(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 Cc*Je 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 b*n
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 co*s
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 as*ts
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
EndoNn*nt 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 pw*le 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 r*x6V*le 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 ba9*1
cfi ]S hthjr
&7
2025
2024
3.6
&7
&9
2025
WwJe5 xbd s*le5
1&71J
20, 718
231739
2025
W•Jes wbd s*kis
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
EhTr*Jmmts d lh• Chlrf 4*+0 th• hlgh•rt
c(mtrt*utth&
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 co*s
308,015
291,641
Due after more than one year
Bank bans
Less: is%ue co*s
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