reporting, tr4ether with recoverability of assets. Regular monitoring of loan covenants and requirements for new loan facilities. A fraud register is maintsined and reviewed by the Board on a regular basis. During the year no frauds were reported. The Board has re￿iVed the Executive Team's annual review of the effertiveness of the system of intemal controls which are designed to provide reasonable, not absolute, assurance. The Board has also re￿iVed the annual report of the internal auditor which reported that no significant control issues had been identified. NHF Codes of Governance and Conduct We are pleased to report that The Group complies with the principal recommendations of the NHF code of governan￿ 2020 and is compliant with the NHF Code of Conduct 2012. HYELM has a Governan Manual which provides a comprehensive manual of p)lioes, procedures and guidan￿ notes for all areas covered by the Ccxle and has published a statement on all its accountability mechanisms. Policies and prcKedures are reviewed by the management team in accordance with a published timetable (or according to need) and all significant changes are reported to the Board. statement of the Board's Responsibilities The Board is responsible for preparing the report and financial ststements in accordan￿ with applicable law and regulations. Company Law requires the Board to prepare financial statements for each financial year. Under that law the Board has elected to prepare the financial statements in accordan￿ with United Kingdom Generally Accept￿ Accounting Pracb"ce (United Kingdom Accounting Standards and applicable laws) induding Financial Reporting Standard 102 (FRS 102) and the Housing SORP 2018: Statement of Recommended Prartice for Registered Soaal Housing Providers and comply with the Accounting Dirertion for Private Registered Providers of sC￿la1 Housing 2022. Under that company law, the directors must not approve the financial ststements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the company. In preparing these financial statements, the directors are required to.. select suitable accounting policies and apply them consistentlyi make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards and the Ststement of Recommended Prartice (SORP) Accounting by Registered Housing Providers, have been followed, subject to any material departures disclosed and explained in the finanaal ststements; prepare the financial statements on a going con￿rn basis unless it is inappropriate to assume that the company will continue in business. The directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the company and enable it to ensure that the financial statements comply with the Companies Acts 2006. They are also responsible for safeguarding the assets of the company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. 12

HYELM Report and Financial Statements for the year ended 30 September 2025 Report of the Board It is also responsible for safeguarding the assets of the company and, hen￿, for taking reasonable steps for the p￿ventIon and detection of fraud and other irregularities. Statement of Complian The directors have undertaken an assessment of compliance with the governan￿ and financial viability standard as required by the Accounting Direction 2022. The directors can confirm that no evidence of n0-complian￿ has been identified since the last reFM)rt. In preparing the strategic report the directors have followed the principles set out in the Statement of Recommended practi￿ for Registered Social Landlords (SORP 2018). Disclosure of information to Auditors At the date of making this report, each of the company's directors, as set out on page I, confirm the following: So far as each director is aware, there is w relevant audit information of which the company's auditors are unaware. and Each director has Liken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the companws auditors are aware of that information. In p￿paring this report, the directors have tsken advantsge of the small companies exemption provided by section 415A of the Companies Art 2006 in respect of the report of the Board and strategic report. The Report of the Board was approved by the Board on the 24 March 2026 and signed on its behalf by: Vanessa James Chair Debra Ives Chief Executive 13

HYELM Report and Financial Statements for the year ended 30 September 2025 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRusfEES OF HYELM Opinion We have audited the financial statements of Hyelm (the 'companV) for the year ended 30 Septemtkr 2025 which comprise the Group Statement of Comprehensive Income, the Group Statement of Changes in Reserves, the Group Statement of Financial Position, the Group Statement of Consolidated Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has tEen applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102'The Financial Reporting Stsndard Applicable in the UK and Ireland, (United Kingdom Generally Accepted the UK and Ireland,. In our opinion the financial statements.. give a true and fair view of the state of The Group s and the parent charitable company's affairs as at 30 September 2025 and of the group 5 incoming resources and application of resour￿, including its income and expenditure, for the year then ended. have been properly prepared in accordan￿ with United Kingdom Generally A￿pted Accounting Practi including FRS 102 the Financial Reporting Standard Applicable to the UK and Republic of Ireland, the Housing and Regeneration Act 2008 and the Accounting Direction for Registered Providers of S(Kial Housing 2022. and have been p￿pared in accordance with the requirements of the Companies Act 2006 and the Charities Art 2011. Basis for opinion We conducted our audit in accordan￿ with International Stsndards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of financial statements sertion of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC s Ethical Standard, and we have fulfilled our other ethical respK)nsibilities in accordan￿ with these requirements. We believe that the audit evidence we have obtained is enough and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustee5' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material un￿rtaInbe$ relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability tr) continue as a going con￿rn for a ￿ri(X1 of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going con￿rn are described in the relevant sections of this report. other information The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. The trust￿5 are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent othemise explicidy stated in our report, we do not express any form of assuran￿ conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing 50, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to materially misststed. If we identify such material inconsistencie5 or apparent material misststements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that the￿ is a material misstatement of this other information, we are required to retx)rt that fact. We have nothing to report in this regard. 14

HYELM Report and Financial Statements for the year ended 30 September 2025 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRusfEES OF HYELM Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, annual rep)rt for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the trustee5' annual report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by eX￿ptIon In the light of the knowledge and understsnding of the group and parent Char￿able company and its environment obtained in the course of the audit, we have not identrfied material misstatements in the trustees, annual report. We have nothing to report in respert of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion: the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us- or the parent charitable company's finanaal statements are not in agreement with the accounting records and retum5,' or rtain disclosures of trustees, remuneration specified by law are not made; or we have not re￿iVed all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordan￿ with the small companies regime and take advantage of the small companies exemption in preparing the Trustees, Annual Report and from preparing a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 13, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial ststements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misststement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company's ability to continue as a going COn￿rn, disclosing, as applicable, matters related to going concern and using the going con￿rn basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and rep)rt in accordance with those Acts. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and tr) issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran￿ but is not a guarantee that an audit conducted in accordan￿ with ISAS (UK) will always detect a material misstatement when it exists. Misststements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design Pro￿dureS in line with our reswnsibilities, outlined aix)ve, to detert material misstatements in respect of irregularities, induding fraud. The extent to which our Pro￿dureS are capable of detecting irregularities, including fraud is detailed below. Explanation as to what extent the audit was considered capable of detecting irregularities, induding fraud The objectives of our audit in respect of fraud, are- to identify and assess the risks of material misstatement of the financial statements due to fraud,. to obtsin sufficient appropriate audit eviden￿ ￿gardIng the assessed risks of material misstatement due to fraud, through designing and implementing appropriate sp)nses to those assessed risks; and to respond appropriately to Instan￿ of fraud or susp￿ted fraud 15

HYELM Report and Financial Statements for the year ended 30 September 2025 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRusfEES OF HYELM identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitsble company. Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are The Housing and Regeneration Art 2008 and the Accounting Direction for Registered Providers of Social Housing 2022, and UK financial repxjrting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charitable company complies With these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial ststements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governan￿. We inquired of management and those charyed with governan￿ as to any known instances of non- Complian￿ or suspected non-compliance with laws and regulations. Based on this urKlerstanding, we designed specific appropriate audit prcKedure5 to identify instan￿5 of non-compliance with laws and regulations. This included making enquiries of management and those charged with governan￿ and obtaining additional corroborative eviden￿ as required. As part of an audit in accordan￿ with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures reswnsive to those risks, and obtain audit eviden￿ that 15 sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve

llusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstan￿, but not for the purtK)ses of expressing an opinion on the effectiveness of the group and parent charitable cnmpany's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit eviden￿ obtained, whether a material Un￿rtaInty exists related to events or conditions that may cast significant doubt on the group and parent charitsble company's ability to continue as a going COn￿rn. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disdosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtsined up to the date of our auditorfs report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain suffficient appropriate audit eviden￿ regarding the financial infomiation of the entities or business activities Within the group to express an opinion on the consolidated financial statements. We are reswnsible for the direcbon, sUpe￿i510n and performan￿ of the group audit. We remain solely respx)nsible for our audit rewrt. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we identify during our audit. There are inherent limitations in the audit pr￿edureS described above. We are less likely to become awa￿ of instances of non-compliance with laws and regulations that are not dosely related to events and transartions flected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate COn￿alment by, for example, forgery or intentional misrepresentations, or through collusion. 16

HYELM Report and Financial Statements for the year ended 30 September 2025 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRusfEES OF HYELM Use of our report This report is made solely to the charitable company's memtkrs, as a body, in accordan￿ with Chapter 3 of Part 16 of the Companies Act 2006 and, in respect of the consolidated financial ststements, to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Art 2011. Our audit work has been undertaken so that we might stste to the charitsble company's members and trustees those matters which we are required to state to them in an auditorfs report and for no other purEx)se. To the fullest extent permitted by law, we do not accept or assume responsibility to any paty other than the charitsble company, the charitable company's memters, as a bcKiy, and the charity's trustees, as a body, for our audit work, for this report, or for the opinion we have formed. Luke Holt (Senior Statutory Auditor) for and on behalf of Mwre Kingston Smith LLP, Statutory Auditor 27 March 2026 9 Appold Street London EC2A 2AP MrKJre Kingston Smith LLP is eligible to art as auditr)r in terms of *tion 1212 of the Companies Art 2006. 17

HYELM Report and Financial Statements for the year ended 30 September 2025 Statement of Comprehensive Income for the year ended 30 September 2025 Group 2025 Association 2024 2025 2024 Turnover Operating expendittjre Other income 1,539,255 11,709,(X)41 1,449,715 (1,859,708) 1,564,042 11,7(Yg,(XHI 1,459,949 {1,859,708) Operating ￿rpluS I (deficit) (169,749) (409,993) (144962) (399,759) Loss rdat'ng tr> Fire Safety wcrks Impairment of develq)ment coys Intere rEr8vab Intere# and financing cos Movement in fair value of financial ingyuments io 1660,758) 12,568,015) 382,qK) {410,379) (744,572) (10,481,840) 508,400 (454,887) (6EI),7581 I2,742,￿) (744,5ll) (10,481,840) 508,400 (454,887) (410,3791 Surplus I Ideficitl before and after tax (3,426,IXII) ( IL581892) (3,576,107) (IL571658) The notes on pages 22 to 37 form part of these financial statements. There are no reccyJnised gains and losses other than those included in the Ststement of Comprehensive Income. All acbvities relate to continuing operations. The financial statements have been prepared in accordance with UK Generally Accepted Accounting Practi￿ (UK GA4P) including Financial Reporting Standard 102 (FRS 102) and the Housing SORP 2018.. Statement of Recommended Practi￿ for Registered Social Housing Providers and comply with the Accounting Direction for Private Registered Providers of Social Housing 2022. These financial statements have been prepared in accordan￿ with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The financial statements were approved by the Board on 24 March 2026. Vanessa James Chair Debra Ive5 Chief Executive 18

HYELM Report and Financial Statements for the year ended 30 September 2025 Statement of Changes in Reserves for the year ended 30 September 2025 General Reserve Designated Reserves Endowment Fund Group Total Balance at l October 2023 24,111,749 97,937 6,244,623 30,454,309 Surplus / (Deficit) for the year Transfer to designated reserves (7,712,185) (3,870,707) (11,582,892) Balan￿ at 30 September 2024 16,399,564 97,937 ¥373,916 18,871,417 Surplus / (Deficit) for the year Transfer from designated reserves {2,565,335) {860,666) (3,426,001) Balance at 30 September 2025 13 834 229 1 513 250 15 445 416 Association General Reserve Designated Reserves Endowment Fund Total Balan￿ at l October 2023 24,235,349 97,937 6,244,623 30,577,909 Surplus / (Deficit) for the year Transfer to designated reserves (7,701,951) (3,870,707) (11,572,658) Balan￿ at 30 September 2024 16,533,398 97,937 373,916 19,005,251 Surplus l (Deficit) for the year Transfer from designated reseNes (2,715,441) (860,666) (3,576,107) Balance at 30 September 2025 13 817 957 1 513 250 15 429 144 19

HYELM Report and Financial Statements for the year ended 30 September 2025 Statement of Financial Position as at 30 September 2025 Company No: 00244598 Group 2025 Association 2025 Note 2024 2024 Fixed assets Property, plant and equipnEnt Other tsngible fixoj asts 13,628,540 16,462,155 7L2,915 13,628,540 984,9)6 16,621,294 712,915 14,613,446 17,175,070 14613,446 17,334209 CuThent A￿ts InVeSt￿￿nts Debtors Cash and cath equivalents li 2,439, 104,407 8,745,T26 11,290,039 2,539,9)6 119,149 8,687,006 11,346,061 IcKJ,000 134,557 12,361,665 11596,222 12 125,848 12,433,117 Il558,965 Creditors: Amounts falling due within one year 13 (3,405,049) (3,442,983) (3,477,343) {3,￿5,545) Net current ayets 7,884,￿) 9,115,9S2 7,868,718 9,(M),677 Total assets less Cu￿ent liabilities 21498,436 26,29L052 22,481164 26,424,886 Creditors: amounts falling due after more than ¢)ne year 14 17,053,020) (7,419,635) 17,053,020) {7,419,635) Total net assets 15,445,416 18,87¥417 15A29,144 19,005,251 ReseNes Unrestrictaj fund Deggnated fund EndoNnnt fund 13,834,229 97,937 1,513,250 16,399,564 97,937 2,373,916 13,817,957 97,937 1,513,250 16,533,398 97,937 2,373,916 18 19 Total ReseNes 15,445,416 1&87¥417 15,429,144 19,IK15,251 The financial statements were approved by the Board on 24 March 2026. Vanessa James Chair Debra Ives Chief Executive 20

HYELM Report and Financial Statements for the year ended 30 September 2025 Statement of Cash Flows for the year ended 30 September 2025 Group Note 2025 2024 Net cash generated from operdtiThJ activities 20 139,938 3(YJ,539 Purcha￿ of tsngible ftxaj assets Costs of fire safety wC￿k Tran￿er to investhEnt ￿COUnt Interest received (408,945) (6Ei),758) (2,439,906) 382,900 (3,126,709) (1,335,332) (744,572) 508,4CX) (1,571,504) Cash flow from finanang activities Interest paid RepaynEnt of borrowings (410,379) (2￿,241) (7tK),620) (454,887) (176,475) (631,362) Netchange in cash and cash equwaknts Cash and cash equ￿a￿nts at bejinning of year Cash and cash equivalents at end of year {3,687,391) 12,433,117 8,745,726 (1,893,327) 14,326,444 11433,117 21

HYELM Notes to the Financial Statements for the year ended 30 September 2025 l. Accounting Policies Company Information Hyelm is a limited company domiciled and incorporated in England arKI Wales. The registered offfi￿ is 43-51 New North Road, London, Nl 6JB. Accounting Basis The financial ststements have been prepared in accordan￿ with UK Generally Accepted Accounting Prartice (UK GAAP) including Financial Rewrting Standard 102 (FRS 102) and the Housing SORP 2018.. Statement of Recommended Prartice for Registered Social Housing Providers and comply with the Aca)unting Direction for Private Registered Providers of Social Housing 2022. The charitable company is a public benefit entity for the purposes of FRS 102. Arthur West House Limited is a wholly owned subsidiary of Hyelm, the company having been incorporated on 16 July 2015. The principal activity of the company is to carry out development activities on behalf of The Hyelm Group. Hyelm is the sole corExJrate trustee of The Ame5 House Trust C'Ame5 House,? which was an unincorporated charitable trust operating in London and is accounted for as a branch of Hyelm in accordance with the poliq gUIdan￿"EI4- Preparing limited charities, accounts". The company 15 required to prepare group account5 under Section 248 of the Companies Act 2006 and these financial statements p￿sent information relating to the company and group. The financial ststements are prepared in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. Accounting Policies The Board has reviewed The Group's accounting policies and is satisfied that they are appropriate. Going concern After making enquiries, the Board has a reasonable expectation that The Group has adequate resources lo continue in operational existence for the foreseeable future, being a period of twelve months after the dale on which the report and financial statements are signed. Turnover and revenue recognition Turnover comprises rental income from residents, receivable in the year and income from the provision of sporting, recreational or swial facilities. Rental income is recognised on the execution of tenancy agreements. Other income is rec(xJnised as re￿Ivable on the delivery of services provid￿. Housing Properties Housing properties are principally properties available for rent and are ststed at cost less depreciation. Cost includes the cost of acquiring land and buildings, development costs, interest charge5 incurred during the development peri(xJ and expenditure incurred in respect of improvements. Improvements are works which result in an increase in the net rental income, such as a redurtion in future maintenance costs, or result in a significant extension of the useful economic life of the propety in the business. Only the direct overhead costs associated with new developments or improvement5 are capitalised. 22

HYELM Notes to the Financial Statements for the year ended 30 September 2025 Depreciation of Housing Properties Hyelm separately identifies the major compx)nents which comprise its housing properties, and charges depreciation so as to write down the cost of each component to its estimated residual value on a straight-line basis, over its estimated useful economic lives in the business. The Group depreciates the major components of its housing properbes over the following perilxls: Main structure 50 years R(y)ts 30 years fts 30 years Windows & External Dc(Jrs 15 years Kitchens 15 years Bathrooms 15 years Internal Doors 15 years Electrical and mechanical equipment 10-15 years Freehold land is not depreciated. other Tangible Fixed Assets and Depreciation Depreciation is provided evenly on the cost of other tangible fixed assets to write them down to their estimated residual value5 over their expected useful lives. The principal annual rates for other assets are.. Fixtures and fittings 10010 _ 25Wo Computer Equipment Gains or losses arising on the disposal of other tangible fix￿ assets are determinaj as the differen￿ between the disposal prOC￿d$ and the carying amount of the assets and are recognised as part of the surplus/deficit of the year. Impairment Assets are reviewed for impairment on an annual basis. Where there is eviden￿ of impairment, fixed assets are written down to the recoverable amounL or to depreaated repla￿ment cost. Any such write down is charged to the operating surplus. Social Housing Grant Sooal housing grant (SHG) is receivable from the Homes and Communities Agenq (the HCA), local authorities, and other government organisations. Government grants received for housing are recognised in income and expenditure over the useful life of the housing propety structure and, where applicable, its individual components (excluding land) under the accruals model. Government grants re￿iVed in respect of revenue expenditure is credited to the income and expenditure account over the same periixi as the expenditure to which they relate once reasonable assuran￿ has b￿n gained that the entity will comply with the conditions and that the funds will be re￿ived. Grants due from government agencie5 or re￿iVed in advan￿ are included as current assets or liabilities. Government grants re￿iVed for housing purp05e5 are Subordinat￿ to the repayment of loans by agreement with the Homes and Communities Agency. SHG released on sale of a propety may be repayable but is normally available to be recycled and are credited to a Recycled Capitsl Grant Fund and included in the statement of financial position in Creditors. If there is no requirement to rerycle or repay the grant on disposal of the asset, any unamortised grant remaining within creditors is released and recognised as income in the income and expenditure account. Where individual components are disposed of and this dcEs not create a relevant event for recycling purposes, any grant that has been allocated to the component is released to the income and expenditure account. Upon disposal of the associated property, The Group is required to rerycle these proKeeds and recognise them as a Employees Benefits Short term employee benefits and contributions to defined contribution plans are re￿nised as an expense in the periijd in which they are incurred. 23

HYELM Notes to the Financial Statements for the year ended 30 September 2025 Debtors Short term debtors are measured at transacknon pri￿, less any impairment. Cash and Cash Equivalents Cash and cash equivalents include cash in hand, deFK)sits on call with bank5, Other short-term investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within tx)rrowings in current liabilities. Creditors Short term trade creditors are measured at the transaction pri￿. The outstanding loan is considered to be a basic financial instrument and has therefore been includaj within the accounts at amortised cost. Current Asset Investments Where these are held, they are stated at market value. Investment Income Interest from Certificates of Deposit and Fixed Interest Bonds is accounted for on a receivable basis. Dividend income is accounted for on a re￿iVed rather than receivable basis. The dIffe￿nCe is not material to the account5. Interest Payable Interest is capitalised on borrowings to finan￿ developments. Other interest is charged to the inu)me and expenditure account during the year. Loan Issue Costs Loan Issue Costs reflert arrangement fees payable in respect of loan facilities. Loan issue costs are amortised over the term of the respective loan facility and offset against loan balances within creditors. Liquid Resources Liquid Resources are readily disposable current asset investments. Pensions The Group does not provide a defined benefit pension scheme. Employees are, subject to eligibility, automatically enrolled into the NEST pension scheme to which employees contribute a minimum of 50/0 of basic salary, the Company will make contribution5 UP to a maximum of 7.50/0 of basic salary. Hyelm'5 contributions to employees, personal pension schemes are expensed as they (tcur. Members. Capital Subscriptions Members have historically paid a single subscription of £1, due and payable on the first day of the month after they have been admitted to the membership. This requirement was rescinded at the Annual General Meeting held on 28 April 2012. Balances held will be repaid to members on request. stock stock is calculated at the lower of cost or net realisable value. VAT The Group charges Value Added Tax (VAT) on some its income and is able to recover part of the VAT it incurs on expenditure. The financial statements include VAT to the extent that it is suffered by The Group and not recoverable from HM Revenue and Customs. The balan￿ of VAT payable or recoverable at the year-end is included as a current liability or a￿et. Development Fund (designated reserve) The development fund represents funds available to meet future development eX￿ndItUre which falls within The Group's objectives. Club Activities Fund (designated reserve) The club activities fund supports expenditure in re5￿t of non-accommcklation activities such as the provision of swrting, recreational and social facilities. Ary surplus achieved through the provision of such activities is returned to the fuThl. 24

HYELM Notes to the Financial Statements for the year ended 30 September 2025 Financial Instruments The Group has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's balan￿ sheet when the company becomes paty to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which indude trade and other debtors and cash and bank balan￿, are initially measured at transaction price including transaction costs and are subsequenuy carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future re￿Ipts discounted at a market rate of interest. Classification of finanaal liabilities Financial liabilities and equity instruments are dassified according to the Substan￿ of the contractual arrangements entered into. An equity instrument is any contract that eviden￿$ a residual interest in the assets of the company after dedurting all its liabilities. Basic financial liabilities Basic financial liabilities, including trade and other creditors, bank loans, loans from Group companies and preference sha￿$ that are classified as debt, are initially ￿cOgnised at transaction price unless the arrangement constitutes a financing transartion, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised costs, using the effective interest rate methcxj. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price are subsequently measured at amortised c05t using the effective interest methLXI. Judgments and key sources of estimation uncertainty In the application of the charitsble company's accounting PKJlicies, the Directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and assoaated assumptions are based on historical experien and other factors that a￿ considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and in future perI￿S where the revision affects both current and future periods. In preparing these finanaal statements judgements have been made in resi*rt of the accounting treatment of the fire safety works which are not considered enhan￿ the carrying value of the Od Street property and have therefore been written off in the Statement of Comprehensive income. 25

lg Eig 21¥81 5111111511,

HYELM Notes to the Financial Statements for the year ended 30 September 2025 2025 2024 2025 2024 ]4L123 341. 127.934 127,934 469.057 481691 469,057 4ai691 Fee5 pwle f(Y FeÈ4 pry￿le frr d 9JbsbJiwles 21,fI15 ,1( 2L&J5 I4￿? 2I7(KI 24005 810 810 iio 4. knterest re(eI￿le other Inc4wM.fxw>md Atyxlatlon 2025 24 Inrffe5t rx6Vle knccffl LeL' N(thai RCGF {nrte 16) 5. Interest e4ysts.&w A(rt14tlon 2025 2024 Lo￿5 ts￿k YAJYJ Ndthal RCGF knttre (nrte 16) I￿.620 28

HYELM Notes to the Financial Statements for the year ended 30 September 2025 6. Employees- Group and Association 2025 2024 Nwnb•r Nwnb•r Aver4e (knthdkng the (hlel Ex4XUthe) exprewl as ffjufvalents ba91 cfi ]S hthjr &7 2025 2024 3.6 &7 &9 2025 WwJe5 xbd sle5 1&71J 20, 718 231739 2025 W•Jes wbd skis 314,243 38,713 281,767 ponkn cc6ts 19,Ml 33¥696 374917 7. Board members and executive directors- Group and Association 2025 2024 EnXknn￿ts rf the Ctsrwls Dtith d Fkn￿¢e & c￿tr•ju1￿& 169A94 EhTrJmmts d lh• Chlrf 4+0 th• hlgh•rt c(mtrtutth& 44734 Coitrbufkns kn the thlel ExeLutfv¥s pkn. No members of staff were paid more than £60,000 in the current or previous year other than the Chief Executive (as disclosed above) and the Director of Finantr. No emoluments We￿ paid to members of the Board during the year. Expenses paid during the year to members of the Board amounted to £Nil (2024: £Nil). 29

HYELM Notes to the Financial Statements for the year ended 30 September 2025 8. Fixed Assets- housing properties- Group Housi properties held for letting Housing properties for letting under constrnction Total housing p￿PertIeS Cost At l Octrber 2024 Work in prcKJresS Component repl￿eM£￿t Additions At 30 September 2025 Depreciation At l (kn*ier 2024 Depr￿la￿￿ charged durlng year Impairment durlng the year At 30 September 2025 Net book value At 30 September 2025 16,158,428 15,531,155 31,689,583 9,020 16 167 448 9,020 15 531155 4,745,588 341,123 10,481,840 15,227,428 341,123 2,501,512 18 070 063 2,501,512 11080 737 At 30 September 2024 155 Fixed assets- housing properties- The A5￿clat10Th Housi properties held for letting Housing properties for letting u￿ler constNction Totsl housing p￿pertIeS Cost At l Octcber 2024 Work in projress Component repl￿ement Add￿"onS At 30 September 2025 Depreciation and Impairnient At l October 2024 Depr￿lati[￿l charged during year Impairment during the year At 30 September 2025 Net book value At 30 September 2025 16,158,428 15,690,294 31,848,722 9,020 16 167 448 9,020 31857 742 15 690 294 4,745,5 341,123 10,481,840 15,227,428 341,123 2,6f￿),651 18 229 202 2,660,651 491 11080 737 At 30 September 2024 16 621 294 30

HYELM Notes to the Financial Statements for the year ended 30 September 2025 Expenditure on works to existing ￿1>Perties- The Group and Hyelm 2025 2024 ImproVem￿lt wcrks capitali￿d Components capitali Amcxjnts charged to inconE and expendittjre 9,020 23,Tr) Social IK*using assistsnce - The Group and Hyelm 2025 2024 Totsl accumulat￿ 9xrdl housng grant r￿e1Ved CK [￿8Vable at 30 September.. Caprtal Grant 3,000,000 3,000,0(X> 3,OlXI,O 3,000,0 Housing properties IxK)k value net of deP￿CIatIOn Gmup 2025 Association 2025 Group 2024 Association 2024 Freehdd land and buildings 155 294 31

HYELM Notes to the Financial Statements for the year ended 30 September 2025 9. Tangible fixed assets- other- The Group arKI Hyelm Furnitu￿ & equipment Computer equipment Totsl C¢)st at l October 2024 Addib"ons Cost at 30 September 2025 1,378,616 398,193 1776 809 143,666 1,732 1,522,282 399,925 1922 207 Depreciation at l Othiber 2024 Charged during year Eliminated on Disposal Depreclatlon at 30 September 2025 716,503 108,791 809,367 127,934 19,143 112 007 Net book value: At 30 September 2025 At l October 2024 66 712 915 10. Costs assodated wlth Flre Safety works 2025 2024 Fire Safety Cc)sts Loss in respert of Fire Safety Works 660,758 660,758 744,572 744,572 11. Imiestments Group 2025 Association 2025 2024 2024 95 day Deposlt account Inve*rent in ￿b9dIarY 2,439,906 2,439,906 iOO,O(KJ 539,906 l(K),C(() 100,000 1439,906 Arthur HOU￿ Limited is a thcAly ownal ￿b9diary of Hyelm. At the 30 September 2023 Hyelm hdd 100,(MH) ordinary share5 £1 e￿h {2020'. £1(KI,(KKI). 32

HYELM Notes to the Financial Statements for the year ended 30 September 2025 IZ Debt(￿$ Group 2025 Associati( 2024 2025 2024 Due within one year Rent and service charge receivable Provisi￿ for and d￿btFul debts 124,485 (123,4541 1,031 34,267 113,932 (105,189) 8,743 3,204 124,485 {123,454) 1,031 34,267 19,455 113,932 (105,189) 8,743 3,184 other debtors Due frcKn ￿bsIdkIry Prepayments VAT due Accru& inc(xne Totsl debtors ,699 4,713 25,697 84,632 7,735 21,534 84,632 25,697 119 149 37,998 13. Creditors amounts falling due within one year- The Group and Hyelm G￿up 2025 Assodatlon 2024 2025 2024 ReCYC￿d capital grant fund (note 16} Debt (nt*e 17) L(Aan issue costs Tr￿e creditors 2,736,596 3(B,015 2,635,976 291,641 2,736,5 3)8,015 2,635,976 291,641 211,335 23,751 52,838 30,￿2 211,335 23,751 72,291 Rent and service charges paid in advance Due to wbsdiary (note 24) Deferred capital grant Incte 15) Other tsxation and ￿la1 wurty Other Cr￿11￿$ Accruals and deferr￿ income 30,802 109,029 15,395 13,275 15,395 13,275 46,413 354,657 46,413 315,028 3 505 545 14 Creditors falliMJ due after more than one year- The Group and Hyelm 2025 2024 Debt (n(te 17) Loan issue costs (note 17) Deferral capital grant (nrte 15) 5,114,612 114,0581 1,952,466 7,053,020 5,422,627 (15,458) 2,012,466 7,419,635 33

HYELM Notes to the Financial Statements for the year ended 30 September 2025 15. Deferred capital grant- Group and Association 2025 2024 At l Octcl)er 2023 Released to incune in year At 30 September 2024 2,192, {60,￿) 13 2,132,466 (EO,000) 07 2025 2024 Amounts to be released within ￿e year Amounts to be releas&l in nKJre than ￿e year 1,952,466 oi 2,012,466 07 466 The deferred capital grant relates to the New North Road property and may be repayable in full should the property be sold. 16. Recycled capital grant fund- Group and Association 2025 2024 At l Octrt)er 2024 Interest accrued {note 4) 2,635,976 IIXJ,620 2,504,615 131,361 RepayrrEnt of grant At 30 September 2025 736 596 635 976 The recycled capital grant arose in the year ended 30 Septemikr 2015 on the sale of Arthur West House. 34

HYELM Notes to the Financial Statements for the year ended 30 September 2025 17. Debt analysis- Group and Association 2025 2024 Due within one year Bank kA4ns Less: issue cos 308,015 291,641 Due after more than one year Bank bans Less: is%ue cos 5,114,612 (14,058) 5,422,627 (15,458) The loan from Promontoria Holding 463 B.V is secured by a legal charge over the Old street Development and is repayable within 30 years. The loan bears a fixed interest rate of 5.50/0 over the whole term, with capitsl repayments having commenced during the year to 15 octo1￿r 2013. 2025 2024 Within one year or on demand One year or more but less than ljvo years Two years ￿ more but less than fNe years Fwe years or more 308,015 308,015 1,134,453 3,658,086 291,641 308,015 1,134,453 3,964,701 5 698 810 18. Designated fund - Group and Association The Group holds funds designated for development expenditure and for supporting non-accommodation artivities for residents such as recreational and social artivities. Any surpluses generated are returned to the fund. Balance at l October 2023 Tran*rs in year Balan￿ at 30 September 2024 97,937 97,937 Tran￿r5 in year Balano at 30 September 2025 97,937 35

HYELM Notes to the Financial Statements for the year ended 30 September 2025 19. Endowment fund - Group and Assoaation The endowment fund held by The Group is the original endowment to The Ames House Trust to which trading surpluses/deficits and investment gainsllosses have been added over the years, together with the proceeds from properties sold. Balance at l October 2023 Surplus for the year Balan￿ at 30 September 2024 6,244,623 (3,870,707) 373,916 Surplus for the year Balance at 30 September 2025 {860,E￿) 1,513,250 20. Consolidated cash flow from operating activities 2025 2024 (Defiat)l￿rpluS for the year Adjustments fornon-cash iten7S DeprecKationlimpairment ￿ tsngible fixed assets Abortive devel￿ment costs (Increa*)Id&rease in debtors (D&rease) / increase in cralitors Government grants utilised in the year Net cash generated from operntiry activities { 169,749) (409,993) 3,997,217 (3,594,663) 21,441 (54,308) {60,(KK)) 139,938 10,964,531 (10,481,840) (9,653) 306,494 {60,OCX]) 309,S39 21. Capital commitments The P(Jard have agreed to a programme of remedial fire safety and refurbishment works for the Old Street building. This work is being done on a floor by floor basis and at the year end capital commitments tr)tslling £169,087 had been entered into in respect of these works. 22. Post balan￿ sheet events There are no Exjst balan￿ sheet events to report. 36

HYELM Notes to the Financial Statements for the year ended 30 September 2025 23. Legislative provisions Hyelm is incorporated under the Companies Act. 24. Related parties Arthur West House limited is a wholly own￿1 subsidiary of Hyelm, a tharitable company registered in England and Wales. Hyelm is Consider￿ to be the ultimate controlling party. The sum of £72,294 excluding VAT (2024.. £109,587) was due to Arthur West House Limited at the end of the ffinancial year in respert of development services provided during the year. The sum of £19,455 (2024 £16,464) was due from Arthur West House Limited in relation to services provided by HYELM to Arthur West House Limited. 25. Financial instruments Group 2025 Association 2025 2024 2024 Carrying a￿Unt of financial aEets red at amrtised co 65,708 4L216 80,450 49,925 Carrying amunt of financial liabil￿eS n￿￿red at amrb"d co 5,717,363 6,17L703 5,789,657 6,234,265 26. Operating leases Residents in Hyelm's properties enter into assured shorthold tenancy agreements with a minimum length of six months. In addition to the residential accommodation prowded, Hyelm has leased office accommodation to third parties. Group 2025 Association 2025 2024 2024 Not kter than l year Later than l year 55,116 65,681 55,116 65,681 55.116 65.681 55.116 65,681 This note shows the committed income under operating lease contracts expected to be earned post year end by Hyelm. 37