The Assumption is that unit number are fixed for the years 2009 with an additional 10 general needs units in both 2011 and 2012.

Inflation Rate (2009 to 2014)	2.00%
Variable interest rate (2009/2010)	3.00%
Variable interest rate (2010/2014)	5.00%
Rent Increase Rate (3 years 2012to 2014)	2.50%
Rent Increase Rate (2010/11)	0.00%
Rent Increase Rate (2009/10)	5.50%
Real Cost increases except maintenance	0.50%
Real Cost increases maintenance (2009/2014)	1.00%
Salary Cost Increase 2009/10	2.50%
Salary Cost Increase 2009/14	2.50%
Maintenance Costs (2009 to 2014)	3.00%
Overheads (2009 to 2014)	2.50%
SP Income 2009/10	2.60%
SP Income 2010/2014	2.50%
Staffing Levels no change in current establishment

Interest Rate	7.00%
General Needs Grant Rate	58.00%
Units General Needs per scheme	10
Total Cost of General Needs Unit (2 Bed)	£190K

The plan allows for Innisfree to purchase 29 units in management (in addition to the 48 Camden properties purchased in April 2009).

The average SHG rate is 68% on the 29 homes in management.

Homes	538	548	558	558	558
Projected BALANCE SHEET as at 31st March 2010-2014	31/3/10	31/3/11	31/3/12	31/3/13	31/3/14
FIXED ASSETS	£'000	£'000	£'000	£'000	£'000
Tangible Assets :
Housing Properties at cost	56,439	58,769	60,841	62,913	63,163
Depreciation	551	713	888	1,068	1,253
Housing Properties at cost less dep'n	55,888	58,056	59,953	61,845	61,910
Housing Association Grant	37,587	39,267	40,369	41,471	41,471
	18,301	18,789	19,584	20,374	20,439
Other Tangible Fixed Assets	42	28	35	25	28
	18,343	18,817	19,619	20,399	20,467
CURRENT ASSETS
Debtors	206	220	222	226	235
Cash at Bank and in hand	365	1,462	771	116	139
	571	1,682	993	342	374
CREDITORS
Amounts falling due within one year	828	867	925	982	965
NET CURRENT ASSETS	-257	815	68	-641	-591
ASSETS LESS CURRENT LIABILITIES	18,086	19,632	19,687	19,758	19,876
CREDITORS :
Amounts falling due after one year	13,573	14,936	14,795	14,655	14,515
CAPITAL AND RESERVES
Non equity capital	0	0	0	0	0
Income and expenditure account	4,513	4,696	4,892	5,103	5,360
Total Reserves	4,513	4,696	4,892	5,103	5,360
	18,086	19,632	19,687	19,758	19,875
Gearing Ratio	32.24%	33.97%	32.69%	31.47%	30.99%

Homes	538	548	558	558	558
	2010	2011	2012	2013	2014
INCOME	£'000	£'000	£'000	£'000	£'000
Rent and Service Charges	2,858	2,893	3,005	3,100	3,178
Revenue Grants-Supporting People	315	323	331	339	348
Development Income	60	34	-	-	-
Bank Interest /Other Income	12	12	12	12	12
	3,245	3,262	3,348	3,452	3,538
EXPENDITURE
Planned Maintenance Costs	367	278	289	301	313
Day to Day Maintenance Costs	197	203	209	216	222
Camden Properties maintenance	51	53	54	56	57
Camden Costs other	20	21	21	22	22
Direct Property Costs	225	237	245	273	262
Salaries	837	867	889	911	934
Bad Debts	30	31	32	33	34
overheads	287	270	274	294	300
Development Costs	23	4	-	-	-
Mortgage loan interest	708	926	956	950	943
Scheme Interest	61	21	-	-	-
Property Depreciation	104	162	175	180	185
Friends of Innisfree	5	6	8	6	8
Operating Surplus/(Loss)	2,914	3,079	3,153	3,241	3,280
Operating Surplus for the year	330.7	183.1	195.7	211.1	257.5
Interest Cover	1.430	1.193	1.205	1.222	1.273
Interest Cover with Property Depreciation added back	1.565	1.364	1.388	1.412	1.469

Homes	538	548	558	558	558
CASHFLOW	2009/10	2010/11	2011/12	2012/13	2013/14
	£'000	£'000	£'000	£'000	£'000
Operating Surplus	330.7	183.1	195.7	211.1	257.5
Interest Recd	-3.0	-3.0	-3.0	-3.0	-3.0
Interest Paid	768.5	947.0	956.0	950.0	943.0
Operating Surplus	1096.2	1127.1	1148.7	1158.1	1197.5
Property Depreciation	103.6	162.0	175.0	180.0	185.0
Other Depreciation	30.0	20.0	20.0	20.0	20.0
Other Adjustments	-44.8	19.8	27.8	43.7	-49.1
Net Cash Flow from Operating Activities	1185.0	1328.9	1371.5	1401.8	1353.4
Interest received	3.0	3.0	3.0	3.0	3.0
Interest paid	768.5	947.0	956.0	950.0	943.0
NET CASH INFLOW/OUTFLOW	419.5	384.9	418.5	454.8	413.4
NET CASH IN(OUT)FLOW FROM INVESTING ACTIVITIES (net SHG)	4926.0	650.0	970.0	970.0	250.0
NET CASH IN(OUT)FLOW FROM FINANCING ACTIVITIES	-117.0	1362.0	-140.0	-140.0	-140.0
NET CASH INCREASE(DECREASE) IN CASH AND CASH EQUIVELENTS	-4623.5	1096.9	-691.5	-655.2	23.4
Cash Balance brought forward	4989.0	365.5	1462.4	770.8	115.6
Cash balance carried forward	365.5	1462.4	770.8	115.6	139.0
Interest cover cash flow basis	1.55	1.41	1.44	1.48	1.44

Key Historic Financial Statistics - Years 2001 to 2008

Year ended 31st March:	Audited 2008	Audited 2007	Audited 2006	Audited 2005	Audited 2004	Audited 2003	Audited 2002	Audited 2001
Property Assets at cost (after dep'n)	40499	36200	36277	27249	27696	27708	26361	24334
Social Housing Grant	29701	26890	26890	21278	21657	21,657	20,952	19,698
Borrowing	8680	8743	8763	4,261	4,274	4,287	4,314	4,322
Gearing Ratio	25.84%	28.30%	28.96%	17.51%	17.70%	17.91%	18.79%	20.13%
Cash	2283	3508	3241	2010	1207	950	1,369	1,875
Working capital Ratio	3.20	5.15	4.82	2.52	2.03	1.78	2.45	3.38
Operating Surplus Before Interest	987	772	879	1127	723	795	733	598
Interest Paid	826	704	648	559	496	541	493	462
Interest Received	130	160	78	49	27	29	74	89
Net Interest Paid	696	544	570	510	469	512	419	373
Interest Cover	1.19	1.10	1.36	2.01	1.46	1.47	1.49	1.29
Interest Cover with dep'n added back	1.45	1.43	1.59	2.20	1.64	1.63	1.76	1.61
Available Surplus	291	228	309	617	254	283	314	225
Reserves	3889	3598	3370	3061	2493	2266	2011	1772
Forecasts	2009	2008	2007	2006	2005	2004	2003	2002
Forecast Borrowing Rates (new borrowing)	6.5	5.5	5.5	5.5	5.5	5.5	5.5	6.0
Forecast Deposit Rates	5.00%	4.50%	4.50%	3.50%	3.50%	3.50%	3.50%	3.50%