Financial Commentary

During 2009 we strengthened our financial viability through:

taking 29 homes into management
taking 45 homes into ownership
excellent reviews of our Supporting People service
increasing our available free reserves by £456k to £4.345m
spending £529k on maintenance
rent cash collection rate of 98.85%
occupancy rate of 99.43%
£5m drawdown at an excellent interest rate
negotiating the purchase of 48 homes in Camden (successfully completed in April 2009)

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 2009, Innisfree had used £245K of its cash reserves to fund the purchase of homes. In April 2009 Innisfree increased the amount of Innisfree's cash reserves for this purpose to £3.76m. This will help keep interest costs under control.

Summary of Audited Accounts

Income & Expenditure	2009 £'000s	2008 £'000s
Turnover	2,962	2,589
less repairs and administration costs	1,810	1,602
leaving an operating surplus of	1,152	987
less interest paid on loans	762	826
plus interest received	66	130
leaving a surplus of	456	291
Available surplus	456	291
Balance Sheet
Cost of investments in homes	47,860	40,499
Investments in fixed assets	63	35
Funds we hold (cash plus money we are owed less bills to be paid)	4,345	1,736
Total	52,268	42,270
Social Housing Grant	34,375	29,701
Long-term loans for housing	13,548	8,680
Available reserves	4,345	3,889
Total	52,268	42,270

Salaries

The salary of the Chief Executive for the year ended 31 March 2009 was £68,901. 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 £186,586.

Financial Commentary

Summary of Audited Accounts

Income & Expenditure

Balance Sheet

Salaries