2025-03-31-accounts

Registered number: 2001P Charity Registration Number: NIC101435 Northern Ireland Co-ownership Housing Association Limited Annual report and financial statements for the year ended 31 March 2025

Northern Ireland co￿wnership Housing Association Limited Annual report and financial statements for the year ended 31 March 2025 Contents Pages Board of management and advisers Report of the Board of Management and the Strategic Report Independent Auditors, report to the members of Northern Iretand CcFOwnership Housing Association Limrted 9-12 Consolidated statement of comprehensive income 13 Consolidated statement of changes in reserves 13 Co-ownership slatemenl of comprehensive income 14 Co-ownership statement of changes in reseNes 14 Consolidated statement of financial position 15 Co-ownership statement of financial position 16 Consolidated statement of cash flows 17 Notes to the financial statements 18-40

Northern Ireland Co-ownership Housing Association Limited Board of management and advisers Board of management Derek Wilson Ichair) Jordan Buchanan Paul Buggy Alastair Coulson Daniel Egerton Audrey Fleming Gillian Greer Alan Ledlie David Little (resigned 26 September 2024) Nicola Mccrudden (resigned 26 September 2024) Andrea McKellar {cwpted 11 April 2024, appointed 26 September 2024) Norman McKeown Philip Price (resigned 26 September 2024) Mark Spence {co-OPted 10 April 2025) Angela Wiggam {Co￿pted 11 April 2024. appointed 26 September 2024) Chief executive Mark Graham Secretary Gillian Hughes Registered oiTice Moneda House 25-27 Wellington Place Belfast BT1 6GD Bankers Bank of Ireland 1 Donegall Square South Belfast BT1 5LR Independent auditors BDO Northem Ireland Chartered Accountants and Statutory Auditors Metro Building, 1 st Floor 6-9 Donegall Square South Belfast BT1 5JA Solicitors A&L Goodbody Northem Ireland LLP 4246 Fountain Street Belfast BT15EF Cleaver Fulton Rankin Limited 50 Bedford Street Belfast BT2 7FW

Northern Ireland Co-ownership Housing Association Limited Report of the Board of Management and the Strategic Report The Board of Management {"Board-) presents its report. including its strategic report. for the year ended 31 March 2025 for Northern Ireland Co-ownership Housing Association Limited {-Co-Ownership"l and its subsidiary {together the -Group-}. The wholly owned subsidiary of Co-ownership is called Ownco Homes Limited (-Ownco'). Ctrownership is a registered charity with the Charity Commission for Northem Ireland. The Board of Co-ownership are the directors of the company and are the trustees of the charity. 1. Strategic Principal activity The principal activty of Co-ownership remains unchanged and is the provision of intermediate housing on a shared ownership basis for persons in need thereof. C(FOwnership provides a public benefit through helping enable families and individuals, who meet the criteria for relief of those in need. to have a home of their own through shared ownership. Ownco complements the Group by providing a route to home ownership when a full mortgage or Co-ownership are currently unattainable. Our Purpose: To enable people to become homeowners. Our Vision: To lead Ihe way on affordable home ownership. Our Values.. Putting customers first. working together. doing the right thing, and evolving and improving. Whilst the Group operates on not-for-profit principles. the generation of an annual surplus is vital to ensure the ongoing investment in new homes, to meet the commitments to lenders. and to generally ensure adequate protection against unforeseen circumstsnces. Co-ownership has developed a three year corporate plan which sets out an ambition to deliver on four primary objectives. These objectives are to extend its reach and impact on society. to be the best we can be for our customers, to be strong advocates and trusted partners for home ownership and to be a g￿at place to work with high performing teams delivering our s8rvice. The plan is on track to deliver the objectives within the agreed timetable. The key strengths of the Group which enable its primary objectives to be met are: A customer centric focus: A commitment to the highest standards of corporate govemance: A financial position which secures the confidence of funders, facilitating future investment and strategic growth opportunities: and Professional and dadicated staff vtho are committed to the Group's objectives. Review of business and future developments During the year Co-ownership helped customers purchase a total of 886 {2024.- 7711 properties and as a result the housing property portfolio increased in value from £513m to £541m. Staircasing activity levels were stronger, despite only a modest reduction in mortgage rates, with 551 full property sales transactions (2024: 448) and 102 partial staircases {68.. 2024). The level of repossession sales remained low and totalled 14 for the year (2024- 9). At 31 March 2025 Co-ownership had interests in 10,844 homes (2024: 10,523). The Board continues lo explore opportunities for enhancement of its services going forward. in response to a changing housing market. Interest in the Over 55 product. launched in 2022, has grown and 28 households were helped into their new home during the year bringing the total since launch to 51. The customer portal was enhanced during the year with the digitisation of the buyout process, and this has streamlined the customer experience for those wishing to staircase. The underlying need for affordable homes in Northern Ireland remains strong. although a lack of supply of homes and e¢onomi¢ uncertainty are challenges home buyers will continue to face in the year ahead. Changes to Local development plans by Councils should result in more mixed tenure deveFopments being built and Co-ownership will continue lo advocate the need for more intemiediate housing. Research into the barriers faced by disabled people to become homeowners has been conducted and it is hoped a new product will be launched next year. Ownco purchased 3 houses during the year, bringing the total purchased to 88. There were 11 property sales in the year, leaving 16 houses held in stock al 31 March 2025. Given the low levels of purchases in recent years, the decision to stop taking new applications was taken in April 2025. The existing tenancies are unaffeGted.

Northern Ireland Co-ownership Housing Association Limited Report of the Board of Management and the Strategic Report (continued) 2. Financial Financial perfomiance The surplus for the year amounted to £22.Om {2024'. surplus £17.9m). The increase is primarily due to an increase in the surplus on the sale of housing properties to £8.9m (2024.. £5.5m) as detailed in note 9, and an increase in rents to £16.6m {2024: £15.4m). The Department for Communities {DfC) provided Co-ownership with Financial Transaction Capital of £22m by way of long temi loans during the year, which together with Co-ownership's own resources funded the investment in homes. In April 2025, funding agreements were signed with the Department for Communtties to provide a further £153m of Financial Transactions Capital loan funding. which will enable Co-ownership to help a further 4,000 households buy their own home over the next four years. During the year sales proceeds generated £10.4m of Housing Association Grant (HAG) repayable to Dfc and in addition Co-ownership made £5m of loan repayments to Dfc. A loan facility of £65m with Bank of Ireland remains in place for a further four years. Of this facility, £30m was drawn throughout the year. At the year-end the Group had cash and deposit balances of £77m {2024: £75m), net current assets of £68m {2024.. £68m) and total net assets of £181m (2024: £160m). Co-ownership s policy is to retain a level of free rese￿es, which rnatches its needs at the current time and in the foreseeable future. The reseNes required are sufficient to meeting committed running costs for a period equivalent to six months budgeted future expenditure. The rental income is anticipated to be £17m in the next financial year. The Board are satisfied with the underlying financial perfomiance of the Group. They are of the view that for the foreseeable future Co-ownership will continue to generate sufficient operating surplus to cover its operating and financing costs and have sufficient finance to fund its ongoing activities for a period of at least 12 months. It therefore continues to adopt the going concern basis in the preparation of the annual financial statements. Events after the Balance Sheet date The group has no post balance sheet date events to disclose. Value for Money (Vfm) The focus on Vfm and continuous improvement is an important aspect to the delivery of our corporate strategy. It is recognised that the focus is not just about cost savings and financial improvement, but that Vfm is integrated into the culture and operations of the organisation. Value is defined from the perspective of our customers and stakeholders in any service or process, where economy, efficiency and effectiveness are considered in everything that we do whilst having regard to Quality ol service. Our approach to Vfm is to ensure the combined efforts of the organisation and ils resources are focused on what makes a difference for our customers and stakeholders. This is done through setting objectives, measuring and assessing our efforts against targets so the impact ofourwork is understood, and that leamings can be taken and used to shape future plans with an aim to be constantly improving and evolving. The Finance & Perfomiance Committee oversee the delivory of Vfm through review and challenge. which includes the review of business cases. contracts registers and perfonnance indicators. Key performance indicators for the year showed the following outcomes against target: The number of home aGceptances issued was 891 (target 9001. The average home purchase pri￿ was £153.719 {target £154.500). The average customer starter share was 59°h (target 57 /.). The number of customers who bought out was 551 (target 450). The average time taken to provide an initial approval to applicants was 2 days (target 5 days). The average time taken to issue an acceptance was 11 days (tsrget 19 days). The net promoter score for customers who would recommend Co-ownership was 97°A (Target 75°A). The Board consider that Co-ownership provided good value for money to both its custorners and its stakeholders during the last year, particularly given the challenges facing the housing market in Northern Ireland.

Northern Ireland Co-ownership Housing Association Limited Report of the Board of Management and the Strategic Report (continued) 3. Environmental and Social The Group recognises that as a charity with a vision to lead the way on affordable home ownership. it has an important role to play in the journey to Northem Ireland delivering Net Zero. Co-ownership has developed a strategic response to limate change with aims to be a voice for the owner occupier sector, to encourage customers to improve energy and carbon efficiency in their homes, and to lead by example by reducing the carbon footprint ofouroperational environment. Some of the actions taken during the year by the Group are- Developing some pathfinder initiatives for home energy improvements. Offering energy efficiency grants and providing 'Energy Performance Certificates, {EPCI to customers. Providing further training to staff on domestic low carbon technologies. Educating staff on how to save energy in homes. with the assistance of National Energy Action. Running an energy savings week for customers. providing tips and ideas on how to conserve energy. Gathering information on the energy efficiency and energy SoUr￿S of the homes the Group has interests. Energy and carbon reporting In line with the 'Companies (Directors. Report) and Limtied Liability Partnerships (Energy and Carbon Report) Regulations 2018, and related accompanying govemment guidance 'Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting requirements: March 2019., the Group presants detsils of its carbon and energy as.. UK Greenhouse gas emissions and energy use data 24125 23124 Energy consumption used to calculate emissions Ikwhl Scope 2 emissions in metric tonnes C02e Purchased electricity Total gross emissions in metric tonnes C02e Intensity ratio tonnes C02e l £m revenue 98.191 101.169 31 31 0.62 Th8 organisation utilises a "Green Tariff which provides 100Yo renewable energy, although the above infomation applies the energy supplier's average across all fuels. Emissions are similar to last year. The Group's only reportable energy was purchased electricity. To detemiine emissions for the year ended 31 March 2025. the Group used a methodology compliant with the Greenhouse Gas {'GHG'I Protocol. Electricity consumption was based on actual data, obtained from supplier invoices. meter readings and online supplier portal data. The collected consumption data is Ihen converted into greenhouse gas emissions associated wilh each activity using annually updated emission factors from our supplier. Social As an organisation with a strong social purpose that recognises its responsibility to carry out its operations whilst minimising the impact on the environment. it has a Corporate Social Responsibility Strategy in place. The social impact of Co-ownership is evidenced by what customers have told us as being the impact of buying a home throLtgh Co-ownership has had on their lives. A recenl customer survey of Co-owners showed.. 87% agreed or strongly agreed they felt part of the community where they lived. 85°h agreed or strongly agreed they felt their health and wellbeing had improved. 80 % agreed or strongly agreed they could live near family and friends. 94°/o agreed or strongly agreed they felt more independent. 790/0 agreed or strongly agreed they felt financially secure. The Community Fund supported four different groups across Northern Ireland and together with funding raising initiatives resulted in Co-ownership making charitable donations of £26.250 {2024= £21,590) during the year. No donations for political purpose3 were made during the year12024- £Nil).

Northern Ireland Co-ownership Housing Association Limited Report of the Board of Management and the Strategic Report (continued) 4. Governance Co-ownership is govemed by the Board. which is made up of non-executive directors elected by the shareholders. The Board complies with a code of govemance based on the National Housing Federation model code of governan￿. The Board of Management have complied with the duty to have regard to the guidance issued by the Charity Commission for Northem Ireland under section 4 of the Charittes Act (Northem Ireland) 2008. The Board and executive directors The Board and executive directors of Co-ownership are listed on page 1. The Board is a voluntary committee who have responsibility for the strategic direction. general policy and management of the organisation. The day-to4ay management of operations is delegated to the Chief Executive and the Senior Leadership Team. Each past and present member of the Board holds one non*quity share of £1 in Co-ownership. The Chief Executive of Cowownership holds no interest in Co-ownership's share capital and although not having the legal status of director acts as executive within the authority delegated by the Board. The work of the Board is supported by three committees which operate under clearfy defined terms of reference. The committees are the Audit. Risk & Govemance Committee. the Finance & Perfomiance Committee and the Human Resources Committee. Internal control The Board is responsible for ensuring that the Group has established and maintains an effective system of inlemal control. The operation of internal control is delegated to the Senior Leadership Team on a day to day basis., however the Board reviews the operation of those controls in the following ways. Intemal financial controls ensure the reliability of financial infomiation, the maintenance of proper accounting records and the safeguarding of assets against unauthorised use or disposition. The organisation has a clearly defined organisational structure based upon a system of delegation and authorisation. which includes the Board where appropriate. The levels of authority are set out in internal policies and similar documents which have been adopted by the Board and are subject to periodic review. These are supported by detailed procedures which seek cleady to define operations, controls and authonsation levels and limitations so as lo ensure the completeness, accuracy and reliability of transactions and infomation. The Board reviews the effectiveness of the system of intemal control through participation in the Audit, Risk & GovemanGe Committee. That committee reviews reports from management. from the intemal auditors (who are extemalty appointed) and from the extemal auditors and seeks to obtain reasonable assurance that control procedures are in place and are being followed. This includes a review of the major risks facing the Group. The Audit, Risk & Governance Committee approves an annual intemal audit Plan. considers recommendations and agrees appropriate responses and action with the Senior Executive Officers. The Committee generally meets four times during the year. The intemal auditors also attend meetings and they have unrestricted access to the Chair of the Committee. The Senior Executive Officers attend meetings when required. The minutes of the Committee are fonnally recorded. The Board receives the annual report of the intemal auditors. The Intemal Audit Plan reflects the risk management policy and the risk register so that intemal audit resources are directed towards testing the risks and their control mechanisms which the policy identifies. Control is further reinforced by comprehensive measurement of. analysis of. and reporting and acting upon, perfomiance data. The Audit. Risk & Govemance Committee regularly reviews the risk register. The Group develops and monitors progress against a 3 year strategy. which is reviewed by the Board. A detailed annual budget, operational plan and cash Ilow projections are prepared. The Finance & Perfomiance Committee reviews these documents in detail and receives regular performance reports from the Senior Executive officers, including management accounts and perfomiance indicators, which are prepared promptly. These are compared with the planning and budgeting documents to monitor key business and financial activities and identify any activities or developments which require intervention or modification. The Committee generally meets four times during the year. All new initiatlV8s, major commitmants and investment projects aro subject to formal appraisal and authorisation procedures by the Board.

Northern Ireland Co-ownership Housing Association Limited Report of the Board of Management and the Strategic Report (continued) Internal control (continued The Human Resources Committee supports the Board in matters relating to organisational structure and resourcing, staff employment terms and conditions, board and staff leaming and development. and grievance and disciplinary matters. It also ensures that the Board retsins an appropriate structure, size and balance ofskills to support the strategic objectives and values of Co-ownership. and meets its responsibilities regarding Executive level recruitment. performance and remuneration. It liaises on various matters relating to the management and development of human resources strategy, policy and practices within the organisation, both statutory and in temis of good practicelpublic policy directives. The Committee generally meets four times during the year. The Board recognises that no system of intemal control can provide absolute assuran￿ or eliminate all risk. The system of internal control is designed to manage risk and lo provide reasonable assurance that the key business objectives and expected outcomes will be achieved. The system of control also exists lo give reasonable assurance about the preparation and reliability of financial and operational infomiation and the safeguard of Co-ownership's assets and interests. The organisation is committed to the highest standards of quality, probity, openness and accountability and has in place a confidential reporting system. Financial risk management The Group's operations expose it to a variety of financial risks that include the effects of changes in credit risk, price risk and interest rate risk. The programme of capital investment is financially dependenl on the continued availabilily of govemment funding. The Group has in place a risk management programme that seeks to limit the adverse effects on the financial perfomiance of the Group by regular review of activity levels against changing market conditions and adjustment to cashflow projections accordingly, with regular financial stress testing performed. The Group liaises with lenders, financial adviser nehvorks and independent financial advisers on an ongoing basis to keep up to date with other products in the market place. Credit risk Levels of rent collectibles are set in line wth the corporate plan and cashflow forecasts. Strict procedures are in place and levels of arrears are regularly reviewed. monitored and reported to the Board. Price risk The Group is exposed to changes in the housing market. In order to ensure the Group is receiving value for money on the properties it purchases and sells, each propety is valued by a professional extemal valuer prior to entering into a contract. The nature of operations undertaken by the Group exposes it to a number of inherent price risk factors. By rigidly adhering to its procurement policy. in line with public sector tendering requirements. the Group is customarily able to determine and agree favourable prices. Therefore, the risk management strategies and operational processes employed by the Group ensure that such exposure is controlled. Interest rate risk The Group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include Gash balances which are held on deposit. Interest bearing liabilities consist of bank loans that bear interest at normal commercial rates. In orderto manage the impact of interest rate fluctuations the Group has implemented a hedging strategy. Cash deposits are spread across various banks to mitigate counterparty risk. Non- financial rlsk management The Group's operations are exposed to a variety of non-financial risks that include operational, market and environmental risks. The Group has in place a risk management system that seeks to identify, measure, mitlgate and monitor these risks. Operational risk Good systems, processes and people reduce operational risks. Changes. including digttal transfomiation and development of new products, are rigorously tested before launching. Information security protocols are followed and regularly audited. Conveyancing of propertÈes is managed by legal professionals. Market risk Delivery of housing programmes is dependent upon the housing market. consumer demand. government support and mortgage lender appetite for Co-ownership products. Stakeholder engagement and raising product awareness are key tools in managing market risk.

Northern Ireland Co-ownership Housing Association Limited Report of the Board of Management and the Strategic Report {continued) Non- financial risk management (continued) Environmental risk Climate change presents an increasing risk to the Group. The Govemment has targets under the Climate Change Act 2008 to reach 'net zero, carbon emissions by 2050. Meeting this target will require a range of actions across sectors of the economy, including housing. that are responsible for emissions. The Group continues to develop plans in response to Glimate change. Health and safety The Group is committed to achieving the highest practicable standards in health and safety management and strives to make its offices a safe environment for both employees and customers alike. As an organisation we have invested in providing information, training. instruction and supervision to all employees and will continue to invest resources in ensuring the office remains a safe work environment. Human resources The Group's most important resource is its people.. their knowledge and experien￿ are crucial to meeting customer requirements and organisational objectives. The team delivering these requirements and objectives. at 31 March 2025, comprised 60 employees and the Board which comprised 11 members. Co-ownership holds an Investor in People accreditation reflecting the good management of its people. Experienced and suitably qualified staff take responsibility for important business functions. Annual appraisal procedures are in place to maintain standards of perfomiance. Regulation Co-ownership's principal regulator is the Department for Communtties {DfC). The latest published regulatory judgement related to the year 2023124 with the following ratings being received. Area of operations.. Financial Standard Govemance Standard Overall Rating." Meets the ￿quIrernents Meets the requirements Meets the requirements Statement of the Board of Management's responsibilities The Board is responsible for preparing the financial statements in accordance with applicable laws and regulations. The Industrial and Provident Societies Act (Northem Ireland) 1969 and registered housing association lagislation require the Board to prepare financial statements for each financial year which give a true and fair view of the state of the Co- Ownership's affairs and of its surplus or deficit for that period. In preparing these statements the Board is required to: Select suitable accounting pollcles anLJ apply them consistentty- Make judgements and estimates that are reasonable and prudent- stste whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements., and Prepare the financial statements on the going COn￿M basis unless it is inappropriate to presume that Co- Ownership will Continue in business. The Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of Co-ownership and to enable them to ensure that the financial statements comply with the Industrial and Provident Societies Act {Northem Ireland) 1969 and the Registered Housing Associations {Accounting Requirements) Order (Northern Ireland) 1993. It has general responsibility for the taking of reasonable steps to safeguard the assets of the Group and to prevent and detecl fraud and other irregularities.

Northern Ireland Co-ownership Housing Association Limited Report of the Board of Management for the year ended 31 March 2025 (continued) Statement of disclosure of inforniation to auditors So far as each of the members of the Board in office at the date of approval of these financial statements are aware.. there is no relevant audit information of which the Group's auditors are unaware", and it has taken all the steps that it ought to have taken as the Board in order to make themselves aware of any relevant audil information and to establish that the Group's auditors are aware of that information. Independent auditors BDO were the auditors throughout the year. BDO have indicated their willingness to continue in office. and a resolution proposing their reappointment will be proF)osed at the Annual General Meeting. By order of the Board Derek Wilson Chair of the Board of Management 25 September 2025

Northern Ireland Co-ownership Housing Association Limited Independent auditors, report to the members of Northern Ireland Co-ownership Housing Association Limited Opinion on the financial Statements We have audited the financial statements. included within the Annual Report and financial statements (the 'Annual Report"), which comprise.. the consolidated and Co-ownership statements of comprehensive income. the consolidated and Co-ownership statements of changes in reserves. the consolidated and Co￿)WnerShIp statements of financial position as at 31 March 2025 and the consolidated statement of cash flows for the year then ended-, and the notes to the financial stalements, which include a description of the significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Unit8d Kingdom Generally Accepted Accounting Practice). In our opinion, Northern Ireland Co-ownership Housing Association Limited's group financial statements and the 'Co- Ownership's. financial statements (the -financial statements")- give a true and fairview of the state of the group's and of the Ci>Ownership's affairs as at 31 March 2025 and of the group's and Co-ownership's surplus and of the group's cash flows for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards. comprising FRS 102 "The Financial Reporting Standard applicabla in the UK and Republic of Ireland" and applicable law). and have been prepared in accordance with The cl￿operatiVe and Comrnunity Benefit Societies Act (Northem Ireland) 1969. The Charrties Act (Northem Ireland) 2008, The Housing {Northem Ireland) Order 1992. The Charities {Accounts and Reports) Regulations {Northem Ireland) 2015 and The Registered Housing Associations {Accounting Requirements) Order (Northem Ireland) 1993. Basis for opinion We conducted our audit in accordance wtlh Intemational Standards on Auditing {UK) (ISAS {UK}l and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Independence We remained indepèndent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. which includes the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordanGe with these requirements. Conclustons relating to going concern In auditing the financial statements, we have conclLJded that the Board of management's use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identffied any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the Co-ownership's ability to continue as a going concern for a period of at leasl Iwefve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibiltties of the Board of management with respect to going concem are described in the relevanl sections of this report.

10 Northern Ireland Co-ownership Housing Association Limited Independent auditors, report to the members of Northern Ireland Co-ownership Housing Association Limited (continued) Other infomiation The Board of Management are responsible for the other information. The other infomiation comprises the infom)ation included in the annual report other than the finanGial ststements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent othe￿iSe explicitly stated in our report, we do not express any forni of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so. consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or othe￿iSe appears to be materially misstaled. If we idenltfy such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstalement in the financial slatements or a material misstatement of the other information. If. based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Board of management for the financlal statements As explained more fully in the Statement of the Board of Management's responsibilities. the Board of managemenl is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and for such internal control as the Board of Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Board of management is responsible for assessing the group's and the Co- Ownership's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Board of managemenl either intends to liquidate the group or the Co- Ownership's or to cease operations, or has no realistic attemative but to do so. Auditors, responsibilities for the audit of the financial statements Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expècted to influence the economic decisions of users taken on the basis of these financial ststements. Extent to which the audlt was capable of detecting irregularities. Including fraud. Irregularities. including fraud, are instances of non-compliance wtih law5 and regulats"ons. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud. is detailed below. We gained an understanding of the legal and the re9uiatory framework applicable to the group and the Co-ownership and the industry in which it operates and considered the risk of acts by the group and the Co-ownership which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with The Ctroperative and Community Benefit Societies Act (Northem Ireland) 1969. The Charities Act {Northem Ireland) 2008, the Housing {Northern Ireland) Order 1992. The Charities (Accounts and Reports) Règulations (Northern Ireland) 2015 and The Registered Housing Associations (Accounting Requirements) Order (Northem Ireland) 1993. FRS 102, 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland..

Northern Ireland Co-ownership Housing Association Limited Independent auditors. report to the members of Northern Ireland Co-ownership Housing Association Limited {continued) We focused on laws and regulations that could give rise to material misstatement in the financial statements. Our tests included but were nol limited to- agreement of the financial statement disclosures to und8rfying supporting documentation. enquiries of management., and considering the effectiveness of the ￿ntrol environment and monitoring compliance with laws and regulations. There are inherent limitations in the au(Jti procedures described above and the further removed non-cornpliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits, we addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. A further description of our responsibilities for the audit of the financial statements is located on the FRC'S website at= www.frc.or .uklauditorsres onsibilities. This description fomis part of our auditors, report. Other required reporting Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 exception reporting Under the Co-operative and Community Benefit Societies Act (Northem Ireland) 1969 we are required to report to you if, in our opinion= a satisfactory system of control over transactions has not been maintained; or we have not received all the infomiation and explanations we require for our audit- or proper accounting records have not been kept by the Co-ownership; or the Co-ownership's financial ststements are not in agreement with the accounting records. We have no exceptions to report arising from this responsibility. Charities {Accounts and Reports) Regulations (Northem Irèland) 2015 exceptlon reporting Under the Charities (Accounts and Reports) Regulations {Northem Ireland) 2015 we are required to report to you rf, in our opinion- sufficient accounting records have not been kept in respect of the Co-ownership. the Co-ownership's financial statements are not in agreement with the accounting records. we have not ￿ceiVed all the infomation and explanations we require for our audit.. or information contained in the financial statements is inconsistent in any material respect with the report of the Board of Management for the year ended 31 March 2025. We have no exceptions to report arising from this responsibility.

12 Northern Ireland Co-ownership Housing Association Limited Independent auditors. report to the members of Northern Ireland Co-ownership Housing Association Limited (continued) Use of this report This report is made solely to the Co-ownership as a bi)dy in accordance with section 43 of The Coknoperative and Community Benefit Societies Act (Northern Ireland) 1969. section 65 of The Charities Act {Northem Ireland} 2008, regulations made under 66 of that Act (Part 4 of the Charities (Accounts and Reports) Regulations (Northern Ireland} 2015). and article 19 of The Housing (Northern Ireland) Order 1992 and for no other purpose. Our audit work has been undertaken so that we might state to the group's and Ihe Co-ownership's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the group and Ihe Co-ownership and the group's and the Co-ownership's members as a body, for our audit work. for this report. or for the opinions we have formed. )1 Nig81 V W Harra. Senior Statutory Auditor For and on behalf of BDO Northern Ireland Melro Building. 1 st Floor 6-9 Donegall Square South Belfast BT1 5JA Date: 25 September 2025

13 Northern Ireland Co-ownership Housing Association Limited Consolidated statement of comprehensive income for the year ended 31 March 2025 2025 2024 Note Tumover 52,476.164 (28,285,975) {5,739,159 1,100,000 19,551.030 326,028 3.210.795 {1,071,343) 22,016,510 (15,810) 22,000,700 (152,000) 21,848,700 43,779.049 (23,402,324) {5,457,071) 700,000 15,619,654 (142,225} 3,492.123 (1,081,596) 17,887,956 18.138) 17,879,818 (15,000) 17,864,818 Cost of sales Operating costs Release of impairment of housing properties Operating surplus Gainl(Loss) on disposal of housing properties Inte￿$t receivable and similar in¢ome 13 10 Interest payable and similar charges Surplus before tax Taxation 12 Surplus for the financial year Actuarial movement recognised in pension scheme Total comprehensive income for the financial year 24 All amounts above relate to the continuing operations of the Group. Consolidated statement of changes in reserves for the year ended 31 March 2025 2025 2024 Note Surplus for the financial year Actuarial movement re¢ognised in pension scheme Share capital canc8lled Net movement in capital and reserves Opening total capital and reserves Closing total capital and reserves 22,000,700 {152,000) 17.879.818 115,000) 24 21.848.699 159,603,342 181.452.041 17,864,818 141.738,524 159.603,342

14 Northern Ireland Co-ownership Housing Association Limited Co-ownership statement of comprehensive income for the year ended 31 March 2025 (Association only) Note 2025 2024 Turnover 50.353.871 (26,520,746) (5,675,758) 475,000 1.100.000 19,732,367 326,028 2,969,228 {1,071,343) 21,956.280 {152,0001 21,804,280 42,220,610 (22,151,893> (5,376,137} 500,000 700,000 15,892,580 (142,225) 3,171.205 11,081,596) 17,839,964 {15,000) 17.824,964 Cost of sales Operating costs Donations received 33 13 Release of impaimient of housing properties Operating surplus Gainl{Loss} on disposal of housing properties Interest receivable and similar income 10 Interest payable and similar charges Surplus for the financial year Actuarial movemenl recognised in pension scheme Total comprehensive income for the financial year 11 24 l amounts above relate to the continuing operations of Go-ownership. Co-ownership statement of changes in reserves for the year ended 31 March 2025 (Association only) 2025 2024 Note Surplus for the financial year Actuarial movement recognised in pension scheme Share capital cancelled Net movement in capital and reserves Opening total capitsl and reserves Closlng total capital and roserves 21.956.280 {152,000) (1} 21.804.279 158,796,549 180,600,828 17,839,964 (15,000) 24 17,824,964 140,971,585 158,796.549

15 Northern Ireland CoQwnership Housing Association Limited Consolidated statement of financial position as at 31 March 2025 2025 2024 Note Fixed assets Housing properties Other tsngible assets 13 544,026,359 293,232 544,319.591 517,312,756 264,301 517,577,057 15 Current assets Stock 17 2.995.870 1,363,837 69,481,816 7,778,477 81,620,000 (14,097,584) 67.522.416 611.842.007 (430,389,966) 181.452.041 1.959.660 1,717,229 68,757,253 6,174.772 78.608,914 110,366,680) 68,242,234 585,819,291 (426,215,949) 159.603,342 Debtors 18 Investments Cash at bank and in hand 19 Creditors: amounts falling due within one year Net current assets 21 Total assets less current liabilities Creditors: amounts falling due after more than one year Net assets excluding pension surplus Pension surplusl(deficit> Net assets including penslon surplus 22 24 181.452.041 159,603,342 Capilal and reserves Called up share capitsl Revanue reserves 25 33 26 3.988.909 177,463,099 181,452,041 3,740,293 155.863,015 159,603,342 Designated reserves Total capital and reserves 27 The financial statements on pages 13 to 40 were approved by the Board of Management on 25 September 2025 and were signed on its behalf by: on- Board Mem er raham hie Executive drea McKellar- Board Member Reglstered number." 2001P Charity Registration Number: NIC101435

16 Northern Ireland Co-ownership Housing Association Limited Co-ownership statement of financial position as at 31 March 2025 (Association only) 2025 2024 Note Fixed assets Housing properties Other tangible assets Investments 13 541,054,297 293,232 300,001 541,647,530 513,179,460 264,301 300,001 513,743,762 15 16 Current assets Stock 17 2.995.870 1.959.660 1,332,342 1,683,404 63,481,816 63,250,705 6,014,543 5,096,412 73,824,571 71.990.181 (13.981.307) (10.221.445) 59,843,264 61,768,736 601,490,794 575,512,498 (420,889,966) {416,715,949) 180,600,828 158,796.549 Debtors 18 Investments 19 Cash at bank and in hand Credltors: amounts falllng due within one year Net current assets 21 Total assets less current liabilities Creditors: amounts falling due after more than one year Net assets excluding pension surplus Pension surplusl(defiGit) Net assets including pension surplus 24 180,600,828 158,796,549 Capital and reserves Called up share capital Revenue raserves 25 33 26 3,137,696 177,463,099 2.933,500 155,863,015 Designated reserves Total capital and reserves 27 180,600,828 158,796,549 The financial slatements on pages 13 to 40 were approved by the Board of Management on 25 September 2025 and were signed on ils behalf by-. ere oar em er Mark Graham - Chief Executive Andrea McKellar- Board Member Registered number: 2001P Charity Registration Number: NIC101435

17 Northern Ireland Co4)wnership Housing Association Limited Consolidated statement of cash flows for the year ended 31 March 2025 Notes 2025 2024 Nel cash inflow from operating activities Tax paid 29 11.080,912 (10.843) 11,070,069 9.939.403 (67,809) 9.871,594 Investing activities Purchase of properties Housing Association Grant received for purchase of properties Sale of properties Housing Association Grant repaid on sale of properties Purchase of other tangible fixed assets Interest received (57,029.810) 152,093,313) 1,400 29,932,957 (8.986,971) (157,027) 2.278.705 129,024,249) 38,136,125 {9.072.397) (150,949) 3,440,799 (24,676,232) Net cash used in investing activities Cash flows used in flnanclng activities New term loans 22.000,000 14,250,000 Repayment of loans Interest paid Net cash used in financing actlvltles Net increase in cash and cash equivalonts Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year (5,000,000) (1,065,569) 15,934,431 2,328,268 74,932,025 77,260,293 (8.000.000) (1,072.350) 5,177,650 (13,975,005) 88,907,030 74.932.025 20

18 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 General information Co-ownership's principal activity is the provision of affordable housing on a shared ownership basis. CiTrOwnership is incorporated under the Co-operative and Community Benefit Societies Act {Northern Ireland) 1969. The subsidiary. Ownco Homes Limited, is registered under the Companies Act 2006. The Group is a public benefit entity in accordance with FRS 102. The address of the registered office is Moneda House, 25-27 Wellington Place, Belfast, BT16GD. Statement of compliance These financial statements of Northem Ireland C(FOwnership Association Limited have been prepared on the going concern basis in compliance with United Kingdom Accounting Standards. including Financial Reporting Standard 102. "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" I'FRS 102"), in accordance with applicable accounting standards in the United Kingdom and Statement of Recommended Practice for Accounting by Registered Social Landlords (updated 20181. The principal accounting policies, which have been applied consistently throughout the year, are set out below. The presentation of the financial statements compli8S With the Registered Housing Associations (Accounting Requirements) Order {Northem Ireland) 1993. Disclosure exomptions In preparing the separate financial statements of Co-ownership, advantage has been tsken of the following disclosure exemptions available in FRS 102: no cash flow statement or net debt reconciliation has been presenled for the Association. Summary of significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented. unless othernise stated. The Group has adopted FRS 102 in these financial ststements. The signtficant accounting policies adopted by the Group are as follows: Basis of preparation of financial statements These consolidated and separate financial statements are prepared on a going concem basis. under the historical cost convention. The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and Co-ownership accounting policies. The areas involving a higher degree of judgement or complexty. or areas where assumptions and estimates are significant to the financial statements. are disc105ed in note 4. Basis of consolidation The consolidated statement of comprehensive income and consolidated statement of financial position are made up to 31 March 2025. Intra group transactions, any unrealised profitsllosses arising and intercompany balances are eliminated fully on consolidation. Going concern After making enquiries and reviewing the financial plan. the Board has a reasonable expectstion that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason. it continues to adopt tha going concem basis in the financial statements.

19 Northern Ireland Co4)wnership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) Summary of significant accounting policies (continued) Revenue recognition Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of retums, discounts and rebates allowed by the Group and Co-ownership and value added taxe5. The Group and Co-ownership bases its estimate of returns on historical results, taking into consideration the type of customer. the type of transaction and the specifics of each arrangement. Where the consideration receivable in cash and cash equivalents is deferred and the arrangement constitutes a financing transaction. the fair value of the consideration is measured at the present value of all future receipts using the imputed rate of interest. The Group and Co-ownership recognises revenue when {a) the signtficant risks and rewards of ownership have been transferred to the buyer. (b) the Group and Co-ownership retains no continuing involvement or control over the goods- (c) the amount of revenue can be measured reliably- (dl it is probable that futu￿ economic benefits will flow through the Group and Co-ownership and lel when the specific criteria relating to each of Ihe Group and Co-ownership's sales channels have been met, as described below and in note 5. Rentsl income Income represents rental income receivable. Rentsl income is recognised from the point that the properties are formally let and spread over the rental temi. First tranche equity sales Proceeds from the first tranche disposals are accounted for as tumover in the Statement of comprehensive income in the period in which the disposal 0￿UrS which is the legal completion date. Donations received Donations received are fecognised in the Statement of cOMp￿hen$1ve income when the donation is received. Value added tax The financial statements include VAT to the extent that it is suffered by the Group and not recoverable from HM Revenue and Customs. Current taxation The tax expense for the period comprises current and defe￿ed Lgx. Tax is recognised in the statement of comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enaGted or substantively enacted by the reporting date in the countries where the company's subsidiarias operate and gan&rate taxable income. Employee beneflts The Group provides a range of benefits to employees. including paid holiday arrangements and defined benefit pension plans. Short temi benefits Short term benefits, including holiday pay and other similar non-monetary benefits. are recognised as an expense in the period in which the service is received.

20 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) Summary of significant accounting policies (continued) Pension funding Retirement benefits to employees of Co-ownership are provided by the Northern Ireland Local Govemment Officers Superannuation Committee {NILGOSC) defined benefit scheme which is extemally funded and contracted out of the State Eamings Related Pension Scheme. In respect of this scheme, C¢>Ownership's staff constitutes only a small percentage of the overall membership. Co-ownership has no influence over the level of contributions. The assets of the NILGOSC scheme are held separately from those of Co-ownership. Co-ownership has adopted FRS 102 section 28'Employee benefits. in these financial statements. Pension scheme assets are measured using market value. Pension scheme liabilities are measured using the projected unit method and disGounted at the current rate of retum on a high quality corporate bond of equivalent term to the liability. The movement in the present value of the liabilities of Co-ownership's defined benefit pension scheme arising from employee seNice in the year is charged to the statement of comprehensive income. Under FRS 102. a net interest expense. based on the net defined benefit liability. is recognised in the statement of comprehensive income. A net defined benefit asset is only recognised to the extent that the surplus is able to be recovered etther through reduced contributions in the future or through refunds from the scheme. The contributions are determined by qualified actuaries on the basis of triennial valuations, using a projected unit method. Tangible fixed assets Housing properties Housing properties are stated at cost which is purchase price together with any incidental costs of acquisition. These properties are eff8ctively purchased concurrently by Co-ownership and participants and 50 are disclosed in fixed assets al the cost to Co-ownership with the participants. net investment also disclosed in the housing properties note to the financial statements. Housing properties are not depreciated as the Group estirnates thal the residual value is higher than the historical cost before charging any depreciation. Any impairment in the value of the housing properties is charged to the statement of comprehensive income in the year in which it is first recognised. A reversal of impaimient is recognised in the statement of comprehensive income. other tangible fixed assets Tangible fixed assets are stated at historic purchase cost less accumulated depreciation. The cost of tangible fixed assets is their historic purchase cost. together with any incidental costs of acquisition. Depreciation is calculated after allowing for grants received. so as to write off the cost of tangible fixed assets on a straight line basis over the expected useful economic lives of the assets concemed. The principal annual rates used are as follows- Office equipment Fixtures and fittings 25 10 Derecognition Tangible assets are derecognised on disposal or when no future economic benefrts are expecled. On disposal the difference belween the net disposal proceeds and the carrying amount is recognised in the Statement of comprehensive income.

21 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) Summary of significant accounting policies {continued) Housing Associatlon Grant and other grants Housing Association Grant and other grants received are included within 'Creditors= amounts falling due after more than one year, and 'Creditors.' amounts falling due within one year,. Housing Association Grant received against revenue expenditure is credited to revenue in the period in which the relaled expenditure is charged. Such grants, although treated as a grant for accounting purposes, may be repayable under certain circumstances, primarily following the sale of housing property. but any amount repayable would be restricted to the original grant amount. Housing Association Grants received are capital grants and as they relate to house purchases are not recognised in the statement of comprehensive income. rather they are held as a liability on the balance sheet until the housing investment is sold at which point the grant is repaid. Other grants relating to revenue are recognised in income and expenditure over the same period as the expenditure to which they relate On￿ perfomiance related condff(ions have been met. Stock The costs relating to expected future property sales are transferred from housing properties in fixed assets to inventories for sales occurring one month following the year end. Current asset investments Current asset investments are short-temi. liquid deposrts with an original maturity b¢￿een one and ￿e1ve months. All current asset inveslments are classtfied as cash equivalents within the financial statements. Cash and cash equivalents Cash consists of cash at bank and in hand. Cash equivalents consist of short-temi, highly liquid deposits held at call or at notice with banks wilh Original maturities of tsvelve months or less. Debtors Debtors are stated after all known bad debts have been written off and specific provision has been made against all debts considered doubtful for collection. Houslng loans All borrowings are initially stated at the fair value of the consideration received. Finance costs are charged to the income and expenditure account over the temi of the borrowings. Interest payable but not yet paid at the year-end is shown as accrued interest within creditors due within one year.

22 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) Summary of significant accounting policies (continued) Impairnient of non-financial assets At each statement of financial position date non-financial assets not caffied at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is suth an indication the recoverable amount of the asset is compared to the carying amount of the asset. The recoverable amount of the asset is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtsinable as a result of the asset's conts'nued use. These cash flows discounted using a pre-tax discount rate that represents the current market risk- free rate and the risks inherent in the a55ets. If the recoverable amount of the asset is estimated to be lower than the Carrying amount, Ihe carrying amount is reduced to its recoverable amount. An impaimient k)ss is recognised in the Statement of income and retained earnings, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in the Statement of income and retained earnings. If an impainnent loss is subsequently reversed. the carying arnount of the asset is increased to the revised estimate of its recoverable amount. but only to the extent that the revised carying amount does not exceed the carrying amount that would have been detemiined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the statement of income and retained earnings. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events. it is probable that an oufflow of resources will be required to settle the obligation,. and the amount of the obligations can be estimated reliably. Where there are a number of similar obligations, the likelihood that an oufflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even ifthe likelihood of an oufflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost. Contingenei•s Contingent liabilities, arising as a result of past events, are not recognisad when {1) it is not probable that there will be an oufflow of resources or that the amount cannot be reliably measured at the reporting date or {ii) when the existence will be confinned by the occurrence or non-occurrence of uncertain future events nol wholly within the Group's control. Contingent liabilities are disclosed in the financial statements unless the probability of an oufflow of resources is remote. Operating leases Annual rentals on operating leases are charged to profit or loss on a straight-line basis over the temi of the lease.

23 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) Summary of significant accounting policies {continued) Financial instruments The Group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets Basic financial assets. including trade and other receivables and cash and bank balances are initially recognised at transaction price. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impaimient. If an asset is impaired the impaimient loss is the dtfference between the carrying amount and the expected realisable value of the asset. The impaimient loss is recognised in Statement of income and retained earnings. If there is a decrease in the impaimient loss arising from an event occurring after the impairment was recognised, the impaimient is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in Statement of income and retained eamings. Financial assets are derecognised when {a) the contractual rights to the cash flows from the asset expire or are setded, (b) substantially all the risks and rewards of the ownership of the asset are transferred to another paty or, Ic) de5Plte having retained some significant risks and rewards of ownership. control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third paty without imposing additional restrictions. Financial liabilities Basic financial liabilities, including trade and other payables, bank loans and other borrowings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction Costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, Ihe fee is capitalised as a pre-payment for liquidty services and amortised over the period of the facility to which it relates. Trade payables are obligations to pay for goods or services that have ba8n acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Revenue reserves C¢>Ownership's policy is to retain a level of fr88 reserves, v4hich matches its needs at the current time and in the foreseeable future. The reserves required are sufficienl to meeting committed running costs for a period equivalent to six months budgeted future expendtture. Designated reserve - property purchase All other reserves are treated as designated reserves as they are used to ftjnd Co-ownership's investment in housing properties and thus are not available for future general use. Transfers between reserves are made to retain committed running costs for a period equivalent to six months of budgeted future expenditure within the Revenue reserve.

24 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) Critical accounting judgements and estimation uncertainty Estimates and judgements made in the process of preparing the Group financial statements are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Critical judgement in applying the entity's accounting policies The following judgement, apart from those involving estimates, made by the directors has had significant effect on the amounts recognised in the finan￿21 statements; Co-ownership provides housing on a shared ownership basis. Under the arrangement Co-ownership has with a lender on an individual propety, the lender ranks in priority to Co-ownership and therefo￿ if the borrower fails to pay the lender. the property could be repossessed by that lender. Co-ownership has incurred losses on repossessed properties over recent years. As a result, it is necessary to recognise an impairment provision for future losses expected on the repossession of such properties. When calculating the provision management consider the historical losses incurred. and current property values based on recent transactions and apply an expected loss ratio to the book value of properties. Estimation uncertalnty In applying the entity's accounting pollcles In preparing the financial statements the recoverability of debtors and the level of impaimient on housing properties has been considered. A provision for bad debts has been made for the estimated amount of debtors that are considered to be unrecoverable. The level of provision held at the year end is set out in note 18. A provision for the impairment on housing assets has been made for the estirnated amount of investment that is considered to be unrealisable. Management take into account factors including the broader Northem Ireland property market. the yield level of the properties and other known factors as part of this consideration. There has been a release of £1.1m this year due to the improvement in the housing market since the prior year end. The level of impairment provision at the year end is set out in note 13. The underlying assumptions relating to the valuation of the Group's defined benefrt pension scheme position include estimates of inflation, mortality. discount rate and anlicipated salary increase5. The Group uses the Group's actuaries to value the scheme's assets and liabilities. The assumptions used are also provided by the Group's actuaries and have not been adjusted. Variations in these assumptions, along with movements in asset valuations. can be expected to significantly alter the net pension position from year to year. The directors have adopted a policy of not recognising a net pension SGheme asset as they do not believe it to be recoverable.

25 Northern Ireland Co4)wnership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 5 Lettings and other related infomiation Group Co4)wnership 2025 2024 2025 2024 Turnover Rents (see below) First Tranche Sales (note 9) 16,812,001 15,498,583 35,664,163 28,280.466 52.476.164 43.779.049 16,657,203 33,696.668 50,353,871 15,363,644 26.856,966 42,220,610 Cost of sales Rents (104,452) {102,302) {104.452} (102.302) {28.181.523) (23,300,022) (26.416.294) (22.049.591) {28,285,975) {23.402.324) (26.520,746) (22,151,893) First Tranche Sales (note 9) Operating costs Management expenses (exc. Non cash pension) Non cash pension movement Valuation fees Bad debt released 15.477,848) <5,244,023) (5.414.849) (5.164,571) 32.000 {13.000) 32.000 {13,000} (318.593) (236,090) (318.191) 1234,6081 25,282 36.042 25,282 36.042 (5,739.159) (5.457.071) (5,675.758) 15,376,137) Donations re￿iVed (note 33) 475.000 500,000 Release of impairment of housing properties note 13 1,100.000 700.000 1.100.000 700,000 Operating surplus 19,551,030 15.619.654 19,732,367 15,892,580 Gainl(Loss) on disposal of housing properties (note 9) Interest receivable and similar income {note 10) Interest payable and similar charges (note 11) Surplu$ before taxatlon for the year 326.028 (142,225) 326,028 (142.225} 3,210,795 3,492.123 2,969,228 3,171,205 11.071,343) {1.081.596) {1.071.343) {1,081,596) 22.016.510 17,887,956 21.956,280 17,839.964 Group Co4)wnership 2025 2024 Tumover from lettings 2025 2024 Rents 16.648,084 163,917 16,812,001 15.359.391 139,192 15.498.583 16,493,286 15,224,452 163,917 139.192 16,657.203 15,363,644 Processing fees

26 Northern Ireland Co4)wnership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 5 Lettings and other related information (continued) Group Co-ownership 2025 2024 Analysis of Operating costs 2025 2024 Personnel Salaries lexcluding pensions) Pension contributions Other staff costs 3.009,942 499.239 122,420 3,631,601 (32,000) 3,599,601 2.967,612 475.118 109,014 3.551,744 13,000 3,564,744 2,994,951 499.239 122.420 3.616.610 (32.000) 3,584,610 2,950,510 475,118 109.014 3.534.642 13,000 3,547,642 Non cash pension movement Establishment Property costs Telephone Depreciation 474,358 15,657 122.018 612,033 470.580 25,180 95,605 591,365 437,105 15,657 122.018 574,780 420,663 25.180 95,605 541,448 Administration Administration overheads 157,888 298,048 153,366 66,134 126,259 41.733 348.669 42,117 1.234,214 147.661 239,597 129,845 74,027 125,992 82,045 269.240 32.507 1.100,914 157,888 298,048 145,587 66.134 124.508 41,733 347,444 42.117 1,223,459 147,661 239.597 118,999 74,027 124,405 82,045 269,240 32,507 1,088,481 Computer costs Professional fees Projecl costs General expenses Repairs Marketing Credit Agency Total Management expenses 5.445,848 5.257,023 5,382,849 5,177,571 Valuation fees 318.593 (25,282) 5,739.159 236.090 (36.042) 5,457,071 318,191 (25,282) 5,675,758 234,608 136,042) 5,376,137 Bad debt released Total Operating costs

27 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 6 Operating surplus Group Co4>wnership 2025 2024 2025 2024 Operating surplus is stated after charging: Staff costs, excluding pension (note 7) Pension (note 7) - contributions non cash pension movement Depreciation of tangible fixed assets owned assets (note 15) 3,009.942 499,239 (32.000) 2.967,612 2,994,951 475.118 499,239 13,000 {32.000> 2,950,510 475,118 13,000 122,018 95.605 122,018 95,605 Operating lease rentals 270,502 268.646 270,502 268.646 Fees payable to the Group's auditor for the audit of the financial statements Fees payable to the Group's auditor for non-audit seNices - tax compliance Fees payable to the Group's auditor for non-audtt services - other 37,250 37,250 34.000 34,000 2,950 2.950 3,250 3.250 2.150 2,150 Employee information Group CO￿WnershIp 2025 2024 2025 2024 Staff costs Wages and salaries Social security costs 2,714,038 2,685,874 2,699,048 295,904 281,738 295.903 3.009,942 2,967,612 2,994,951 499,239 475,118 499,239 3.509,181 3.442,730 3,494.280 (32,000) 13,000 (32,000) 3.477,181 3.455.730 3.462.280 2.668,772 281,738 2,950,510 475,118 3,425.628 13,000 3,438.628 Pension contributions Non cash pension movement C(FOwnership staff cost5 includes redundancy costs of £Nil (2024: £85,942). 2025 Number 2024 Number Average monthly number of persons employed by the Group and Co- Ownership (including the Chief Executive and excluding the board members) during the year by activity- Permanent 59 60 Temporary Administration and finance 60 60

28 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) Employee information (continued) During the period employee benefits (excluding pension Contributions) outside of key management emoluments of more than £60,000 fell within the following band distributions- 2025 Number 2024 Number More than £60,000 but not more than £70,000 More than £70,000 but not more than £80.000 Key management emoluments The remuneration of the key management (compromising the Chief Executive and senior personnel) of the Group and Co-ownership during the year was: Group Co4)wnership 2025 2024 2025 2024 Aggregate emoluments Pension contributions 426,032 75.376 501,408 391,838 68,980 460.818 426,032 75,376 501,408 391,838 68,980 460,818 Members of the Board of Management serve in a voluntsry capacity and none were in receipt of emoluments during the year. The emoluments to the highest paid key management included within the above table are as follows: Group CoQwnership 2025 2024 2025 2024 Aggregate emoluments Pension contributions 135,100 23,926 159.026 124.242 21,897 146,139 135,100 23,926 159.026 124,242 21,897 146.139 During the period the key management emoluments (excluding pension CA)ntributionsl f811 within the following band distribLrtions'. 2025 Number 2024 Number More than £80,000 but not more than £85.000 More than £90,000 but not more than £95,000 More than £100.000 but not more than £105,000 More than £120,000 but not more than £125.000 More than £135,000 but not more than £140,000

29 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) Surplus on sale of housing properties Group co4￿nership 2025 2024 2025 2024 Sales- first tranche sales 35.664.163 28,280,466 33,696.668 26.856.966 Cost of sales - first tranche sales (28,181,523) (23,300.022) 7,482.640 4,980,444 {26,416,294) 122,049,591) 7,280,374 4,807,375 326,028 Gainl{Lossl on disposal of housing properties second tranche and after Release of provision for impaim)ent of housin ro erties note 13 326.028 1142.225) (142.2251 1,100.000 700.000 1,100,000 700,000 8.908.668 5,538.219 8,706,402 5.365,150 Comprising: Repossession of properties Surplus on disposal Release of impairment of housing properties (305,605) 8.114.273 1.100.000 8,908,668 (170,685) 5,008,904 (305,605) 7,912,007 (170,685) 4,835.835 700,000 5,365.150 700,000 1,100,000 5,538,219 ,706,402 As at 31 March 2025. there were 6 {2024: 12) properties remaining in repossession status. 10 Interest receivable and similar income Group Co4)wnership 2025 2024 2025 2024 Interest receivable Interest on pension scheme 3,090,795 120.000 3,210.795 3,464,123 28.000 2.849,228 120,000 2.969,228 3,143,205 28,000 3,171,205 3.492.123 11 Interest payable and similar charges Group Co-ownership 2025 2024 2025 2024 Interest payable 1,071,343 1,081,596 1,071,343 1,081,596

30 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 12 Taxation on profit on ordinary activities Group Co-ownership 2025 2024 2025 2024 UK corporation tax charge on profit for the year Adjustments in respect of prior periods Total Current tax 14,229 1.581 15,810 10,752 (2,614) 8,138 Reconciliation of tax expense The tax assessed on the profit on ordinary activities for the year is lower than {2024= lower than) the stsndard rate of corporation tsx in the UK of 25 % (2024: 25°A). 2025 2024 Surplus on ordinary activities before laxation 22,016,510 17,887,956 Surplus on ordinary activities by rate of tax Marginal relief Charitable income not chargeable to tax Adjustment to tax in respect of previous periods 5,504,128 4.471,898 (829) (1,155) {5.489,0701 {4.459.991) 1,581 (2,614) Tax on profit 15,810 8,138 As Co-ownership is a charitable entity it does not pay corporation tsx. The tax charge above relates to the subsidiary Ownco Homes Limited. 13 Housing properties Group Housing Investment Participants, Investment Cost Group At 1 April 2024 Transfers of completed schemes and additions in the yoar Disposals Transferred to stock 1.224,353,085 137.610.353 (63.765.894) (9.447.291) 1.288,750,253 704.087.794 520,265,291 80,235,851 57.374.502 (35,345,557) (28.420.337) {6.451.421) 12,995.870) 742.526.667 546,223,586 At 31 March 2025 Impaimient At 1 April 2024 Released in the year At 31 March 2025 (3,900,000) 1,100.000 12.800.000) Uncompleted schemes and addltions Balance at 1 April 2024 Additions Transfers 947,465 57,029,810 {57,374,502} 602,773 At 31 March 2025 At 31 March 2025 544.026.359 517,312.756 At 31 March 2024

31 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 13 Housing properties (continued) Co-ownership Housing Investment Cost Participants, Investment Co-ownership At 1 April 2024 Transfers of completed schemes and additions in the year Disposals Transferred to stock 1.220,219,789 137.026,307 (62.020.614) (9.447.291) 1,285.778,191 704,087,794 516,131.995 80,235,851 56,790,456 {35,345,557) 126,675,057) (6,451,421) {2,995,870} 742.526,667 543,251,524 At 31 March 2025 Impaimient At 1 April 2024 Released in the year At 31 March 2025 (3.900.000) 1,100,000 (2,800,000) Uncompleted schemes and additions Balance at 1 April 2024 Additions Transfers 947,465 56,445,764 156,790,456) 602,773 At 31 March 2025 At 31 March 2025 541,054,297 513,179,460 At 31 March 2024 The above properties are held subject to ninety-nine year leases to the occupiers. The leases give Co-ownership power to repossess the properties in the event of non-compliance with any of the conditions set out in the lease. The occupier, known as the participant. currently contributes a minimum of 50°/o of the funding of the property. Capital commitments The total cost to finalise uncompleted schemes and additions amounts to £13.053.445 {2024: £8,386,220). of which £5,125,44612024= £3,532.191) represents Co-ownership's investment. In addition, negotiations are in progress for the purchase of existing property at a total cost of £27,285,850 {2024: £27,522,550). of which £11,442,088 {2024: £11.674,71S) represents Co-ownership's investment. Ownco Homes has capital commitments on housing properties contracted to but not completed at the year end of £Nil (2024.. £383.204). 14 Housing Association Grant 2025 2024 Group and CO￿)Wn0rshlp At 1 April Receivabte in the year Repayable - on disposal At 31 March (note 22) 170.215.949 178.320,308 1,400 (8,105,759) 170,215,949 (10,372,858 159,843,091 Housing Association Grant (HAG) repayable on disposal consists of amounts paid during the year of £5.148,637 (2024- £4.182.000) and amounts falling due within one year of £5.224.221 (2024.. £3,923,759) (note 21).

32 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 15 Other tangible fixed assets Fixtures and fittings Office equipment Total Group and Co-ownership Cost At 1 April 2024 Additions 161,407 4,851 166,258 640,280 146,098 786,378 801,687 150,949 952,636 At 31 March 2025 Accumulated depreciation At 1 April 2024 Charge for the year At 31 March 2025 63,716 16,686 80,402 473,670 105,332 579,002 537,386 122.018 659,404 Net book amount At 31 March 2025 85,856 97,691 207,376 166,610 293,232 264,301 Al 31 March 2024 16 Fixed asset investments 2025 Subsidiary Undertaking 2024 Subsidiary Undertaking Co-ownership Cost 300,001 300,001 The investment represents Co-ownership's holding in a wholty owned subsidiary company. Ownco Homes Limited. The Group has no fixed asset investments. 17 Stock 2025 2024 Group and Co£iwnership Stock 2.995,870 1,959,660 This value represents the cost of housing properties held for sale at the year end. Any propety that will be staircased or sold wilhin one month of the year end has that element of the property moved from housing property to stock. Stock is held at the lower of cost and net realisable value.

33 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 18 Debtors Amounts falling due within one year Group Co-ownership 2025 2024 2025 2024 Rent debtors 337,742 (155,000 182.742 1,181,095 1,363,837 352,742 (182,000) 170,742 1.546,487 1.717.229 323.167 (155,000) 168,167 1.164.175 1.332.342 335,459 (182,000) 153.459 1,529,945 1,683,404 Less: bad debts provision Prepayments and accrued income 19 Current asset investments Group Co-ownership 2025 2025 2024 2024 Short term deposits 69,481,816 68.757.253 63.481.816 63,250.705 Current asset investments comprise deposits with an original maturity be￿een one and twelve months. The Group manages risk by ulilising a variety of instilutions and accounts with the intention of holding these deposits to maturity to generate a retum. 20 Cash and cash equivalents Group Co-ownership 2025 2025 2024 2024 Cash at bank and in hand Short temi deposits {note 19) 7,778,477 69.481,816 77.260.293 6.174.772 68,757,253 74.932,025 6,014,543 63.481.816 69.496.359 5,096,412 63,250,705 68,347.117 21 Creditors: amounts falling due within one year Group Co-ownershlp 2025 2025 2024 2024 HAG repayable - on disposal Participants, deposits Other creditors 5,224,221 241,610 519.671 7,453,125 14.086 644.871 14,097.584 3,923.759 246.196 511.019 5.000.000 8,138 677.568 10,366.680 5.224,221 147,469 519.672 7.453,125 3,923,759 117,879 511,019 5.000,000 Dfc Loans (note 23) Corporation Tax Accruals and deferred income 636,820 13.981.307 668,788 10,221,445

34 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 22 Creditors: amounts falling due after more than one year Group cO￿wnerShip 2025 2025 2024 2024 Bank loan (note 23) Dfc loans (note 23) Housing Association Grant (note 14) 30,000,000 240,546,875 159.843.091 430,389,966 30,000,000 226.000.000 170.215.949 426,215,949 30.000.000 30,000,000 231,046,875 216,500,000 159.843.091 170,215.949 420,889,966 416,715,949 Se¢urlty The bank loan and Dfc loan are secured by a floating charge over all the assets of Northem Ireland Co-ownership Association Limited with the bank taking preference. 23 Loans and other borrowings Group 2025 Co-ownership 2025 2024 2024 Bank loans and overdrafts 30.000.000 30.000.000 30,000,000 30,000,000 Maturity of financlal liabilities: Greater than five years 30,000,000 30.000,000 30,000,000 30,000,000 Group Co-ownership 2025 2025 2024 2024 Department for Communities loans 248.000.000 231,000.000 238,500.000 221,500.000 Maturity of financial liablllti•s: Due within one year In more than one year, but not mo than five years Greater than five years 7,453,125 5,000,000 7,453,125 5,000,000 48,828.125 58.328.125 42,031.250 42.031,250 182.218.750 248,000,000 183,968.750 231.000,000 182,218,750 174,468,750 238,500,000 221,500,000 The above loans from Dfc relate to Financial Transactions Capital {-FTC"). The Dfc loan is interast free and secured against the assets of the Group. The Bank loan and unused facilities bear interest between 0.5% and 3.OOA and are secured against the assets of the Group. At 31 March 2025 the Group had an undrawn revolving loan facility of £35m12024- £35m).

35 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 24 Pension commitments Any net pension deficit shown below under section 28 of FRS 102 deals with accounting for employee benefits and does not represent a shortfall which requires short term cash funding. The amount shown below is calculated to comply with the Financial Reporting Standard, the spectfic requirements of which drffer from the basis on which pension liabililies are actuarially calculated for the purpose of the ongoing funding of the scheme. The Financial Reporting Standard requires= actuarial deficiencies to be recognised immediately as a liability in the financial Statements rather than being spread forward over employees. remaining service lives; and the actuary. in valuing the scheme's liabilities. is required to use a bond yield as the discount rate for valuing future liabilities, rather than a rate that reflects the expected return on the scheme's particular asset portfolio, with the result of an apparent increase in the present value of future longer temi liabilities. The below is in relation to employees and ex*mployees who are members of the NILGOSC pension scheme. NILGOSC pension scheme is considered a related party of Co4)wnership. The most recent valuation was conducted as at 31 March 2022 by a qualffied actuary for the purpose of the disclosures below. The major assumptions used by the actuary were: Group and Co-ownership Rate of increase in salaries Rate of increase in pensions in payment Discount rate 2025 2024 2023 4.OOP/. 4.100 4.200 2.509/0 2.600 2.60 /0 5.80 % 4.800 Inflation assumption 2.50Y• 2.60% 2.70¥0 The mortality assumptions used were as follows: 2025 Years 2024 Years 2023 Years Grou and Co-ownershl Longevity at age 65 for current pensioners". -men 21.6 21.7 22.2 - Women Longevity at age 45 for future pensioners: -men 24.5 24.6 25.0 22.2 22.7 23.2 - Women 25.2 25.6 26.0

36 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 24 Pension commitments (continued) The assets and liabilities in the scheme and the reconciliation to the statement of financial position were= Value at 31 March 2025 £'ooo 8,998 2.070 4,271 2,833 2,331 1,286 21,789 {15,887) 5,902 15,902) Value at 31 March 2024 £'ooo 9,145 2,030 4,520 2,783 1.172 1.277 20,927 (18,666) 2,261 (2.2611 Group and Co-ownership Equities Property Bonds A55et Credit Cash Other Totsl market value of assets Present value of scheme liabilities Net pension surplus Unrecognised asset Net pension deficit recognised in statement of financial position Reconciliation of fair value of scheme assets 2025 2024 Group and Co-ownership At 1 April Interest income on assets £'ooo £'ooo 20,927 1.007 182 18.851 889 178 Member contributions Employer contributions Actuarial gainslllosses) Benefits paid At 31 March 500 476 (234) (593) 21,789 1.089 1556) 20,927 The actual relum on assets was a gain of £0.8m (2024: gain of £2.0rn}. Reconciliation of present value of scheme liabilities 2025 2024 Group and Co-ownership At 1 April Current service Cost Interest cost £'ooo £'ooo 18,666 468 18,501 489 887 861 Member contributions 182 178 Actuarial {gain5ylosses Past service cost (3,723) (807) Benefits paid At 31 March 1593) 15,887 (556) 18.666

37 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 24 Pension commitments (continued) Analysis of amount charged to income or expenditure are as follows: 2025 2024 Group and Co-ownership Current service cost £'ooo £'ooo 468 489 Past service cost Interest on net defined benefit scheme (11) (28) 461 Total cost 457 Amounts for current and previous four years: 2025 2024 2023 2022 2021 Group and Co4)wnership Fair valua of employer assets £'ooo £'ooo £'ooo £'ooo £'ooo 21.789 20.927 18,851 21,793 20,126 Present value of defined benefit obligation {15,887) (18,666} (18.501) 127,7051 (28,4931 Surplusl(Deficit 5,902 2.261 350 {5,912) (8,367) Total amount recognised in the statement of changes in reserves 2025 2024 2023 2022 2021 Group and Co-ownership Actuarial {deficit}Isurplus £'ooo £'ooo £'ooo £'ooo £'ooo {152) {15) 6,716 3.353 (2,414) 25 Called up share capital Each past and present member of the Board of Management holds one non-equity share of £1 in Co-ownership. 2025 2024 Group and Co-ownershlp lotted, issued and fully paid 33 During the year 1 share was cancelled. 26 Revenue reserves Group 2025 Co-ownership 2025 2024 2024 Opening reserves Net transfer from designated reserves {note 27) Closlng reserves 3.740.293 248,616 3.988.909 3,531,006 209,287 3,740,293 2,933,500 204,196 3,137,696 2,764,067 169,433 2.933,500 The transfer from Designated reserves has been made on the basis that the closing Revenue reserves represent 6 months committed operating costs.

38 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 27 Designated reserves Property purchase rnserve 2025 2024 Group At 1 April Surplus for the year Transfer to revenue reserve {note 26) At 31 March 155,863,015 21,848,700 (248,616) 177,463,099 138.207,484 17,864,818 {209,287) 155.863,015 2025 2024 Co4)wnership At 1 April Surplus for the year Transfer to revenue reserve (note 26) At 31 March 155,863.015 21,804.280 {204,196) 177,463,099 138,207,484 17,824,964 (169,433) 155,863,015 Designated reserves are the balance of reserves required to fund Co-ownership's investment in housing properties. 28 Financial Instruments Group 2025 C(￿ownerShiP 2025 2024 2024 Flnancial assets that are debt instruments measured at amortised cost Rental debtor (note 18) Short term deposits (note 19) Cash at bank and in hand 182,742 69,481,816 7,778.477 170.742 68,757,253 6.174,772 168,167 153,459 63,481,816 63,250,705 6,014,543 5,096,412 69.664.526 68,500,576 77,443,035 75,102,767 Financlal Ilabilities measured at amortised cost Dfc loans (note 23) Bank loans (note 23) Participants. deposits (note 21) Accruals (note 21) 248.000,000 30.000,000 241,610 644.871 231,000,000 238,500.000 221,500.000 30,000,000 30.000.000 30.000,000 246.196 147,469 117,879 677.568 636,820 668,786 261.923.764 269,284,289 252,286,665 278,886,481

39 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 29 Reconciliation of consolidated operating surplus to net cash inflow from operating activities 2025 2024 Surplus in the financial year Taxation 22,000,700 15,810 (326,028) 17.879,818 8,138 (Gainllloss on disposal of housing properties - second tranche and after Interest receivable and similar income 142,225 (3.210.795) 1.071,343 (3,492,123) 1,081,596 Interest payable and similar charge5 Operating surplus Surplus on sale of housing properties Repossession of properties Release of impaimient of housing properties Depreciation Movement in debtors 19,551,030 (7.842.997) 412,897 (1,100,000) 122.018 15,619,654 (5,337,114} 356.085 1700,0001 95,605 {151,9811 44.154 3,387 (33.422) (32,000) Movement in creditors Non cash pension movement Share capital cancelled Cash inflow from operating activities 13,000 11,080.912 9,939,403 30 Analysis of consolidated net debt Other non cash Cashflow movements 1 April 2024 31 March 2025 Cash at bank and in hand Short term deposits (note 19) Debt due within one year (note 21) Debt due after one year (note 22) Net debt 6.174,772 1,603,705 7,778,477 68,757,253 724.563 69,481,816 (5.000.000) 5.000.000 (7.453,125) 17.453,125) (256,000.0001 (22,000,000) 7,453.125 {270,546,875) (186.067.975) (14.671.732} {200.739,707)

40 Northern Ireland Co-ownership Housing Association Limited Notes to the financial statements for the year ended 31 March 2025 (continued) 31 Operating lease commitments At 31 March the Group and CoThOwnership had the folk>wing future minimum lease payments under non-cancellable operating leases for each of the followng periods- Land and buildings 2025 Land and buildings 2024 Within one year Within Iwo to five years After five years 223,243 892,973 223,243 892,973 223,243 1,116,216 1,339,459 32 Legislative provisions Co-ownership is incorporated under the Cowoperative and Community Benefrt Socielies Act (Northern Ireland) 1969. 33 Related party disclosures Ownco Homes Limited is regarded as a related party as defined by section 33 of FRS 102 as it is a wholly owned subsidiary of Northern Ireland CIH>wnership Housing Association. The transaction and balances due fromlto this related party during the year were as follows: 2025 2024 Amounts owed from related party at 1 April Management and administration charge to Ownco Homes Donations from Ownco Homes 14,990 475,000 (489.9901 17,102 500.000 Receipts from Ownco Homes (517,102} Amounts owed from related party at 31 March