23697.04     22 October 2014 5:25 PM    PROOF 9
Creat Ive t HInk Ing In  
BROwn FiEl D DEvEl OPMEn T
Annual Report and Accounts  
for the year ended 30 June 2014
Stock code: inl
2014 23697.04     22 October 2014 5:25 PM    PROOF 9
As a leading brownfield regeneration specialist, we focus on buying 
brownfield sites and enhancing their value through obtaining 
planning permissions for residential and mixed use developments.
Sustainability is at the heart of everything we do.
WeLCOMe t O  
inl An D HOMES Pl C
WHY Inve St In In Lan D HOMeS PLC
•	 Strong management team
•	 Adding value throughout the development process
•	 Diverse land portfolio in the South and South East of England
•	 Unrealised value within the land bank as a result of planning 
permissions
Marketplace Section  
pages 18 and 19 
Strategy Section  
page 13 
Business Model  
pages 08 to 11 
w ilton Park, Beaconsfield
Inland Homes plc
www.inlandhomes.co.uk
Annual Report and
Accounts 2014
Inland Homes plc
Annual Report and
Accounts 2014
01 IFC
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inland Homes is an established land regeneration business, focused 
on developing sites in southern England for residential and mixed 
use projects. Our foundations have been built on a proactive and 
decisive approach to identifying the right land opportunities, and our 
ability to navigate the complex planning system and maximises the 
potential of the final development.
Our versatile structure, relatively small team, local insight 
and opportunistic approach gives us a competitive advantage, 
ensuring we can react fast to secure the sites we want at a price 
that maximises returns. Once secured, our knowledge of and 
relationships with local authorities, and the wealth of experience in 
our land team, means that we are able to secure the right planning 
consent for the sites we own and manage.
Our ambitious developments, combining style, comfort and 
sustainability for a wide social demographic, deliver appropriate 
rewards for our business, our stakeholders, our shareholders and 
the local community. 
increasingly, we are utilising our own land bank to grow our 
housebuilding operations and this growth will continue to optimise 
our revenue profile.
WHO  
w E ARE
Inve St Or Web SIte
we maintain a corporate website at www.inlandhomes.co.uk 
containing a wide range of information of interest to institutional 
and private investors including:
•	 l atest news and press releases
•	 Annual reports and investor presentations
gett Ing ar Oun D t He re POr t
introduction to signposting devices:
Strateg IC r ePOr t
welcome to inland Homes plc iFC
w ho we Are 01
Our l and Portfolio 02
Building Sustainable Homes 03
Financial and Operational Highlights 04
Chairman’s Statement 06
Our Business Model (w hat we do) 08
Our Strategy (Overview) 13
Q&A on Strategy with Stephen w icks 14
Q&A on Finance with n ish Malde 15
Q&A on l and Strategy with Paul Brett 16
Our Marketplace 18
Chief Executive’s Review 20
Finance Director’s Review 24
Case Study – Drayton Garden village 26
Case Study 2 – west Plaza, Ashford 30
Case Study 3 – Callis yard, woolwich 34
Key Performance indicators 38
Risk and Risk Management 40
Corporate, Social, Ethical and 
Environmental Responsibilities 42
Our gOvernan Ce
Board Composition 48
Board of Directors 50
Senior Management (the broader team) 52
Our Governance 54
Directors’ Remuneration Report 56
Directors’ Report 62
Our F Ina n CIa LS
independent Auditor’s Report (Group) 70
Group income Statement 71
Group Statement of Comprehensive income 71
Group Statement of Financial Position 72
Group Statement of Changes in Equity 73
Group Statement of Cash Flows 74
n otes to the Group Financial Statements 75
independent Auditor’s Report (Company) 102
Company Balance Sheet 103
n otes to the Company Financial Statements 104
SHare HOLDer In FOr Mat IOn
Company information iBC
WHat’ S
in SiDE
Online 
navigation device 
annual r eport 
navigation device
view our Annual Report online  
www.inlandhomesplc.annualreport2014.co.uk 
Stock code: INL
Strategic Report
Our Governance
Our Financials
Shareholder Information
Stock code: INL 23697.04     22 October 2014 5:25 PM    PROOF 9
Lan D  
PORTFOli O
The land portfolio consists of 3,734 plots across the south of 
England, owned, controlled or managed by Inland Homes.
Read about KPi’s  
on pages 38 and 39 
Read about our Strategy  
on page 13 
acton
amersham
ashford
aylesbury
beaconsfield
boreham
bournemouth
Chelmsford (two sites)
Chesham
Colchester
Frating
Farnborough
gerrards Cross
Henley on t hames
High Wycombe
Holmer green
Ipswich
Iver
Leighton buzzard
Little Chalfont
Loudwater
Markyate
Poole
Southampton
t iptree
Woolwich
Wooburn green
West Drayton
Sites Under Construction
Other inland Sites
Leighton Buzzard Little Chalfont
Chesham
Amersham
Aylesbury
Holmer Green
Gerrards Cross
Wooburn Green
West Drayton
Farnborough
Southampton
Poole
Bournemouth
Henley on Thames
Ashford
Beaconsﬁeld
Markyate
Chelmsford
Boreham
Tiptree
Colchester Frating
Woolwich
High Wycombe & Loudwater
Acton
Iver
Ipswich
www.inlandhomes.co.uk
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Lan D  
BAn K
3,734 plots
re SIDent IaL PLOt S  
SOl D 2014
169 plots
PLOt S WIt H PLann Ing 
PERMiSSiOn
1,318 plots
ann ua L renta L 
in COME
£605,000
PLOt S WIt HOut 
Pl Annin G
2,416 plots
Maj Or 
SiTES
12 accounting for 2,601 plots
buILDIng SuSta Inab Le HOMeS WHILSt DeLIver Ing On Our 
COMMiTMEn T TO ‘QUAli Ty An D COMFORT’:
At inland Homes we are proud of our commitment to create developments that not only 
serve the needs of the residents into the future, but that sustainably enrich the wider 
community. w ithout compromising on our excellence in design or the quality of our builds, 
we ensure that each of our projects contributes to the sustainable development of six core 
areas: community, customers, health and safety, supply chain, sustainable homes and 
people. we want our projects to stand testament to our values and leave a positive legacy 
to the area.
Read about Corporate Social 
Responsibility on pages 42 to 45 
SUSTAINABILITY
AT THE HEART
OF EVERYTHING 
WE DO
    COMMUNITY 
    CUSTOMERS
HEALTH & SAFETY
    SUPPLY CHAIN
      OUR PEOPLE
  SUSTAINABLE
       HOMES
Proposed development in iver, South Buckinghamshire
Stock code: INL
Strategic Report
Our Governance
Our Financials
Shareholder Information 23697.04     22 October 2014 5:25 PM    PROOF 9
FInan CIaL an D  
OPERATiOn Al HiGHli GHTS
gr OuP HIgHLIgHt S
•	 Record performance, ahead of market expectations;
•	 Strategic expansion of housebuilding activity proceeding according to plan and 
delivering results; 114 (2013: 55) completions in the year (including units managed on 
behalf of Drayton Garden village l imited (DGvl ));
•	 Continued growth in land bank, which currently stands at a record 3,734 plots (3 
October 2013: 2,306) with 1,318 plots consented (3 October 2013: 1,057);
•	 Dividend increased 122% to 0.60p (2013: 0.27p), reflecting the Group’s strong financial 
position and confidence in the short and medium term outlook.
POSt Year en D HIgHLIgHt S
•	 Heads of terms signed with a private rented sector institution for the sale of over 200 
apartments at Drayton Garden village (DGv);
•	 Planning consent received for 114 residential plots plus over 150,000 sq ft of 
commercial and leisure space at the w inter Gardens site in Bournemouth;
•	 Planning permission secured for 15 residential plots on the site of a former office block 
in Gerrards Cross, Buckinghamshire;
•	 Planning consent received for 152 residential plots at woolwich, in l ondon;
•	 Entered into joint venture with a third party on a site in Aylesbury, Buckinghamshire 
with the potential for in excess of 350 plots;
•	 The Judicial Review on the MoD’s decision to sell the wilton Park, Beaconsfield site has 
been withdrawn and the Group’s agreement with its financial partners can be concluded.
Out LOOk
•	 Market conditions remain buoyant: demand for private housing in south and south-east 
of England increasing; continuing strong demand for consented land from housebuilders;
•	 very strong forward sales position of £54.6 million with 436 units under construction; 
targeting approximately 270 unit completions in the current financial year;
•	 Actively targeting opportunities within the private rented sector; 
•	 Heads of terms agreed with Group’s financial partners for development of w ilton Park, 
Beaconsfield; inland to receive up to 80% of the net profit of the project;
•	 Core strategic goal of growing land bank remains; continue to see a healthy pipeline 
of opportunities and confident of achieving further land bank growth throughout the 
course of the current financial year and beyond.
Read more online at 
www.inlandplc.com 
£8.6m
Profit before tax
1,318
Consented plots in land bank
04
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2013/14
Fin An CiAl HiGHli GHTS
Finance Directors Review  
pages 24 to 25 
CEO Review  
pages 20 to 23 
Chairman’s Statement  
pages 06 and 07 
12 11 13 14
£21.4m
£6.1m
£31.1m
£39.8m
r evenue
Up 28.0% 
at £39.8m
(2013: £31.1m)
12 11 13 14
2.10p
0.41p
1.98p
2.87p
ba SIC earn Ing S Per SHare
Up 45.0% 
at 2.87p
(2013: 1.98p)
12 11 13 14
£3.5m
£1.6m
£5.2m
£8.6m
Pr OFIt be FOre tax
Up 65.7% 
at £8.6m
(2013: £5.2m)
12 11 13 14
26.5p
27.0p
28.7p
31.6p
net a SSet va Lue Per SHare
1
Up 10.1% 
at 31.6p
(2013: 28.7p)
12 11 13 14
£2.2m
£0.6m
£12.2m
£11.2m
Year en D CaSH ba Lan CeS
£11.2m
(2013: £12.2m)
12 11 13 14
0.00p
0.067p
0.27p
0.60p
DIvIDen D Per SHare
Up 122.2% 
at 0.60p
(2013: 0.27p)
1.  Excludes the Group’s interest in DGvl from 
which inland expects to derive a further 
2.8p per share net of tax. Also excludes any 
unrealised gains within our land bank.
Stock code: INL Stock code: INL
Strategic Report
Our Governance
Our Financials
Shareholder Information 23697.04     22 October 2014 5:25 PM    PROOF 9
CHaIr Man’ S
STATEMEn T
The performance of the business has been outstanding with all our strategic objectives 
having been achieved. These include increasing our housebuilding completions, 
substantially growing our land bank and achieving industry-leading margins.
Private unit completions (including those managed on behalf of DGvl ) more than doubled 
to 114 (2013: 55) with 436 units under construction across nine development sites. The 
unmet demand for homes in the UK continues to grow, a situation that is exacerbated by 
the continuing shortage of supply. The demand in the south and south east of England, 
where the Group operates, is particularly strong and is demonstrated by the forward sales 
position, for both inland and DGvl , of £54.6m in respect of units which have been reserved 
or where contracts have been exchanged. This places us in a strong position and we would 
expect that our net borrowings, which at the year end amounted to £28.8m (2013: £3.90m), 
to reduce significantly over the next six months as a result of these forward sales, along 
with a number of planned land disposals.
The number of building plots sold in the year, including plots sold 
by DGvl , was 169 (2013: 451) reflecting our strategy to grow our 
housebuilding activities. Despite the land disposals and unit completions, 
i am pleased to report that the land bank has also increased by 61.9% 
since 3 October 2013 to 3,734 plots (including those managed on behalf 
of DGvl ) of which 1,318 plots have planning permission. This pipeline of 
residential plots is anticipated to result in future gross development value 
of £1.1bn. in addition to these plots the land bank contains commercial 
space which currently generates annual rental income of £605,000.
The Group’s operating expenses increased as we continued to invest in personnel, in line 
with our growing turnover and profitability. 
Given the Group’s strong earnings, growth and forward sales position, the Board is 
proposing to increase the dividend by 122.2% to 0.60p (2013: 0.27p) per share subject 
to shareholder approval at the AGM which is to be held on 1 December 2014. The final 
dividend will be paid to shareholders on 9 January 2015.
i would like to take this opportunity to thank our small, entrepreneurial and highly 
motivated team for all their hard work which has been reflected by these highly 
commendable and record results. They also continue to create inspiring development 
opportunities that i have no doubt will stand the Group in good stead over future years.
t erry r oydon 
Chairman
15 October 2014
I am very pleased to be reporting 
on another excellent year for Inland 
Homes plc during which the Group  
has increased pre-tax profits by  
more than 65%.
’’
’’
t erry r oydon 
Chairman
122%
Given the Group’s strong earnings, 
growth and forward sales position, 
the Board is proposing to increase the 
dividend by 122% to 0.6p
61.9%
i am pleased to report that the land 
bank has increased by 61.9% since  
3 October 2013 to 3,734 plots
06
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114
Private unit completions 
more than doubled in the year
Stock code: INL
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Our Governance
Our Financials
Shareholder Information
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Our
BUSin ESS MODEl
IDent IFY  
l An D
Our local insight and established 
relationships mean that inland Homes is 
always aware of opportunities to increase 
its land bank. 
aCqu Ire  
l An D
Our flexible structure and motivated, 
close-knit team combine to make us a 
swift and astute land buyer.
aCHIeve PLann Ing 
PERMiSSiOn
Once a site is acquired, work begins to 
achieve planning permission. Our record 
of achieving planning permissions on our 
sites is second to none.
Creating short, medium and long term value.
Inland Homes has a defined business model for delivering value 
in the short, medium and long term. In the recent past, the 
model has changed to accommodate our growing housebuilding 
programme, which should deliver greater profitability and more 
regular returns in the medium and long term than selling land 
with planning consent.
SHORT TERM
RETURNS
REINVEST
RETURN VALUE TO 
SHAREHOLDERS
ADDING VALUE AND CREATING VALUE RIGHT THROUGH THE CHAIN
LONG TERM
RETURNS
MEDIUM TERM
RETURNS
08
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SeLL Lan D WIt H PLann Ing 
PERMiSSiOn TO DEvEl OPERS
Once consent is achieved, inland Homes 
has the opportunity to sell the site with 
outline planning permission to developers 
or housing associations for a short term 
return.
Deve LOP aLL Or Part OF 
THE SiTE
By selling parts of a site while 
carrying out infrastructure works and 
housebuilding on other parts, inland 
Homes is delivering revenue in the 
medium term.
reta In a LL Or Part OF t He 
SiTE; BUil D USin G MAin 
COn TRACTORS An D JOin T 
vEn TURES 
Building a whole development takes 
longer but maximises the revenue a site 
can deliver over the long term.
SHORT TERM
RETURNS
REINVEST
RETURN VALUE TO 
SHAREHOLDERS
ADDING VALUE AND CREATING VALUE RIGHT THROUGH THE CHAIN
LONG TERM
RETURNS
MEDIUM TERM
RETURNS
During the research and planning 
phase for each development we 
undertake consultations with the 
community, discussing the site and its 
surrounding environment with local 
groups and town councils.
’’
’’
Mark gilpin 
Planning Director
Stock code: INL Stock code: INL
Strategic Report
Our Governance
Our Financials
Shareholder Information 23697.04     22 October 2014 5:25 PM    PROOF 9
Our 
BUSin ESS MODEl COn Tin UED
IDent IFY  
l An D
Our local insight and established 
relationships mean that inland Homes is 
always aware of opportunities to increase 
its land bank. we have particularly strong 
ties with central l ondon agents, the MoD 
and other Government organisations, 
which frequently lead to new deals. 
Sites of varying value and size located 
around the M25 and the south and 
south east of England remain our 
priority. intensive legal, financial and 
land research is carried out at the 
identification stage, supported by our 
in-house architect and a number of 
planning/architectural consultants. 
Research into key factors such as local 
employment and transport links also 
influences our decisions.
Our appraisals and due diligence 
minimise risk and reinforce the land’s 
potential, ensuring that we fully 
understand the opportunity and that only 
sites with the right risk/reward balance 
are selected for acquisition. Payment 
terms for the land we buy can be deferred 
for up to three or four years with land 
being released to inland Homes as and 
when payment is made.
aCqu Ire  
l An D
Our flexible structure and motivated, 
close-knit team combine to enable 
us to make swift and astute decisions 
concerning the land that we buy. As well 
as the more usual sites we acquire for 
development, we also target strategic 
parcels of land where we consider that the 
site will be key to securing further land or 
development opportunities in the future. 
Government organisations and vendors 
generally sell to developers that can 
make a success of the land acquired, 
deliver much needed housing and meet 
potential future contractual terms 
such as overage. in that respect, inland 
Homes has a reputation for meeting 
and exceeding these expectations, thus 
strengthening our case when making 
offers on new land acquisitions.
Sites acquired can often deliver short 
term returns through the sale of surplus 
assets or rent from tenants (acquiring 
sites can sometimes mean that inland 
Homes becomes a short term landlord 
until new development has begun).
aCHIeve PLann Ing 
PERMiSSiOn
Once a site is acquired, work begins to 
achieve planning permission. Our record 
of achieving planning permissions on 
our sites is second to none. we place 
the needs of all affected parties — 
Government, l ocal Authorities, local 
residents, potential end users, local 
wildlife and the environment — alongside 
our own. 
Our expertise in designing sites involves 
detailed surveys, public consultations and 
presentations to create developments 
that naturally blend into the local 
environment. Plans produced by inland 
Homes are designed to deliver the 
maximum value for our stakeholders.
inland Homes produces comprehensive 
development proposals that are 
supported by robust financial viability 
assessments and a strong balance sheet. 
Applications are further leveraged by our 
ability and experience in delivering ‘green’ 
sites that are energy efficient and offer 
carbon reductions. we typically allow 
18 to 24 months to secure a planning 
permission for a newly acquired site.
We are proud of the developments we plan and design, and 
are always looking to create communities attractive to future 
residents. Delivering on our commitment to quality and comfort, 
developed sites feature open spaces, play areas and immaculate 
landscaping to suit the needs of a wide variety of people.
10
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SeLL Lan D WIt H PLann Ing 
PERMiSSiOn TO DEvEl OPERS
Historically, once consent has been 
achieved, inland Homes would sell the 
site with outline planning permission to 
developers or housing associations for a 
short term return. w hilst we remain keen 
to further our housebuilding operations, 
where appropriate this strategy will 
continue. 
we have good relationships with our 
land-buying customers and most 
transactions happen once the necessary 
ground remediation (removal of pollution 
and contaminants) has happened and 
the infrastructure has been installed. A 
‘serviced site’ contains all the necessary 
drainage and roads, etc. already in place. 
As housebuilders ourselves, we know how 
to meet the needs of potential developers 
in order for them to be able to move 
quickly. 
Those developing on parts of our sites 
are required to follow our ‘Design Code’ 
for consistency. This ensures the site 
has a look and feel in keeping with the 
development as a whole and with the 
local area.
Deve LOP aLL Or Part OF 
THE SiTE
w hile portions of our sites are still sold 
to other developers, inland Homes 
is increasingly using its land bank to 
grow as a housebuilder. By installing 
infrastructure and selling parts of a site, 
whilst carrying out our own housebuilding 
on other parts, we are delivering 
additional revenue in the medium term. 
Our customers for land are major 
housebuilders, medium tier and smaller 
local developers and our homes are 
acquired by private purchasers as owner 
occupiers or as investors. we also 
have strong relationships with Housing 
Associations and investors in the private 
rented sector. 
value is returned to inland Homes either 
as milestone payments as construction 
takes place, or as payments when units 
are completed, both of which provide 
regular cash flow. l arge projects 
usually require a ‘mixed use scheme’, 
where inland Homes will develop the 
commercial plots that are then let to 
tenants. value is realised by managing 
the asset for a short period of time before 
selling the investment to a third party.
reta In a LL Or Part OF t He 
SiTE; BUil D USin G MAin 
COn TRACTORS An D JOin T 
vEn TURES 
w ith greater gross margins achieved on 
our own housebuilding, building a whole 
development ourselves takes longer but 
maximises the revenue a site can deliver 
over the long term. inland Homes has 
substantially increased its housebuilding 
activities over the recent past and we 
expect this to continue.
we have forged strong relationships with 
main contractors and third parties that have 
a reputation and track record for delivering 
stunning homes. By agreeing fixed-price 
contracts upfront we are minimising 
risk during the construction stage, with 
payments only being made on valuation 
certificates provided by surveyors who have 
assessed the on-site progress made by the 
contractors on our behalf.
As well as delivering value, we are 
proud of the developments we plan 
and design, and are always looking to 
create communities attractive to future 
residents. Delivering on our commitment 
to quality and comfort, developed sites 
feature open spaces, play areas and 
immaculate landscaping to suit the needs 
of a wide variety of people.
We take a collaborative approach to 
the whole process of developing a 
site, from planning to completion, 
by maintaining a dialogue with our 
partners and contractors.
’’
’’
Pedro Longras 
Development Director
Stock code: INL Stock code: INL
Strategic Report
Our Governance
Our Financials
Shareholder Information 23697.04     22 October 2014 5:25 PM    PROOF 9
500 homes per annum
The Group’s short term housebuilding target
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Inland Homes plc 23697.04     22 October 2014 5:25 PM    PROOF 9
Our
STRATEGy
Inland Homes has a clear strategy focused on maximising the 
value of its land bank, realising value at appropriate stages during 
the development cycle to support ongoing sustainable growth and 
therefore delivering shareholder value. 
Our strategy focuses on four key goals:
1
increase the size of our land bank year on year
2
Continue the core activity of plot sales to other developers to 
generate cash to fund our operations
3
Maximise the value from our land bank by expanding our 
housebuilding programme
4
Maintain borrowings at a manageable level through a strong 
focus on cash management and vendor financing
w ith strong demand for land in the south and south east of England, we will continue 
to capture land trading margin by selling brownfield land with planning permission 
to developers. At the same time, we are growing and utilising our capabilities as a 
housebuilder (436 units now under construction). we look to extract value using the 
appropriate option available to us through the value chain, with a focus on the cash needs 
of the business. Making use of equity, debt funding and vendor financing, we will grow 
the business by capitalising on buoyant market conditions and achieving better margins 
through housebuilding, whilst maintaining a sound working capital position. 
w ith short, medium and long term value releasing options available, we will support our 
strategy of expanding the land bank year on year. we will continue to meet the needs of 
our customers and build on our strong relationships with institutional purchasers. Our 
outsourcing model makes the business agile and quick to capitalise on market conditions, 
enabling us to easily scale-up or scale-down when appropriate. 
Adding to our team of industry experts we have invested in additional resources including 
planners, architectural designers, project managers, and sales and marketing people to 
build extra capacity to support our growth journey as housebuilders, which will provide 
more regular earnings for shareholders.
Read about our Risk 
Management on 
pages 40 and 41 
Read our KPi’s  
on pages 38 and 39 
Left: l atest phase on our Queensgate 
development in Farnborough, Hampshire
Stock code: INL Stock code: INL
Strategic Report
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Our Financials
Shareholder Information 23697.04     22 October 2014 5:25 PM    PROOF 9
q&a On Strateg Y  
wi TH STEPHEn wi CKS
Could you explain the strategic logic behind the recent expansion of 
your housebuilding activity and can we expect more of it in the future?
inland Homes is all about extracting maximum value from its well-located land bank. Our 
strategy of acquiring brownfield sites at the pre-planning stage and its long track record of 
planning success, positions the Group as a housebuilder with exceptional skills in large scale 
brownfield development. n ow that market conditions in the sector have returned to normal 
it makes sense for us to secure the additional development margin that can be achieved 
through the housebuilding process. The Group is intending to increase its housebuilding 
activities with the short term objective of building approximately 500 units per annum.
Inland Homes’ land bank currently stands at 3,734 plots. What’s your 
target, in both the short and medium term? Is the end game for Inland 
to grow the landbank to a size that makes the Company a takeover 
target for a bigger, national housebuilder?
The Group’s target is to have a land bank of approximately 5,000 plots within the next 12 
months. The Group is now firing on all cylinders. we have some fantastic development 
opportunities in the land bank and other housebuilders would naturally be interested in 
our activities. we are not expecting to be taken over in the foreseeable future.
How much more value are you likely to extract from Drayton garden 
village? and when do you expect to fully complete and exit the project?
w ith our current housebuilding phase we expect to extract 2.8p per share (net of tax), 
however with the prospect of a large forward sale of over 200 apartments for private 
rented, we could extract up to 5.0p per share (net of tax) from this development.
Which of your projects do you expect to be the primary cash generators 
in the current financial year?
There are a number of projects that will generate cash in the current financial year. The 
notable ones are expected to be woolwich, Drayton Garden village and our west Plaza 
development in Ashford, Middlesex.
What role do you feel the private rented sector has to play in solving the 
nation’s housing shortage? Is this an area that Inland Homes is exploring?
w ith affordability becoming a big issue in the south east the private rented sector should 
play a big part in creating new opportunities for people to rent good quality housing with 
perhaps more certainty of tenure.
What does next year’s general election, and a potential change of 
government, mean for the housebuilding industry?
All the political parties have now woken up to the importance of supporting increased 
housebuilding. My personal ‘worst nightmare’ would be a l ib-Dem/l abour coalition led  
by vince Cable!
Stephen Wicks 
Chief Executive
5,000
The Group’s target is to have a land 
bank of approximately 5,000 plots 
within the next 12 months
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You have increased the dividend significantly. How did you determine 
the level?
The Board wanted to ensure that the dividend was progressive, in line with its intention 
announced at the time of our 2012 results. The amount was neither driven by dividend cover 
or yield, but determined in consideration of the Group’s cash requirements for the foreseeable 
future. The yield based on the current share price is approximately 1.3% and although this 
is above the average yield from all AiM companies, the Board believes that the majority of 
investors are seeking growth and not a dividend yield.
Has securing finance become any easier in recent times?
Procuring development finance for housebuilding has become relatively easier for inland 
Homes than a few years ago. However, obtaining funding for land with or without planning 
consent is extremely difficult. Although one or two entrants have emerged for land finance, 
the Group endeavours to structure its land acquisitions by the use of 
vendor financing or from its own cash resource.
given the increase in the group’s housebuilding activity, 
should we expect net debt to continue to rise? What kind 
of level would you be comfortable with?
Debt levels have increased in line with the expansion of our housebuilding activity as 
expected by the Board. The Group expects borrowings to reduce by the half year due to 
a significant number of legal completions of residential units and some land sales. The 
Group’s borrowings are controlled by a gearing covenant imposed by the Zero Dividend 
Preference shareholders. The Board would be comfortable with an average gearing 
of 30%, although there may be times when a planned increase will take place where a 
reduction could be forecast within a short period of time.
What are your expectations for nav and profit growth for the current 
financial year?
we expect profits to continue to increase with both stated and underlying net asset value 
continuing to grow at a very respectable rate. The consensus forecast in the market, for 
profit before tax for the year ending 30 June 2015, is £12m.
It’s very difficult to ascertain a ‘true’ nav value for Inland, given assets 
are held on the balance sheet at the lower of cost and net realisable 
value. Could you not revalue your portfolio annually or provide some 
guidance to investors?
Accounting Standards preclude the Group from revaluing its stock and work in progress in the 
accounts. As an indication to investors of the potential unrealised value within the land owned 
by the Group, the average cost per plot of £38,000 should be compared to the open market 
value of consented plots. As a general rule of thumb, the value of a consented plot equates 
to 30% of the value of the home. Based on the average UK house price of £274,000 this could 
result in a consented plot value of approximately £82,000.
q&a On FInan Ce 
wi TH ni SH MAl DE
We expect profits to continue to 
increase with underlying net asset 
value continuing to grow at a very 
respectable rate.
’’
’’
n ishith Malde 
Group Finance Director
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q&a On Lan D Stra teg Y 
wi TH PAUl BRETT
Read about our Risk 
Management on 
pages 40 and 41 
Read about our KPis  
on pages 38 and 39 
How do Inland discover new plots of land?
The land team at inland are constantly researching and approaching landowners to source 
new development opportunities. The most common way we come across potential sites 
for acquisition is through our extensive and strong network of connections and contacts 
with vendors, landowners and agents. Over the last 20 years we have worked hard at 
establishing and maintaining relationships. My land team and i, often accompanied by 
Stephen w icks, our CEO, frequently identify and personally meet with agents to build new 
relationships. inland also advertise nationally in the trade press. it has always been a strict 
policy of inland to conduct ourselves with the utmost integrity and so to behave reliably, 
transparently and professionally. Our due diligence before signing any contract means 
that we are always upfront with our business partners, and deliver the agreed services as 
promised. This is proven in our strong track record, which has led to positive long term 
relationships, where organisations return to us time and again. Many new opportunities 
for buying land are generated in this way.
Who are some of these key relationships with?
Much of the brownfield land we acquire has previously been used by the public sector, 
from hospitals to military bases. The Government has responded to the nationwide 
housing shortage by providing the impetus to the public sector to release more land for 
housebuilding. One of the key sources of land for us has been the Ministry of Defence, 
from whom we have acquired four sites. This is an example of an ongoing relationship 
where demonstrating our ability to deliver has led to further opportunities.
we also attract and retain relationships with individual agents with our flexible business 
model, which means we can involve them throughout the process of developing a site.
w hen an agent introduces us to a land opportunity, we can offer them multiple fees beyond 
the introductory fee. if we go on to sell the land we can utilise their services again, or 
similarly if we build homes on the site they can act as agents for selling the properties.
What is the strategy for deciding which sites to purchase?
we undertake extensive research on all prospective acquisitions, involving input from 
various colleagues across inland’s departments. it is essential that we quickly identify the 
sites with potential, so that we utilise our expertise efficiently, commencing detailed due 
diligence on only the most promising and suitable opportunities.
we assess on average 15–20 sites a week to see whether they meet our criteria on a 
planning, technical and financial basis. Of these, those that are suitable are discussed 
with our architectural, planning and technical teams, who undertake further due diligence. 
Only around 10% of opportunities are taken beyond this stage. The land and planning 
teams then debate the various opportunities that a given site presents and how it fits 
into our strategy for growing our land bank. This might include considering whether it 
can generate sufficient dwelling numbers and whether the site location can be exploited 
strategically, by opening up further opportunities with adjoining land or unlocking further 
sites in the area. By the time we have decided to pursue a site, we have completed a 
comprehensive analysis that provides both us and our partners with clarity on our position.
17
we have added 17 sites to our land 
bank over the last year. Significantly, 
we have also begun to expand our land 
portfolio to include strategic sites.
Paul brett 
l and Director
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Apartments at our development at Carter’s Quay in Poole, Dorset
Stock code: INL
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Our
MARKETPl ACE
Throughout 2014, the UK housing market has shown continuing signs of improvement. The 
number of transactions has increased and the pent up demand has subsequently seen 
prices rise. 
in the south-east of England where inland Homes predominantly operates, the Office for 
n ational Statistics (On S) found that property prices have soared by 11.6% in the year to 
August 2014. w ith growth in employment expected in the south east over the next decade, 
housing demand and prices are set to continue rising.
Government schemes such as Help to Buy, Build to Rent and the Builders Finance Fund 
have seen new housing supply rising, with new housing starts at 137,780 in the 12 months to 
June 2014, up by 22% compared to the year before.
However, there are currently insufficient new houses being built to keep up with the growing 
demand, which is estimated at over 250,000 units p.a., and demand is approximately double 
what is being built. with an ageing population meaning fewer occupants 
per property, the long term shortage of homes is likely to continue.
in terms of buyers, Government schemes such as Help to Buy are 
building on these signs of recovery. The Help to Buy home ownership 
scheme will run until 2020. Over half of the 114 private completions this 
year used this scheme. 
There is also the Build to Rent Fund, which was launched to stimulate new private rented 
housing supply. it is anticipated that the fund will be used to finance the building of over 
200 apartments at DGv being sold to a PRS investment fund.
The UK Government’s reforms to make the planning system less complex and easier to 
understand has recently resulted in a change of legislation to promote office to residential 
conversion under “prior approval notification” procedures, and this has been useful on one 
of the Group’s projects.
inland Homes sells the majority of its houses to UK purchasers. However, recently it sold 
14 apartments from the west Plaza, Ashford, Middlesex development to customers in 
Hong Kong. There is evidence that overseas demand for UK property is strong, with 15% of 
all new buildings in l ondon now purchased by foreign buyers.
With growth in employment expected 
in the south east over the next 
decade, housing demand and prices 
are set to continue rising.
’’
’’
vicki n oon 
Sales & Marketing Director
Read about our Business 
Model on pages 08 to 11 
Read about our Strategy 
on pages 13 
11.6%
The Office for n ational Statistics 
(On S) found that property prices in the 
south-east have soared by 11.6% in the 
year to August 2014
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Jun July Aug May
9.9
8.1
8.6
Apr
7.2
11.6
2003-04
10,000
0
20,000
30,000
40,000
50,000
60,000
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
Starts
Completions
Date Yearly 
change
Sales 
volume
August 2014 11.6
July 2014 9.9
June 2014 8.1 13,123
May 2014 8.6 13,295
April 2014 7.2 12,484
SOut H eaSt HOuSe Pr ICe In Crea SeS 
2014 (%)
Source: Offices of n ational Statistics
Sea SOna LLY aDju Ste D tren DS In quarter LY HOuSIng 
STARTS An D COMPl ETiOn S, En Gl An D
Having been allocated funding from the 
HCA run Build to Rent scheme for over 200 
homes in Drayton Garden Village, we plan to 
take advantage of any similar opportunities 
on future developments.
’’
’’
Melanie Hyland 
Financial Operations Director
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CHIeF exe Cut Ive ’S
REvi Ew
This was another outstanding year of progress for Inland Homes.
we are benefiting from better market conditions with improved mortgage availability, 
together with a boost for homebuyers from the Government’s Help to Buy initiative. Of the 
114 private legal completions, 62 purchasers used the funding provided by the scheme. 
The core activity of our business remains the acquisition of predominantly brownfield land 
acquired without planning permission. we have also made a decision to supplement our 
brownfield activities with a number of longer term strategic sites where land is secured 
under a long term option at a discount to market value. The land portfolio includes six 
such sites with the potential for 620 plots.
Since last year’s report a number of substantial milestones were achieved in our site 
acquisition programme, namely:
ra F Stanbridge, Leighton buzzard, bedfordshire
•	 Former MoD site with consent now achieved for 175 plots plus 
commercial space
r eading r oad, Henley, Oxfordshire
•	 Former commercial site with scope for 55 plots
Lily’s Walk, High Wycombe, buckinghamshire
•	 Former gasworks with scope for 200 plots plus commercial space
queens r oad, High Wycombe, buckinghamshire
•	 Consent secured for 14 units
t he vale, acton, West London
•	 Builders’ merchants with scope for 100 plots plus commercial space
r ainsford r oad, Chelmsford, essex
•	 Former public house where we have secured consent for 14 units
t iptree, essex
•	 Former sports ground with scope for 40 plots
Meridian, Southampton, Hampshire
•	 Former Tv studios on seven acres with scope for 350 plots
aylesbury, buckinghamshire 
•	 Joint venture with another developer. A 50 acre site to be acquired jointly with scope for 
in excess of 300 plots plus commercial space
Loudwater, buckinghamshire
•	 A five acre investment property site producing income and having development potential 
and of strategic importance for the development of a wider area
Our performance this year 
demonstrates that we have the  
right strategy going forward. The 
Group is in an excellent shape with 
tremendous momentum behind it  
as we move into the new  
financial year
’’
’’
Stephen Wicks 
Chief Executive
620
we now have six strategic sites 
with the potential for 620 plots
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WILt On Park , bea COn SFIeLD
•	 Financial partners of inland have now completed the purchase of this 100 acre site 
from the Ministry of Defence, who were being challenged by a third party by way of a 
Judicial Review in respect of the sale. This Judicial Review has now been withdrawn. 
Shareholders may recall that inland Homes own the preferred access to this site which 
has been allocated in the l ocal Plan for in excess of 300 new homes. An agreement will 
be concluded with our financial partners in the near future now that the Judicial Review 
has been withdrawn.
The number of residential plots in the land bank of the Group and those separately held by 
DGvl is currently as follows:
Owned or contracted with planning consent 1,070
Drayton Garden village with planning consent 248
Owned or contracted without planning consent 605
Plots controlled or terms agreed 1,811
t otal plots 3,734
w hilst commercial investment and development is not a core activity, current annual 
rental income generated by the land bank now exceeds £600,000. This has been bolstered 
by the lease to Sainsbury’s at DGv that was let on a 15 year term with a starting rent of 
£64,000 per annum.
Of particular note in the year was our development at west Plaza, Ashford in Middlesex 
of 152 apartments. This project is nearing completion with total anticipated revenue of 
approximately £33.0m. 90% of the development is either contracted for sale or legally 
completed.
436
Homes under construction 
over nine development sites
152
Of particular note in the year 
was our development at west 
Plaza, Ashford in Middlesex of 
152 apartments
nu Mber OF PLOt S WIt H an D 
wi THOUT Pl Annin G COn SEn T
re SIDent IaL PLOt S SOLD  
(n UMBER)
12 13 14 11
1,109
481
10
1,357
1,959
1,590
1,942
2,306
3,734
602
1,215
727
1,057
1,249
1,318
2,416
Plots without planning permission
Plots with planning permission
12 13 14 11
451*
183*
256*
10
158*
169*
* includes plots sold within DGvl .
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Shareholder Information 23697.04     22 October 2014 5:25 PM    PROOF 9
CHIeF exe Cut Ive ’S  
REvi Ew COn Tin UED
Planning permission was received for our development of 152 apartments and commercial 
space at Callis yard, woolwich in l ondon. This is a brownfield site which is opposite a new 
Crossrail station and close to the town centre. This planning consent has resulted in a very 
significant increase in the value of the site over its carrying value.
The strategy of acquiring sites in the outer boroughs of l ondon is gathering momentum 
and we were particularly pleased with the unconditional purchase of a builder’s yard 
in Acton, west l ondon which should yield over 100 residential units along with some 
commercial space.
Significant planning approvals or resolutions to grant planning permission gained in the 
year are as follows:
Europa way, ipswich 94
Callis yard, woolwich 152
vale Road, Bushey 41
Station Road, Gerrards Cross 30
Queensgate, Farnborough 26
Other smaller sites 35
t otal plots 378
One of our intentions is to make forward sales of the units we construct to organisations 
that specialise in building up private rented portfolios. Heads of terms have recently been 
signed for a substantial development at Drayton Garden village of over 200 homes with an 
institution seeking to build a private rented portfolio in the UK. Construction is intended to 
be financed via the Government’s “Build to Rent” scheme.
we believe that with home ownership now being out of the reach of an increasingly large 
group of the younger population, private rented homes which are properly managed by 
long term landlords will become very popular with home occupiers as well as forming 
an exciting new asset class for institutional investors. inland expects to have substantial 
involvement in this sector using sites from its well located land bank. 
As mentioned in the Chairman’s Statement, these are excellent results but the key factor 
is that we have created a sound platform for growth. in addition, our performance this year 
demonstrates that we have the right strategy going forward.
The Group is in an excellent shape with tremendous momentum behind it as we move into 
the new financial year.
The considerable progress which is being made at inland is entirely due to our small, highly 
motivated team. i would like to thank them for their continued hard work, commitment and 
support in ensuring we deliver our strategy of growth and value for our shareholders.
Stephen Wicks 
Chief Executive 
15 October 2014
r ight: n ew Sainsbury’s l ocal at  
Drayton Garden village, west Drayton  
in Middlesex
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378
Planning approvals or 
resolutions to grant planning 
permission gained in the year
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FInan Ce DIre Ct Or ’S
REvi Ew
The Group has produced a record set of results for the year ended 30 June 2014 with 
increasing revenues and profitability from housebuilding. inland’s strategic decision 
to increase the housebuilding activity was well timed to catch both the recovery in the 
housebuilding sector as well as the wider economy. Although debt funding for the 
acquisition of land with or without planning consent has been almost non-existent, there 
are signs of some entrants into this market. Finance for housebuilding has become far 
more readily available and this has assisted the expansion of our housebuilding activities.
The key highlights of our financial performance are:
•	 Revenue has increased by 28.0% to £39.8m (2013: £31.1m);
•	 Profit before tax has increased by 65.7% to £8.6m (2013: £5.2m);
•	 Basic earnings per share has increased by 45.0% to 2.87p (2013: 1.98p);
•	 Dividend per share increased by 122.0% to 0.60p (2013: 0.27p)
•	 n et assets per share increased by 10.1% to 31.6p (2013: 28.7p) 
which excludes the Group’s share of future profit from DGvl , 
currently estimated at 2.8p per share net of tax, and any 
unrealised gains within our land bank;
•	 year end cash balance of £11.2m (2013: £12.2m);
•	 n et gearing (including the accrued ZDP liability) has increased to 45.0% (2013: 6.7%) 
due to a planned increase in housebuilding.
t ra DIng Per FOr Man Ce
Group revenue was up by 28.0% to £39.8m (2013: £31.1m). This included land sales of 
£6.7m (2013: £16.4m), open market unit completions of £18.8m (2013: £11.4m), affordable 
home sales of £2.5m (2013: £nil) and fee income from DGvl of £6.6m (2013: £3.0m). The 
gross margin increased to 39.4% (2013: 24.7%) and the open market unit completions 
generated a gross margin of 27.5% (2013: 21.1%). The average selling price of the private 
units (including those sold on behalf of DGvl ) was £256,000 (2013: £208,000). The Group 
uses main contractors to construct all the units we build and after administrative overheads 
of £4.4m (2013: £2.7m) it has achieved an operating margin of 26.4% (2013: 16.3%). 
Administrative overheads have increased primarily due to an increase in staff costs.
FInan Ce ex Pen Se
As expected, the Group’s net debt has increased to £28.8m in comparison to £3.9m in the 
previous year primarily due to the expansion in housebuilding, and this resulted in the net 
finance expense increasing to £2.5m (2013: £1.4m). The net finance expense is covered 3.5 
times (2013: 3.7 times).
t axat IOn
The total tax charge represents 32.8% of profit before tax. This is significantly higher than 
the UK corporation tax rate because the Group wrote off £469,000 of the deferred tax asset 
due to a reduction in the future rate of corporation tax. £225,000 was also written off as 
a result of a stock and work in progress credit that has been released to cost of sales as 
it was originally subject to a notional interest adjustment due to deferred land payment 
The Group has produced a record set 
of results for the year ended 30 June 
2014 with increasing revenues and 
profitability from housebuilding.
’’
’’
n ishith Malde 
Group Finance Director
28%
Group revenue was up by 28% to 
£39.8m (2013: £31.1m)
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terms. The current year tax charge of 25.3% is also high because of an impairment of the 
fair value of the option over shares in DGvl and the interest accrued to ZDP shareholders 
being disallowed for tax purposes.
earn Ing S Per SHare an D DIvIDen DS
Earnings per share has increased by 45.0% over the previous year to 2.87p (2013: 1.98p). 
The increase is disproportionate to the increase in profit before tax due to the higher tax 
charge in the current year as explained above and a higher level of brought forward tax 
losses available for relief in the previous year.
The Board has proposed a final dividend of 0.60p per share for the year ended 30 June 2014, 
subject to approval by the shareholders. This is an increase of 122.2% in comparison to 
the previous year, in line with the progressive dividend strategy adopted by the Board and 
reflecting both the strong set of results as well as the confidence in the Group’s financial 
position. The dividend will be paid on 9 January 2015 to shareholders on the register at the 
close of business on 12 December 2014. The ex-dividend date is 11 December 2014.
CaSH FLOWS
During the year the Group increased operating cash flows before movements in working 
capital by 125% to £11.6m (2013: £5.1m). The increase in investment in land and the 
expansion of the housebuilding activity led to £24.5m of cash outflow from operating 
activities which has predominantly been financed by a planned increase in debt. During 
the year, lenders have continued to remain very cautious in providing funding for land 
irrespective of whether it has planning permission or not. The Group had to therefore rely 
on its own resources as well as vendor financing to fund these purchases. in addition to 
bank debt, the Group raised £1.1m by way of issuing 934,900 Zero Dividend Preference 
shares with a gross redemption yield of 5.57% p.a. 
n et cash inflow from financing activities was £22.6m (2013: £12.3m) and this included 
proceeds from the sale of 1,325,000 treasury shares of £580,000. it also included the 
repayment of a loan of £1.0m from our former associate company, Howarth Homes Pl C, 
new loans of £26.3m and dividends paid of £0.5m.
FInan CIaL POSIt IOn
The Group’s inventories increased by 101.8% over the previous year to £90.3m (2013: 
£44.7m) due to the purchase of eight new sites during the year as well as the increase in 
investment due to the number of units under construction. The amount due from DGvl 
has decreased to £10.5m (2013: £13.7m) resulting in a lower amount of trade and other 
receivables. Current liabilities increased from £18.5m to £51.0m as land creditors, trade 
creditors and loan balances have increased. n et gearing at the year end (including the 
accrued ZDP liability) was 45.0% (2013: 6.7%) and net assets increased to £64.0m (2013: 
£57.7m) equating to 31.6p per share. it should be noted that this figure excludes the 
Group’s share of future profit from DGvl , currently estimated at approximately 2.8p per 
share net of tax. it also excludes the unrealised added value accumulated within the land 
bank due to planning permissions achieved on some of the sites.
n ishith Malde 
Group Finance Director 
15 October 2014
65.7%
Profit before tax has increased by 
65.7% to £8.6m (2013: £5.2m)
45.0%
Basic earnings per share has 
increased by 45% to 2.87p (2013: 1.98p)
Stock code: INL Stock code: INL
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Dra Yt On gar Den vILLage ,
MiDDl ESEX
www.inlandplc.com
Read our case study 
on pages 27 to 29 
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CaSe
STUDy 1
Drayton Garden Village is a significant development Inland Homes 
has been managing for several years on behalf of DGVL. It is a 
31 acre site, with planning permission for 773 residential units 
and 53,000 sq ft of commercial space, as well as community 
areas including several village greens. The development has 
provided the opportunity for Inland Homes to demonstrate their 
large scale housing construction capabilities, as well as to utilise 
environmentally friendly techniques and features, for which it has 
been recognised.
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Heading level one
CaSe
STUDy 1
Since the purchase of the land in 2009, Inland Homes have 
increased their profit share on the project from 35% to the 
maximum 90%. Inland obtained planning consent within 20 
months of acquisition for 773 residential units plus employment 
and community space with just 8% of the homes being provided as 
affordable housing, a significant reduction from the 50% target set 
by the London Plan at the time and, as such, maximising the value 
of the land. They have co-ordinated and managed the different 
areas and aspects of the site, including the sale of serviced plots 
to other property developers, as well as building a number of the 
homes for DGVL. This strategy has proved successful, enabling a 
staggered release of cash throughout the development process, 
and will be repeated in future projects.
At Drayton Garden village, the Group has accessed the growing private rented sector 
(PRS), through an agreed bulk sale of 205 units to an institution, a strategic move that 
will be repeated in future projects. The government is encouraging investment in PRS, 
to increase the supply of privately rented homes for the expanding rental market. inland 
Homes is seeking to diversify the risk profile of its projects and bring in large numbers of 
early sales.
inland Homes is managing the building of 387 homes within Drayton Garden village. Of 
these, it is overseeing the whole process of building and selling 75 houses and apartments, 
and has been contracted to construct 107 units by Paradigm Housing Association, and 
heads of terms have been agreed for a further 205 units to be constructed for PRS. These 
bulk sales can help release cash during the project, and de-risks the market risk.
The 75 units being built on behalf of DGvl have generated significant interest from buyers. 
The first 32 units released sold above market expectations, and at the release of the next 
group of homes, there was a queue of prospective buyers waiting to access the show 
homes. This scene, unheard of since before the financial crisis, was a testament to the 
desirability of this attractive development.
The project has significantly exceeded Group expectations, aided by the productive 
relationships that DGvl and inland Homes have established with their partners and 
contractors. A significant achievement at this site was securing a contract with E.On for 
the design, construction and maintenance of the energy centre. A fifteen year lease has 
also been secured with Sainsbury’s, benefiting the residents and providing a source of 
income. The external landscape has been completed following a productive collaboration 
with the landscape architects and contractors, and many of the homes have been built. 
A phased move in of residents to completed areas has seen 250-300 families settle into 
their homes, whilst the construction of the remaining homes, to bring the whole project to 
completion, is expected to conclude in 2017.
LOCat IOn
Drayton Garden village, 
Middlesex
Read more online at 
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205 homes
Heads of terms agreed on a 
bulk sale to a PRS institution
32
Homes sold during the year
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WeSt PLaza, a SHFOr D,
MiDDl ESEX
Read our case study 
on pages 31 to 33 
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CaSe
STUDy 2
West Plaza, in Ashford, Middlesex, is an attractive modern 
development of two apartment complexes set around courtyards. 
The site was acquired by Inland Homes for its strong location, 
within two miles of Heathrow Airport and with excellent transport 
links into London. Planning was granted for 152 apartments, and 
construction of the site has progressed well, with the build nearing 
completion six months ahead of schedule.
Strategic Report
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Stock code: INL Stock code: INL 23697.04     22 October 2014 5:25 PM    PROOF 9
CaSe
STUDy 2
The project has been planned to progress in four phases, with 
occupants moving into completed sections whilst other areas of 
the site are still in progress. The second phase has recently been 
completed, with new occupants moving in to join those that have 
been there since June. The third and fourth build phases are 
expected to finish in October and December 2014. This strategy 
has several advantages, including the realisation of profitability 
and recouping funds, to improve working capital and the partial 
occupation aiding sales of the remaining homes.
The sales strategy for the complex has been to sell apartments in advance of their 
completion, both to individuals on the open market, and in bulk to organisations. Due to 
the high level of interest and demand the development has attracted, inland Homes has 
been successful in selling the apartments. individual sales have been achieved through 
a combination of footfall - with people engaging with the attractive marketing suite and 
show flats - and online advertising by inland Homes, agents, and third party websites. 
On a sales trip to Hong Kong 14 apartments were sold. inland Homes also achieved a 
significant bulk transaction of 59 residential units to a housing association operating in the 
private rented sector. 
The development of west Plaza has shown several initiatives taken by inland Homes and 
their partners. The main contractor suggested pre-building some of the components 
off-site, before installing them. Having reviewed, assessed and accepted the suggestion, 
this modern technique meant that six months were shaved off the duration of the build, 
to the benefit of both inland Homes and the contractor. Additionally, during the process of 
the build, inland Homes monitored market changes and identified an increased appetite 
for high quality appliances, so modified the designs to include upgraded features. This 
enhanced specification supported the strong demand for the homes at west Plaza.
Another notable feature of the development is its ‘Green’ credentials. Photovoltaic cells 
have been installed onto roofs, and the electricity generated will supply the communal 
areas of the site, with excess energy generated sold back to the grid. This both supports 
the Government target of decentralising electricity generation, and provides an income for 
the development which will contribute towards future maintenance costs.
The success of the project so far has been down to the skills and experiences of both 
the team at inland Homes and the external consultants. Selecting contractors with the 
necessary skills and experiences for this type of project and allocating sufficient internal 
resources to manage the project, has been key to its smooth running. As inland Homes 
moves into more housebuilding projects, it will be critical to draw on the productive co-
operation and relationships that led to the success of the project.
Finally, inland Homes is delighted to announce that west Plaza has been nominated for 
the l ABC ‘Development of the year’ award. 
LOCat IOn
west Plaza, Ashford, 
Middlesex
Read more online at 
www.inlandplc.com 
www.inlandhomes.co.uk
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90%
of apartments either exchanged 
or completed
33m
expected gross development value
Stock code: INL
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CaLLIS Yar D, WOOLWICH,
l On DOn
Read our case study 
on pages 35 to 37 
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CaSe
STUDy 3
Inland Homes purchased the Callis Yard site in Woolwich from West 
Register, RBS’s property arm, in 2013. The one acre site is located 
between Woolwich High Street and the Royal Arsenal regeneration 
project. It is a highly attractive location, with a new crossrail station 
due to be built approximately 300 yards away, and within walking 
distance of the DLR.
Stock code: INL
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CaSe
STUDy 3
Inland Homes is currently evaluating how best to move forward 
with this site. The Group could sell it, as its value has increased 
significantly since planning permission was received in July 2014. 
The development could also be a prime opportunity for a bulk sale 
to a private rented sector organisation, a growing market Inland 
Homes have previously sold residential units to. These two options 
represent the different time scales in which Inland Homes can 
monetise this asset.
The site has received planning consent for an apartment block with 152 residential units, 
20% of which will be affordable housing. The research for this design involved consultations 
with the Greenwich authorities (including the Head of Regeneration), as well as the local 
community, with whom inland Homes held a public exhibition. There were several factors 
to consider in the planning process, including the treatment of a listed building within the 
site, as well as the balance of this site with the widespread regeneration in the area. The 
experienced team at inland Homes consulted with local groups and put forward a plan that 
was accepted by the local community.
in addition to the apartments, the development will feature a business centre and a gym 
for the residents. in line with the Mayor’s focus on delivering children’s play areas, the 
design team at inland Homes has planned a ground level indoor children’s play area with 
gym facilities. This will provide a dynamic visual front to the building, and utilise the small 
footprint of the site effectively.
This design would contribute to the exciting, rapid regeneration of the area, with homes that 
are highly desirable for their location, transport connections and views. The acquisition of 
this prime land has proven a highly valuable addition to the Group’s land bank.
LOCat IOn
Callis yard, woolwich, 
l ondon
Read more online at 
www.inlandplc.com 
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152
Resolution to grant planning 
permission received for 152 
apartments
300
Yards from new Crossrail 
station
Stock code: INL
Strategic Report
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Shareholder Information
Stock code: INL 23697.04     22 October 2014 5:25 PM    PROOF 9
ke Y Per FOr Man Ce 
in DiCATORS
FInan CIaL
k PI Stra teg IC FOCuS 2014 Per FOr Man Ce
revenue
Revenue from housebuilding 
activities is expected to increase 
significantly and this will be 
supplemented by land sales
28.0% 
12
11
13
14
£21.4m
£6.1m
£31.1m
£39.8m
Pr OFIt be FOre tax
The Board’s expectation is to 
continue to build on the profitability 
achieved over the last two years 
and will seek to secure this by the 
planned expansion of housebuilding 
65.7% 
12
11
13
14
£3.5m
£1.6m
£5.2m
£8.6m
net a SSet va Lue Per 
SHare
1
The value added to the land bank by 
the planning process will continue 
to be the Group’s key focus. Further 
value will be extracted from the 
land bank through the development 
activities
10.1% 
12
11
13
14
26.5p
27.0p
28.7p
31.6p
DIvIDen D Per SHare
it is the Group’s intention to 
progressively increase the dividend 
annually as profits rise
122.2% 
12
11
13
14
0.0p
0.067p
0.27p
0.60p
ba SIC earn Ing S Per 
SHare
The increase in revenue and 
profitability mentioned above will 
have a proportional impact on 
earnings per share which should 
continue to improve
45.0% 
12
11
13
14
2.10p
0.41p
1.98p
2.87p
1.  Excludes the Group’s interest in DGvl from which inland expects to derive a further 2.8p per share net of tax and any unrealised gains within our land bank.
38
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n On-F Inan CIaL
k PI Stra teg IC FOCuS 2014 Per FOr Man Ce
nu Mber OF PLOt S WIt H 
Or WIt HOut PLann Ing 
COn Sent
The Group’s focus is to have a 
land bank of approximately 5,000 
residential plots within the next 
twelve months
61.9% 
12
11
13
14
1,590
1,942 1,215 727
1,109 481
2,306
3,734 1,318 2,416
1,057 1,249
t Ota L re SIDent IaL  
PLOt S SOLD
in line with the expanding 
housebuilding activity, less plots are 
sold to housebuilders. The Group’s 
objective will be to sell consented 
plots to raise working capital or 
those plots that are unlikely to be 
developed by inland Homes
62.5% 
12
11
13
14
256*
183*
451*
169*
re SIDent IaL HOMe SaLeS
The Group expects to sell 270 
residential units in the year to June 
2015 and the plan is to increase this 
target to 500 units in the medium 
term
107.3% 
12
11
13
14
35
9
55
114*
PLann Ing Per MISSIOn 
ga Ine D Dur Ing t He Year
The core activity of the Group is 
to acquire sites without planning 
consent and to secure consent on 
the majority of them within two 
years from purchase
23.8% 
12
11
13
14
871
283
496
378
average nu Mber OF 
eMPLOYee S
The average number of employees 
has increased from 14 to 24 and this 
will continue to rise modestly as the 
volume of housebuilding increases
71.4% 
12
11
13
14
13
13
14
24
* includes plots sold within DGvl .
Stock code: INL Stock code: INL
Strategic Report
Our Governance
Our Financials
Shareholder Information 23697.04     22 October 2014 5:25 PM    PROOF 9
rIS k an D 
RiSK MAn AGEMEn T
r ISk POtent IaL  
IMPaCt
Stra teg Y/MIt Igat IOn
Lan D
The inability to source, 
acquire, promote and 
dispose of land
The Group would not be able to 
generate profit and cash flow for 
the longer term
May have a detrimental effect on 
the financial position of the Group
The Group has an experienced 
management team with a strong 
track record in the industry which 
mitigates this risk
PLann Ing
increased complexity and 
delay in the planning process
The adoption of the 
Community infrastructure 
l evy by local authorities
May impede sales and thus affect 
the rate of growth of the business
May have a detrimental effect 
on the supply and pricing of land 
being marketed by landowners
The Group undertakes extensive 
pre-acquisition due diligence 
on planning, technical and 
environmental issues together 
with acquiring housing sites 
identified in councils’ l ocal Plans
Market
A severe fall in the housing 
market in the regions in 
which the Group chooses to 
operate
inability to realise maximum  
value in a timely fashion
Adverse effect on land values
Adverse effect on the timing of 
sales
The Group ensures that its 
sites are in good locations thus 
providing some protection against 
any downturn in the market
Per SOnne L
l oss of/inability to source 
high calibre, experienced 
staff
The Group would have difficulty 
growing the business in the 
highly competitive markets in 
which it operates
The Group maintains good 
morale in the workplace and 
sets remuneration packages at 
attractive levels
Intere St  
rate S
Significant upward changes 
in interest rates
May affect residential land prices 
as the demand for residential 
property would be affected
would lead to increased  
borrowing costs and thus have a 
detrimental effect on profit
The Group mitigates any adverse 
exposure to interest rate changes 
by controlling its gearing and, 
if necessary, by using hedging 
instruments
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r ISk POtent IaL  
IMPaCt
Stra teg Y/MIt Igat IOn
env Ir On Ment aL
Unexpected contamination  
being found on a site
l iabilities in respect of 
decontamination works or fines 
for environmental pollution could 
affect the outcome of a project
The assessment of environmental 
risk is an important element of 
the due diligence undertaken 
when buying land. The Group 
uses reputable environmental 
consultancy firms to assist in  
this area
regu Lat IOn
Changes in legislation,  
Government regulations,  
planning policies and 
guidelines
May have a detrimental effect on 
the Group’s business
The Group keeps abreast of 
potential changes in these areas 
and wherever possible allows for 
these in appraising its projects
COn Stru Ct IOn
Cost overruns
Material shortages
Delays
May adversely impact margins on 
housebuilding and increase the 
cost of infrastructure works
The Group tries to build 
strong relationships with main 
contractors and projects are 
reviewed frequently in order to 
mitigate these risks
FInan Ce
The availability of bank 
funding for land acquisition
May have an adverse effect on  
the Group’s progress
The Group continues to seek 
finance from alternative lending 
sources to improve its liquidity
Stock code: INL
Strategic r eport
Our governance
Our Financials
Shareholder Information 23697.04     22 October 2014 5:25 PM    PROOF 9
COr POrate, SOCIaL, et HICaL 
An D Envi ROn MEn TAl 
RESPOn SiBili TiES
SUSTAINABILITY
AT THE HEART
OF EVERYTHING 
WE DO
    COMMUNITY 
    CUSTOMERS
HEALTH & SAFETY
    SUPPLY CHAIN
      OUR PEOPLE
  SUSTAINABLE
       HOMES
SUSTAINABILITY
AT THE HEART
OF EVERYTHING 
WE DO
    COMMUNITY 
    CUSTOMERS
HEALTH & SAFETY
    SUPPLY CHAIN
      OUR PEOPLE
  SUSTAINABLE
       HOMES
COMMun It Y
At inland Homes we are committed to building more than just 
homes - we strive to create developments that engage and 
reflect the local community. During the research and planning 
phase for each development we undertake consultations with the 
community, discussing the site and its surrounding environment 
with local groups and town councils. The opinions and requests of 
both the neighbourhood residents and local government bodies 
are collected and considered for the brief that the designers 
and architects base their plans upon. This consultation process 
means that we can develop the site in a way that best reflects the 
different needs of the local community.
As well as building a development that will continue to serve 
the needs of local residents into the future, we are also keen to 
invest in the community through our engagement with charities, 
for example sponsoring community sports teams and mini-
buses for local schools.
CuSt OMer S
it is of paramount importance to inland Homes to deliver a high 
quality service to our customers, from the earliest stages of 
planning, to after the build is complete.
Our house designs are constantly evolving, based upon feedback 
from customers on previous projects and our ever growing 
expertise. we design our developments to meet our customers’ 
needs beyond that of housing, with, for example, outside 
spaces, children’s play areas and gyms. w ithin the homes, we 
offer a choice of interior design options to those who purchase 
our properties in advance of completion.
we manage the handover process, ensuring that the quality of the 
build meets our stringent standards, and providing introductory 
home tours for new residents as well as moving in packs with 
all relevant information. we also co-ordinate aftercare with the 
contractors, manage feedback and respond to any customer 
service issues through a centralised system.
The nature of our work means we will always make an impact on 
the local area. However, through our focus on sustainability, we 
ensure that this is a positive impact, with a careful consideration 
of six key areas. We engage with the needs of the local community, 
and our customers who will eventually join this community; 
we protect the health and safety of our colleagues, as well as 
their development within the Group; and we seek productive 
relationships and innovative technologies that ensure our houses 
and our means for building them last sustainably into the future.
42
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SUSTAINABILITY
AT THE HEART
OF EVERYTHING 
WE DO
    COMMUNITY 
    CUSTOMERS
HEALTH & SAFETY
    SUPPLY CHAIN
      OUR PEOPLE
  SUSTAINABLE
       HOMES
SUSTAINABILITY
AT THE HEART
OF EVERYTHING 
WE DO
    COMMUNITY 
    CUSTOMERS
HEALTH & SAFETY
    SUPPLY CHAIN
      OUR PEOPLE
  SUSTAINABLE
       HOMES
Hea Lt H an D SaFet Y
it is extremely important to inland Homes to maintain the 
highest standard of Health and Safety practices, both with 
our own employees, and with all contractors involved in our 
projects. we have rigorous standards which we enforce to 
ensure safe working practices at all of our sites. Employees have 
received Health and Safety training, and we require all external 
contractors who enter our sites to carry a CSCS card at all times 
to indicate that they have also undergone the necessary training.
we have a strong network of Health and Safety advisers. 
Additionally, each site is appointed a Construction, Design and 
Management co-ordinator, who oversees Health and Safety on 
behalf of inland Homes. They prepare a comprehensive Health 
and Safety plan before construction starts, and this is assessed 
alongside the contractor’s Health and Safety and risk plans, 
before a contract is issued. Once work has commenced on 
site, we carry out regular Health and Safety audits, as well as 
assessing monthly reports provided by the contractors.
SuPPLY CHaIn
inland Homes have relationships with a number of contractors 
who specialise in different types of build. it is essential to 
select the correct contractor, both to ensure a high quality 
result, and to draw on their experience and expertise during the 
process. There is a dialogue with the contractors throughout 
the planning and building stages, and we consider suggestions 
on alternative materials or methods for construction. Using 
these suggestions has led to saving money and time on 
several projects, benefiting both us and our contractors, and 
to discovering new techniques that we may return to in future 
projects. This co-operation leads to ongoing relationships, 
which we seek to ensure are mutually beneficial. Our 
collaborative approach delivers high quality buildings.
As well as developing long term relationships with our 
contractors, to further our sustainable supply chain we consider 
the sustainability of materials used on our sites. we clearly 
specify which materials we permit on our sites, and strive to use 
sustainable and locally sourced products where possible, as well 
as experimenting with new sustainable materials.
Planning was gained for 41 units on 
vale Road in Bushey, Hertfordshire
Stock code: INL Stock code: INL
Strategic r eport
Our governance
Our Financials
Shareholder Information 23697.04     22 October 2014 5:25 PM    PROOF 9
COr POrate, SOCIaL, et HICaL 
An D Envi ROn MEn TAl 
RESPOn SiBili TiES COn Tin UED
SUSTAINABILITY
AT THE HEART
OF EVERYTHING 
WE DO
    COMMUNITY 
    CUSTOMERS
HEALTH & SAFETY
    SUPPLY CHAIN
      OUR PEOPLE
  SUSTAINABLE
       HOMES
SUSTAINABILITY
AT THE HEART
OF EVERYTHING 
WE DO
    COMMUNITY 
    CUSTOMERS
HEALTH & SAFETY
    SUPPLY CHAIN
      OUR PEOPLE
  SUSTAINABLE
       HOMES
Our Pe OPLe
Our philosophy of employment is to attract and cultivate raw 
talent, and encourage people to reach their full potential 
by offering them opportunities to grow within our open and 
entrepreneurial culture. we support all of our employees in 
attending conferences and pursuing qualifications that assist 
their professional development. Our number of employees 
has doubled in the last two years to 28, with growth in all 
departments, supporting our move into housebuilding. we plan 
to continue measured expansion in the future to complement 
our strategy, particularly in the establishment of a strategic 
land department.
As we undertake much of our work through outsourcing, 
we are also reliant on the continued development of skilled 
workers outside of the Group. in response to the shortage of 
skilled labourers, we are involved in initiatives to train the next 
generation of workers. in some contracts we specify that our 
contractors must employ apprentices from the local areas. we 
are setting up a mechanism to connect to local colleges, so that 
the students can gain the necessary practical experience on our 
sites to kickstart their careers.
Strategic Report is approved by order of the Board
SuSta Inab Le HOMeS
At inland Homes we constantly seek innovative materials and 
methods to improve the environmental performance of our 
properties. we follow each development in legislation and policy 
that guides sustainability in home building, and ensure that our 
projects are at the forefront of environmental sustainability.
we include many features in our buildings to minimise their 
environmental impact, such as rainwater harvesting. we design 
our buildings to perform throughout the year, with insulation 
and air-flow optimisation to aid summer cooling as well as 
retaining warmth in winter. we also seek environmentally friendly 
materials, both using locally sourced supplies where possible, 
and experimenting with innovative new technology such as the 
Durisol block, a building block made of reclaimed softwood, 
bound with concrete. Comprising of more than 90% recycled 
material, and generating no waste during manufacture, the block 
is not only environmentally friendly in production, but also as a 
feature in homes due to its insulating properties. 
Paul brett 
Director 
15 October 2014
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a
C
I
L M
D e
g H
j
n
b
F
k
a.  inland Homes plc’s new  
Head Office
b.  Peter Kimber – Site 
Service Manager
C.  Tom Cuff – Group l egal 
Director
D.  Keren Birdseye – 
Architectural Assistant
e.  Rob w illiams – Assistant 
Accountant
F.  Kathy Hoare – Sales  
Co-Ordinator
g.  John Embleton & Ricky 
Hayes – DGv site liaison
H.  n ikki McCue – Office 
Administrator
I.    l inda Smith – Assistant 
Accountant
j .  Sue Fenton – Office 
Manager
k.  Gary Magee – Planning 
Assistant
L.  Gordon Pearce – 
Customer Services 
Manager
M.  James Gallagher – 
Project Manager
n .  Olie Pearcy – Trainee 
l and Buyer 23697.04     22 October 2014 5:25 PM    PROOF 9
www.inlandhomes.co.uk
Heading level one
Our
GOvERn An CE
Inland Homes plc
Annual Report and
Accounts 2014
46
Artist’s impression of our site in Gerrards 
Cross, Buckinghamshire where we recently 
gained planning permission for a new 
development of 15 units
/
47
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COntent S
49 Board Composition 54 Our Governance
50 Board of Directors 56 Directors Remuneration Report
52 Senior Management (the broader team) 62 Directors Report
Stock code: INL
Strategic Report
Our Governance
Our Financials
Shareholder Information
Stock code: INL 10.1%
Net assets per share increased by 
10.1% to 31.6p (2013: 28.7p) excluding 
any unrealised gains within our land 
bank and further value from DGV
23697.04     22 October 2014 5:25 PM    PROOF 9
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bOar D
COMPOSiTiOn
The Group is managed through its Board of Directors. The 
Board comprises the Non-executive Chairman, one other Non-
executive Director, the Chief Executive, Finance Director and the 
Land Director. The Board’s main roles are to approve and review 
the Group’s strategic objectives and to ensure that the necessary 
financial and other resources are made available to enable them 
to meet these objectives.
Specific responsibilities reserved to the Board include: setting Group strategy; 
reviewing operational and financial performance; approving certain land acquisitions; 
approving appointments to the Board; and approving policies relating to Directors’ 
remuneration. in addition, the Board reviews the risk profile of the Group and ensures 
that an adequate system of internal control is in place.
The roles of the Chairman and the Chief Executive are separate. The Chairman meets 
the Chief Executive and the other n on-executive Director separately as and when 
required to discuss matters of the Board.
One-third of the Directors retire annually by rotation in accordance with the Company’s 
Articles of Association and this enables the shareholders to decide on the election of 
their Company’s Board.
Left: Completed houses at 
Carter’s Quay in Poole, Dorset
Strategic Report
Our Governance
Our Financials
Shareholder Information
Stock code: INL 23697.04     22 October 2014 5:25 PM    PROOF 9
www.inlandhomes.co.uk
Inland Homes plc
Annual Report and
Accounts 2014
bOar D OF
DiRECTORS
t err Y r OYDOn
n on-executive Chairman
appointment to the board
March 2007
Skills he brings to the board
He has extensive managerial, practical 
and political experience of the property 
sector obtained over a 40 year career
Previous experience
•	 Chief Executive of Prowting plc, a UK 
housebuilder he led to flotation in 1988 
and which was purchased by westbury 
plc for £140m in June 2002
•	 n on-executive Director of l SE quoted 
Country & Metropolitan plc
•	 n on-executive Director of Gladedale 
Holdings plc
•	 President of the Home Builders 
Federation and of the European Union 
of Housebuilders and Developers
•	 Holds a BSC in Estate Management 
and a MBA
external appointments
•	 Consultant and member of the Board 
of Dom Development S.A., a major 
quoted Polish residential developer 
•	 n on-executive Director of AiM quoted 
Kimberly Resources nv
•	 n on-executive Director of l arkfleet 
Holdings l imited
Ste PHen WICkS
Chief executive
appointment to the board
June 2005
Skills he brings to the board
He has worked in the construction and 
housebuilding sector all of his working 
life and has extensive experience in the 
acquisition of large scale development 
opportunities
Previous experience
•	 Founding shareholder and Chief 
Executive of Country & Metropolitan 
plc, which floated on the main market 
of the l ondon Stock Exchange 
in December 1999 with a market 
capitalisation of £6.9m 
•	 He directed the growth of Country & 
Metropolitan plc until its disposal in 
April 2005 to Gladedale Holdings plc 
for approximately £72m
n ISHIt H MaLDe
group Finance Director
appointment to the board
June 2005
Skills he brings to the board
He has over 25 years experience in the 
property sector with wide professional 
knowledge and understanding of both 
listed and unlisted companies
Previous experience
•	 Qualified as a Chartered Accountant 
with KPMG in 1985 where he advised 
owner-managed businesses
•	 Finance Director and Company 
Secretary of Country & Metropolitan 
plc where he was actively involved in 
the preparation for the flotation of 
the company in December 1999 and 
its further development until it was 
acquired by Gladedale Holdings plc in 
April 2005
external appointments
•	 Member of the board of AiM quoted 
Energiser investments plc
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51 23697.04     22 October 2014 5:25 PM    PROOF 9
Pau L brett 
Land Director
appointment to the board
October 2011
Skills he brings to the board
He has worked in the land and planning 
sector all of his working life and has 
considerable knowledge of local 
and national planning policies. He is 
particularly skilled in the delivery of 
complex land acquisitions
Previous experience
•	 l and Director of the Southern Region of 
Country & Metropolitan plc for ten years 
during which time it floated on the main 
market of the l ondon Stock Exchange
•	 Contributed to the growth of the 
Southern Region and its land bank, until 
its disposal to Gladedale Holdings plc in 
April 2005
SIMOn bennett 
n on-executive Director
appointment to the board
March 2007
Skills he brings to the board
He has 30 years of investment banking 
experience and of providing corporate 
finance and broking advice to growing 
companies
Previous experience
•	 Qualified as a Chartered Accountant in 
1981
•	 Head of Corporate Finance and Head of 
the Mid and Small Caps team at Credit 
l yonnais Securities
•	 Managing Director of Baker Tilly & Co 
l imited
•	 Head of Corporate Broking at Fairfax iS 
plc
•	 Head of Corporate Broking at Sanlam 
Securities
external appointments
•	 He established incremental Capital ll P 
to provide corporate finance advice to 
mid and small cap companies
•	 Chairman of the Grown Up Chocolate 
Company
Member of the Audit Committee
Member of the Remuneration 
Committee
Strategic Report
Our Governance
Our Financials
Shareholder Information
Stock code: INL 23697.04     22 October 2014 5:25 PM    PROOF 9
www.inlandhomes.co.uk
Inland Homes plc
Annual Report and
Accounts 2014
Sen IOr Manage Ment
(THE BROADER TEAM)
Mark gILPIn
Planning Director
 
t ime with group
4 years
Skills he brings to the group
He has over 25 years 
experience of master planning 
and public consultations for 
residential, commercial, retail 
and industrial projects
Previous experience
•	 BArch graduate from the 
University of Bath
•	 Member of RiBA
•	 Design and Technical 
Director at St James 
Homes (part of Berkeley 
Group Holdings plc)
•	 Design and Planning 
Director at Fairview  
n ew Homes
•	 l and, Design & Planning 
Director at Howarth  
Homes plc
vICkI nO On
Sales & Marketing 
Director
t ime with group
3 years
Skills she brings to the group
She brings a wealth of 
experience having worked in 
the housebuilding industry 
most of her working life with 
well-rounded expertise in all 
aspects of her discipline
Previous experience
•	 worked with board of 
Country & Metropolitan plc 
through to the Gladedale 
acquisition as Sales & 
Marketing Director
•	 Regional Sales & Marketing 
Director at Gladedale plc
•	 Head of Sales & Marketing 
at Prowting Homes Central
MeLan Ie HYLan D
Financial Operations 
Director
t ime with group
5 years
Skills she brings to the group
She has worked in the 
housebuilding sector for over 
11 years and has extensive 
knowledge of statutory 
reporting, forecasting and 
securing funding
Previous experience
•	 Qualified as a Chartered 
Certified Accountant in 2007
•	 Joined the Group as 
Financial Controller
•	 Divisional Finance Manager 
at Barratt Developments plc
•	 Financial Accountant 
and Senior Management 
Accountant at St James 
Urban l iving (part of 
Berkeley Group  
Holdings plc)
PeDr O LOngra S
Development Director
 
t ime with group
7 years
Skills he brings to the group
Pedro has a wide-ranging 
knowledge of construction, 
health & safety, technical, 
land and the planning aspects 
of the business
Previous experience
•	 l and Management 
graduate from the 
University of Reading
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53 23697.04     22 October 2014 5:25 PM    PROOF 9
DeS WICkS
Land Manager
 
t ime with group
7 years
Skills he brings to the group
He has worked at inland 
Homes since leaving full-time 
education and has developed 
an expertise in identifying and 
acquiring brownfield sites, 
negotiates on both purchases 
and disposals of land
Previous experience
•	 Joined the Group as a 
Trainee l and Buyer
•	 Specialises in complex 
land assemblies using 
considerable negotiation 
skills in order to obtain 
valuable and attractive 
terms 
Matt C Or COran
Planning Manager
 
t ime with group
3 years
Skills he brings to the group
He has ten years experience 
of town planning and 
development of residential, 
commercial, retail and mixed-
use projects
Previous experience
•	 Qualified Town Planner
•	 MA in Urban and Regional 
Planning from the 
University of westminster
•	 Part of the Planning and 
Development Management 
Team at the l ondon 
Borough of Barnet, 
overseeing strategic 
growth initiatives and 
infrastructure projects 
CHr IS PIPe
Financial Controller
 
t ime with group
6 months
Skills he brings to the group
He has worked in 
the construction and 
housebuilding sector for 
14 years and has broad 
experience of systems 
implementation, financial 
modelling and forecasting
Previous experience
•	 Qualified as a Chartered 
Certified Accountant in 2000
•	 Finance Director at  
Mar City Homes
•	 Finance Director at 
Beechwood Homes
•	 Financial Controller at 
Roxylight/ Saxon Homes 
r ut H WHIte
Sales & Marketing 
Manager
t ime with group
1 year
Skills she brings to the group
She has worked in the 
property sector for 14 years 
and brings an expanse 
of knowledge and skill to 
site set up, marketing, 
brand awareness and sales 
progression
Previous experience
•	 Qualified with the Chartered 
institute of Marketing
•	 Divisional Marketing 
Manager at St. George 
Homes (Part of Berkeley 
Group Holdings plc)
•	 Divisional Marketing 
Manager at Barratt 
Developments plc
Stock code: INL
Strategic Report
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Our Financials
Shareholder Information 23697.04     22 October 2014 5:25 PM    PROOF 9
www.inlandhomes.co.uk
Inland Homes plc
Annual Report and
Accounts 2014
Our 
GOvERn An CE
eMPLOYee Inv OLve Ment
The Group places considerable value on the involvement of its employees and keeps them 
informed of all relevant matters on a regular basis. The Group is an equal opportunities 
employer and all applications for employment are considered fully on the basis of 
suitability for the job.
CHar Itab Le an D POLIt ICaL COntr Ibut IOn S
Donations to charitable organisations amounted to £27,000 (2013: £12,000). These 
donations were made to a number of different charities supporting a broad range of 
causes. There were no political donations made during the year (2013: £nil). 
PaYMent POLICY an D Pra Ct ICe
The Group’s policy is for all companies within the Group to agree terms and conditions 
with their suppliers. Payments are then generally made on the basis of this agreement, 
providing the suppliers conform to the terms and conditions stipulated. 
At 30 June 2014 the Group had an average of 74 days’ (2013: 57 days’) purchases 
outstanding in trade payables.
COr POra te g Overnan Ce
The Directors recognise the importance of sound corporate governance and the guidelines 
set out in the UK Corporate Governance Code 2012. w hilst AiM companies are not 
obliged to comply with the Code, the Directors intend to comply with the Code so far as is 
appropriate having regard to the size and nature of the various companies making up the 
Group. The Board will take such measures so far as considered appropriate for the Group 
to comply with the Code and, in addition, the Quoted Companies Alliance (QCA) Guidelines 
for AiM companies.
auDIt C OMMIttee
The Audit Committee comprises Terry Roydon (Chairman) and Simon Bennett. The Audit 
Committee meets at least three times a year and is responsible for ensuring that the 
financial performance of the Group is properly reported and monitored and for meeting 
the auditor and reviewing their reports in relation to the financial statements and internal 
control systems. The Group’s auditor provides some non-audit services, but these are not 
considered to threaten their independence. The committee reviews the level of non-audit 
fees on an annual basis. The Audit Committee meetings are also attended by invitation by 
representatives of the Group’s auditor, the Finance Director and the Chief Executive.
Since 30 June 2013 the Audit Committee has met four times to consider the planning of 
the statutory audit and to review the Group’s draft half and full year results prior to Board 
approval and to consider the external auditor’s detailed reports thereon.
Interna L COntr OLS
The Board is responsible for maintaining a sound system of internal control to safeguard 
shareholders’ investment and the Group’s assets and for reviewing its effectiveness. Such 
a system is designed to manage, but not eliminate, the risk of failure to achieve business 
objectives. There are inherent limitations in any control system and accordingly even 
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55 23697.04     22 October 2014 5:25 PM    PROOF 9
the most effective system can provide only reasonable, not absolute, assurance against 
material misstatement or loss.
The Board reviews the effectiveness of the Group’s system of internal control on an ongoing 
basis. Annual budgets are prepared and detailed management reports are presented to the 
Board and used to monitor financial performance and compliance with the Group’s policies 
and procedures. All controls are covered including financial and operational controls to 
manage risk. The Board meetings are also used to consider the Group’s major risks.
r eLat IOn S WIt H SHare HOLDer S
The Company has institutional shareholders and is, where practicable, willing to enter into 
a dialogue with them. The Chief Executive and Finance Director meet with institutional 
investors within the confines of relevant legislation and guidance.
The Board invites communication from its private investors and encourages participation 
by them at the AGM. All Board members are present at the AGM and are available to 
answer questions from shareholders.
Interna L au DIt
The Board reviews from time to time the need for an internal audit function and remains 
of the opinion that the systems of internal financial control are appropriate to the Group’s 
present activities and that such a function is unnecessary.
r eMunerat IOn C OMMIttee
The Remuneration Committee comprises Simon Bennett (Chairman) and Terry Roydon. 
The principal functions of the committee are to determine the Group’s policy on the 
remuneration of the Executive Directors and to determine the remuneration package 
of each Executive Director. The committee also determines long term incentive plans 
and the allocation of share options to the Executive Directors and other employees. The 
Remuneration Committee meetings are also attended by invitation by the Chief Executive 
and the Finance Director. During the year the committee met six times to review the 
Executive Directors’ remuneration package.
The Directors comply with Rule 21 of the AiM Rules relating to Directors’ dealings and take 
all reasonable steps to ensure compliance by the Company’s applicable employees. The 
Company has adopted and operates a share dealing code for Directors and employees in 
accordance with the AiM Rules.
above: Show home on the first 
phase of our Carter’s Quay 
development in Poole, Dorset
Stock code: INL
Strategic Report
Our Governance
Our Financials
Shareholder Information 23697.04     22 October 2014 5:25 PM    PROOF 9
www.inlandhomes.co.uk
Inland Homes plc
Annual Report and
Accounts 2014
DIre Ct Or S’
REMUn ERATiOn REPORT
There is no requirement for companies quoted on AIM to produce a 
formal remuneration report. As a consequence, this Remuneration 
Report is produced for information purposes in order to give 
shareholders and other users of the financial statements greater 
transparency about the way in which the Directors of Inland Homes 
are remunerated.
This report sets out the remuneration paid to the Directors for the year ended 30 June 
2014 and sets out the remuneration policy for the forthcoming financial year and beyond. 
COMPOSIt IOn an D r OLe OF t He r eMunera t IOn COMMIttee 
The Board have established a Remuneration Committee which currently consists of 
Simon Bennett, independent n on-executive Director, who is Chairman of the committee 
and Terry Roydon, the Company’s n on-executive Chairman. The role of the Remuneration 
Committee is to determine the specific remuneration package for each of the Executive 
Directors and no Director is involved in any decisions that will affect his own remuneration. 
The Remuneration Committee has access to information provided by the three Executive 
Directors of inland Homes, namely Stephen w icks, Chief Executive, n ishith Malde, Finance 
Director and Paul Brett, l and Director and independent advice from external consultants 
where it considers this to be appropriate.
The Remuneration Committee meets formally three times a year and on such other 
occasions as may be required.
POLICY FOr exe Cut Ive DIre Ct Or S’ re Munera t IOn
The policy for Executive Directors’ remuneration is designed to attract, motivate and retain 
high calibre individuals with a competitive remuneration package. The remuneration policy 
takes into account the overall performance of the Company and the individual Executive 
Directors and the prevailing pay structures in the markets in which inland Homes operates.
The Executive Directors’ remuneration is designed to provide a balance between fixed and 
variable rewards, although it is recognised that it is common industry practice for total 
remuneration to be significantly influenced by annual bonuses and long term incentive 
plans. Consequently, remuneration packages for individual Executive Directors comprise 
a basic salary, deferred bonus plan, a long term incentive plan and benefits in kind. in 
agreeing the basic salary and annual bonuses, in addition to the factors outlined above, the 
Remuneration Committee takes into account the aggregate remuneration to be received by 
the individual Executive. 
in 2013, in line with best corporate governance and market practice, the Remuneration 
Committee introduced a new deferred bonus plan and a long term incentive plan for the 
Company’s Executive Directors, which have been designed to incentivise the Executive 
Directors to grow the business and maximise returns to shareholders. The latter is known 
as The inland Homes plc 2013 Growth Plan (“2013 l TiP”), which will operate for a period of 
six years and which was approved by shareholders in general meeting in December 2013. 
The key elements of the scheme are set out below.
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baSIC SaLar Y
The basic salaries of the Executive Directors are reviewed on an annual basis. 
The Remuneration Committee seeks to establish a basic salary for each position 
commensurate with the individual’s responsibilities and performance, taking into account 
comparable salaries for similar companies of a similar size in the same market.
DeFerre D bOnu S PLan 
The Deferred Bonus Plan came into effect on 1 July 2013. Executive Directors can earn 
up to 100% of basic annual salary as an annual bonus. The plan provides for 50% of an 
Executive Director’s bonus to be mandatorily deferred into ordinary shares in the Company. 
Under these arrangements, bonuses would be based on a percentage of the individual 
Executive Director’s base salary as follows: 
•	 50% of salary for “on target” performance; and 
•	 a further 50% of salary for “out-performance”. 
For example, for achieving 90% of on target performance there will be a discretionary 
bonus of up to 25% of salary (and pro-rata between 90% and 100% of on target 
performance) and there will be no bonus for less than 90% of on target performance. 
The target is measured by reference to two equally weighted performance measures, 
namely: 
•	 profit before taxation as compared with brokers’ market forecasts following the 
announcement of the preliminary results of the previous accounting period; and 
•	 net debt levels. 
Once the quantum of the Executive Directors’ bonuses has been calculated, these will be 
settled as to 50% in cash and as to 50% by the issue of ordinary shares of the Company. 
The issue of any ordinary shares awarded under the Deferred Bonus Plan will be deferred 
for three years and will be subject to forfeiture in the event that an Executive leaves the 
Company as a “bad leaver”, but would not be subject to further performance conditions. 
LOng t er M In Cent Ive PLan S
The Company operates both an unapproved share option scheme, which is open to all 
employees of inland Homes and the recently introduced 2013 l TiP for the Executive 
Directors.
Awards under the unapproved share option scheme are made on a periodic basis to 
the Company’s Executive Directors and employees. The share options in this scheme 
vest three years after the date of grant and have an exercise period of seven years. The 
schemes are equity-settled.
Stock code: INL
Strategic Report
Our Governance
Our Financials
Shareholder Information 23697.04     22 October 2014 5:25 PM    PROOF 9
www.inlandhomes.co.uk
Inland Homes plc
Annual Report and
Accounts 2014
DIre Ct Or S’
REMUn ERATiOn REPORT COn Tin UED
The following is a summary of the principal features and terms of the 2013 l TiP: 
1. Creation of growth Shares 
The plan operates by reference to rights attached to a special class of share in a newly 
established intermediate holding company between the Company and the Group’s 
current trading subsidiaries. The special class of shares are called “Growth Shares”. 
The Growth Shares are qualifying shares for the purposes of the Employee Shareholder 
Status scheme, a recently introduced proposal by the Government, the aim of which is to 
provide tax benefits to employees and Directors who achieve growth for their employing 
companies.
The vesting of the Growth Shares will be subject to performance targets (“Performance 
Targets”) and when such Performance Targets are achieved, a relevant proportion of the 
Growth Shares will vest. 
2. vesting and exchange of growth Shares 
Subject to the Performance Targets being met, the Growth Shares will only vest three 
years after their award and thereafter annually if and when each Performance Target 
is met. After vesting, the Growth Shares may be realised by being exchanged for a fixed 
number of the Company’s ordinary shares. 
The Growth Shares will not carry any entitlement to dividends, capital or voting unless and 
until they vest and are exchanged for shares in the Company. 
3. Performance t argets 
vesting will only occur if specific Performance Targets (which are linked to the share price 
of inland Homes plc over six consecutive performance periods) are met or exceeded for 15 
working days in the relevant performance period. The first performance period will end 20 
working days after the announcement of the Company’s preliminary results for the year 
ended 30 June 2014, being 27 October 2014. The second performance period will commence 
on the day following the expiry of the first performance period and will end 20 working days 
after the announcement of the Company’s preliminary results for the year ended 30 June 
2015 and so on. it is expected that the announcement of preliminary results for each year 
will be in September. Accordingly, each performance period is likely to end in October. 
The target share prices for the 2013 l TiP are based on compounded growth being achieved 
and accordingly, if the Performance Target is missed in one period, the participants’ 
awards can still vest if the required compound percentage of growth is achieved in 
subsequent periods. For instance, if in the first period the Performance Target for that 
period is not met, then the related number of Growth Shares which could have vested may 
still vest in the following period or periods, provided that the Performance Target for those 
periods is achieved, as the target gets increasingly more stretching. 
The first Performance Target has been set as a price of 60.5 pence per ordinary share (the 
“First Target Performance Price”), which has been set at a 30% premium to the share 
price of 46.5 pence per ordinary share (the “initial Base Price”), being the mid price at the 
close of business on 20 December 2013, the date 2013 l TiP was adopted. 
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The table below shows the accounting periods and the total number of ordinary shares in 
the Company that would be issuable on exchange for vested Growth Shares assuming the 
Performance Target for each year of the respective years is achieved:
Start date of accounting period
Performance target (Inland 
Homes plc share price)
t otal number of 
Inland Homes plc 
shares
1 July 2013 30% above initial Base Price 2,000,000
1 July 2014 15% compounded 2,000,000
1 July 2015 10% compounded 2,000,000
1 July 2016 10% compounded 2,000,000
1 July 2017 10% compounded 2,000,000
1 July 2018 10% compounded 1,350,504
11,350,504
4. Dilution 
The total number of shares in the Company which may become issuable on the exchange 
of Growth Shares (assuming vesting in full) is 11,350,504, equivalent to 5.6% of the current 
issued share capital of the Company. in order for the maximum of 11,350,504 ordinary 
shares in the Company to become issuable under the 2013 l TiP, the price for each inland 
Homes ordinary share, in the absence of a takeover, will have had to have more than 
doubled before the end of the final performance period (being 20 working days after 
the announcement of the preliminary results for the year ending 30 June 2019), when 
compared with the initial Base Price of 46.5 pence per ordinary share. This increase is 
approximately equivalent to a 14% annual compound rise in the ordinary share price. 
5. Change of Control 
The 2013 l TiP will allow realisation from three years after the award, provided the 
Performance Targets have been met. As is customary, the 2013 l TiP does provide for 
early vesting of Growth Shares in the event of a takeover of inland Homes before the 
expiry of the plan, such that all the Growth Shares will vest, provided that the offer price is 
greater than the share price required to achieve the Performance Target for the relevant 
performance period in which the takeover occurs. 
6. Participants 
The Executive Directors who will participate in the 2013 l TiP and their allocations of 
Growth Shares, is as follows: Stephen w icks 47%, n ishith Malde 38% and Paul Brett 15%. 
in addition, any awards to the Executive Directors under the 2013 l TiP are subject to good 
and bad leaver provisions. 
Ot Her bene FIt S
Depending on the exact terms of each individual Executive Director’s service contract with 
the Company, they are entitled to a range of benefits including either a car allowance or a 
fully expensed company car, contributions to pension schemes, private fuel, private health 
care insurance, permanent health insurance and death in service insurance.
Stock code: INL
Strategic Report
Our Governance
Our Financials
Shareholder Information 23697.04     22 October 2014 5:25 PM    PROOF 9
www.inlandhomes.co.uk
Inland Homes plc
Annual Report and
Accounts 2014
DIre Ct Or S’
REMUn ERATiOn REPORT COn Tin UED
Serv ICe COntra Ct S an D n Ot ICe Per IODS 
Each of the Executive Directors are employed on rolling contracts subject to one year’s 
notice from either inland Homes or the Executive Director in relation to Stephen w icks 
and n ishith Malde, and three months’ notice in relation to Paul Brett, and contain 
confidentiality provisions and restrictive covenants for the Company’s protection. 
The Executive Directors’ service contracts do not provide specifically for any termination 
payments, although the Company might make payments in lieu of notice. For this purpose, 
such payments would consist of basic salary and other benefits for the relevant period and 
depending on the circumstances, any awards due under the 2013 l TiP. 
nO n-exe Cut Ive D Ire Ct Or S
inland Homes has two independent n on-executive Directors, namely Terry Roydon, 
the Chairman and Head of the Audit Committee and Simon Bennett, Head of the 
Remuneration Committee. Both n on-executive Directors have letters of appointment, 
initially for a three year period and thereafter on six months’ notice from either inland 
Homes or the individual and contain confidentiality provisions for the Company’s benefit.
The n on-executive Directors’ letters of appointment do not provide specifically for any 
termination payments, although the Company might make payments in lieu of notice. 
n on-executive fees are determined by the Executive Directors, having regard to the 
requirement to attract high calibre individuals with the right experience, the time 
requirements and the responsibilities incumbent on an individual acting as a n on-
executive Director for a company, such as inland Homes, listed on AiM. The n on-executive 
Directors are not eligible for annual discretionary bonuses and do not participate in the 
Company’s long term incentive plans. 
The current service contracts of the Executive Directors, the letters of appointment of the 
n on-executive Directors and the Rules of the 2013 l TiP are available for inspection at 
the Company’s registered office during normal office hours and at the Company’s Annual 
General Meeting (“AGM”) until the conclusion of the AGM.
DIre Ct Or S’ eMOLuMent S FOr t He Year en DeD 30 j une 2014 
A review of the financial results for the year ended 30 June 2014 as more fully set out in 
the Chairman’s Statement, the Chief Executive’s Review and the Finance Director’s Review, 
demonstrates the robustness of the Company’s business model and strategy. it has been 
an outstanding year for inland Homes, one in which all the strategic objectives have 
been achieved, particularly with regard to growing the land bank and the record number 
of housebuilding completions achieved during the year. The financial results have been 
equally strong with revenue having increased by 28%, gross margins up by 104%, profit 
before tax by 66%, earnings per share up by 45%, net assets per share, which excludes any 
unrealised profits within the land bank, up over 10% and dividends up 122%. 
in light of the excellent results recorded by the Group, the following bonuses have been 
awarded by the Remuneration Committee to the Executive Directors, as follows:
Stephen Wicks  £240,000 
n ishith Malde   £240,000 
Paul brett  £160,000 
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in accordance with the rules of the Deferred Bonus Plan, further details of which are set 
out above, these bonuses will be settled as to 50% in cash and as to 50% in ordinary shares 
of the Company. The ordinary shares awarded in respect of these bonuses will be deferred 
for three years and will be subject to forfeiture in the event that an Executive Director leaves 
the Company as a “bad leaver”, but are not subject to any further performance conditions. 
The award of ordinary shares of the Company will be granted on terms that, when they vest, 
the number of ordinary shares subject to the award shall be increased by deeming the net 
dividends paid on the ordinary shares from the date of the award until the date of vesting to 
have been cumulatively reinvested in additional ordinary shares.
DIre Ct Or S’ re Munera t IOn t ab Le
The remuneration of each of the Directors during the year ended 30 June 2014 is set out in 
detail below:
2014 2013
Salary/
fees
£000
bonus
£000
benefits
£000
Pension
£000
t otal 
remuneration 
£000
Social 
security 
costs
£000
t otal 
remuneration 
& social 
security
£000
Total
£000
executive Directors
S D w icks* 348 240 34 — 622 93 715 493
n Malde* 336 240 27 12 615 92 707 481
P Brett 197 160 11 20 388 57 445 292
n on-executive Directors
T Roydon 45 — — — 45 — 45 45
S Bennett 35 — — — 35 — 35 35
*  S w icks has taken his pension entitlement as part of his salary and n Malde has taken part of his pension 
entitlement from October 2013 as part of his salary.
DIre Ct Or S’ Intere St S In SHare S an D t He una PPr Ove D 
SHARE OPTiOn SCHEME An D THE 2013 l TiP 
Directors’ interests in the Company’s ordinary shares are disclosed in the Directors’ Report.
The share options held by the Directors in the unapproved share option scheme and the 
2013 l TiP are set out below:
Stephen Wicks n ishith Malde Paul brett
Options exercisable 28 March 2010 to 27 March 2017 at 50.0p — — 700,000
Options exercisable 17 December 2012 to 16 December 2019 at 16.5p — — 400,000
Options exercisable 22 n ovember 2013 to 21 n ovember 2020 at 18.25p 1,500,000 1,500,000 —
Total options outstanding at 30 June 2013 1,500,000 1,500,000 1,100,000
Exercised during the year at 18.25p (1,500,000) — —
t otal options outstanding at 30 j une 2014 — 1,500,000 1,100,000
n o awards are likely to be made at this time under the 2013 l TiP as inland Homes’ share 
price has not yet reached the First Performance Target price of 60.5 pence per ordinary share 
for the necessary 15 working days to satisfy the requirements of the first vesting period.
Stock code: INL
Strategic Report
Our Governance
Our Financials
Shareholder Information 23697.04     22 October 2014 5:25 PM    PROOF 9
www.inlandhomes.co.uk
Inland Homes plc
Annual Report and
Accounts 2014
DIre Ct Or S’
REPORT
The Directors present their report and the financial statements of 
the Group and the Company for the year ended 30 June 2014.
Pr In CIPaL aCt IvIt Y
The principal activity of the Company and its subsidiaries, together called the Group, is 
to acquire residential and mixed use sites and seek planning consent for development. 
The Group develops a number of the plots for private sale and sells consented plots to 
housebuilders.
r eSuLt S an D DIvIDen DS
The trading results for the year are set out in the Group income Statement on page 71 
and the Group’s financial position at the end of the year is set out in the Group Statement 
of Financial Position on page 72. Further details of the performance during the financial 
year and expected future developments are contained in the Chairman’s Statement, Chief 
Executive’s Review and the Finance Director’s Review which form part of the Strategic 
Report.
The Directors have proposed a final dividend of 0.60p per share (2013: 0.27p).
buSIne SS rev IeW
A review of the development and performance of the business during the year and the 
future outlook of the Group is set out in the Chairman’s Statement on page 6 and the 
Chief Executive’s Review on pages 20 to 22. The Group’s key performance indicators are 
monitored closely by the Board and the details of performance against these are on pages 
38 and 39.
Pr In CIPaL r ISkS an D un Cer ta Int IeS
FInan CIaL r ISk Mana ge Ment Obje Ct Ive S an D POLICIeS
All potential areas of financial risk are regularly monitored and reviewed by the Directors 
and management. Any preventative or corrective measures are taken as necessary.
The Group uses various financial instruments. These include loans, cash and trade 
receivables that arise directly from its operations. The main purpose of these financial 
instruments is to raise finance for the Group’s operations.
The Group also provides finance to DGvl as part of its arrangement with that company. The 
main purpose of this financial instrument is to enhance the Group’s return from this project.
The existence of these financial instruments exposes the Group to a number of financial 
risks, which are described in more detail below.
The main risks arising from the Group’s financial instruments are liquidity risk, interest 
rate risk, credit risk and capital risk. The Directors review and agree policies for managing 
each of these risks and they are summarised below.
Read about Principal Risks 
on pages 40 and 41 
Read our Group income 
Statement on page 71 
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Liquidity risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to 
meet foreseeable needs and to invest cash assets safely and profitably.
Flexibility is achieved by loans and overdraft facilities.
Cash flow fair value interest rate risk
The Group’s cash flow interest rate risk arises from long term borrowings. Borrowings 
issued at variable rates expose the Group to cash flow interest rate risk. Some of the Group’s 
borrowings are at variable rates but the Group does not consider the risk to be significant.
Interest rate risk
The Group finances its operations through a mixture of equity and bank and other 
borrowings. The Group controls the exposure to interest rate fluctuations by ensuring that 
the level of gearing is maintained at a reasonable level.
Credit risk
The Group’s principal financial assets are trade and other receivables, cash and cash 
equivalents. The Group trades and deals with counterparties after having considered their 
credit rating. in certain circumstances the Group may seek additional security.
Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to 
continue as a going concern in order to provide returns for shareholders and benefits for 
other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
in order to maintain or adjust the capital structure, the Group may adjust the amount of 
dividends paid to shareholders, return capital to shareholders, issue new shares or sell 
assets to reduce debt.
Consistent with others in the industry, the Group monitors capital in relation to overall 
financing. Further information can be found in n ote 26 to the Group financial statements.
above: Showhome at Portland 
House, Gerrards Cross in 
Buckinghamshire
Stock code: INL
Strategic Report
Our Governance
Our Financials
Shareholder Information 23697.04     22 October 2014 5:25 PM    PROOF 9
www.inlandhomes.co.uk
Inland Homes plc
Annual Report and
Accounts 2014
DIre Ct Or S’
REPORT COn Tin UED
DIre Ct Or S an D t HeIr Intere St S
Each of the Directors listed on pages 50 and 51 held office as at 30 June 2014. The 
Directors of the Company and their respective beneficial interests in the shares of the 
Company as at 30 June 2014 were as follows:
as at 30 j une 2014 As at 30 June 2013
n umber of
ordinary 
shares 
n umber of
‘growth’ 
shares
n umber of 
share 
options
n umber of
ordinary 
shares 
n umber of
redeemable 
shares
n umber of 
share 
options
Ordinary Shares
S D w icks 16,237,332 470 — 16,237,332 490 1,500,000
n Malde 11,270,029 380 1,500,000 11,072,400 392 1,500,000
P Brett 3,504,214 150 1,100,000 3,444,214 98 1,100,000
T Roydon 325,000 — — 325,000 — —
S Bennett 110,000 — — 110,000 — —
P Brett is retiring by rotation in accordance with the Company’s Articles of Association and 
has offered himself for re-election. 
During the year, Stephen w icks exercised 1,500,000 share options over ordinary shares of 
10 pence under the Group’s Employee Share Option Scheme at a price of 18.25 pence per 
ordinary share. On admission to AiM, Mr w icks sold all 1,500,000 ordinary shares at a price 
of 42 pence per share. Further information on share options can be found in n ote 20 to the 
Group financial statements.
During the year, the Group’s 2007 l ong Term incentive Plan was terminated and the 980 
redeemable shares were redesignated as 9,800 valueless deferred shares of 10 pence 
each and replaced with the ‘Growth’ shares under the 2013 l TiP. Further information on 
the 2013 l TiP can be found in the Directors’ Remuneration Report on pages 56 to 61.
Read our Director’s 
Remuneration Report on 
pages 56 to 61 
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DIre Ct Or S’ eMOLuMent S
Details of Directors’ remuneration can be found in the Directors’ Remuneration Report on 
pages 56 to 61.
qua LIFYIng t HIr D Part Y In DeMn It Y Pr OvISIOn
During the financial year, a qualifying third party indemnity provision for the benefit of all 
the Directors was in force. 
Sub St ant IaL SHare HOLDIng
As at 15 October 2014, the Company was aware of the following holdings, in addition 
to those of the Directors discussed above, of 3% or more of the nominal value of the 
Company’s shares:
n ame Shareholding %
M H Dixon 21,000,000 10.36
Karoo investment Fund SCA SiCAv SiF 11,564,971 5.70
A K Brett 7,000,000 3.45
Downing ll P 6,935,512 3.42
gOIng COn Cern
The Board has reviewed the performance for the current year and forecasts for the future 
period. it has also considered the risks and uncertainties, including credit risk and liquidity 
risk. The Directors have considered the present economic climate, the state of the housing 
market and the current demand for land with planning consent. The Group has continued 
to see an increase in demand for consented land in the areas in which it operates. The 
Group has significant forward sales of residential units and is in discussions for the sale 
of some of the land within its projects and expects to make sufficient disposals in the 
foreseeable future to ensure it has adequate working capital for its requirements. The 
Directors are satisfied that the Group will generate sufficient cash to meet its liabilities as 
and when they fall due for a period of 12 months from signing these financial statements. 
The Directors therefore consider it appropriate to prepare the financial statements on the 
going concern basis.
above: Artist’s impression of 
our development on the former 
St. John’s Hospital site in 
Chelmsford, Essex
Stock code: INL
Strategic Report
Our Governance
Our Financials
Shareholder Information 23697.04     22 October 2014 5:25 PM    PROOF 9
www.inlandhomes.co.uk
Inland Homes plc
Annual Report and
Accounts 2014
DIre Ct Or S’
REPORT COn Tin UED
DIre Ct Or S’ re SPOn SIbILIt IeS
The Directors are responsible for preparing the Annual Report and the financial 
statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial 
year. Under that law the Directors have to prepare Group financial statements in 
accordance with international Financial Reporting Standards (iFRSs) as adopted by the 
European Union and have elected to prepare Parent Company financial statements in 
accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom 
Accounting Standards and applicable laws). Under company law the Directors must not 
approve the financial statements unless they are satisfied that they give a true and fair 
view of the state of affairs and profit or loss of the Company and Group for that period. in 
preparing these financial statements, the Directors are required to:
•	 select suitable accounting policies and then apply them consistently;
•	 make judgements and estimates that are reasonable and prudent;
•	 state whether applicable iFRSs have been followed in relation to the Group accounts 
and applicable UK Accounting Standards have been followed in relation to the Parent 
Company accounts, 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 Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient 
to show and explain the Company’s transactions and disclose with reasonable accuracy 
at any time the financial position of the Company and enable them to ensure that the 
financial statements comply with the Companies Act 2006. They are also responsible for 
safeguarding the assets of the Company and hence for taking reasonable steps for the 
prevention and detection of fraud and other irregularities.
The Directors confirm that:
•	 so far as each Director is aware there is no relevant audit information of which the 
Company’s 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.
The Directors are responsible for the maintenance and integrity of the corporate and 
financial information included on the Company’s website. l egislation in the United 
Kingdom governing the preparation and dissemination of financial statements may differ 
from legislation in other jurisdictions.
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POSt ba Lan Ce SHeet event S
There are no events subsequent to the balance sheet date that need to be disclosed.
annua L genera L Meet Ing
The n otice covering the AGM together with the proposed resolutions is contained in the 
document accompanying this report. The AGM will be held on 1 December 2014.
auDIt Or
A resolution to reappoint Grant Thornton UK ll P as auditor for the ensuing year will be 
proposed at the AGM in accordance with Section 489 of the Companies Act 2006.
By order of the Board
n ishith Malde 
Company Secretary 
15 October 2014
Completed nursing home, shops 
and site management area at DGv
Strategic Report
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Stock code: INL www.inlandhomes.co.uk
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Our
Fin An CiAl S
Proposed development at Meridian, 
Southampton, Hampshire
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Stock code: INL
COntent S
70 independent Auditor’s Report (Group) 74 Group Statement of Cash Flows
71 Group income Statement 75 n otes to the Group Financial Statements
71 Group Statement of Comprehensive income 102 independent Auditor’s Report (Company)
72 Group Statement of Financial Position 103 Company Balance Sheet
73 Group Statement of Changes in Equity 104 n otes to the Company Financial Statements
Stock code: INL
Strategic Report
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Stock code: INL www.inlandhomes.co.uk
70
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Annual Report and
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71
In DePen Dent auDIt Or ’S r ePOr t
TO THE MEMBERS OF inl An D HOMES Pl C
we have audited the Group financial statements of inland Homes plc for the year ended 30 June 2014 which comprise the Group income 
Statement, the Group Statement of Comprehensive income, Group Statement of Financial Position, the Group Statement of Changes 
in Equity, the Group Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their 
preparation is applicable law and international Financial Reporting Standards (iFRSs) as adopted by the European Union.
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our 
audit work has been undertaken so that we might state to the Company’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 Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
r eSPeCt Ive re SPOn SIbILIt IeS OF DIre Ct Or S an D au DIt Or
As explained more fully in the Directors’ Responsibilities Statement set out on page 66, the Directors are responsible for the 
preparation of the Group financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit 
and express an opinion on the Group financial statements in accordance with applicable law and international Standards on Auditing 
(UK and ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
SCOPe OF t He au DIt OF t He FInan CIaL St ate Ment S
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council’s website at  
www.frc.org.uk/apb/scope/private.cfm.
OPIn IOn On FInan CIaL St ate Ment S
in our opinion the Group financial statements:
•	 give a true and fair view of the state of the Group’s affairs as at 30 June 2014 and of its profit for the year then ended; 
•	 have been properly prepared in accordance with iFRSs as adopted by the European Union; and
•	 have been prepared in accordance with the requirements of the Companies Act 2006.
OPIn IOn On Ot Her Matter Pre SCr Ibe D bY t He COMPan IeS aCt 2006
in our opinion the information given in the Strategic Report and the Directors’ Report for the financial year for which the Group 
financial statements are prepared is consistent with the Group financial statements.
Matter S On WHICH We are requ Ire D t O re POr t b Y ex CePt IOn
we have nothing to report in respect of the following:
Under the Companies Act 2006 we are required to report to you if, in our opinion:
•	 certain disclosures of Directors’ remuneration specified by law are not made; or
•	 we have not received all the information and explanations we require for our audit.
Ot Her Matter
we have reported separately on the Parent Company financial statements of inland Homes plc for the year ended 30 June 2014. 
grant t hornton uk LLP
n icholas Watson 
Senior Statutory Auditor 
for and on behalf of Grant Thornton UK ll P 
Statutory Auditor, Chartered Accountants 
Reading 
15 October 2014
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Stock code: INL
Continuing operations n ote
2014 
£000
2013 
£000
Revenue 5 39,824 31,116
Cost of sales 5/6 (24,126) (23,431)
gross profit 15,698 7,685
Administrative expenses (4,353) (2,652)
(l oss)/profit on investments (822) 48
Operating profit 10,523 5,081
Finance cost – interest expense 8 (2,751) (1,419)
Finance cost – notional interest 8 (57) (270)
Finance income – interest on DGvl arrangement 9 263 226
Finance income – interest receivable and similar income 9 45 83
8,023 3,701
Share of profit from Howarth (former associate) 13 — 330
Profit on disposal of investment in Howarth (former associate) 13 — 292
Share of profit of joint venture 13 613 889
Profit before tax 8,636 5,212
income tax 10 (2,830) (1,559)
Profit for the year 5,806 3,653
attributable to:
Equity holders of the Company 5,806 3,653
earnings per share for profit attributable to the equity holders 
of the Company during the year 
– basic 11 2.87p 1.98p
– diluted 11 2.70p 1.97p
The accompanying accounting policies and notes form part of these financial statements.
gr OuP In COMe
STATEMEn T FOR THE yEAR En DED 30 JUn E 2014
n ote
2014 
£000
2013 
£000
Profit for the year 21 5,806 3,653
Other comprehensive income — —
t otal comprehensive income for the year 5,806 3,653
The accompanying accounting policies and notes form part of these financial statements.
gr OuP St ate Ment OF
COMPREHEn Siv E in COME FOR THE yEAR En DED 30 JUn E 2014
Stock code: INL
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72
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73
n ote
2014 
£000
2013 
£000
aSSet S
n on-current assets
investment property 12 7,681 7,681
Property, plant and equipment 12 153 173
investments 13 541 1,363
Joint ventures 13 — 243
Receivables due in more than one year 16 55 55
Deferred tax 14 2,767 3,414
t otal non-current assets 11,197 12,929
Current assets
inventories 15 90,275 44,736
Trade and other receivables 16 13,983 15,085
l oan to Howarth (former associate) 17 — 1,000
l isted investments held for trading (carried at fair value through profit and loss) 18 1 1
Cash and cash equivalents 19 11,169 12,154
t otal current assets 115,428 72,976
t otal assets 126,625 85,905
equ It Y
Capital and reserves attributable to the Company’s equity holders
Share capital 20 20,280 20,131
Share premium account 21 34,033 33,695
Treasury shares 21 — (366)
Special reserve 21 6,059 6,059
Retained earnings 21 3,649 (1,789)
t otal equity 64,021 57,730
LIab ILIt IeS
Current liabilities
Bank loans and overdrafts 27 19,192 1,613
Other loans 27 9,231 4,710
Trade and other payables 22 10,497 3,559
Corporation tax 22 2,808 625
Other financial liabilities 23 9,324 7,947
t otal current liabilities 51,052 18,454
n on-current liabilities
Zero Dividend Preference shares 23 11,552 9,721
t otal non-current liabilities 11,552 9,721
t otal equity and liabilities 126,625 85,905
The financial statements were approved and authorised for issue by the Board of Directors on 15 October 2014.
Stephen Wicks 
Director
n ishith Malde 
Director
Company number 5482990
The accompanying accounting policies and notes form part of these financial statements.
gr OuP St ate Ment OF
Fin An CiAl POSiTiOn AT 30 JUn E 2014
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Stock code: INL
Share 
capital
£000
Share 
premium
£000
t reasury 
shares
£000
Special 
reserve
£000
r etained 
earnings
£000
t otal
£000
At 30 June 2012 18,301 30,794 (366) 6,059 (5,382) 49,406
Share-based payment — — — — 62 62
Dividend payment — — — — (122) (122)
issue of equity 1,830 2,901 — — — 4,731
Transactions with owners 1,830 2,901 — — (60) 4,671
Total comprehensive income for the year — — — — 3,653 3,653
Total changes in equity 1,830 2,901 — — 3,593 8,324
At 30 June 2013 20,131 33,695 (366) 6,059 (1,789) 57,730
Share-based payment — — — — 171 171
Dividend payment — — — — (540) (540)
Cancellation of deferred shares (1) — — — 1 —
Sale of treasury shares — 214 366 — — 580
issue of equity 150 124 — — — 274
Transactions with owners 149 338 366 — (368) 485
Total comprehensive income for the year — — — — 5,806 5,806
Total changes in equity 149 338 366 — 5,438 6,291
at 30 j une 2014 20,280 34,033 — 6,059 3,649 64,021
The accompanying accounting policies and notes form part of these financial statements.
gr OuP St ate Ment OF
CHAn GES in EQUiTy FOR THE yEAR En DED 30 JUn E 2014
Stock code: INL
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75
n ote
2014 
£000
2013 
£000
Cash flow from operating activities
Profit for the year before tax 8,636 5,212
Adjustments for:
— depreciation 12 71 49
— profit on disposal of property, plant and equipment (3) (9)
— share-based compensation 171 62
— fair value adjustment for the value of the DGvl investment 822 (48)
— interest expense 2,808 1,689
— interest and similar income (308) (308)
— share of profit of Howarth (former associate) — (330)
— profit on disposal of investment in Howarth (former associate) — (292)
— share of profit in joint venture (613) (889)
Changes in working capital:
— increase in investments — 219
— (increase)/decrease in inventories (45,540) 161
— decrease/(increase) in trade and other receivables 1,365 (12,228)
— increase in trade and other payables 8,133 1,744
n et cash outflow from operating activities (24,458) (4,968)
Cash flow from investing activities
interest received 45 83
Purchases of property, plant and equipment 12 (51) (156)
Sale of property, plant and equipment 3 11
Distribution from joint venture 856 2,995
n et proceeds on sale of investment in Howarth (former associate) — 1,364
n et cash inflow from investing activities 853 4,297
Cash flow from financing activities
interest paid (1,902) (1,072)
Repayment of borrowings (3,039) (6,531)
n ew loans 26,247 15,244
Equity dividends paid to ordinary shareholders (540) (122)
n et proceeds on sale of treasury shares 580 —
n et proceeds on issue of ordinary shares 274 4,731
Receipt of loan repayment from Howarth (former associate) 1,000 —
n et cash inflow from financing activities 22,620 12,250
n et (decrease)/increase in cash and cash equivalents (985) 11,579
n et cash and cash equivalents at beginning of year 12,154 575
n et cash and cash equivalents at end of year 11,169 12,154
The accompanying accounting policies and notes form part of these financial statements.
gr OuP St ate Ment OF
CASH Fl Ow S FOR THE yEAR En DED 30 JUn E 2014
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Stock code: INL
n Ote S t O t He gr OuP
Fin An CiAl STATEMEn TS FOR THE yEAR En DED 30 JUn E 2014
1. aCCOunt Ing POLICIeS
The principal accounting policies adopted in the preparation of the Group financial statements are set out below.
basis of preparation
The Group financial statements have been prepared under the historical cost convention, except for financial instruments which are 
measured at fair value, and in accordance with applicable international Financial Reporting Standards (iFRS) as adopted by the EU and 
as issued by the international Accounting Standards Board. iFRS13 Fair value Measurement became mandatory for the first time for 
the financial year beginning 1 July 2013 but has had no material impact on the results of the Group for the year ended 30 June 2014.
The accounting policies that have been applied in the opening Statement of Financial Position have also been applied throughout all 
periods presented in these financial statements. These accounting policies comply with each iFRS that is mandatory for accounting 
periods ending on 30 June 2014.
At the date of approval of these financial statements, certain new standards, amendments and interpretations to existing standards 
have been published by the iASB but are not yet effective, and have not been adopted early by the Group.
Management anticipates that all of the relevant pronouncements will be adopted in the Group’s accounting policies for the first 
period beginning after the effective date of the pronouncement. information on new standards, amendments and interpretations that 
are expected to be relevant to the Group’s financial statements is provided below. 
Certain other new standards and interpretations have been issued but are not expected to have a material impact on the Group’s 
financial statements.
Standards, amendments and interpretations to existing standards that are not yet effective and have not been 
adopted early by the group
•	 iFRS10 Consolidated Financial Statements
•	 iFRS11 Joint Arrangements
•	 iFRS12 Disclosure of interests in Other Entities
•	 iAS27 (Revised) Separate Financial Statements
•	 iAS28 (Revised) investments in Associates and Joint ventures
Standards in issue but not yet effective
•	 iFRS9 Financial instruments (effective 1 January 2018)
•	 iFRS15 Revenue from Contracts with Customers (effective 1 January 2017)
•	 iAS19 Employee Benefits (Revised June 2011) (effective 1 January 2014)
•	 Disclosures — Offsetting Financial Assets and Financial l iabilities — Amendments to iFRS7 (effective 1 January 2014)
•	 Offsetting Financial Assets and Financial l iabilities — Amendments to iAS32 (effective 1 January 2014)
n one of the standards above are expected to have an impact on the Group’s financial statements. The Directors are currently assessing 
the impact of iFRS10 on accounting for the DGvl arrangement but at this stage do not anticipate any material changes. However, as 
iFRS10 specifically requires the question of control to be reassessed on an ongoing basis, this matter will be kept under review.
Stock code: INL
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1. aCCOunt Ing POLICIeS COn Tin UED
basis of consolidation
The Group’s financial statements consolidate the financial statements of the Company and all of its subsidiary undertakings drawn 
up to 30 June 2014. Subsidiaries are entities over which the Group has the power to control the financial and operating policies so as 
to obtain benefits from its activities. The Group obtains and exercises control through voting rights.
Unrealised gains on transactions between the Group and its subsidiaries are eliminated. Unrealised losses are also eliminated 
unless the transaction provides evidence of an impairment of the asset transferred. Amounts reported in the financial statements of 
subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.
Acquisitions of subsidiaries are dealt with by the acquisition method. The method involves the recognition at fair value of all 
identifiable assets and liabilities, including contingent liabilities of the subsidiary, at the acquisition date, regardless of whether or not 
they were recorded in the financial statements of the subsidiary prior to acquisition. On initial recognition, the assets and liabilities 
of the subsidiary are included in the Group Statement of Financial Position at their fair values, which are also used as the basis for 
subsequent measurement in accordance with the Group accounting policies. Goodwill is stated after separating out identifiable 
intangible assets. Goodwill represents the excess of the fair value of the consideration transferred over the fair value of the Group’s 
share of the identifiable net assets of the acquired subsidiary at the date of acquisition.
going concern
The Board has reviewed the performance for the current year and forecasts for the future period. it has also considered the risks and 
uncertainties, including credit risk and liquidity risk. The Directors have considered the present economic climate, the state of the 
housing market and the current demand for land with planning consent. The Group has continued to see an increase in demand for 
consented land in the areas in which it operates. The Group has significant forward sales of residential units and is in discussions 
for the sale of some of the land within its projects and expects to make sufficient disposals in the foreseeable future to ensure it 
has adequate working capital for its requirements. The Directors are satisfied that the Group will generate sufficient cash to meet 
its liabilities as and when they fall due for a period of 12 months from signing these financial statements. The Directors therefore 
consider it appropriate to prepare the financial statements on the going concern basis.
j oint ventures
investments in joint ventures are recognised initially at cost and subsequently accounted for using the equity method. All subsequent 
changes to the share of interest in the equity of the joint venture are recognised in the Group’s carrying amount of the investment. 
Changes resulting from the profit or loss generated by the joint venture are reported in ‘share of profits of joint venture’ in the Group 
income Statement and therefore affect net results of the Group. These changes include subsequent depreciation, amortisation or 
impairment of the fair value adjustments of assets and liabilities.
r evenue
Revenue is measured by reference to the fair value of consideration received or receivable by the Group for goods supplied, excluding 
vAT and trade discounts.
n Ote S t O t He gr OuP
Fin An CiAl STATEMEn TS COn Tin UED
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Stock code: INL
1. aCCOunt Ing POLICIeS COn Tin UED
Sale of land
Revenue from the sale of land is recognised when all the following conditions have been satisfied:
•	 the Group has transferred to the buyer the significant risks and rewards of ownership of the goods which is generally when 
contracts have been completed;
•	 the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control 
over the land sold which is generally when the contract has been completed;
•	 the amount of revenue can be measured reliably;
•	 it is probable that the economic benefits associated with the transaction will flow to the Group; and
•	 the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Sale of residential units
Turnover is recognised on legal completion, which is generally when the title passes.
Contract income
The Group acts as a main contractor on certain building projects, primarily on behalf of housing associations whilst carrying out 
its s106 obligations. Once the Group considers that the outcome of the contract can be reliably estimated, revenue and profit is 
recognised on the basis of the proportion of the contract that is completed.
Fee income
The Group provides planning and property management services to third parties for a fee. The Group recognises revenue based on 
the fair value and stage of completion of the planning and property management services provided to these customers as at the 
period end, in accordance with iAS18.
Interest
interest is recognised using the effective interest method which calculates the amortised cost of a financial asset and allocates the 
interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts 
through the expected life of the financial asset to the net carrying amount of the financial asset. 
r ental income
Rental income derived from operating leases is recognised on a straight line basis over the lease term.
Property, plant and equipment 
Property, plant and equipment is stated at cost or valuation, net of depreciation and any provision for impairment.
Disposal of assets
The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying 
amount of the asset and is recognised in the Group income Statement. Any revaluation surplus remaining in equity on disposal of the 
asset is transferred to the profit and loss reserve.
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1. aCCOunt Ing POLICIeS COn Tin UED
Depreciation
Depreciation is calculated to write down the cost less estimated residual value of all property, plant and equipment by the straight 
line method where it reflects the basis of consumption of the asset. The rates generally applicable are:
Fixtures and fittings — 25%
Office equipment — 25%
Motor vehicles — 25%
l easehold property — over shorter of lease term and useful economic life
Material residual value estimates are updated as required, but at least annually, whether or not the asset is revalued.
Investment property
investment properties are measured at cost and are reviewed annually for impairment. Any gain or loss resulting from the sale 
of an investment property is immediately recognised in profit or loss. As a result, investment properties are not depreciated. An 
investment property shall be derecognised on disposal or when the Directors consider that the status of the property has changed 
to being a development property. w hen a partial disposal or transfer is made, the proportion relating to the disposal or transfer is 
derecognised.
Inventories
inventories consist of land and work in progress and are valued at the lower of cost and net realisable value. Cost includes the 
purchase of sites, the cost of infrastructure and construction works, and legal and professional fees incurred during development 
prior to sale. n et realisable value is estimated based upon the future expected selling price, less estimated costs to sell.
t axation
Current tax is the tax currently payable based on taxable profit for the period.
Deferred income taxes are calculated using the liability method on temporary differences. Deferred tax is generally provided on 
the difference between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on 
the initial recognition of goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business 
combination or affects tax or accounting profit. Temporary differences include those associated with shares in subsidiaries and joint 
ventures unless reversal of these temporary differences can be controlled by the Group and it is probable that reversal will not occur 
in the foreseeable future. in addition, tax losses available to be carried forward as well as other income tax credits to the Group are 
assessed for recognition as deferred tax assets.
Deferred tax liabilities are provided in full, with no discounting. Deferred tax assets are recognised to the extent that it is probable 
that the underlying deductible temporary differences will be able to be offset against future taxable income. Current and deferred tax 
assets and liabilities are calculated at tax rates that are expected to apply to their respective period of realisation, provided they are 
enacted or substantively enacted at the year end date.
Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the Group income Statement except 
where they relate to items that are recognised in other comprehensive income (such as the revaluation of the investment property 
not included in inventories) or directly in equity in which case the related deferred tax is also recognised in other comprehensive 
income or equity respectively.
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1. aCCOunt Ing POLICIeS COn Tin UED
Leased assets
l ease payments (excluding costs for services such as insurance and maintenance) applicable to operating leases where substantially all 
the benefits and risks of ownership remain with the lessor are recognised as an expense on a straight line basis over the lease term.
employee benefits
Defined contribution pension scheme
The pension costs charged against operating profits are the contributions payable to the scheme in respect of the accounting period. 
equity-settled share-based payment
All share-based payment arrangements are recognised in the Group financial statements. All goods and services received in 
exchange for the grant of any share-based payment are measured at their fair values using the Black–Scholes options pricing model. 
w here employees are rewarded using share-based payments, the fair values of employees’ services are determined indirectly by 
reference to the fair value of the instrument granted to the employee. This fair value is appraised at the grant date and excludes the 
impact of any non-market vesting conditions.
All equity-settled share-based payments are ultimately recognised as an expense in the Group income Statement with a 
corresponding credit to retained earnings.
if vesting periods or other non-market vesting conditions apply, the expense is allocated over the vesting period, based on the best 
available estimate of the number of share options expected to vest. Estimates are subsequently revised if there is any indication 
that the number of share options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is 
recognised in the current period. n o adjustment is made to any expense recognised in prior periods if share options ultimately 
exercised are different to that estimated on vesting.
Upon exercise of share options the proceeds received net of attributable transaction costs are credited to share capital and, where 
appropriate, share premium.
Financial assets
Financial assets are divided into the following categories: loans and receivables and financial assets at fair value through profit or 
loss. Financial assets are assigned to the different categories by management on initial recognition, depending on the purpose for 
which they were acquired. 
All financial assets are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets 
other than those categorised as at fair value through profit and loss are initially recognised at fair value plus finance costs. Financial 
assets categorised as at fair value through profit or loss are recognised initially at fair value with transaction costs expensed through 
the Group income Statement.
Financial assets at fair value through profit or loss include financial assets that are either classified as held for trading or are 
designated by the entity as at fair value through profit or loss upon initial recognition. Subsequent to initial recognition, the financial 
assets included in this category are measured at fair value with changes in fair value recognised in the Group income Statement. 
Financial assets originally designated as financial assets at fair value through profit or loss may not be reclassified subsequently.
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1. aCCOunt Ing POLICIeS COn Tin UED
Financial assets continued
l oans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active 
market. Trade receivables and loans to associate are classified as loans and receivables. l oans and receivables are measured 
subsequent to initial recognition at amortised cost using the effective interest method, less provision for impairment. Any change in 
their value through impairment or reversal of impairment is recognised in the Group income Statement.
Provision against trade receivables is made when there is objective evidence that the Group will not be able to collect all amounts 
due to it in accordance with the original terms of those receivables. The amount of the write-down is determined as the difference 
between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective 
interest rate.
interest and other cash flows resulting from holding financial assets are recognised in the Group income Statement, regardless of 
how the related carrying amount of financial assets is measured.
A financial asset is derecognised only where the contractual rights to the cash flows from the asset expire, or the financial asset 
is transferred and that transfer qualifies for derecognition. A financial asset is transferred if the contractual rights to receive the 
cash flows of the asset have been transferred or the Group retains the contractual rights to receive the cash flows of the asset, but 
assumes a contractual obligation to pay the cash flows to one or more recipients. A financial asset that is transferred qualifies for 
derecognition if the Group transfers substantially all the risks and rewards of ownership of the asset, or if the Group neither retains 
nor transfers substantially all the risks and rewards of ownership but does transfer control of that asset.
Financial liabilities
Financial liabilities are obligations to pay cash or other financial assets and are recognised when the Group becomes a party to the 
contractual provisions of the instrument.
All financial liabilities are recorded at amortised cost using the effective interest method, with interest-related charges recognised as an 
expense in finance cost in the Group income Statement. Finance charges, including premiums payable on settlement or redemption and 
direct issue costs, are charged to the Group income Statement on an accruals basis using the effective interest method and are added 
to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise.
Financial liabilities are categorised as at fair value through profit or loss where they are classified as held-for-trading or designated 
as at fair value through profit or loss on initial recognition (including deferred purchase consideration). Financial liabilities are 
designated as at fair value through profit or loss where they eliminate or significantly reduce a measurement (or recognition) 
mismatch.
A financial liability is derecognised only when the obligation is extinguished, that is, when the obligation is discharged or cancelled  
or expires.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and demand deposits, together with other short term, highly liquid investments 
that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
Dividends
Dividend distributions payable to equity shareholders are included in other short term financial liabilities when the dividends are 
approved in a general meeting prior to the year end date.
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1. aCCOunt Ing POLICIeS COn Tin UED
equity
An equity instrument is a contract which evidences a residual interest in the assets after deducting all liabilities. Equity comprises 
the following:
•	 ‘Share capital’ represents the nominal value of equity shares;
•	 ‘Share premium’ represents the excess over nominal value of the fair value of consideration received for equity shares, net of 
expenses of the share issue;
•	 ‘Treasury shares’ represent the purchase of the Company’s own shares and are deducted from total equity as treasury shares  
until they are sold or cancelled where such shares are subsequently sold or reissued – any consideration received is included in 
total equity;
•	 ‘Special reserve’ represents the distributable surplus created by the transfer of an amount from the share premium to rectify the 
deficit on the profit and loss reserve; and
•	 ‘Profit and loss reserve’ represents retained profits.
2. FInan CIaL r ISk Mana ge Ment
Financial risk factors
The Group’s activities expose it to a variety of financial risks: credit risk; liquidity risk; cash flow risk; and fair value interest rate risk. 
The Group’s overall risk management programmes focus on the unpredictability of financial markets and seek to minimise potential 
adverse effects on the Group’s financial performance.
Risk management is carried out centrally under policies approved by the Board of Directors.
(a) Credit risk
The Group has no significant concentrations of credit risk. it has policies in place to ensure that sales of products and services are 
made to customers with an appropriate credit history.
The Group’s exposure to credit risk is limited to the carrying amount of financial assets recognised at the year end date, as 
summarised below:
2014 
£000
2013 
£000
Classes of financial assets — carrying amounts
l isted investments held for trading 1 1
l oan to Howarth (former associate) — 1,000
Cash and cash equivalents 11,169 12,154
Trade and other receivables 13,983 15,085
Receivables due in more than one year 55 55
25,208 28,295
The Group’s policy is to deal with creditworthy counterparties.
The Group’s management considers that all the above financial assets for each of the reporting dates under review are of good credit 
quality. The Directors consider that none of the receivables are past due or impaired.
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2. FInan CIaL r ISk Mana ge Ment COn Tin UED
Financial risk factors continued
(a) Credit risk continued
Some of the Group’s financial assets are secured by collateral. This collateral is a second charge over land owned by DGvl and in the 
opinion of the Directors, it mitigates the credit risk of the DGvl debtor.
The credit risk for liquid funds and other short term financial assets is considered negligible, since the counterparties are reputable 
banks with high quality credit ratings.
(b) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash balances and ensuring availability of funding through an 
adequate amount of credit facilities. The Group aims to maintain flexibility in funding by keeping credit lines available. The Group also 
purchases property under deferred consideration arrangements.
(c) Cash flow interest rate risk
The Group’s cash flow interest rate risk arises from long term borrowings. Borrowings issued at variable rates expose the Group to 
cash flow interest rate risk. All the Group’s borrowings are at variable rates but the Group does not consider the risk to be significant.
3. Seg Ment In FOr Mat IOn
in accordance with iFRS8, information is disclosed to enable users of financial statements to evaluate the nature and financial effects 
of the business activities in which the Group engages.
in identifying its operating segments, management differentiates between land sales, housebuilding, fee income and other income. 
These segments are based on the information reported to the chief operating decision maker. An analysis of the Group’s results by 
segment are disclosed in n ote 5.
4. Cr It ICaL aCCOunt Ing eSt IMate S an D ju Dge Ment S
Estimates and judgements are continually evaluated and are based on historic experience and other factors, including expectations 
of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, rarely 
equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the 
carrying amounts of assets and liabilities within the next financial year are outlined below.
(a) Valuation of inventories
in applying the Group’s accounting policy for the valuation of inventories the Directors are required to assess the expected selling 
price and costs to sell each of the plots or units that constitute the Group’s land bank and work in progress. Cost includes the 
purchase of sites, the cost of infrastructure and construction works, and legal and professional fees incurred during development 
prior to sale. Estimation of the selling price is subject to significant inherent uncertainties, in particular the prediction of future 
trends in the market value of land.
w hilst the Directors exercise due care and attention to make reasonable estimates, taking into account all available information in 
estimating the future selling price, the estimates will, in all likelihood, differ from the actual selling prices achieved in future periods 
and these differences may, in certain circumstances, be very significant. The critical judgement in respect of planning consent (see 
below) further increases the level of estimation uncertainty in this area.
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4. Cr It ICaL aCCOunt Ing eSt IMate S an D ju Dge Ment S COn Tin UED
(b) Income taxes
The Group recognises tax/deferred tax assets and liabilities for anticipated tax based on estimates of when the tax/deferred tax will 
be paid or recovered. w hen the final outcome of these matters is different from the amounts initially recorded, such differences 
impact the period in which the determination is made. Critical accounting estimates relate to the profit forecasts used to determine 
the extent to which deferred tax assets are recognised from available losses.
(c) Fair value of derivatives and other financial instruments
The fair value of instruments that are not traded in an active market is determined by using valuation techniques. The Group uses its 
judgement to select a variety of methods and make assumptions that are mainly based on market conditions existing.
(d) Investment properties
investment properties are reviewed annually for impairment; critical accounting estimates relate to the forecasts prepared in order to 
assess the carrying value.
(e) Discounting on deferred consideration of inventories
The Group discounts deferred consideration of inventories by discounted cash flow method; the Group considers that the cost of debt 
capital is the most appropriate discount rate.
Critical judgements in applying the entity’s accounting policies
Inventories
The Group values inventories at the lower of cost and net realisable value. The net realisable value is based on the judgement of the 
probability that planning consent will be given for each site. The Group believes that, based on the Directors’ experience, planning 
consent will be given. if planning consent was not achieved then a provision may be required against inventories. 
Zero Dividend Preference shares
The Group has in issue Zero Dividend Preference shares which are accounted for as debt. ZDP shares are repayable, plus accrued 
interest to date, in the event of a takeover. The Directors consider that the potential early repayment meets the definition of a 
derivative instrument under iAS39. However, they consider that this instrument is closely related to the host contract and therefore 
have not accounted for the embedded derivative separately.
Investments
in December 2008 the Group entered into an Option and Development Services Agreement (the Agreement) with DGvl . The Directors 
have considered the requirements of iAS27 ‘Consolidated and Separate Financial Statements’(revised 2008) and SiC12 ‘Consolidation 
– special purpose vehicles’ and do not believe that the Group has the power to control DGvl . Firstly, the final decision on the funding, 
financial and operational activities of DGvl resides with the director of DGvl himself, including the unilateral discretion over the 
choice of supplier of development services. Secondly, the Group does not have the ability to use any power over DGvl to affect its 
return. The director of DGvl has the unilateral right to determine and control the overall percentage of the profit surrendered to 
the Group; inland has no rights to influence the ultimate percentage it receives, only the ability to influence the overall profit by 
performing development services in an efficient manner. DGvl makes its own decisions regarding the development of the site even 
though the director of DGvl receives property advice to consider and property services from the Group. The Directors also consider 
that the Group does not have the decision making powers to obtain the majority of the benefits and the risks of the activities of 
DGvl as the shareholder of DGvl maintains control as to whether he finances the deferred land consideration payments. The key 
requirement in influencing inland’s profit share is the basis on which deferred consideration is satisfied. This is at the discretion 
of the DGvl director and hence he can improve his profit share, or allow inland to arrange the funding. Therefore, after due 
consideration of the applicable accounting standards and the way in which DGvl and inland operate in reality, the Board is of the 
opinion that inland does not control DGvl . Accordingly, DGvl should not be consolidated in the financial statements of the Group. 
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4. Cr It ICaL aCCOunt Ing eSt IMate S an D ju Dge Ment S COn Tin UED
Investments continued
The Group is entitled to receive a fee for the provision of planning application services, assistance in obtaining statutory and third 
party consents, assistance in entering into development and construction agreements, assistance in achieving sales, assistance in 
engaging professional advisers, seeking opportunities to generate interim revenues and the potential provision of finance to DGvl 
in respect of the site known as Drayton Garden village. Under the Agreement the Group is entitled to receive an increased share of 
the profits from the development on the basis that the director of DGvl did not have to procure funding to meet the deferred land 
consideration payments. Therefore, the Group is now entitled to receive 90% of all the profits realised from the sale of the property 
over the life of the project.
The Group’s relationship with DGvl is further explained in n ote 13 and balances in n ote 16.
At 30 June 2014 the deferred land consideration had been met in full without the director of DGvl having to procure funding. As a 
result, inland is now entitled to 90% of the profits expected to be realised from the sale of the property over the life of the project. 
83.04% of the total profits are due to the Group for the provision of planning application and property management services 
completed at the balance sheet date and this has to be accounted for under iAS18. 6.96% of the profits are due to the Group for the 
provision of the initial £3m to pay the first instalment of the deferred land payment and is therefore accounted for under iAS39 as 
interest income. 
in calculating the fee for the provision of planning application and property services to DGvl recognised in the year, under iAS18 the 
Group has estimated the following:
•	 total profits (total expected sales less total estimated development costs to completion) to be realised from the sale of the property;
•	 profits would be realised over six years from 1 July 2010;
•	 percentage, where the stage of completion is an appropriate basis for evaluating fair value, of planning application and property 
services provided to DGvl as at the period end with the balance to be provided over the remaining life of the project (i.e. in future 
accounting periods); and
•	 the fair value of completed service components at the year end.
During the year ended 30 June 2014 the Group has recognised £6.6 million (2013: £3.0 million) in revenue within the Group income 
Statement for such services to DGvl .
in calculating the fee for the provision of finance to DGvl , under iAS39 the Group has estimated the following:
•	 total profits (total expected sales less total estimated development costs to completion) to be realised from the sale of the 
property; and
•	 profits would be realised over six years from 1 July 2010.
Under iAS39 the Group has a choice as to how to account for the asset. The Directors consider the most appropriate classification for 
the asset to be ‘loans and receivables’ due to the underlying asset being a ‘non-derivative’ financial asset with fixed or determinable 
payments. The effective interest rate method has been applied in calculating the income in the period. See n ote 16. 
During the year ended 30 June 2014 the Group has recognised £0.26 million (2013: £0.25 million) within interest income in the Group 
income Statement in respect of such fees.
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4. Cr It ICaL aCCOunt Ing eSt IMate S an D ju Dge Ment S COn Tin UED
Investments continued
As inland is required to recognise the income based on the development services delivered and as finance income, the results are 
different to those recognised on the sale of property under UK GAAP within DGvl . The table below shows the revenue and interest 
recognised by inland under iAS18 and iAS39 in comparison to the results recognised by DGvl on its sales under UK GAAP:
2014 
£000
2013 
£000
Cumulative 
£000
Total revenue and interest recognised by inland under iAS18 and 39 6,855 3,252 18,009
Results in DGvl (unaudited)
Residential and commercial plots & completed homes sold 84 76 426
Revenue (£000) 18,423 5,300 47,369
Gross profit (£000) as per DGvl ’s unaudited management accounts 5,723 1,668 15,820
90% of gross profit (£000) (2013: 74.4%) 5,151 1,241 14,238
The accounting policy for revenue recognition by DGvl is as follows:
Turnover comprises the sale of land acquired for resale, the sale of completed properties, the sale of equipment and materials and 
amounts receivable by the company in respect of other services rendered during the period excluding value added tax. Turnover 
in respect of the sale of land and properties is recognised at the point of completion, when the title passes. Turnover from other 
services is recognised as the service is delivered. Turnover on the sale of equipment is recognised on the completion of the sale.
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5. In COMe an D Seg Ment aL ana LYSIS
The Group generates income by way of land sales. it also generates income from housebuilding, fees from planning and property 
management services and other related services. These operating segments are monitored and strategic decisions are made on the 
basis of segment operating results. The segmental analysis of operations is as follows:
Segmental analysis by activity
2013
Revenue
£000
Cost of 
sales
£000
Gross 
profit
£000
Admin 
costs
£000
Other
£000
Operating 
profit
£000
Finance
(cost)/
income
£000
Other
£000
Profit
before
tax
£000
Segment 
l and sales 16,353 (14,400) 1,953 — — 1,953 (1,054) — 899
Housebuilding 11,426 (9,020) 2,406 — — 2,406 (288) — 2,118
Fee income 3,027 — 3,027 — — 3,027 254 — 3,281
Rental income 300 (11) 289 — — 289 — — 289
Other property sale 10 — 10 — — 10 — — 10
Other
— Profit on investments — — — — 48 48 — — 48
—  Share of profit from Howarth 
(former associate) — — — — — — — 330 330
—  Profit on sale of investment in 
Howarth (former associate) — — — — — — — 292 292
— Share of profit of joint venture — — — — — — — 889 889
— Unallocated — — — (2,652) — (2,652) (292) — (2,944)
31,116 (23,431) 7,685 (2,652) 48 5,081 (1,380) 1,511 5,212
2014
r evenue
£000
Cost of 
sales
£000
gross 
profit
£000
admin 
costs
£000
Other
£000
Operating 
profit
£000
Finance
(cost)/
income
£000
Other
£000
Profit
before
tax
£000
Segment 
l and sales 6,734 (3,443) 3,291 — — 3,291 (947) — 2,344
Housebuilding 18,843 (13,664) 5,179 — — 5,179 (1,751) — 3,428
S106 affordable homes 2,460 (2,214) 246 — — 246 — — 246
Contracting on behalf of DGvl 4,805 (4,805) — — — — — — —
Fee income 6,596 — 6,596 — — 6,596 263 — 6,859
Rental income 365 — 365 — — 365 — — 365
Other 21 — 21 — — 21 — — 21
— l oss on investments — — — — (822) (822) — — (822)
— Share of profit of joint venture — — — — — — — 613 613
— Unallocated — — — (4,353) — (4,353) (65) — (4,418)
39,824 (24,126) 15,698 (4,353) (822) 10,523 (2,500) 613 8,636
During the year DGvl identified a purchaser for 107 residential units at Drayton Garden village. The purchaser bought the land but 
would only agree to enter into a build contract with inland l imited. The risks associated with this contract have been substantially 
mitigated by way of a fixed price construction contract with a main contractor. The counterparty risk is negligible as the purchaser is 
a very well financed housing association. Consequently the Group is recognising no margin on this contract and instead is receiving 
its share of the development contribution via the development services fee income from DGvl , which currently stands at 90% of the 
total profit expected to be realised from the development.
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5. In COMe an D Seg Ment aL ana LYSIS COn Tin UED
t ransactions with customers making up 10% or more of revenue
2014 
£000
2013 
£000
Fee income customer 1 6,593 —
l and sales customer 2 5,347 3,135
Contracting customer 3 4,805 —
l and sales customer 4 — 7,410
l and sales customer 5 — 3,330
16,745 13,875
All activities arose solely in the United Kingdom.
2014 
£000
2013 
£000
Segment assets
l and:
n on-current assets — investment property 7,681 7,681
n on-current assets — deferred tax 2,487 3,159
Current assets – inventories 55,854 37,221
Current assets – other 2,525 341
68,547 48,402
Housebuilding:
n on-current assets — deposit match debtor 55 55
Current assets — inventories 34,421 7,515
Current assets — other 159 498
34,635 8,068
Fees:
n on-current assets — investment 541 1,363
Current assets — debtor 10,502 12,870
Current assets — other 674 808
11,717 15,041
Other:
n on-current assets — joint venture — 243
n on-current assets — other 153 173
n on-current assets — deferred tax 280 255
Current assets — loan to Howarth (former associate) — 1,000
Current assets — other 124 569
Cash 11,169 12,154
11,726 14,394
t otal segmental and entity assets 126,625 85,905
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5. In COMe an D Seg Ment aL ana LYSIS COn Tin UED
2014 
£000
2013 
£000
Segment liabilities
l and:
Current liabilities — trade creditors 2,203 851
Current liabilities — loans 2,000 832
Current liabilities — other 1,416 1,056
Current liabilities — purchase consideration 9,324 7,947
14,943 10,686
Housebuilding:
Current liabilities — trade creditors 3,607 1,216
Current liabilities — other loans 7,231 3,878
Current liabilities — bank loans 19,192 1,613
Current liabilities — other creditors 2,013 363
32,043 7,070
Fees:
Current liabilities — other creditors — 200
— 200
Other:
Current liabilities — trade creditors 159 65
Current liabilities — other creditors 3,907 433
n on-current liabilities — Zero Dividend Preference shares 11,552 9,721
15,618 10,219
t otal segmental and entity liabilities 62,604 28,175
6. exPen SeS bY nature
n ote
2014 
£000
2013 
£000
Depreciation 12 71 49
Operating lease rentals 64 68
Auditor’s remuneration:
— audit 52 41
— non-audit fees Parent Company 16 16
— non-audit fees Subsidiaries 10 10
Cost of sales 24,126 23,431
Other expenses 4,140 2,468
Total 28,479 26,083
Classified as:
— cost of sales 24,126 23,431
— administrative expenses 4,353 2,652
28,479 26,083
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Stock code: INL
7. DIre Ct Or S an D eMPLOYee S
The employee benefit expense during the year was as follows:
2014 
£000
2013 
£000
wages and salaries 2,730 1,637
Social security costs 342 206
Pension costs — defined contribution plans 48 80
3,120 1,923
The average number of employees during the year was as follows:
2014 
n umber
2013 
n umber
Management 4 4
Administration 20 10
24 14
Remuneration in respect of Directors was as follows:
2014 
£000
2013 
£000
wages and salaries 953 866
Bonuses 640 200
Social security costs 242 140
Fees 80 80
Pension costs — defined contribution plans 32 60
1,947 1,346
During the year two Directors participated in a money purchase pension scheme. 
The amounts set out above include remuneration in respect of the highest paid Director as follows:
2014 
£000
2013 
£000
Remuneration 622 436
Further information in respect of AiM rules regarding Directors’ remuneration disclosures can be found in the Directors and their 
interests section of the Directors’ Report on page 62.
Short term employee benefits and share-based payments in respect of key personnel and the Directors were as follows:
2014 
£000
2013 
£000
wages and salaries 1,072 989
Bonuses 671 215
Social security costs 264 156
Pension costs — defined contribution plans 42 65
Share-based payment 161 58
2,210 1,483
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7. DIre Ct Or S an D eMPLOYee S COn Tin UED
Other long term benefits in respect of key personnel and the Directors were as follows:
as at 30 j une 2014 As at 30 June 2013
n umber 
of growth 
shares
n umber 
of share 
options
n umber of 
deferred 
shares
n umber 
of share 
options
Key personnel and Directors 1,000 2,750,000 980 4,350,000
During the year the 2007 long term incentive plan was terminated and the 2013 l TiP was introduced. Further details can be found in 
the Directors’ Remuneration Report on pages 56 to 61.
8. FInan Ce COSt
2014 
£000
2013 
£000
interest expense:
— bank borrowings 618 169
— other loan interest 1,393 881
— notional interest on deferred consideration 57 270
— costs associated with arrangement of new facilities 740 369
2,808 1,689
9. FInan Ce In COMe
2014 
£000
2013 
£000
Other interest receivable 33 78
Bank interest receivable 12 5
interest income on DGvl arrangement 263 226
308 309
10. In COMe tax 
2014 
£000
2013 
£000
Tax charge on associate and joint venture profits — 73
Current tax charge 2,183 625
Deferred tax asset released due to change of corporation tax rate 469 —
Deferred tax charge 178 861
2,830 1,559
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10. In COMe tax COn Tin UED
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the tax rate applicable to profits of 
the consolidated companies as follows:
2014 
£000
2013 
£000
Profit before tax 8,636 5,212
Profit on ordinary activities multiplied by the standard rate
of corporation tax in the UK of 22.5% (2013: 24%) 1,943 1,251
Expenses not deductible for tax purposes 49 122
Profit on disposal of associate — (207)
DGvl option impairment not deductible for tax purposes 148 —
ZDP interest not deductible for tax purposes 163 —
Other temporary differences — 9
Utilisation of tax losses (120) (554)
Difference between capital allowances and depreciation — 4
Tax charge 2,183 625
11. earn Ing S an D net a SSet va Lue Per SHare
basic and diluted ePS
Basic and diluted earnings per share is calculated by dividing the earnings attributable to equity holders of the Company by the 
weighted average number of ordinary shares in issue during the period.
2014 2013 
Profit attributable to equity holders of the Company (£000) 5,806 3,653
n et assets attributable to equity holders of the Company (£000) 64,021 57,730
weighted average number of ordinary shares in issue (000) 202,093 184,860
Dilutive effect of options (000) 1,441 872
Dilutive effect of growth shares (000) 11,314 —
weighted average number of ordinary shares used in determining diluted EPS (000) 214,848 185,732
Basic earnings per share in pence 2.87p 1.98p
Diluted earnings per share in pence 2.70p 1.97p
Shares in issue (000) 202,799 201,299
n et asset value per share in pence 31.57p 28.68p
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12. Pr OPer t Y, PLant , equ IPMent an D Inve St Ment Pr OPer t Y
Investment 
property
£000
Leasehold 
property 
£000
Motor 
vehicles 
£000
Office 
equipment 
£000
Fixtures 
and fittings 
£000
t otal
 £000
Cost or fair value
At 30 June 2012 8,801 5 49 96 89 239
Additions — — 106 48 2 156
Disposals — — (32) — — (32)
Transfer to inventories (1,120) — — — — —
At 30 June 2013 7,681 5 123 144 91 363
Additions — — 9 39 3 51
Disposals — — (17) — — (17)
at 30 j une 2014 7,681 5 115 183 94 397
Depreciation
At 30 June 2012 — 3 47 55 66 171
Depreciation charge — 1 16 20 12 49
Disposals — — (30) — — (30)
At 30 June 2013 — 4 33 75 78 190
Depreciation charge — 1 29 34 7 71
Disposals — — (17) — — (17)
at 30 j une 2014 — 5 45 109 85 244
n et book value
at 30 j une 2014 7,681 — 70 74 9 153
At 30 June 2013 7,681 1 90 69 13 173
At 30 June 2012 8,801 2 2 41 23 68
All investment property is stated at cost and reviewed annually for impairment.
The investment property was valued by CBRE l td in March 2013 in accordance with the current edition of the RiCS valuation 
Professional Standards, published by the Royal institution of Chartered Surveyors, at £9.64 million. investment property continues to 
be held by the Group for long term investment. The property is recorded as an investment property and is valued by the Directors on a 
deemed cost basis at £7,681,000, which was the fair value of the property on acquisition. The investment property is not depreciated, 
as it is reviewed annually for impairment. An explanation of the fair value of the investment property is included in note 27.
The historical cost of the investment property at 30 June 2014 as noted in Poole investments l imited’s financial statements is 
£1,093,693 (2013: £1,093,693). 
The direct operating expenses for the period arising from the investment property was £nil (2013: £11,000). The investment property 
generated no rental income during the period.
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Stock code: INL
13. Inve St Ment S
Investment 
in Howarth 
(former 
associate)
£000
Option
£000
Investment 
in joint 
venture 
£000
t otal
£000
Cost or fair value
At 30 June 2012 822 1,114 2,563 4,499
Additions — 200 — 200
Share of profit after tax 250 — 676 926
n et proceeds on disposal of investment in Howarth (former associate) (1,364) — — (1,364)
Realised gain on sale of investment in Howarth (former associate) 292 — — 292
Distributions from joint ventures — — (2,996) (2,996)
Fair value adjustment — 49 — 49
Movement during the year to 30 June 2013 (822) 249 (2,320) (2,893)
At 30 June 2013 — 1,363 243 1,606
Share of profit after tax — — 613 613
Distributions from joint ventures — — (856) (856)
Fair value adjustment — (822) (822)
Movement during the year to 30 June 2014 — (822) (243) (1,065)
n et book value
at 30 j une 2014 — 541 — 541
At 30 June 2013 — 1,363 243 1,606
On 18 December 2008, inland entered into an Option and Development Services Agreement with DGvl which granted inland l imited 
an option for a consideration of £250,000 to purchase the share capital of DGvl at an exercise price of £1. The initial period of the 
option was for one year from the date of the agreement and this could be extended on up to four occasions to a maximum period of 
ten years by making further payments. During the years ended 30 June 2010, 2011, 2012 and 2013, the option period was extended 
to expire on 15 January 2019 for a total consideration of £1,200,000. in accordance with the Group’s accounting policy for financial 
assets, the option has been measured at fair value at 30 June 2014, which resulted in a fair value loss of £822,000 (2013: gain of 
£49,000) that has been recognised in the Group income Statement, resulting in the option being valued at £659,000 below the actual 
consideration paid for the option. The fair value of the option has decreased as the profits are being realised and are available for 
distribution to the shareholder of DGvl . An explanation of the fair value is included in note 27.
The Group’s joint venture in Croxley Green, Hertfordshire has now come to an end. The Group’s 50% share of the profits after tax for 
the period to 30 June 2014 amounts to £613,000 (2013: £676,000) that has been recognised in the Group income Statement. 
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13. Inve St Ment S COn Tin UED
At 30 June 2014 the Company, directly or indirectly, held 10% or more of the equity of the following:
Company name
Country of 
registration Principal activity Holding
Class of 
shares
inland l imited England & wales Real estate development 100% Ordinary
Poole investments l imited England & wales Real estate investment 100% Ordinary
inland Housing l imited England & wales Real estate development 100% Ordinary
inland Finance l imited England & wales Real estate investment 100% Ordinary
inland (Southern) l imited England & wales Real estate development 100% Ordinary
inland Homes (Essex) l imited England & wales Real estate development 100% Ordinary
inland Homes Developments l imited England & wales Real estate development 100% Ordinary
inland n ew Homes l imited England & wales Real estate development 100% Ordinary
Exeter Road (Bournemouth) l imited England & wales Real estate development 100% Ordinary
inland Homes 2013 l imited England & wales Holding company 100% Ordinary
inland ZDP plc England & wales Provision of finance 100% Ordinary
14. DeFerre D tax
The net movement on the deferred tax account is as follows:
£000
At 1 July 2013 3,414
income statement charge (647)
at 30 j une 2014 2,767
The movement in deferred tax assets is as follows:
Losses
£000
Other
£000
t otal
£000
At 1 July 2013 2,636 778 3,414
Charged to income statement (419) (228) (647)
at 30 j une 2014 2,217 550 2,767
Deferred tax to be recovered after 12 months:
2014 
£000
2013 
£000
Deferred tax asset on capital losses 3,395 4,075
Deferred tax liability on the gain on investment property (1,302) (1,563)
2,093 2,512
Deferred income tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit 
through future taxable profits is probable. The Group has capital losses amounting to £17,162,000 (2013: £17,162,000) that have not 
been recognised as the Directors consider the realisation of the losses is not expected to crystallise in the future.
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Stock code: INL
15. Invent Or IeS
2014 
£000
2013 
£000
Stock and work in progress 90,275 44,736
During the year a total of £24,126,000 (2013: £23,431,000) of inventories was included in the Group income Statement as an expense. 
The Group conducted a review of the net realisable value of its land bank in view of current market conditions. w here the estimated 
future net realisable value of the site is less than the carrying value within the Group Statement of Financial Position, the Group has 
impaired the land value. This has resulted in an impairment of £nil (2013: £1.5 million). included in the value of inventories above 
is £13.6 million (2013: £18.2 million) which is carried at fair value less costs to sell (net realisable value). The amount of inventories 
pledged as security against borrowings is £61.1 million (2013: £29.5 million).
16. t ra De an D Ot Her re CeIvab LeS
2014 
£000
2013 
£000
Prepayments and accrued income 751 870
Other receivables 13,232 14,215
Other receivables due in more than one year 55 55
14,038 15,140
The carrying value of trade and other receivables is considered a reasonable approximation of fair value. n o trade receivables are 
considered to be impaired. There were no unimpaired trade receivables that were past due at the reporting date.
Other receivables includes an amount of £10.5 million (2013: £13.7 million) accrued in respect of costs and sales invoices that will be 
reimbursed by DGvl when they have the funds to do so. The carrying value is considered a reasonable approximation of fair value.
All of the Group’s trade and other receivables have been reviewed for indicators of impairment.
17. LOan t O HOWart H (FOr Mer aSSOCIate)
2014 
£000
2013 
£000
Advances to Howarth (former associate) — 1,000
The loan was repaid in full during the year.
18. LISte D Inve St Ment S HeLD FOr tra DIng
£000
At 1 July 2013 1
Movements during the year —
at 30 j une 2014 1
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19. CaSH an D CaSH equ IvaLent S
2014 
£000
2013 
£000
Cash at bank and in hand 11,169 12,154
20. SHare CaPIt aL
2014 
£000
2013 
£000
authorised
239,990,000 (2013: 239,990,000) ordinary shares of 10p each 23,999 23,999
1,000 (2013: 1,000) redeemable shares of £1 each — 1
23,999 24,000
2014 
£000
2013 
£000
allotted, issued and fully paid
202,799,432 (2013: 201,299,432) ordinary shares of 10p each 20,280 20,130
980 (2013: 980) redeemable shares of £1 each — 1
180 (2013: 180) deferred shares of 10p each — —
20,280 20,131
The Company currently holds none (2013: 1,325,000) of its own shares in treasury. During the year 1,325,000 ordinary shares held as 
treasury shares were sold on the open market at a price of 44 pence per ordinary share. The excess over the price originally paid for 
the shares has been credited to share premium.
During the year ended 30 June 2014 1,500,000 shares were issued as a result of Stephen w icks exercising share options at a cash 
consideration of 18.25p per share, generating a premium of 8.25p per share.
The Company operates a long term incentive plan as part of the remuneration packages of the Executive Directors. During the year 
the 2007 Plan was cancelled and replaced with the 2013 Plan. The redeemable and deferred shares were redesignated as 9,800 
valueless deferred shares of 10 pence each. Further information can be found in the Directors’ Remuneration Report on pages 56 to 
61.
The Company operates an unapproved share option scheme. Awards under each scheme are made periodically to employees. Share 
options vest three years after the date of grant and have an exercise period of seven years. The schemes are all equity-settled. 
The Company has used the Black–Scholes formula to calculate the fair value of outstanding options and deferred shares. The 
assumptions applied to the Black–Scholes formula for share options issued and the fair value per option are as follows:
Share 
options 
2012/13 grant
Share 
options 
2011/12 grant
Share 
options 
2010/11 grant
Share 
options 
2009/10 grant
growth 
shares
Expected life of options based on options exercised to date 3 years 3 years 3 years 3 years 6 years
volatility of share price 67% 67% 76% 69% 40%
Dividend yield 0% 0% 0% 0% 0.6%
Risk free interest rate 2.05% 2.05% 2.05% 2.11% 1.96%
Share price at date of grant 32.5p 17.5p 18.25p 16.5p 45.0p
Exercise price 32.5p 17.5p 18.25p 16.5p 45.0p
Fair value per option £0.14 £0.05 £0.09 £0.05 £0.17
The charge calculated for the year ended 30 June 2014 is £171,000 with a corresponding deferred tax asset at that date of £34,000.
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Stock code: INL
20. SHare CaPIt aL COn Tin UED
volatility was assessed using the closing prices on the first business day of each month over the period since the shares have been 
listed.
A reconciliation of option movements over the year ended 30 June 2014 is shown below:
n umber
000s
exercise 
price 
pence
Outstanding at 30 June 2012 4,720
Granted during the year 550 32.5p
l apsed during the year (100)
Outstanding at 30 June 2013 5,170
Exercised during the year (1,500) 18.25p
Outstanding at 30 j une 2014 3,670
exercisable at 30 j une 2014 2,815
Exercisable at 30 June 2013 1,315
At 30 June 2014 outstanding options granted over 10p ordinary shares were as follows:
Share option scheme
Option 
price 
pence n umber Dates exercisable
Company unapproved 50.0p 710,000 28 March 2010 to 27 March 2017
Company unapproved 16.5p 605,000 17 December 2012 to 16 December 2019
Company unapproved 18.25p 1,500,000 22 n ovember 2013 to 21 n ovember 2020
Company unapproved 17.5p 305,000 25 June 2015 to 24 June 2022
Company unapproved 32.5p 550,000 18 June 2016 to 17 June 2023
21. MOve Ment On re Ser ve S
Share 
premium 
£000
t reasury 
shares
£000
Special 
reserve
£000
Profit and 
loss account
£000
At 30 June 2012 30,794 (366) 6,059 (5,382)
Profit for the year — — — 3,653
Ordinary shares issued during the year 2,901 — — —
Dividends paid to ordinary shareholders — — — (122)
Share-based compensation — — — 62
At 30 June 2013 33,695 (366) 6,059 (1,789)
Profit for the year — — — 5,806
Ordinary shares issued during the year 124 — — —
Dividends paid to ordinary shareholders — — — (540)
Cancellation of deferred shares — — — 1
Sale of treasury shares 214 366 — —
Share-based compensation — — — 171
at 30 j une 2014 34,033 — 6,059 3,649
A resolution was passed at the AGM in n ovember 2011 for the capitalisation of the Parent Company’s reserves to allow for the 
possibility of distributions in the future. A copy of this resolution is available from Companies House.
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22. t ra De an D Ot Her PaYab LeS
2014 
£000
2013 
£000
Trade payables 5,970 2,131
Other creditors 2,995 745
Social security, other taxes and vAT 53 47
Corporation tax 2,808 625
Accruals and deferred income 1,479 636
13,305 4,184
The carrying value of trade and other payables is considered to be a reasonable approximation of fair value. 
23. Ot Her FInan CIaL LIab ILIt IeS
2014 
£000
2013 
£000
Purchase consideration on inventories falling due within one year 9,324 7,947
Zero Dividend Preference shares 11,552 9,721
20,876 17,668
During the year the Group’s subsidiary, inland ZDP plc issued 934,900 Zero Dividend Preference (ZDP) shares of 10p each for a total 
cash consideration of £1.1 million. The ZDP shares will be repaid on or before 10 April 2019. An explanation of the fair value of the 
ZDP shares is included in note 27.
24. COnt Ingen CIeS
The Group has the following contingent liability as at 30 June 2014:
A subsidiary undertaking, Poole investments l imited (formerly Poole investments plc) (“Poole”), ceased to participate in its operating 
subsidiary’s pension scheme when it disposed of former subsidiaries in May 2004. The Scheme’s principal employer, Pilkington’s 
Tiles l imited went into administration on 14 June 2010 and as a result Poole may be liable for a share of the cost of securing the 
liabilities of the Scheme pertaining to its two former employees should there be a deficit on the Scheme’s fund. The Directors 
consider that, as at the balance sheet date, material uncertainty exists over the basis and calculation of any obligation that may fall 
due to Poole. Advice has been sought to clarify the Company’s position. A provision has therefore not been made in the financial 
statements as the basis of any provision cannot be reliably established.
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Stock code: INL
25. COMMIt Ment S
The Group leases an office and some plant and machinery under non-cancellable operating lease agreements. The leases have 
varying terms, escalation clauses and renewal rights.
The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
2014 
£000
2013 
£000
Due in less than one year 8 72
Due later than one year and not later than five years 10 10
18 82
The break clause in the rental contract for the office building rented since 28 April 2009 at 2 Anglo Office Park, 67 w hite l ion Road, 
Amersham, HP7 9FB was exercised in August 2014. A new rental contract was entered into for the new registered office at Decimal 
Place, Chiltern Avenue, Amersham, HP6 5FG on 10 July 2014. This contract has a non-cancellable term of five years with an annual 
rent of £127,000.
26. CaPIta L Mana ge Ment POLICIeS an D Pr OCeDure S
The Group’s objectives when managing capital are:
•	 to safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for 
other stakeholders; and
•	 to ensure sufficient liquid resources are available to meet the funding requirement of its projects and to fund new projects  
where identified.
This is achieved through ensuring sufficient bank and other facilities are in place; further details are given in n ote 27 to the Group 
accounts. The Group monitors capital on the basis of the carrying amount of the equity less cash and cash equivalents as presented 
on the face of the Group Statement of Financial Position.
The movement in the capital to overall financial ratio is shown below. The target capital to overall financing ratio has been set by the 
Directors at 50% and results over this amount are considered to be a good performance against the target.
2014 
£000
2013 
£000
Equity 64,021 57,730
l ess: cash and cash equivalents (11,169) (12,154)
Capital 52,852 45,576
2014 
£000
2013 
£000
Equity 64,021 57,730
Borrowings 39,975 16,044
Overall financing 103,996 73,774
Capital to overall financing 50.8% 61.8%
The Group manages the capital structure and makes adjustments in light of changes in economic conditions and the risk 
characteristics of the underlying assets. in order to maintain or adjust the capital structure, the Group may adjust the level of 
dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
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27. FInan CIaL aSSet S an D LIab ILIt IeS
The carrying amounts presented in the Statement of Financial Position relate to the following categories of assets and liabilities:
n ote
2014 
£000
2013 
£000
Financial assets
l isted investments held for trading 18 1 1
Loans and receivables
l oan to Howarth (former associate) 17 — 1,000
Trade and other receivables 16 13,287 14,270
Cash and cash equivalents 19 11,169 12,154
 24,456 27,424
Financial liabilities
Financial liabilities measured at amortised cost:
— current borrowings 28,423 6,323
— trade and other payables 22 9,018 2,923
— Zero Dividend Preference shares 23 11,552 9,721
— other financial liabilities 23 9,324 7,947
58,317 26,914
The fair values are presented in the related notes.
Current borrowings consist of housebuilding loan facilities of £41.8 million, of which £26.4 million (2013: £5.5 million) is drawn down, 
and further loans of £2 million secured against land (2013: £0.8 million). The loans attract interest at varying rates.
The table below analyses the Group’s financial contractual liabilities into relevant maturity groupings based on the remaining period 
at the Statement of Financial Position date to the contractual maturity date. The amounts disclosed are the contractual undiscounted 
cash flows. 
2014 2013
t rade 
and other 
payables 
£000
zero 
Dividend 
Preference 
shares 
£000
Purchase 
consideration
£000
Trade 
and other 
payables 
£000
Zero 
Dividend 
Preference 
shares 
£000
Purchase 
consideration 
£000
l ess than one year 37,388 — 9,324 9,199 — 8,004
More than one year and less than five — 11,552 — — — —
Over five years — — — — 9,721 —
37,388 11,552 9,324 9,199 9,721 8,004
The following tables present financial assets and liabilities measured at fair value in the Group Statement of Financial Position in 
accordance with the fair value hierarchy. This hierarchy groups financial assets and liabilities into three levels based on the significance 
of inputs used in measuring the fair value of the financial assets and liabilities. The fair value hierarchy has the following levels:
l evel 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
l evel 2:  inputs other than quoted prices included within l evel 1 that are observable for the asset or liability, either directly  
(i.e. as prices) or indirectly (i.e. derived from prices); and 
l evel 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The level within which the financial asset or liability is classified is determined based on the lowest level of significant input to the fair 
value measurement.
n Ote S t O t He gr OuP
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Inland Homes plc
Annual Report and
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101 100
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Stock code: INL
27. FInan CIaL aSSet S an D LIab ILIt IeS COn Tin UED
The financial assets and liabilities measured at fair value in the Group Statement of Financial Position are grouped into the fair value 
hierarchy as follows:
assets n ote
l evel 1
£000
l evel 2
£000
l evel 3
£000
Total
£000
n et fair value at 1 July 2013 27(a) & (b) 1 — 11,000 11,001
Fair value movements during the year — — (822) (822)
n et fair value at 30 j une 2014 1 — 10,178 10,179
Liabilities n ote
l evel 1
£000
l evel 2
£000
l evel 3
£000
Total
£000
n et fair value at 1 July 2013 27(a) 10,262 — — 10,262
Additions 1,108 — — 1,108
Fair value movements during the year 1,383 — — 1,383
n et fair value at 30 j une 2014 12,753 — — 12,753
(a) Listed securities and debentures
All the listed equity securities and debentures are denominated in Sterling and are publicly traded in the United Kingdom. Fair values 
have been determined by reference to their quoted mid prices at the reporting date. The ZDP shares are carried at their accrued 
value of 111.34p per share (2013: 103.78p) however their closing price on the main market of the l ondon Stock Exchange on 30 June 
2014 was 124.00p (2013: 109.75p). During the year 934,900 shares were issued at a price of 118.5p per share.
(b) Assets not based on observable market data
The option to purchase the share of Drayton Garden village l imited is measured at fair value annually and a fair value loss was 
recognised during the year. The investment property is stated at cost and reviewed annually for impairment. The current carrying 
value is £7.68 million. The investment property was valued by CBRE l td in March 2013 in accordance with the current edition of the 
RiCS valuation Professional Standards, published by the Royal institution of Chartered Surveyors, at £9.64 million. The method used 
involved the calculation of the gross development value of the site (using the comparable method) based on the planning permission 
in place and the resulting residual land value. The key assumptions relate to property prices, construction prices and the extent of 
any remediation required with a profit margin of 17% of gross development value. The Directors consider this to be a reasonable 
approximation of fair value.
28. r eLate D Part Y tran SaCt IOn S
During the year ended 30 June 2010 the Group entered into a joint venture with Howarth Homes plc for the development of 51 units 
at a site in Croxley Green, Hertfordshire. The Group’s 50% share of the profits after tax for the period to 30 June 2014 amounts to 
£613,000 (2013: £676,000) that has been recognised in the Group income Statement. n o further profits will be received from this joint 
venture and inland’s involvement has come to an end.
The Group’s share of the results and its share of net assets of the joint venture are as follows:
2014 
£000
2013 
£000
n et assets — 373
n et result 613 676
29. COMPan Y In FOr Mat IOn
The Company is a public limited company registered in England and wales. The registered office and principal place of business is 
Decimal Place, Chiltern Avenue, Amersham, Buckinghamshire, HP6 5FG.
The principal activity of the Group is to acquire residential and mixed use sites and seek planning consent for development. The 
Group develops a number of the plots for private sale and sells consented plots to housebuilders.
Stock code: INL
Strategic Report
Our Governance
Our Financials
Shareholder Information
Stock code: INL www.inlandhomes.co.uk
we have audited the Parent Company financial statements of inland Homes plc for the year ended 30 June 2014 which comprise 
the Company balance sheet and the related notes. The financial reporting framework that has been applied in their preparation is 
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 
2006. Our audit work has been undertaken so that we might state to the Company’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 Company and the Company’s members, as a body, for our audit work, for this report, or for the 
opinions we have formed.
r eSPeCt Ive re SPOn SIbILIt IeS OF DIre Ct Or S an D au DIt Or
As explained more fully in the Directors’ Responsibilities Statement set out on page 66, the Directors are responsible for the 
preparation of the Parent Company financial statements and for being satisfied that they give a true and fair view. Our responsibility 
is to audit and express an opinion on the Parent Company financial statements in accordance with applicable law and international 
Standards on Auditing (UK and ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical 
Standards for Auditors.
SCOPe OF t He au DIt OF t He FInan CIaL St ate Ment S
A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/apb/scope/private.cfm.
OPIn IOn On FInan CIaL St ate Ment S
in our opinion the Parent Company financial statements:
•	 give a true and fair view of the state of the Company’s affairs as at 30 June 2014; 
•	 have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	 have been prepared in accordance with the requirements of the Companies Act 2006.
OPIn IOn On Ot Her Matter Pre SCr Ibe D bY t He COMPan IeS aCt 2006
in our opinion the information given in the Strategic Report and in the Directors’ Report for the financial year for which the financial 
statements are prepared is consistent with the Parent Company financial statements.
Matter S On WHICH We are requ Ire D t O re POr t b Y ex CePt IOn
we have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
•	 adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received 
from branches not visited by us; or
•	 the Parent Company financial statements are not in agreement with the accounting records and returns; or
•	 certain disclosures of Directors’ remuneration specified by law are not made; or
•	 we have not received all the information and explanations we require for our audit.
Ot Her Matter
we have reported separately on the Group financial statements of inland Homes plc for the year ended 30 June 2014. 
grant t hornton uk LLP
n icholas Watson 
Senior Statutory Auditor 
for and on behalf of Grant Thornton UK ll P 
Statutory Auditor, Chartered Accountants 
Reading 
15 October 2014
In DePen Dent auDIt Or ’S r ePOr t
TO THE MEMBERS OF inl An D HOMES Pl C
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Stock code: INL
n ote
2014 
£000
2013
£000
Fixed assets
investments 4 12,472 12,472
12,472 12,472
Current assets
Debtors 5 37,588 36,385
l isted investments 1 1
Deferred tax 280 246
Cash at bank and in hand 10,473 12,169
48,342 48,801
Creditors: amounts falling due within one year 6 (350) (210)
n et current assets 47,992 48,591
t otal assets less liabilities 60,464 61,063
Capital and reserves
Called up share capital 7 20,280 20,131
Share premium 8 34,033 33,695
Treasury shares 8 — (366)
Special reserve 8 6,059 6,059
Profit and loss account 8 92 1,544
Shareholders’ funds 60,464 61,063
The financial statements on pages 103 to 107 were approved and authorised for issue by the Board of Directors on 15 October 2014 
and signed on its behalf by:
Stephen Wicks 
Director
n ishith Malde 
Director
Company number 5482990
The accompanying accounting policies and notes form part of these financial statements.
COMPan Y
BAl An CE SHEET AT 30 JUn E 2014
Stock code: INL
Strategic Report
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Stock code: INL www.inlandhomes.co.uk
1. Pr In CIPaL aCCOunt Ing POLICIeS
basis of preparation
The financial statements have been prepared in accordance with applicable United Kingdom accounting standards and under 
the historical cost convention. The Directors have reviewed the principal accounting policies and consider they remain the most 
appropriate for the Company. The principal accounting policies of the Company have remained unchanged from the previous year.
Investments
investments are included at cost less amounts written off.
equity-settled share-based payment
All share-based payment arrangements are recognised in the financial statements.
All goods and services received in exchange for the grant of any share-based payment are measured at their fair values using the 
Black–Scholes options pricing model. w here employees are rewarded using share-based payments, the fair values of employees’ 
services are determined indirectly by reference to the fair value of the instrument granted to the employee. This fair value is 
appraised at the grant date and excludes the impact of any non-market vesting conditions.
All equity-settled share-based payments are ultimately recognised as an expense in the profit and loss account with a corresponding 
credit to reserves brought forward.
if vesting periods or other non-market vesting conditions apply, the expense is allocated over the vesting period, based on the best 
available estimate of the number of share options expected to vest. Estimates are subsequently revised if there is any indication 
that the number of share options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is 
recognised in the current period. n o adjustment is made to any expense recognised in prior periods if share options ultimately 
exercised are different to that estimated on vesting.
Upon exercise of share options the proceeds received net of attributable transaction costs are credited to share capital and, where 
appropriate, share premium.
Deferred taxation
Deferred tax is recognised on all timing differences where the transactions or events that give the Company an obligation to pay more 
tax in the future, or a right to pay less tax in the future, have occurred by the balance sheet date. Deferred tax assets are recognised 
when it is more likely than not that they will be recovered. Deferred tax is measured using rates of tax that have been enacted or 
substantively enacted by the balance sheet date on an undiscounted basis.
2. Pr OFIt attr Ibut ab Le t O MeMber S OF t He Parent C OMPan Y
As permitted by Section 408 of the Companies Act 2006, the Parent Company has not presented its own profit and loss account.
The Company’s loss for the year of £1.1 million (2013: profit of £1.4 million) has been transferred to reserves. 
auditor’s remuneration
The audit fees for the Company were £5,000 (2013: £5,000). The auditor’s remuneration for other services is disclosed in n ote 6 to the 
Group financial statements.
Fees paid to the Company’s auditor, Grant Thornton UK ll P, and its associates for services other than statutory audit of the Company 
are not disclosed in inland Homes plc’s financial statements since the Group financial statements of inland Homes plc are required 
to disclose non-audit fees on a consolidated basis.
n Ote S t O t He COMPan Y
Fin An CiAl STATEMEn TS
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Stock code: INL
3. DIre Ct Or S’ re Munera t IOn
See n ote 7 to the Group financial statements and the Directors’ Remuneration Report.
4. Inve St Ment S
Investment 
in group 
undertakings 
£000
t otal
£000
Cost
At 1 July 2013 12,472 12,472
at 30 j une 2014 12,472 12,472
amortisation
At 1 July 2013 — —
at 30 j une 2014 — —
n et book amount to 30 j une 2014 12,472 12,472
n et book amount to 30 June 2013 12,472 12,472
See n ote 13 of the Group financial statements for details on the Group undertakings.
5. Debt Or S
2014 
£000
2013
£000
Amounts owed by Group undertakings 37,182 34,923
l oan to Howarth (former associate) — 1,000
Other debtors 406 462
37,588 36,385
6. Cre DIt Or S: aMOunt S FaLLIng Due WIt HIn One Year
2014 
£000
2013 
£000
Trade creditors 159 65
Accruals and other creditors 191 145
350 210
7. SHare CaPIt aL
2014 
£000
2013 
£000
authorised
239,990,000 (2013: 239,990,000) ordinary shares of 10p each 23,999 23,999
1,000 (2013: 1,000) redeemable shares of £1 each — 1
23,999 24,000
Stock code: INL
Strategic Report
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Stock code: INL www.inlandhomes.co.uk
n Ote S t O t He COMPan Y
Fin An CiAl STATEMEn TS COn Tin UED
7. SHare CaPIt aL COn Tin UED
2014 
£000
2013 
£000
allotted, issued and fully paid
202,799,432 (2013: 201,299,432) ordinary shares of 10p each 20,280 20,130
980 (2013: 980) redeemable shares of £1 each — 1
180 (2013: 180) deferred shares of 10p each — —
20,280 20,131
The Company currently holds none (2013: 1,325,000) of its own shares in treasury. During the year 1,325,000 ordinary shares held as 
treasury shares were sold on the open market at a price of 44 pence per ordinary share. The excess over the price originally paid for 
the shares has been credited to share premium.
During the year ended 30 June 2014 1,500,000 shares were issued as a result of Stephen w icks exercising share options at a cash 
consideration of 18.25p per share, generating a premium of 8.25p per share.
The Company operates a long term incentive plan as part of the remuneration packages of the Executive Directors. During the year the 
2007 Plan was cancelled and replaced with the 2013 Plan. The redeemable and deferred shares were redesignated as 9,800 valueless 
deferred shares of 10 pence each. Further information can be found in the Directors’ Remuneration Report on pages 56 to 61.
Details of the Company’s share option schemes can be found in n ote 20 to the Group accounts.
8. r eServe S
Share 
premium
£000
t reasury 
shares
£000
Special 
reserve
£000
Profit 
and loss 
account
£000
At 30 June 2013 33,695 (366) 6,059 1,544
l oss for the year — — — (1,084)
Dividends paid to ordinary shareholders — — — (540)
issue of shares 124 — — —
Cancellation of deferred shares — — — 1
Sale of treasury shares 214 366 — —
Employee share-based compensation — — — 171
at 30 j une 2014 34,033 — 6,059 92
A resolution was passed at the AGM in n ovember 2011 for the capitalisation of the Parent Company’s reserves to allow for the 
possibility of distributions in the future. A copy of this resolution is available from Companies House.
9. CaPIta L COMMIt Ment S
The Company had no outstanding capital commitments at 30 June 2014 or 30 June 2013. On 10 July 2014 the Company entered 
into a five year non-cancellable rental contract for its new registered office at Decimal Place, Chiltern Avenue, Amersham, 
Buckinghamshire, HP6 5FG.
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Stock code: INL
10. COnt Ingent LIab ILIt IeS
The Company has the following contingent liabilities as at 30 June 2014:
a. inland Homes plc has guaranteed the obligations of inland Housing l imited in respect of borrowings relating to the subsidiary 
undertaking’s developments. in the Directors’ opinion there is unlikely to be any such shortfall.
b. inland Homes plc has guaranteed the obligations of inland l imited in respect of a housebuilding facility relating to the subsidiary 
undertaking’s development at Chelmsford.
c. inland Homes plc has guaranteed any cost overruns and shortfall of interest payable by inland Homes Developments l imited in 
respect of borrowings relating to the subsidiary undertaking’s developments. in the Directors’ opinion there is unlikely to be any 
such shortfall.
d. inland Homes plc has guaranteed the build performance obligations of inland l imited on a contract with a housing association.
n o provisions have been made in these financial statements in respect of these contingent liabilities.
11. r eCOn CILIat IOn OF MOve Ment S In SHare HOLDer S’ Fun DS
2014 
£000
2013
£000
(l oss)/profit for the year (1,084) 1,392
issue of shares 274 4,731
Payment of dividend to ordinary shareholders (540) (122)
Sale of treasury shares 580 —
Share-based compensation 171 62
n et (decrease)/increase in shareholders’ funds (599) 6,063
Opening shareholders’ funds 61,063 55,000
Closing shareholders’ funds 60,464 61,063
12. r eLate D Part Y tran SaCt IOn S
The Company is exercising its right to withhold disclosure of related party transactions between itself and its wholly owned subsidiary 
undertakings in line with FRS8.3 Related Party Disclosures.
Stock code: INL
Strategic Report
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Shareholder Information
Stock code: INL www.inlandhomes.co.uk
SHare HOLDer 
n OTES
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Inland Homes plc
Annual Report and
Accounts 2014
iBC 108
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aDvISer S an D
COMPAny in FORMATiOn
COMPan Y reg IStra t IOn 
nu Mber
5482990
COMPan Y SeCret ar Y
n ishith Malde FCA
nOMI nate D aDvISer  
an D br Oker
finnCap Limited
60 n ew Broad Street
l ondon, EC2M 1JJ
SOLICIt Or
Dorsey & Whitney LLP
199 Bishopsgate
l ondon, EC2M 3UT
auDIt Or
grant t hornton uk LLP
Chartered Accountants
Statutory Auditor
1020 Eskdale Road
iQ w innersh
wokingham
Berkshire, RG41 5TS
banker
barclays bank PLC
Fourth Floor
Apex Plaza
Forbury Road
Reading
Berkshire, RG1 1AX
r eg IStrar
Capita r egistrars
The Registry
34 Beckenham Road
Beckenham
Kent, BR3 4TU
In Lan D HOMeS PLC
r egistered office  
and website
Decimal Place
Chiltern Avenue
Amersham
Buckinghamshire, HP6 5FG
Tel: 01494 762450
Fax: 01494 765897
Email: info@inlandplc.com
www.inlandhomes.co.uk
Cover: Proposed development at 
Meridian, Southampton
Strategic Report
Our Governance
Our Financials
Shareholder Information
Stock code: INL 23697.04     22 October 2014 5:25 PM    PROOF 9
Inland Homes plc 
Decimal Place 
Chiltern Avenue 
Amersham 
Buckinghamshire 
HP6 5FG
Tel: 01494 762450 
Fax: 01494 765897 
Email: info@inlandplc.com 
www.inlandhomes.co.uk