Financial Commentary

During 2008 we strengthened our financial viability through:

taking 31 homes into management
taking 29 homes into ownership
excellent reviews of our Supporting People service
increasing our available free reserves by £291k to £3.89m
spending £451k on maintenance
rent cash collection rate of 97.54%
occupancy rate of 99.42%
excellent governance review

Innisfree's maintenance spend ensures that our tenants live in well-maintained homes. The high rent cash collection rate helps Innisfree residents to sustain their tenancies.

At 31 March 2008, Innisfree had used £2,118K of its cash reserves to fund the purchase of homes. Innisfree purchased 9 homes in July 2008 funding the purchase from Innisfree's cash balance. This increased the amount of Innisfree's cash reserves funding the purchase of homes to £2.57m. This will help Innisfree to keep interest costs under control.

Salaries

The salary of the Chief Executive for the year ended 31 March 2008 was £65,955. She received no other benefits apart from membership of the Pensions Trust. The salaries of the four members of the senior management team, excluding the Chief Executive, amounted to £177,497.

Summary of Audited Accounts

Income & Expenditure	2008 £'000s	2007 £'000s
Turnover	2,589	2,301
less repairs and administration costs	1,602	1,529
leaving an operating surplus of	987	772
less interest paid on loans	826	704
plus interest received	130	160
leaving a surplus of	291	228
Available surplus	291	228
Balance Sheet
Cost of investments in homes	40,499	36,200
Investments in fixed assets	35	40
Funds we hold (cash plus money we are owed less bills to be paid)	1,736	2,991
Total	42,270	39,231

Social Housing Grant	29,701	26,890
Long-term loans for housing	8,680	8,743
Major repairs reserve	0	2,000
Available reserves	3,889	1,598
Total	42,270	39,231

Note

Major repair reserve was consolidated into available reserves following a change in accounting policy.

Financial Commentary

Salaries

Summary of Audited Accounts

Income & Expenditure

Balance Sheet

Note