2023-03-31-annual-return

CHOICE HOUSING IRELAND LIMITED ANNUAL REPORT AND FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Registered under the Co•operative and Community Bellefit Societies Act (Northern Irelat￿)l969. IP000408 Registered Housing Association: R56 Registered Charity: NIC100095

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnanclal Ststements For the Year Ended 31 March 2023 CONTENTS Page Directory Statement of B08rd of Management's Responsibilities in Respcct of thc Report of the Board of Matthg¢menL the Strat¢gi¢ R¢port and the Financial Statements Report of the Board of Management and the Strategic Report Board of Management's Statement of Internal Financial Controls Ind¢￿ndent Auditor's Report to Choice Housing Ireland Limited Group and Parent Income and Expenditure Accounts Group and Parent Statements of Other Comprehensive Income Group and Parent BaLance Sheets Consolidated Statement of ChBnges in Equity Parent Statement of Changes in Ekuity Consolidated Cash Flow Statement 19 20 26 27 28 29 30 Nots8 fonning part of th¢ Financial Statements 31

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnanclal Statements For the Year Ended 31 March 2023 DIRECTORY (Who served duriDg the year) BOARD OF hL4NGEMENf (])IRECTORS) Mr J Higgins (Chair) Mr C McAreavey (Vice Chair) Mr R Hawe MS J Donald Mr8 M Donnelly Mrs H Harrison Mr P Leonard Ms C Scales Mr8 C Young Mr M M¢Kinsty Mr D Toner COMPANY SECRETARY Mr L Jackson GROUP SENIOR MANAGEMENT TEAM Mr M McDoDnell Mr M Raffety Mr J And¢r80n Mr8 C E￿Ille Mr L Jackson Mr W Parrelly Ms S Cosgrove (Group Chief Executive) (Group Director of Finance & Resources) (Group Director of Development) (Group Director of Tenant & Client Services) (Group Director of Corporate Servirxs) (Group Director of Asset Services) (Chief Executive Oakle¢ Housing) REGISTERED OFFICE Leslie MoTrell House, 3741 May Str¢eL Belfast BTI 4DN 31-35 High Str¢e( Belfast BTI 2AL 98-100 Boulevard Konrad Adenauer. Luxemlwg Barclays Bank Donegall Square Nortty Belfast BTI SLU Ulster Bank Donegall Square East, Belfast BTI SUB Bank of Ireland Don¢gall Square SOU￿ Belfast BTI 5LR Housing Fitwice CO￿ 107 Cannon Street, London EC4N SAF Danske Bank Donegall Square West, Belfast BTI 6JS Nationwide Kings Park Roa( Northampto￿ NN3 6NW EXTERNAL AUD￿oRs ASM, 4th Floor Gl¢ndinning Housfy 6 Murray Street, Belfast. BTI 6DN INTERNAL AUDITORS TW Artillery Houg¢, Fort Fare1￿1, Newgate tane. Fareham, P014 SOLICITORS Elliott Duffy Garrett, 40 Linenhall Str￿. Belfast BT2 8BA

CHOICE HOUSING IRELAND LIMrrED Annual Report and Financial Statsments For the Year Ended 31 March 2023 DIRECTORY (continued) At the dats of signing these accounts the following individuals were 8¢rYing on the various subsidiary boards and conunittees within the Group: Cboiee Services (Ireland) LI￿￿ted Maple And Miy (Homes) Ltd. P Leonard (Chair) H Harrison T Bogoina-seenan R Mcconnell R Hawe J Roden G Millar L Jackson (Secretary) Development & Assets Commlttee P Leonard (Chair) H Harrison (Virx Chair) T Begoina-Se¢nan R Mcconnell J Roden G Millar R Haw¢ Maple And May LknL P knnard (Chair) H Ha￿lson T Bogoina-seenan R Mcconnell R Hawe J Roden G Millar L Jackson (Sc￿etary) D Toner (Chair) TRea T Nelson M Gillespie S Lynch L Jackson (Secretary) Tenant & Clfient Servlees Commlttee C Young (Chair) C Gibson (Vicx Chair) K Bailey P Convery MS J Donald R Murray R Hamill Flnanee Committee J Higgins (Chair) D MacAt¢er (Vice Ch8ir) M McKinsty S Elliott L Jackson (Secretary) Nominadonj & Governao¢e Committee C McAreavey (Chair) J Higgins (Vice Cbair) M DoDnclly L Jackson (SKretary) L Jackson (Secretary) Audit & Rlsk Commlttee C Scales (Chair) M Donnelly (Vice Chair) G Walsh C Staple D Tate G McDaid M McDoDnell (CEO) L Jackson (S￿) L Jackson (Se¢r¢tary)

CHOICE HOUSING IRELAND LIMITED Annual Report and Finanaal Statements For the Year Ended 31 March 2023 STATEMENT OF BOARD OF MANAGEMENT'S RESPONSIBILITIES IN RESPECT OF TllE REPORT OF IIIE BOARD OF MAI¥AGEMENT, THE STRATEGIC REPORT AND THE FINANCL4L STATEMEIYTS The Board of Management are responsible for preparAng the Report of th¢ Board of Management. the Strategic Report and the financial statements in accordance with applicable law and regulations. Co-operative and Conynunity Benefit Societies law r¢quire8 the Board of Management to prepare financial statements for each financial year. Under those regulations the Board have elected to prcpare the fmancial Statements in accordall￿ with UK Accounting Standards, FRS 102 The Financial Reporting Standard applicable in the UKand Republic ofIreland. Under Co-operative and Community Benefit Societies law the Board of Management must not approve the fllwkcial statements unless they are satisfied that they give a true and fair view of thc statc of affairs of the Group and Parent and of the income and expenditure of the Group and Parcnt for that year. Ill preparing the8e finan¢ial statements, the Board of Management are Tequired to: select suitable accounting policies and then apply them consistently: make judgements and estimate8 that are reasonable and prnden(' state whcther applicable UK Accounting Standards and the Statement ot"Recommended Practi¢¢ have been followed, 8ubj¢ct to any n￿terIal departures disclosed and explaincd in thc financial statement3; assess the Group and Parent's abilty to continue as a going concern, disclosin& as applicable, matters related to going ￿ and use the going concern ba818 of accounting unle88 they either intend to liquidat¢ the Group or Parent or to cease operations or hav¢ llo r¢ali5tiG alternativc but to do 80. The Board of Management are responsible for keeping adequate accounting record8 that are sufficient to show and explain the Group and Parent's transactions and disclose with reasonabl¢ accuracy at any time the financial position of the Group and Parent and enable them to ensur¢ that the financial 8tstement8 comply with the r¢quirement8 of the Co-operative and Community Benefit So¢ieti¢6 (Northern Ireland) 1969, Article 19 of the Housing (Northern Ireland) Order 1992. R¢gistered Housing Association8 (A¢￿UntIng Requirements) Order (Northern Ireland) 1993, the Charities Act (Northern Ireland) 2008 and Regulation 9 of th¢ Charities (AcrA)unts and Reports) Regulations (Northern Ireland) 2015. They are responsible for Such internal controls as tbey deterll￿c ar¢ nece88ary to enable the preparation of financial statements that are free from material misstat¢ment, whether due to fraud or error, and have general responsibility for taking such stq)s as are re&80nably op¢n to them to safeguard the assets of the Group and to prevent and detect fraud and other irregulariti¢s. The Board of Management are responsible for the maint¢nanrx and integrity of the Co￿Orate and financial Inforn￿tIOn included on th¢ Group'5 w¢bsit¢. L¢gislation in the UK governin8 th¢ preparation and dissemination of f]nanC￿ statements may differ from legislation in other juri8diction8. On b¢lthlf of th¢ board tor Ciaran McAreav¢y, Dir¢ctor 23 August 2023

CHOICE HOUSING IRELAND LIMITED Annual Report and financial Statements For the Year Ended 31 March 2023 REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REI>ORT The Board of Management present their rewrt and the audited financial statements of Choice Housing Ireland Limited (the "Association" or "Parent") and its Subsidiari￿ (together the "Group") for the year ended 31 March 2023. Prlnelpal Aetfvlty The Association is a public benefit entity administered by a Board of Management and is involved in the devclopmcnt and management of affordable rent¢d accommodation. The A880ciatioll is registered under the Co-operntive and Con]munity Benefit Societies Act (Northern Ireland) 1969 (No. IP000408) and is a Registered Housing Association (R56), providing housing in Northern Ireland for peopl¢ in need. The Association is a registered cknty under the Charities Act (ND 2008 (Charity No. NIC100095). The Group provides low-cost accommodation through itg registered housing association: Choice Housing Ireland Limited ("CHI" or 'the Parnit") . Additionally, its subsidiarA¢S provide the following 8ervi¢es: Maple And May Ltd ("M&M") provide8 a¢¢ommodation in the privats rented sector. Maple And May (Homes) Ltd ("MMW') provid¢s affordable home ownership. Choice Servirx5 (Ireland) Limited (YSL") provides maintenance services to the Group and to a joint venture Comhar Facilities Manag¢m¢nt Limited. Oakle¢ Housing & and it8 subsidiary Acorn Housing left. and were thong01idated from, the Choice Housing brland Group stru¢ture at I1.59pm on 31 March 2023. Therefore the activities (i.e. the income and eX￿nditure) of th¢8e two subsidiaries are reflected in the Group Income and Expenditure Account for the year (as discontinued operation8) but no assets and liabilities for these entities are included in the Group Balance She¢t as at 31 March 2023. Board of Managemen¢ Shareholders and Offlcers The members of the Board of Mana8¢in¢nt and the officers of the AssociatIc￿ are listed on pag¢ 2. The Board of Management is a voluntary Cornmitt¢e who have responsibility for the strategic d1￿CtiO general policy and management of the Group. The day-to-day management of operations 18 delegated to the Gmup Chief Executive and the Senior Management Team. Each member of the Board of Mauagement other than member8 Co-opted dwing the year holds one share of £1 iti th¢ Association. Our visio￿ Mlsslon and Values The Group's Corporatc plan to 2024, sets a clear vision for the orgaDisation to make a real and lasting diffcmjce to the lives of our t¢naDts and their con]muniti¢s. Our Mission is 'to enrich lives through great homes, servic2s and communities., Our Vision to 2024 is 'to b¢ recognised ￿ the leading hou8ing &8sociation group in Northern clan&, Our An]bition is 'to make a positiv¢ and sustsinable difference by increasing the supply of decent and affordable homes, by en$Urit￿ access to excellent support services, by promoting inclusive and tbTiving communities, and by rnaking best Uge of our resources.

CHOICE HOUSING IRELAND UMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 REPORT OF THE BOARD OF MANAGEMENT AP4D THE STRATEGIC REPORT (conthiued) The Group should c(ntinue to lev¢rag¢ its skills and resources, working closely with other like-minded partnera to dcliver benefits for all conMnunitics. The Group will also play our part in addrcssing thc strategic challenges that face society, including recovering from the impact of the global pandemic, climate c]wige and promoting well-being. Buslne88 Plan 2023124 The Group Bu5ine88 Plan t.or 2U23124 reflects four strat¢gi¢ goals, encompassing 'fjreat Hom¢s'. 'Gr¢at Services., 'Great Communities ' and 'Great Delivery., The 'Headlines' for 2023124 etwompass: Securing additional long-terni competitive fixed inter¢8t rats funding for Group gtowtb plan8; Maintain comprehensive management of health and safety and compliance risks; Compr¢hen$ively plan for relocation to Carolan Road headquarters; Deliver Group Strategic priorities acn)ss Subsidiari Jmplement first year of new business improvement strategy; and Successful utilisation of bank loan funding through development progratnmes. Strategle objecllve l.. Great Homes Deliver ambitious new build 'starts' and 'completions'; Build pipeline tbrough strategic slte acquisitions; Progress mixed t¢nur¢ ambitions through pilot projects; A88ess impact of Department for Communities ('DfC') review of affordablelintermediate rental Contribute further to the Together: Building A United Commu]Jity/'Hous7ng for All, programme; Ensure alignment between development, housing management and financial imperative8' and Review parameters for a potential 'mod¢rn methods of ¢onstruction' project. Stratwc objective 2.. Gr¢a¢Services Deliver annual plamied maintenance programme to include all compliance Wo￿8. Complete all in-year stock condition survey8 with validatio Retsin ISO 9001 acc￿ditation for Assets functi Launch new A88et Management Strntegy, R￿¢W En¢rgy & Sustainable Development Strategys Maintain 'zero tolerance, on health and saf&y and Compliance management; Implement updatcd fire safety strat£gy' PTogrcs8 Victoria Housing Estates propety refurbis]]ment programme; Improve management of anti-social behaviour with implementation of city centre safety pilot; Disposal of College Court Centrnl unit8 With successful relocation of tenants. Straieglc objecrfive 3.. Great Communtiies Implement new CotDmunity Dev¢lopm¢nt Strategy; Implement thinl year of Financial Inclusion strategy: Review supported housing priorities & effectively manage key partner ￿lationShIps. Revi¢w tenant engagement processes to address perceived gaps. Revisit and complete community inv¢stment strategy: and Review social value metrics for next annual report.

CHOICE HOUSING IRELAND UMITED Annual Report and Flnanclal Statements For the Year Ended 31 March 2023 REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT (condnued) S¢ntse￿.C objedive 4.. Grea¢Delfvery Long tenn financial plan review, includmg consideration of net zero carbon targets; Progress Choice sustainable trnisport plan. New risk managcmcnt policy and procdures embedded across the business: Realise business benefits from the P2P project implementation; Implement actions arising from the recent rent and service charge review; tmplan¢nt actions arising from th¢ wised Procurement Strategy. Ac]Jieve further gains under the Value-for-money strategy. Ensure effective dclivcry of services to group companies and PPP project; Undertake a review of fllwice systems with a view to future d¢mands; Undertake next bi-annual stsff satisfaction survey; Implement new Diversity Strategy actt>ss Group; Conduct 5.year salary bencknjarking & pay model review; Create 'Innovation Hubs, to support business improvffli¢nt' Review of Choice brand and communications strategy; Develop 'Choice Position on..., statements for key sectoTrl issues. Complete Office 365 roll-out and 'agile' fornis; Complete Strategic review of rr hardwar¢ and cor¢ systfflns. Maintain group cyber security and data inte￿Ity. and Create a Data Strategy and pilot a business intelligence reporting tool.

CHOICE HOUSING IRELAND LIMITED Annual Report and financial Statements For the Year Ended 31 March 2023 REPORT OF THE BOARD OF MANAGEMENf AND THE STRATEGIC REPORT (Continued) Operatlonal perforniance during the year This section describes the operational perforn￿￿ of the Parent duTing the year. Targets are set for key perfornkance indicators and they are used in the managing of perfonnance, and in setting the strategies for continuous improvanent. Key perfonnance indicators are al80 used by the Department for Communities to assess the perfonnance of each association against Ats pccr group and the sector in totsl. Re8pon$e malntenan¢e 8ervlce The tsble below shows the Parent's perforniance in completin8 works orders within target timescales: Workf order Prlorlty ormance - Yo CO leted within lar 2023 2022 Emergency (24 bts) 940A 96Qh Urgent (4 days) 91• 97Yo Routine (20 days) 94% 96Yo Overall works order performance at 93.20/0 Iw exceeded the 2022123 Business Plan tsrget of 90.OC/I o and is marginally lower than the 2021122 out-tum (which w&8 96.￿/0) largely due to the changes to Mrc service provider8 for response repair8 in June 2022. Planned malntenance programme In 202212023, £5.7 million was spent by the Parent on the planned maintenance programme (capital expenditure) (202112022: £10.3 million). The most significant projects completed were in relation to James Court sheltered scheme, Pond Park general needs scheme and kitchen and batbroom replacement plus ¢]￿trical upgrndes across a number of schemes. There was al80 revenue planned maintenance expenditure of £O.l million (2021122 £0.7 million). Arrean The Parent has a specialist income recovery team which focuse8 on management and perforniance and in particular th¢ area of past tenant arrears. Ivhilst the timing and effect of Welfare Reforn] are still unknown, the income recovery team continue to dedicAte their time to the collection of rcnts. Thc table bclow shows the &Trears balances of the Parent aft￿ deduction of expected bcncfits. and the percentage of rental income, The level of the arrears has increased due to the wider impact of the cost-of-living crisis. 2023 2022 £>￿0 Current arrears of Parent (after deduction of ¢xpe¢t¢d b¢nefits) £1,826 (4.OO/o) £616 £2,106 (4.80/D) £621 Past tenant arr&qrs (1.3Yo) £2,442 (5JO/o) (1.4%) £2.727 (&20/0) Total arrear8 at year end

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnanclal Statements For the Year Ended 31 March 2023 REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT (co]rtlnued) Vold8 The proactive management of voids is regard￿ as a key issue. A specialist alloGation8 team aim8 to improve perfonrtsqnce in this area. Included within its tern)s of reference is: Arrangements for offers of accommodation; External liaison with agencies; Financial illccntivc4 Strategic approach including voids toolkit; and Voids audits by housing managers. R¢nt loss through voids by the Parent in the financial year was £1,428k rep￿SentIng 2.20/0 of gross rent receivable (202112022: £1.153k and 2.OO/o). A void8 worknng group comprising senior management representatives ]w been estsblished to oversee this area. A summary of the void8 at the year-¢nd are set out iu th¢ tabl¢ ￿low. Mar-23 Mar-22 Housing voids units Maintenance voids units 121 110 107 102 Unlettable voids UDit8 61 50 VHE voids units 92 95 Total 381 357 New developments The numbers of homes and bed spaces of the Parent in new s¢heme8 are shown below: 2023 2022 Units completed Units started 315 201 433 442 The increase in units completed was due to the trend towards larger schemes by the Association. The increase in units Started wa8 due to larger schemes going on8ite in the year to March 23 than in th¢ previous year. There wa8 expenditure of £53.Om (2021122: £67.6m) by the Association during tbe year on new developments. At 31 March 2023 there were 15 Schemes on site comprising 775 units in¢Iuding, 146 units at Minorca Drive, Ca￿1CkfeTgU8, 90 units at Park Avcnuc, Bclfast and 81 uDits ai Kings HalL Belfast. The Association completed 315 units including 44 units at l£wis Mews, Belf&st. 53 units at Belvedere, Upper Dunmurry Lane & 26 units at CairnMarti￿ Belfast.

CHOICE HOUSING IRELAND LIMrrED Annual Report and Financial Statsments For the Year Ended 31 March 2023 REPORT OF THE BOARD OF MANAGEMENf AND THE STRATEGIC REPORT (continued) Staff One of the key perfornwice indicators in relation to staff management is the perc£ntage of worknng days lost through sickness absence. In 2022123 the Parent achieved a perforn￿￿ce of 5.3 % (2021122: Complalnts A totsl of 54 formal complaints were registernl by tenants of the Parent during the year, comparnl to 41 for the previous year. A b￿akdOWn of complaints is analysed as follows: 2023 2022 maint¢nance￿q)airs Anti.Social Behaviour 31 23 Allocations Car Parking188ue8 Stsff Other Total 54 41 49 of the complaints were satisfartorily resolved at the fir8t stRge of the Parent's procedure. 5 of the complaints received progres￿d to the 8econd stage (2021122: 2). Cholce servi¢￿ C¢lltre Choice Services Centre 18 a specialist in-house contact centre ta8ked with providin8 a r¢s￿nSIve and accessible service to tenants. The following table shows its perforn]ance level8: 2023 2022 118.517 120.401 Resolved at first contact Tasks resolved by officer grade staff 10

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnanclal Statements For the Year Ended 31 March 2023 REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT (eontinued) Energy And emlsglons report Dctai]s of the Parent's ejjew consumption and ¢mi&8ions for the period l April 2022 to 31 March 2023 were as follows: 2023 IJK & Offshore Energy consumption used to calculate emissions Gas: 14,948,408 152.312 2,017,384 1,809,596 5.524,434 330 338 (kwh) LPG: Heating Oil: Company.owncd vans: Electricity: Non Co. owned ve]Jicles Total: 24,782,472 Emissions from combustion of gas {tC02e) Emissions from combustion of LPG (tC02e) Emissions from combustion of Heating Oil (tCOTr) Emissions from business travel in LX+mpany owned vehicle8 (tC02e) Emission8 from purchased electricity (tC02e) Emissions from busin¢89 travel in non-company owned vehicles 2.728.7 32.7 497.8 451.6 1.068.3 81.6 Total gross (tC02e) Intensity ratio: tC02¢ wss figure based on mandatory fields abovel e.g. £IOO,000 revenue 4,860.7 Based OD Prffjies owned: 0.42 tC02e Ihouse owned Based on energy supply: 8.94 tC02eJ8uppIy The Energy Consumption Master Spreadsheet obtained from Choice Housing containing, Electricity, Natural Gas. LPG, Heating Oil consumption on a monthly basis sourced from invoices. Company vans mileage data obtained from Choice Housing. Non-company owned mileage data obtained from Choice Housing. 11

CHOI￿ HOUSING IRELAND LIMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 REPORT OF THE BOARD OF MANAGEMEIYT AND THE STRATEGIC REPORT (continued) Community Invutment As a social purpose organisation, Choice has a key role to play not only in providing homes, but also in creating vibrant and resilient communities, and supporting individuals and families through the provision of great servI￿s. We have a history of providing a variety of serrfices for our tenants that can broa(lly be understood as 'Communty Investment,, This 1$ a key way that we, as a housing &%wciation. differentiate ourselves from other landlord4 and is ¢¢ntral to how w¢ demonstrate our social pU￿oSe. Economic Resilience and Health and Well-being are the two themes under which community investment activities are cx>nsidered for funding. In the year 2022-23 Cl￿1¢¢ partnered with I I organisations to deliver £IOO,000 of investment and thereby supporting nearly 270 individuals in accessing education and skills an(Vor improving their physical and mental health. D¢tails of some of the initiatives are listed below, Young Enterprise NI- Access EnterprAse Pro￿llme Four groups of young people aged 13-18 (34) from Belfast and the North-west w¢r¢ supported by Choice to take part in the Access Entsrprise Programm¢ organised by Young Ente￿riSe. The Rio Ferdinand Foundation Community Pilot Programm¢ In Febnjary 2023 Choice became the first housing association in Northern Ireland to partner with the well4stablished Rio Ferdinand Foundation (RFF) to support young people through a range of personal and professional development programmes. Choice Housing Scholarships Durin8 the year, Choice a180 continueA1 to work with Queen's University and Illster University to provide financial support to students facing financiaL social or logistical barrier8 to fijrthmg their education througb its scholarship progrdL]]me. Groundwork NI- Pop-up and Grow Workshop8 Groundwork Nt deliver services and support across the region and have partnered with Choice to deliv￿ six Pop-up and Grow workshops across the Choice Community Network. 12

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REPORT (continued) Financlal performallce Income and expendlture The table below provides a summary of the Grnup Income alld ExwAditure account. 2023 £m 95.0 2022 Turnover 86.6 EBTfDA' 19.9 31.2 Surplug for the year before exceptional items 18.0 12.7 Exceptional loss (16.4) S￿￿lus for the year aftff exceptional items 12.7 Group turnover has increa8ed by 9.3 % reflecting an increase in utiits let and rental incThses of 3.10/0 applied during the year. Exceptional items refer to th¢ deconsolidation of the Republic of Ireland 8ub8idiatie$, Oaklee and Acorn w]Jich are treated in the Grnup results as a disposal of their net a88ets as at 3 Ibt March 2023. as per nots I I to these Financial Stat¢m¢nts. I EBITDA for the Grou is calculated as follow8: 2023 £000 2022 £000 Ref Surplus for the year Depreciation through I&E Amortisation through I&E IA)ss on disposal of major r¢pairs Tax Interest payable Intcrcst rcccivable Adjusted EBITDA I&E Note 6 Note 6 Note 6 I&E I&E I&E 1.467 20,671 (13,376) 1,306 130 12,370 12,362 19,338 (13,057) 946 367 11,283 25 13

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 REPORT OF THE BOARD OF WAGEMENT AND THE STRATEGIC REPORT (eontinued) Th¢ Core Perfonnance and Cashflow for th¢ Parent is set out in the tables below. 2023 2022 £0008 Gross Rent Operating Cost8- CORE Operatillg MaryD- CORE 47005 (25,705) 22,100 45.142 (22,558) 22,584 Planned Maintenance Progr8mme (PMP) Capex PMP Revenue Net ]nterest (6,638) (185) (6,443) (752) 8,082 1,693 (10,294) (726) (6,531) (1,643) 3J90 (142) Net Ca8hflow before di8¢retionarylDon-recurrlng Discretionary and Non-R¢curring Iten Net Cashfiow after dhcretlona Inon-recurrln Real Rent Per Unit Per Annum (£) Real Operating Costs Per Unit Per ADnum (£) Real PMP Per Unit Per Annum (£) Net Interest PK Unit Per Annum (£) Average Units 4,196 2,256 599 566 IlJ94 4.164 2,166 885 584 11,178 Assets And llabllldeg The Group is in a strong ruw￿la1 position at the year-en<L as shown by the following sumw: 2023 2022 Fixed and non-current assets Net current a8setrJOiabiliti¢8) Non-awrent liabilities Net a88ets 968.1 (7.7) (792.7) 167.7 1,148.6 (16,7) (973.1) 158 Total fixed as8&s have decreased to £961.4m (2022: £1,148.6m) due primarily to the decon￿lidation of Oaklee. There were also 49 properties sold to tenants under th¢ Statutory House Sal¢s Scheme. The Group closely monitors its liquidity position in line with its prndcnt trcasury policy and holds sufficient cash and available b￿Ing facilities to meet all neaT-terni liabilities. At the balance sheet date, the Group had cOM￿tte(L but undrawn facilities of £73.Om (2022: £77.3m). Cashflows During the Ye￿ the business generated net cash-flow from operdtmg activities of £33.6m (2022: £30.Im) and repaid existing borrowings of £55.3m (2022: £2.Om). The Group received loans of £75.5m (2022: £48. Im) which will bc used to fu￿1CC s(￿la1 housing in thc coming year. 14

CHOICE HOUSING IRELAND LIMITED Annual Report and financial Ststements For the Year Ended 31 March 2023 REPORT OF TDI BOARD OF MANAGEMENT AND THE STRATEGIC REPORT (conttnued) an covenants External privatc financc is raised by the Pareut and thc *iD&ncial covenants aTC in rc8pc£t of thc financial ance of the Parent for all loans except EIB where the covenants ar¢ in respect of the Group perforniallce. The covenant ratios are as follows: Rado compllance Jntere8t cover Interest cover Interest cover (consecutive year8) Interest cover (consecutiv¢ y¢ars) Gearing Gearing Requfirement

1.05:1 l.10:I 1.20..1 1.20.'1 <500/0 <600/ Actual 3.84:1 3.57: 1 3.46:1 2.96:1 360/ Ba8ls Group Parent Group The Parnit and Group were fully compliallt with these covenants during the year, as shown below: IDterut cover PArent 2023 £iooo Group 2023 £iooo 2022 £iooo 2022 £'ooo Adjusted EBIIDA, Net Interest Illterert Cover ratio ired 25,146 6,543 3.84 1.05 21,476 6,531 3.29 1.05 34,746 9,729 3.57 1.10 30,211 11,258 2.68 1.10 Ad'usted EBNDA 18 calculated as follows: Parent 2023 £'ooo Group 2023 £'ooo 2022 £'ooo 2022 £'ooo Ref Operating s￿￿lus Depreciation through I&E Amortisation through I&E Inss on disEX)sal of major repairs usted EBITDA for loan covenant 18,458 16,766 (11,384) 15,963 15,816 (11,249) 946 26,145 22,984 20,671 19,338 (13,376) (13,057) 946 Note 6 Nole 6 Note 6 ur Gearing Pare 2023 £m Group 2023 2022 £m 2022 Gross debt 307 280 314 460 858 808 35/ 861 36/ 888 Maxlmum Allowed Parent and Group reserves are calculated by aggregating capitsl and reserves, Housing Association Grants ('HAG'), other capital grants. pension assetslliabiliti&8 and financial in8tnllnents measured at fair value. 15

CHOICE HOUSING IRELAND UMrrED Annual Report and Financial Statsment5 For the Year Ended 31 March 2023 REPORT OF THE BOARD OF MAI¥AGEMENT AI¥D THE STRATEGIC REPORT (continued) Treasury policy and capital structure The Group has a fornial detailed treasury management policy w]Jich is approved by the Board. The policy sets out investment policies, borrowing policies, liquidity policies, interest rate management policies and treasury management prncedutts. The policy provides that no more than 500/0 of outstanding debt will be on a floating rate b&8iS. At the balaTWZ sheet date all drawn bornwings from EIB, Conce&sionary LA)8n4 Dll and a substantial proportion from AIB are fixed rat¢ boThowings. 75 % of the borrowings from Barclays are hedged against interest rats volatility. The loan and bond with THFC are on a fixed rate basis. Countery)arty risk is mitigated by closely monitoring credit ratings and restricting deposits to £IOm. Revolving credit facilities are on a floating rate basis. The Group has estsblisbed and maintains strong relationship8 With a number of banks and financial in8titution8 to facilitate future fillLding requirements and to ensure a balanced loan portfolio. At the balance sh¢¢t date, th¢ Group had gross debt of £314m (2022: £460m), 5 % (2022: 13 %) of which is on a floating rate basis and ¢ash (including cash deposit balances) of £35m (2022: £17m). This ¢ombin¢d with UndraW￿ committed facilities, will meet current development fill￿1ng requirements. The Group generated cash flows from operations of £33.6m (2022.. £30.Im) and paid interest of £12.2m (2022: £11.3m). Management of rljk Ri8k identification and assessment As the Group's objectives are established and Update￿ any risks that may prevent their achievement are identified and a5s¢ss¢d in t¢nlls of th¢ir Impact the organi5ation and their likelihood of oCcU￿e. This activity is Ca￿led out at appropriate levels throughout the Group. Major Rl$ There were no "Red" r¢sidual risks at any time during the year. ID the most r￿ent Strategic Risk Register, there were two "Amberf, residual ratings and details of these risks with proposed mitigations are as follows: Increa&ed costs pre-handover (including as a result of contractor failure) leading to 8cheme8 b¢¢oming financially unviabl¢. W¢ ar¢ now using of D¢sigD and Build 'package deals, i.e. fixed pi¢e ¢ontraGts, where the opportunity exists. We track the expected costs to completion for all schemes on site and thi8 18 reported to both the Development & A88ets Con)mittee and the Audit & Risk Committee. ID Octobcr. wc addcd the risk around the current cconomic situation with high rates of infiation and increased int¢r¢st rntss. This wuld l¢ad to a potential gap between rental incre&8e and cost increases and on the ability of th¢ Group to sourLX loans at an atYoTdable rate to fund development projects. The Finance Committee and Group Board have di8cu&sed the prospects for FY24 (potential new schemes and associated fimding costs). For all Amber risks, a deep dive is presented to each Audit & Risk Committee whi¢h in¢ludes the detailed actions being taken to mitigate the risk. 16

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnanclal Statements Forthe Year Ended 31 March 2023 REPORT OF THE BOARD OF MANAGEMENT AND THE STRATEGIC REIY)RT (continued) Audit Thc Board of Management has estab]ished an Audit and Risk Committee with clearly defined tern￿ of reference. The n￿]n flu￿10nS of the Audit and Risk Con)mittee are to control and review thc cxtcrnal and internal audit fLmction& the internal control systems and monitor the perfom]8nce of the Association against the key business indicators. The Association's intsrnal auditors r¢port directly to the Audit and Risk Committee on Ix)mplction of cach systems rcvicw and an annu81 summary report is produced by the internal auditors summarAsing the 8y8tcms audit PTograume each ycar. The work of the external auditors al80 provides some internal control observations identified during th¢ year-end audit. Effectivene88 of control meclwiismB For those risks which are identified as being the m08t 8igDlf￿ant for any part of the Group, the existing control enviroDm¢nt is assessed to estabjish ways in which it can be improved. Areas identified for improvcment will bc rcgulaTly followcd up until action points arc fully addrc88cd. Where a view is fonned that the Group cannot exercise adequate control over the relevant risk (for example due to external influences) then the relevant strategic objective will be revisited to establish whether or not it can be amended to reduce risk and, if not, whether the level of iisk is acceptable Re8uIt8 for the year The Group's surplus aft¢r tax and aft¢r eXc￿tIonal items for thc year was £1.5m (2022: £12.4m). Donatloni The Group and Parent made charitable donations of £48k during the year (2022: £IOk). The GTOUP and Parent made no political donations llor incurred ally political ¢xp¢nditure during the year (2022: nil). Employee Involvement The Group continues to regard cofttsnunication with its WDployee8 as a key aspect of its poli¢ies, Information 18 given to ernployee8 about employment matters and about the finallcial and economic factors affecting the Group's perfonnance through management ¢hann¢15. quarterly in-kn18e magazine8 Employment of Disabled People The Group is con]mitted to providing equal opportunities to employees. The employment of the disabled is included in this commitment and the recrnitment, training, development and prnmotion of disabled people are based on the aptitudes and abilities of the individual. Should employees become disabled dwing their employmenL every effort will be made to continue their employment and, if necessary, appropriate training will be provided. Supplier Payment Policy The Group follows the Better Payment Practirx Code for all suppliers. The four Principles of the Code are: to agree payment ternis at the outset and stick to them" to explain payment pr(ttdU￿s to suppliers; to pay bills in accordance with any contract agreed with the supplier (or as required by law); and to tell suppliers without delay when an invoice is contested and then S￿le disputes quickly. Future Performance The Group's future perforniance and financial risks will be affected by government policy, the economic environmen( internal growth and efficiency initiatives. The Group has adapted its Strategy to 17

CHOICE HCKISING IRELAND LIMITED Annual Report and Financial Statsments For the Year Ended 31 March 2023 REPORT OF THE BOARD OF MANAGEMENT Al￿ THE STRATEGIC REPORT (conlillued) deal with th¢ effects of Covid-19, which can be evidenced through updated business plalls and stres8- tcsting. The Board consid¢r the Group to have strong potential futurc opportunities. Dl8elo8ure of Informatlon to Auditors The D1￿CtorS who held office at the date of approval of this Report of the Board confirm that. 80 far as they are each aware. there is no relevant inforniation of which the Group's auditors ar¢ unaware" and each Director ha8 taken all the gteps necessary that he/she ought to have taken as a director to make him$¢lfflierself aware of any relevant audit infornation and to establish that the Group's auditors are aware of that infomiation. Auditor The auditors, ASM have indicatsd their willingn¢88 to continue in office, and a resolution proposing th¢ir reappointment will be prop08ed at th¢ forthcoming Annual Genernl Meeting. By order of the Board s (Chair) 23 August 2023 18

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 BOARD OF mANAGEmE￿'s STATEMENT OF INTERNAL FINANCIAL CONTROLS The Board acknowledges that it has the Ultin￿te responsibility for ¢nsuring that the Group has in place a 8y$t¢m of controls. appropriate for the various business environments in which it operates. These controls are designed to givc rcasonable assurnice about: Thc reliability of any financial inforniation that is publishcd by, or is used within, the The maintrnce of proper accounting records; and The protection of the Group's assets against their unauthorised use or disposition. It is the Board's responsibility to estsblish and maintsin systems of internal financial control. Such 8yStem8 can only provide reasonable (alld not absolute) assurance against material fllwicial misstatement or loss. The key elements of these systems include en8￿8 that: TheTr are fornial policies and procedures in place (including the documentstion of key systems and rules that relate to the delegation of authorities) which allow the monitoring of controls and which seek to prevent the unauthorised use of the Grnup's assets; ExperAenced Staff, who are suitably qualified, are responsible for important business functions, and are subject to az]nual appraisal procedures 8et up to maintain high standard8 of ￿fOrn￿lcc. Regular managem¢nt accounts ar¢ prepared promptly wbich provide relevan( reliable and up-tO-dat¢ financial 1nforniati0￿ and significant varA8nces from budgets are investigated as appropriate; All Significant initiatives. major commitments and investment projects ar¢ subject to forn￿1 authorisation procedur¢s, through relevant con]nllttee$ that are controlled by Board The Board's Audit & Risk Committee reviews report$ (from managern￿t, and from both internal and external auditors) 80 that it may have reasonable assurance that control procedures in place and are being follow¢d. These reviews include a general review of the major risks facing the Group. The Audit & Risk Committee makes regular reports to the Board. and Fomal procedures have been establish¢d for instituting action needed to correct weaknesse8 identified in the above reports. The Board 18 satisfied that there have b¢en no material losses, contingencies or Un￿aIntieS that require disclosure in the financial statements as a result of weakness in the internal financial controls. •• By order of the Board Higgins (Chair) 23 August 2023 19

Independent audltors, report to the members of Cholco Housing Ireland Limlted Opinlon We have audited the flnancial statements of Cholce Houslng Ireland Umlted ("the Assoclatlon and Its consolidated undertaklngs ("the Group") for the year ended 31 March 2023 whlch comprlse: the Q)nsolldated and Assoclatlon Income and Expendlture Accounts, the Consolldated and Assoclation Ststements of Other Comprehenslve Income, the Consolldated and Assoclatlon Balance Sheets, the Consolldated and Assoclatlon Statements of Changes In Equlty and the Consolldated Cash Flow Statement and the related notes, whlch Include a descrlptlon of the slgnlflcant accounting pollcles. The financlal reportlng framework that has been applled In their preparatlon Is appllcable law and Unlted Klngdom Standards Includlng Flnanclal Reportlng Standard 102 'The Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland, (Unlted Klngdom Generally Accepted Accountlng Prartlce) and the Houslng SORP - Statement of Recommended Practlce for Soclal Houslng Provlders. In our oplnlon, the Consolldated and Assoclatlon flnanclal statements: glve a true and falr vlew of the stats of the affalrs of the Group and of the Assoclatlon as at 31 March 2023 and of the Income and expendlture of the Group and of the Assoclatlon for the year then ended. have been properly prepared In accordance wlth Unltsd Klngdom Generally Accepted Accountlng Practlce; and have been properly prepared In accordance wlth the Co-operatlve and Communlty Beneflt Socletles Act (Northern Ireland) 2016 (formerly the Industrlal and Provldent Socletles Act (Northern Ireland) 1969), the Houslng (Northern Ireland) Order 1992, the Reglstered Houslng Assoclations (Accountlng Requlrements) Order (Northern Ireland) 1993, the Charltles Att (Northem Ireland) 2008 and Regulatlon 9 of the Charltles (Accounts and Reports) Regulatlons (Northern Ireland) 2015. Ba618 for oplnlon We conducted our audlt In accordance wlth Intematlonal Standards on Audltlng (UK) {°ISAs (UK)￿ and appllcable law. Our responslbllltles under ISAS (UK) are further descrlbed In the udltors, responslblllty for the audlt of the flnanclal ststements sectlon of our report. We are Independent of the Group and the Assoclatlon In accordance wlth the ethlcal requlrements that are relevant to our audlt of the financlal statements In the Unlted Klngdom, Includlng the Flnanclal Reportlng Councll's Ethlcal Standard and we have fulfllled our other ethlcal responslbllltles In accordan￿ wlth these requlrements. We belleve that the audlt evldence we have obtalned Is sufflclent and approprlate to provlde a basls for our oplnlon. Conclu8lons relatlng to golng concern In audltlng the flnanclal statements, we have concluded that the dlrectors, use of the golng concern basls of accountlng In the preparatlon of the flnanclal statements Is approprlate. Based on the work we have performed, we have not Identlfled any materlal uncertalntles relatlng to events or conditions that, Indlvldually or collectivelyi may cast slgnlflcant doubt on the Group 20

INDEPENDENT AUDITOR'S REPORT TO CHOICE HOUSING IRELAND LIMITED (continued) or the Assoclatlon's ablllty to contlnue as a golng conTrm for a perlod of at least twelve months from when the flnanclal statements are authorlsed for Issue. Our responslbllltles and the responslbllltles of the Board of Management wlth respect to golng conorn are descrlbed In the relevant sectlons of thls report. Other Inforniatlon The other Informatlon comprlses the Informatlon Included In the Annual Report other than the flnanclal statements and our audltors. report thereon. The Board of Management Is responslble for the other Informatlon contalned wlthln the Annual Report. Our oplnlon on the financlal staternents does not cover the other Informatlon and, except to the extent otherwlse expllcltly stated In our report, we do not express any form of assurance concluslon the￿on. Our responslblllty Is to read the other Informatlon and, In dolng so, conslder whether the other Informatlon Is materlally inconslstent wlth the flnanclal statements, or our knowledge obtalned In the course of the audlt, or otherwlse appears to be rnaterlally mlsstated. If we Identlfy such materlal Inconslstencles or apparent materlal mlsststements, we are requlred to detennlne whether thls glves rlse to a materlal misstatement In the flnanclal statements themselves. If, based on the work we have performed, we conclude that there Is a materlal mlsstatement of thls other Informatlon, we are requlred to report that fact. We have nothlng to report In thls regard. Matters on whlch we are requlrnd to r•port by •xceptlon In Ilght of our knowledge and understandlng of the Group and the Assoclatlon obtalned In the course of the audlt, we have not Identlfled materlal misstatements In the Report of the Board of Management and the Strateglc Report. We have nothlng to report In respect of the following matters where the Charltles (Northern Ireland) Act 2008 and Regulatlon 9 of the Charltles (Accounts and Reports) Regulatlons (Northern Ireland) 2015 requlre us to report to you If, In our oplnlon: the Inforniatlon glven In the Report of the Board of Management and the Strateglc Report Is Inconslgcent In any materlal respert. sufflclent accountlng records have not been kept. the flnanclal statements are not In agreement wlth the accountlng records. or we have not recelved all the Informatlon and explanatlons requlred to complete our audlt. We have nothlng to report In thls regard. Under the Co-operatlve and Communlty Beneflt Socletles Act (Northern Ireland) 2016 (formerly the Industrlal and Provldent Socletles Act (Northern Ireland) 1969) are requlred to report to you If, In our opinion: a satlsfactory system of contml over transactlons has not been malntalned; or we have not recelved all the Infonnatlon and explanatlons we require for our audlt. or 21

INDEPENDENT AUDITOR'S REPORT TO CHOICE HOUSING IRELAND LIMITED (continued) proper accountlng records have not been kept by the Assoclatlon. or the Assoclatlon's flnanclal ststements are not In agreement wlth the accountlng records. We have nothlng to report In thls regard. Responslb1lltl￿ of th• Board of Management As explalned more fully In the Board of Managemenvs Statement of Responslbllltles on page 4, the Board of Management Is responslble for the preparatlon of the flnanclal statements In accordance wlth the appllcable framework and for belng satisfied that they glve a true and falr Vlew. The Board of Management Is also responslble for such Internal control as It determlnes Is necessary to enable the preparatlon of flnanclal statements that are free from materlal mlsstatement, whether due to fraud or error. In preparlng the flnanclal statements, the Board of Management Is responslble for assesslng the Group's and the Assoclatlon's ablllty to contlnue as a golng concern, dlscloslng, as appllcable, matters related to golng concern and uslng the golng concern basls of accountlng unless they elther Intend to Ilquldate the Group and the Assoclatlon or to cease operatlons, or have no reallstlc alternatlve but to do so. Audltors. responslblllty for the audlt of the flnanclal statements Our objectlves are to obtsln reasonable assurance about whether the flnanclal staternents as a whole are free from materlal mlsstatement, whether due to fraud or error, and to Issue an audltors, report that Includes our oplnlon. Reasonable assurance Is a hlgh level of assurance but Is not a guarantee that an audlt conducted In accordance wlth ISAS (UK) wlll always detect a materlal mlsstatement when It exlsts. Mlsstatements can arlse from fraud or error and are consldered materlal If, Indlvldually or In the aggregate, they could reasonably be expected to Influence the economlc declslons of users taken on the basls of these flnanclal statements. Irregularftles, Includlng fraud, are Instances of non-compllance wlth laws and regulatlons. We deslgn procedures In Ilne wlth our responslbllltles, outllned above, to detect materlal mlsststements In respect of Irregularltles, Includlng fraud. The extent to whlch our procedure5 are capable of detectlng Irregularltles, Includlng fraud Is detalled below: We consldered the opportunltles and Incentlves that may exlst wlthln the Group and the Assoclatlon for fraud and Identlfied the greatest poten￿al for fraud In the followlng areas: management overrlde of controls, Includlng relatlng to postlng of journals. To address those rlsks we dlscussed the rlsks wlth cllent rnanagement and tested a sample of Journals to conflrm they were approprlate. A further descrlptlon of our responslbllltles for the audlt of the flnanclal statements Is located on the Flnanclal Reportlng Councll's webslte at: www.frc.org.uk/audltorsresponslbllltles. Thls descrlptlon forms part of our audltors. report. Use of our report Thls report Is made solely to the Board of Management In accordan￿ with sertlon 43 of the Co- operative and Communlty Benefit Socletles Act (Northern Ireland) 2016 (formerly the Industrlal and Provident Socletles Act (Northern Ireland) 1969) and artlcle 19 of The Houslng (Northem 22

INDEPENDENT AUDITOR'S REPORT TO CHOICE HOUSING IRELAND LIMITED (continued) Ireland) Order 1992. Our audlt work has been undertaken so that we mlght state to the Board of Management those matters we are requlred to state to them In an audltors, ￿port and for no other purpose. To the fullest extent permltted by law, we do not accept or assume ￿sPOnsIbl11ty to anyone other than the Association and the Board of Management, for our audit work, for thls report, or for the opinions we have formed. Brlan Clerkln Senlor Statutory Auditor for and on behalf of ASM (B) Ltd Chartered Accountants and Statutory Audltors Glendinning House 6 Murray Street Belfast BTI 6DN 23 August 2023 23

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnandal Statements For the Year Ended 31 March 2023 GROUP INCOME AND ExPEND￿URE AccouNr FOR TllE YEAR ENDED 31 MARCH 2023 GROUP Continuing Discontinued Owations Operation8 Totsl Continuing Discontinued Operntions Operations Total Note 2023 £iooo 2023 £iooo 2023 £'ooo 2022 £iooo 2022 £iooo 2022 £tooo Turnover Operatillg Colts Operating 8urplu8 76,675 2.1 (57,446) 19.229 18,328 95,003 69,952 (11,412) (68,858) (53266) 6,916 2fj145 16,686 16,599 86,551 (10,301) (63,567) 6,298 22,984 Gain on disposal of tangible fixed a88ets Interest receivable and similar income Interest payable and similar charge8 Net finance r¢dit/(¢harges) relating 5119.1 to pension sch¢m¢ Fair value change in investment propertie8 Transfer to di8PO8al proceeds fund Movcment in fair value of finall¢￿1 instruments Surplus before t before eIceptlonal Itemi Exceptional Item8 - Los8 on disposal of subsidiaries Surplus before tax after exceptlona] ttemB Taxation 4,186 4,186 2,085 2,085 681 1,960 2,641 25 (7,930) (4,440) (12J70) (6.951) (4,332) (11,283) 99 99 (33) (33) 10 881 881 691 691 18 (4,011) (4.011) (1.999) (1,999) 26.1 181 238 419 89 170 259 13,316 4,674 17,990 10,593 2.136 12,729 11 {16J93) I￿97 12,729 (130) 1,467 (367) 12,362 Surplu8 for the year The llote3 on Pag￿ 31 to 71 forni part of these financial Statements 24

CHOICE HOUSING IRELAND UMrrED Annual Report and Flnancial Statements Forthe Year Ended 31 March 2023 ASSOCIATION ll¥COME AND EXPENDITtJRE ACCOUNT FOR THE YEAR EIYDED 31 MARCH 2023 Note 2023 £iooo 2022 £'ooo Thrnover Operating costs Operatlng Surplus 73,143 (54,685) 14458 67,416 (51,453) 15,963 ain on disp08al of tangible r￿ed assets jnterest receivable and similar income Jnterest payable alld similar charges Net financ¢ credit/ {¢l)arges) relating to pension Scheme 4,186 2,085 315 (6,846) (7J25) 5119.1 (33) Fair value change in investtnent properties knpainnent of financial asset8 Transfer to disposal proceeds fund Movement in fair value of fmancial inslnllnellts Surplufj before tax Taxation Surplufj for the year 10 18 (4,011) 181 (1.999) 26.1 72 12,370 9,557 12J70 9,557 The r¢sult5 relate wholly to continuing activities. The notes on pas￿ 31 to 71 fonn part of these fwancial stat¢m¢nts. 25

CHOICE HOUSING IRELAND UMITED Annual Report and Financlal Statement5 Forthe Year Ended 31 March 2023 STATEMENT OF OTHER COMPREHENSIVE llYCOME FOR THE YEAR ENDED 31 MARCH 2023 GROUP PARENT Notss 2023 2022 2023 2022 £iooo £iooo £iooo £iooo Surplus for the year Other coryrehensive income R¢-me&8urnent of n¢t defmed benefit liability 19.1 1,467 12,362 12J70 9,557 5,905 1,463 5,905 1,463 Foreign exchange differences on trdDslation of foreign operation8 Effective portion of changes in fair value of ¢ash flow hedges Dispo￿ of subsidiary 26.1 11 8.480 6,831 3,089 2.665 (6,91T) Total other eompreben8lve Income for the year 7.468 8,338 8,994 4,128 Total eomprehen8ive ineome for the year 8,935 20,7CM) 21,364 13.685 The notes on pages 31 to 71 forni part of these financial statements. 26

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnanclal Statements Forthe Year Ended 31 March 2023 BALANCE SHEET AS AT 31 MARCH 2023 GROIIP 2022 £'ooo PARENT 2022 £'ooo Nots 2023 £'ooo 2023 £'ooo Fixed assets Tangible fixed assets- Housing PTopcrtiC8 Other tangible fixed assets Jnvestment prop¢rti¢s Financ￿1 a8$¢ts 925,134 1,114.922 5,161 5,110 31,139 28,584 924909 5,116 324 888,191 5,100 324 10 11 961,434 1,148,616 943A49 906,815 Nonlurrent a88ets P￿s1on as8et 19.1 6,668 Current assets Stock 12 1,473 51,425 27,442 846 22 15 Trad¢ and other debtors Cash investments Cash and cash equivalents 13 24.1 42,965 2.827 61,078 27,442 51,152 2,827 87,738 60,509 94,065 56,503 Creditori: amount8 fallfftg due within one year Net eurrent Oiabilitte8)laJieti Total a88ets les$ current Ilablllties 14 95 960,439 1,131,938 957.688 896,770 Credltor8: amoiints falling due alter mor¢ than one year Net a$$ets 15 973 132 167 741 158 806 143 626 Capltal and reserves Share capital Foreign exclwigetranslation r¢serve Cash-flow hedge reser Revenue reserve 20 21 21 253 (1,97S) {3,155) 169 716 161708 (1975) 16 965 (5.064) 148 690 Totsl re8erves 167 741 158 806 143,626 The Group meets the definition of a Public Bencfit Entity (PBE) as defined by TrllS102. These financial slatcmcnts wcrc approvcd by the board of directors on 23 August 2023. Signed on behalf of the Board of Management: ng Ciaran Mcknavey Boardmember wrence Jac Secrelary air The note8 on pages 31 to 71 forn] part of these financial statements. Registered Housing Association number: R56 Cfroperntive and Community Benefit Societies Act (Northern Jreland) 1969: IP000408 27

CHOI(E HOUSING IRELAND UMITED Annual Report and Flnancial Statements For the Year Ended 31 March 2023 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR EAYDED 31 MARCH 2023 Revenue Forelgn Cash Flow Curren¢y Reserve Translatlo edge R¢serYe Reserve Total Equity £9000 £*ooo £yooo £?000 Balance at l A￿7] 2021 Total comprehensive income for the year Surplus for the year Other comprehensive incomefor iheyear Forei￿1 exchange differ¢nc¢s on translation of foreign operations Effective portion of chang¢$ in fair value of cash flow hedges Re-measurement of net defmed benefit liability Total Comprehensive incomefor the year 147,883 209 (9,986) 138,106 12,362 12,362 6,831 6.831 1,463 44 Balan(% at 31 March 2022 161708 253 158 806 Balance at l April 2022 Totftl comprehensive income for the year Surplus for the year Other comprehensive incomefor theyear Foreign exchange differenc¢8 on translation of foreign operations Eff￿tive portion of ¢hanges in fair value of cash flow hedges R¢-measurement of net defmed benefit liability 161,708 253 (3,155) 158,806 1,467 1,467 8,480 8,480 5,905 5,905 Disposal of sub8idiary Total comprehensive incomefor ¢heyear 636 253 253 Balanee at 31 Mareh 2023 167 741 The note5 on pages 31 to 71 forni part of these financial statem¢nts. 28

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 PARENT STATEMENT OF CHANGES IN EQUITY FOR THE YEAR Er￿ED 31 MARCll 2023 Revenue Re8erve Cash Flow Hedge Reserve Total Equity £'ooo £?000 £Jooo Balance at l April 2021 Totsl ¢omprehen8fve Income for the year Surplus for the year oiher comprehensive incomefor theyear Effective portion of changes in fair value of ca8h flow hedg¢8 Re-measurement of net defined benefit liability Total comprehensive incomefor the year 137,670 (7,729) 129,941 9,557 9.557 2,665 2,665 Balance at 31 March 2022 148 690 143 626 Balance at l A￿71 2022 Total comprehenslve Ineome for the y¢f4r Sun)lu$ for the year Other comprehensive ineomefor theyear Effective portion of changes in fair valu¢ of ¢ash flow hedges Revmeasurement of net defmed benefit liability rolal comprehemive incomefor the year Balance at 31 March 2023 148,690 (5.064) 143.626 12,370 12,370 3,089 3,089 166965 164 The notes on pages 31 to 71 fonn part of tIl¢￿ financial statements. 29

CHOICE HOUSING IRELAND UMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 CONSOLIDATED CASH FLOW STATEM FOR THE YEAR ENDED 31 MARCH 2023 Note 2023 £'ooo 2022 £iooo Net cAsh from operatlng activities 24 33,653 30,120 Cash flows from Inve8llng actlvitieg Acquisition of tangible fixed assets Expcnditure on invesiment propety Cash investnlents withdrawn/(invested) Proceeds from sale of tangible fixed as8et8 Proceeds from the receipt of grants Interest received Net cash u8ed In Investlllg acdvltiel (67903) (1,774) (24.615) 1,659 41,260 08 (48,065) (95,662) (52) 153 3,191 16,785 25 (75,560) Ca8h flow from flnanelng acdvltie8 Interest paid Proceeds from new IoAns Repayments of borrowin88 Net C88h generated from fmancing acdvlde6 (12,255) 75,515 (11,351) 48,162 7,939 34,786 Net (deerea8eylnereAie In ei&h and ca8h equlvalents Cash and cash equivalents at l April Effect of exchange rate fluctuations on cash h¢ld C4$h and cash eqlllvalentb at 31 March {fj473) 13,871 (10,654) 24,463 62 The note8 on pages 31 to 71 form part of these fmancial statements. 30

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 NOTES (forming part of the fllthncial ststement8) ACCOtJNTING POLICIES 1.1 Legal Statlls Choice Housing Ireland Limited (the 'A88ociation' or 'Parent') is e8tablls]￿d and registered under the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 and is domiciled iti Northern Irclan(L Its registration number is IP000408. It is rcgistcred with thc Dcparlmcnt for Communities ('D£E') a8 number R56. The registered office is located at 3741 May SL Belfa8L County Antsim B Tl 4DN. 1.2 BAsl8 of A¢¢oundng These Group and Parent tinan¢ia] statements were prepared in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (' FRS 102,) and the Housing SORP 2018: Statement of Recommended Practice for RegistfflEd Social Housing Providers. These financial statements comply with the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969, Article 19 of the Housing (Northern Ireland) Order 1992, tbe Registered Housing A880ciations (Accountin8 Rquirements) Order (Northern Ireland) 1993. Th¢ presentation curncy of th¢8¢ f￿￿la1 statements 18 sterling. All amounts in the financial statements have been rounded to the nearest £1,000. The accounting policies set out below have, unless otherwise Stated, been applied consistently to mat￿1&1 items for all periods presented in these financial stat￿l¢￿tS. The Association 18 included in the consolidat&l financial statsments and 18 considered to be a qualifyiD8 entity under FRS 102 paragraphs 1.8 to 1.12. The following exemptions available under FRS 102 in respect of ce￿In disclosures for the Parent fmancial stat¢m¢nts have been applied: No separate parent company Cash Flow Statement with related notes 1$ included; Key Management Personnel compensation h88 not been Includ￿ a second time; and Certain disclosure8 requir￿ by FRS 102.1 l Basic Financial InstrLullents and FRS 102.12 0th Financial Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule l. Judgements made by the directora, in the application of these accounting policies that have significant eff¢ct on the financial statements and estimates with a significant risk of ￿￿terIal adjustment in the next year are discussed in note 1.25. 1.3 Measurement conventlon Th¢ fllmncial statements are pr¢par¢d on the ]Jistorical cost basis except that the following assets and liabilities are stated at their fair value: derivative financial instn]meDts. and investtnent property. 31

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 F40TES (continued) l AccouNfING POIJCIES (continued) 1.4 Ba815 of conso]Idatlon Thc consolidated fijjancial statell￿ts include the fmancial statenTht8 of the Association and its subsidiary undertakings made up to 31 March 2023. A subsidiary is an cntity that is controlled by the Parent undertaking. The results of subsidiary undert8king8 are included in the Group income and expenditure ac¢ount from the date that fAintrol commences until the date that control ceases. Control is cstablishcd whcn the Association has the powcr to govcrn the operating and fina￿la1 policies of an entity so as to obtain benefits fiDm its activities. Jn assessing control, the Group takes into consideration potential voting rights that are currently exercisable. A joint venture is a contractual arrangem¢nt undertaking in which the Group exercise joint control over the operating and financial policies of the entity. Where the joint venture is catTied out through an entity, it is treated a8 a jointly controlled entity. The GTOUP'S share of the profits less losses of a880ciates and of jointly controlled entities is in¢lu(kd in the Group incom¢ and expenditure account and its illt￿est in their net assets 1$ re￿rded on the Group balance sheet using the equity nlethod. Tn the Parent undertaking fiwicial statementy investments in subsidiaries and joint ventUTes are carried at ￿$t less impairment. 1.5 Forelgn currency Transactions in foreign Cu￿encieS are translated into the functional currency of the Group companies at the foreign exchange rat¢ ruling at the dat¢ of the transaction. Monetary assets and liabiliti¢s denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in ternis of historical cost in a foreign currency aTr translat¢d using the ￿change rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the fLmCtional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differen¢es arising on translati(￿ are I￿OgnIsed in income and expenditure. The assets and liabilities of foreign operation4 including goodwill and fair valu¢ adjustments arising oll consolidation. are translated to the Group's presentational currency, sterling, at foreign exchange rates ruling at the balance sheet date. The rev¢m￿S and expenses of foreign operations are translated at an average rate for the year where this rate approximates to the foreign exchange rat¢s rulmg at the dates of the traDsactions. Forcign exchange diffcrcnces arising on rtrans￿lon ar¢ recognised in other Omp￿hen5]Ye income. 1.6 Going coneern The fllL2ncial statements have been pryared on a going concern basis which the dir￿tor8 consider to be appropriatc for the following ffasons. The Group and Association prepaK8 a 3-year business plan whi¢h is updated and approved on an annual basis. Thc most rcccnt 3-ycar strategy (FY22-24) was approvcd in June 2021 by the Board. Tn order to ensure d¢liv¢ry against these strategic goals the Association will commit to key targets for achievement by 2024; bring forward annual business plans and budgets with detailed objectives and KPIS" forn]ally monitor strategic progress every six montbs with Board & Committee members. and report regularly tr) our stakeholders on achievements and intentions. 32

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 NOTES (conthiued) ACCOI]F4TING POLICIES (continued) 1.6 Golng coJ)cern (continued) The Boarf after reviewing the Group and Association's budgcts for 2023124 and the Group and Association's mcdium temi fllLqncial position as detailed in the 2023124 business plan, is of the opinion tsking account of severe but plausil)le downsides, the Group and Association has adequate resources to continue in business for the foreseeable future. The Directors note that the Group balance Sheet includes an excess of current liabilities over CU￿llt assets. They have prepared financial and cash flow projections which indicate that the Group will generate profits and positive cash flows over their ftirecast period to 2050 which will ￿ sufficient to ensure that all liabilities can be discharged in the ordinary course as they fall due for payment and that the Group will have adequate liquid fimds available. In order to reach this Conclusio￿ thc Board have considered: the propcty nwket- budget and busine88 plan ￿enarIOS have tsken acwunt of delays in handover lower numbers of propety sales, reductions in sales values and pot¢ntial Conversion of market sale to social homes; Maintenance costs - budget and business plan Scenarios have been modelled to take account of cost incre&qes and delays in maintenance expcnditur¢, with major work8 being phased into futur¢ y¢ar3' Rent and service C￿ge rec¢ivable- arrws and bad d¢bts have been increa8ed to alIow for custom difficulties in making payments and budget and business plan sceAWi08 to take account of potential future reduction8 in rents. Liquidity - current available cash together with unutilised loan facilities of £73.Om which provi(k6 sigzllficant h¢adroom for committed Spend and other forec&8t ca8h flows that arise; The Group's ability to withstand other adverse scenarios such as higher intsrest ratss and number of void properti¢8' and For the continuing delivery of its development programme the Parent is dependent on grant funding from the Department for Cojnmunities, and ballk financing. The Board Ixli¢v¢ th¢ Group and Association Iw sufficient funding in place and expect the Group and Association to b¢ in Compliance with its debt covenants even in severe but plausible downside 8(Ynarios. In discussion8 with the Group and Association's bankers about its borrowing needs, there has been notbing to suggest that renewal of existing short-term facilities may not be forthcoming on acceptable tern]s. Further undrnwn long-tern] facilities will meet development programme thding requiranents into the foreseeable future. Consequently, the directors have a r¢asonable expeclation that the Group and A&80¢iation has adequate resources to continue in operational cxistcncc for the forcsccabl¢ future. Accordingly) th¢y continuc to adopt the going concern basis in preparing the financial statements. 1.7 Clas8ificatlon of IlnAnclal Instruments IB8ued by the Group In accordance with FRS 102.22, fll]8ncial instruments issued by the Grnup are treatsd as equity only to the ffxtent that they meet the following two conditions: (a) they include no contra¢tual obligations upon the Grnup to deliver cash or other financial assets or.to exclwige financial assets or f￿￿1claI liabilitics with anotller party under conditions that a potentially unfavourable to the Group; and (b) where th¢ instrument will or may be settled in the entity's own equity instruments, it is either a non- derivativ¢ that in¢lud¢s no obligation to deliver a variable number of the Group's own equity instruments or is a d&ivative that will be settled by the Group's exchanging & fixed amount of cash or other financial assets for a fixed number of its own equity instiiwnents. To the extent that this definition is not me( th¢ pr£*e￿$ of issue are classified as a financial liability. 33

CHOICE HOUSING IRELAND UMITED Annual Report and Flnanclal Statements For the Year Ended 31 March 2023 NOTES (eonthived) ACCOUNTING POLICIES (contlnued) 1.8 Baslc llnaDclg1 Instruments Rental debtors and other debtors Rmtal debtors and other debtors are recogni8ed initially at tr￿actIOn price less attributable transaction costs. Subsequent to initial recognition they ar¢ m¢asufft4 at amortised cost using the eff¢rtiv¢ int¢r¢8t method, less any impainnent losses. .Trade and other creditors Trade and other creditors are recognised initially at transaction pri￿ plus attributable transaction costs. subs￿Ucnt to initial re¢ognition they are measured at amortÉsed cost using the effective interest method. If the arrangement constitutes a fu￿¢1￿8 transactio￿ for cMmplc if payrncnt is defe￿ed beyond nornlal busine85 tennB, then it is measured at the present value of future paym¢ntB diswunt¢d at a market rate of interest for a similar debt instrument. Interesl-bearing bOn￿￿n88 classified as basicfinancial instruments Interest-bcaring bom)wing8 ar¢ r¢cognis¢d initially at the pre8ent value of future payments discounted at market rate of interest less attributsbl¢ transaction costs. Subsequent to initial recognition, interest- bearing boTh)wings aff Stated at Bmorti8ed cost using the effective intere8t method. Cash and cash equivalents Cash and cash equivalents Comprise cash balances and call deposits. 1.9 Other financial instruments Financial inslruments not considered to be basicfinancial insfft4ments (Oiherfinancial instruments). Other financial instruments not meeting th¢ definition of basic fmallc￿ InStn￿entS ar¢ re¢ognis¢d initially at fair value. Subwuent to irritial reeognition other f￿￿￿la1 instriiments are measured at fair Value with changes recognised in income and expenditure except hedging instnunellts in a designated hedging relationship s]￿ll be r￿o￿lS¢d as set out b¢low. Derivativefinancial in3trnments and hed￿ng Derivative financial instnllnents are recognised at tair value. The gain or Io88 on re-mea8urement to fair 'J• value is recognised immediately in income and exp¢ndituff. However, where derivatives qualify for hedge accounting, Tecognition of any resultant gain or loss depends on thc nature of thc itcm being hedged (see below). Cashfvw hedges Where a derivative fmancial instrument is designated as a hedge of the variability in cash flows of a rccognisd a88& or liability, or a higbly probable f0￿caSt transaction, the effective part of any gain or loss on the derivative financial instrument is recognised dirertly in other ¢omprehensiY¢ income. Any ineffective portion of the hedge is recognised in]mediately in income and expenditure. For cash flow hedgcs, where the forecast transactions resulted in the recognition of a non-financial asset or nOn-fjnanc￿ liability, th¢ hedging gain or loss reCo￿lIsed in other comprehensive income is included in the initial cost or other carrying amount of the asset or liabAlity. Alternativcly, when th¢ hedged item is rccogniscd in incomc and CApcndltu￿ the hedging gain or loss is reclassified to the income and 34

CHOICE HOUSING IRELAND UMITED Annual Report and Flnanaal Statements Forthe Year Ended 31 March 2023 NOTES (continued) ACCOUNTING POLICIES (continued) 1.9 Other fA]wicial instruments (contlnued) When a hedging in8trLllnent expires or is soll terniinated or exercised. or the entity discontinues designation of the hedge relationship but the hedged forecast ti7nsa￿0n is Still expected to (Kcur. th¢ cumulativc gain or loss at that ￿illt remains in equity and 18 recognised in accordance with the above poli¢y when the transaction occurs. If the hedged t1￿￿actiOll is no longer expected to take place, the Gumulative unrealised gain or loss recognised in equity is recogDi8ed in In￿rne and expenditure in)mediately. 1.10 Tanglble fixed assets Housing propertie8 are properties held for the provision ot" 80cial ]￿llS]ng or to otherwise provide social benefit. Housing properties are principally properties available for rent and are stated at cost less umulatsd depreciation and impairnient losseB. Cost includes the cost of acquiring land and buildings, development costs, interest charges inCu￿ed during the development period. In itistan¢e8 wher¢ acquisition accounting 18 applirf the Group recognises the acqui￿1 housing assets at the Existing U8e Value for Social Housing at the date of acquisition. Other tangible fixed assets arc m¢a8ured 8t cost le88 accumulated depreciation And any acaunulated impairment losses. Housing properties are split betwe￿ land, 8tsucture and major components which require perAodic replacement. Replacement or refurbishment of these components 18 capitalised and depreciated over their estimated useful life, which has been set taking into account prof¢s5ional guidance and the Group's asset management strategy. The ￿lated replaced asset is written off. In deterniining the renMinin8 useful lives for the housing stocK the Group has taken account of views from both internal and external professional sour¢e$. The expected usem lives are Teviewed on a regular basis. Freehold and long leasehold land is not depreciated. In all other cases depreciation is provided to write off the cost of fixed assets, less their estimated residual values on a straight-linc basis over thc expectcd ll8efi￿ lives of the assets concerned. The estimates of the useful lives of thc major classes of assct arc: et Catwry Uveful Llfe knet Category (Ycar•) Usdul Llfe (Year8) Housingpropertlés Main fabric (new build) Main fabric (r¢hab]lltst￿ properties) Roof 8tn￿tUrC covering Window8 and external doors Gas boilers1f￿es Kitcllen BathroOm￿wC8 M￿hanICal 8ys¢ems Electrics Lift Defects insurance Olher tLgsets The Group's office buildings Office furniture and equipment

5 Computer and telcphonp hardware 2-5 Con4)uter software Furniture in schemes Fixlur¢s and fittings itt 8¢hemes Motor vehicles Tools 100 60 50 40 15 18 30 3-5 3-10 &5 30 30 io Assets in the courge of construction are stated at cost. These assets are not dq)reciated until they aT¢ available for use. 35

CHOICE HOUSING IRELAND UMITED Annual Report and Flnanclal Statsments For the Year Ended 31 March 2023 NOTES (CODtiDued) ACCOUNTING POLICIES (eontlnued) 1.10 Tanpljle fixed a88ets (continued) Works to existing prOp￿rtieS which replace a component that ha8 t*en treated separately for depreciation PU￿08eS, along with those works that result in an increase in net rental income over the ]ives of the properties, thereby enhancing the economic benefits of the ass&& are capitali8ed as improvements. Housin8 propties are a88essed annually for impairnient indicators. Where indicators are identifi￿, an a88essment for impairment is undertth comparing the scheme's carrying amount to its recoverable amount. w1￿C the carrying amount of a scheme is deemed to exceed its recoverable amoun¢ the scheme is writtcn down to its rccovcrable amount. Thc rcsulting impainnent loss is rccognised as operating expenditure. Where a scheme 18 cll￿y deemed not to be pmviding service potential to thc associatio its recoverable amount is its fair value less Costs to sell. Developfftent eosts Development CO8t8 are capitalised WI￿re they aTr directly attributable to bringing the properties into working condition for their intcnded use. Such cost8 gcncrally incIudc the labour costs of our own employee8 arising directly from the acquisition or development of the prnperty and incremental costs that would only have been avoided if th¢ propety conc¢rn¢d had not been a¢quiffd or ¢otknted. 1.11 Government grants Government wts are included within creditors in the Balance Sheet and credited to income and expenditure over the expected usefill lives of the a88ets to which they relate or in periods in which the related Costs ar¢ incurr¢d. Th¢ aGGruals model is adopted alld grant8 ar¢ ¢la88ified as grants relatin8 to as8&8. Government ￿ received for housing properties are Tecognised in income over the u8¢ful life of the housing property structure and its individual components (excluding land) on a pro rata basis. Grants received specifically for components of a housing propety (e.g. funding for replacement of boilers) are recogoi8ed in income over the expected useful life of the component. On disposal of an ass& for which a government grant was received and where there is no obligation to repay the grant, any unamortised grant remaining within liabilitie8 in the Balance Sheet ￿latillg to this asset is dereLX)gni8ed as a liability and recognised as revenue in income and expenditure. W]￿¢ t1￿C is a requirement to eitherrepay or recycle a grant received for an asset that has been disposed of, a liability is included in the Balance Sheet to recogni8e this obligation, measured at best estimate. Propty ￿1Ved at below market value is treated as a non-exchange transaction as d￿￿1b¢d more fully in not¢ 1.21. Qrants and contributions receivable relating to both Completed schemes and schemes being built ar¢ shown separately witl]in debtors. Those reccived in advance of tbe related cxpcnditure are Shown Separdtely within creditor8. Jn certain circu￿5 any ￿t or contribution may be repayable in part or in fulL but any s￿h amounts will rank as subordinated or unsecured debt on the relevant propety. 36

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnanclal Ststements Forthe Year Ended 31 March 2023 1¥40TES (conthiued) I AcCOu￿1NG POLICIES (contlnued) 1.12 Investment property Investment properties are properties not held for social benefit which are held together to earn rent&l income or for capital appreciation or for both. Investment propertÉes are recO￿lSed initially at cost. Subsequent to initial recognition, investment properties are held at fair value. Any gains or losses arising from changcs in thc fair value are rccognised in income and cxpcnditurc in thc pcriod they arise. No depreciation is provided in respect of investment properties. 1.13 Stocks - propertles beld for sale and work ID progreBB Completed prowties and properties under constrnction for open market saleg are recognised at the lower of cost and estimated selling price le88 COSt8 to complete. Cost comprises materials, direct labour and direct development overheads. Assessing net realisable value requires use of the estimation techniques. Jn making this a88￿Ment, management considers publicly available infOrn￿tiOn and internal forecasts on future sales activity. Net rea]isable value is based on estimated sales prAce after allowing for all fLllther Costs of completion and di8PO8al. 1.14 Impalnllent exdudlng Jtockg, Investments and deferred tax a88ets Financial (usets (Including trade and olher deknrs) A financial asset not Carried at fair value through income and expenditure 18 as8e88ed at each reporting date to detennine whether there is objective evAdence that it is impaired. A financial asset is impaired if objective evidence indicate8 that a1083 event has occurnl after the initial recognition of the asse( and that tlle loss event had a negative effect on the estimated future cash flows of that asset that ran b¢ estimated r¢]iably. An impainnent loss in respect of a fmancial asset measured at amorti8ed cost is calculated as the difference between its c￿ryng amount and the present value of the estimated future cash flows discounted at the asset's original effective int¢r¢st rats. For financial instruments measured at cost less impairnient, an impairment is calculated as th¢ difference between its carrying amount and the best e8tiniate of the amount that the Group would receive for the ass& if it were to be sold at the reporting dat¢. Int¢rest on the impaired asset contillu¢s to be recognised through the unwinding of the discount. Impairment loss¢s ar¢ recognIs￿ in Income and Expenditure A¢count. When a subsequent event causes the amount of impairnient loss to decre&se. the decrease in impairnient 1088 is reversed through income and expenditure. Jvon-flnanclal The carrying amounts of the Group's non-financial assets, other than investment propety, and 9tock4 are reviewed at each reporting date to dctcrn]ine WhetI￿r there is any indication of impainnent. If any such indication ¢xists, then th¢ &ss¢t's r¢coverable amount 15 ¢stimated. Th¢ r￿0Verable amount of an asset or housing Scheme is the ￿ter of its value in use and its faw value less costs to sell. In assessing value in usc, thc Cstimatcd futurc cash flows are discountcd to thcir prescnt value usillg a pre-tax discount rate that reflects C￿￿t mark& asse55ments of the time value of money and the risks specific to the asseL For the pur￿)Se of impairnient testing, assets that cannot be t¢sted individually are group¢d towher into the smallest group of assets that generates cash infiows from continuing use that are largely independent of the cash infiows of other assets or growis of asscts. An impairnient loss is rwised if the carrying amount of an asget or its Cash Generating Unit (CGir) exceeds its estimated ￿coverable amount. Impairnient losses are recognised in Jncome and Expenditure AccounL Impainnent10&8es recognised in respect of CGUS are allocated to reduce the carying amounts of the other assets in the unit (group of units) on a pro rata basis. 37

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 NOTES (continued) ACCOUNTING POLICIES (Conthiued) 1.14 Impalrment exeluding 8tocks, investments and deferred tax assets {￿ntinued) An impairnient loss is reversed if and only rfthe reasons for the impairn]ent have ceased to apply. Impairn]ent losses reeognised in prior periods are assessed at each reporting date for ally indications that the loss has decreased or no longer exists. An imp&irnient loss is reversed only to the extent thatthe asset's carrying amount does not exceed the carrying ￿nOUnt that would have been determined. net of depr¢ciation or amort1sati0￿ if no impairnifflit loss lthd b¢¢n r¢cognis¢d. 1.15 Employee benefits Defined contribmtion plans and other long-terni employee benefvs A defmed contnl)ution plan is a post-employment benefit plan under which the (iroup pays fix contributions into a separate entity and will have no legal or constn￿tiVC ob]igation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense .41 in income and expenditure in the periods during which services are rendered by employee8. Defined ben4fiiplaAS The Group participates in the Northern Ireland LL)cal Government 0￿￿er8 Pension Scheme, which is & funded defmed benefit schemc. The Group takes no part in the administration of thi8 fund, Contributions to it are in accordance with the instructions of tlL¢ Trustees of th¢ schane, whiGh follows actuanal advice giv¢n to them. A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group's net obligation in respect of defined benefit plans is calculatsd by estimating the amount of futur¢ benefit that employees have earned in return for their servic¢ in the curr¢nt and prior year; that benefit is discounted to deterniine its present value. The fair value of any plan assets is deducted. The Group detennines the net interest expense (income) on the net defined benefit liability (asset) for th¢ year by applying the discount rat¢ as detennill¢d at th¢ beginning of the annual pwiod to th¢ n¢t defwed benefit liability (asset) taking a￿O￿llt of changes arising as a result of contributions and benefit payments. The discount rate is the yAeld at the Balance Sheet date on AA Credit rated bonds denominated in the currency of. and having maturity datss approximating to the tsnns ofthe Group's obligations. Avaluation is perfornied every three yearn by a qualified actuary using the projected unit credit meth(Kl. The Group recognises net defined benefit plan assets to th¢ extent that it is able to recover the surplus either thmugh rcduccd contsibutions in the firtUTC or through refi￿a8 from thc pIan. Changes in the net defmed benefit liability arising from employee service rellda￿ during th¢ p¢riod, net interest on net defined benefit liability, and the cost of plan introductions, benefit changes, ¢urtaihn¢nts and settlements during the year are recogDi8ed in income and expenditure. Re-m¢asur¢mellt of th¢ net d¢fm¢d b¢nefit liability / asset is recogmsed in other comprehensive income in the year in which it occurs. Termlnallon bene Tern]ination benefits are recognised as an expense when the Group is demonstrably rA)rnnllth￿ without realistic possibility of withdrdwal, to a fornial detsiled plan to eitber terniinkn employment before the norn]al retirement date, or to provi(k tcrn]ination bencfits as a result of an offer made to encourage voluntary redundancy. Tennination benefits for voluntary redundancies are recogllised as an expcnsc if th¢ Group has made an offer of voluntary redundancy, it is probable that the offer will be and 38

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnanclal Statements For the Year Ended 31 March 2023 NOTES (continued) I ACCoUNT￿￿G POIJCIES {condnued) 1.15 Employee benefits (condDu¢d) the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting date, then they are discounted to their present value. 1.16 Provi8ion8 A provision is reLognised in ttse Balance Sheet when the Group Iw a present legal or constrnctive obligation as a K8uIt of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be r￿ll]red to settle the obligation. Provisions are recognised at the best eStin￿te of the amount required to settle the obligation at the reporting date. 1.17 Turnover Turnover exclude8 value.added tax and represents rentsl and Serrfice charge income receivable (net of void Ios8e8), fees receivable, and amortisation of grant8. Rental income is recognised on the execution of tenancy agreements. Oth¢r incLUU¢ is rc¢ognised as r¢cxivable on the deliv¢ry of serviccs provided. Donations receiv&1 under the Gift Aid scheme to the PBrenL fir)m its sub8idiaries are recognised as tlmiover upon receipt as it relateg to the principal activities of the Association and is eliminated on consolidation. 1.18 ExpeD8eJ Interest receivable and interestpayable Interest is capitali8ed on borrowings to fmance the development of qualifying assets to the ¢xt¢nt that it a¢¢rue$ in respect of the period of development if it ryresents: (a) interest on borrowings specifically financing the development programme after deduction of related (b) a fair amount of interest on borrowings of the association as a wholc after deduction of Housing Association Grant (HAG) ￿CeIVed in advance to the exteot that they call be deemed to be financing the development programme. A qualifying asset is one wl)ich necessarily takes a substantial period of time to get ready for itg intsnd U8e or sale. Other interest payable is charged to income and eX￿ndItUre in the year. Otherinterest receivable and similar income include interest receivable on funds Investe￿ Interest income and interest payable are recognised in income and expenditure as they a¢¢n￿, using the effective interest mcthod. OperatingLe(Lve Payments made under operating leases recognised in the income statement on a Straight-line basis over the term of the lease. 39

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Ststemènts For the Year Ended 31 March 2023 NOTES (continued) ACCOUThNG POLICIES (￿ndnlled) 1.19 TAXAtlon C¢￿Ill activities of tlle Group are not taxable as the entities have clwitable status. Current tax is recosnised for the amount of incomc tax payable in respect of the taxable Su￿1￿8 for the current or past reporting pcriods using the tax rates and laws that have been enacted or sub8tantively enacted by the reporting date. Defered tsx is recognised in respect of all timing differ¢n¢es at the reE￿ing date, except as othenvise indicated. Lkferred tax assets are only recognised to the extent that it 18 probable that they will be recovered against the reversal of dd¢rred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowance8 for the cost of a fixed asset have been met, the deferred tax 18 reversed. Defe￿ed tax is calculated u5illg the tax rate8 and laws that that have been enacted or substantively enacted by the reporting date that expected to apply to the r¢versal of the timing difference. Def￿red tax is measured on an undiscounted basA8. Unrelieved tax 1088es and other deferyed tax &8sets are recognIs￿ only to the extent that it 1$ probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 1.20 PropertleB nMnaged by agents M05t of the fjroup's special needs 8to¢k is managed by agents with the relevant skills and expertise to 8UPPOrt the tenant8 in these schemes. Some of these schemes receive a revenue grant, wbich is passed to the managing agent. Where th¢ fmaD¢ial ri8k in these sch¢m¢s falls primarily on the managing agents, the related income and expenditu￿ arising from day-t041ay operations have been excluded from these fman¢ial gtatements whilst the prowty rental income ari8ing and related direct en8ts of ￿￿￿gement and maintellan￿ are included. 1.21 Non exclwige tranBactionJ Propety ff¢eived at below market value 18 treated as a non-exchange tran8llctio￿ The differeD¢e between the fair value of the asset donated or acquired and the ¢onsid¢ration paid for the &&8et 18 recognised as a government grant and included in the Balance Sheet as a liability. The tern￿ ofthe donation or acquisition are considered to be perfornrance-related conditions alld the grant is amortised to turnover in the year of perforniance of the conditions. 1.22 DISpOs￿ proceeds fund Surpluses arising from the sale ofproperty to tenants are transfetted to the Disposal Proceeds Fun(L along with any related Housing A&8ociation Grant. The net surpluses can be used by the Group to fund works on property that would not be eligi￿le for housing association grant or (in certain cl￿318nCes) attract loan finance. If the surpluses are Dot U8ed witbin two year6 of their receipt they may be payable in part or in fidl to the Departsnent for Communities and the amounts potentially ￿aYable are inclu(kd within C￿ditOrS. 1.23 Tenant Krviccs fund ('TSF') S￿￿]uSe3 or deficits arising from a difference between tenant s¢rvi¢e and support charges and the related cost of service provision are hdd on the Baknce sI￿¢t as debtors or creditors, with thc bthce being recovered from or released to future income streams. The TSF movements are included within operating costs on the face of the income statement.

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 NOTES (continued) ACCOIJNTING POLICIES (continued) 1.24 Conce$8lonary loan8 The Group has taken the public benefit entity exemption8 within FRS 102 PBE 34.89- 34.97 in respect of concessionary loaDS. These are loans made and received within the Group and externally at below the pr¢vailmg market rate of interest that ar¢ not repayable on d¢ll￿]d and are for th¢ purposes of furthering the objectives of the Group. These loans are initially measured at the amount received or paid and recogniscd in the Ba]aDCC Sheet. JD subsequcnt years the carying amount of collccssionary loans in the financial statements is adjusted to reflect any accrued interest payable or receivable. To the extent that a loan that has been made is irr¢coverabl¢, an impairnicnt10&8 is recogniscd in income and expenditure. la5 Critical #ceounting e&tim&te$ Th¢ Board of Management makes estimates and assumptions concerning the future in the proce58 of prepari￿ the Group financial statements. The estimates and a88umptions made in the pryaration of these fllwicial statements are as follows: Impairment- A8 part of the Group's and Association's continuous review of the perfonnanc¢ of their a88ets, management identify any homes, or Schen￿5, that have increasing void1088es, are impact by policy changes or where the decision ha8 been mad¢ to disp05¢ of th¢ prop¢rti¢s. These factor8 a consider&1 to be an indication of impairni¢nt. Wher¢ there is evidence of impairment, the fixed assets are written down to the recoverable amount and any impairment losses are charged to operating surpluses. Defined benefit obligation- Management's estimate of the defined benefit obligation is based on a number of critical underlying assumptions such as standard rates of infiation. mortality, discount rnte and anticipation of future salary increases. Variation in these as$umption8 may sigwficantly impact the liability and the am￿￿1 defined benefit expenses (as analys￿ in Note 19). The n¢t defined benefit pension &8set at 31 March 2023 wa8 £6.668k Management have assessed that there are no judgements that have a significant risk of causing a matsrial adjustment to the carrying amounts of a&ryets and liabilities Tecogni8ed in the financial statements. PARTICULARS OF TURNOVEII OPERATING COSTS AND OPERATING SI]RPLUS- PAREPIT 2023 2022 Operathig $uryIu81 (defldt) £'ooo Operating 8urplu81 (deficit) £9000 Turnover Operrdthig £?000 £9000 Social housing activitie8 Non-sooial housing activiti¢8 Total per income and expenditure account 73,134 (54359) (426) 1&875 (417) 16,492 (529) 73,143 (54,685) 1&458 15,963 41

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 NOTES (conthiued) 2.1 TtTRNOVEII OPERATING COSTS AND OPERATllYG SIIRPLUS OR DEFICIT FROM SOCIAL HOUSING ACTtVlTIES Parent 2023 General Sheltered Supported Agents Admin needs £>￿0 35,467 5,073 1,829 75 35 3,268 8,605 54,352 (767) 53A85 2022 Total Total Income from letting8: Rent Rates Scrvices Servi¢es- Heat Supporting people Other income Amortisation of grant Gross Income Ix88: void losses £?000 £1000 £9000 2,938 2,709 193 74 490 11 50 18 £'o(Mi 47,805 6,297 4,063 814 1,090 3,320 11,182 74,571 (1,428) 73,143 £9000 45,142 5,910 3,591 489 1,038 1,178 11.221 68,569 (1.153) 67,416 6.682 957 1,733 689 1,037 43 823 850 904 4,547 3,699 (233) (52) 4a14 3,647 11.964 (376) IIA88 Net Ineome Services Heat Supporting people Management Rates payable Maintenance administration Planned and cyclical n￿Intenance Reactive maintenan¢¢ Major ryairs Propety lea8¢ charges Bad debts Exchange movement Impairnlent Deprcciation- Social housing Depreciation- non-social housing Transfer to Tenants, 1,823 80 1.960 840 1,381 (213) 843 609 81 29 4,421 1,001 1,427 10,590 5,836 3,131 4,798 500 1,495 9,952 5,599 10,478 4,759 140 153 185 77 1,962 611 279 279 2,748 1,342 492 263 307 2,404 7.549 1,306 12 779 2,890 6,218 946 11 194 15 647 4,900 1.111 1,359 116 595 44 695 35 12 779 11,789 2,185 1,135 1,235 16.344 15,423 408 374 (363) 9,211 (148) 3,151 (17) 2,825 (526) 426 54,685 (41T) 18,458 (357) Operatjng Costs Operatlng surp]u (deficit) 39,072 51,453 14¥13 2a77 1,1 822 15,963 Other income includes £948k (2022: £901k) of donations received unts the gift aid scheme from Group entities. Turnover and operating costs relating to non.social activities are s¢t out in the Admin colum 42

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statement5 For the Year Ended 31 March 2023 NOTES (continued) TURNOVE￿ OPERATING COSTS AND OPERATJNG SURPLUS OR DEFIcft FROM SOCIAL HOUSING ACTIVITIES (Continued) Parent 2023 General Sheltered Supported Agents Admin needs £>ooo 2022 Total Total £ooo £>ooo £ooo £'ooo £ooo £'ooo Dfc ￿￿￿gement AllowAnee$ Management allowances Management cost8 (Deficity8urplu8 3,016 (10.478) (7,462) 807 288 422 4J33 (10,591) (6,058) 4.459 (9,952) (5,493) 212 1,019 (140) (185) 148 237 Dfc malntenance allowanees Maintenance allowance8 Planned and cyclical 3,863 945 366 539 5,713 (2,983) (7,895) (5,J65) 5.630 (1,661) (674) (5.000) (1,517) (2.798) {1,246) (338) (310) (672) (706) (644) (477) (3,493) {6,789) (4,652) Reactive maint¢naDc¢ Defldt Turnover exellldlng other Income And amortlsadon of grant Parent 2023 TotAJ £?000 39a57 2022 Total £ooo 38.206 Technical Non-technical Total S8,641 55,017 Group The addition of the turnover of Oaklee Housing, Acorn Housing, Maple And May Ltd, Maple And May {Hom¢s) Ltd and Choice Service8 (Ireland) Limited (net of consolidation adjustments) of £21,860k (2022: £19,135k) resulted in a Group turnovw of £95,003k (2022: £86,551k). Turnover relating to dis¢ontitiued activiti￿ amounts to £18,328k. The addition of the operating costs of Oaklee Housing, Acorn Housing. Maple And May Lt4 Mapl¢ And May (Homes) Ltd and Choice Services (Jreland) Limited (net of consolidalion adjustments) of £14,173k (2022: £12,114k) resultcd in GTOUP opcrating costs of £68,858k (2022: £63,567k). Operating costs ￿l￿]llg to discontinued activities amounts lo £1 1,412k. 43

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnanclal Statements For the Year Ended 31 March 2023 NOTES (eontinued) 3 EMPLOYEES The average number of persons employed (including the Group Senior Executives) during the yeaT. analysed by category was: Group 2023 Parent 2023 2022 2022 Corpordte Services Development and Growth Hou8ing Maintenance 92 30 174 136 432 76 21 155 75 327 81 24 156 70 331 173 178 463 The c08ts incurred in reSp￿t of these employees were: 2023 £9000 2022 £*ooo 2023 £9000 2022 £'ooo Wages and salaries Social security costs Other pension c08ts 13,851 1,467 12.171 1,215 9,356 972 8,824 866 No redundancy costs wer¢ Incurr￿ during th¢ year (2022: £Nil). Included in the above are employee costs capitalised of £2,232k (2022: £2,624k). INFORMATION REGARDING DIRECTORS AND EMPLOYEES Remuneration of Group Senior Executives The remuneration paid to seven (2022: seven) Group Senior Executives (defined for the purposes of emoluments as members of the Group Senior Management Team of the Association) was as follows: Group 2023 2022 £?000 £'ooo 815 Parent 2023 2022 £,000 £9000 Aggregate emoluments (including benefits in kind) Pension contribution8 676 630 139 140 123 117 922 955 799 747 The emoluments to the higbest paid Director (currently included within the above table) are as follows: Ag￿¢ emoluments (including benefit8 in kind) Pension contributions 142 15 157 128 15 143 142 15 157 128 15 143 Total expenses reimbursed to the Group Senior EX￿utiveS and not chargeable to income tax 44

CNOICE HOUSING IRELAND LIMITED Annual Report and Flnanclal Statement5 For the Year Ended 31 March 2023 NOTLS (continued) 3.1 INFOIIMATION REGARDING DIRECTORS AND EMPLOYEES (contlnued) Remuneration of Group Senior ErecuÉives by Salary Band The numbers of Group Senior Executives whose emoluments (including pension wntsibutions but excluding redundancy related payments) fell within the following ranges were: Group 2023 Parent 2023 Band 2022 2022 £105,001- £110,000 £110,001- £115,000 £115,001- £120,000 £120,001- £125,000 £125,001- £130,(￿0 £130,001- £135,(M)o £135,001- £140,OCK) £140.001- £145,OLY) £145,001- £150,0(K) £150,001- £155,0(K) £155,001- £160,000 Totsl Those Group Senior Executive8 who are member8 of the NILGOSC Pension Scheme ar¢ on the same terms as all other members. Remuneration ofstaffby Salary Band The number of stsff who received remuneration ￿ater than £60,OCrf) (excluding directors and Group S¢llior Executiv￿). Group 2023 Band 2022 £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £ioo.001- £i10.000 Total 16 11 45

CHOICE HOUSING IRELAND UMrrED Annual Report and Financlal Statements For the Year Ended 31 March 2023 NOTES (contlnued) 3.1 INFORMATION REGARDING DIRECTORS AND EMPLOYEES (Colltinued) Remuneration ofBoardMembers - Parent The memlxrs of the Board are not remunerated. The totsl expenses paid to members of the Board were £nil for the year ended 31 Ma￿h 2023 (2022: INTEREST RECEIVABLE AIYD SIMILAR INCOME Group 2023 £g(KlO Parent 2023 £ooo 2022 £9000 2022 £yooo terest receivable from bank deposits Interest receivable from Group companies 2,641 459 523 291 315 2,641 25 JNTEREST PAYABLE AND SIMILAR CHARGES Group 2023 £￿0 Parent 2022 £yooo 2023 £?000 2022 £?IH)o Interest payable on finaDoial liabilities at amortised cost Net interest (creditycbarge on net defined benefit obligations 12J70 11,283 7¥25 6,846 (99) 33 (99) 33 12271 11,316 7,426 6,879 46

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statement5 For the Year Ended 31 March 2023 NOTES (conthiued) SURPLUS OIY ORDINARY ACTIVITIES Included in incomeJexpenditur¢ are the following: Group 2023 £'ooo Parent 2022 £9000 2023 £9000 2022 £?000 Depreciation on housing and other fixed asset8 Write•off of major repairs oll owned Lqngible fixed assets Amortisation of grants alld contributions Sury)Iu8 on sale of housing assets Change in fair value of investment propety Cbange in fair value of d￿]vatiVeS recognised in income and expenditure (259) Impairment loss on schemes being built 647 Inten)al audit servAces 29 39 29 Capitalisation ofown labour and overhead ￿￿13 20,671 19,338 1fj766 15,816 IJ06 (13 J76) (13,057) (4,186) (2,085) (881) (691) 946 IJ06 (IlJ84) (4,186) (11.249) (2,085) (419) (181) (72) 647 39 Group 2023 £'ooo 2022 £'ooo Auditor*s Remuneratlon: Fees payable to the Association's auditor8 for the audit of th¢ parent and Group financial statements Fee5 payable to the Association's auditors for oth¢r ￿rY]e¢S, Tax compliance services Tax advisory serviGe8 All other servi¢¢s Total omounts payable to the Association's auditors 88 95 10 96 117 47

CHOICE HOUSING IRELAND LIMITED Annual Report and financFal Statements For the Year Ended 31 March 2023 IYOTES (continued) 7 TAXATION The Association is considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and thcrefore meets the definition of a charitable Company for UK corporation tax pu4x)ses. Accordingly, thc Association is p)tentially exempt from taxation in respect of income or capitsl g&in3 rcceived within categories covered by Chapter 3 Part I I Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that $u¢h income or gains are applied exclusively to Ch￿l￿ble purposes. Maple And May W Maple And May (Homes) Ltd and Choice S¢rvirKs (treland) Limited, as subsidiaries of the Association, Can their taxable profits to th¢ Parent under a gift aid arngemenL thereby reducing their taxable prnfits to £Nil. All of the tsxable profits of the company must be gifted to the Par4 in cash, on or before l January following the accounting period end to meet thi8 arrangement. A current tsx creditl (charge) of £37k (2022: £(257)k) has been reCO￿lSed in respect of these entities. A deferred tsx charge of £167k (2022: £1 Iok) Iw been recognised relating to Maple And May Lt(L arising on investment properties- total deferred tax liability recognised of £742k (2022: £575k). Additionally, due to the uncertainty of the recoverability of the tax losses, a d¢f¢rred tsx asset of £244k (2022: £244k) relating to Maple And May Ltd has not been reCo￿lS¢d. Group 2023 2022 £'ooo Parent 2023 2022 £,000 £901)0 Current UK corporation tax on surplus for the year Deferred tLY Def¢￿ed tax charged to the SOCI in arriving at the surplus for the year Totsl tax on re8uIts (37) 257 167 110 130 367 48

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnandal Statements For the Year Ended 31 March 2023 NOTES (condnued) FIXED ASSETS- HOUSING PROPERTIES Group Housing Scheme8 belng bullt £9000 Total £'ooo £9000 At 31 March 2022 Additions Transfers Impairnient Disposa18 Disposal of subsidiary At 31 March 2023 1202,387 15.216 54.290 121,084 70,977 (54,290) 1.323,471 86,193 (8,906) (251.004) 1,011,983 (9,404) (14,760) 113,607 (18,310) (265,764) 1,125,590 Depreciation At 31 March 2022 Charge for the year Disposals Disposal of subsidiary At 31 March 2023 (208,549) (20,074) 3,144 25,023 (200,456) (208,549) (20,074) 3,144 25,023 (200,456) Net Book Value At 31 Mareh 2023 At 31 March 2022 811,527 993.838 113,607 121,084 925,134 1,114,922 The tenu￿ for these properties at cost is: Freehold Long leasehold £9000 £'ooo 1,010341 115a49 1,164,860 158,6ll Total £'ooo 1,125,590 1,323,471 At 31 March 2023 At 31 March 2022 No fixed assets are held under finance lease8. Schemay being built The amount of borrowing rA)sts capitalised during the period was £1,21 Ik (2022: £520k) with a capitalisation ratc of 5.7 % (2022: 4.9 %). Included in the cost of housing properties is £3,814k (2022." Q866k) in respect of capitalised finance Security Bank loans are secured by specific charges on 8ome of the Qroup's pro￿Les. See note 16. The Net Book Value of assets held for sale at the year-end is £1.2M (2022: £1.2M) 49

CHOICE HOUSING IRELAND UMITED Annual Report and Financial Statsment5 For the Year Ended 31 March 2023 NOTES {colltinued) FIXED ASSETS- HOUSING PRoPER￿s (continued) Parnnt Houslng Schemes Belng Built £9000 Total £'ooo £'ooo Cost At 31 March 2022 Additions TransfcTS Impainnent Disposals At 31 March 2023 964,535 13,460 42,779 110.804 53,007 (42,779) 1.075,339 66,467 (8.791) 1.011.983 (7,650) 113a82 (16,441) 1,125J65 Depredallon At 31 Marcb 2022 Charge for the y¢ar Di8posal8 At 31 March 2023 (187.148) (16,360) 3,052 200 456 (187,148) (16.360) 3,052 Net B(H)k Value At 31 March 2023 At 31 March 2022 811￿27 777,387 113J82 110,804 924.909 888,191 The tenure for these Properti￿ at cost is: Long Leasebold Freehold Total £9000 1,125,365 1,075,339 £?O(H) 1.010,014 994,378 £'ooo 115,351 80,961 At 31 March 2023 At 31 March 2022 No fixed &8sets leased are held under fnwir£ leases. SchÉme.v belng bullt The amount of borrowing costs capitalised during the period was £1,21 Ik (2022: £491k) with a capitalisation rate of 5.7 % (2022: 6.70/0). InGlud¢d ID th¢ cost of housing properti¢s is £3.814k (2022: £2.439k) in respect of capitalised finance Costs. Security Bank loans are secured by specific charges on some of the Parent's properties. See note 16.

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnanclal Statement5 For the Year Ended 31 March 2023 NOTES (conthiued) OTHER TANGIBLE FIXED ASSETS Group Office Land * and Buildings £'ooo Office rniture Vehlcles Computer8 Software Tool8 Total Equlpment £'o(KJ £'o( £'ooo £>ooo £*ooo Cost At 31 Ma￿h 2022 Additions Disposals At 31 March 2023 7.879 77 85 29 1,349 26 2,312 243 2,228 79 13,897 484 30 7,956 114 1,375 2J55 2J07 74 14081 Depreelatlon At 31 March 2022 Charge for the year Disposals At 31 March 2023 (3,346) (71) (84) (8) (1,325) (20) (1.937) (2,059) (213) (103) (36) (8,787) (18) (433) (3.417) (92) (la45) (2,150) (2,162) ($4) (9320) Net book value At 31 March 2023 At 31 Marth 2022 4,539 4W3 22 405 375 145 169 20 5,161 5,110 Offi¢e18nd is held freehold. No fix¢d a8S¢ts ar¢ h¢ld under fiDanGe1¢&8CS. 51

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnandal Statements For the Year Ended 31 March 2023 NOTES (continued) OTHER TANGIBLE FIXED ASSETS (Continued) Parent Office LaDd* and Bulldln Office Furnllure & Computerj Software Total Equipment Vehicles £'ooo £'ooo £'ooo Cost At 31 March 2022 Additions At 31 March 2023 7.879 77 81 1,332 23 2296 243 2,228 13,816 79 422 2J07 14238 7,956 81 lJ55 2￿39 Depreekndon At 31 March 2022 Charge for the year At 31 March 2023 (3,346) (71) (3,417) (81) (1,309) (19) (lJ28) (1,921) (2,059) (8,716) (213) (103) (406) (2,134) (2,162) (9,122) (81) Net book value At 31 March 2023 At 31 March 2022 4A39 4,532 27 23 405 375 145 169 5,116 5,1(M) * Office land is held freehold. No fixed assets are held under finance leases. 10 ]NVESTMENT PROPERTY Group £Jooo 28,584 1,774 (100) 881 31,139 Parent £'ooo 324 At l April 2022 Addition8 DAsposals Revaluation gal￿0088) At 31 Marcb 2023 324 Investm¢nt prop¢rti¢s consist of dom¢stic properties in Mapl¢ And May Ltd and commercial properti in Choice Housing Ireland Limita, held for Tental. Any gain or 10&8 arising fium a change in fair value is Tecogniscd in IncoD￿ and expenditure. Rental income from investment Property is accounted for as described in the turllover accounting policy. 52

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 NOTES (conthiued) 10 INVEsTmE￿T PRoP￿RTy (continued) Group The investment property fair value is pred0n]i￿tCIY based on a valuation by an external. independent valuer, having an appropriate recogDiSed professional qualification and recent experience in the location and class of tbe properties bemg valued. The valuation exer¢is¢ for £28,354k of the propcrtics heId wa8 perforn]ed with a valuation date of 31 Mar¢h 2023. The valuations, which are supported by previous market evidence, are prepaTed by c<)nsidering the aggregate of th¢ net annual rents, receivable from th¢ properties and where relevan¢ associated costs. The diTr¢tors ha￿ not obtsined a valuation rep￿rt as at 31 March 2023 in respect of the portion of Leslie Morrell House carrled as an investment propety with an assessed value of £324L The directors have assessed the fair valu¢ as at 31 March 2023. Any gain or1088 arising from a change in fair value is recognised in profit and108s. Rentsl income from investment propety is a¢￿￿￿ted for as d¢scribed in the turnover aceA)unting policy. Th¢ h18t￿L¢al cost of the investment prOp￿tieS at 31 March 2023 £27,354k (2022: £25,354k). Company Leslie Morrell House (a portion of the prop¢rty is carried as an investment propety and th¢ remainder is used in the business): The directors have not obtained a valuation report as at 31 March 2023 in respect of tbis investment propety with an assessed fair value of £324k. The directors have asse88ed the fair value as at 31 Ma￿h 2023 cognisanl of a valuati0nperf0rn￿d by an external, itithp¢nd¢nt valu¢r in March 2021. The histr)rical cost of the investment properties at 31 March 2023 was £230k (2022: £230k). 11 FINANCIAL ASSETS Group £'ooo Parent £?000 At l April 2022 Addition6 13.200 At 31 March 2023 13,200 53

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 NOTES (condnued) 11 FINANCIAL ASSETS (continued) The undertakings in which the Group and Association's interest at the year.¢nd is mor¢ than 2￿/0 are as follows: Reglstered office Subsldiary undertakings Maple And May Ltd Northern Ireland Nature of Buslne88 Clas8 of Shares hejd Ownership Provision of property rental Ordinary & and related serviG¢s Preference share81 IcK)O/o Choice Services (Ireland) Limited Maple And May (Homes) Ltd Joln¢ venthre Comhar Facilities Management Limited Northern ￿Eland l(M)O/o sbare$ Development of affordable Ordinary housing Northern Ircland IOOO/o Republic of Ireland Prnvision of facilities management services A Shares 99% l Maple & May Ltd- Th¢ A880ciation holds I3,￿0,000 Prefer￿￿ shar¢8 of £1 each which aye rthmable at any time on request at the option of the issuer. The premium on redemption is £Nil. 2 Comhar Facilities Mallagement Limited is accounted for as a Joint Venture within the Group financial ststem¢nts; carried at C08t. The investment at 31 March 2023 was £172 (2022: £172). Oaklee Housing was con801idat¢d by the Association on the basis that a8 a memb¢r of Oaklee Housing it is entitled to appoint up to S￿ell Directors in the Organisation. This ending of this arrangement on 31￿ March 2023 wa8 agreed by mutual consent by both org8tiisation8. Th¢ effect on the A&8ociation's Con801idated Accounts ID rclation to the deconsolidation of the Oaklee Group 18 set out below. Conso]idated Statement of Comprehensive Income Income & Expenditure Account Lo85 on digpojal ￿eUlatiOn £'ooo Oaklee Group net assets at 31st Mawh 2023 (23,946) Add back Foreign Currency Translation Res￿ve deducted in Consolidated Statement of Comprehensive Income 253 (253) Add back Cash Flow Hedge d¢ducted in Consolidated Statcmcni of Comprehensive Income 7,300 (7.300) TTan8fer from Foreign Currency Reserve to Revcnue Reserrfe in Consolidatrd Statement of Changes in Res¢rves 636 Amount recognised in Statement of Compre}M￿1ve Income Income & Expenditure Exceptional item 16,393

CHOICE HOUSING IRELAND UMITED Annual Report and Finanaal Statements For the Year Ended 31 March 2023 NOTES (continued) 12 STOCK Group Parent 2023 £9000 2023 £>(N)o 2022 £9000 674 157 15 846 2022 £'ooo Work-in-progress Stock- matthials 1204 247 22 1,473 22 22 15 15 Work in progress recognised in operating cost8 in the year amounted to £866k (2022: £125k), 13 DEBTORS Group 2023 £?000 2022 £9000 2023 £'ooo 2022 £9000 Rental debtOT8 gross - tecljnical Rental debtors gros8- non-technical Less provision for bad and doubtful (kbts Net Retttal Debto Housing asset grant reKeivable Other debtor8 Financial inslnlln¢nts Amounts due from grnup undert8kin88 Amounts due from joint venture 1,962 2,442 (1,733) 2,671 41,052 6,214 1,898 2,933 (1,962) 2,869 31,156 4,484 1,938 1,898 2,442 2,727 {1,733) (1,800) 2,671 2,825 41,052 31,156 5a70 2.011 11,015 13 757 l4,28l 29 850 597 891 733 1,785 42,965 51,425 61,078 51,152 Due within one year Due aftcr one year 51.425 41,027 59.278 1,938 1,800 51A25 42.965 61,078 The term "technical" refers to the portion of the rental debt which will be paid out of expected Housing Benefit and Supporting People payment8. Pa￿t. Amounts due fn)m group undertakI￿S are interest free and unsecured. £1,800k due from group undertakings is due after more than one year (2022: £12,266k), with £9.215k ￿paYable on demand (2022: £2,015k). 36,948 14,204 51,152 55

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnandal Statements For the Year Ended 31 March 2023 NOTES (eonthiued) 14 CREDrroRS: AMOUNTS FALLING DUE WITHtN ONE YL4R Group Parent 2023 £9000 2022 £?000 14,152 4,022 10.403 85 380 2023 £'ooo 24,862 2,575 6296 2022 £Jooo Debt (note 16) Trade creditors 31,612 2059 754 190 275 10,725 2,873 7,127 Other cralitors Corporation tax payable Due to contractors for certified work and retentions Rental and 8¢rvice charge paid in advanr Other tax and social securAty Amounts due to group undertaking8 Amounts due to joint venture companie8 Housing grant received in advaace Tenant servi￿$ fund Deferred t&x liability Disposal PrnLYeds fund (note 18) Ikferred grant inm¢ (not¢ 17.1) 3,525 1,156 3.793 1,447 37 3,525 1.156 3,793 1,448 208 49 35,134 32 29,035 79 575 829 35,134 29.035 79 742 2,458 10 95,401 2,458 829 77.187 86,594 66,548 Amounts due to group undertaknngs are intettst free, unsecured and repayable on d¢man(L 15 cRED￿ORS. AMOUNTS FALLING AFfER MORE THAN ONE YEAR Group 2023 Parent 2022 £Jooo 2023 £9000 2022 £9000 Debt (note 16) Disposal proceeds fund (nots 18) Financial instrum¢nts (note 26) Defe￿d grant income (notc 17.1) 282,121 446,051 4,011 2,072 1,954 5,223 504,612 519,786 792,698 973,132 282.121 4,011 1954 504,612 792,698 269,321 2,072 5,223 476,528 753,144 56

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnancial Ststemerrts For the Year Ended 31 March 2023 NOTES (continued) 16 DEBT ANALYSIS Group 2022 Parent 2023 2023 £9000 2022 Due within one year Banks and other l(wis Concessionary loans Dfc loans 31545 14.036 24.795 10,609 67 31,612 116 14,152 67 24,862 116 10,725 Due greater than one year Banks and ots loan8 Concessionary l(wis Dfc loans 282,118 401.542 44.439 70 282,121 446,051 313,733 460,203 282,118 269,251 70 269,321 280,046 282.121 306,983 Total bormwings TernLf ofrepaymenl and interejt rates GTOUP Curreney Nomlllal Interut rat¢ Yur of maturlty R•nge 2022 to Repayment Ichedult 31 Marrh 2023 31 M•r¢h 21Y22 RAll 0.80/0 to 6.2Vo (Vari&ble and FixeAI) 9.63% to 12.32% (Fixed) 2022 to 2024 £'ooo 217,642 Bank loanB GBP and Euro Monthly ond quart¢rty B1-annU￿ty 299.673 DtE108n GBP 70 186 ConL%Bsionwy loans 0% to 2% (FixeAI) 2023 to 2048 Bullet rq)Ayment on maturity Qutsly bi- annualty and l)ullet 44,439 The Housin8 Finance Corp(Yation ('THFC") loans GBP 4.42% to 6.35% (Fixed) 2026 to 2043 46,353 Housins Finance AgeJJcy (HFA) 3 months EURIBOR + 2040 to 2.75% to 3.85¥. (Variabl¢ 2050 And Fixed) Bl-annually 69552 Total 311733 460.203 At 31 March 2023 the Group had undrawn loan facilitie8 of £73,OOOk (2022: £77,278k). CurreD¢y Nomlnal Inttrest rAt• Year of rnaturlty Range 2022 to 2042 R¢pAyment iche4lul¢ 31 Mareh 2023 £'ooo 2111892 31 MAreh 2022 nge 0.82Y• to 6.1% (Variable 8nd Fixcd) 9.63Yo to 1132Yo (Fixed) 4.030/0 to 6.35% (Fithl) Bank loans GBP Monthly and quarterly 2022 to 2024 Bi-annually 233,507 Dfc loan GBP 70 186 THFC loans GBP 2030 to 2043 Quarterly bi- annually and bullet 9A021 46,353 Totsl 30 280,046 57

CHOICE HOUSING IRELAND LIMITED Annual Report and Finanoal Statements For the Year Ended 31 March 2023 NOTES {coJrtinued) 16 DEBT ANALYSIS (eonthiued) At 31 March 2023 the Parent had undrawn loan facilities of £73,OOOk (2022: £75.157k). Hedging £30m of bank loans includd ill Parent and Group abovc have becn hcdgal using interest rate swaps to fix the interest payabl¢ (5.35Q/o Swap £20m 2040 and £1 Om Interest rate collar). Security Bank loans are secured by way of mortgages upon th¢ de¢ds of th¢ related properties financed by the loans and c])arges over the as$&s of the entity. The Housing Finance Corporation Limited (IHFC) loans are se¢ured by way of a fixed charge over the Association's lThsing assets. Repayment schedule Based on th¢ lend&8 earliest rcpayment dat¢, born)wings are ryayable as follow8: Group 2022 £'ooo Parent 2023 2023 £'ooo 2022 £9000 Within one year or on demand One year or more but less than two years Two year8 or more but less than five 31,612 14,152 7,261 62,273 10,725 4,763 47,550 7,644 24,178 24,178 Five years or more Totsl borrowings 250,299 376,517 313,733 460,203 250,299 306,983 217,008 280,046 Changes In net debt Net debt represents the amount of borrowings less cash. The cl]anges in net debt arising during the year ended 31 March 2023 were as follows: Group Net ¢a•h and eaih equfivalents £?0 Debt within one year £yo Debt grevdteT than one year £'ooo Tot £'ooo At l Awil 2022 Cashflow 13071 935 (7,408) (14,152) (20,901) 3,441 (446,051) 53,343 110.587 282 121 (446J32) 33377 106,620 306 At 31 March 2023 58

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 NOTES (continued) 17 DEFERRED GRANT INCOME 17.1 GRANT RECONC]LIATION- NET Group 2023 £9000 532.104 47,343 (13,376) (5.361) (45,515) Parent 2023 £?000 486,959 474,538 44,981 24,985 (11.384) (11,249) (5,361) (1,315) 2022 £iooo 520,276 26,505 (13,057) (1.315) 2022 £iooo At l April Additions Released to income in year Disposals Disposal of subsidiary Foreign exchange At 31 Marc (305) 532,104 515,195 515,195 486.959 Amounts to be released within one year Amounts to be released in more than one ye8r 10,583 504,612 515.193 12,318 519,786 532,104 10,583 504,612 515,195 10,431 476,528 486,959 172 GRANT RECOIYCJLIATION - GROSS Parent Other £9000 5.901 13 (i) Group Total HAG £'ooo 653,555 44,968 (6.485) Total £?000 659,456 44,981 (6.486) Gros8 At l April 2022 Additions Di8posal8 Disp08al of subsidiary 723,667 47,343 (6,486) (66,573) At 31 March 2023 692,038 5,913 697,951 697,951 Amortlsation At l April 2022 Rclcased to inpA)me in year Disposals Disposal of Subsidiary (170,227) (2,270) (11,096) (288) 1,125 (172,497) (11,384) 1,125 (191,563) (13.376) 1.125 21,058 At 31 March 2023 (180,198) (2,558) (181756) (181750 Net book value At 31 March 2023 At l April 2022 511040 483,328 3055 3,631 515,195 486.959 515,195 532,104 59

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnanclal Statement5 For the Year Ended 31 March 2023 NOTES (condnued) 18 DISPOSAL PROCEEDS FUND The movements in the distK)sal proceeds fimd during the year wcre: Group Pare 2023 £9000 2023 £?000 2022 £?000 2022 £'ooo At l April House sales Expenditure At31 Mawh 2.901 4,011 (443) 469 1,775 2,901 4,011 (443) 6,469 1,775 1.999 (873) 2,901 (873) 2,901 The dl8po8al fund8 $llrpluie8 must be used as follom: Within the next yeaT (note 14) 2,458 Within the next two years (note 15) 4.011 6,469 829 2,072 2,901 2,458 4,011 6,469 829 2,072 2,901 19 EMPLOYEE BENEF￿s 19.1 Pensioni Group and Parent The Par¢llt Contiibutes to the Northern Ireland Li)￿1 (lovernment otTi¢er3 Superannuation Committee (NILGOSC). This is a defAned benefit scheme and the benefits currently provided are on a Career Av¢rag¢ Rcvaluated Earnings ('CARE') basis, based on an accnwl rate of1149. Death in service benefit8 include three time8 pensionable Salary, and 8pous¢ pension paid to a qualifying spowe. The most recent formal actuari￿ valuation was completed as at 31 March 2022 and rolled forward, allowing for the different financial assumptions required und¢r FRS 102, to 31 March 2023 by a qualified independent actuary. A full actuarial valuation 13 ￿rIed out every three years. Pension scheme assets were stated at their estimated market valu¢ at 31 March 2023. At the 3111 March 2023 the pension valuation reports a net pension a88et of £14,017k before consideration of a surplus restriction. In line with FRS 102 para 28.22 thc Association has not rccogni8ed all of this sury)lu$, as it is uncertain as to whether this surylus (calculated for Financial Rq)orting purEx)ses) will be recoverable via reduced future contributions (calculated for pension fimding purpoges). B&sed on third party specialist advice we have recogoised a £6,668k in the Pension Asset Account. Nelpenvion asset 2023 2022 £'ooo £'ooo Defined benefit obligation Plan assets (40?17) 54J34 (7J49) 668 (55,781) 58,897 (3,116) Restsiction on pension ass Net pension asset

CHOICE HOUSING IRELAND UMrrED Annual Report and Flnandal Statements For the Year Ended 31 March 2023 NOTES (continued) 19.1 Pensions (conthiued) Movements inpresent value ofdefinea benefits obligation 2023 £'ooo 55,781 827 1,592 {17,229) 2022 £Jooo 57,112 1,349 1,265 (3,409) 200 (736) 55,781 At l April CuTrDt service cost Interest expense Re-mea8urement: actuarial gains/Oos8e$) Member contrAbution8 Benefits paid At 31 Mar (837) 40,317 Movements Infair value ofplan assets 2023 £'ooo 58,897 1,691 (7,091> 1,491 183 (837) 54J34 2022 £?000 55,466 1,232 1,170 1.565 200 (736) 58,897 At l April Interest income Re-measurement gains on assets Contributions by employer Contributions by members Benefits paid At31 Mawh Re-me¢LYurement ofnei defined liability 2023 £iooo 19,831 (7,091) (1602) (7,349) 2,789 3,116 5905 2022 £'ooo 3,512 1,170 (103) (3,116) 1,463 Re-me49urem¢nt: actuarial gains/(losses) Re-mea8urement gains on assets Actuarial gains from experien¢¢ Restriction on pensi(m asset Net rethme&%urement- MO8ni8ed in other comprehensive income Previou8 year cUrtai]m￿t Total r￿ognIsed in current year Other Comprehensive Income Expense recognised in the income and expenditure account 1.463 2023 2022 £'ooo 814 £'ooo Operating costs: _ - adminiS￿tiOn costs 1,335 14 Amounts charged to opernting costs Net interest on net defined ben¢fit liability Amounts charged to Intsrest expenie 827 1,349 33 (99) (99) 33 61

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statements For th8 Year Ended 31 March 2023 NOTES (continued) 19.1 Pension8 (contlnued) The fair value of the plan assets and the return on those assets were as follows: 2023 Falr vakne 2023 Fair value 2022 2022 FAlr Falr value vallle £9000 Etyiti¢s Bond8 Multi-a88et credit 22N15 12.644 7,093 5,725 457 54,334 412 23,559 23J 15.195 13.1 7,657 10 6,420 11.9 6.066 58.897 13.0 10.9 10.3 Cash Actual return on plan assets (5,400) 2,402 Pnnelpal actharial aJsumptionJ.' Financial assumptions The principal actuari￿ assumptions u8ed by the actuary {expresseAI as w¢ighted averages) at the year- end were as follow8: A8sumptlons used for ealculadons Discount rate Future increase in retail price index Future increase in consumer pri¢¢ illdex Future rate of salary incrcasc Avcra8¢ future rate of pension increases 2023 4.751/10 2022 2.800/• 3.15Yo 3.15Q/ Th¢ main assumptions Telating to member longevity underlying the pension liabilities at the balance 5h¢et date are &8 follows: Average expected tsture ]ife expectancy After 65 for: Male staff currently aged 65 Female staff Gurrently aged 65 Male ¢urrently aged 45 Female curntly aged 45 2023 Year8 2022 Years 21.8 25.1 23,1 26.5 21.8 24.6 22.8 25.7 Defined contrlbutlons plan The Association operates a defined contribution pension plan. The total expense relating to these plan8 in the current year was £459k (2022: £419k). 19.2 Holiday Pay Entitlement The employees of the Group have unused holiday entitlements at 31 March 2023 amounting to a liability of £185k (2022: £21 Ik). These have been reported within staff costs and a¢¢rnals. 62

CHOICE HOUSING IRELAND UMITED Annual Report an(f Financial Statements For the Year Ended 31 March 2023 NOTES (continued) 20 SHARE CAP￿AL Parent and Group 2023 2022 (Figures are in single pound8) Ordinary shar&v of£l eac&fyllypaid At l April Share capitsl issued. fi￿Y paid Transfer to capital reser4e At 31 fvfarch 67 68 (19) (i) 67 The Pamrt's share capital is classified as equity and the shares are not entitled to a dividen(L are never redeemable, alld will not be rq)aid if the Parent is wound up. Every Board Mernb￿ has owned one share Since their election to the Board. The names of all Board m¢mb¢rs who held office during the year arc listed on page 2 and 3. No Board member holds or exerci8ed an option to buy shares in or debellture3 of th¢ Parent. 21 RESERVES Capital reserve Capital reserve represent8 the value of shares surrendered on ce&8ation of memberghip. Parent and Group 2023 2022 (Figures are in single pounds) At l April Transfer from slw¢ wital At 31 March 137 136 19 156 137 Foreign currency trapLylation reserve In the group financial statements. the forei￿ currency translation ttserve COM￿lseS all foreign cunrncy diffcrcnccs arising from the translation of the fmancial statements of foreign operations into GBP, the presentatioDal curncy of the Parent and Group. Cashflow hedging reserve The hedging reserve comprise8 the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions tbat have not yet Occu￿ed. 63

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statsments For the Year Ended 31 March 2023 NOTES (eondnued) 22 CAPITAL com￿￿1Th￿s Group Parent 2023 £'ooo 131.914 2023 £9000 132,537 2022 £9000 102,091 2022 £'ooo 89,995 AuthoriseAI and contrn¢t¢d for The figures above are gross expenditure before offsetting attributable grants. The Group operates a prud¢nt Treasury policy and has funding in platt to meet these capital commit￿ents. 23 RELATED PARTY TRANSACTIONS Details of transaction8 with relat￿ parties during the fu￿la1 year ended 31 March 2023 are shown below: Nature of traniaction Amount Balance due Amount Drl(Cr) froml(to} Drl(Cr) related party 2023 £?o(KJ Balance due fron￿(tO) related 2023 £)000 2022 £iooo 2022 £?000 Comhar Faellitle5 Management Services provided by Parent Services provided by Group Skalnos Swvice charges MullAch Allalnn Man*gement Co3 Service charge8 (43) (1,638) 13 602 (29) (1,670) 29 703 55 The Group have availed of the exemption in FRS102 tQ Dot report related paty transactions for IOOO/o owned subsidiaries. The exemption ]w been adopted for Maple And May Ltd, Maple And May (Homes) Ltd and Choice Services (Ireland) Limited. Comhar Facilities Management Limited is a joint ventiiir of the Parent. Skaino8 Limited 1$ a propety development partner and is considered to be a related party because the Parent has representation on its Board. 3 Mullach Allainn Management Company Limited is a management company of a housing scheme and is considered to be a related party because the Parent l)as representation on its Board. All transactions with related parties are on an arnis-length basis. are no provisions against any balance with relat￿ parties at the year-end (2022: £nil).

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnanclal Statements k•r the Year Ended 31 March 2023 NOTES (continued) 24 CASIIFLOW FROM OPERATING A￿TIEs 2023 £iooo Ih67 (4,180 16J93 (2,641) 12J70 (99) (881) 4,011 [phone] £iooo 12,362 (2,085) Surplus for the year Gain on dis￿8&] of tangible r￿ed &8sets Exceptional item- disposal of subsidiary Jntercst rcccivable and similar income Interest payable and similar chargeB Net finance charges relating to pension Scheme Gain on property valuation Transfer to disposal proceeds fund Movement in fair value of fillancial in8tn]ments Taxation (25) 11283 33 (691) 1,999 (259) 367 Ikpreciation, impairnient and write-off of major ryirs on owned tangible fixed asscts Amortisation of capital grdnts and contribution8 Pension costs less contributions payable Decre&8e in stock and trading pro￿rtIcS DecreaseJ(increase) in trade and oth¢r d¢btors Increase in trad¢ and other creditor8 Net cash inflow from operating activitie8 25,600 (13J76) (664) (627) (19,016) 20,868 (13,057) (216) (574) 81 34 30,120 24.1 CASH INVESTMENTS 2023 2022 £yooo 2,827 Cash Investments 27,442 Cash invegtsnents includes cash on deposit for more than g) days. 65

CHOICE HOUSING IRELAND UMITED Annual Report and Financial 5tstements For the Year Ended 31 March 2023 NOTES (continued) 25 HOMES AND BEDSPACES IN MANAGEMEIYT AND lly DEVELOPMEIYT The number of homes and bed-spaccs in management and in (levelopment in Northern bEland as at 31 March 2023 was 12,765 (2022: 12,382). This is analysed in the tsble below: Number of unlts ovrned by the Parent Self4ontained 2023 Propertles 2022 Propertles Gelleral needs housiug- Social Rent Shelteffd housing Supported housing Shared OWn￿ship 7,472 1,911 798 1,9)9 795 IOJ65 10,182 NOD self4￿ntailled Bedspaee$ Bed8pa¢eJ General needs housing- Social rent Supported hou8in8 14 1,053 1,067 21 1,055 1,076 Totsl uDlts owned at year end 11,432 11,258 Number of unlts managed but not owned by the Parent Self4ontaiDed Propertiej 16 Propertle8 16 General Needs Housing- Social rent shelt￿ed Housing Totol unlts mAnaged at year end 16 16 Total unlt8 owned and managed by the Parent 11,448 11.274 Oaklee Housing Oakle¢ Housing PPP Acorn Housing Ltd Maple And May Ltd Totsl unlts managed by the Group 1,288 534 217 253 13.566 266 11,714 Uth kn development at the year end 1,051 855 66

CHOICE HOUSING IRELAND UMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 NOTES (continued) 26 FINANCIAL ll¥STRUMENTS Carrying amounts offinancial inslruments held at other thanfair value.. Group Parent 2022 £?0 2023 2022 £9000 2023 £'ooo Assets measured at amortised co Cash and cash equivalents Cash investments Trade and other debtors Liabilities measured at amordsed coit Debt Trade and other payables 7J98 27,442 50,534 13,871 2,827 41,700 5,5L3 27,442 60,321 2,509 2,827 50,302 (313,733) (460,203) (14,220) (19,l3l) (242￿79> (420,936) (30Q983) {280,046) (12J97) (13,714) (22￿094} (238,122) Financial instruments me(uwred atfair value.. Group Parent 2023 2022 £'ooo £'ooo (1081) (3,340) 573 2023 2022 £?000 £9000 {IJ81) (1,403) 573 Derivatives- Level 2 Interest rat¢ swap Interest rate collar Carrying value The Group has the following derivativ¢ financial instrum¢nts which bave b¢¢n at fair value: Barclays £20m interest rate swap Barclays £IOm interest rnte collar The fair values of the interest rnte swaps and collars is based on di8¢0unting estimated cash flows based on the tern]s and maturity of each contract and using market interest rates for a similar instrument at the measurement date. 67

CHOICE HOUSING IRELAND LIMITED Annual Report and Flnanclal Ststements For the Year Ended 31 March 2023 NOTES (continued) 26 FINANCIAL INSTRUMENTS (contlnued) 26.1 llEDGE ACCOIINTING The following table indicates the peri(xls in which the cash flows associated with cash flow hedging instruments are expected to occur &8 required by FRS 102.29(a) for the cash flow hedge a￿ountillg models. Hedging Cash Flows Group Derfvadve8 CarryiDg Expected lyear Ito<2 2to<5 amount ¢a8h flow8 or less years yeArs £9000 £gIKJO £'ooo £'ooo S years and over £'ooo 2023 Infiows Outtlows 15,091 1.173 1.093 2,953 9,871 (18,130) (1,291) (1290) (3,766) (11,784) (3,039) (118) (197) (813) (1.913) (1,954) 2022 Tnflowg Outtlow8 20,236 722 1271 3,911 14.332 (25,225) (1,848) (1,745) (5,055) (16,577) (4989) (1,126) (474) (1,144) (2245) (3,287) Company Derivatives Carrylng amount £9000 Expected lyear Ito<2 2to<S cash flow$ or leJ8 years years £'ooo £¥￿0 £91) 5 yeArs and over £'ooo 2023 Infiows Outflows 15,091 1,173 1,093 2,953 9,871 (18.130) (1.291) (1,290) (3,766) (11,784) (3,039) (118) (197) (813) (1.913) (1,954) 2022 Infiows Outtlows 14,149 851 937 2,550 9,810 (20,878) (1,533) (1,437) (4,178) (13,730) (6,730) (682) (500) {1.628) (3920) (5,224) 68

CHOICE HOUSING IRELAND LIMITED Annual Report and Financial Statements For the Year Ended 31 March 2023 NOTES (Continued) 26 FINANCIAL INSTRUMENTS (continued) 2&1 HEDGE ACCOUNTING (continued) Reconciliation offair value measurements offinancial liabilities Group Interest Intsre8t rate rate swap collar £'ooo £'i 3,340 1,884 2023 Totsl 2022 Total Interest rAte Swap £'ooo (1,937) £'ooo 3,287 £?￿0 10,377 Fair value liability at l AprAI Movements recognised in Income and Expenditure Ineffective portion of (gains)nosse8 on derivatives treat&1 as cash-flow hedges Fair value movement on derivative contracts which are not in a hedging relationship Movements recognised in other comprehensive income Effective portion of chang¢8 in fair value of cash-flow hedges (188) (238) (419) (261) (1,966) (1,123) (5,391) (8.480) (6,831) Disposal of subsidiary 7,566 7J66 Fair value liabillty It 31 Marcb lJ81 573 1,954 3.287 The interest ratc swaps, interest rate collar are hedge accounted. Parent Interest Interest te rate SWAP collar £*(M)o £?000 3,340 1,884 2023 Total 2022 Total £yooo 5,224 £'ooo 7,961 Fair value liability at l April Movements recognised in Income and Expenditure Ineffective portion of (gains)1108ses on derivatives treated as ¢ash-flow hedges Fair value movement on derivativ¢ contracts which are not in a hedging relationship Movements recognised in other comprehensive income Effective portion of changes in fair value of cash-flow hedges Fair value Ilablllty at 31 March The interest rate swaps. interest rate collar arc hcdgc accountcd. (188) (181) (74) (1,966) (1,123) (3,089) (2,665) la81 573 1,954 5.224 69

CHOICE HOUSING IRELAND UMITED Annual Report and Flnancial Statements For the Year Ended 31 March 2023 NOTES (eontlnued) 26 FINANCIAL INSTRIJMENTS (continued) 2&1 HEDGE ACCOIJNTING (continued) S￿nMary of Iledges Financial i￿trun￿n1- Barclays £20m inter&yt rate swap Hedge description- The objective of the hedge is to mitigate the variability of the cash flows Btcmming from the floating rate interest payments ￿la￿d to the Barclays floating rate loan £21)m (2040) against unfavourable movements in the I month LIBOR rats. The swap pays f￿¢d int¢r¢st of 5.350/0 and receiv&8 I month LIBOR. Risk being hedged- The cash flows sternn￿g from the interest payments of the Barclays floating rate loan £20m (2040) is linked to I month LIBOR. The interest payments are highly expected to as the loan has already been drawn. The hedged documentation take8 into account the "critical ternis matching.. Quantitstive analysis on hedge effectiveness 18 calculated using the hypothetica] derivative method, to ensure that no over-hedging 18 taking place. Financial insln4ment- Barclays £IOm interut rate collar HeAl8e description- The objective of the hedge 18 to mitl8ate the variability of the cash flows stemming fiDm the floating rate interest pa￿ellts related to the Barclays floating loan £IOm (2040), against unfavourable movements in the I month LIBOR rat¢. Th¢ illstrum¢nt includes a at 60/0 and floor of 4.50/0. Risk being hedged- The cash flows st¢mming from the interest payments of the Barclays floating loan £IOm (2040) is linked to I month LIBOR. Th¢ interest payments are highly expect￿ to occur a6 th¢ loan has already been draw￿ Tr hedged docum¢ntation takes into account the "critical ternis matching.. Quantitative analysi8 on hedge effectiveness is calculated using the hypothetical detivative meth(KL to ensL]re that no ov￿-h¢dgitig is taking place. 70

CHOICE HOUSING IRELAND UMITED Annual Report and Financial Statement5 For the Year Ended 31 March 2023 NOTES (conthiued) 27 LEASING COMmITm￿s Non-catwellable operating lease rentals are payable as follows: Group Parent 2022 £9000 2023 2022 £5￿0 2023 £91100 Less than one year Between one ond five years More than five years 419 1,190 550 2,388 419 1,190 273 1280 5,791 1,553 During the year £372k (2022: £185k) wa8 re£ognised &q an expense ID the income and expenditure account in respect of operating leases. 28 COIYTINGENT LIABILITIES There is a cOnting￿t liability in respect of grants and contributions if the Group do¢s not ¢omply with th¢ t¢rmg of the letter of grant award. The Housing A8sociation Grant for Eligible Housing Activities General (Northern Ireland) Detennination 1992, known as the 'General D¢tennination'9 gives detsils of a number of relevant events that trigger grant recovy. The possibility of any reimbursement is congidered to be rnnote. 29 POST BALANCE SHEET EVENTS There have been no significant events subsequ¢nt to year end that would require adju8tment or disclosuTe in the8e financial stat¢ments. 71