2025-03-31-accounts

Registered no. IP224 Arbour Housing Limited Report and Financial Statements For the Year Ended 31 March 2025

Arbour Housing Limited Year Ended 31 March 2025 Contents page Page Board of Management and Advlsers strategic report of the Board of Management Report of the Board of Management 13 Independent Auditor's Report to the members of Arbour Housing Limited 17 statement of Comprehenslve Income 21 statement of Changes In reserves 22 statement of Flnancial Position 23 Statement of cash flows 24 Notes to the financial statements 25

Arbour Housing Limited Year Ended 31 Mai'ch 2025 Board of Management and Advisers Board of Management A Clarke Chair M Blair W Chambre C Lyness J Hool N Hampton Resigned April 2025 C Rooney Chief Executive K Matthews Registered office 18 - 22 Carleton Street Portadown Co. Armagh BT62 3EN Registered number Charity no. 102344 Independent Auditors Sumer Auditco NI Limited Glendinning House 6 Murray Street Belfast BTI 6DN Bankers Danske Bank 45148 High Street Portadown BT62 ILB Barclays Bank 13th Floor, The Ewart 3 Bedford Street, Belfast BT2 7EP Ulster Bank 11-16 Donegall Square East Belfast BTI SUB Solicitors Thompson Mltchell 12-14 Mandeville St, Portadown BT62 3NZ Carson McDowell Cleaver, Fulton, Rankin Murray House, 50 Bedford St, Belfast 4 Murray St, BT2 7FW Belfast BTI 6DN A&L Goodbody 42/46 Fountain street, Belfast, BTI 5EF

Arbour Housing Llmlted Year Ended 31 March 2025 strategic report of the Board of Management for the year ended 31 March 2025 The Board of Management present their strategic report for Arbour Housing Llmlted for the year ended 31 March 2025. Principal actlvitles Arbour Houslng Is a Co-operatlve and Community Benefit society registered wlth the Department for Communltles ("DfC") provldlng houslng accommodation for those In need. It has charitable status with HM Revenue and Customs and is a registered charity with the Charity Commission for Northern Ireland. Corporate Strategy Arbour Housing reviewed and updated its 2023-2025 Strategy to cover the next 5 years, 2025 to 2030, Arbour aims to bulld on what has been achieved to date and to make a positlve dlfference to our tenants, local communitles and the environment. Vlsion Statement: To provide more homes, meet our tenants, needs and make a positive dlfference to people's lives, communities and the environment. strategic Objectives: l. Empower our tenants Supporting, Involvlng and empowering tenant5 In everything we do. 2. Build a strong business Belng a strongi well-run organlsatlon who are seen as a partner and employer of choice. 3. Provide great homes Providing good quality and safe homes that meet residents, needs now and in the future. 4. Provide more new homes Building new homes to meet housing needs acr055 Northern Ireland. 5, Protect our environment Reducirig our Impact on the environment. Values.. These are the guiding princlples of what we do and how we work and will set the standard that our tenants can expect from us, Our values are to be Carlngi Honest, Supportlve and Effectlve and to have Integrity. The strategy will be actioned through a series of annual business plans that are designed towards a programme of performance Improvement and business growth. The plan sets out a series of goals and key performance indlcators that wlll guide staff towards the slrateglc objectives and are monitored by the Board of Management and the management team throughout the year, Board of Management The Board of Management meets regularly throughout the year. There are three committees that meet regularly throughout the year wlth specific responslblllties for Property Servlces, Procurement and Development, Finance and Corporate Performance and Audlt and Rlsk. Board members are elected for three-year terms; retire on expiration of the three years but are ellglble for re-electlon If they have not served the maxlmum allowed of nlne years. Nigel Hampton reslgned as a Board member from the 31st March 2025.

Arbour Housing Limited Year Ended 31 Marcli 2025 strategic report of the Board of Management for the year ended 31 March 2025 Gendei. analysis members of the Board of Management are male and 2 are female. The management team of Arbour Housing comprises 4 males and i female. On the 31st of March Arbour Housing had a Lotal of 31 employees of which 13 were male and 18 were female. For staff, excluding the senlor management team, analysis shows the average female salary to be 6.010/0 lower than the male average. For members of the senlor management team, excludlng the Chief executive, the average female salary is 13.160/0 lower. Arbour Housing fully supports Fair Employment, and its objective is to fill each position with the best candidate through a process of open and fair competition in line with best recruitment practice. Arbour Housing has a salary structure based upon assessment of the job specification and skills requirement for each post. A job evaluation framework is used to objectlvely carry out the job assessment, The successful candldates for recrultment of each role have their salary determlned by the independent evaluation of the job and the analysls above Is the reflection of this. Operational performance Arbour Housing alms to operate efficiently and effectivelyi and outputs are monitored by the Board of Management and Commlttees who receive performance reports covering a variety of financial and non-financial performance Indicators. For the core business areas, the Board has set several KPI'S - these include Rent Arrears, Voids, Customer Satisfaction, Maintenance Repair times, and Financial Stablllty. In challenging operating conditions, the following performance agalnst key targets has been achieved: Performance Indicator Liquidity margin Actual 2024-25 2.07 Target 2024-25

0.5 Comment Liquldity remalns at a comfortable level and the position is managed throughout the year wlth emphasis on managing borrowing and interest cost5. Gearing ratio 21% Higher than Budget but comfortably wlthln covenants agreed with lenders. The gearing level reflects the management of borrowiiig and the timing of develo ment ex enditure. Better than Budget and comfortably within covenants agreed with lenders. This represents a posltlve outturn in the context of conslderable increases in interest rates and increased market costs for re airs includin ca Ital works. Interest cover 190% 1720/0

Arbour Housing Limited Year Ended 31 March 2025 strategic report of the Board of Management for the year ended 31 March 2025 Performance Indicator Operating Margln Actual 2024-25 Target 2024-25 27.50/0 Comment Turnover is 20/0 below Budget due to a small variation in the timlng of completion of Development schemes but is offset by favourable Operating Costs 4 % to Budget prlmarlly through Admin costs particularly Salarles. Payments have remalned strong through the period and exceeded those antlcipated to be Impacted by the Cost- of-Livlng crlsls. Arrears and tenants continue to be a matter for considerable su ort. Analysls shows favourable variance due in the main to lesser number of voids than Tenant arrears Loss OF revenue through Volds 0.730/0 Response malntenance Emergency Urgent Routine repairs completed withln timescale Tenant satisfaction Service Provision Rent value for money Quality of neighbourhood Recommend to family or friend Abllity of staff to deal effectively with ue 850/0 80% 800/0 Results reflect strong performance by contractors and ongoing management supervislon in the matter of contractor performance. 850 900/0 890/0 92% 850/0 850/0 Year on year Improvement demonstrated against our key benchmarking Indlcators in our most recent Tenant Satisfactlon Survey demonstrates our commitment to executing on our Tenant Participation strategy but also in improving all aspects of our servlce provision to tenants. 910 850/0 91% 850/0 890/0 The management of financial resources is critical to Arbour Housing's ability to meet its objectives. Whilst Arbour Houslng has a voluritary non-profit making status, the generation of an annual surplus Ss vStal to ensure the on-going investment in new housing stock, to provide for longer term malntenance obligations, to meet the commitments to lenders and to generally ensure adequate protectlon agalnst unforeseen circumstances. Employee information Arbour Houslng's total staff costs increased to £1,516,260 (2024.. £1,365,466) Including reduced pension costs. Sickness absence levels were 3.7 % in 2024-25 (4.6 % in 2023-24). There were 7 new staff joining and 7 staff members left durlng the year.

Arbour Housing Limited Year Ended 31 March 2025 strategic report of the Board of Management for the year ended 31 March 2025 Geo-Political Events Geo-Polltlcal events continue to impact wlth further risk of contagion in the last year adding more uncertainty to Supply chain, market volatility and Trade Wars which necessitate Arbour having to navlgate through new and additional cha51enges that included cost inflatlon, interest rate increases, su pply chaln dlsru pLion a nd la bou r ski Ils shortages. To maintain effective decision making in the Interests of Arbour Housing, throughout the year the Board has overseen; Development and Implementation of mitigatlng actions and processes to ensure that Arbour Housing continues to operate an effective control environment: in particular, addressing any key reporting and other coritrols on which we place reliance historically, but which may not prove effective In the currenl environment. Provision of reliable and reSevant information, on a continuing basls, to manage operations and those of OLtr suppliers. Maintenance of capital, ensuring that Arbour Housing has sufficient reserves. Arbour Houslng's Board considers that the challenges which arose throughout the year have not had a material effect on Arbour Housing's financial position that would Impact on its ability to maintain operations, continued level of service to tenants or its ability to malntain bank covenants. The Board are of the oplnion that the agreed actions have assisted tenants and Arbour Housing itself to avold the potentlally slgnlflcant Impact that mlght have arisen due to the uncertainty created by the challenges noted above. The reported surplus for the year ended 31st March 2025 is ahead of the Budget set at the beginning of the year and therefore ahead of the forecast set midway through the year to take account of the potential Impact of interest rate rises, cost pressures, and potential impact of tenants, clrcumstances, The results reflect Increased rental income from an increase in the number of homes provided and from rents, managed void loss, investment In malntaining homes through response repalrs, other planned works and progress with on-going development activlty. The latest review of rental debtors and tenant payments shows that the posltion has not deteriorated, and Arbour Housing continues to offer support to tenants in financial hardship includlng referral to other support servlces. The Board consider that there will be no slgnlflcant impact on the value of properties under the existing use valuation basls due to inflationary and Interest rate increases. In response to the challenges Arbour Housing continues to carry out comprehensive risk assessments and has put in place actions to manage and mitigate identified risks.

Arbour Housing Limited Year Ended 31 March 2025 strategic report of the Board of Management for the year ended 31 March 2025 Consideration of the overall financial impact of interest and Inflatlonary cost Increases have been reflected In the Budget for 2025-26 and five-year projections (2025-30) which covers operational performance, financlal posltion and cash flow projections. Arbour Housing will undertake regular reviews of the underlylng assumptions In the Budget and five-year plan over the course of 2025-26 and conslder correctlve actlon measures, as appropriate. The operatlng surplus for the year ended 31st March Is £3.42m presentlng a healthy outcome for the flnanclal year. The Budget and five-year plan projections confirm that Arbour Housing well placed to achieve its objectives and in position, financiallyi to manage the risks raised. The projections show that the Impact on Cashflow is not of concern and that Arbour Houslng has adequate facilities In place to maintain liquidity for the foreseeable. The key financlal ratios computed on the Budget outturn and five-year plan are comfortably within those covenanted Lo lenders. The Board conslders that the Budget provSdes a reasonable estlmate of the flnancial impact of the Interest rate and inflationary cost Increases. Subsequent events Arbour Housing Board conslders there have been no other events slnce the year end that have had a slgnlficant effect on its financial posltion. status Arbour Houslng Llmlted is registered under the Co-operatlve and Community Benefit Societies Act (Northern Ireland) 1969 (No. IP224) and is a Registered Houslng Association. Arbour Housing Limited is a registered charity (Charity No. XN46064). Arbour Housing Limited is reglstered with the Charity Commission for Northern Ireland (Reglstralion No. NIC102344). Value for Money Arbour Housing Limited's focus on dellverSng value for money Is identlfled In two princlpal strands, Strand I relates to continLfOUS Improvement that is a key element of our business strategy. Strand 2 relates to benchmarking our outcomes against our peers and other relevant external rneasures to identify and prioritise areas of focus. Our consideration In driving Vfm is to maximise capaclty and better utilise our assets and resources in a manner that balances and meets the needs of both existlng and fuLure tenants and residents. Value in our service provlslon is therefore informed by the perspectlve of our customers. The focus is not just about cost saving5 and flnancial improvement. Conslderatlon is given to economy, efflclency and effectiveness In the malntenance and use of our housing assets to achieve our targets for new housing development, resldent services and community investment. Arbour Houslng pays due regard to rents and our annual business plans are deslgned towards continual performance improvements and organisational growth which will contribute towards achieving our Vfm alms. Vfm is ensuring that our investment and expenditure is provldlng adequate returns In terms of the quality of service from suppllers and contractors as well as ensuring costs are managed.

Arbour Housing Limited Year Ended 31 March 2025 strategic report of the Board of Management for the year ended 31 March 2025 In the year 2024-25 our Vfm approach has helped deliver 94 homes to the Social Housing Development Programme at 1060/0 of the Total Cost Index which is a positive outcome in the context of increasing building costs. With Soan finance at 450/0 of the lotal cost of the properties acquired, gearing is well within the covenant level required by our lenders. The results mean Arbour Housing will incur comparatlvely lower interest charges and is maintaining capacity for further investment in homes for those In need. The incorne generated in the year ended 31 March 2025, from rent, rates and service charges, totalled £10.05m (2024 - £8.86m) and represents an increase of 140/0 on the prevlous year (2024 - 16.00/0). The cash generated was applied to interest charges on existing loans (180/0), capital repayments on existing loans (170/0) malntenance activities (240/0), rates (IIO/o), management and overhead (220/0), with maintenance activlties Including reinvestment in improvement and replacements at increased levels. For the year ended 31 March 2025 Arbour Housing had a net drawdown of finance £17.5m, received Housing Association Grant funding £7.4m and expending a total of £24m on new housing stock and presents an increased cash balance at year end (£0.45m). Arbour Housing's activities which contribute to Vfm include. Effective procurement of servlces designed to secure most economical supply including the use of jolnt procurement wlth other Housing Assoclations to consolidate the combined purchasing power Focused set of internal key performance indlcators to encourage efficient cost- effectlve practices and services Regular contract meeting with service providers Including review of contract performance Indlcators A programme of quality assurance checks on work being carried out by service providers Ongoing investment in exlsting properties to ensure continued operational service and standard of accommodation Engagement wlth benchmarking opportunltles Includlng NIFHA and Dfc to measure performance agalnst others A series of tenant satlsfactlon surveys to assess quallty of services from the perspective of the end user - tenants Tenant Participation Arbour Housing is committed to ensuring that all tenanls receive the best service possible. To achieve this, we will provlde a range of real opportunities for tenants to contrlbute to and influence declsions and the servlce delivery of Arbour Houslng, placlng tenants at the centre of our decision-mal<ing process and to build upon our existing good practices and level of tenanl- Involvement. The objectives of our Tenant Participation Strategy are.. To ensure that tenant involvement is at the centre of what we do. To develop and establish regular and meaningful opportunities for all our tenants to partake in. To provlde tenants with the support they need to promote tenant participation, local empowerment and community cohesion.

Arbour Housing Limited Year Ended 31 March 2025 strategic report of the Board of Management for the year ended 31 March 2025 To promote partnership working between Arbour Housing, tenants and the local communlty to deliver effective and meanlngful improvements to the local envlronment. Tenant Involvement helps us manage our business so that tenants and other stakeholders find It easy to participate in and influence decisions at a level at which they are comfortable, To help achieve this, we recognise that many different opportunilies are required. We aim to; Put tenants, vlews at heart of our declslon-maklng process Listen, act and provide feedback to tenants Provide a range of optlons for tenant involvement, via our Menu of Involvement Ensure the promotion and expresslon of our community ethos Ensure all stalf embrace this strategy to achieve meanlngful participation Review our practices and how we operate by acting positlvely to feedback from tenants Commit to the provision of adequate resources to dellver all aspects of the Strategy. The members of the Tenants, Forum have access to tralnlng to enable them to maxlmlse their contribution including Governance training and following conslderation, have approved activities for Tenant Engagement throughout the year, The Tenants Forum performs an enhanced scrutiny role on behalf of Arbour Housing. Tenant involvement in the scrutlny of a landlord's performance is rooted in the princlple that landlords take account of the followlng: Tenant's prioritles and needs Involving tenants In settlng pollcies and standards Tal<lng tenants, vlews into account before decisions are taken How to support tenants to hold the landlord to account Results from the latest Tenant 5atlsfaction Survey support the practice of tenant involvement and participation: Over 700/0 of respondents were satisfled that Arbour Housing listened to thelr views and acted on them Over 950/0 of respondents felt that Arbour Housing kept them informed about things that might affect them as a resident. Tenant Forum members have been Involved in policy reviews and partlclpated in joint scheme visits with Estate Compliance Officers to provide a tenant perspective on a range of services provided wlth requests and views consldered and actloned in the year to March 2025, Forurn members have also held meetings with assorted members of Staff and Contractors to outline any issues that tenants in thelr area may be experiencing to enhance the services provlded by Arbour. Risk Management Responsibillty for the Identificatlon of risks is clearly defined and operates through a rolling risk assessment process. Key risks facing Arbour Housing are considered by the Board of Management and the Board has adopted a risl<-aware strategic focus. Performance in the sector Is generally affected by government policles and changing legislation, the impact of the regulatory regime, changes in demographlc, political or io

Arbour Housing Limited Year Ended 31 Marcli 2025 Strategic report of the Board of Management for the year ended 31 March 2025 economlc conditions or environmental rlsks. Some of the major factors which may affect Arbour Houslng over the next year are: strategic risks Macroeconomic and finaiicial environment Deliverlng against Tenant expectatlons Diversificatlon into new business Access to labour and skills Counterparty risk The requirements arlsing from the objective of decarbonisation and the investment that will be required Operatlonal risks existlng stock and service dellvery Existi ng stock quality Delivering servlces to tenants Health and safety Costs and inflalion Grant funding levels Rent setting Tenant welfare Rental income and arrears Data security Data Integrity Operational risks development Contractual risks Construction process risks Finance and treasury management Existing debt New debt Alternative funding models Pensions FraLsd Measures are in place to control these risks, and the implementation of further mitigating actions is regularly monltored by the Board. Followlng the easlng of risks associated with the Covid pandemic new risks have emerged from the wider global geopolltical environment. Arbour Housing is alert to the risks and will endeavour to assess, monitor, antlcipate and mitigate as far as is possible. Performance in the year ended 31 March 2025 During the year the number of homes in management increased to 1,643 (1,495 2023- 24). A further 139 properties had been substantially progressed in the year and will be completed in early 2025-26. The turnover figures show an Increase of 14 % in income from social houslng actlvities from £10,195,480 in 2023-24 to £11,635,637 in 2024-25. Arbour Housing's annual revlew of rental charges at March 2025 resulted a 4.00/0 increase of r'ent in 2025-26, which was considered in the context of increasing costs faced and the pressures on tenants. li

Arbour Housing Llmited Year Ended 31 March 2025 strategic report of the Board of Management for the year ended 31 March 2025 Operating costs of £8,229,617 represents 710/0 of turnover (72.4 % in 2023-24) with a further 14.90/0 to cover interest cost on loans (15.30/0 in 2023-24). The surplus on ordinary activities was £1,820,815 showing an Increase from 2023-24 of £491,147. The surplus on ordinary activities is reflective of an increase in Revenue of 14.3 % exceedlng that of the increase In Operating Costs and Interest costs on loans at 11.60/0 In additlon to an increase in the level of capitalised repalrs withln the planned maintenance programme of works. The Board Is content that the figures represent consistently healthy underlying performance. Arbour Housing continued its programme of major repairs and improvemeiits to propertie5 and the total expenditure in the year, Inclusive of capital reinvestment, was £1,420,757 (2023-24,, £2,238,953), The level of expendlture of this nature wlll fluctuate from year- to-year dependent on the age and condltion of schemes and the portion of thls charged through the statement of comprehensive income can have a signiflcant impact on the amount of retained surplus in any one year. Difficulties in the supply market and increasing market costs have contributed to the recorded Increased costs. The Board Is confident that thls does not impact on the covenants related to Bank finance. Flnancing costs increased from £1,559,386 in 2023-24 to £1,736,933 due to the borrowlng requlrements through the year and the higher interest rates. The current year includes other finance income of £32,000 relating to pension adjustments (2023-24.. £Nil). Arbour Housing is commltted to supporting contractors and suppllers through the timely payment of invoices. The target Is to settle the accounts for undlsputed Involces wlthln 30 days. For the year 2024-25 the average payment period was 18 days (2023-24.. 18 days). Expected performance in the year ending 31 March 2026 Arbour Housing expects to malntaln Its level of operatlons and performance In 2025-26. It is planned that 199 homes wlll be completed through our development programme In the year, Expenditure of £1,525,480 on on-going programme of component rep5acement, Major Repairs and Improvements to properties is anticlpated In the year. Financial sustainabiljty Arbour Housing has a robust framework of long-term financial planning in place. The Board regularly considers the long-term flnancial plan which covers a plannlng horlzon of 25 years. The plan includes sensitivity analysis and compares projected results to funders, covenants where appllcable. The Board monitors the rnacro-economic environment In a continuous process of review and adjustment where necessary to exploit opportunltles and mitigate any threats. By order of the Board An la Clarke Date: 8th July 2025 12

Arbour Housing Liinited Year Ended 31 Marclj 2025 Report of the Board of Management for the year ended 31 March 2025 The Board present thelr report together with the financial statements for the year ended 31 March 2025. Princlpal activities Arbour Houslng Is a registered non-profit making houslng association providing housing accommodation for those in need. It Is an active particlpant In the Social Houslng Development Programme. Financial results The surplus on ordinary activities for the year was £1,820,815 compared to a surplus of £1,329,668 for the previous year. Board of Management The Board of Management meets regularly throughout the year. There are three commlttees with delegated responsibilities whlch also meet regularly throughout the year w5th specific responsibllities for Property Services, Procurement and Development, Flnance and Corporate Performance and Audit and Risk. Board members are elected for a three-year period, retire on expiration of the three years but are ellgSble for re-election If they have not served the maxlmum allowed of nine years. Treasury Arbour Housing's treasury policy is regularly reviewed by the Finance & Corporate Performance Committee, under the delegated authority from the Board of Management, The aim is to malntain adequate cash balances to minimise interest payments on loans, wlthout compromlsing the ability to meet our financial obllgations as they arlse. Arbour Housing was fully compliant with loan covenants during the year and monitors these covenants in all Budget projections. All surpluses generated by Arbour Housing are reinvested with the objectlve of malntaining homes In good condition, developlng new homes for urgent need at rents that are as low as posslble and to reduce the need for borrowSng. The reserves that Arbour Housing has built up have been reinvested In its housing properties, and are not, therefore, represented by cash balances. Interest rate risk Exposure to fluctuating interest rates is managed by the composition of a balanced portfolio of fixed and variable rate loans, Arbour Housing's effectlve interest rate for 2024-25 was 5,370/0 (2023_24: 5,170/0) and Arbour Housing has attetnpted to mitigate against the impact of increaslng interest rates through effective cash management. 13

Arbour Housing Lin7ited Year Ended 31 March 2025 Report of the Board of Management for the year ended 31 March 2025 Llquidity risk Arbour Houslng maintains a mixture of long-term and short-term finance designed to ensure that there are sufficient funds to achieve business objectives and to facllitate growth wlth consideration to the interest costs of such finance. Currency rlsk Arbour Houslng does not engage in forelgn currency transactions and Is not exposed to exchange risk. Environmental matters Arbour Houslng recognises its corporate responsiblllty to carry out its operations and development programme whilst minimlslng envlronmental impacts. The Board's continued aim is to comply with all applicable environmental legislation, prevent pollutlon and to reduce waste wherever posslble and Its objectlves are reSnforced in its energy strategy, Arbour recognlses that the Housing sector has a critical role to play in delivering the government's ambition for net zero carbon emissions and responding to the climate crlsls. A major Envlronmental consideration for Arbour Housing this year has been Carbon Reductlon. Thls has been addressed in Arbour's 2023-28 Carbon Reduction Strategy (CRS) whlch sets out the drivers for change and why the Carbon Reduction Pledge has been made, where we are starting from, and our priorities for actlon to decarbonise our operations and lay a foundation for the Future. The Strategy recelved Its annual review in March 2025, to ensure the aims and objectives remain relevant and purposeful. We are proud to confirm that Arbour completed our first Environment, Social & Governance (ESG) report In 2024/25. Whilst this is not yet a mandatory requirement for our business, it was felt that this is a strategic and responsible move for our organisation, to demonstrate our commitment to sustalnabllity and bulld trust wlth the Regulator, our funders and our tenants. This report aligns with to the 'Sustainability Reporting Standard for Social Housing, which Is the sector standard for ESG reporting and ensures that we report on the indicators that have been identified as belng most relevant for our sector. It also allows comparlsons to be made across the sector as well as the ability to learn and share best practlce with our peers, Within the past year we have continued to Implement our promlses within the Cllmate Action Pledge (Business In the Community), enhanced the biodiversity measures across our sites, Improved the Energy Rating of our stock, and installed Renewables at our Head Office, Corporate Governance The 2023-24 Annua5 Regulatory Judgement from the Regulator (Department for Communities), whlch cover the three standards of Governance, Finance and Consumer has been shared and we are pleased to report that we have again received the top grade (Regulatory Rating l- Meets the requirements), it 15 therefore the opinion of the Board of Management that Arbour Housing is In compliance with the best practice issued by NIFHA Code of Governance. 14

Arboiir Housing Limlted Year Ended 31 Marcli 2025 Report of the Board of Management for the year ended 31 March 2025 Audit and Risk Committee Arbour Housing has an Audlt & Risk Committee with clearly defined terms of reference. The Committee monltors risk management and internal controls through the management of internal and external audit programmes. The Commlttee provides a forum through which the internal and external auditors reporL to the Board. The Board believes that It has an objective and professional relationship with its auditors. Going Concern After making enqulrles, the Board of Management is confident that Arbour Housing has adequate resources, plans and objectives to continue In operational existence for the foreseeable future. For this reason, they continue to adopt the Going Concern basis in preparing the financial statements. Internal controls The Board of Management Is responslble for Arbour Housing's system of internal controls and for reviewing its effectiveness. Such a system is designed to manage and reduce, rather than to eliminate, the rlsk of failure to achleve business objectives. It can provide only reasonable, and not absolute, assurance against material misstatement or loss. We operate ongoing processes for identifyingi evaluating and managing the significant rlsks faced by Arbour Housing, they have been in place for the year to 31 March 2025 and up to the date of the approval of the Annual Report and the Flnancial Statements. The processes are reviewed at least annually by the Committee. The key elements of the control system in operatlon are: The Board has adopted a formal schedule of matters reserved for Its approval ensuring it maintains responslbility for overall strategy, approval of all property transactions and other major capital expenditure projects There is an organisatlon structure with clearly defined lines of responsibility and delegatlon of authorityi and Detalled Budgets are prepared covering Arbour Houslng's business whlch are revlewed and approved by the Board of Management. Actual results are compared against Budget and appropriate actlon identifled and initiated, 15

Arbour Housing Limited Year Ended 31 March 2025 Statement of the responsibilities of the Board of Management The Board of Management is responsible for preparing the Board of ManagemenL's Report and the financial statements in accordance with applicable laws and regulations. The Board of Management Is requlred by law to prepare financlal statements for each flnancial year which give a true and fair view of the state of affalrs of Arbour Housing and of its surplus or deflclt for that period. In preparing these financlal statements, the Board of Management are required to: select 5ultable accountlng pollcles and then apply them consistently make judgments and accounting estimates that are reasonable and prudent, state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financlal statements prepare the financlal statements on the Going Concern basis unless It Is Inappropriate to presume that Arbour Houslng wlll continue In operatlon. The Board of Management are responslble for keeplng adequate accountlng records that dlsclose with reasonable accuracy at any time the financial positlon of Arbour Houslng and enable them to ensure that the financial statements comply wlth the Financial Reporting Standard 102 and Housing SORP 2018. They are also responsible for safeguardlng the assets of Arbour Houslng and for taking reasonable steps for the prevention and detectlon of fraud and other irregularitles. statement of dlsclosure to Auditors So far as each of the members of the Board of Management are aware at the date of approval of these financlal statements.. there is no reSevant audit informatlon of which Arbour Houslng's audltors are unaware and they have taken all the steps that they ought to have taken to make themselves aware of any relevant audit Information and to establish that Arbour Housing's auditors are aware of that Information. Auditors A resolution to reappoint Sumer Auditco NI Limited will be proposed at the Annual General Meeting. On behalf of the Board of Management Angela Clarke Chair Date., 8th July 2025 16

Arbour Houslng Limited Year Ended 31 Marcli 2025 Independent Auditor's Report Opinion We have audited the financial statements of Arbour Housing Llmlted for the year ended 31 March 2025 which comprises the statement of comprehensive income, the statement of changes in reserves, the statement of flnancial posltlon, the statement of cash flows and the related notes to the financlal statements, Includlng a summary of slgnlflcant accounting pollcies. Iii our opinion the financial statements: glve a true and fair view of the state of Arbour Housing's affairs as at 31 March 2025 and of its surplus for the year then ended; have been properly prepared in accordance wlth Unlted Kingdom Generally Accepted Accounting Practice (Unlted Kingdom Accountlng Standards, comprising FRS 102"The Financial Reporting Standard applicable In the Ul< and Republic of Ireland" and applicable law)" and have been properly prepared in accordance with the requlrements of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969. the Reglstered Houslng Assoclations (Accounting Requirements) Order (Northern Ireland) 1993. Article 19 of the Housing (NI) Order 1992; Regulation 9 of the Charities (Accounts and Reports) Regulatlons (Northern Ireland) 2015; and the Charitles Act (Northern Ireland) 2008. Basis of opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS UK) and applicable law, Our responslbllltles under those standards are further described in the AudiLor's responsibllities for the audit of the financial statements section of our report. We are indepeiident of Arbour Housing in accordance wlth the ethical requirements that are relevant to our audit of the financial statements in the UIC, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responslbilitles in accordance with those requlrements. We believe that the audit evidence we have obtalned Is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to Going Concern We have nothlng to report in respecl of the following matters in relatlon to whlch the ISAS (UK) require us to report to you were the Board of Management's use of the going concern basis of accounting in the preparation of the financlal statements is not appropriate, or the Board of Management have not disclosed in the financial statements any identified material uncertainties that may cast slgnificant doubt about Arbour Housing's ability to contlnue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the association's ability to continue as a Going Concern. 17

Arbour Housing Limited Year Ended 31 March 2025 Independent Auditor's Report (cont'd) Reporting on other Information The other information comprises the information Included in the Report of the Board of Management other than the flnancial statements and our audltor's report thereon. The Board of Management Is responsible for the other information. Our oplnion on the flnancial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audlt of the financlal statements, our responsibllity is to read the other information and, In so doing, consider whether the other Information is materially inconsistent with the flnancial statements or our knowledge obtained in the audlt or otherwise appears to be materlally misstated. If we Identlry such material inconslstencles or apparent material misstatements, we are required to determine whether there is a material mlsstatement in the financial statements or a materlal misstatement of the other informatlon. If, based on the work we have performed, we conclude that there is a materlal mlsstatement of thls other information, we are requlred to report that fact. Oplnion on other matters prescribed by the Companies Act In our opinlon, based on the work undertaken In the course of the audit the informatlon glven the Report of the Board of Management for the financlal year for which the financial statements are prepared is consistent with the financlal statements, and the Report of the Board of Management has been prepared In accordance with applicable legal requirements, Matters on which we are requlred to report by exception In the light of the Icnowledge and understanding of Arbour Houslng and its environment obtained in the course of the audit, we have not identified material misstatements In the Report of the Board of Management. We have nothing to report in respect of the following matters in relation to whlch the Companles Act 2006 requlres us to report to you if, in our oplnlon adequate accounting records have not been kept, or returns adequate for our audit have not been receSved from branches not vlslted by us; or the financial statements are not in agreement wlth the accounting records and returns. or we have not received all the Informatlon and explanations we require for our audit. 18

Arbour Housing Limited Year Ended 31 March 2025 Independent Auditor's Report (cont'd) Responsibilities of the board of management As explalned more fully in the Board of Management responsibilities statement the Board of Management is responslble 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the flnanclal statements, the Board of Management Is responsible for assessing Arbour Housing's ability to continue as a Going Concern, disclosing, as applicable, matters related to Going Concern and using the Going Concern basls of accountlng, unless the Board of Management elther intend to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectlves are to obtain reasonable assurance about whether the financial statements as a whole are free from materlal misstatement, whether due to fraud or error, and to issue an auditor's report that includes our oplnlon. Reasonable assurance is a high level of assurance but is not a guarantee that an audlt 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 aggregate, they could reasonably be expected to influence the economlc decislons of users taken on the basls of these financial statements. Irregularities, includlng fraud, are Instances of non-compliance wlth laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect materlal misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. We considered the opportunitles and incentives that may exist withln the company for fraud and Identified the greatest potential for fraud in the followlng areas: postlng of unusual journals. To address the rlsk, we discussed the risk with client management and designed audit procedures to test a sample of journals to confirm they were approprlate. A fu rther d escriptlon of ou r responsibilities for the aud it of financial staternents is located on the Financlal Reporting Council's website at www.frc,org,uk/audltorsresponsibilities. This description forms part of our audltors, report, 19

Arbour Housing Llmlted Year Ended 31 March 2025 Use of our report Thls report Is made solely to the Board of Management, In accordance wlth Article 38 of the Co-operatlve and Communlty Benefit Societies Act (Northern Ireland) 1969 (formerly the Industrlal and Provldent Societles Act (Northern Ireland) 1969). Our audit work has been undertaken so that we might state to the Board of Management those matters that we are requlred to state to them in an auditors, 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 Society and the Board of Management, for our audit work, for this report, or for the oplnlon we have formed. B Clerkln (Senlor Statutory Auditor) for and on behalf of Sumer Auditco NI Limited statutory Auditor Glendinnlng House 6 Murray Street Belfast BTI 6DN (date) 20

Arbour Housing Lin7ited Year Ended 31 March 2025 statement of Comprehensive Income For the year ended 31 March 2025 2025 2024 Note 5, 28, 30 6, 28, 30 Turnover Operating costs Operating surplus Gain on disposal of housing properties Interest receivable and simllar income Interest payable and similar charges Surplus on ordinary activities Actua rlal galn / (Ios51 in respect of pension Surplus for the financial year Retalned surplus brought forward 11,648,188 10,189,650 (8,229,617) (7,373,212) 3,418,571 2,816,438 110,528 43,652 28,649 28,968 1,736,933 1,559,390) 1,820,815 1,329,668 (235,000) 423,000 1,585,815 1,752,668 22,731,054 20,978,386 24,316,869 22,731,054 24,316,869 22,731,054 10 11 12 31 24 Retained surplus carried forward All amounts above relate to continuing operations of Arbour Housing. The notes on pages 25 to 49 form part of these financlal statements. 21

Arbour Housing Limited Year Ended 31 March 2025 statement of Changes in Equity For the year ended 31 March 2025 2025 2024 Surplus for the flnancial year Movement In capital and reserves Net addition to capital and reserves Openlng total capital and reserves Closing total capital and reserves 1,585,815 1,752,668 1,585,818 22,731,157 24,316,975 1,752,668 20,978,489 22,731,157 22

Arbour Housing Limited Year Ended 31 Marcli 2025 statement of Financial Position As at 31 March 2025 Notes 2025 2024 Fixed assets Housing properties - depreciated cost 13 181,344,169 158,997,877 other tangible fixed assets 14 637,628 657,715 181,981,797 159,655,592 - Current assets Debtors 15 8,286,952 4,177,723 Cash at bank and in hand 1,844,609 1,390,099 10,131,561 (6,678,092) 5,567,822 (6,264,528) Credltors: amounts falling due wlthin one year 16 Net current (liabllitles)/assets 3,453,469 (696,706) Total assets less current liabilities 185,435,266 158,958,886 Creditors: amounts falling due after more than one year 17 (161,609,291) (136,782,729) Penslon Asset 31 491,000 555,000 Total net assets Capltal and reserves 24,316,975 22,731,157 Called up share capital 22 18 16 Capital reserve 23 88 87 Revenue reserve 24 24,316,869 22,731,054 Total funds 24,316,975 22,731,157 The notes on pages 25 to 49 form part of these financial statements. A Clarke (Chair) Orbour Housing Limited Date.. 08/07/2025 J Hool Board Member) atthews hief Executive) egistere number., 224 Date.. 08107/2025 Date: 08/07/2025 23

Arbour Housing Limited Year Ended 31 March 2025 statement of Cash Flows For the year ended 31 March 2025 2025 2024 Note Net cash from operating activities Cash flow from investing activitles Purchase and development of houslng properties Recelpt of houslng assoclatlon grant Receipts from dlsposal of housing properties Purchase of other tanglble assets Interest received Net cash used in investing activities Cash flows from financing activities Loan advances Loan principal repayments Allotment of shares Interest paid Net cash used in from financing activities Net (decrease)/ increase in cash and cash Cash and cash equivalents at the beginning of the year 25 4,048,961 3,776,901 (24,826,021) (30,313,716) 7,408,833 19,167,910 268,488 607,606 (19,299) (17,608) 28,649 28,968 (17,139,350) (10,526,840) 32,500,000 29,500,000 (16,731,358) (21,241,302) (2,223,743) (1,644,240} 13,544,899 6,614,460 454,510 (135,479) 1,390,099 1,525,578 Cash and cash equivalents at the end of the year 26 1,844,609 1,390,099 The notes on pages 25 to 49 form part of these financial statements. 24

Arbour Housing Liniited Year Ended 31 Marcl? 2025 Notes to the financial statements for the year ended 31 March 2025 l. General information Arbour Housing's principal actlvity during the financial year contlnues lo be providlng houslng accommodation for those in need. Arbour Housing Is registered under the Co- operative and Community Benefit Societles Act (Northern Ireland) 1969 and domiciled In the UK. The address of the reglstered offlce 15 18-22 Carleton Street, Portadown, BT62 3EN. 2. Statement of compliance These financlal statements of Arbour Housing Limited have been prepared on the going concern basls in compliance with Unlted Kingdom Accounting Standards, including Financlal Reportlng Standard 102, The Flnancial Reportir)g Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102") under the historical cost conventlon, and in accordance with applicable accounting standards in the United Klngdom and Statement of Recommended Practice for Accounting by Registered Soclal Landlords. The principal accountlng policies, which have been applied consistently throughout the year, are set out below. The presentatlon of the financlal statements complies with the Registered Housing Associations (AccounLing Requirements) Order (Northern Ireland) 1993. 3. Summary of significant accounting policies The principal accounting policies applied in the preparatlon of these financial statements are set out below, These policies have been conslstently applied to all the years presented, unless otherwlse stated, The company has adopted FRS 102 in these financial statements. Basis of preparation of financial statements These financial statements are prepared on a going concern basis, under the historical cost convention. The preparation of financial statements requires the use of certaln critical accounting estimates. It also requires management to exercise its judgement In the process of applying Arbour Housing's accounting policies. The areas involving a higher degree of judgement or complexltyi or areas where assumptlons and estimates are slgnificant to the financlal statements, are disclosed in note 4. Foreign currencies Transactions and non-monetary assets, denominated In foreign currencies, are translated at the exchange rate at the date of the transactlon. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange rullng at the statement of flnancial position date or the exchange rate of a related foreign exchange contract where relevant. The resulting exchange gains or losses are dealt wlth in the StaLement of comprehensive income. 25

Arbour Hoiising Limited Year Ended 31 March 2025 3. Summary of signlflcant accounting policies (continued) Revenue recognition Revenue Is measured at the falr value of the consideration received or recelvable and represents the amount receivab5e for goods supplled or services rendered, net of returns, discounts and rebates allowed by Arbour Houslng and value added taxes. Arbour Housing bases its estimate of returns on hlstorlcal results, taking Into consideratlon the type of customer, the type of transactlon 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. Revenue is recognised when, and to the extent that, Arbour Houslng obtalns the right to consideratlon In exchange for Its performance. Net rental income Income includes rent and servlce charge income arising from the provision of housing accommodatlon and the amortlsation of Houslng Associatlon Grant. Income is recognised in the perlod to whlch it relates. Other income other income Is recognised in the Statement OF comprehensive income when the terms of revenue recognition have been met. Employee benefits Arbour Houslng provides a range of benefits to employees, including pald holiday arrangements and defined contrlbutlon penslon plans. Short term benefits Short term benefits, includlng holiday pay and other similar non-monetary benefits, are recognlsed as an expense in the period in which the service is received. Defined beneflt plan Arbour Housing operates a defined beneflt plan for certaln employees, A defined benefit plan deflnes the pension benefit that the employee will recelve on retirement, usually dependent upon several factors including age, length of service and rernuneration, A defined benefit plan is a post- employment benefit other than a defined contribution plan. The liability recognised in the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of each flnanclal year less the fair value ol the plan assets at the same date, The defined benefit obligation Is calculated annually by an external actuary uslng the projected unit credit method. The present value of the defined benefit obligation is determlned by discounting the estlmated future payments using market yields on high quality corporate bonds that are denominated in Sterllng and that have terms approxlmating the estimated period of the future payments ('discount rate,). 26

Arbour Housing Limited Year Ended 31 March 2025 3. Summary of significant accounting policies (continued) The fair value of plan assets out of which the obligations are to be settled Is measured In accordance wlth Arbour Housing's accounting policy for financial assets. For most plan assets this is the quoted price in an actlve market. Where quoted prices are not available appropriate va5uatlon techniques are used to estimate the falr value. The cost of the deflned benefit plan, recognised in profit or loss, except were Included in the cost of an asset, comprises: (a) L'he increase in net defined benefit liabllity arlslng from employee service during the financial year. and (b) the cost of plan introductions, benefit changes, curtailments and settlements. The net interest cost on the net defined benefit Ilability is determined by multiplying the net defined benefit liability by the discount rate (both as determined at the start of the financlal year, taking account of any changes In the net deflned benefit liability during the financlal year as a result of contribution and benefit payments). This net interest cost 5s recognlsed in profit or loss as 'finance expense, and presented wlthin 'interest payable and similar charges,. Actuarial galns and losses arising from experience adjustments and changes in actuarial assumptions are recognised in other comprehensive income. These amounts together with the return on plan assets less the interest income on plan assets included in the net interest cost, are presented as 're-measurement of net deflned beneflt liabllity, In other comprehenslve income. Tangible fixed assets Housing properties Operates a full component accountlng policy in relatlon to the capitalisation and depreciation of its completed housing stock. Housing properties are stated at cost includlng appropriation on costs and net of initial sales proceeds from part owners in respect of leasehold schemes. other fixed assets other fixed assets are stated at cost less accumulated depreciation. Long leasehold office property Arbour Housing's policy Is to depreclate the cost over the remalnlng useful economic life of the property. Schemes under construction Schemes under construction are carried at cost and are not depreciated until brought into use. 27

Arbour Housing Limlted Year Ended 31 March 2025 3. Summary of significant accounting policies (continued) Capitalisation of development costs Development costs are capltallsed where they are directly attributable to brlnglng the properties into working condltion for their Intended use. Such costs generally include the labour costs of company employees arising directly from the acquisition or development of the property and incremental costs that would only have been avoided if the property concerned had not been acquired or consLructed. Due to the higher volume of development In recent years and hlgher Interest rates on borrowings, the Board of Management consldered the option of adding capital interest to scheme development cost during the current flnancial year 2024-25. This resulted in an Increase of £446,974 In the current year's profit. Necessary changes are made in the Statement of Comprehensive Income to reflect these changes. Housing Association Grant and other grants Housing Association Grant and other grants received as a contrlbution toward5 the capital costs of housing properties of Arbour Houslng were set against the capltal cost of these properties in prior years. As per the 2018 Housliig SORP and FRS 102 the grants have been included as 'Creditors.' amounts falling due after more than one year, and 'Credltors.' amounts falllng due within one year, and are amortlsed to the Statement of comprehensive Income as per the turnover pollcy above, Housing Assoclation Grant received against revenue expenditure is credited to revenue in the period in which the related 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 restrlcted to the net proceeds of the sale. Depreciation and Impairment Houslng properties Housing propertles are split between land, structure and major components which requlre periodic replacement. Replacement or refurbishment of such major components is capltallsed and depreciated over the estimated useful life which has been set taking Into account professional guidance and Arbour Housing's asset management strategy. In determlning the remalnlng useful lives for the housing stock, Arbour Housing has taken account of views provided by both internal and external professional sources. Freehold land Is not subject to depreclation whilst leasehold land is depreciated over the unexpired period of the lease. Depreciatlon is charged so as to write down the cost or valuation of the freehold housing properties and major components on a straight-line basis over their expected use economic lives. Major components are treated a5 separable assets and depreciated over their expected useful economlc Ilves or the Ilves of the structure to whlch they relate, If shorter, at the followlng annual rates: 28

Arbour Housing Limited Year Ended 31 March 2025 Land Structure (including roof) Windows and doors Main heating system unit Kitchens Bathrooms Electrics Mechanical systetns Lift Solar Panel Alr Source Heat Pump Not depreciated 100 years 35 years 15 years 20 years 25 years 30 years 30 years 20 years 20 years 20 years Housing assets are subject to a depreciatlon charye in the year of acquisition or completion. Where there Is evidence of Impairment, the flxed assets are written down to the recoverable amount and any wrlte down is charged to Operating Surplus. other fixed assets Depreciation of other flxed assets is charged on a straight~Ilne basis over the estimated useful economic lives of the assets at the following annual rates.. Office furnlture and equipment Computer equipment 5 years 3 years Long leasehold office property The useful economic life of the asset has been estlmated at 50 years. Subsequent additions and major components Subsequent costs, including major inspectlons, are included In the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to Arbour Housing and the cost can be measured reliably. The carrylng amount of any replaced component Is derecognised. Repairs, maintenance and minor inspectlon costs are expensed as incurred. Derecognition Tangible assets are derecognlsed on disposal or when no future economic benefits are expected. On disposal the difference between the net disposal proceeds and the carrylng amount is recognised in the statement of comprehenslve income. Leased assets At Inception Arbour Housing assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contalns, a lease based on the substance of the arrangement. Operating leased assets Leases that do not transfer all the risks and rewards of ownershlp are classified as operating leases. Paymenls under operating leases are charged to the Statement of comprehensive income on a straight-line basls over the period of the lease, 29

Arbour Housing Limited Year Ended 31 March 2025 3. Summary of significant accounting policies (continued) Cash and cash equivalents Cash and cash equlvalents include cash In hand, deposlt5 held at call with banks, other short-term highly liquid investments with original maturltles of one month or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Impalrment of non-financial assets At each statement of flnancial positlon date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset's cash generating unlt) may be impaired. If there is such an Indlcatlon the recoverable amount of the asset (or asset's cash generatlng unlt) Is compared to the carrying amount of the asset (or asset's cash generating unit). The recoverable amount of the asset (or asset's cash generating unit) is the hlgher of the falr 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 obtalnable as a result of the asset's (or asset's cash generatlng unit) contlnued use, These cash flows dlscounted using a pre-tax d15count rate that represents the current market risk-free rate and the risks inherent In the assets. If the recoverable amount of the asset (or asset's cash generatlng unit) is estimated to be lower than the carrying amount, the carrying amount is redLiced to its recoverable amount. An Impairment loss is recognlsed In the Statement of comprehenslve Income, unless the asset has been revalued when the amount is recognised In other comprehenslve Income to the extent of any previously recognised revaluation. Thereafter any excess is recognlsed in the Statement of comprehensive Income. If an Impalrment loss is subsequently reversed, the carrying amount of the asset (or asset's cash generating unit) is Increased to the revised estlmate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrylng amount that would have been determined (net of depreciation or amortisation) had no Impalrment loss been recognised In prior periods. A reversal of an impairment loss Is recognlsed in the Statement of comprehensive Income. Provlslons Provlsions are recognised when the company has a present legal or constructive obligatlon as a result of past events; it Is probable that an outflow 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 Ilkelihood that an outflow wlll be required in settlement is determined by considering the class of obligations as a whole, A provision is recognised even if the lilcelihood of an outflow 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 marlcet assessments of the time value of money and the risks speclfic to the obligation. The increase in the provision due to passage of time is recognised as a finance cost. 30

Arbour Housing Limited Year Ended 31 March 2025 3. Summary of significant accounting policies (continued) Contingencies Contingent liabilities, arising as a result of past events, are not recognised when (i) is not probable that there wlll be an outflow of resources or that the amount cannot be reliably measured al the reporting date or (il) when the exlstence wlll be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contlngent liabilities are disclosed in the financial statements unless the probabillty of an ouLflow of resources Is remote. Financial instruments The company has chosen to adopt Sectlons 11 and 12 of FRS 102 In respect of flnanclal Instruments. Financial assets Basic flnanclal assets, Sncluding trade and other receivables and cash and bank balances are Initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction Is measured at the present value of the future receipts discounted at a market rate of Interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets rneasured at amortised cost are assessed for objective evidence of impalrment. If an asset is Impaired the impairment loss Is the difference between the carrying amount and the present value of the estimated cash Flows discounted at the asset's orlginal effectlve Interest rate. The impairment loss is recognised in Statement of comprehensive income. If there Is a decrease in the impairment loss arising from an event occurring after the Impairment was recognised, the impairment is reversed. The reversal Is such that the current carrying amount does not exceed what the carrylng amount would have been had the impalrment not prevlously been recognised, The impairment reversal is recognised in Statement of comprehensive income. Financial assets are derecognised when (a) the contractual rlghts to the cash flows from the asset expire or are settled, (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or, (c) despite having retained some significant rlsks and rewards of ownership, control of the asset has been transferred to another party who has the practical abillty to unilaterally sell the asset to an unrelated thi rd party wlthout i mposing additional restrictions. other flnancial assets, including investments in equlty instruments whlch are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes In falr value are recognised in Ihe Statement of Comprehensive Income, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. 31

Arbour Housing Limited Year Ended 31 March 2025 3. Summary of significant accounting policies (continued) Flnanclal liabllities Baslc financlal Ilabllities, including trade and other payables, bank loans and loans from fellow company companies, are Inltlally recognised at transaction price, unless the arrangement constitutes a financlng transaction, where the debt Instrument is measured at the present value of the future recelpts discounled at a market rate of interest. Debt Instruments are subsequently carried at amortlsed cost, using the Effective Interest Rate method. Fees pald on the establishment of loan facilities are recognlsed as transaction costs of the loan to the extent that it Is probable that some or all of the facllity 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 facllity will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the faclllty to whlch It relates. Trade payables are obligations to pay for goods or servlces that have been acqulred In the ordlnary course of business from suppllers. Accounts payable are classified as current Ilabllitles If payment is due withln one year or less. If not, they are presented as non- current liabilities, Trade payables are recognised Inltially at transaction prlce and subsequently measured at amortlsed cost using the effective interest method. Disposal proceeds fund The net surpluses, after loan repayments, that arise from the sale of property to tenants under the voluntary purchase grant arrangements instituted by the Department for Communities can be used by Arbour Houslng to fund works on property that would not be eligible for housing association grant or in certaln clrcumstances, attract loan flnance. If the surpluses are not used within two years of receipt, they may be payable in part or in full to the Department for Communities. Revenue reserves Arbour Housing's policy Is to retain a level of revenue reserves which reflects its needs at the current time and In the foreseeable future. The reserves required are sufflclent to meet committed running costs for a period equivalent to nine months Budgeted future expenditure. The Board of Management reviews the adequacy of the revenue reserves level on an annual basis. Tenants Services Fund For certain schemes Arbour Housing is required to charge the tenants for additional services provided, over and above those of the normal management and malntenance servlces, Arbour Houslng levies an addltlonal charge to the tenants for thls. Annual surpluses and deflcits are transferred to a fund to equalise the flnancial position over a perlod of tlme. 32

Arboiir Housing Limited Year Ended 31 March 2025 4. Critical accountlng judgements and estimation uncertainty Estimates and judgements made In the process of preparing the flnancial statements al-e contlnually evaluated and are based on historical experience and other factors, including expectations of fulure events that are believed to be reasonable under the circumstances. a) Critical judgement in applying the entity's accounting polScies Carrying value of properties On an annual basis, Arbour Houslng carries out an impairment review of its houslng property assets. Arbour Housing will flrst consider If there has been any trlgger or indication that assets mlght be impalred. Arbour Housing will then determlne an appropriate cash generatlng unit to be best represented by an individual scheme as this Is the level that an Investment appralsal will be completed at. The impairment review is based upon the existing use of the asset whlch corresponds wlth the Economlc Use Valuation (EUV) provided for bank securlty, This confirms that the substantial part of a scheme Is financially viable. In the event a scheme notes a potential for Impairment in the Inltlal review, Arbour Housing will complete a discounted cash flow appraisal using the specific detalls of each of the schemes. Finallyi If required, an external valuatlon wlll be obtained to assess if there is a requlrement for impairment. Arbour Housing has completed their annual impairment review and reported its findings to the Finance committee and Board of Management in March 2025. There was no evidence of impairment noted based on the assessment carried out. There are no other critical judgements In applying the entity's accounting pollcies. b) Crltical accounting estimates and assumptions The Board of Management makes estimates and assumptions concerning the future in the process of preparing the financial statements. The estlmates and assumptlons that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. Defined benefit pension scheme Arbour Housing has an obligation to pay pension benefits to certaln employees. The cost of these benefits and the present value of the obligation depend on several factors, includlng life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estlmates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect hisLorical experience and current trends. See note 31 for the dlsclosures relating to the defined beneflt scheme. Useful economic lives of housing properties The annual depreciatlon on housing propertie5 is sensitive to changes in the estlmated useful economic lives and residual values of the assets, The useful economic 1Sves and residual values are reviewed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physlcal condition of the assets, See note 13 for the carrying amount of housing properties and iiote 3 for the useful economic lives for each component of housing property. 33

Arbour Housing Limited Year Ended 31 March 2025 4. Critical accounting judgements and estimation uncertainty (continued) There are no other critical accountlng estirnates and assumptions, 5. Turnover Turnover represents rental Income, service charges receivable and other Income (net of voids). Revenue is recognlsed when, and to the extent that, Arbour Housing obtains the right to consideratlon In exchange for Its performance. 6. Operating costs 2025 2024 Direct costs Admlnistrative expenses 6,400,989 5,783,186 1,828,628 1,590,026 8,229,617 7,373,212 7. Operating surplus 2025 2024 This is stated after charging: staff costs (note 8) Depreclatlon (notes 13 & 14) Amortisation of grant (note 13) Release of capital grant (note 13) Release of revenue grant Loss on disposal of. fixed assets 1,516,260 1,365,466 2,740,625 2,329,845 1,495,754 1,279,239 2,088 2,088 155,027 116,210 52,202 34,500 Audltors, remuneration -audit servlces 15,000 13,000 34

Ai'bour Housing Limited Year Ended 31 March 2025 8. Employee information Average monthly number of persons employed during the flnanclal year by actlvlty. 2025 2024 Adminislrallon Housing management Malntenance Developmenl 12 io 32 31 staff costs 2025 2024 Wages and salarles Soclal security costs Other pension costs Agency costs 1,233,114 122,234 139,439 37,010 1,531,797 1,138,212 104,277 128,820 7, 104 1,378,413 9. Directors. emoluments The remuneration of key management personnel of Arbour Houslng during the year was: 2025 2024 Aggregate emoluments Penslon contributions 330,723 68,924 399,647 332,526 66,777 399,303 Emoluments to highest pald member of management team (excludlng pension) 98,244 89,121 The number of management team members to whom emoluments (excluding penslons contributions) were pald during the year falls withln each of the following bands.. 2025 2024 £95,000 - £100,000 £85,000 - £90,000 £65,000 - £70,000 £55,000 - £60,000 £45,000 - £50,000 Members of the Board of Management serve in a voluntary capacity and nil (2024.. £nil) was in receipt of emoluments during the year. The Board and Committee members are reimbursed for expenses totaling Nil during the year (2024: £nil). 35

Arbour Housing Limited Year Ended 31 March 2025 10.Transfer to disposal proceeds fund 2025 2024 Proceeds of disposal Original assets, disposal costs and excluded surplus Transfer to disposal proceeds fund (note 18) 482,250 (212,067) 270,183 11.Interest receivable and similar income 2025 2024 Interest recelvable 28,649 28,968 12. Interest payable and similar charges 2025 2024 On bank loans, overdrafts and other loans Ca pital Interest other Interest - Pension 2,215,907 1,655,159 (446,974) (95,769) (32,000) 1,736,933 1,559,390 36

Arbour Housing Limited Year Ended 31 March 2025 13.Housing properties depreciated cost 2025 2024 Housing Properties For relet Shared Equily For relet Total Cost or valuation At l Aprll 2024 Additions Disposals At 31 March 2025 181,103,627 25,226,317 (494,261) 205,835,683 127,537 181,231,164 25,226,317 (523,011) 205,934,470 151,852,762 30,390,563 (1,012,160) 181,231,165 (28,750) 98,787 Accumulated Depreciation At l April 2024 Charge for the year Dlsposals At 31 March 2025 22,226,243 2,701,188 (350,179) 24,577,252 7,045 22,233,288 2,701,188 (344,175) 24,590,301 20,501,870 2,2B6,371 (554,953) 22,233,288 6,004 13,049 Net book value At 31 Narch 2025 181,258,431 85,738 181,344,169 158,997,877 Net book amount comprises Freehold property Long leasehold properly 174,511,172 6,747,259 181,258,431 85,738 174,596,910 6,747,259 181,344,169 152,256,407 6,741,470 158,997,877 85,738 Net book amount comprises. Completed schemes Properties under construction 155,648,015 25,610,416 181,258,431 85,738 155,733,753 25,610,416 181,344,169 127,936,865 31,061,012 158,997,877 85,738 2025 2024 Housing Association Grant and other grants At l Aprll 2024 Grants receivable Disposa15 At 31 March 2025 117,702,077 11,297,910 (225,725) 128,774,262 96,463,634 21,792,415 (553,972) 117,702,077 Accumulated Amortisation At l Apri5 2024 Charge for the year Disposals At 31 March 2025 13,638,243 1,652,869 (160,800) 15,130,312 12,532,668 1,397,537 (291,962) 13,638,243 Net book value At 31 March 2025 113,643,950 104,063,834 37

Arbour Housing Liinited Year Ended 31 March 2025 14.Other tangible fixed assets Long leasehold office property Office and computer equipment Total Cost At l Aprll 2024 Addltlons Disposals At 31 March 2025 911,428 289,459 19,349 (373) 308,435 1,200,887 19,349 (373) 1,219,863 911,428 Accumulated Depreciatlon At l April 2024 Charge for the year Dlsposals At 31 March 2025 298,548 18,587 244,624 20,849 (373) 265,100 543,172 39,436 (373) 582,235 317,135 Net book amount At 31 March 2025 At 31 March 2024 594,293 612,880 43,335 44,835 637,628 657,715 38

Arbour Housing Limited Year Ended 31 March 2025 15.Debtors 2025 2024 Gross rental debtors Technical Gross rental debtors Non-Technical Provision for bad debt Net rental (Includlng rates, service charges) debtors Housing Associal"lon Grant receivable Prepayment5 and accrLJed income Tenant services account other debtors 479,409 358,233 (344,691) 492,951 7,453,056 57,721 30,263 252,961 8,286,952 381,182 194,076 (260,032) 315,226 3,633,268 57,446 41,301 130,482 4,177,723 16.Creditors mounts fallln due wlthin I ear 2025 2024 Bank Loans (note 19) Bought Ledger Control Housing Assoclatlon Grant and other grants (note 13) Rent In advance Accruals and deferred Income other credltors 1,877,861 737,070 1,541,808 176,185 2,325,811 19,357 6,678,092 1,615,710 1,713,615 1,281,762 103,045 1,547,928 2,468 6,264,528 17.Creditors Amou ts fallin due after more than I ear 2025 2024 Bank Loans (note 19) Dlsposal Proceeds Fund (note 18) Houslng Assoclatlon Grant and other grants (note 13) 48,151,314 1,355,835 112,102,142 161,609,291 32,644,822 1,355,835 102,782,072 136,782,729 Arbour Houslng expects to utilise the disposa5 proceeds fund within the timescales allowed by the Department for Communities. 39

Arbour Housing Limited Year Ended 31 Mai'ch 2025 18.Disposal proceeds fund 2025 2024 At l Aprll Transfers In frorn house sales (note 10) utilised againsl development schemes 1,355,835 1,310,037 270,183 (224,385) 1,355,835 1,355,835 19.Loans 2025 2024 Bank loans Housing property Less than one year, or on demand (Note 16) Between one and two years Between two and five years After more than five years 1,877,861 6,106,667 9,436,104 32,608,543 50,029,175 1,615,710 1,636,080 13,235,759 17,772,983 34,260,532 Security Bank loans bear interest at rates ranging between 3.22 % and 6.650/0 at variable and flxed rates, Bank loans are repayable on an amortised basis over varying perlods between 22 and 30 years. All RCF loans outstanding at the end of the applicable availability period, will be converted to term loan until the end of facility term being repayable on amortised basis over 25 years. All bank loans are secured by way of mortgages upon the deeds of approved portfolios of properties. 40

Arbour Housing Limited Year Ended 31 March 2025 20.Financlal instruments - assets 2025 2024 Financlal assets at amortlsed cost 8,229,231 4,120,277 21.Finance instruments - liabilities 2025 2024 Fl nanclal liabilltles at amortlsed cost 53,111,413 37,524,541 22.Called up share capital Ordlnary shares of £1 each fully paid: 2025 2024 At l Aprll 16 23 Issued In the year Transferred to capltal reserve At 31 March (i) 18 (7) 16 23.Capital reserves 2025 2024 At l Aprll Transfer to capital reserve At 31 March 87 80 88 87 24.Revenue reserves 2025 2024 At l Aprll Surplus on ordlnary acllvltles Actuarlal gainl(loss) recognlsed In penslon scheme 22,731,054 1,820,815 (235,000) 20,978,386 1,329,668 423,000 24,316,869 22,731,054 At 31 March 24,316,869 22,731,054 41

Arbour Housing Limited Year Ended 31 March 2025 25.Net cash generated from operating activltles 2025 2024 Surplus on ordinary activitles Surplus arising from disposals of houslng property Transfer to disposal proceeds fund Interest recelvable and similar income Interest payable and slmilar charges other finance costs 1,820,815 1,329,668 (110,528) (313,835) 270,183 (28,649) (28,968) 1,736,933 1,559,391 Operating surplus Depreciation charge Amortisation charge and grant release Impalrment and costs wrltten off Movement in debtors Movement Sn creditors Dlfference in penslon charge and cash contributlons Net cash generated from operating activities 3,418,571 2,816,439 2,740,624 2,329,845 (1,652,869) (1,397,537) 52,203 34,500 {288,591) (87,884) (46,277) 209,034 (174,700) (127,496) 4,048,961 3,776,901 26.Analysis of net debt l Aprll 2024 31 March 2025 Cash flow Cash at bank and In hand Cash and cash equivalents Debt due after one year Debt due within one year Debt Net Debt 1,390,099 454,511 1,390,099 454,511 (32,644,822) (15,506,492) (1,615,710) (262,151) (34,260,532) (15,768,643) (32,870,433) (15,314,132) 1,844,609 1,844,609 (48,151,314) (1,877,861) (50,029,175) (48,184,566) 27. Reconciliatlon of net cash flow to movement In net debt 2025 2024 (Decrease)/Increase In cash and cash equivalents and in Repayment of loans New loans Movement In net debt in the financial year Net debt at l Aprll Net debt at 31 March 454,511 16,731,358 (32,500,000) (15,314,131) (32,870,434) (48,184,565) (135,480) 21,241,302 (29,500,000) (8,394,178) (24,476,256) (32,870,434) 42

Arbour Housing Limited Year Elided 31 March 2025 28.Turnover, Operating costs and operating surplus- Association 2025 2024 Operating Surplus/ (deficit) Operating Surplus/ (deficit) Operating Turnover Operating Costs Social Housing Activities 11,635,637 8,217,066 3,418,571 2,816,438 Non-social Housing Activities 12,551 12,551 11,648,188 8,229,617 3,418,571 2,816,438 29.Housing Stock Number of unlts owned by the Arbour Houslng managed at year end 2025 2024 Number Number General Needs Housing 1,639 1,490 Total owned 1,639 1,490 Number of units managed (but not owned) by Arbour Housing managed at year end 2025 2024 Number Number General Needs Houslng Total managed Total Units Owned and Managed at year end 1,643 1,495 43

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Arbour Housiiig Llmited Year Ended 31 March 2025 30.Turnover operating costs and operating surplus or deficit from social and non-social housing activities - Association (contlnued) Social Housing Activities (continued) 2025 Total 2024 Total Dfc Allowances Mana ement Allowances Mana ement Costs Def icit 643 104 880 740 237 636 584 100 762 227 178 127 Maintenance allowances Planned & c clical maintenance Reactlve Malntenance Deficit 945 860 250 129 1 150 880 455 149 878 088 220,716 1 099 370 441,998 Technical & non- technical income Technical Non- technical Total 7 629 918 2 363 889 9 993 807 6 581 138 2 216 805 8 797 943 Non-social Houslng Activities 2025 Total 2024 Total Operating Income Provlslon of support services Other recharges other Income 12,551 14,085 Total non-social housing income Operating costs Administration costs other costs 12,551 14,085 1,141 11,410 12,551 1,280 12,805 14,085 Total non-social houslng expenditure Operating surplus on non-social housing 45

Arbour Hoijsing Limited Year Ended 31 March 2025 31.Pension liability The net penslon 'deficit' shown below under FRS102 section 28 'Retirement benefits, does not represent a shortfall which requires short term cash funding. The amount shown below is calculated to comply wlth the Financial Reporting Standard, the speclflc requlrements OF whlch differ from the basls on which pension liabllities are actuarlally calculated for the purpose of the ongoing fundlng of the scheme. The Financial Reportlng Standard requires.. actuarial deficiencies to be recognised Immedlately as a 'llablllly" in the financial statements rather than being spread forward over employees, remaining service l ives. the actuary, In valuing the scheme's liabilities, is required to use a bond yield as the discount rate for valuing future Ilabilities, rather than a rate that reflects the expected return on the scheme's particular asset portfolio, wlth the result of an apparent Increase in the present value of futL(re longer term liablllties. At the 31st March 2025 the pension valuatlon reports a net penslon asset of £1.864M before consideration of a surplus restriction. In line with FRS102 para 28.22 the Associatlon has not recognised the full amount of the surplus on the basis of prudence, as It is uncertain as to whether this surplLts (calculated for Flnancial Reporting purposes) will be recoverable Sn full vla reduced penslon contributlons (calculated for penslon fundlng purposes). As such we have recognised a £491k balance In the Pension Asset / (Liabllity) Account. The below Is in relation to employees and ex-employees who are members of the NILGOSC pension scheme. An Actuarial Valuation of the scheme was carried out as at 31 March 2025. The major assumptions used by the actuary were., 31 March 31 March 2025 2023 Rate of Increase in salarles Rate of increase in pensions In payment Discount rate Inflation assumption 4.0% 2.5% 5,8Wo 4.10/0 4,8¥0 2,60/0 The mortality assumptions used were as follows.. 2025 Years 2024 Years Average expected future life at age 65 for male currently aged 65 Female currently aged 65 male currently aged 45 female currently aged 45 21.6 21.7 24.5 22.2 24.6 22.7 25.2 25.6 46

Arbour Housing Limited Year Ended 31 Marcli 2025 The assets in the scheme and the oxpected rates of return were: Value at Value at 31 March 31 March 2025 2024 £'ooo £'ooo Equities Property Government Bonds Corporate Bonds Multl Asset Credil Cash other Total market value of assets Present value of scheme liabilities Net penslon Asset Unrecognised asset due to restrlctlon Amount In Statement of Financial Position 1,902 437 1,859 412 722 739 179 178 598 565 492 238 271 259 4,601 2,737 1,864 (1,373) 491 4,250 3,211 1,039 (484) 555 47

Arbour Housing Limited Year Ended 31 March 2025 Note5 to the financial statements for the year ended 31 March 2025 31 Pension liability (continued) Reconclliatlon of present value of scheme Ilabllities 2025 £'ooo 2024 £'ooo At l April Service cost Member contrlbutions Interest on scheme liabilities Actuaria I lossesl(ga ins) Benefits paid At 31 March 3,211 77 28 154 (681) (52) 2,737 3,139 80 27 144 (130) (49) 3,211 Reconciliation of fair value of scheme assets 2025 2024 £'ooo 4,250 209 (50) 216 28 (52) 4,601 £'ooo 3,669 173 223 207 27 (49) 4,250 At l April Interest on pension scheme assets Actua ria l ( losses)/galns Employer contrlbutlons Member contributions Benefits paid At 31 March Funded status Unrecognised asset due to restriction Net funding of funded plans Amount in Statement of Finan¢lal Position £'ooo £'ooo 484 (1,039) (555) 1,373 (1,864) (491) Analysis of amounts charged/ (credited) to income and expenditure £'ooo £'ooo Current service cost Interest on penslon scheme assets Interest on pension scheme liabilities 77 80 (29) 24 (209) 154 22 75 Amounts for current and previous two years: 2025 2024 2023 £'ooo £'ooo 4,250 3,211 1,039 223 (130) £'ooo 3,669 3,139 530 (441) (1,551) Falr value of employer assets Present value of deflned benefit obllgatlon (Deficit)/Su rplus Experience (losses)/gains on assets Experience (gains)/losses on liabilitie5 4,601 2,737 1,864 (50) (681) 48

Arbour Housing Limited Year Ended 31 March 2025 Actuarial gains and losses The amount of actuarial gains/(loss) recognised in the Statement of compreheiisive income Is £(235,000) (2024., Gain of £423,000). 2025 £'ooo Net actuariaS gain Increase in pension asset restrlction Interest on unrecognlsed asset 631 (889) 23 235 32 Contingent liabilities Arbour Housing released Housing Association Grant of £161,483 (2024.. £263,269) during the year in relation to building components replaced arising from planned maintenance works. The possibility of any reimbursement to the Department for Communlties considered to be unllkely as the housing properties are expected to continue to be made available for social housing for the foreseeable future. 33 Capital commitments 2025 2024 Capital Expenditure Contracted for but not provided in the financial statements 28,476,63 1 29,566,006 The Association antlcipates that some of this expendSture will be funded by Housing Association Grant from the Department for Communitles and by private finance. 34 Related Parties Arbour Housing has not identifled any transactlons whlch must be disclosed under the terms of section 33 of FRS 102. 49