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Report and Financial Statements 2025/2026

Fairhive Homes Limited Community Benefit Society number: 8826 Regulator of Social Housing number: L4473 Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

Contents

Board Members, Executive Directors and Advisors

Report of the Board of Management and Strategic Report

Independent Auditor’s Report

Consolidated and Association Statement of Comprehensive Income

Consolidated and Association Statement of Changes in Reserves

Consolidated and Association Statement of Financial Position

Consolidated and Association Statement of Cash Flow

Notes to the Financial Statements

Report and Financial Statements 2025⁄2026

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Board Members

Peter Hughes - Chair

Stephen Stringer - Chair

Peter is a seasoned senior leader with over four decades of experience in banking, housing and the third sector. He led the Principality Building Society Commercial Team for 20 years, driving financial performance and social impact particularly in affordable housing where he has worked on several large projects. Until recently he Chaired Beacon Cymru - an 8500 social landlord - formed through the merger of two South Wales based Housing Associations - ensuring a focus on improving residents service alongside enhanced financial resilience and further opportunities for colleagues.

Stephen Stringer joined Fairhive as Chair of the Parent Board in 2016. During his career as a Government advisor he worked in the housing and regeneration sectors as well as being responsible for the governance and oversight of a range of Government Associations. His board experience includes roles as Chair of Islington and Shoreditch Housing Association and member of the Metropolitan Support Trust. Stephen retired from the Fairhive Board in September 2025.

Peter joined the Fairhive Board in October 2025.

Report and Financial Statements 2025⁄2026

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Board Members

Angela Macpherson – Council Board Member Angela and her family moved to Aylesbury in 1995 and in 2013 Angela became a local Member of the Buckinghamshire County Council. In 2020, Angela was elected to the new unitary council as Deputy Leader and Cabinet Member Adult Social Care. Angela retired from the Fairhive Board in May 2025.

Barbara Richardson

David Keeling

Barbara has worked in the housing and property sector since 1995 at Senior Director and board level and has extensive experience in site identification, land acquisition, planning, project management and sales, property services, and strategic asset management. Barbara is currently Chair of both subsidiary boards.

David is an Independent Housing Consultant, specialising in affordable housing development and asset management. From 2000, David held the roles of Executive Director of Development, and latterly Chief Operating Officer, at Bedfordshire Pilgrims Housing Association, and more recently Executive Director of Development and Sales at Cross Keys Homes. David has served on several Housing Association Boards in London and the Homes Counties. He chairs the Development & Assets Committee.

Barbara retired from the Board in July 2026.

David will be retiring from the Board in September 2026.

Report and Financial Statements 2025⁄2026

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Board Members

Olivia Clymer

Kelly Webster

Susan Ralphs

Olivia was appointed to the Fairhive Board in 2017. Her early career was spent with the Environment Agency which subsequently led to roles in related areas in both the public and private sector. Her current role is as Director of Strategy & Partnership, Oxford University Hospitals, NHS Foundation Trust. She has served as a housing association board member for over ten years.

Kelly joined the board originally as a resident member in 2017, although now serves as an Independent Member. She has worked in accountancy firms since 1994 and is an Association Director and an Associate Member of the Chartered Institute of Credit Management. Kelly has lived in Aylesbury Vale for 20 years. Kelly chairs Remuneration and Selection Committee.

Susan was appointed to the Board in 2019 and serves as Vice Chair of the Board and Chair of the Audit & Risk Committee. She is a Chartered Accountant and has been in senior management for 25 years. Sue currently lives in Oxford working as a Consultant and Coach.

Olivia left the Fairhive Board in March 2026.

Kelly will be retiring from the Board in September 2026.

Report and Financial Statements 2025⁄2026

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Board Members

Sue Fogden

Matt McGeehan

Sue was appointed to the Board in 2022. She is a Chartered Surveyor with a wealth of experience in both private and public sectors. As well as being a surveyor, Sue is a Law graduate and a RICS Evaluative Mediator.

Matt was appointed to the Fairhive Board in January 2023, having previously served as a member of the Buckinghamshire Housing Association Board. Matt is retired Chartered Accountant, who worked with international accounting firms in the UK and abroad, followed by a career as a finance professional in industry.

Ade Osibogun – Council Board Member Dr. Adekunle Osibogun is a Council Board Member, appointed to the Fairhive Board January 2023. He is a dual qualified lawyer and an arbitrator, with experience in dispute avoidance and complex disputes. He brings a wealth of knowledge as a corporate lawyer and dispute resolution expert with over fifteen years’ experience, and expertise in commercial disputes. Ade left the Fairhive Board in September 2025

Report and Financial Statements 2025⁄2026

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Board Members

Jesse Fajemisin

Julie Layton

Jesse has 15 years’ experience working in the housing sector and was appointed to the Fairhive Board in April 2025.

Julie is a qualified accountant and a member of the Chartered Institute of Housing and was appointed to the Fairhive Board in April 2025. She has extensive experience in the social housing sector and is currently Chief Executive at Advance, where she has strived to ensure the provision of good quality housing solutions and services that are tailored to the needs of individuals.

He has been Chair of the National Housing Federation’s Small Housing Association Network, representing providers nationally in forums with the Regulator and Housing Ombudsman.

Report and Financial Statements 2025⁄2026

Matthew Walsh – Council Board Member Matthew joined the Fairhive Board in August 2025 and is an experienced public servant across Parliament, local government, fire governance and civic leadership. He is Chief of Staff to Greg Smith MP and represents Princes Risborough on Buckinghamshire Council. He also leads on finance and assets for the Buckinghamshire Fire Authority and has twice served as Town Mayor. His work has been recognised with awards including NALC Councillor of the Year and a Paul Harris Fellowship. He is passionate about community engagement, public finance and voluntary sector development.

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Board Members

Frank Mahon – Council Board Member Frank joined the Fairhive Board in August 2025. He brings over a decade of experience running pubs in Buckinghamshire, with a strong focus on community engagement and team development. He has served as a Parish Councillor since 2016, including six years as Chairman, and is now a Buckinghamshire Councillor. He sits on the Planning, Children & Education, and Standards & General Purposes committees, and chairs the North Bucks Community.

Report and Financial Statements 2025⁄2026

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Executive Leadership Team

Matthew Applegate – Chief Executive

Dean Gill – Executive Director of Operations

Julie Porter – Executive Director of Development

Matthew Applegate has been Chief Executive of the Association since its formation in 2006. He has worked within the housing sector for around 30 years and previously held a variety of senior executive roles, non-executive Board member and Committee Chair roles at other Housing Associations. He is a member of the Chartered Institute of Housing and is also a qualified accountant.

Dean Gill joined the Association in 2010 and leads a number of teams in Operations directorate. Dean has over 30 years of experience working with Housing Associations, Local Authorities, ALMOs and a number of related private sector businesses. Dean began his career as an apprentice Carpenter and Joiner before progressing into surveying and then management roles.

Julie Porter joined the Association in 2020 to lead our programme of developing new homes. She has worked in housing development in a number of roles over 20 years, starting as a graduate trainee with a private housebuilder and going on to work for a number of regional and national housing associations, leading a wide range of teams including new business, asset management, planned maintenance, leasehold, sales and marketing, as well as development delivery. She is a Fellow of the Royal Institution of Chartered Surveyors and has a degree in Land Management.

Report and Financial Statements 2025⁄2026

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Executive Leadership Team

Izabela Falinska – Executive Director of Finance & Resources Izabela Falinska joined the Association in 2021, and her responsibilities include finance, treasury, IT and governance. Her focus is to ensure that the Association maintains strong governance and strong financial metrics, with ample potential for growth. Izabela has worked in the housing sector for over 25 years in senior finance roles. Izabela is a Fellow Member of Association of Chartered Certified Accountants.

Report and Financial Statements 2025⁄2026

Jane Rothery – Company Secretary Jane Rothery joined the Association in 2022, as an interim, becoming permanent in May 2023. She took over as the Company Secretary in September 2023. Jane is also responsible for teams covering governance, performance, procurement and risk & assurance. Jane has a master’s degree in Corporate Governance and is a member the Chartered Governance Institute.

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Office, Advisors and Bankers

Find Us Online

Registered Office

Registered Numbers @hellofairhive hellofairhive fairhivehomes

Auditors

fairhive.co.uk Solicitors

Bankers

Report and Financial Statements 2025⁄2026

Fairfax House 69 Buckingham Street Aylesbury Buckinghamshire HP20 2NJ Community Benefit Society Number 8826. Regulator of Social Housing Number L4473. Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Trowers & Hamlins LLP 3 Bunhill Row London EC1Y 8YZ

Devonshires Solicitors LLP First floor No 1 Whitehall Riverside Whitehall Road Leeds LS1 4BN

Barclays Bank Plc Social Housing Team 27th Floor 1 Churchill Place London E14 5HP

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Report of The Board of Management and Strategic Report The Board of Fairhive Homes Limited is pleased to present its report together with the audited consolidated financial statements. Fairhive (‘the Group’) comprises Fairhive Homes Limited (“the Association”) and its subsidiaries Fairfax Housing Limited and Fairfax Design & Build Limited. Fairfax Design & Build Limited started its operations during the financial year ended 31 March 2022 and Fairfax Housing Limited has remained dormant since incorporation.

Activities The Association was formed to receive the transfer of Aylesbury Vale District Council’s housing stock. This transfer took place in July 2006 and at 31 March 2026 the Association managed 9,137 homes (2025: 8,981).

The Association operates two key business streams: • the provision of general needs housing for rent and shared ownership and • the provision of supported housing for people who need additional support to maintain their independence (Independent Living). The Association invests in the housing stock to meet a quality standard which aims to exceed the Decent Homes Standard through an ongoing programme of planned and cyclical works. The Association is also committed to supporting its communities so they can be sustainable in the longer term.

The Association’s principal activities are the management, improvement and development of affordable housing and the provision of housing related services.

Report and Financial Statements 2025⁄2026

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Performance Snapshot 2026

2026

2025 £18.9m

26.4%

Operating Surplus

2026

2025 £15.3m

19.7%

2026

2025

£9.9m

£8.8m

Gearing 2026

52.8%

2025 18.6%

Total Comprehensive Income For The Year

before gain/(loss) on defined benefit pension scheme

£10.1m

2025 23.0%

(excluding surplus on asset disposals)

Surplus For The Year

2026

2025

£83.7m

Operating Margin %

(excluding surplus on asset disposals)

£16.5m

2026

£82.1m

Operating Margin %

Operating Surplus

£22.1m

Turnover

2025

£8.5m

2026

190.0%

New Homes Delivered* *Compared to 190 in 2025

£53.0m Investment In New Homes* *Compared to £40.1m in 2025

£18.1m

EBITDA

2025 48.6%

215

2025 215.9%

Investment In Existing Homes* *Compared to £18.6m in 2025

EBITDA MRI

SHCPU 2026

£6,943

2025 £7,228

G1/V2 Regulatory rating

*Compared to G1/V2 in 2025

2026

70.7%

2025 59.0%

340

88.2%

*Compared to 338 in 2025

*Compared to 82.9% in 2025

No of employees (FTE)

Report and Financial Statements 2025⁄2026

Residents satisfied with overall service

88.9%

Residents satisfied with repairs and maintenance service *Compared to 86.1% in 2025 13

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Business review This was the first year of the five-year corporate strategy from 2025 to 2030 launched in April 2025. We are proud to be a leading provider of social and affordable homes in Buckinghamshire and the surrounding authorities. Throughout our new strategy we set out our plans and proposals which show our determination to ensure we put residents at the heart of all we do, continue to develop new homes for those in housing need, maintain the health and safety of our existing homes, and ensure we manage the organisation to give our residents value for money.

Throughout our strategy we show how we are delivering ‘Homes for living, communities for life’ and our core mission of providing decent affordable homes for those in housing need remains strong. Details of the Association and Group’s performance for the year are set out on page 26. The Association’s financial position remained strong and robust.

In addition, we will continue to make significant improvements in our environmental sustainability as a business and the energy efficiency of our homes. We will continue to meet the expectations of our residents by making sure they have a voice and strong influence over all that we do.

Report and Financial Statements 2025⁄2026

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Resident and community engagement Over the past year, we have prioritised strengthening the inclusivity and accessibility of our engagement opportunities. A big part of this has been launching our two new groups: Influencers and HiveView. Both groups offer a more relaxed and flexible way to get involved, which has helped us connect with a broader mix of residents. The focus is more operational and practical, which many people find more relevant and engaging. HiveView has been especially valuable because it allows residents to take part entirely online. HiveView provided wider digital feedback through surveys and consultations, covering Resident News, drop ins, grounds maintenance and communication preferences. Insights were shared with managers and used to support service reviews. Five Influencer sessions were held to gather resident feedback on communications, engagement activities and operational issues. This feedback directly informed service improvements, including clearer written communications, better signposting to support, and enhanced safeguarding content. Influencers also helped shape changes to resident Drop-Ins, including trialling evening sessions, improving venues and activities, and involving a wider range of service teams. In addition, their input contributed to improved volunteering information and the development of a new Volunteer Welcome Programme.

Report and Financial Statements 2025⁄2026

The Resident Forum has fully established its regular segment in Residents News. Every edition includes a letter updating residents on the work of the Forum and its sub-groups. This includes a comprehensive review of our Customer Service Commitments as well as establishing communication methods for key operational activities and taking part in the recruitment of the new Board Chairman. Our Resident Scrutiny Group reviewed the Aids and Adaptations policy (August 2025) and are finalising a review of Comunication of lettable Standards (April 2026) It continued to monitor completion of action plans resulting from previous reviews. Our programme of formal resident group meetings has continued to expand, increasing from 56 meetings last year to 72 this year, demonstrating a stronger partnership with residents. We have also focused on consultations and targeted surveys to gather residents’ views to improve our services with 602 responses compared to 181 in the previous year.

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Resident and community engagement (continued) The Resident Policy Review Group reviewed 17 policies over the past year and is preparing to trial a new approach to co creating new policies with employees for additional input. The Resident Estate Services Group continued to monitor cleaning and grounds maintenance contracts, with residents able to provide feedback directly to contractors. Resident Block Inspectors completed two inspections, reporting issues in communal areas and supporting improvements to estate standards. The Resident Complaint Review Group reviewed anonymised case studies to ensure complaints are handled appropriately and in line with required standards, supporting learning for employees and strengthening compliance. We also worked with a focus group of residents as on the new trial of Body Worn Cameras, helping shape how the trial will be communicated to the wider residents. Overall, there has seen significant progress in strengthening resident engagement, making it more inclusive, accessible and meaningful. Through the introduction of new groups like Influencers and HiveView, alongside the continued development of the established scrutiny group and subgroups, we have broadened participation and ensured that resident voices are embedded in service design and delivery.

We completed 11 training and development activities, strengthening residents’ skills and knowledge to support effective resident involvement. In addition, 3 Inclusion sessions were delivered to raise awareness and promote resident wellbeing: • Neurodiverse Awareness Talk • CRY Heart Awareness Inclusion Talk • Scam Awareness Session Our number of formal group meetings has increased to 75 meetings this year from 56 the previous year. The Resident Policy Review group has been consulted on and reviewed 17 policies. This year the Resident Forum completed a full review of the Customer Service Commitments (CSCs) through a workshop session, and agreed seven new commitments, giving residents a broader range of information and creating clearer accountability in these areas. The Resident Forum have also agreed targets for the new set of CSCs and consolidated KPI scorecards, which will be shared from April 2026. Our latest ‘Boost Your Potential’ course attracted a diverse range of residents. The free programme was delivered with support from a tutor from Bucks Adult Learning, covering CV writing, interview skills, digital skills, literacy, numeracy, and ending with mock interviews.

Residents have played a vital role in shaping improvements across communications, service delivery, and engagement activities, with their feedback directly influencing positive, practical changes. The growth in participation, increased number of meetings, and expansion of review activity all demonstrate an improved partnership working between residents and the organisation.

Report and Financial Statements 2025⁄2026

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Resident and community engagement (continued) We continued to support community events through our Summer Fun programme, including a return visit to The Thomley centre, aimed at SEND children and families. We also organised for our younger residents to attend Horsewyse, a horse-riding event, as well as family days out to Whipsnade Zoo and Thorpe Park. We have also focused strongly on consultations and surveys, using the registration for community events to ensure we gather wider resident views on different topics.

We also piloted ‘Let’s Chat’ Online Sessions during lunch and evening hours as an additional opportunity for residents to engage with us. This year we had 1,275 residents involved in some form of community activity, compared to 1,111 residents the previous year. Board Members attend at least one Forum meeting per annum to ensure they remain involved with the formidable work and challenges which emerge from this group.

For Nurture Your Neighbourhood, applications were reviewed and assessed by residents on the Nurture Your Neighbourhood panel, leading to positive communal enhancements for residents whilst ensuring appropriate consultation, clear communication, and resident led decision making. We ran several Drop In sessions at different venues. This provided opportunities to socialise and speak to representatives of different departments including Welfare, for advice on benefits and heating bills as well as the Resident Liaison Team to support with Damp and Mould.

Report and Financial Statements 2025⁄2026

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Employee Engagement Our ongoing commitment to engagement is supported through the Employee Consultative Committee (ECC). The committee meets regularly throughout the year, alongside additional sessions, when necessary, to consider key workforce policies and business changes. Feedback from the ECC forms an important part of the decision-making process ahead of any changes being introduced. Twice a year, we carry out an employee engagement survey which is key to capturing our employee voice, helping us identify how we can improve our employee experience and wellbeing, as well as key areas of business performance. In addition, we continually strengthen our management skills and knowledge through providing regular training to our senior managers on specific topics such as: • The Employment Rights Act, • Supported Housing, Renters Rights and Awaab’s Law, • Data Protection Training inc. STAIRS, • Social Media and • Report Writing and Presenting. We implemented our first “Hive Idea” (our employee suggestion scheme) in early 2025 which focussed on increasing the number of residents following us on social media. The Community Engagement Team wanted residents to be able to access important information quickly and reduce the number of calls into the contact centre.

Report and Financial Statements 2025⁄2026

Employees are also encouraged to recognise great performance amongst their colleagues by nominating them for a ‘Leading Edge’ award. This year we made it even easier for employees to nominate colleagues by removing lengthy forms to complete and making Assistant Directors (those closest to the teams) responsible for selecting winners. Winners continue to be celebrated company-wide via our intranet, Hive Talking. Through the continuation of our Talkback partnership, we have strengthened our support for young adults with autism to develop skills for employment. This remains a critical area of focus for us; especially as the latest data from the Labour Force Survey shows that only around 3 in 10 working age autistic people are in employment in the UK. Most people choosing to disclose their autism only do so after starting work which may indicate a fear of discrimination during the recruitment process. We have partnered with Talkback for many years and in this time Talkback has raised awareness about autism in Fairhive, sharing first-hand with our employees what life is like living with this disability. Talkback is an autism and learning disability charity and our partnership with them is important to Fairhive as autism is the condition with the lowest employment rate in the UK. We partner with Talkback to provide regular supported internships for the autistic population.

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Employee Engagement (continued) We were proud to pass our assessment as a Disability Confident Leader in February 2026. The Assessor commented: “As the Clinical Lead of the emergent Aylesbury Integrated Neighbourhood Network, I am now committed to share this approach to Disability Confident Leadership and I will share your approach with the many services with whom we are working with in Aylesbury. Your work is impressive and life changing. Well done”. Since receiving Disability Confident Leader status in 2023, Fairhive has remained committed to leading in this field, using our platform to inspire and encourage others to follow the same path. Given the importance of this initiative, we partnered with the Department for Work and Pensions to launch our first podcast series on Becoming a Disability Confident Leader. Our Assistant Director of People also continues to share our approach across the housing sector and with local businesses throughout our operating area. In April 2026, he attended the Three Counties Disability Confident Forum to present our journey to organisations from across Berkshire, Buckinghamshire and Oxfordshire, helping to promote improved disability opportunities. We also supported the Bucks Skills Show twice this year attending events in 2025 and 2026. The show helps empower students, including those with special educational needs and disabilities to find employment and understand what jobs really look like. This year we were proud to bring real insight into the jobs we do and answer questions to help young people find out about different careers. Our Assistant Director of People was interviewed outlining why it’s so important to support events of this nature: https://bucksskillshub.org/pages/ skills-shows.

Report and Financial Statements 2025⁄2026

Our Inclusion Networks continue to go from strength to strength. Each event focuses on topics suggested by employees or identified as valuable for raising awareness and deepening understanding. This year, we hosted our first in person event, which was very well received. We also welcomed guest speakers from Bucks Mind, Bucks Vision and ADHD UK, covering a range of important themes. In total, more than 80 employees attended our Inclusion Network events, and we look forward to building on this success in the year ahead. Our median gender pay gap increased slightly to 6.5% but remains below the UK average of 12.8%. Our Executive Leadership Team has achieved 50/50 gender parity, and we compare favourably to the UK across older age groups, with a -4.6% median pay gap for colleagues aged 60+ (versus a UK average of 12.6% in favour of men). We remain committed to improving equality for all employees. Fairhive’s IT Team has received national recognition, winning Housing Technology Magazine’s 2026 IT Team of the Year Award for the Agile IT Project, which has delivered significant service improvements, efficiencies and a stronger digital foundation. The award, presented at the Housing Technology Conference, is highly competitive, with only five organisations shortlisted per category. Fairhive was recognised alongside much larger organisations which demonstrated national recognition of its digital ambition.

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Supplier and other business relationships We maintain strong collaboration with our partners, suppliers, local authorities and charitable organisations to ensure residents have access to the support and welfare advice necessary to sustain their tenancies. This year we are partnering with Intuitive Thinking Skills who assist job seekers with CV writing, interview techniques, applying for vacancies and chasing up their applications for outcomes to help get back to work. We are partnering with SPACE who provide free one to one counselling and work together where we can support with tenancy sustainment and they support with counselling advice. We are also looking to work with the local NHS provider to help improve health, diet and wellbeing in the most deprived areas in Aylesbury. We are working with Active in the community to deliver activities classes for residents’ wellbeing and fitness. We assisted residents to claim the sum of £3,734,172 in unidentified welfare benefits to help sustain their tenancies. Our long-term supply contracts are underpinned by jointly agreed performance indicators, helping to ensure outcomes and value for money for our residents.

Report and Financial Statements 2025⁄2026

Sponsorship continued to play a key role in strengthening our brand profile and reputation, while also enabling us to develop valuable strategic partnerships. This year, we continued to support the Bucks Skills Show. We worked with external partners to deliver all our Inclusion Network events this year covering topics such as stress, blindness and ADHD awareness. This year, we strengthened our commitment to equality, diversity and inclusion by formally signing up to the Social Housing Anti‑Racism Pledge (SHARP). Achieving level 1 is an important step in demonstrating our dedication to challenging discrimination, promoting equality of opportunity, and fostering inclusive environments where everyone feels respected and valued. We are now focused on building on this foundation by advancing our internal practices, engaging more deeply with colleagues and communities, and ensuring anti‑racism remains embedded in our culture and decision‑making. We continued to work with and strengthen partner relations launching our new five-year strategy alongside residents. Designed to enable more collaborative working, across our whole stakeholder base, we were able to share our future aspirations, commitment to partnership working and identify opportunities to improve partnerships for future success. We have further events planned for the new financial year.

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Board Members and Executive Directors The Board Members are set out on pages 3 to 8. Board Members are drawn from a wide background bringing together professional, commercial and local ‘lived’ experience. At year-end, the Parent Board comprised: two persons nominated by Buckinghamshire Council and ten independent members. The Executive Directors comprise the Chief Executive and three other members of Executive Leadership Team, as set out on pages 9 to 10. The Association has liability insurance policies for its Board Members, Company Secretary and Executive Directors when acting for the Association. Service contracts The Chief Executive and Executive Directors are employed on essentially the same terms as other employees. Pensions Our Executive Directors are members of the defined benefit scheme with the Social Housing Pension Scheme. They participate in the scheme on the same terms as other eligible employees of that scheme. Fairhive contributes to these schemes on behalf of its employees. Other benefits The Executive Directors are entitled to other benefits such as a car allowance and health care plan. Details of the Executive Directors’ remuneration are included in note 11 in the financial statements.

Report and Financial Statements 2025⁄2026

Regulatory compliance A review of compliance with the regulatory standards of the Regulator of Social Housing (RSH) has been undertaken and the Association complies with the Governance and Financial Viability Standard. During the year, the RSH reviewed its assessment of the Association’s compliance with the Governance and Viability Standard, including a Stability Check, and in January 2026 confirmed that previous ratings had been ‘assessed and unchanged’ in that the Association has retained the regulator’s top rating for governance; G1 and V2 for viability. The Regulator confirmed that: “There is appropriate assurance that Fairhive’s financial plans are consistent with, and support, its financial strategy. Fairhive’s business plan is adequately funded with sufficient security in place to support its financial plans and it is forecast to continue to meet its financial covenants.” Fairhive has not yet undergone a formal regulatory assessment against the Consumer Standards, introduced in 2024, and is working to ensure full compliance with their requirements. National Housing Federation (NHF) Code of Governance As a member of the NHF, the Association has adopted the NHF’s 2020 “Code of governance, Promoting board excellence for housing associations” since 1 April 2022. A Compliance Assessment has been conducted against the 2020 Code in the current financial year which confirmed that the Association complies with the Code.

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Regulatory compliance (continued) The 4 main principles of the Code are: • Mission and values: The Board sets and actively drives the Association’s social purpose, mission, values and ambitions, and through these embeds within the Association resident focus, inclusion, integrity, openness and accountability

Donations During the year a total of £965 donations were made (2025: £16,100). Donations were made to beneficiaries including: RSPCA and Brain Tumour Charity. There were no political donations (2025: nil).

• Strategy and delivery: The Board sets the Association’s plans and strategies and exercises demonstrable and effective oversight of their delivery. • Board effectiveness: The Association is led by a skilled and diverse Board which regularly reviews and capably manages its own performance and effectiveness, and ensures that it complies with this code. • Control and assurance: The Board actively manages the risks faced by the Association, and obtains robust assurance that controls are effective, and that plans and compliance obligations are being delivered.

Report and Financial Statements 2025⁄2026

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Thriving Communities Fund As part of our new strategy the grant fund was created to improve the lives of communities in areas in which the Association operates. The grants are given from three primary streams: • Springboard grants of up to £300 to support residents with opportunities for wellbeing, education, training or employment, • Community Micro-grants of up to £3,000 for small projects within the community and • Community Project Grants of up to £10,000 to provide funding for large scale initiatives within the local community.

During the year £226,541 (2025: £228,459) was awarded as follows: • £13,143 of Springboard grants. • £33,753 of Micro-grants. • £179,645 of Project grants. The grants have been recognised in the Statement of comprehensive income.

Internal Controls Assurance The Board acknowledges its overall responsibility for establishing and maintaining the whole system of internal control and for reviewing its effectiveness. The system of internal control is designed to manage, rather than eliminate, the risk of failure to achieve business objectives, and to provide reasonable, and not absolute, assurance against material misstatement or loss. A process for identifying, evaluating and managing the significant risks faced by the Association is ongoing and has been in place throughout the period from 1 April 2025 to the date of approval of this report and financial statements.

Key elements of the control framework include: • regular reporting to the Board on key business objectives, risks, outcomes vs. performance targets within the Board approved Business Planning, Risk and Control Framework; • Board approved Governance Framework including terms of reference for Boards and delegated authorities for the Committees: Audit & Risk, Committee (ARC) Development & Assets Committee (DAC) and Remuneration & Selection Committee (REMSEL), the Consumer Board Working Group and Task and Finish Groups;

• Health & Safety Working Group meets quarterly and provides assurance to the Board and ELT on Health & Safety risks, their control and mitigation; • The Budget and Business Plan working groups are convened on an annual basis to review the annual budget and business plan in detail and recommend it to the Board. • The IT Steering Group includes a member of the Audit & Risk Committee and has oversight of the Agile IT Project and a new housing system project.

• clearly defined management responsibilities for the identification, evaluation and control of significant risks; • strategic and business planning processes, with detailed financial budgets; • recruitment, training and development policies for all staff;

• preparation of reports to the Board for approval of significant new initiatives and commitments, highlighting the risks and financial implications; • a risk-based approach to treasury management, reviewed each year;

• Board approved confidential reporting (whistle blowing) policy;

• Board approved anti-fraud and corruption policy and code of conduct, covering prevention, detection and reporting of fraud; and • Policies and procedures in place on safeguarding and modern-day slavery.

• fraud register is maintained and is available for review by ARC at each of its meetings. Fraud is a standing item on ARC’s agenda. Report and Financial Statements 2025⁄2026

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Internal Controls Assurance (continued) The Board accepts ultimate responsibility for the system of internal control and it has delegated authority to ARC to regularly review the effectiveness of the system of internal control. The means by which ARC reviews the effectiveness of the system of internal control include considering internal audit reports, risk management reports, management assurances and the external auditors’ audit findings report. ARC has received the Chief Executive’s annual review of the effectiveness of the internal controls for the Association, and the annual report of the internal auditor, and has reported its findings to the Board.

Objectives and strategy The Association’s new five-year strategy builds on what we delivered over the last five years; continuing the momentum of growth, excellent services delivered for our residents, our work with the local community and how we make sure our homes are safe and well maintained. The strategic objectives reflect the themes identified by the Board and align to the Association’s vision and values. Each strategic objective includes a number of associated strategic goals which provide more detail on how the strategic objective will be achieved, the measurement of success and the target date. The 5 Strategic Objectives are: 1. Resident Voice. To ensure that our services are of a high quality and that they are developed and delivered in line with our residents’ needs and expectations. • We will ensure that every resident has the ability to engage with us in a manner that suits them, and that our scrutiny arrangements make a demonstrably positive impact on our service delivery.

Report and Financial Statements 2025⁄2026

• We will expand our self-serve offering, ensuring that all residents who wish to do so, can contact us at a time that suits them. We will embrace all forms of communication, making it easier for residents to use their preferred methods, and through the development of a twoway communication framework, residents will receive a consistently high-quality service when interacting with us. • We will ensure that we understand the demand on our services, and our service failures, to provide a ‘right first time’ approach that is pro-active in nature. • We will understand who lives in our properties, establishing systems that allow us to keep data up to date. We will understand our residents’ diverse needs to ensure that the outcomes of the services we deliver are fair and equitable. We will also understand and utilise community resources to further improve the outcomes of our service delivery and support provision. 2. Housing Quality. To provide modern, safe and compliant homes that meet our residents’ needs. • We will ensure that we hold up-to-date and relevant information on the properties that we own so that the data can inform the planned repairs and improvement programmes that we deliver. • We will involve residents, contractors and relevant stakeholders in how our responsive repairs and voids maintenance services develop over the next five years to ensure that the needs and requirements of our residents are addressed. • We will continue to assess new technology as and when it becomes available and, where appropriate, invest in ways that further enhance the services that we offer. • We will ensure that our homes are safe and secure and fully compliant with current regulations.

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Objectives and strategy (Continued) 3. Development and Growth. To provide high quality, sustainable, affordable new homes that meet the needs of our residents. • By 2030 we will have delivered more new homes within our core and growth development areas, as well as homes in rural locations, helping to meet the housing needs set out by our partner local authorities. We will have helped to address affordability concerns by providing at least 20% of new homes at social rent, with 30% being sold as shared ownership, to enable residents in our local areas to access home ownership. • We will have ensured that at least 95% of new homes delivered during the strategy period achieve EPC B or higher, and that properties built on land-led schemes exceed Building Regulations standards. We will continue to work with developers who share our focus on the importance of sustainability and minimising environmental impact, and the development programme will have made a positive contribution to Fairhive achieving and maintaining the SHIFT Gold Standard.

• We will have become an industry leader on Equality, Diversity and Inclusion (EDI), sharing our best practice to enable others to achieve. 5. Environmental. To provide environmentally efficient homes, make a positive environmental impact in our communities and contribute to a sustainable future. • By 2030 we will have substantially reduced our carbon footprint and overall environmental impact. We will have a comprehensive plan and be on track for becoming a truly sustainable, net zero carbon organisation by 2050. • All existing homes will be brought to EPC C where financially viable. Our homes will be lower carbon and more comfortable, affordable and resilient for our residents.

• We will have actively investigated alternative routes to growth, including partnerships, transfers, mergers, swaps or bulk acquisitions. 4. Employee Engagement. To embrace new possibilities through our people. • By 2030, we will have an engaged workforce working smarter to deliver effective resident services. We will have become a local employer of choice with the ability to develop and retain high performing individuals. We will have maximised our potential with advancing technologies and embraced rapid change. • We will have built on our strong reputation as a good landlord with aspirations for future growth. Report and Financial Statements 2025⁄2026

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Performance in the year

Monitoring and assurance

We are committed to providing services that represent Value for Money (VfM) for residents whilst delivering continuous improvement in the quality and range of homes and services. Our values, strategic goals, the economic environment and increasing demand for our services place an ongoing emphasis on value for money. Our capacity to achieve future growth is partly affected by our ability to achieve increased operational efficiencies, without compromising the service provided to our residents and other stakeholders.

We regularly monitor progress towards our strategic goals, and performance against our regulatory and self-imposed performance measures. This enables us to implement corrective action to keep us on course and address any blockers to success that may arise. VfM is built into our strategic objectives and monitored closely by our Board and Executive Leadership Team.

Our overall customer satisfaction rating of 88.2% remained in the upper quartile range. It has improved from 82.9% reported last year. The surplus for the year excluding pension revaluation of £10.1 million is £1.2 million higher than last year mainly due to higher surplus on sale of fixed assets and income from rentals, offset with higher interest due to higher loan balances. The surplus is used to support our development programme, to invest in the existing homes and to enhance our services to residents. During the year, we invested £53.0 million (2025: £40.1 million) on developing new affordable housing. We completed 215 homes (2025: 190) with a further 326 properties under construction at year end (2025: 241). It is planned that 189 homes will be completed in the next year. Our strategic goals are underpinned by the effective management of key resources and driving continual improvement in services, and VfM improvement is a key focus. This review highlights our performance through a range of VfM metrics and includes plans for improvement.

We have a number of processes in place for monitoring our KPI and VfM performance and to understand the costs of delivering specific services in order to provide assurance for the Board on VfM delivery which include: • The setting of targets annually for Key Performance Indicators (KPIs) and VfM metrics that are supported by a monthly update to senior management on performance against the agreed KPIs, with a quarterly update to the Board. • A quarterly KPIs review to ensure that the performance information reported remains focused on continuous business improvement. • Benchmarking our performance against a peer group of approximately 28 similar sized registered providers, making use of Housemark data. • Detailed quarterly management reporting that highlights financial performance compared to budget. • Regular reporting to senior management on the in-house value for money savings made across efficiency, economy, effectiveness and social value. • Regular reporting to senior management and annually to the Board of the VfM performance against plan. • Regular reporting to senior management and the Board of our progress against the delivery of agreed strategies. Our decision-making process requires new initiatives to be properly evaluated and fully considered at appropriate levels. Any new initiatives need to be aligned with the corporate objectives and need to meet customers’ expectations.

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Value for money performance

Value for money metrics

The Association defines VfM as “the relationship between effectiveness, efficiency and economy”. VfM is high when there is a good balance between all three – relatively low costs, high productivity and successful outcomes. We also include social impact within value for money and consider what the initiative, or procurement can do to benefit our residents and community.

As a registered provider of affordable housing, we are regulated by the Regulator of Social Housing (RSH). The RSH requires Associations to report on certain metrics as standard, and these are then compared across peer groups, and the median for the sector.

Our VfM performance and achievements for the year are summarised below through a suite of metrics and trend analysis. These areas tie into our strategic goals and are compared to our peer group to understand how our performance rates against others. Areas for improvement are noted together with some of our future plans to deliver these.

The VfM as defined by the RSH are set out in the following table and compared with the 2025/26 target for the year under review, the previous years’ results and the Global Accounts median, as published by the Regulator of social housing, against which we measure our performance. The targets for the next financial year are shown in the value for money matrix table. The targets are approved by the board as part of the annual board approval process.

We strive to embed VfM in all our activities and have a culture of continued improvement to enhance processes and systems which in turn makes our staff more efficient and provides a better service to our residents. The VfM metrics are included in the quarterly reporting to the Board to provide regular and timely evidence of VfM progress against targets.

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Value for money metrics (continued) Value for Money Metrics

Actual 2024/25 restated per Global Accounts

Actual Actual 2025/26 2025/26

Target 2025/26

Target 2026/27

Global accounts median 2024/25

Reinvestment %

10.8%

12.4%

11.9%

10.7%

7.6%

New Supply delivered %

2.1%

2.3%

2.1%

2.0%

1.3%

Gearing %

48.2%

52.8%

50.8%

55.5%

45.5%

Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA MRI)

59.0%

70.7%

13.6%

62.6%

113.0%

Social Housing Cost per Unit

£7,288

£6,943

£7,451

£7,161

£5,688

Operating Margin Social Housing

15.4%

15.8%

21.2%

23.2%

20.0%

Operating Margin Overall

17.4%

18.4%

21.2%

25.6%

17.4%

Return on capital employed

3.2%

3.5%

3.9%

3.0%

2024/25 actual metrics were restated as per Global accounts, published by the Regulator of Social Housing. The changes relate to depreciation, recognition of revenue grants and fair value adjustments. These adjustments predominantly impacted the EBITDA MRI calculation, which was originally stated at 31.4% and Operating Margin Overall, which was originally stated at 10.8%. Reinvestment was slightly above target, with 215 units completed during the year, which was 28 units ahead of target for the year. A further 189 homes are planned for 2026/27 in line with the business plan. EBITDA MRI was 70.7% which was higher than target, mainly due to lower level of capitalised investment spend. The board are mindful of the understandable scrutiny around this metric, which is currently below global accounts median. This, however reflects board’s decision

Report and Financial Statements 2025⁄2026

for increased investment spend, which places some short-term pressures on this metric. Through its business plans Fairhive’s board are confident in the improving trajectory of this metric towards being above 100% by 2027/28. The Social Housing Cost per unit (SHCP) was lower than target mainly due to lower than expected property investment spend, mainly due to timing differences as some expenditure has been deferred to next financial year. The Board is focused on reducing the SHCP in the long term, and the target for next financial year has been set at lower level compared to target for 2025/26. The Operating margins are below target due to inflationary increases in the operating costs and catch-up property works including backlog of void repairs. The next year’s targets are above what was achieved this year.

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Key Performance Indicators (KPIs) Metrics In addition to the VfM metrics provided by our regulator, we also use other metrics that are common across the housing sector and benchmark against our peer group. The additional VfM measures shown in the table below are compared with targets, with last year and with the upper quartile performance of the benchmark group.

Key Performance Indicator

Actual 2024/25

Actual Actual 2025/26 2024/25

Target 2025/26

Target 2026/27

Peer group 2025/26

Tenants satisfied with the Association’s overall service

82.9%

88.2%

82.0%

82.2%

Tenants satisfied with the repairs and maintenance service

86.1%

88.9%

86.1%

82.1%

81.3%

Tenants who are satisfied the services provided represent Value for Money

80.1%

84.7%

84.9%

Satisfaction that Fairhive makes a positive contribution to neighbourhoods

72.9%

74.2%

72.5%

77.8%

Repairs completed at the first visit.

88.8%

95.0%

90.0%

N/A

Direct cost per Property of Responsive Repairs

£627.1

£673.0

£760.0

N/A

Direct cost per Property of Repairs to Empty Properties

£177.8

£182.0

£201.0

N/A

Calendar Days taken to re-let Empty Properties

20.0

22.1

25.0

31.9

Void Loss as % of Rent due

1.1%

1.0%

1.5%

1.1%

Direct cost Per Property of Estate Services

£199.1

£230.0

N/A

Rent Arrears excluding directly paid Housing Benefit / Universal Credit as % of rent due.

2.1%

2.5%

2.2%

Report and Financial Statements 2025⁄2026

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Key Performance Indicators (KPIs) Metrics (continued) The VfM KPI performance shows favourable results against targets in all tenant satisfaction measures as well as lower direct costs per repairs and estate services. The next year’s targets have been set broadly in line with the current year. We are particularly proud that our customer satisfaction results remain in upper quartile performance. We are improving our understanding of how our residents feel about the services. We will use the feedback from residents’ surveys and Tenant Satisfaction Measures, in conjunction with reviewing complaints and insurance claims to ensure our KPIs continue to improve.

Social value activities We have continued to invest in our local communities. We have undertaken employee fundraising activities and across the year the social committee / employee fundraising has raised £2,730 – this has been donated to our chosen charity of the year, Brain Tumour Research. We have continued to use our Thriving Communities Fund, Nurture Your Neighbourhood Fund and SPARK initiatives. “Fairhive continues to make use of funding opportunities available, such as the Travis Perkins Community Legacy Fund. For every pound we spend with Travis Perkins, a percentage is allocated to this fund, which we can then use to support our work. During 2025/26, over £23,000 was donated from the fund to Youth Concern in Aylesbury to support the continuation of their services.”

Our “Spark” initiative continued during the year. “Spark” is about helping to build brighter futures and is focussed on building skills and providing experiences, bringing together our most popular initiatives under one umbrella, these include: • Apprenticeships, traineeships and work experience: - A range of programs designed to enhance employee development and growth. This year, we provided 19,387.5 hours of apprenticeship training, which equates to 11 apprentices. - We provided 355.5 hours of work experience. • “Tuition Plus”, support for residents’ children taking the 11 plus exam. We provide training to an annual cohort of 42 children. Feedback continues to be extremely positive. Each student attends one maths and one English lesson per week. Students are also offered weekly verbal, non-verbal reasoning and exam skills lessons. Since the 11+ tests take place early in September, a key element of the focus over the summer break is on revision and practice for the exams. Lessons include practice and review of timed 11+ exercises as well as continued support in core English and maths skills. Students are also offered mock tests which are an essential element of effective 11+ preparation, helping students to work accurately within time limits, fine-tune exam technique and conquer exam nerves. • We also supported the Bucks Skills Show twice this year attending events in 2025 and 2026.

Resident and community engagement continued to increase during the year. Engagement hours rose from 3,624 to 4,781, over 1,200 residents were involved in community activity (a 15% increase on the previous year), and 617 resident training hours were delivered, representing a 26% year on year increase.

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Social value activities (continued) Our Support Services teams utilise an established methodology to measure the value of the services they provide, using the Housing Associations’ Charitable Trust (HACT) Social Value framework, which is widely recognised across the housing sector. HACT defines social value as a way of quantifying how services and interventions improve people’s wellbeing and quality of life, including outcomes relating to health, independence and financial resilience. The framework captures both resident level outcomes and the wider preventative benefits delivered through housing related support, including reduced pressure on health services, social care and other statutory provision. Applied across the Support Services function, this demonstrates that the support provided delivers value not only for residents and Fairhive, but also for wider public agencies by enabling residents to live independently and sustain their tenancies.

Report and Financial Statements 2025⁄2026

Support Services generated over £14m of HACT Social Value, reflecting the significant impact of the support provided. Positive outcomes were recorded across a range of areas, including mental health, mobility, repairs, social isolation and substance support. An area which saw particularly strong improvement during the year was the social value generated through Independent Living Scheme events, which increased from £4.2m in 2024/25 to £8.5m in 2025/26. This reflects a deliberate shift towards higher impact, sustainable engagement, including monthly Age UK sessions, digital and financial inclusion activity, welfare engagement at scheme events and wider community initiatives.

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Sustainability In accordance with best practice, we are systematically continuing to improve the sustainability of the properties and estates we manage, while reducing the environmental impact of our business operations. Programmes are in place for bringing existing homes up to EPC C by 2030, while minimising carbon emissions and resource use, and improving climate resilience. Current measures being installed include roof and wall insulation; low carbon heating; renewables; and energy storage systems. Government Funding has been secured, through both SHDF Wave 2, ECO4 and WH:SHF Wave 3, to supplement internal budgets and support delivery of this work. Scenario modelling has been undertaken to understand and prepare for legislative changes following government consultations on the environmental standards and metrics for social housing. We strive to build all new properties to the highest environmental standards. Recent schemes have incorporated low carbon heating, solar panels, extra insulation, energy storage and green roofs. Resident and colleague wellbeing is central to our sustainability work. We are using a combination of surveys, in-depth interviews and monitoring equipment data from our large-scale roll-out of smart thermostat devices to ensure energy efficiency measures perform as intended and residents are warm and comfortable in their homes. We work to enhance our green spaces by training inhouse teams on environmental management practices, increasing wildlife habitats, and trialling new planting regimes, planting saplings and encouraging biodiversity with innovative measures including bug boxes made from recycled materials. With our residents we successfully run employment workshops and training. Internally there is ongoing work to upskill staff in key areas, including the installation, repair and maintenance of such as renewable technologies, and we have an apprenticeship programme that helps transform lives.

Report and Financial Statements 2025⁄2026

This year we have appointed our first Sustainability Apprentice. We are working with contractors to maximise their social value commitments, including by supporting local residents into employment. We calculate our carbon footprint annually by gathering emission data on our business activities and homes and are continually improving this reporting by gathering ever more Scope 3 data from our supply chain. Furthermore, we are developing our now reporting capability for on other environmental areas, including climate risk and resilience, waste management and the quality of green spaces. We have adopted the Social Reporting Standard recording tool and the SHIFT environmental assessment for the social housing sector. We achieved SHIFT Gold in our 2025 report.

Future value for money plans Offering real value for money, whilst continually improving the services provided underpins our new 5-year strategy. We have used our new strategy to identify key value for money plans to focus on in the coming years. These plans are monitored on a quarterly basis and reported to the board, as part of KPI reporting.

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Risks and uncertainties The main risks are regularly considered and reviewed by the Executive Leadership Team, Audit & Risk Committee and Board. A Risk Management Framework is maintained which sets out our approach to risk, and how it is controlled and monitored. The Board reviews 10 Strategic Risks, which are underpinned by a number of detailed risks. In addition, the risk appetite is reviewed and approved annually by Board. The summary of the key strategic risks is shown in the table below.

Risk Development – Failure to deliver the planned development programme and/or maintain future development programme capacity

The Audit & Risk Committee has a range of responsibilities surrounding risk management and it reviews 10 Strategic risks, which are supported by 64 operational risks, at each of its meetings as well as receiving assurance on the adequacy and effectiveness of controls. The Board receive reports on risk management with focus on 10 Strategic Risks and any operational risks that sit outside of risk appetite. The reporting mechanism from Committees to the Board include a key issues summary together with the minutes.

Examples of key controls in place • Development and Assets Committee monitor programme and specific risk map • Approved development plan aligned with Business Plan • Delegated authority levels in place / Budget management

Property - Failure to provide a repairs and maintenance service that is responsive to customer needs, meets relevant standards including Decent Homes, Health and Safety legislation (including Fire compliance) expected environmental improvements and planned maintenance all at budgeted costs.

Report and Financial Statements 2025⁄2026

• Stock condition data maintained and regularly updated - targeted 100% surveyed every 5 years (HPMC) • Automated appointment/ scheduling processes

Mitigating actions • Regular monitoring of plan / Funding secured • Formalised contract award process and contract conditions kept up to date with legislation • Monitoring and management of contract programmes and cash flows • Continuously updated completion/handover forecasting • Full compliance with Decent Homes was achieved in a year. • Partnership link with major materials provider • Contract management / Performance Monitoring

• 30-year funded investment programme aligned with business plan.

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Risks and uncertainties (continued)

Risk

Examples of key controls in place

Housing - Failure to safeguard vulnerable residents, maintain equality & diversity standards or meet relevant standards for tenant involvement

• Annual Regulatory compliance review

Environment - Failure to implement, monitor and manage processes and controls to effectively mitigate potential environmental risks

• A regular report on environmental improvements is submitted to DAC and Board on a regular basis

• Allocations are made in line with Bucks home Choice Policy

Mitigating actions • Service standards set and monitored by residents Forum • Production of Annual tenant’s report

• Variety of communication channels available Involvement opportunities communicated

• Analysis & Geographic Information System (GIS) mapping exercise to identify areas at high risk of flood, overheating and drought

• Decarbonisation Plan for the organisation • Flood Response Strategies for all buildings at potential risk in place • Financial commitment in business plan to bring homes up to required legislative standard

• Proactive programme planning and alignment with planned works • Alignment with PAS2035 considerations of overheating risk for all government-funded retrofit programmes

Report and Financial Statements 2025⁄2026

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Risks and uncertainties (continued)

Risk

Examples of key controls in place

Mitigating actions

Health & Safety Failure to meet our obligations in respect of Health & Safety as a landlord, employer, developer of properties in conjunction with partners

• Statutory compliance management processes for Legionella, Lifts, Asbestos, Gas, Electric and Damp & Mould

Financial - Failure to ensure financial planning, viability including maintenance of loan covenants, losing the ability to raise additional funds within expected costs and loss of effective management & monitoring by the Finance team

• Scenario /Stress testing within business planning is in place and refreshed to reflect current risks

Governance - Failure to maintain a governance structure that does not support G1/V2 status or provide adequate alignment to evolving regulatory changes

• Independent regulatory review / action plan completed

• Board training and development programme in place, linked to annual appraisal system.

• Business planning 30 years

• Ongoing dialogue with the RSH identifying any areas where the RSH has concerns

• Procedures in place to support relevant legal provisions required for new build properties

• Business Plan approved by Board • Annual review of key assumptions in the business plan

• Embedding of the new Assistant Director of Health and safety compliance with experience working for the HSE • Proactive management of remedial actions across all compliance areas is reported to the Board and Senior Leadership

• Discretionary expenditure schedule produced by Finance used to mitigate adverse economic events • Sensitivity/scenario analysis for each planning year to reflect current market factors

• Corporate strategy 20252030 in place

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Risks and uncertainties (continued)

Risk

Examples of key controls in place

Fraud - Failure to implement, monitor and manage processes and controls to effectively mitigate potential fraud by staff, contractors

• Delegated financial authorities in place

IT - Failure to maintain an ICT service that meets the needs of the business, cannot prevent or recover quickly and effectively from disasters affecting the ICT infrastructure or data

• Software and hardware security procedures in place

• System security access in for financial approvals

• Disaster Recovery Program in place • Cyber Security Training for Staff • Independent Cyber Security Penetration Testing • Microsoft Secure Score over 90%

Mitigating actions • Assistant Director of Finance review of all new starters against establishment and budgeted posts • DBS checks undertaken with enhanced checks where appropriate.

• Servers under maintenance agreement • IT User Group meets regularly • IT Policies • Potential new software providers are subject to due diligence during the tender process • New Housing System Project designed to replace existing systems • Annual Cyber Security Risk Assessment

People - Failure to retain skilled staff, demonstrate strong and effective leadership or meet requirements of employment law and other miscellaneous legislation

Report and Financial Statements 2025⁄2026

• Training programme for managers, employees and ECC • HR Policies and procedures in place and aligned with latest legislation

• Qualified & dedicated HR Business Partners • Employment Law Insurance

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Financial position The Group and Association prepared financial statements for the year to 31 March 2026 under the Financial Reporting Standard (FRS 102). The Statement of Comprehensive Income on page 44 shows a surplus of £10.1 million for the year (2025: £8.8 million) and total comprehensive income for the year of £9.9 million (2025: £8.5 million). The financial results are within the business plan parameters and the lenders’ covenants have been fully met. The turnover for the year was £83.7 million (2025: £82.1 million).

Reserves

After transfer of the surplus for the year of £10.1 million (2025: £8.8 million) and the actuarial loss on the pension schemes of £0.1 million (2025: £0.3 million) the reserves amount to £257.5 million (2025: £247.6 million).

Pension costs

The Statement of Financial Position is shown on page 47. The Group and the Association have loan facilities in place which cover all the committed development in the business plan, reinvestment and day to day operations. Further finance of £125 million was raised at the end of March 2026. Total undrawn facilities at 31 March 2026 of £237 million (2025: £158 million) will be sufficient to support the development activity over next years.

The Association participates in four pension schemes: two of the schemes are closed to new members and two remain open. The schemes open to new entrants are with the Social Housing Pension Scheme (SHPS) and comprise a Career Average Revalued Earnings (CARE) structure and a defined contribution scheme which is used for pension auto-enrolment. The closed schemes are a final salary pension scheme with SHPS and a Local Authority Pension Scheme with Buckinghamshire County Council Pension Fund. The Association has contributed to the defined benefit schemes in accordance with levels set by the actuaries, of around 6%. The Association contributes a maximum of 9% to the defined contribution scheme.

Accounting policies

Capital structure and treasury policy

Housing properties

The total facility comprises £60 million of fixed loan debt with Barclays, £35 million of fixed debt with Nationwide, £290 million of revolving credit facilities, a £50 million term facility with Co-operative bank and £125 million of capital market. The revolving credit facilities comprise of a five-year, ten-year and fifteen-year facilities and are provided by three lenders: Handelsbanken, Nationwide and Danske. The capital market funds include a 35-year, £70 million facility and a 30-year facility for £55 million. The Barclays debt is repayable between 2026 and 2031.

The principal accounting policies are set out on pages 49 to 54 of the financial statements and have been reviewed by ARC. The policies that are most critical to the financial results relate to accounting for housing properties and include housing property depreciation. As required by the financial reporting standard the accounting policies provide information in relation to critical judgements and estimates. At 31 March 2026 the Association managed 9,137 (2025: 8,981) housing properties. Housing properties are shown in the Statement of Financial Position at 31 March 2026 at net book value of £598.6 million (2025: £544.6 million).

On 31 March 2026 the Association has loan facilities arranged and available amounting to £560 million, (2025: £435 million).

The revolving credit facilities and Nationwide fixed debt are repayable 2029, 2034 and 2039. The two capital market debts are repayable in 2051 and 2055. Of the loan facilities, on 31 March 2026 the Company had drawn £323 million (2025: £277 million) and had £237 million of undrawn revolving credit facilities available (2025: £158 million).

Report and Financial Statements 2025⁄2026

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Capital structure and treasury policy (continued)

Going concern

The Association is risk averse with respect to its treasury policy and endeavours to have a mix of fixed and variable interest rates for its drawn funds. On 31 March 2026, £220 million of the drawn facilities were at fixed rates of interest, ranging from 2.4% to 6.1%. This represents 68% of the drawn facility.

The Association has long term debt facilities in place including £237 million of undrawn facilities at 31 March 2026 (2025: £158 million) which provides adequate resource to finance the Association’s committed development programme, reinvestment and the Association’s day to day operations.

The Association borrows and invests only in pound sterling.

The Board has reviewed cash flow forecasts and has also carried out stress testing of its business plan. The outcome of the stress testing demonstrated that there is sufficient headroom on gearing and interest covenants and peak debts are within available funds. The Board has a reasonable expectation that the Association has adequate resources to continue in operational existence for the foreseeable future, being a period of at least twelve months after the date on which the report and financial statements are signed. For this reason, it continues to adopt the going concern basis in the financial statements.

Cash flow

Cash inflows and outflows during the year are shown in the Consolidated Statement of Cash flow on page 48. The net cash generated from operating activities for the year to 31 March 2026 was £29.4 million (2025: £40.8 million). Net cash outflow from investment activities was £61.2 million (2025: £54.5 million) mainly due to £71.1 million spend on construction of new housing properties and investment in existing properties. Net cash inflow from financing activities was £32.8 million (2025: £14.9 million) due to drawdown of loans of £46.0 million (2025: £27.0 million), with net interest payment of £13.2 million (2025: £12.1 million). A net increase in cash was £1.0 million (2025: £1.2 million).

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

Future developments Our focus for next year will be to deliver year two strategic objectives, as per our new 5-year strategy. Our ambitious development aspiration is to provide 150 new homes per annum which will include a number of new affordable and shared ownership homes and will increase our capacity to deliver more social rented homes. We have successfully secured a total grant valued at £6.0 million from the Social Housing Decarbonisation Fund Wave 3.1. awarded by the Department for Energy Security and Net Zero. In the financial year, we have recognised £1.7m of this grant, with the remaining £4.3m to be recognised in the next two financial years, in equal tranches of £2.1m per year. We will match this grant by own spend on environmental improvements in our existing homes such as wall insulation, air source heat pumps and solar panels over the next few years. We delivered our digital technology transformation project and have embarked on replacement of our housing system, which is a 3-year project to further enhance our digital offer to our residents and our employees.

Statement of the responsibilities of the Board for the Strategic report and financial statements The Board is responsible for preparing the Report of the board of management and the Strategic report and financial statements in accordance with applicable law and regulations. Association law in the United Kingdom requires the Board to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements under the historical cost convention in accordance with applicable law and UK Generally Accepted Accounting Practice (UK GAAP). For the Group and the Association, this includes the Co-operative and Community Benefit Societies Act 2014 (and related group accounts regulations), the Housing and

Report and Financial Statements 2025⁄2026

Regeneration Act 2008, FRS 102 “the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland”, the Statement of Recommended Practice (SORP) for Registered Social Housing Providers 2018, “Accounting by registered social housing providers”, the Accounting Direction for Private Registered Providers of Social Housing 2022 and with the Financial Conduct Authority (FCA). The Board members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Association and of the surplus or deficit of the Group and the Association for the year. In preparing these financial statements the Board is required to: • select suitable accounting policies and apply them consistently. • make judgements and accounting estimates that are reasonable and prudent. • state whether applicable UK Accounting Standards and the Housing SORP 2018: Statement of Recommended Practice Accounting by Registered Housing Providers, have been followed, subject to any material departures disclosed and explained in the financial statements and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Association will continue in business. The Board is responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Association’s transactions and which disclose with reasonable accuracy at any time the financial position of the Group and the Association and enable it to ensure that the financial statements comply with the Housing and Regeneration Act 2008 and the Housing Direction for Registered Providers of Social Housing Act 2022. They are also responsible for safeguarding the assets of the Group and the Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Statement of the responsibilities of the Board for the Strategic report and financial statements (continued) In so far as each of the Directors is aware: • there is no relevant audit information of which the auditor is unaware; and • the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Statement of compliance In preparing the Report of the Board of Management and Strategic Report, the Board has followed the principles set out in the Statement of Recommended Practice: Accounting by Registered Social Housing Providers. The Report of the Board of Management and Strategic Report were approved by the Board on 30 July 2026 and signed on its behalf by:

The Board is responsible for the maintenance and integrity of the corporate and financial information on the Association’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Crowe U.K. LLP were appointed as external auditors on 7 February 2025.

Peter Hughes Chair of the Board 30 July 2026

Report and Financial Statements 2025⁄2026

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Independent Auditor’s Report to the Members of Fairhive Homes Limited Opinion We have audited the financial statements of Fairhive Homes Limited (the “Association”) and its subsidiaries (“the Group) for the year ended 31 March 2026 which comprise the consolidated and Association statement of comprehensive income, the consolidated and Association statement of financial position, the consolidated and Association statement of changes in reserves, the consolidated statement of cash flows and notes to the financial statements, including 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 (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: • give a true and fair view of the state of the Group and Association affairs as at 31 March 2026 and of its income and expenditure for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; • have been prepared in accordance with the requirements of the Co-operative and Community Benefit Societies Act 2014, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022.

Report and Financial Statements 2025⁄2026

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the society in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern In auditing the financial statements, we have concluded that the Board’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and Association’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Board with respect to going concern are described in the relevant sections of this report.

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

Other information

Responsibilities of the Board

The Board is responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

As explained more fully in the Board’s responsibilities statement set out on page 39 to 40, the Board 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 determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, 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.

Matters on which we are required to report by exception • We have nothing to report in respect of the following matters in relation to which the Cooperative and Community Benefit Societies Act 2014 requires us to report to you if, in our opinion: • a satisfactory system of controls over transactions has not been maintained; or • the society has not kept proper accounting records; or • the financial statements are not in agreement with the books of account; or • we have not received all the information and explanations we require for our audit.

Report and Financial Statements 2025⁄2026

In preparing the financial statements, the Board is responsible for assessing the society’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board either intends to liquidate the society or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. 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:

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Auditor’s responsibilities for the audit of the financial statements (continued) A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. We obtained an understanding of the legal and regulatory frameworks within which the Association operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements such as the Co-operative and Community Benefit Societies Act 2014 (and related Directions and regulations), the Housing and Regeneration Act 2008 and other laws and regulations applicable to a registered social housing provider in England together with the Housing SORP. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statements items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Group and Association’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Association for fraud. The laws and regulations we considered in this context for the UK operations were requirements imposed by the Regulator of Social Housing, health and safety, taxation and employment legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Board and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of certain income streams and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, internal audit and the Audit & Risk Committee about their own identification and assessment of Report and Financial Statements 2025⁄2026

the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence, designing audit procedures over the timing of income and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations..

Use of our report This report is made solely to the society’s members as a body in accordance with Section 87 of the Co-operative and Community Benefit Societies Act 2014. Our audit work has been undertaken so that we might state to the society’s members those matters we are required to state to them in an auditor’s 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 Association’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Julia Poulter Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor 55 Ludgate Hill London EC4M 7JW 25 August 2026

Date: .................................................. 43

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Consolidated Financial Statements

Consolidated and Association Statement of Comprehensive Income Note

Group 2026

Group 2025

Association 2026

Association 2025

£’000

83,722

82,141

83,722

82,096

Turnover

Operating costs

(59,658)

(58,094)

(59,658)

(58,050)

1,088

1,010

1,088

1,010

Operating surplus

22,088

18,877

22,088

18,876

Interest receivable and other income

369

427

369

427

(12,406)

(10,456)

(12,406)

(10,456)

10,051

8,848

10,051

8,847

10,051

8,848

10,051

8,847

(127)

(329)

(127)

(329)

9,924

8,519

9,924

8,518

Cost of sales

Surplus on sale of fixed assets Fair value movement on investment properties

Interest payable and similar charges

Surplus on ordinary activities before taxation Tax

(8,689)

5,625

Surplus for the year Actuarial loss on defined benefit pension schemes Total comprehensive income for the year

(9,738) 3,558

(8,689) 5,625

(9,738) 3,558

The notes on pages 49 to 83 form part of these financial statements. The financial statements were approved and authorised for issue by the Board on 30 July 2026 and signed on its behalf by:

Peter Hughes Chair of the Board

Report and Financial Statements 2025⁄2026

Susan Ralphs Board Member

Jane Rothery Company Secretary

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Consolidated and Association Statement of Changes in Reserves Note

Group

Association

Association Association

Income and expenditure reserve

Revaluation reserve

Total

Income and expenditure reserve

Revaluation reserve

Total

£’000

121,120

126,487

247,607

121,151

126,487

247,638

SOCI

10,051

(127)

817

(817)

817

(817)

125,674

257,535

131,893

125,674

257,567

Balance as at 1 April 2025 Surplus for the year Transfer to revaluation reserve Actuarial loss on defined benefit pension scheme (SHPS) Release of revaluation reserve in disposal Other Balance at 31 March 2026

131,861

The notes on pages 49 to 83 form part of these financial statements.

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

Consolidated and Association Statement of Changes in Reserves (continued) Note

Group

Association

Income and expenditure reserve

Revaluation reserve

Total

Income and expenditure reserve

Revaluation reserve

Total

£’000

Balance as at 1 April 2024

112,123

126,987

239,110

112,154

126,987

239,141

Surplus for the year

8,848

8,847

(329)

478

(478)

478

(478)

(22)

(21)

121,120

126,487

247,607

121,151

126,487

247,638

Transfer to revaluation reserve Actuarial loss on defined benefit pension scheme (SHPS) Actuarial gain on defined benefit pension schemes (BCCF) Other Balance at 31 March 2025

The notes on pages 49 to 83 form part of these financial statements.

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

Consolidated and Association Statement of Financial Position Note

Group 2026 £’000

Group 2025 £’000

Association Association 2026 2025 £’000 £’000

Tangible fixed assets – housing properties

598,581

544,610

598,612

544,639

Tangible fixed assets – other

Investment properties

5,591

5,683

5,591

5,683

12,171

11,083

12,171

11,083

616,343

561,376

616,374

561,405

4,116

5,781

4,116

5,781

4,551

5,395

4,468

5,382

377

431

377

431

10,251

9,228

10,233

9,153

19,295

20,835

19,194

20,747

(36,232)

(25,174)

(36,130)

(25,084)

Net current liabilities

(16,937)

(4,339)

(16,936)

(4,337)

Total assets less current liabilities

599,406

557,037

599,438

557,068

Fixed assets

Total fixed assets Current assets Properties held for sale

Trade and other debtors

Stock Cash and cash equivalent Total current assets Creditors: Amounts falling due within one year

Creditors: Amounts falling due after more than one year

(341,193)

(308,389)

(341,193)

(308,389)

Net pension liability

(678)

(1,041)

(678)

(1,041)

(341,871)

(309,430)

(341,871)

(309,430)

257,535

247,607

257,567

247,638

Revaluation reserve

131,861

121,120

131,893

121,151

125,674

126,487

125,674

126,487

Total capital and reserves

257,535

247,607

257,567

247,638

Total non-current liabilities Total net assets Capital and reserves

Income and expenditure reserve

The notes on pages 49 to 83 form part of these financial statements. The financial statements were approved and authorised for issue by the Board on 30 July 2026 and signed on its behalf by: Peter Hughes Chair of the Board Report and Financial Statements 2025⁄2026

Susan Ralphs Board Member

Jane Rothery Company Secretary 47

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Consolidated and Association Statement of Cash Flow

Note

Cash flows from operating activities Surplus for the year

Surplus on disposal of fixed assets

Group 2026 £’000

Group Association Association 2025 2026 2025 £’000 £’000 £’000

10,051

8,848

10,051

8,847

(5,625)

(3,558)

(5,625)

(3,558)

Grants amortisation

(302)

(194)

(302)

(194)

Fair value adjustment of investment properties

(1,088)

(1,010)

(1,088)

(1,010)

(369)

(427)

(369)

(427)

Adjustments for non-cash items: Depreciation

Interest payable and other charges

Interest receivable and similar income Decrease/(increase) in debtors

6 9

(Decrease)/increase in creditors

Decrease in properties held for sale

12,620

12,406

10,456

897

(227)

(493)

13,416

29,382

1,665

Net cash generated from operating activities Cash flow from investing activities

12,240

12,406

827

12,620

10,456 (227)

(366)

13,503

40,850

29,439

40,936

926

1,665

926

Purchase of fixed assets – housing properties

(71,140)

(58,738)

(71,140)

(58,738)

Proceeds from sale of tangible fixed assets

8,041

4,667

8,041

4,667

(61,205)

(54,548)

(61,205)

(54,548)

Interest paid

(13,523)

(12,502)

(13,523)

(12,502)

New loans

46,000

27,000

46,000

27,000

Net change in cash and cash equivalents

1,023

1,227

1,080

1,313

Cash and cash equivalents at beginning of year

9,228

8,001

9,153

7,840

365

578

365

578

Purchase of other fixed assets Grant receipt

Net cash used in investing activities Cash flow from financing activities Interest received Net cash generated from financing activities

(1,163) 3,057

369

10,251

Cash

9,886

Total

213

32,846

Cash and cash equivalents at end of year Short term deposits

(690)

10,251

427

14,925

(1,163) 3,057

369

32,846

9,228

10,233

8,650

9,868

9,228

10,233

(690) 213

427

14,925

9,153

8,575

9,153

The notes on pages 49 to 83 form part of these financial statements.

Report and Financial Statements 2025⁄2026

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Notes to the Financial Statements 1. Legal status The Association is incorporated in England. The financial statements are prepared under historic cost convention modified for revaluation of investment properties and the transfer of assets and liabilities from Buckinghamshire Housing Association (BHA) at fair value. The housing properties from BHA are shown at existing use value for social housing (EUV-SH). The functional and presentational currency used is pound sterling. The Association has two subsidiaries; Fairfax Housing Limited and Fairfax Design & Build Limited. Both companies are registered under the Companies Act. Fairfax Design & Build Limited started its operations during 2021/22 and Fairfax Housing Limited remained dormant since incorporation.

2. Accounting policies Basis of accounting

The financial statements of the Association are prepared in accordance with UK Generally Accepted Accounting Principles (UK GAAP) including Financial Reporting Standard 102 (FRS 102) and the Housing SORP 2018: Statement of Recommended Practice for Registered Social Housing Providers and comply with the Accounting Direction for Private Registered Providers of Social Housing 2022.

Basis of consolidation

The consolidated financial statements present the results of Fairhive Homes Limited and its subsidiaries (“The Group”) as if they formed a single entity. Uniform accounting policies have been adopted across the Group, and intercompany transactions and balances between have therefore been eliminated in full. Report and Financial Statements 2025⁄2026

Going concern

The Association’s business activities, its current financial position and factors likely to affect its future development are set out within the Report of the Directors. The Association has in place long and medium-term debt facilities which provide adequate resources to finance the committed development programme, reinvestment and the Association’s day to day operations. The Board has reviewed cash flow forecasts and considered downside scenarios which allow for the potential impact of high inflation and falling house prices and delays in timing of sales as well as increased arrears, voids and bad debts. Having considered the forecast cash flow and scenario analysis the Board concluded that the Association has sufficient headroom on liquidity and will operate well within its loan covenants requirements including the risk trigger level set by the Board. As a result, the Board is satisfied that there is reasonable expectation that the Association has adequate resources to continue in operational existence for the foreseeable future, being a period of at least twelve months after the date on which the report and financial statements are signed. For this reason, it continues to adopt the going concern basis in the financial statements.

Value Added Tax

The Association charges Value Added Tax (VAT) on some of its income and is able to recover part of the VAT it incurs on expenditure. The financial statements include VAT to the extent that it is suffered by the Association and not recoverable from HM Revenue & Customs. The balance of VAT payable/recoverable at the year-end is included as a current liability/asset.

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2. Accounting policies (continued) Turnover and revenue recognition

Turnover comprises rental and service charge income, income from shared ownership first tranche sales, other services included at the invoiced value (excluding VAT where recoverable) of goods and services and grants receivable from local authorities and Homes England. Rental and service charge income is recognised from the point when properties under development reach practical completion or otherwise become available for letting, net of any voids. Income from first tranche sales is recognised at the point of legal completion of the sale. Revenue grants are recognised when the conditions for receipt of agreed grant funding have been met. Charges for support services funded under Supporting People are recognised as they fall due under the contractual arrangements with Administering Authorities.

Interest payable

Interest is capitalised on borrowings to finance developments to the extent that it accrues in respect of the period of development if it represents either: • interest on borrowings specifically financing the development programme after deduction of social housing grant received in advance; or • a fair amount of interest on borrowings of the Association as a whole after deduction of social housing grant received in advance to the extent that they can be deemed to be financing the development programme. Other interest payable is charged to the statement of comprehensive income in the year.

Financial instruments

Financial instruments which meet the criteria of a basic financial instruments as defined in Section 11 of FRS 102 are accounted for under an amortised historic cost model. Basic financial instruments are recognised at amortised historic cost.

Report and Financial Statements 2025⁄2026

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employee benefits

Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Pension costs

The Association participates in four pension schemes; the Social Housing Pension Scheme (SHPS) and the Buckinghamshire County Council Pension Fund (BCCPF). Within the Social Housing Pension Scheme, the Association operates four benefit structures: two defined benefit and two defined contribution. The BCCPF and the SHPS final salary structure are closed to new entrants • Social Housing Pension Scheme The scheme assets are measured at fair value. Scheme liabilities are measured on an actuarial basis using the projected unit credit method and are discounted at appropriate high-quality corporate bond rates. The current service cost and costs from settlements and curtailments are charged against operating surplus. Past service costs are recognised in the current reporting period within the income and expenditure account. Interest is calculated on the net defined benefit liability. Remeasurements are reported in other comprehensive income. Further details are set out in note 13.

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2. Accounting policies (continued) • Buckinghamshire County Council Pension Fund For the Buckinghamshire County Council Pension Fund (BCCPF), the operating costs of providing retirement benefits to participating employees are recognised in the accounting periods in which the benefits are earned. The related finance costs, expected return on assets and any other changes in fair value of the assets and liabilities, are recognised in the accounting period in which they arise. The current service cost and costs from settlements and curtailments are charged against operating surplus. Past service costs are recognised in the current reporting period within the income and expenditure account. Interest is calculated on the net defined benefit liability. Re-measurements are reported in other comprehensive income. Pension asset is not recognised as not considered recoverable. Further details are set out in note 13.

Housing properties

Housing properties are properties available for rent, and properties subject to shared ownership leases. The Association applied a transitional relief available under FRS 102 to revalue housing properties transferred from the council in 2006 at the date of transition (1 April 2014) and to hold this value as ‘deemed cost’. Completed housing properties are stated at deemed cost less depreciation. All properties developed or purchased subsequent to transfer, are held at cost less depreciation. The cost is the cost of acquired properties, land, development costs, interest and improvements. Works to existing properties which replace a component that has been treated separately for depreciation purposes are capitalised as improvements. Shared ownership properties are split proportionally between current and fixed assets based on the element relating to expected first tranche sales. The first tranche

Report and Financial Statements 2025⁄2026

proportion is classed as current asset and related sales proceeds are included in turnover, and the remaining element is classed as fixed asset and included in housing properties at cost, less any provisions needed for depreciation.

Government grants

Government grants include grants receivable from Homes England, local authorities, and other government agencies. Government grants received for housing properties are recognised in income over the useful life of the housing property structure and, where applicable, its individual components (excluding land) under the accruals model. Grants relating to revenue are recognised in the statement of comprehensive income over the same period as the expenditure to which they relate once reasonable assurance has been gained that the entity will comply with the conditions and that the funds will be received. Grants due from government agencies or received in advance are included as current assets or liabilities. Government grants received for housing properties are subordinated to the repayment of loans by agreement with Homes England. Government grants released on sale of a property may be repayable but are normally available to be recycled and are credited to a Recycled Capital Grant Fund and included in the statement of financial position in creditors. Grant is amortised over the useful economic life of the asset. If there is no requirement to recycle or repay the grant on disposal of the asset, any unamortised grant remaining within creditors is released and recognised through the statement of comprehensive income. Where individual components are disposed of and this does not create a relevant event for recycling purposes, any grant which has been allocated to the component is released to the statement of comprehensive income. Upon disposal of the associated property, the Association is required to recycle these proceeds and recognise them as a liability.

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

2. Accounting policies (continued) Other grants

Grants received from non-government sources are recognised using the performance model. A grant which does not impose specified future performance conditions is recognised as revenue when the grant proceeds are received or receivable. A grant that imposes specified future performance-related conditions on the Association is recognised only when these conditions are met. A grant received before the revenue recognition criteria is satisfied is recognised as a liability.

Depreciation of housing properties

The Association separately identifies the major components which comprise its housing properties, and charges depreciation, so as to write-down the cost of each component to its estimated residual value, on a straight-line basis, over its estimated useful economic life. Freehold land is not depreciated. The Association depreciates the major components of its housing properties over their expected useful lives on the following basis:

Impairment

Housing properties are assessed annually for impairment indicators at an individual property level, which is deemed to be a cash generating unit (CGU). Where indicators are identified an assessment for impairment is undertaken comparing the asset’s carrying amount to its recoverable amount. Where the carrying amount of an asset is deemed to exceed its recoverable amount, the asset is written down to its recoverable amount, this is likely to be the value in use of the asset based on its service potential. The resulting impairment loss is recognised as expenditure in the statement of comprehensive income. Where an asset is currently deemed not to be providing service potential to the Association, its recoverable amount is its fair value less costs to sell.

Other tangible fixed assets

Expenditure relating to other tangible fixed assets in excess of £500 are capitalised. Depreciation is provided on a straight-line basis on the cost of other tangible fixed assets, to write them down to their estimated residual values over their expected useful lives. No depreciation is provided on freehold land. Assets are depreciated over the periods shown below:

Structure (new build)

125 years

Structure (stock transfer properties)

75 years

Freehold buildings – offices

50 years

Roofs

50 years

10 to 20 years

Kitchens

20 years

Freehold premises improvement

Bathrooms

30 years

25 years

Central Heating

20 years

Fixtures, fittings and equipment – Photovoltaic panels

Boilers

15 years

5 to 10 years

Windows and Doors

30 years

Fixtures, fittings and equipment – other

Lifts

30 years

Computer equipment

4 years

Computer software

2 to 4 years

Motor vehicles

4 years

Leasehold properties are amortised over the life of the lease or their estimated useful economic lives in the business, if shorter.

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

2. Accounting policies (continued) Issue Loan finance issue costs

Issue costs of long and medium-term finance are deducted from the amount of loan drawn down. This cost is charged to the statement of comprehensive income evenly over the period of the loan.

Properties for sale

Shared ownership first tranche sales, completed properties for outright sale and property under construction are valued at the lower of cost and net realisable value. Cost comprises materials, direct labour and direct development overheads. Net realisable value is based on estimated sales price after allowing for all further costs of completion and disposal.

Provisions for liabilities

Provisions are recognised when the Association has a present obligation (legal or constructive) as a result of a past event, it is probable that the Association will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, considering the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a discount rate. The unwinding of the discount is recognised as a finance cost in the statement of comprehensive income in the period it arises. The Association recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

Report and Financial Statements 2025⁄2026

Right to Buy

Under the terms of the transfer agreement, some of the proceeds from Right to Buy sales are shared with the Buckinghamshire Council (formally Aylesbury Vale District Council). On completion of a Right to Buy sale contract, the share of the proceeds receivable by the Association are credited to the statement of comprehensive income and a liability recognised for the share payable to Buckinghamshire Council.

Reserves

The Association establishes restricted reserves for specific purposes where their use is subject to external restrictions.

Key accounting judgements in applying accounting policies and key sources of estimation

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made are set out below. The following are the significant management judgements made in applying the accounting policies that have the most significant effect on the financial statements.

• Capitalisation of property development costs Distinguishing the point at which a project is more likely than not to continue, allowing capitalisation of associated development costs requires judgement. After capitalisation management monitors the asset and considers whether changes indicate that impairment is required.

• Categorisation of housing properties

The categorisation of housing properties as investment properties or property, plant and equipment based on the use of the asset requires judgement.

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

2. Accounting policies (continued) Key accounting judgements in applying accounting policies and key sources of estimation (continued) • Financial Instruments

The Association have reviewed its funding agreements and have concluded that they meet the conditions of a basic financial instrument under section 11.9 of FRS102 inasmuch that they are contractual payments to the holder (lender), assessed in sterling in which the debt instrument is denoted and are either a positive fixed rate or a positive variable rate.

Key sources of estimation uncertainty

Information about estimates and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. Actual results may be substantially different.

• Useful lives of depreciable assets

Management reviews its estimate of the useful lives of depreciable assets at each reporting date based on the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence that may change the utility of certain software and IT equipment and changes to decent homes standards which may require more frequent replacement of key components.

• Defined benefit obligation (DBO)

Management’s estimate of the DBO is based on a number of critical underlying assumptions such as standard rates of inflation, mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses, as analysed in note 13 Pension schemes. The sensitivity analysis disclosed in note 13 Pension schemes sets out the impact of a small change in the discount rates and mortality assumptions on the defined benefit obligation and projected service costs. Allocation of value to land, structure and components Value is split between components, land and structure: the land value is allocated first, then the component value and the remainder is allocated to structure. Value has been attributed to land and components based on cost.

• Net realisable value of stock

Net realisable value is based on the estimated selling price less selling costs. Estimated selling prices were provided by external valuers and by reference to actual selling prices for completed developments. For schemes under construction, the estimated costs to completion are based on approved budget and forecast.

• Rental and other trade receivables

The estimate for receivables relates to the recoverability of the balances outstanding at year end. A review is performed on outstanding debts to consider whether each debt is recoverable.

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

3a. Turnover, cost of sales, operating costs and operating surplus Group

Social housing lettings

Note

2026 Turnover

2026 Cost of sales

2026 Operating costs

2026 Other

2026 Operating surplus

£’000

70,508

(59,026)

11,482

10,658

(8,689)

1,969

704

(324)

380

11,362

(8,689)

(324)

2,349

1,852

(308)

1,544

Other social housing activities;

1st tranche shared ownership sales Leasehold Total Non-social housing activities; Investment properties

Surplus on sale of fixed assets

5,625

Fair value movement on investment properties

1,088

83,722

(8,689)

(59,658)

6,713

22,088

Total

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

3a. Turnover, cost of sales, operating costs and operating surplus (continued) Group

Social housing lettings

Note

2025 Turnover

2025 Cost of sales

2025 Operating costs

2025 Other

2025 Operating surplus

£’000

67,912

(57,439)

10,473

11,265

(9,738)

1,527

627

(362)

265

11,892

(9,738)

(362)

1,792

2,337

(293)

2,044

Other social housing activities

1st tranche shared ownership sales Leasehold Total Non-social housing activities Investment properties

Surplus on sale of fixed assets

3,558

Fair value movement on Investment Properties

1,010

82,141

(9,738)

(58,094)

4,568

18,877

Total

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

3b. Turnover, cost of sales, operating costs and operating surplus Association

Social housing lettings

Note

2026 Turnover

2026 Cost of sales

2026 Operating costs

2026 Other

2026 Operating surplus

£’000

70,508

(59,026)

11,482

10,658

(8,689)

1,969

704

(324)

380

11,362

(8,689)

(324)

2,349

1,852

(308)

1,544

Other social housing activities;

1st tranche shared ownership sales Leasehold Total Non-social housing activities; Investment properties

Surplus on sale of fixed assets

5,625

Fair value movement on Investment Properties

1,088

83,722

(8,689)

(59,658)

6,713

22,088

Total

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

3b. Turnover, cost of sales, operating costs and operating surplus (continued) Association

Social housing lettings

Note

2025 Turnover

2025 Cost of sales

2025 Operating costs

2025 Other

2025 Operating surplus

£’000

67,867

(57,395)

10,472

11,265

(9,738)

1,527

627

(362)

265

11,892

(9,738)

(362)

1,792

2,337

(293)

2,044

Other social housing activities:

1st tranche shared ownership sales Leasehold Total Non-social housing activities Investment properties

Surplus on sale of fixed assets

3,558

Fair value movement on investment properties

1,010

82,096

(9,738)

(58,050)

4,568

18,876

Total

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

4. Particulars of income and expenditure from social housing lettings – Group and Association Note

2026 2026 2026 General Supported Low cost needs & housing home housing for older ownership people

2026 Total

2025 Total

£’000

Rent receivable net of identifiable service charge

57,575

3,888

2,874

64,337

61,410

Service income

1,908

879

195

2,982

2,482

394

401

Amortised government grant

302

194

Other revenue grants

2,493

3,425

62,278

5,161

3,069

70,508

67,912

Management

9,596

802

516

10,914

11,297

Service costs

2,687

215

139

3,041

3,538

Routine maintenance

18,426

1,599

20,025

20,011

Planned maintenance

3,078

267

3,345

2,556

Major repairs expenditure (note 14c)

9,796

850

10,646

8,528

Charges for support services

Income from social housing lettings

Bad debts Depreciation of housing properties

6& 14a

8,183

466

456

9,105

8,938

Accelerated Depreciation

6& 14a

1,880

2,497

Operating costs on social housing lettings

53,710

4,205

1,111

59,026

57,439

Operating surplus on social housing lettings

8,568

956

1,958

11,482

10,473

582

697

773

Void losses

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

5. Units of housing stock– Group and Association

At 1 April 2025

Additions

Disposals

Other

At 31 March 2026

Number

• Social rent

6,812

(52)

6,804

• Affordable rent

1,035

(2)

1,121

• Intermediate rent

Housing for older people

634

Low cost home ownership

479

(5)

550

8,981

215

(59)

9,137

• Garages

1,859

• Leasehold

689

690

Total

2,592

2,593

Total owned and managed units

11,573

216

(59)

11,730

Accommodation in development at year end

241

326

Social housing units General needs housing:

Supported housing

Total

Non - social housing units • Commercial

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

6. Operating surplus This is arrived at after charging/(crediting): Note

Group 2026

Group 2025

Association 2026

Association 2025

£’000

Depreciation of housing properties

14a & 4

9,105

8,938

9,105

8,938

Accelerated depreciation on disposed components

14a & 4

1,880

2,497

1,880

2,497

Depreciation of other fixed assets

1,255

1,185

1,255

1,185

Amortisation of grants

(302)

(194)

(302)

(194)

In their capacity as auditors

105

In respect of other services

Total amount payable to auditors

120

110

Auditors’ remuneration (excluding VAT)

The remuneration paid to the auditors in respect of other services comprises: £1,700 (2025: £1,675) for Right to buy audit and £12,674 (2025: £12,325) for service charge and decarbonisation grant audits.

7. Surplus on disposal of fixed assets – Group and Association Note

2026

2025

£’000

Disposal proceeds

8,041

4,667

Net book value of disposals

14a

(1,989)

(1,006)

(427)

(103)

5,625

3,558

Selling costs Surplus on disposal of fixed assets

Disposal proceeds of £ 8m exclude £ 4.6m proceeds from Right to Buy properties, which have been paid to Buckinghamshire Council in April 2026. Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

8. Interest receivable and other income

Bank interest

Group 2026

Group 2025

Association 2026

Association 2025

£’000

369

427

369

427

Group 2026

Group 2025

Association 2026

Association 2025

£’000

13,663

12,510

13,663

12,510

9. Interest payable and financing costs Note

Interest on loans and overdrafts Interest capitalised on construction of housing properties

14c

(1,117)

(2,046)

(1,117)

(2,046)

Interest on Recycled capital grant fund

Interest on defined benefit pension liability

(145)

(8)

(145)

(8)

Total

12,406

10,456

12,406

10,456

Capitalisation rate

4.26%

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

10. Employees – Group and Association Headcount (FTE): 2026 Number

2025 Number

Direct labour operatives

101

Other

239

245

Total

340

338

2026 £’000

2025 £’000

Wages and salaries

16,021

14,989

Social Security costs

2,008

1,545

Pension costs

1,127

1,313

19,156

17,847

The average number of employees expressed as full-time equivalents (FTE) calculated based on 37 hours, during the year was:

Employee costs:

Total The amount of redundancy pay in the year was £85,315 (2025: £88,985)

Salaries payable (including bonuses and pensions) to employees including Executive Management Team earning £60,000 or more were: 2026 Number

2025 Number

£60,001 - £70,000

£70,001 - £80,000

£80,001 - £90,000

£90,001 - £100,000

£100,001 - £110,000

£110,001 - £120,000

£120,001 - £130,000

£130,001 - £140,000

£140,001 - £150,000

£150,001 - £160,000

£160,001 - £170,000

£170,001 - £180,000

£180,001 - £190,000

£190,001 - £200,000

£200,001 - £210,000

£260,001 - £270,000

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

11. Board Members and Executive Directors - Group Emoluments payable to Executive Directors and board members The Executive Directors comprise the Chief Executive, Executive Director of Finance & Resources, Executive Director of Operations and Executive Director of Development.

2026

2025

£’000

Gross salary

833

806

Benefits in kind

Employer’s NI contribution

113

Employer’s pension contribution

135

1,065

1,060

Total

Emoluments payable to Executive Directors and board members (including pension contributions and benefits in kind)

2026

2025

£’000

Amounts payable to Executive Directors

926

934

Amounts payable to Board Members

139

126

1,065

1,060

Total

The emoluments of the highest paid director, the Chief Executive, excluding pension contributions, were £237,569 (2025: £228,993). The Chief Executive is a member of the Social Housing Pension Scheme. He is an ordinary member of the pension scheme and no enhanced or special terms apply.

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

11. Board Members and Executive Directors - Group (continued) Emoluments payable to Board Members (gross salary excluding expenses) Non-executive board members are not members of the pension scheme. Their emoluments for the year are set out below:

2026

2025

£’000

Stephen Stringer (up to September 2025)

8,950

17,900

Peter Hughes (from October 2025)

8,950

David Keeling

11,750

Kelly Webster

11,750

Barbara Richardson

9,800

Olivia Clymer (up to March 2026)

7,880

Angela MacPherson (up to May 2025)

1,313

7,880

Susan Ralphs

11,750

Susan Fogden

7,880

Ade Osibogun (up to July 2025)

2,627

7,880

Matt McGeehan

7,880

Griffith Marshalsay (up to February 2026)

4,840

5,280

Charles Brooks

7,880

Peter Merchant

3,250

Roger Craft

5,280

Jesse Fajemisin (from April 2025)

7,880

Matthew Walsh (from August 2025)

5,253

Frank Mahon (from August 2025)

5,253

130,166

124,040

Total

The board members received £1,058 (2025: £3,618) for expenses during the year.

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

12. Tax on surplus on ordinary activities The Association is registered with charitable rules under Co-operative and Community Benefits Societies Act and as such received charitable relief from Corporation Tax. Any surplus made by a non-charitable Group member (Fairfax Design & Build Limited) has been donated to the Association under the deed of covenant.

13. Pensions The Association participates in four pension schemes: a) Social Housing Pension Scheme (SHPS) defined benefit scheme The scheme is a multi-employer scheme which provides benefits to some 500 non-associated employers. The Scheme is a defined benefit scheme in the UK. The last triennial valuation of the scheme for funding purposes was carried out as at 30 September 2023. A recovery plan has been put in place with additional annual deficit contributions of £286,637 paid during the financial year (2025: £286,128) The scheme is classified as a ‘last-man standing arrangement’. Therefore, the Association is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. We have been notified by the Trustees of the SHPS Scheme that it has performed a review of the changes made to the Scheme’s benefits over the years and the result is that there is uncertainty surrounding some of those changes. The Trustee has been advised to seek clarification from the Court on these items. This process is ongoing and the matter is unlikely to be resolved before the end of 2026 at the earliest. It is recognised that this could potentially impact the value of Report and Financial Statements 2025⁄2026

Scheme Liabilities, but until Court directions are received it is not possible to calculate the impact of this issue, particularly on an individual employer basis, with any accuracy at this time. No adjustment has been made in these financial statements in respect of this potential issue. b) Buckinghamshire County Council Pension Fund (BCCPF) The BCCPF is a multi-employer scheme, administered by Buckinghamshire County Council under the regulations governing the Local Government Pension Scheme, a defined benefit scheme. The scheme is closed to new entrants. The employer’s contribution rate was nil % of pensionable salaries (2025: nil%). The most recent actuarial valuation of the scheme was carried out as at 31 March 2025 by a qualified independent actuary. The valuation results have been calculated by referring to the terms set out in the Deferred Debt Arrangement with the fund dated 6 April 2023. It showed a deficit of £1.35m. A recovery plan has been put in pace with additional annual deficit contributions of £115,000 to be paid from 1 April 2026 over the 3-year period ended 31 March 2028, when the next actuarial valuation is due. Following consultation with members, the scheme was closed to future accruals from 1 April 2023. The Association has become a deferred employer in the scheme under the Deferred Debt Agreement. c) Social Housing Pension Scheme (SHPS) defined contribution scheme The scheme is funded and contracted out of the state pension scheme. The amount charged to the consolidated statement of comprehensive income represents the employer’s contribution payable to the scheme. The accounting disclosures relating to defined benefit schemes are set out below. d) Social Housing Pension Scheme (SHPS) final salary scheme This scheme is closed to new entrants.

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

13. Pensions (continued) Consolidated Statement of Comprehensive Income: 2026

2025

Actuarial (loss) on defined benefit pension scheme:

£’000

SHPS

(127)

(329)

BCCPF

(127)

(329)

31 March 2026

31 March 2025

£’000

SHPS

678

1,041

BCCPF

Total

678

1,041

Total

Consolidated statement of financial position:

Net pension liability:

The Pension asset on BCCPF scheme has not been recognised as not considered recoverable.

Defined benefit schemes Principal actuarial assumptions used by the actuary at the statement of financial position date:

Discount rates:

BCCPF 2026

SHPS 2026

BCCPF 2025

SHPS 2025

% p.a.

Salary increases

3.90

4.03

3.90

3.80

Inflation (RPI)

3.30

3.28

3.20

3.08

Inflation (CPI)

2.90

3.03

2.90

2.80

Discount rate

6.10

6.18

5.80

5.87

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

13. Pensions (continued) Mortality assumptions: Assumed life expectancy from age 65:

BCCPF 2026

SHPS 2026

BCCPF 2025

SHPS 2025

years

Males

22.0

20.9

20.7

20.5

Females

24.6

23.2

24.4

23.0

Males

23.5

22.2

22.0

21.7

Females

26.3

24.6

25.8

24.5

BCCPF 2026

SHPS 2026

BCCPF 2025

SHPS 2025

£’000

449

393

Administration expenses

Amounts charged to operating costs

464

401

Net interest

(195)

(60)

Amounts (credited)/charged to other finance costs (note 9)

(171)

(60)

BCCPF 2026

SHPS 2026

BCCPF 2025

SHPS 2025

£’000

Return on fund assets in excess of interest

825

(255)

(1,376)

(911)

Change due to scheme experience

1,035

Change in financial assumptions

(936)

146

(467)

Change in demographic assumptions

846

215

3,357

1,086

Other actuarial losses

(457)

(60)

Re-measurement of the defined liability

1,313

2,096

(292)

Retiring today

Retiring in 20 years

Amounts recognised in surplus: Current service cost

Re-measurements in other comprehensive income:

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

13. Pensions (continued) Net pension liability

BCCPF 2026

SHPS 2026

BCCPF 2025

SHPS 2025

£’000

21,163

7,707

20,820

7,298

(26,008)

(7,029)

(24,181)

(6,257)

4,845

3,361

678

1,041

Reconciliation of opening and closing balances of the present value of scheme liabilities

BCCPF 2026

SHPS 2026

BCCPF 2025

SHPS 2025

£’000

Opening defined benefit obligation

20,820

7,298

24,102

7,257

Service cost

449

393

Interest cost

1,168

436

1,158

363

Present value of funded obligation Fair value of scheme assets Asset capping Net liability

Expenses Change due to scheme experience

936

(146)

(62)

467

Change in financial assumptions

(846)

(215)

(3,357)

(1,086)

457

(53)

(1,372)

(208)

(968)

(160)

Closing defined benefit obligation

21,163

7,707

20,820

7,298

Reconciliation of opening and closing balances of the fair value of fund assets

BCCPF 2026

SHPS 2026

BCCPF 2025

SHPS 2025

£’000

Opening fair value of scheme assets

24,181

6,257

25,330

5,839

Interest on assets

1,363

386

1,218

311

Return on assets less interest

825

(255)

(1,376)

(911)

Administration expenses

(24)

(23)

Contributions by employer including unfunded benefits

831

1,122

Contributions by scheme participants

Estimated benefits paid including unfunded benefits

(1,372)

(209)

(968)

(160)

Other actuarial gains

1,035

26,008

7,029

24,181

6,257

Change in demographic assumptions Estimated benefits paid (net of transfers in) Contributions by scheme participants

Closing fair value of scheme assets Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

13. Pensions (continued) Major categories of plan assets

BCCPF 2026

SHPS 2026

BCCPF 2025

SHPS 2025

£’000

Equities

13,495

780

12,186

707

Gilts

2,792

2,192

Other bonds

2,966

2,843

Property

1,322

343

1,331

315

1,252

1,160

326

374

2,363

968

2,080

897

2,143

1,895

Multi assets

1,682

2,325

Private debt

1,062

850

Private credit

849

766

Credit

280

239

Investment Grade Credit

413

193

26,008

7,029

24,181

6,257

Liquid Alternatives Cash Alternative assets Liability driven investment

Total

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

14a. Tangible fixed assets housing properties – Group Tangible fixed assets housing properties

Social Social housing housing properties for properties letting under held for construction letting

Cost At 1 April 2025

Reclassifaction

Additions:

- Construction costs

- Replaced components Transfer to completed properties Transfer to properties held for sale (note 17) Disposals:

- Components (note 4&6) - Right to buy (note 7) - Void (note 7)

- Staircasing (note 7) - RTA (note 7)

At 31 March 2026 Depreciation

At 1 April 2025 Charge for the year (note 4 & 6) Released on disposal: - Components (note 4&6) - Right to buy (note 7) - RTA (note 7)

- Void (note 7)

- Staircasing (note 7) - Other

At 31 March 2026 Net book value

At 31 March 2026 At 31 March 2025

Report and Financial Statements 2025⁄2026

Low cost shared ownership properties held for letting

Low cost shared ownership properties under construction

Total

£’000

521,538

18,575

61,317 -

8,768

(3,286)

610,198

37,469

11,332

48,801

36,083

(36,083)

13,383

(13,383)

(565)

666

101

(6,604)

(459)

18,123

(1,303) -

3,286

(504)

566,596

23,247

63,942

18,123

(1,303)

(504)

74,196

4,097

668,136

1,646

65,588

8,649

456

9,105

(4,724)

(32)

(217)

(303)

(144)

(217)

(303)

(144)

(15)

67,468

2,087

69,555

499,128

23,247

72,109

4,097

598,581

457,596

18,575

59,671

8,768

(15)

544,610

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

14b. Tangible fixed assets housing properties – Association Tangible fixed assets housing properties

Social Social housing housing properties for properties letting under held for construction letting

Cost At 1 April 2025

Reclassification

Additions:

- Construction costs

- Replaced components Transfer to completed properties Transfer to properties held for sale (note 17) Disposals:

- Components (note 4) - Right to buy (note 7) - Void (note 7)

- Staircasing (note 7)

Low cost shared ownership properties held for letting

Low cost shared ownership properties under construction

Total

£’000

521,541

18,603

61,317 -

8,768

(3,286)

610,229

37,469

11,332

48,801

36,083

(36,083)

13,383

(13,383)

(565)

666

101

(6,604)

(459)

18,123

(1,303)

668,167

1,646

65,590

8,649

456

9,105

(4,724)

- Void (note 7)

(144)

- RTA (note 7)

(32)

- Components (note 4) - Right to buy (note 7) - Staircasing (note 7) - Other

23,275

63,944

(459)

4,097

At 1 April 2025 Charge for the year (notes 4 & 6) Released on disposal:

566,599

(1,303)

74,196

Depreciation

(504)

18,123

(504)

At 31 March 2026

- RTA (note 7)

3,286

(217)

(303)

(15)

(217)

(303) (15) 78

At 31 March 2026

67,468

2,087

69,555

At 31 March 2026

499,131

23,275

72,109

4,097

598,612

Net book value

At 31 March 2025

Report and Financial Statements 2025⁄2026

457,597

18,603

59,671

8,768

544,639

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

14c. Tangible fixed assets housing properties – Group and Association

The net book value of housing properties comprises:

Note

2026

2025

£’000

Freehold land and buildings

588,800

534,829

Leasehold land and buildings

9,781

Total

14a

598,581

544,610

Interest capitalisation:

Note

2026

2025

£’000

1,117

2,046

Cumulative interest capitalised at the beginning of the year

10,764

8.718

Cumulative interest capitalised at year end

11,881

10,764

Rate used for capitalisation

4.26%

4.30%

2026

2025

£’000

Interest capitalised in the year

Works to properties:

Note

Improvements to existing properties capitalised

14a

18,123

18,622

Major repairs expenditure charged to the statement of comprehensive income

10,646

8,528

28,769

27,150

2026

2025

£’000

Total Total social housing grant received or receivable to date as follows:

Note

Capital grant held in deferred income

36,921

34,165

Recycled capital grant fund

Amortised to Statement of comprehensive income

(302)

(194)

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

14c. Tangible fixed assets housing properties – Group and Association (continued) Impairment: The Group assessed its portfolio for indicators of impairment at the statement of financial position date. This is an annual process and includes looking at the changes in government policy, materially higher than anticipated development costs, reduction in house market prices for shared ownerships properties held for sale, changes for market demand for properties and the properties with the most voids throughout the year. A review of existing portfolio for indicators of impairment resulted in nil charge to the Statement of comprehensive income (2025: nil).

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

15. Other tangible fixed assets - Group and Association Office Plant & Buildings Machinery

Motor Vehicles

Fixtures, Computer Computer Fittings, Hardware Software Tools and Equipment

Total

£’000

5,574

3,018

2,739

492

888

4,001

16,712

Additions

590

270

267

1,163

Disposals

(42)

(315)

(165)

(522)

6,164

3,018

2,697

528

843

4,103

17,353

At 1 April 2025

2,839

1,936

1,722

440

649

3,443

11,029

Charged in year (note 6)

138

219

409

153

304

1,255

(42)

(315)

(165)

(522)

2,977

2,155

2,089

472

487

3,582

11,762

At 31 March 2026

3,187

863

608

356

521

5,591

At 31 March 2025

2,735

1,082

1,017

239

558

5,683

Cost/ valuation At 1 April 2025

At 31 March 2026

Depreciation

Disposals At 31 March 2026

Net book value:

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

16. Investment Properties – Group and Association The Association’s investment properties are valued annually on 31 March at fair value, determined by JLL, an independent, professionally qualified valuer. The valuations were undertaken in accordance with the Royal Institute of Chartered Surveyors’ Appraisal and Valuation Manual. The valuation is derived from current market rents and investment property yields for comparable properties, considering the nature, location or condition of the specific asset. Fair value has been determined through a desktop valuation. Investment properties are valued using the investment method of valuation. There are two categories of investment property: commercial properties and garages. For the commercial properties the nature of the properties, the lease terms and the varying strength of the tenant covenant was considered before rental income was capitalised by applying all-risks yields of between 8% and 11%. Garage rental income has been valued applying a yield of 10% to estimated net rental income. There is a gain on revaluation of investment property of £1,088,000 (2025: £1,010,000), which has been recognised in the Consolidated Statement of Comprehensive Income. Investment properties

2026 £’000

2025 £’000

11,083

9,490

603

1,088

1,010

(20)

12,171

11,083

2026 £’000

2025 £’000

718

1,184

2,630

4,003

3,348

5,187

Transferred from fixed assets

565

594

Transferred in prior year not sold

203

4,116

5,781

At 1 April Transfer from other fixed assets Fair value movement on investment properties (note 3a) Other At 31 March

17. Properties held for sale – Group and Association Shared ownership properties Completed properties Work in progress

Social Housing Properties

Total (note 14a)

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

18. Trade and other debtors Group 2026

Group 2025

Association 2026

Association 2025

£’000

2,511

3,002

2,511

3,002

(1,326)

(1,485)

(1,326)

(1,485)

1,185

1,517

1,185

1,517

558

304

475

291

Prepayments and accrued income

2,808

3,574

2,808

3,574

Total

4,551

5,395

4,468

5,382

Rent and service charges receivable Less: Provision for doubtful debt

Amounts owed by Group undertakings (note 30) Other debtors

Rent and service charges receivable are shown at gross amounts with corresponding rent and service charges received in advance shown in note 19.

19. Creditors: amounts falling due within one year Note

Group 2026

Group 2025

Association 2026

Association 2025

£’000

14,968

325

216

325

228

Rent and service charges received in advance

2,704

1,818

2,704

1,818

Taxation and social security

433

5,100

2,125

5,100

2,123

Loans and borrowings

Trade creditors

Other creditors Deferred capital grant

314

290

314

290

Recycled capital grant fund

Accruals and deferred income

9,199

17,864

9,097

17,766

Accrued interest

3,158

2,859

3,158

2,859

Total

36,232

25,174

36,130

25,084

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

20. Creditors: amounts falling due after more than one year Note

Group 2026

Group 2025

Association 2026

Association 2025

£’000

Loans and borrowings

304,527

274,432

304,527

274,432

Deferred capital grant

36,607

33,875

36,607

33,875

Recycled capital grant fund

341,193

308,389

341,193

308,389

Total

21. Recycled capital grant fund – Group and Association Note At 1 April

2026 £’000

2025 £’000

120

(121)

Inputs to fund: Grants recycled from deferred capital

Interest accrued Recycling of grant: New build

At 31 March Amounts to be released in one year

Amounts to be released in more than one year

Total

The grants have been recycled into this fund, following property sales under the preserved Right to Acquire.

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

22. Deferred capital grant – Group and Association Note

2026 £’000

2025 £’000

At 1 April

34,165

34,100

Grant received during the year

3,057

213

Amortised in the year

(302)

(194)

Transfer to RCGF

(121)

Transfer from RCGF

120

(38)

36,921

34,165

Other As at 31 March Amounts to be released in one year

314

290

Amounts to be released in more than one year

36,607

33,875

36,921

34,165

Total

23. Loans and borrowings Note

Group 2026

Group 2025

Association 2026

Association 2025

£’000

15,000

(32)

14,968

15,000

In more than two years, but not more than five years

68,000

45,000

68,000

45,000

After five years

225,000

217,000

225,000

217,000

Issue costs

(3,473)

(2,568)

(3,473)

(2,568)

304,527

274,432

304,527

274,432

319,495

274,432

319,495

274,432

Due within one year Bank and other loans Issue costs Total

Due after more than one year In more than one year, but not more than two years

Total Total loans

Security The bank loans and private placements are secured by a fixed charge over the Association’s properties. At 31 March 2026 4,924 properties were charged as security for the bank loans, these had a Market Value subject to Tenancy (MVT) of £865m. In addition, 257 properties were charged as security for bank loans, these had an Existing Use Value (EUV) of £ 20m. Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

23. Loans and borrowings (continued) Terms of repayment and interest rates

The interest on long term loans and note purchase agreements are paid in quarterly instalments over the life of the loans. £68m of the loans are bullet payments and with our two note purchase agreements, one agreement is for 30 years which is repaid on a bullet payment basis, whereas the second agreement is for 35 years and is repaid on a phased basis. The loans are fully repaid between 2022 and 2035. The average cost of funding at 31 March 2026 is 4.19% (2025: 4.3%). At 31 March 2026 the Association had undrawn loan facilities arranged and available of £237 million (2025: £158 million).

24. Capital commitments – Group and Association 2026 £’000

2025 £’000

Commitments contracted but not provided for

63,094

86,354

Commitments approved by the Board but not contracted for

6,402

34,660

Total

69,496

121,014

Capital commitments

The above commitments will be financed through borrowings which are available for draw down under existing arrangements.

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

25. Financial Instruments - Group The Group’s financial instruments may be analysed as follows: Note

2026 £’000

2025 £’000

Trade receivables

1,185

1,517

Other receivables

3,366

3,878

Cash and cash equivalents

10,251

9,228

Total

14,802

14,623

Financial assets Financial assets measured at amortised cost

Financial liabilities Financial liabilities measured at amortised cost Loans payable

319,495

274,432

Capital grant

36,921

34,165

Trade creditors

325

216

Other creditors

20,939

24,958

Total

377,680

333,771

Borrowing facilities available

237,000

158,000

The Group has undrawn committed borrowing facilities. The facilities available at 31 March 2026 in respect of which all conditions precedent have been met were £237 million (2025: £158 million).

26. Provisions for liabilities – Group and Association Leave pay

2026 £’000

2025 £’000

At 1 April

198

176

Movement in the year

(19)

At 31 March

179

198

The leave pay provision represents holiday balances accrued as a result of services rendered in the current period and which employees are entitled to carry forward. The provision is measured as the salary cost payable for the period of absence.

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

27. Contingent liabilities – Group and Association Amortised SHG represents a contingent liability of £4.7million (2025: £4.5m) This contingent liability will be realised if the assets to which the amortised grant relates to are disposed. Fairhive has participated in the Social Housing Pensions Scheme (SHPS), which is a defined benefit scheme. We are aware that the Trustees of the Scheme, have performed a review of the changes made to the Scheme’s benefits over the years, resulting in uncertainty surrounding some of these changes. The Trustees have been advised to seek clarification from the Court on these items. The process is ongoing, and the matter is unlikely to be resolved before the end of 2026. It is too soon to calculate the impact of this issue with any accuracy, particularly on an individual employer basis. No adjustment has been made in these financial statements in respect of this potential issue.

28. Share capital - Association 2026 £

2025 £

At 1 April

Shares issued

(4)

Shares cancelled At 31 March

29. Investment in subsidiaries The Association has two wholly owned subsidiaries: Fairfax Housing Limited and Fairfax Design & Build Limited. Fairfax Design & Build Limited started its operations during the financial year ended 31 March 2022. Fairfax Housing Limited remained dormant since incorporation. The Association holds £1.00 share in each subsidiary and has the right to appoint members to the boards and thereby exercises control over them. Both subsidiaries are non-regulated registered companies under the Companies Act 2006. The registered office is the same for all of the group entities. The Association is the ultimate parent undertaking.

Report and Financial Statements 2025⁄2026

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

30. Related party disclosure – Association Intergroup transactions and balances with Fairfax Design & Build Limited (FDBL) Note

2026 £’000

2025 £’000

Staff costs recharged to FDBL

Management fees charged to FDBL

1,492

2,241

Intra Group revenue:

Intra Group costs: Charge for the design and build services provided by FDBL Admin charge from FDBL Intra Group trading balances: Amounts receivable from FDBL

Amounts payable to FDBL

The Association transacts with FDBL, a nonregulated entity, whose principal activity is to provide design and build services. As FDBL does not employ any staff, it buys staff services to manage various design and build projects, and buys management services from the Association. The Association pays for the design and build services provided by FDBL and the recharge includes an administration fee, calculated as 4.5% of the contract costs (2025: 4.5%)

Report and Financial Statements 2025⁄2026

Board members: During the year two Councillors of Buckinghamshire Council, Ade Osibogun and Angela Macpherson served on the Board. They resigned during the year and were replaced by Matthew Walsh and Frank Mahon. All transactions made with the Local Authority were made at arm’s length on normal commercial terms; members cannot use their position to their advantage.

Docusign Envelope ID: DEAEE3A9-6E17-8116-82B1-C7277EC2A45E

Fairhive Homes Limited, Fairfax House, 69 Buckingham Street, Aylesbury, Bucks, HP20 2NJ 01296 732600 fairhive.co.uk