HYELM's Annual Report and Accounts Now Available Online

We are pleased to announce that HYELM’s Annual Report and Accounts for 2023 are now available to view online. This report offers a comprehensive overview of our activities, achievements, and financial performance over the past year, reflecting our ongoing commitment to providing safe, stable, and affordable housing for young professionals in London. 

Key Highlights from the Past Year 

1. Resident Satisfaction Survey 
   • We conducted a detailed survey with the help of Acuity to understand our residents’ satisfaction levels. The results were encouraging, with 80% of residents expressing overall satisfaction with our services, an increase from 76% last year. High satisfaction levels were noted in areas such as staff friendliness (92%), equal treatment (89%), and ease of dealing with HYELM (87%). 
2. Old Street Property Refurbishment 
   • Our extensive refurbishment programme at the Old Street property is progressing well. Phase 1, focusing on internal means of escape, has been completed. Phase 2, which involves works within the flats, is currently underway, and Phase 3, targeting the building externals, is scheduled to start in 2025. 
3. Colindale Site Development 
   • Despite the challenges faced, including the termination of the initial construction contract, we have made significant progress at our Colindale site. Demolition of the existing building is set to complete in 2024, leaving a cleared site valued at approximately £15 million. We continue to explore opportunities for redevelopment in collaboration with potential partners. 
4. Financial Performance 
   • Our financial statements reflect a challenging year with a deficit of £1.2 million, primarily due to operational deficits, fire safety works at Old Street, and holding costs for the Colindale site. Despite these challenges, our balance sheet remains strong with total reserves of £30.5 million and cash balances of £14.3 million. 

Looking Ahead

• We are excited about the upcoming expansion of our annual programme of resident events, which will be designed based on residents’ suggestions and preferences. 
• Our strategic priorities for the next three years will be reviewed to ensure continued alignment with our mission and goals. 
• We will persist in our efforts to rectify the fire and building defects at Old Street and explore new development opportunities within London. 

A Note of Thanks 

We extend our heartfelt gratitude to our Board members, who generously volunteer their time and expertise, and to our dedicated staff for their hard work and commitment. We also thank our residents for their patience and understanding during the ongoing refurbishment works at Old Street. 

Click here to view the full Annual Report and Accounts for 2023.