annual report and accounts 2010
Inland plc
2 Anglo Office Park 
67 White Lion Road 
Amersham 
Bucks HP7 9FB
T: 01494 762450 
F: 01494 765897 
E: info@inlandplc.com
www.inlandplc.com
Inland plc annual report and accounts 2010 corporate statement
Inland plc is a leading brownfield 
regeneration specialist. We specialise in 
buying brownfield sites and enhancing their 
value through obtaining planning permissions 
for residential and mixed‑use developments.
Inland's highly experienced land team has extensive knowledge of the 
complexities of the planning system which in turn enables it to unlock 
added value in property that others cannot.
We recognise the significant impact our activities can have on the environment 
and the communities in which we work.
We believe that managing these activities responsibly brings long term 
benefits to our shareholders as well as our other stakeholders.
at the heart of our business is the principle of sustainability – the need 
to conserve scarce resources for the benefit of future generations.
creative thinking in brownfield development
 Our year
 01 Highlights
 02  Queensgate
 04  Ellis Court
 06  Drayton Garden Village
 08  Chairman's statement
 10  Chief Executive's review
 corporate governance
 12  Directors and advisers
 14  Directors’ report
Financial statements
Group
 19  Report of the independent auditor
 20 Group income statement
 20  Group statement of comprehensive income
 21 Group statement of financial position
 22 Group statement of changes in equity
 23  Group statement of cash flows
 24   Notes to the group financial statements
Financial statements
Company
 41  Report of the independent auditor
 42  Company statement of financial position
 43  Notes to the company financial statements
Other information
 47 Notice of annual general meeting 01
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
Highlights
Get the latest information online
 www.inlandplc.com
  FOR THE LATEST INFORMATION ON:
 – PERFORMANCE
 – INVESTOR PRESENTATIONS
 – CORPORATE RESPONSIBILITY
Operational highlights
A  158 building plots and 10 completed apartments sold in the year
A  Planning consent obtained for 773 units at Drayton Garden Village since 
the year end
A  Land bank controlled comprises 1,950 residential plots and 263,000 sq ft 
of commercial space of which
 A  1,357 (2009: 690) are consented residential plots
 A  163,000 sq ft (2009: 110,000) is consented commercial space 
A  Sale of one site completed and another two exchanged since the year end with 
a total value of £9.4m, of which £5.1m has no associated debt
A  Sales agreed of 89 plots and 40,000 sq ft of commercial space for 
approximately £12.7m which has no associated debt
Financial highlights
Revenue
£16.5m
(2009: £5.2m)
Operating profit
£2.0m
(2009: loss £4.1m, loss £7.7m 
including exceptional loss)
Pre-tax profit
£1. 1m
(2009: loss £10.5m)
Earnings per share
£0.68p
(2009: loss £7.83p)
Net assets 
£44.5m
(2009: £40.4m) 02
Inland plc
annual report and 
accounts 2010
a 21st century answer to suburban living
Drayton Garden Village
Inland is delighted to have acquired with 
a financial partner the sought after RaF 
West drayton site in Middlesex, West london.
Inland has now obtained outline planning consent for 773 
new homes, a primary healthcare facility, nursing home 
and a variety of commercial premises. The scheme 
was submitted to Hillingdon Council in November 2009 
following a lengthy public consultation process with local 
residents and businesses, using the same suburban 
residential planning techniques of the 1930s where 
gardens, trees, hedgerows and green space dominate 
the landscape.
Local residents’ had some concerns which were also 
Inland’s concerns. The greatest worries were over parking 
and too much social housing. Therefore, in addition to the 
773 residential properties, there will be 1,122 car parking 
spaces and a lower than average amount of affordable 
housing. Almost two-thirds of the whole site will be taken 
up with houses and gardens. Inland’s vision is to create a 
place to live that is a leafy suburb. New tree-lined avenues 
with pedestrian links to the town centre and large open 
spaces themed over the four seasons will encourage people 
to walk and cycle rather than drive.
A new medical centre catering for those in the existing 
community as well as new residents, and an 80-bedroom 
care home were both on local residents’ ‘wish list’.
31 acres
31 acre brownfield site
773 homes
Outline planning permission for 
773 new homes, a Primary Healthcare 
facility, Nursing Home and a variety of 
commercial premises
positive and responsive approach 
putting the concerns of the local residents 
to the forefront
www.draytongardenvillage.com 03
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
  Open space is to be distributed 
throughout the site. This provision of 
open space will open the site up to 
the surrounding community and 
allow an integration between the 
existing and proposed communities.
  To complement the houses and 
to ensure integration with the 
adjacent Park West scheme, 
Drayton Garden Village will deliver 
a series of apartment buildings.
  At the heart of the build are new 
houses which will cover 50% of the 
site. The houses will be designed 
around home zones which will 
ensure that the environment is 
focused on people and not vehicles. 04
Inland plc
annual report and 
accounts 2010
Inland has entered into a joint venture with 
Howarth Homes plc to develop this exciting 
project in croxley Green, Hertfordshire. 
15 homes have been pre-sold to a Housing 
association for affordable housing with the 
private homes to be launched Spring 2011.
Both parties have committed £2.3m to the project with the 
scheme being fully funded by a private bank.
Total sales revenues of over £20m are expected from 
the development.
www.queensgate-farnborough.com
  Inland Homes is developing 
37 houses and apartments at 
Queensgate which has kick-started 
this major regeneration project of 
399 homes and employment space. 
The first occupations are now taking 
place and the transformation of 
this formerly derelict brownfield 
site into a leafy new community 
has begun.
Queensgate, Farnborough
51 stunning new homes in an 
extraordinary woodland setting 05
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
  At Ellis Court we have a development 
of 14 homes, 10 units were sold 
during the year with the remainder 
sold shortly thereafter. Howarth 
Homes carried out the construction 
to their normal high standards.
www.elliscourt.com
Byfleet, Surrey
  Queensgate show home interior   Queensgate show home  06
Inland plc
annual report and 
accounts 2010
Queensgate, Farnborough
solid and sound vision  
providing high quality homes, with an emphasis 
on excellent design and sustainability
This 24.5 acre site which we purchased from 
defence Estates is now generating significant 
cash flow and profitability for Inland. a major 
milestone in June 2010 was the opening of the 
new link road through the site which has now 
‘put us on the map’.
The early phase of affordable housing is now almost completed, 
this was 29 family homes for Drum Housing Association 
built by our associate company Howarth Homes.
Inland Homes is developing 37 houses and apartments with 
almost 50% reserved or sold and the first occupations now 
taking place.
In the course of the year Inland sold 57 building plots to a 
national housebuilder who has now commenced development.
We have agreed terms to sell the site of an 80-bed nursing 
home to an operator. This will provide a substantial receipt 
for Inland and will start the process of job creation on 
the project which will help to build this important mixed 
use community.
We expect to re-plan some of the development to suit current 
market trends and we anticipate further development and 
land sales to be maintained throughout 2011.
As part of our community relations strategy we are helping 
to fund a community worker on site who is working with 
local residents to create a vibrant place to live and work.
www.queensgate-farnborough.com 07
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
9.5 acres
9.5 acre brownfield site
2,000 homes
It is anticipated over 2,000 homes 
together with employment and leisure 
opportunities will be developed.
Inland owns 9.5 acres of the 40 acre Holes Bay 
Basin Regeneration area where it is anticipated 
over 2,000 homes together with employment 
and leisure opportunities will be developed.
A major step forward for the development is the start of the 
construction of the ‘Twin Sails Bridge’. This iconic structure 
costing over £34m will form the ‘gateway’ to the development.
Now our team has secured the West Drayton consent 
our focus is to move forward to secure planning on this 
important project as soon as possible.
Hamworthy, Poole, Dorset
  Twin Sails Bridge now 
under construction 08
Inland plc
annual report and 
accounts 2010
Chairman’s statement
The Group’s balance sheet and liquidity 
position is continuing to improve and whilst 
market conditions are fragile, we are confident 
about our strategy for the future.
IntroductIon
I am pleased to report that the year ended 30 June 2010 
saw market conditions change dramatically during the 
second half. Demand for land with planning consent 
improved, leading to a significant increase in turnover, 
which in turn has improved the Group’s liquidity position 
and returned it to profitability. We also raised a small 
amount of new equity during the early and latter part 
of the year to improve our working capital in a climate 
where securing bank finance has proved to be 
extremely challenging. 
results
Total turnover resulting from sales, rental income and 
management fees was £16.5m (2009: £5.2m). Operating 
profit was £2.0m (2009: operating loss of £7.7m) and profit 
before tax was £1.1m (2009: loss before tax of £10.5m). 
operatIonal revIew
The results demonstrate that the market for land in the 
South East of England has improved significantly with the 
larger housebuilders showing more interest in purchasing 
land to replenish their land banks within their local regions. 
We have disposed of most of the smaller sites within our 
portfolio and our strategy is to secure larger sites which 
will predominantly be purchased with joint venture partners. 
Our priority has been to generate cash flow in order to reduce 
both bank debt and settle outstanding deferred land payments. 
During the year ended 30 June 2010 we sold 158 building 
plots (2009: 25 building plots) and ten completed apartments 
at our development in Byfleet. On the planning front we 
were successful in obtaining planning permission on all 
but four sites within our portfolio. In May 2010, a resolution 
to grant planning permission subject to the signing of 
a legal agreement was received at West Drayton for 773 
units and 55,000 sq ft of commercial space comprising 
a nursing home, a primary care trust and some office 
space. The legal agreement has now been signed and 
the planning permission issued. 
The land bank under our control currently comprises of 1,357 
consented residential plots and 163,000 sq ft of consented 
commercial space including 80,000 sq ft for two care homes. 
We have a further 600 plots and 100,000 sq ft of commercial 
space being processed through the planning system.  09
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
Since the year end we have completed the sale of one site 
and exchanged contracts on two others with a total value 
of £9.4m. We have also completed the sale of ten residential 
units since the year end with forward sales of ten residential 
units either reserved or exchanged. Looking forward, we 
have also agreed the sale of 89 plots and 40,000 sq ft of 
commercial space for approximately £12.7m which has 
no associated debt.
FInancIal summary The net profit for the year ended 30 June 2010 was £1.2m 
(2009: net loss of £12.7m) which represents earnings per 
share of 0.68p (2009: loss per share of 7.83p). The interest 
expense increased significantly over the previous year as it 
includes various professional fees that we have had to incur 
to conclude the renewal of our revolving credit facility with 
RBS which currently stands at £8.0m against a drawn down 
position of £5.2m. As at the year end we had outstanding 
deferred consideration payments of £6.0m (2009: £13.0m) 
of which £2.0m has been paid and the balance is due to be 
repaid by March 2011. Net assets at the year end were £44.5m 
which translate to 24.3p per share (2009: 24.9p per share). 
Net debt stood at £6.7m (2009: £6.5m) with gearing (including 
outstanding deferred consideration payments) reduced 
to 34.2% (2009: 47.3%).
Investments
Our associate company, Howarth Homes PLC has seen 
trading improve over its last financial year to 31 July 2010 
having refinanced its loans out of RBS. Howarth has returned 
to profitability and is currently developing five sites with a 
total of 111 units which includes a site of 51 units in a joint 
venture with Inland. In addition, the company has construction 
contracts in hand valued at £24m. 
outlook
Whilst the current economic uncertainty, lack of mortgage 
finance and shortage of bank funding for land are a concern 
for the Group, we are pleased that the Group’s existing 
sites are located in areas of good demand and will continue 
to generate cash flow and profitability. Our strategy is to 
pursue larger opportunities in partnership with others and 
where appropriate small scale residential developments. 
The Group’s financial and liquidity position is continuing 
to improve and whilst market conditions are fragile, 
we are confident about our strategy for the future.
terry roydon cHaIRMan
Our strategy
The Group’s principal objective is to achieve long term value for its 
shareholders, this will be achieved by maximising the value of the land 
bank with a number of alternative strategies including the following:
 Sale of sites to other housebuilders
 Development of selected sites by Inland Homes
 Securing large scale projects
 Joint ventures with third parties 10
Inland plc
annual report and 
accounts 2010
Chief Executive’s review
In last year’s review I stated ‘under current conditions 
we are optimistic that an early return to profitability and 
asset growth will be achieved’.
I am pleased to say that, despite the extremely difficult 
banking climate and a grotesque planning system that 
has to be experienced to be believed, Inland has achieved 
those short-term objectives and is looking forward to some 
considerable milestones in the growth of our business.
At our flagship development Drayton Garden Village 
in West London we finally achieved planning permission 
eleven months after submitting the application and 21 months 
after the purchase completion. We spent over £1m on 
planning and professional fees and had to employ over 
25 firms of consultants as part of the process; this was 
on a brownfield site that had an adopted planning brief 
to start with! This is now however a very valuable consent 
for us comprising 773 homes together with commercial 
space including a site for an 80-bed nursing home. 
This planning consent demonstrates that, in my view, 
the Inland team is one of the best in the industry and 
are experts in negotiating a successful way through 
the minefield that is our planning system.
Demolition and site clearance is now well underway 
and the first land sale of the 59 affordable housing plots 
has been exchanged which will result in a gross land 
receipt of £5.1m. Howarth Homes, our associate company 
has secured a £6.9m building contract to construct the 
units for Catalyst Housing Association. We have considerable 
interest in further plots on this site from most of the major 
housebuilders and we expect to announce another land 
sale in the first half of the new financial year.
Investors will recall that this project is being developed with 
a financial partner where Inland expects to receive up to 
90% of the net profit.
Against a backdrop of substantial projected population 
increase and new housebuilding starts at historic lows, 
it defies belief that the new coalition government has 
scrapped regional spatial strategies leaving local authorities 
to decide their own housing targets. It appears that local 
authorities across the country have already abandoned 
plans for over 100,000 new homes as a direct result of this 
new policy. Providing ‘financial incentives’ to local authorities 
to grant consents is fundamentally flawed and introduces 
another layer of confusion into a system already burdened 
by political interference.
Having made significant progress in the last year 
under a very difficult trading environment, I believe 
we are now well placed to make significant progress 
on all of our objectives over the coming period. 11
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
At Inland we intend to continue targeting and bringing 
forward large scale complex brownfield sites where, despite 
the painstaking work along the way, we end up with an 
extremely valuable prize at the end of the process.
The new planning regime is likely to increase land shortages 
particularly in the south-east and Inland will be well placed 
to capitalise on this.
Having secured the West Drayton consent, our team 
is now concentrating on achieving consents on the 
remaining sites in our portfolio being Poole, Dorset and 
Hayes, Middlesex which should be capable of producing 
circa 550 units. When these planning permissions are 
received our landbank will comprise of approximately 
1,900 consented plots together with substantial 
commercial space.
The Group is at the early stages of securing a new 
major opportunity that should yield over 400 plots and 
is selectively back in the market looking at new projects.
With the effective withdrawal of bank appetite to fund our 
business model we are working on some initiatives to 
finance a new generation of projects working with a variety 
of joint venture partners and investors.
In the course of the year we signed our first ‘Asset 
Management Agreement’ with a brownfield landowner 
in West London. This agreement requires us to manage 
the planning process on the land to maximise its value 
and enables Inland to participate in the resulting revenue 
subject to certain hurdle rates being achieved. We are 
working on expanding this concept with other landowners 
which will enable us to use our expertise to create 
additional profit centres without using very much capital.
Having returned to profitability our focus and priorities 
going forward are:
A  cash generation to enable early repayment of the 
current bank facility and to provide capital for 
new projects;
A  establishing new relationships with potential funders/
joint venture partners where our development skills 
can be utilised to mutual benefit; and
A  identifying and securing a new generation of large 
scale projects for future asset growth and increasing 
shareholder value.
Having made significant progress in the last year under a 
very difficult trading environment, I believe we are now well 
placed to make significant progress on all of our objectives 
over the coming period.
stephen wicks
cHIEF ExEcuTIvE 12
Inland plc
annual report and 
accounts 2010
Directors and advisers
1 2
3
1.  Terry Roydon, non-executive chairman (aged 63) 
holds a BSc in Estate Management from the University 
of London and a Masters in Business Administration 
from the University of Pittsburgh. He was previously 
chief executive of Prowting plc, a UK housebuilder, 
which he led to flotation on the London Stock Exchange 
in 1988. The company was subsequently purchased 
by Westbury plc in June 2002 for £140m. Since 1998, 
Mr Roydon has been a consultant and member of 
the board of Dom Development S.A., a major quoted 
Polish residential developer, together with a number 
of non-executive and consultancy positions in the UK 
and continental housebuilding companies, including 
holding non-executive board positions with AIM quoted 
Engel East Europe N.V., Country & Metropolitan plc 
(until 2005), Gladedale Holdings plc (until March 2007) 
and McCann Homes Holdings Limited. From 1995 
to 1997 he was President of the European Union 
of House Builders and Developers.
2.  Stephen Wicks, chief Executive (aged 59) was the 
founding shareholder and chief executive of Country & 
Metropolitan plc, which floated on the main market of the 
London 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. Mr Wicks 
has worked in the construction and housebuilding sector 
all of his working life and has extensive knowledge of 
local and national policies on both greenfield and 
brownfield sites.
3.  nishith Malde, Finance director (aged 52) 
qualified as a Chartered Accountant in 1985 with 
KPMG and specialised in advising owner managed 
businesses. He left KPMG in 1989 to set up a consultancy 
firm which later merged with an audit practice where 
he was the partner responsible for the affairs of 
Country & Metropolitan plc. Mr Malde joined Country 
& Metropolitan plc as finance director and company 
secretary in 1998. He was actively involved in the 
preparation for the flotation of Country & Metropolitan plc 
in December 1999 and its further development until it 
was acquired by Gladedale Holdings plc in April 2005. 
Mr Malde is also on the board of Energiser Investments plc, 
an AIM listed company. 13
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
4
4.  Simon Bennett, non-executive director (aged 52) 
has over 25 years’ investment banking experience in 
the City. Mr Bennett qualified as a Chartered Accountant 
with Saffery Champness in 1977. In 1982 he joined 
stockbrokers Scrimgeour Kemp Gee which was 
subsequently acquired by Citicorp in 1986. Thereafter, 
Mr Bennett was instrumental in establishing the mid 
and small cap advisory business of Citicorp Scrimgeour 
Vickers which was focused on fast growing mid and small 
cap companies. In June 1990, Mr Bennett joined Credit 
Lyonnais Securities and, following the defection of a team 
to a rival company, became head of corporate finance 
and head of the mid and small caps team in June 2000.
  In June 2004 Mr Bennett left Credit Lyonnais, following 
its acquisition by Credit Agricole, and established 
Incremental Capital LLP to provide corporate finance 
advice to mid and small cap companies. In the latter 
part of 2005, Mr Bennett joined Baker Tilly as managing 
director of Baker Tilly and Co. Limited. He left the 
practice to concentrate full time on growing Citicourt & 
Co. Limited, an independent corporate finance advisory 
business, where he was the managing director and the 
majority shareholder. In late 2007 Mr Bennett joined 
Fairfax IS plc the independent investment bank as head 
of corporate broking. Mr Bennett is also non-executive 
chairman of Energiser Investments plc and a number 
of other private companies.
company regIstratIon number
5482990
company secretary NiSHit H Mal DE FCa
regIstered oFFIce and websIte
2 Anglo Office Park 
67 White Lion Road 
Amersham 
Buckinghamshire HP7 9FB 
www.inlandplc.com
nomInated advIser and broker
FiNNCaP l iMit ED
4 Coleman Street 
London EC2R 5TA
solIcItor
DOr SEy & WHit NEy ll P
21 Wilson Street 
London EC2M 2TD
audItor
Gra Nt tHO r NtON UK ll P
Churchill House 
Chalvey Road East 
Slough 
Berkshire SL1 2LS
b anker
rOyal Ba NK OF SCOtla ND
280 Bishopsgate 
London EC2M 4RB
regIstrar
CaPita rEG iStrar S
The Registry 
34 Beckenham Road 
Beckenham 
Kent BR3 4TU 14
Inland plc
annual report and 
accounts 2010
Directors’ report
The Directors present their report and the financial statements of the Group and the Company for the year ended 30 June 2010.
PRINCIPAL ACTIVITY
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.
RESULTS AND DIVIDENDS
The trading results for the year are set out in the Group Income Statement on page 20 and the Group’s financial position at the end 
of the year is set out in the Group Statement of Financial Position on page 21. Further details of the performance during the financial 
year and expected future developments are contained in the Chairman’s Statement which forms part of the Directors’ Report.
The Company has paid no dividends during the year and does not recommend the payment of a final dividend.
BUSINESS REVIEW
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 pages 8 to 9. The Group’s key performance indicators are turnover, profit before tax, net assets per share 
and the number of plots with and without planning consent. These indicators are monitored closely by the Board and the details of 
performance against these are given in the Chairman’s Statement.
PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the nature of the Group’s strategy are subject to a number of risks.
The Directors have set out below the principal risks facing the business. Where possible, processes are in place to monitor and 
mitigate such risks. 
These are general in nature and include: obtaining business on competitive terms, retaining key personnel and market competition. 
The Group operates a system of internal control and risk management in order to provide assurance that the Board is managing risk 
whilst achieving its business objectives. No system can fully eliminate risk and therefore the understanding of operational risk is 
central to the management process.
To enable shareholders to appreciate what the business considers are the main operational risks, they are briefly outlined below:
LanD – the inability to source, acquire and promote land would result in the business not being able to generate profit and cash flow 
for the longer term and accordingly this could have a detrimental effect to the financial position of the Group. The Group has an 
experienced management team with a strong track record in the industry which should mitigate this risk.
PLanning – increased complexity and delay in the planning process may impede sales and thus affect the rate of growth of the business. 
The proposed Community Infrastructure Levy may have a detrimental effect on the supply and pricing of land being marketed by landowners.
Market – to realise maximum value in a timely fashion will depend on the state of the property market in the regions in which the Group 
chooses to operate. A severe fall in the housing market would have an adverse effect on land values and would also effect timing of 
sales. The Group tries to ensure that its sites are in good locations thus providing some protection against any downturn in the market.
PersonneL – the attraction and retention of staff of the highest calibre with appropriate experience is crucial to the growth of the 
business in the highly competitive markets in which we operate. This is achieved by maintaining a good morale in the work place and 
setting remuneration packages at attractive levels.
interest rates – significant upward changes in interest rates could affect residential land prices as the demand for residential property 
would be affected. It will also lead to increased borrowing costs and thus have a detrimental effect on profit.
environMentaL – the assessment of environmental risk is an important element of the due diligence undertaken when buying land. 
Unexpected liabilities in respect of decontamination works or fines for environmental pollution could affect the outcome of a project. 
The Group uses reputable environmental consultancy firms to assist in this area.
reguL ation – changes in legislation, government regulations, planning policies and guidelines may have a detrimental affect to the 
Group’s business.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
All potential areas of financial risk are regularly monitored and reviewed by 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. 15
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES CONTINUED
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.
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 bank loans and overdraft facilities.
interest rate risk
The Group finances its operations through a mixture of equity and bank 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, loans to associates and cash and equivalents. The Group 
trades and deals with counterparties after having considered their credit rating. In certain circumstances the Group may seek 
additional security.
CaPita L risk Manage Ment
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 Note 26 to the financial statements.
DIRECTORS AND THEIR INTERESTS
The Directors of the Company and their respective beneficial interests (including that of their respective families) in the shares of the 
Company as at 30 June 2010 were as follows:
      as at 30 June 2010  As at 30 June 2009
      number of  number of Number of  Number of 
      ordinary  deferred ordinary  deferred 
      shares shares shares shares
S D Wicks      22,510,009 490 21,050,009 490
N Malde      10,475,000 392 8,524,000 392
T Roydon      250,000 — 150,000 —
S Bennett      50,000 — 50,000 —
S D Wicks and N Malde are retiring by rotation in accordance with the Company’s Articles of Association and have offered themselves 
for re-election.
DIRECTORS’ EMOLUMENTS
The remuneration of the individual Directors was:
        2010 2009 
     Salary/fees Benefits Pension Total Total 
     £000 £000 £000 £000 £000
Executive directors
S D Wicks     270 27 — 297 319
N Malde     225 26 45 296 315
non-executive directors 
T Roydon    30 — — 30 30
S Bennett    25 — — 25 25 16
Inland plc
annual report and 
accounts 2010
Directors’ report continued
QUALIFYING THIRD PARTY INDEMNITY PROVISION
During the financial year, a qualifying third party indemnity provision for the benefit of all of the Directors was in force. 
SUBSTANTIAL SHAREHOLDING
As at 22 October 2010, 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:
Name       Shareholding %
Karoo Investment Fund SCA SICAV SIF       22,700,000 12.40
M H Dixon       14,000,000 7.65
A K Brett       10,500,000 5.74
Henderson Global Investors Limited       10,098,143 5.52
Unique Limited       5,652,329 3.09
EMPLOYEE INVOLVEMENT
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.
CHARITABLE AND POLITICAL CONTRIBUTIONS
Donations to charitable organisations amounted to £2,000 (2009: £17,000). 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. 
PAYMENT POLICY AND PRACTICE
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 with the terms and conditions stipulated. At 30 June 2010 the Group 
had an average of 60 days’ (2009: 52 days’) purchases outstanding in trade payables.
CORPORATE GOVERNANCE
The Directors recognise the importance of sound corporate governance and the guidelines set out in the Principles of Good Corporate 
Governance and Code of Best Practice (the ‘Combined Code’). Whilst AIM companies are not obliged to comply with the Combined Code, 
the Directors intend to comply with the Combined 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 Combined Code and in addition, the Quoted Companies Alliance (QCA) Guidelines for AIM Companies.
BOARD 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 and the Finance Director. The Board’s main roles are to create value for the shareholders, to approve 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’ and senior 
management’s 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 is responsible for running the Board and he meets 
the Chief Executive and the other Non-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. 17
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
AUDIT COMMITTEE 
The audit committee comprises of 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 2009 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.
REMUNERATION COMMITTEE
The remuneration committee consists of 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 senior management and to determine the 
remuneration package of each Executive Director. The committee also determines 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. 
During the year the committee met once 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.
INTERNAL CONTROLS
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 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.
RELATIONS WITH SHAREHOLDERS
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 Annual General Meeting (AGM). 
All Board members are present at the AGM and are available to answer questions from shareholders.
INTERNAL AUDIT 
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.
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. The Directors have also considered the current economic climate and in particular 
the current state of the housing market and its effect on the market for land. The Group has seen an increase in activity in the land market 
which should improve the prospects of its potential liquidity. The Group entered into a new facility agreement with the Royal Bank of Scotland 
in May 2010 which is due to expire on 30 June 2011. As stated in the Chairman’s Statement, the Group has seen a significant improvement 
in the demand for land within its portfolio and expects to make sufficient land disposals over the next twelve months to enable the repayment 
of the facility from Royal Bank of Scotland and provide additional free cash flow. 18
Inland plc
annual report and 
accounts 2010
Directors’ report continued
DIRECTORS’ RESPONSIBILITIES
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 Accounting 
Standards (United Kingdom Generally Accepted Accounting Practice). The financial statements are required by law to give a true and 
fair view of the state of affairs of the Group and parent company and of the profit or loss of the Group for that period. In preparing 
these financial statements, the Directors are required to:
A select suitable accounting policies and then apply them consistently;
A make judgements and estimates that are reasonable and prudent;
A  state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained 
in the financial statements; and
A  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 disclose with reasonable accuracy at any time the financial 
position of the Company and the Group 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.
In so far as each of the Directors is aware:
A there is no relevant audit information of which the Company’s auditor is unaware; and
A  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. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from 
legislation in other jurisdictions.
POST BALANCE SHEET EVENTS
There are no events subsequent to the balance sheet date that need to be disclosed.
ANNUAL GENERAL MEETING
The Notice covering the AGM together with the proposed resolutions is contained in the document accompanying this report. 
The AGM will be held on 25 November 2010.
AUDITOR
A resolution to reappoint Grant Thornton UK LLP as auditor for the ensuing year will be proposed at the AGM in accordance with 
Section 487(2) of the Companies Act 2006.
BY ORDER OF THE BOARD
NISHITH MALDE
company SEcrET ary 
22 October 2010 19
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
r eport of the independent auditor
to the members of Inland PLC
We have audited the Group financial statements of Inland PLC for the year ended 30 June 2010 which comprise the Group Income 
Statement, the Group Statement of Comprehensive Income, the 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 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. 
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR
As explained more fully in the Directors’ Responsibilities Statement in the Directors’ Report, 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 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 THE AUDIT OF THE FINANCIAL STATEMENTS
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/UKNP.
OPINION ON FINANCIAL STATEMENTS
In our opinion the Group financial statements:
A give a true and fair view of the state of the Group’s affairs as at 30 June 2010 and of its profit for the year then ended; 
A have been properly prepared in accordance with IFRSs as adopted by the European Union; and
A have been prepared in accordance with the requirements of the Companies Act 2006.
SEPARATE OPINION IN RELATION TO IFRSs
As explained in Note 1 to the Group financial statements, the Group in addition to complying with its legal obligation to comply with IFRSs 
as adopted by the European Union, has also complied with IFRSs as issued by the International Accounting Standards Board (IASB).
In our opinion the Group financial statements comply with IFRSs as issued by the IASB.
OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion the information given in the Directors’ Report for the financial year for which the Group financial statements are 
prepared is consistent with the Group financial statements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
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:
A certain disclosures of Directors’ remuneration specified by law are not made; or
A we have not received all the information and explanations we require for our audit.
OTHER MATTER
We have reported separately on the parent company financial statements of Inland PLC for the year ended 30 June 2010.
JAMES ROGERS
SEnIor ST aTuTory audIT or 
for and on bEhalf of GranT ThornT on uK llp 
STaTuTory audIT or, charTErEd a ccounT anTS 
SlouGh
22 October 2010 20
Inland plc
annual report and 
accounts 2010
group income statement
for the year ended 30 June 2010
    2010   2009
    before Exceptional  Before Exceptional 
    exceptional costs  exceptional costs 
    costs (note 5)  costs (Note 5) 
continuing operations  Note £000 £000 £000 £000 £000 £000
Revenue   16,542 — 16,542 5,219 — 5,219
Cost of sales  6 (12,875) — (12,875) (5,434) (3,798) (9,232)
Gross profit/(loss)   3,667 — 3,667 (215) (3,798) (4,013)
Administrative expenses  6 (1,945) — (1,945) (2,024) — (2,024)
Profit/(loss) on investments   321 — 321 (1,689) — (1,689)
operating profit/(loss)   2,043 — 2,043 (3,928) (3,798) (7,726)
Finance cost – interest expense  8 (807) — (807) (491) — (491)
Finance cost – notional interest  8 (324) — (324) (847) — (847)
Finance income – interest receivable and similar income  9 139 — 139 247 — 247
    1,051 — 1,051 (5,019) (3,798) (8,817)
Share of profit/(loss) of associate   — — — (224) — (224)
Impairment of investment in associate   — — — — (1,426) (1,426)
Profit/(loss) before tax   1,051 — 1,051 (5,243) (5,224) (10,467)
Income tax   10 141 — 141 137 (2,360) (2,223)
profit/(loss) for the year   1,192 — 1,192 (5,106) (7,584) (12,690)
attributable to:
Equity holders of the Company     1,192   (12,690)
Earnings/(loss) per share for profit/(loss) attributable  
to the equity holders of the company during the year  
– basic   11   0.68p   (7.83)p
Diluted earnings per share is taken as equal to basic earnings per share as the Group’s average share price during the period is lower 
than the option exercise price and therefore the effect of including share options is anti-dilutive.
group statement of comprehensive income
for the year ended 30 June 2010
        2010 2009 
       Note £000 £000
Profit/(loss) for the year      21 1,192 (12,690)
Other comprehensive income:   
– loss on available-for-sale financial assets      21 — (409)
Other comprehensive income for the year, net of tax      — (409)
Total comprehensive income for the year       1,192 (13,099)
The accompanying accounting policies and notes form part of these financial statements. 21
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
group statement of financial position
at 30 June 2010
        2010 2009 
       Note £000 £000
aSSETS
non-current assets
Investment property      12 8,801 8,801
Property, plant and equipment      12 58 81
Investments      13 2,998 250
Investment in associate      13 — —
Deferred tax      14 4,597 4,456
Total non-current assets       16,454 13,588
current assets   
Inventories      15 35,151 41,656
Trade and other receivables      16 5,691 3,698
Loan to associate      17 1,895 2,000
Listed investments held for trading (carried 
at fair value through profit and loss)      18 131 471
Cash and cash equivalents      19 2,519 72
Total current assets       45,387 47,897
Total assets       61,841 61,485
EQuITy   
capital and reserves attributable to the company’s equity holders   
Share capital      20 18,301 16,216
Share premium account      21 45,806 45,184
Treasury shares      21 (366) (366)
Retained earnings      21 (19,280) (15,848)
Other reserves      21 — (4,806)
Total equity       44,461 40,380
lIabIlITIES   
current liabilities   
Bank loans and overdrafts       9,242 6,566
Trade and other payables      22 2,173 1,923
Other financial liabilities      23 5,965 7,975
Total current liabilities       17,380 16,464
non-current liabilities   
Other financial liabilities      23 — 4,641
Total non-current liabilities       — 4,641
Total liabilities       17,380 21,105
Total equity and liabilities       61,841 61,485
The financial statements were approved by the Board of Directors on 22 October 2010.
STEPHEN WICKS  NISHITH MALDE COMPANy NuMbER
chIEf ExEcuTIvE  fInancE dIrEc Tor  5482990
The accompanying accounting policies and notes form part of these financial statements. 22
Inland plc
annual report and 
accounts 2010
group statement of changes in equity
for the year ended 30 June 2010
    Share Share Treasury Retained Other 
    capital premium shares earnings reserves Total 
    £000 £000 £000 £000 £000 £000
At 30 June 2008   16,216 45,184 (366) (3,317) (4,397) 53,320
Share-based payment   — — — 159 — 159
Transactions with owners   — — — 159 — 159
Loss attributable to shareholders   — — — (12,690) — (12,690)
Other comprehensive income:
–  fair value adjustment in respect of 
available-for-sale financial assets   — — — — (409) (409)
Total comprehensive income for the year   — — — (12,690) (409) (13,099)
At 30 June 2009   16,216 45,184 (366) (15,848) (4,806) 40,380
Share-based payment   — — — 182 — 182
Issue of equity   2,085 622 — — — 2,707
Transactions with owners   2,085 622 — 182 — 2,889
Profit attributable to shareholders   — — — 1,192 — 1,192
Available-for-sale financial asset: 
– reclassification to profit or loss   — — — (4,806) 4,806 —
Total comprehensive income for the year   — — — (3,614) 4,806 1,192
at 30 June 2010   18,301 45,806 (366) (19,280) —  44,461
The accompanying accounting policies and notes form part of these financial statements. 23
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
group statement of cash flows
for the year ended 30 June 2010
        2010 2009 
       Note £000 £000
cash flow from operating activities
Profit/(loss) for the year before tax       1,051 (10,467)
Adjustments for:
– depreciation       12 34 34
– share-based compensation       182 159
– fair value adjustment for listed investments       (31) 513
– profit on disposal of tangible fixed assets       — (1)
– (profit)/loss on disposal of listed investments       (60) 1,176
– interest expense       1,131 1,338
– interest and similar income       (139) (247)
– share of profit of associate       — 223
– impairment of investment in associate       — 1,426
– tax received       — 206
Changes in working capital (excluding the effects of acquisition):    
– decrease in inventories       6,505 6,027
– increase in trade and other receivables       (2,094) (634)
– decrease in trade and other payables       (6,788) (11,644)
net cash outflow from operating activities       (209) (11,891)
cash flow from investing activities    
Interest received       120 179
Dividends received       — 19
Sale of tangible fixed assets       — 12
Purchases of property, plant and equipment      12 (11) (39)
Purchase of investments       (2,717) (422)
Sale of investments       628 1,511
net cash (outflow)/inflow from investing activities      (1,980) 1,260
cash flow from financing activities    
Interest paid       (748) (463)
Net proceeds on issue of ordinary shares       2,707 —
net cash inflow/(outflow) from financing activities      1,959 (463)
net decrease in cash and cash equivalents       (230) (11,094)
net cash and cash equivalents at beginning of period      (6,494) 4,600
net cash and cash equivalents at the end of period      (6,724) (6,494)
cash and cash equivalents       2,519 72
bank loans and overdraft       (9,243) (6,566)
        (6,724) (6,494)
The accompanying accounting policies and notes form part of these financial statements. 24
Inland plc
annual report and 
accounts 2010
notes to the group financial statements
for the year ended 30 June 2010
1. ACCOUNTING POLICIES 
The principal accounting policies adopted in the preparation of the Group’s IFRS financial statements are set out below.
Basis of PreP aration
The Group financial statements have been prepared in accordance with applicable International Financial Reporting Standards (IFRS) 
as adopted by the EU and as issued by the International Accounting Standards Board.
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 2010.
IAS 1 came into effect in the period. As this was adopted early it has had no impact on these statements. The following new standards 
are in issue and have had no effect on these statements:
A IFRS 8 Operating Segments;
A IFRS 23 (Revised) Borrowing Costs; and 
A IFRS 3 (Revised) Business Combinations.
The adoption of IAS 1 Presentation of Financial Statements (2007) does not affect the financial position or profits of the Company 
but gives rise to additional disclosures and introduces a ‘statement of comprehensive income’. The measurement and recognition 
of the Company’s assets, liabilities, income and expenses is unchanged and so a statement of financial position at the beginning 
of the earliest comparative period, as required under IAS 1 Presentation of Financial Statements (2007) in some circumstances, 
has not been presented in this year’s financial statements as the position is unchanged from that previously published.
stan Dar Ds in issue But not yet effe Ctive
A IFRS 9 Financial Instruments (effective 1 January 2013);
A IAS 24 (Revised 2009) Related Party Disclosures (effective 1 January 2011);
A Group Cash-settled Share-based Payment Transactions – Amendment to IFRS 2 (effective 1 January 2010);
A Improvements to IFRSs 2009 (various effective dates earliest of which is 1 July 2009, but mostly 2010);
A Amendment to IFRS 1 Additional Exemptions for First-time Adoptions (effective 1 January 2010);
A Amendment to IAS 32 Classification of Rights Issues (effective 1 February 2010);
A IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments (effective 1 July 2010); 
A Pre-payments of a Minimum Funding Requirement – Amendments to IFRIC 14 (effective 2011); and
A Improvements to IFRS issued May 2010 (some changes effective 1 July 2010, others effective 1 January 2011).
None of these standards will have an impact on the Group’s financial statements.
Basis of ConsoLiD ation 
The Group’s financial statements consolidate the financial statements of the Company and all of its subsidiary undertakings drawn 
up to 30 June 2010. 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 purchase method. The purchase 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 acquisition cost 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. The Directors have also considered the current economic climate and in particular the 
current state of the housing market and its effect on the market for land. The Group has seen an increase in activity in the land market 
since November 2009 and has a number of land sales being discussed with potential purchasers which will continue to improve its 
liquidity. The Group entered into a new facility agreement with the Royal Bank of Scotland in May 2010 which is due to expire on 
30 June 2011. As stated in the Chairman’s Statement the Group has seen a significant improvement in the demand for land within 
its portfolio and expects to make sufficient land disposals over the next twelve months to enable the repayment of the facility from 
Royal Bank of Scotland and provide additional free cash flow for the future. 25
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
1. ACCOUNTING POLICIES CONTINUED
asso Ciates
Associates are those entities over which the Group has significant influence through Board representation but which are neither 
subsidiaries nor interests in joint ventures. Investments in associates are recognised initially at cost and subsequently accounted for 
using the equity method. Acquired investments in associates are also subject to purchase method accounting. However, any goodwill 
or fair value adjustment attributable to the share in the associate is included in the amount recognised as investment in associates.
All subsequent changes to the share of interest in the equity of the associate are recognised in the Group’s carrying amount of the 
investment. Changes resulting from the profit or loss generated by the associate are reported in ‘share of profits of associates’ 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. 
Items that have been recognised directly in the associate’s equity are recognised in Other Comprehensive Income. However, when the 
Group’s share of losses in an associate equals or exceeds its interest in the associate, including any unsecured receivables, the Group 
does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate. If the associate 
subsequently reports profits, the investor resumes recognising its share of those profits only after its share of the profits equals the 
share of losses not recognised.
Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the 
associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. 
Amounts reported in the financial statements of associates have been adjusted where necessary to ensure consistency with the 
accounting policies adopted by the Group.
revenue 
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. 
Sale of land
Revenue from the sale of land is recognised when all the following conditions have been satisfied:
A  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;
A  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;
A the amount of revenue can be measured reliably;
A it is probable that the economic benefits associated with the transaction will flow to the Group; and
A the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Sale of reSidential unit S
Turnover is recognised on legal completion, which is generally when the title passes.
intereS t
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. 
rental income
Rental income derived from operating leases is recognised on a straight line basis over the lease term.
dividendS
Dividends are recognised when the shareholders’ right to receive payment is established.
ex CePtionaL iteMs
Exceptional items are material items which derive from events or transactions that fall within the ordinary activities of the Group 
and which individually or, if of a similar type, in aggregate, need to be disclosed by virtue of their size or incidence if the financial 
statements are to give a fair presentation.
Pro Perty, PLant an D equi PMent 
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 income statement. The gain or loss arising from the sale or revaluation of held for sale 
assets is included in ‘other income’ or ‘other expense’. Any revaluation surplus remaining in equity on disposal of the asset is 
transferred to the profit and loss reserve. 26
Inland plc
annual report and 
accounts 2010
notes to the group financial statements continued
for the year ended 30 June 2010
1. ACCOUNTING POLICIES CONTINUED
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%
Leasehold property – over the term of the lease
Material residual value estimates are updated as required, but at least annually, whether or not the asset is revalued.
investMent ProPerty
Investment properties are accounted for using the cost model. Investment properties are revalued annually and are included in the 
Group Statement of Financial Position at their open market values. Any gain or loss resulting from the sale of an investment property 
is immediately recognised in profit or loss. An investment property shall be derecognised on disposal or when the investment property 
is permanently withdrawn from use and no future economic benefits are expected from its disposal.
inventories
Inventories consist of land and work-in-progress and valued at the lower of cost and net realisable value. Net realisable value 
is estimated based upon the future expected selling price, less estimated costs to sell.
iMPair Ment testing of Pro Perty, PLant an D equi PMent
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication 
exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset’s recoverable amount. 
An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s fair value less costs to sell and its value in use and 
is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other 
assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired 
and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects 
current market assessments of the time value of money and the risks specific to the asset. Impairment losses on continuing operations 
are recognised in the Group Income Statement in those expense categories consistent with the function of the impaired asset.
An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses 
may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised 
impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since 
the last impairment loss was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. 
That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment 
loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss unless the asset is carried at revalued 
amount, in which case the reversal is treated as a revaluation increase. After such a reversal the depreciation charge is adjusted 
in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining 
useful life.
taxation
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 land 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.
LeaseD assets 
Lease 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. 27
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
1. ACCOUNTING POLICIES CONTINUED
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. Where 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. No 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; financial assets at fair value through profit or loss; 
and available-for-sale financial assets. 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 re-classified subsequently.
Available-for-sale financial assets are non-derivative financial assets that are either designated to this category or do not qualify for 
inclusion in any of the other categories of financial assets. The Group’s available-for-sale financial assets include listed securities.
All other financial assets within this category are subsequently measured at fair value with changes in value recognised in equity. 
Gains and losses arising from financial instruments classified as available-for-sale are initially recognised in Other Comprehensive 
Income then re-cycled to profit or loss when they are sold or when the investment is impaired. 
Loans 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. Loans 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.
Regular way purchases and sales are accounted for on trade date. 
Interest and other cash flows resulting from holding financial assets are recognised in the Group Income Statement when receivable, 
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. 28
Inland plc
annual report and 
accounts 2010
notes to the group financial statements continued
for the year ended 30 June 2010
1. ACCOUNTING POLICIES CONTINUED
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. Financial liabilities categorised as at fair value through profit or loss are recorded initially at 
fair value, all transaction costs are recognised immediately in the Group Income Statement. All other financial liabilities are recorded 
initially at fair value, net of direct issue costs.
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 an D Cash equiva Lents
Cash and cash equivalents comprise cash on 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 general meeting prior to the year end date.
equity
An equity instrument is a contract which evidences a residual interest in the assets after deducting all liabilities. Equity comprises 
the following:
A ‘Share capital’ represents the nominal value of equity shares;
A  ‘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;
A  ‘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 re-issued, any consideration received is included in total equity;
A ‘Other reserves’ represent amounts written off relating to available-for-sale financial assets through equity; and
A ‘Profit and loss reserve’ represents retained profits.
2. FINANCIAL RISK MANAGEMENT
f inan Cia L 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 ri Sk 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:
        2010 2009 
        £000 £000
Classes of financial assets – carrying amounts  
Listed investments held for trading       131 471
Loan to associate       1,895 2,000
Cash and cash equivalents       2,519 72
Trade and other receivables       5,691 3,698
        10,236 6,241
The Group’s policy is to deal with creditworthy counterparties.
The Group’s management considers that all the above financial assets that are not impaired for each of the reporting dates under 
review are of good credit quality.
Some of the Group’s financial assets are secured by collateral.
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. 29
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
2. FINANCIAL RISK MANAGEMENT CONTINUED
f inan Cia L risk faCtors Continue D
(b) l iquidity ri Sk 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 and fair value intere St rate ri Sk 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.
(d) Price ri Sk The Group is exposed to equity securities price risk because of investments held by the Group and classified on the Group Statement 
of Financial Position either as available-for-sale or at fair value through profit or loss.
For the listed equity securities, an average volatility of 3% has been observed during the year ended 30 June 2010. If the quoted stock 
price of these securities had increased or decreased by that amount, the net result for the year would have been increased/reduced 
by £4,000 (2009: £71,000). Equity would have changed by £4,000 (2009: £71,000). The average volatility has been derived by using the 
movement in the share prices of the underlying securities at each month end and taking the average across all the securities.
The investments in listed equity securities that are held as available-for-sale financial assets are considered long-term strategic 
investments. In accordance with the Group’s policies, no specific hedging activities are undertaken in relation to these investments.
3. SEGMENT INFORMATION
Pri Mary re Porting for Mat – Business seg Ments
At 30 June 2010, the Group is organised into one business segment in one geographical area consequently there is no segmental 
information presented in these Group financial statements.
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
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.
Criti CaL aCCounting esti Mates
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 inventorie S
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 landbank and work in progress. Estimation of the selling price is 
subject to significant inherent uncertainties, in particular the prediction of future trends in land market values.
Whilst 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.
(b) income taxe S
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. When the final outcome of these matters is different from the amounts initially recorded, such differences impact 
the period in which the determination is made.
(c) fair value of derivative S and other financial in Strument S
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) inve Stment Pro Pertie S
Properties are classified as investment properties if there are significant rentals and the intention is to hold those properties 
for a significantly longer time than inventory property.
(e) d iScounting on deferred con Sideration of inventorie S
The Group discounts deferred consideration of inventories by discounted cash flow method.
Criti CaL ju DgeMents in a PPLying the entity’s aCC ounting PoLiCies
inventorie S 
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 would be required against inventories. 
5. EXCEPTIONAL COSTS
The Group conducted a review of the net realisable value of its landbank in view of the depressed UK housing market. Where the 
estimated future net realisable value of the site is less than its carrying value within the Statement of Financial Position, the Group has 
impaired the land value. This has resulted in an impairment of £0.2m (2009: £3.798m) which the Directors do not consider to be exceptional. 30
Inland plc
annual report and 
accounts 2010
notes to the group financial statements continued
for the year ended 30 June 2010
6. EXPENSES BY NATURE
        2010 2009 
        £000 £000
Depreciation (Note 12)       34 34
Operating lease rentals       63 47
Auditor’s remuneration:  
– audit       35 33
– non-audit       31 9
Cost of sales        12,875 9,232
Other expenses       1,782 1,901
Total       14,820 11,256
Classified as:  
– cost of sales        12,875 9,232
– administrative expenses       1,945 2,024
        14,820 11,256
Included within Revenue is rental income from investment property of £663,000 (2009: £667,000).
7. DIRECTORS AND EMPLOYEES
The employee benefit expense during the year was as follows:
        2010 2009 
        £000 £000
Wages and salaries       1,020 1,032
Social security costs       126 126
Pension costs – defined contribution plans       71 71
        1,217 1,229
The average number of employees during the year were as follows:
        2010 2009 
        number Number
Management       3 3
Administration       8 8
        11 11
Remuneration in respect of Directors was as follows:
        2010 2009 
        £000 £000
Emoluments       548 587
Fees       55 55
Pension costs – defined contribution plans       45 48
Share-based payment       136 136
        784 826
During the year one Director participated in a money purchase pension scheme.
The amounts set out above include remuneration in respect of the highest paid Director as follows:
        2010 2009 
        £000 £000
Emoluments       297 319
Share-based payment       75 75
        372 394 31
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
7. DIRECTORS AND EMPLOYEES CONTINUED
Remuneration in respect of key personnel in addition to the Directors was as follows:
        2010 2009 
        £000 £000
Emoluments       180 238
Pension costs – defined contribution plans       17 15
Share-based payment       13 23
        210 276
8. FINANCE COST
        2010 2009 
        £000 £000
Interest expense:  
– bank borrowings       297 491
– deferred land payments       145 —
– costs associated with arrangement of new facilities      365 —
– notional interest on deferred consideration       324 847
        1,131 1,338
9. FINANCE INCOME
        2010 2009 
        £000 £000
Effective interest on loan stock        — 7
Other interest receivable       138 208
Bank interest receivable       1 13
Dividends receivable from listed investments       — 19
        139 247
10. INCOME TAX 
        2010 2009 
        £000 £000
Corporation tax charge       — —
Adjustments in respect of prior year       — —
Tax credit on associate’s loss       — (62)
Deferred tax (credit)/charge       (141) 2,285
        (141) 2,223
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:
        2010 2009 
        £000 £000
Profit/(loss) before tax       1,051 (10,467)
Loss on ordinary activities multiplied by the standard rate of corporation tax in the UK of 28% (2009: 28%)  294 (2,931)
Expenses not deductible for tax purposes       28 19
Non-utilisation of tax losses       — 2,775
Utilisation of tax losses       (465) —
Previous losses no longer expected to be utilised      — 2,360
Losses not recognised       2 —
Tax (credit)/charge       (141) 2,223 32
Inland plc
annual report and 
accounts 2010
notes to the group financial statements continued
for the year ended 30 June 2010
11. EARNINGS/(LOSS) PER SHARE
The earnings/(loss) per share is calculated by dividing the profit/(loss) attributable to equity holders of the Company by the weighted 
average number of ordinary shares in issue during the year.
        2010 2009
Profit/(loss) attributable to equity holders of the Company (£000)     1,192 (12,690)
Weighted average number of ordinary shares in issue (000)      174,965 162,150
Basic earnings/(loss) per share in pence       0.68p (7.83)p
Diluted earnings per share is taken as equal to basic earnings per share as the Group’s average share price during the period is lower 
than the option exercise price and therefore the effect of including share options is anti-dilutive.
12. PROPERTY, PLANT AND EQUIPMENT
    Investment Leasehold Motor Fixtures and Office 
    property property vehicles fittings equipment Total 
    £000 £000 £000 £000 £000 £000
cost         
At 30 June 2008   8,801 — 61 37 32 130
Disposals   — — (27) — — (27)
Additions   — — 15 — 24 39
At 30 June 2009   8,801 — 49 37 56 142
Additions   — 5 — 1 5 11
at 30 June 2010   8,801 5 49 38 61 153
depreciation      
At 30 June 2008   — — 13 14 16 43
Depreciation charge    — — 16 9 9 34
Disposals   — — (16) — — (16)
At 30 June 2009   — — 13 23 25 61
Depreciation charge    — 1 12 9 12 34
at 30 June 2010   — 1 25 32 37 95
net book value      
at 30 June 2010   8,801 4 24 6 24 58
At 30 June 2009   8,801 — 36 14 31 81
At 30 June 2008   8,801 — 48 23 16 87
All freehold property is stated at valuation. 
The investment property was valued by Edward Symmons & Partners in August 2006 in accordance with the Appraisal and Valuation 
Manual of The Royal Institution of Chartered Surveyors. Investment property continues to be held by the Group for long-term investment. 
The property is recorded as an investment property and is valued on a deemed cost basis by the Directors at £8,801,000. The investment 
property is not depreciated.
The historical cost of the investment property at 30 June 2010 as noted in Poole Investments plc’s financial statements 
is £1,252,000 (2009: £1,252,000).  33
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
13. INVESTMENTS 
     Equity in Convertible  Investment 
     convertible loan at  in joint  
    Associate loans fair value Option venture Total 
    £000 £000 £000 £000 £000 £000
cost or fair value      
At 30 June 2008   756 39 786 — — 825
Notional interest adjustment   — — 7 — — 7
Share of loss of associate   (162) — — — — —
Impairment of investment in associate   (594) (39) (793) — — (832)
Additions   — — — 250 — 250
At 30 June 2009   — — — 250 — 250
Additions   — — — 250 2,269 2,519
Fair value adjustment   — — — 229 — 229
at 30 June 2010   — — — 479 2,269 2,748
net book value
at 30 June 2010   — — — 729 2,269 2,998
At 30 June 2009   — — — 250 — 250
In December 2005, Inland PLC invested £200,000 in its associate, Howarth and in return received ordinary shares amounting to 
10% of the issued share capital of Howarth. In January 2008, Inland PLC made a further investment of £359,000 in Howarth to increase 
its interest to 15% of the issued share capital of Howarth. Inland PLC also subscribed for £800,000 convertible loan stock which was 
converted on 31 July 2009 into 864,583 ordinary shares, thus increasing Inland’s interest to 33% of the issued share capital of Howarth. 
A provision of £1,426,000 was made against the equity investment in Howarth and the convertible loan stock during the year ended 
30 June 2009.
On 18 December 2008, Inland entered into an Option and Development Services Agreement with Drayton Garden Village Limited (DGVL) 
which granted Inland Homes Limited 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 can be extended on upto four 
occasions to a maximum period of ten years by making further payments. During the year ended 30 June 2010, the option period was 
extended by a further period of one year in consideration of a payment of £250,000. In accordance with the Group’s accounting policy 
for financial assets, the option has been measured at fair value at 30 June 2010 which resulted in a fair value adjustment of £229,000 
that has been recognised in the Group Income Statement.
During the year ended 30 June 2010, the Group entered into a joint venture with Howarth for the development of 51 units at a 
site in Croxley Green, Hertfordshire and has invested £2,269,000. The Group’s profit share is broadly expected to be 50% of the 
development profit. 
At 30 June 2010 the Company held or potentially held 10% or more of the equity of the following:
Company name Country of registration  Principal activity   Holding Class of shares
Inland Homes Limited England & Wales  Real estate development   100%  Ordinary
Poole Investments plc England & Wales  Real estate investment   100%  Ordinary
Inland Housing Limited England & Wales  Real estate development   100%  Ordinary
Inland Finance Limited England & Wales  Provision of alternative finance  100%  Ordinary
Howarth Homes plc England & Wales  Housebuilder   33%  Ordinary
The Group’s share of the results and its share of assets of its associate are as follows:
        Loss   
     Assets Liabilities Revenue after tax  
Name Country of incorporation   £000 £000 £000 £000 % held
Howarth Homes plc England & Wales   7,032 6,612 — — 33
The financial statements of Howarth are prepared to 31 July each year. The Group has used the management accounts of Howarth 
to 30 June 2010 to account for its share of results. 34
Inland plc
annual report and 
accounts 2010
notes to the group financial statements continued
for the year ended 30 June 2010
14. DEFERRED TAX
The net movement on the deferred tax account is as follows:
         £000
At 1 July 2009        4,456
Income statement credit        141
at 30 June 2010        4,597
The movement in deferred tax assets is as follows:
      Accelerated    
      tax    
      depreciation Losses Other Total 
      £000 £000 £000 £000
At 1 July 2009     (4) 3,584 876 4,456
Credited/(charged) to income statement     (3)  28  116 141
at 30 June 2010     (7) 3,612 992 4,597
The deferred tax asset is recoverable as follows:
        2010 2009 
        £000 £000
Deferred tax asset to be recovered after twelve months      4,597 4,456
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 did not recognise deferred income tax assets of £5,800,000 (2009: £8,223,000) 
that can be carried forward against future taxable income.
15. INVENTORIES
        2010 2009 
        £000 £000
Stock and work in progress       35,151 41,656
During the year a total of £12,747,000 (2009: £9,232,000) of inventories was included in the Group Income Statement as an expense.
The Group conducted a review of the net realisable value of the carrying values of its land. Where the estimated net present 
realisable value of the site was less than its carrying value within the Group Statement of Financial Position, the Group has impaired 
the land values. This has resulted in an impairment of £200,000 (2009: exceptional impairment £3,798,000). Included in the value 
of inventories above is £15.1m (2009: £20.0m) which is carried at fair value less costs to sell (net realisable value). The amount 
of inventories pledged as security against borrowings and instalments due on land is £34.8m (2009: £41.7m).
16. TRADE AND OTHER RECEIVABLES
        2010 2009 
        £000 £000
Prepayments and accrued income       976 92
Other receivables       4,715 3,606
        5,691 3,698
The carrying value of trade and other receivables is considered a reasonable approximation of fair value. No trade receivables are 
considered to be impaired. There were no unimpaired trade receivables that are past due at the reporting date.
Other receivables includes an amount of £4.2m accrued in respect of costs that will be reimbursed by a customer. 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 TO ASSOCIATE
        2010 2009 
        £000 £000
Advances to associate       1,895 2,000
The Company has granted a secured rolling facility of up to £2,000,000 to its associate. 35
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
18. LISTED INVESTMENTS HELD FOR TRADING
         £000
At 1 July 2009        471
Additions        197
Sales: 
– proceeds        (628)
– realised gains        61
Unrealised gains        30
at 30 June 2010        131
19. CASH AND CASH EQUIVALENTS
        2010 2009 
        £000 £000
Cash at bank and in hand       2,519 72
The Group has a revolving facility of £8m secured by way of a debenture and legal charges over some of its property assets.
20. SHARE CAPITAL
        2010 2009 
        £000 £000
authorised  
239,990,000 (2009: 239,990,000) ordinary shares of 10p each      23,999 23,999
1,000 (2009: 1,000) redeemable shares of £1 each      1 1
        24,000 24,000
        2010 2009 
        £000 £000
allotted, issued and fully paid  
182,999,484 (2009: 162,150,079) ordinary shares of 10p each      18,300 16,215
980 (2009: 980) redeemable shares of £1 each       1 1
180 (2009: 180) deferred shares of 10p each       — —
        18,301 16,216
The redeemable shares are not entitled to receive any dividends and carry one vote per share in general meetings. On a return 
of capital, the holders of redeemable shares will receive £1.00 per share unless the conditions described below are met, in which 
event the entitlement of holders of redeemable shares will be enhanced as described below.
In the event that (i) the return to holders of ordinary shares (calculated as dividends received, together with the increase in share 
price over 50p exceeds 10% per annum compounded annually); and (ii) the relevant holder of redeemable shares has not voluntarily 
ceased to be employed by or engaged to provide services to the Company or any Group company or been dismissed for cause then 
the following provisions will apply:
(i)  on a takeover (including a takeover effected by a scheme of arrangement) the holders of the redeemable shares will become entitled 
to redeem their shares at a price which is calculated so as to attribute to all the redeemable shares the difference between the 
takeover offer price per share and 35p (or such other sum as is agreed with HM Revenue & Customs) multiplied by 11,123,494; or
(ii)  on a winding up, the assets attributable to the redeemable shares will likewise be calculated to be such amount as would 
represent the difference between the amount attributable to each ordinary share and 35p (or such other sum as is agreed with 
HM Revenue & Customs) multiplied by 11,123,494.
According to the Company’s Articles of Association, the redeemable shares can convert into deferred shares of 10p each. The deferred 
shares shall not confer the right to be paid a dividend or to receive notice of or attend or vote at a general meeting. On a winding up, 
after the distribution of the first £10,000,000 of the assets of the Company, the holders of the deferred share (if any) shall be entitled 
to receive an amount equal to the nominal value of such deferred shares pro rata to their respective holdings.
On 9 July 2009, the Company issued 5,280,000 ordinary shares of 10p each at a price of 10p per share. On 30 July 2009, the Company 
issued 7,385,000 ordinary shares of 10p each at a price of 10p per share. On 24 May 2010, the Company issued 8,184,405 ordinary shares 
of 10p each at a price of 18.5p per share. All issued shares are fully paid. 36
Inland plc
annual report and 
accounts 2010
notes to the group financial statements continued
for the year ended 30 June 2010
20. SHARE CAPITAL CONTINUED
A summary of Directors’ (including that of their respective families) participation in the share issues in July 2009 is shown below: 
       9 July 2009  30 July 2009
S D Wicks      1,000,000  85,000
N Malde      1,000,000  —
T Roydon      100,000  —
       2,100,000  85,000
The Company operates an unapproved share option scheme. Awards under each scheme are made periodically to employees.
The Company has used the Black-Scholes-Merton formula to calculate the fair value of outstanding options and deferred shares. 
The assumptions applied to the Black-Scholes-Merton formula for share options issued and the fair value per option are as follows:
       Share  Share   
       options options  
       2009/10 2006/7 Redeemable 
       grant grant shares
Expected life of options based on options exercised to date     3 years 3 years 5 years
Volatility of share price       69% 30% 30%
Dividend yield      0% 0% 0%
Risk free interest rate      2.11% 5.38% 5.38%
Share price at date of grant      16.5p 50.0p 35.0p
Exercise price      16.5p 50.0p 35.0p
Fair value per option       £0.05 £0.08 £0.07
The charge calculated for the year ended 30 June 2010 is £182,000 with a corresponding deferred tax asset at that date of £51,000.
Volatility was assessed over the period since the shares have been listed.
A reconciliation of option movements over the year ended 30 June 2010 is shown below:
         Exercise 
        Number price 
        000s pence
Outstanding at 30 June 2009       860 50.0p
Granted during the year       830 16.5p
outstanding at 30 June 2010       1,690 
Exercisable at 30 June 2010       860 50.0p
There were 830,000 options granted during the year.
At 30 June 2010 outstanding options granted over 10p ordinary shares were as follows:
    Option   
    price     Dates 
Share option scheme   pence Number    exercisable
Company unapproved   50.0p 860,000  28 March 2010 to 27 March 2017
Company unapproved   16.5p 830,000 17 December 2012 to 16 December 2019
21. MOVEMENT ON RESERVES
      Share Treasury Profit and Other 
      premium shares loss account reserves 
      £000 £000 £000 £000
At 1 July 2009     45,184 (366) (15,848) (4,806)
Profit for the year     — — 1,192 —
Share-based compensation     — — 182 —
Available-for-sale financial assets – reclassification to profit or loss   — — (4,806) 4,806
Shares issued during the year     622 — — —
at 30 June 2010     45,806 (366) (19,280) —  37
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
22. TRADE AND OTHER PAYABLES
        2010 2009 
        £000 £000
Trade payables        1,210 819
Other creditors       271 —
Social security and other taxes       213 195
Accruals and deferred income       479 909
        2,173 1,923
The carrying value of trade and other payables are considered to be a reasonable approximation of fair value. 
23. OTHER FINANCIAL LIABILITIES
        2010 2009 
        £000 £000
Deferred purchase consideration on inventories falling due within one year    5,965 7,975
Deferred purchase consideration on inventories falling due:  
– between one and two years       — 4,641
        5,965 12,616
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs.
Flexibility is achieved by bank loans and overdraft facilities.
A first charge on property included within inventories has been granted to some of the vendors.
24. CONTINGENCIES
The Group has the following contingent liabilities:
a) upon the sale of an investment property, a payment of £550,000 is due to two parties;
b)  a subsidiary undertaking, Poole Investments plc, arranged insurance to limit the exposure to potential tax warranties, given 
to effect the disposal of former subsidiaries in May 2004, to £50,000. The expiry date for claims to be received relating to tax 
warranties given is 31 March 2011;
c)  a subsidiary undertaking, Poole Investments plc, ceased to participate in its operating subsidiary’s pension scheme when 
it disposed of former subsidiaries in May 2004. The scheme continues to be funded by the former subsidiaries. No liability to 
the scheme exists other than in the event of a winding up of the scheme or the insolvency of the scheme’s principal employer. 
In either case, the subsidiary will be liable for a proportionate share of the cost of securing the liabilities of the scheme 
pertaining only to its seven former employees;
d)  Inland PLC has guaranteed all of the obligations of Inland Homes Limited to the Secretary of State for Defence in respect of the 
purchase of the site at Queensgate, Farnborough. At the year end the outstanding deferred consideration payment due in relation 
to this site was £6m; 
e)  Inland PLC has guaranteed the obligations of Howarth Homes plc to Investec Bank plc in respect of cost and interest overruns 
in relation to the borrowings of the joint venture with Howarth for the site at Croxley Green, Hertfordshire. The potential exposure 
is limited to £1m; and
f)  Inland PLC has guaranteed any shortfall of interest payable by Inland Housing Limited in respect of borrowings relating to 
the subsidiary undertakings developments at Byfleet and Farnborough. In the Directors’ opinion there is unlikely to be any 
such shortfall.
No provisions have been made in these financial statements in respect of these contingent liabilities.
25. COMMITMENTS
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:
        2010 2009 
        £000 £000
Expiring in one year       — 2
Expiring after two years and within five years       267 344
        267 346
The rental contract for the office building rented since 28 April 2009 at 2 Anglo Office Park, 67 White Lion Road, Amersham HP7 9FB 
has a non-cancellable term of five years. 38
Inland plc
annual report and 
accounts 2010
notes to the group financial statements continued
for the year ended 30 June 2010
26. CAPITAL MANAGEMENT POLICIES AND PROCEDURES
The Group’s capital management objectives are to ensure the Group’s ability to continue as a going concern and to provide an adequate 
return to shareholders.
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 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.
        2010 2009 
        £000 £000
Equity       44,461 40,380
Less: cash and cash equivalents       (2,519) (72)
Capital       41,942 40,308
        2010 2009 
        £000 £000
Equity       44,461 40,380
Borrowings       9,242 6,566
Overall financing       53,703 46,946
Capital to overall financing       78.1% 85.9%
27. FINANCIAL ASSETS AND LIABILITIES
The carrying amounts presented in the Statement of Financial Position relate to the following categories of assets and liabilities:
        2010 2009 
       Note £000 £000
financial assets   
Listed investments held for trading      18 131 471
loans and receivables   
Loan to associate      17 1,895 2,000
Trade and other receivables      16 4,715 3,606
Cash and cash equivalents      19 2,519 72
        9,129 5,678
financial liabilities   
Financial liabilities designated at fair value through profit or loss:   
– current borrowings       9,242 6,566
financial liabilities measured at amortised cost
Non-current liabilities:   
– other financial liabilities      23 — 4,641
Current:   
– trade and other payables      22 1,694 1,014
– other financial liabilities      23 5,965 7,975
        7,659 8,989
The fair values are presented in the related notes.
Current borrowings are principally amounts drawn under a revolving credit facility of £8.0m and a loan facility of £4.2m. The borrowings 
are secured against the Group’s inventories (see Note 15) and the investment property. Interest is charged at between 3% and 6% above 
LIBOR or base rate. The revolving credit facility expires on 30 June 2011 and the loan facility is due for repayment by 31 July 2011. 39
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
27. FINANCIAL ASSETS AND LIABILITIES CONTINUED
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. 
     2010  2009
      Trade and  deferred Trade and Deferred 
      other purchase  other purchase 
      payables consideration payables consideration 
      £000 £000 £000 £000
Less than one year     2,173 6,000 1,923 7,975
Between one and two years     — — — 5,000
      2,173 6,000 1,923 12,975
The Group adopted the amendments to IFRS 7 Improving Disclosures about Financial Instruments effective from 1 January 2009. 
These amendments require the Group to present certain information about financial instruments measured at fair value in the 
Statement of Financial Position. In the first year of application comparative information need not be presented for the disclosures 
required by the amendment. Accordingly, the disclosure for the fair value hierarchy is only presented for the 30 June 2010 year end.
The following table presents financial assets and liabilities measured at fair value in the 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:
– Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
–  Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (ie as prices) 
or indirectly (ie derived from prices); and 
– Level 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.
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:
      Level 1 Level 2 Level 3 Total 
30 June 2010    Note £000 £000 £000 £000
assets    
Listed securities and debentures     27(A) 131 — — 131
liabilities     — — — —
net fair value     131 — — 131
(a) Liste D seCurities an D 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. 40
Inland plc
annual report and 
accounts 2010
28. RELATED PARTY TRANSACTIONS
As at 30 June 2010 there was an amount due from Howarth amounting to £1,895,000. This is included within loan to associate and is 
in respect of a rolling facility provided to Howarth for a maximum balance of £2,000,000. The balance outstanding attracts interest of 
4% above the National Westminster Bank plc base rate. The interest received from Howarth for the year ended 30 June 2010 amounted 
to £141,000. The amount of interest outstanding at the year end was £19,000 and this amount is included in trade and other receivables.
In August 2009 the Group purchased a parcel of land at Farnborough from Howarth for £800,000.
During the year ended 30 June 2010, Howarth carried out construction work on sites owned by the Group. The total amount charged 
on an arm’s length basis by Howarth for this work was £2,107,000.
During the year the Group entered into a joint venture with Howarth for the development of 51 units at a site in Croxley Green, 
Hertfordshire. At 30 June 2010 the Group had invested £2,269,000. The Group’s profit share is broadly expected to be 50% of the 
development profit.
The Group’s share of the results and its share of net assets of the joint venture are as follows: 
        2010 2009 
        £000 £000
Net assets       83 —
Net result       — —
From 1 July to 1 September 2009 the Group incurred fees from SLR Consulting Limited (an environmental consultancy) of £40,500 
(2009: £114,000). The company is related by the fact that Mr N Malde was a director of its parent company, SLR Holdings Limited, 
until his resignation on 1 September 2009.
29. COMPANY INFORMATION
The Company is a public limited company registered in England and Wales. The registered office and principal place of business 
is 2 Anglo Office Park, 67 White Lion Road, Amersham, Buckinghamshire HP7 9FB.
The principal activity of the Group is to acquire residential and mixed use sites and seek planning consent for development. 
notes to the group financial statements continued
for the year ended 30 June 2010 41
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
r eport of the independent auditor
to the members of Inland PLC
We have audited the parent company financial statements of Inland PLC for the year ended 30 June 2010 which comprise the Parent 
Company Statement of Financial Position 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.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR
As explained more fully in the Directors’ Responsibilities Statement in the Directors’ Report, 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 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 THE AUDIT OF THE FINANCIAL STATEMENTS
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/UKNP.
OPINION ON FINANCIAL STATEMENTS
In our opinion the parent company financial statements:
A give a true and fair view of the state of the Company’s affairs as at 30 June 2010;
A have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
A have been prepared in accordance with the requirements of the Companies Act 2006.
OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion the information given in the Directors’ Report for the financial year for which the financial statements are prepared 
is consistent with the parent company financial statements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
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:
A  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; 
A the parent company financial statements are not in agreement with the accounting records and returns;
A certain disclosures of Directors’ remuneration specified by law are not made; or
A we have not received all the information and explanations we require for our audit.
OTHER MATTER
We have reported separately on the Group financial statements of Inland PLC for the year ended 30 June 2010.
JAMES ROGERS
SEnIor ST aTuTory audIT or 
for and on bEhalf of GranT ThornT on uK llp 
STaTuTory audIT or, charTErEd a ccounT anTS
SlouGh
22 October 2010  42
Inland plc
annual report and 
accounts 2010
Company statement of financial position
at 30 June 2010
        2010 2009 
       Note £000 £000
fixed assets   
Investments       5 14,691 12,421
Deferred tax       146 95
        14,837 12,516
current assets   
Debtors      6 46,098 48,962
Listed investments       131 471
Cash at bank and in hand       822 —
        47,051 49,433
creditors: amounts falling due within one year     7 (6,488) (8,810)
net current assets       40,563 40,623
Total assets less liabilities       55,400 53,139
capital and reserves   
Called up share capital      8 18,301 16,216
Share premium      9 45,806 45,184
Treasury shares      9 (366) (366)
Profit and loss account      9 (8,341) (7,895)
Shareholders’ funds       55,400 53,139
The financial statements on pages 42 to 46 were approved by the Board of Directors on 22 October 2010 and signed on its behalf by:
STEPHEN WICKS  NISHITH MALDE COMPANy NuMbER
dIrEc Tor  dIrEc Tor 5482990
The accompanying accounting policies and notes form part of these financial statements. 43
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
notes to the company financial statements
for the year ended 30 June 2010
1. PRINCIPAL ACCOUNTING POLICIES
Basis of PreP aration
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. Where 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 income statement 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. No 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 date on an undiscounted basis.
2. PROFIT ATTRIBUTABLE TO MEMBERS OF THE PARENT COMPANY
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 £628,000 (2009: loss of £3,923,000) has been transferred to reserves.
auDitor’s re Muneration
The audit fees for the Company were £5,000 (2009: £5,000). Auditor’s remuneration for other services is disclosed in Note 6 to the 
Group financial statements.
Fees paid to the Company’s auditor, Grant Thornton UK LLP, and its associates for services other than statutory audit of the Company 
are not disclosed in Inland PLC’s financial statements since the Group financial statements of Inland PLC are required to disclose 
non-audit fees on a consolidated basis.
3. EMPLOYEES
Staff costs during the year were as follows:
        2010 2009 
        £000 £000
Share-based payment       182 159
The average number of employees (including Directors) during the year was:
        2010 2009 
        number Number
Management       2 2 44
Inland plc
annual report and 
accounts 2010
notes to the company financial statements continued
for the year ended 30 June 2010
4. DIRECTORS’ REMUNERATION
See Note 7 of the Group financial statements.
5. INVESTMENTS
     Investments  Investments  Investments   
     in joint  in Group  other than   
     ventures undertakings loans Loans Total 
     £000 £000 £000 £000 £000
cost      
At 1 July 2009    — 12,422 559 800 13,781
Converted into equity investment    — — 800 (800) —
Additions    2,269 — — — 2,269
at 30 June 2010    2,269 12,422 1,359 — 16,050
amortisation      
At 1 July 2009    — — 559 800 1,359
Converted into equity investment    — — 800 (800) —
at 30 June 2010    — — 1,359 — 1,359
net book amount to 30 June 2010    2,269 12,422 — — 14,691
Net book amount to 30 June 2009    — 12,422 — — 12,421
See Note 13 of the Group financial statements for details on the Group undertakings.
6. DEBTORS 
        2010 2009 
        £000 £000
Amounts owed by Group undertakings       44,168 46,867
Loan to associate       1,895 2,000
Other debtors       35 95
        46,098 48,962
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
        2010 2009 
        £000 £000
Bank loans and overdraft       6,130 8,114
Trade creditors       38 50
Amount owed to Group undertakings       — 58
Accruals and other creditors       320 588
        6,488 8,810
8. SHARE CAPITAL
        2010 2009 
        £000 £000
authorised  
239,990,000 ordinary shares of 10p each       23,999 23,999
1,000 (2009: 1,000) redeemable shares of £1 each      1 1
        24,000 24,000
        2010 2009 
        £000 £000
allotted, issued and fully paid  
182,999,484 (2009: 162,150,079) ordinary shares of 10p each      18,300  16,215
980 (2009: 980) redeemable shares of £1 each       1 1
180 (2009: 180) deferred shares of 10p each       — —
        18,301 16,216 45
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
8. SHARE CAPITAL CONTINUED
The redeemable shares are not entitled to receive any dividends and carry one vote per share in general meetings. On a return of capital, 
the holders of redeemable shares will receive £1.00 per share unless the conditions described below are met, in which event the 
entitlement of holders of redeemable shares will be enhanced as described below.
In the event that (i) the return to holders of ordinary shares (calculated as dividends received, together with the increase in share price 
over 50p exceeds 10% per annum compounded annually); and (ii) the relevant holder of redeemable shares has not voluntarily ceased 
to be employed by or engaged to provide services to the Company or any Group company or been dismissed for cause then the 
following provisions will apply:
(iii)  on a takeover (including a takeover effected by a scheme of arrangement) the holders of the redeemable shares will become 
entitled to redeem their shares at a price which is calculated so as to attribute to all the redeemable shares the difference 
between the takeover offer price per share and 35p (or such other sum as is agreed with HM Revenue & Customs) multiplied 
by 11,123,494; or
(iv)  on a winding up, the assets attributable to the redeemable shares will likewise be calculated to be such amount as would 
represent the difference between the amount attributable to each ordinary share and 35p (or such other sum as is agreed with 
HM Revenue & Customs) multiplied by 11,123,494.
According to the Company’s Articles of Association, the redeemable shares can convert into deferred shares of 10p each. The deferred 
shares shall not confer the right to be paid a dividend or to receive notice of or attend or vote at a general meeting. On a winding up, 
after the distribution of the first £10,000,000 of the assets of the Company, the holders of the deferred share (if any) shall be entitled 
to receive an amount equal to the nominal value of such deferred shares pro rata to their respective holdings.
On 9 July 2009, the Company issued 5,280,000 ordinary shares of 10p each at a price of 10p per share. On 30 July 2009, the Company 
issued 7,385,000 ordinary shares of 10p each at a price of 10p per share. On 24 May 2010, the Company issued 8,184,405 ordinary 
shares of 10p each at a price of 18.5p per share. All issued shares are fully paid.
A summary of Directors’ (including that of their respective families) participation in the above mentioned share issues is shown below: 
       9 July 2009 30 July 2009 24 may 2010
S D Wicks      1,000,000 85,000 —
N Malde      1,000,000 — —
T Roydon      100,000 — —
       2,100,000 85,000 —
The Company operates an unapproved share option scheme. Awards under each scheme are made periodically to employees.
The Company has used the Black-Scholes-Merton formula to calculate the fair value of outstanding options and redeemable shares. 
The assumptions applied to the Black-Scholes-Merton formula for share options issued and the fair value per option are as follows:
       Share Share  
       Options options  
       2009/10 2006/7 Redeemable 
       grant grant shares
Expected life of options based on options exercised to date     3 years 3 years 5 years
Volatility of share price       69% 30% 30%
Dividend yield      0% 0% 0%
Risk free interest rate      2.11% 5.38% 5.38%
Share price at date of grant      16.5p 50.0p 35.0p
Exercise price      16.5p 50.0p 35.0p
Fair value per option       £0.05 £0.08 £0.07
The charge calculated for the year ended 30 June 2010 is £182,000 with a corresponding deferred tax asset at that date of £51,000.
Volatility was assessed over the period since the shares have been listed.
A reconciliation of option movements over the year ended 30 June 2010 is shown below:
        Number Exercise 
        000s price
Outstanding at 30 June 2009       860 50.0p
Granted during the year       830 16.5p
outstanding at 30 June 2010       1,690 
Exercisable at 30 June 2010       860 50.0p
830,000 options were granted during the year. 46
Inland plc
annual report and 
accounts 2010
notes to the company financial statements continued
for the year ended 30 June 2010
8. SHARE CAPITAL CONTINUED
At 30 June 2010 outstanding options granted over 10p ordinary shares were as follows:
     Option      Dates 
Share option scheme   price Number    exercisable
Company unapproved   50.0p 860,000 28 March 2010 to 27 March 2017
Company unapproved   16.5p 830,000  17 December 2012 to 16 December 2019 
9. RESERVES
         Profit 
       Share Treasury and loss 
       premium shares account 
       £000 £000 £000
At 30 June 2009      45,184 (366) (7,895)
Retained loss for the year      — — (628)
Shares issued during the year      622 — —
Employee share-based compensation      — — 182
at 30 June 2010      45,806 (366) (8,341)
10. CAPITAL COMMITMENTS
The Company had no outstanding capital commitments at 30 June 2010 or 30 June 2009.
11. CONTINGENT LIABILITIES
The Group has the following contingent liabilities:
a)  Inland PLC has guaranteed all of the obligations of Inland Homes Limited to the Secretary of State for Defence in respect of the 
purchase of the site at Queensgate, Farnborough. At the year end, the outstanding deferred consideration payment due in relation 
to this site was £6m;
b)  Inland PLC has guaranteed the obligations of Howarth Homes plc to Investec Bank plc in respect of costs and interest overruns 
in relation to the borrowings of the joint venture with Howarth for the site at Croxley Green, Hertfordshire. The potential exposure 
is limited to £1m; and
c)  Inland PLC has guaranteed any shortfall of interest payable by Inland Housing Limited in respect of borrowings relating to 
the subsidiary undertaking’s developments at Byfleet and Farnborough. In the Directors’ opinion there is unlikely to be any 
such shortfall.
No provisions have been made in these financial statements in respect of these contingent liabilities.
12. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS
        2010 2009 
        £000 £000
Loss for the year       (628) (3,923)
Issue of shares       2,707 —
Share-based compensation       182 159
Net increase/(decrease) in shareholders’ funds       2,261 (3,764)
Opening shareholders’ funds       53,139 56,903
Closing shareholders’ funds       55,400 53,139 47
Inland plc
annual report and 
accounts 2010
our year
corporate governance
financial statements
 group
 company
notice of annual general meeting
notice of annual general meeting
NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at 10.00am on 25 November 2010 at the 
offices of Inland PLC, 2 Anglo Office Park, 67 White Lion Road, Amersham, Buckinghamshire HP7 9FB for the purpose of considering 
and, if thought fit, passing the following resolutions 1, 2, 3, 4 and 5 as ordinary resolutions and resolution 6 as a special resolution 
of the Company:
ORDINARY BUSINESS
1.  THAT the audited financial statements of the Company for the financial year ended 30 June 2010 and the Directors’ Report and 
Auditor’s Report on those financial statements be received and adopted. 
2.  THAT Grant Thornton UK LLP be appointed auditor of the Company to hold office from the conclusion of this meeting until 
the conclusion of the next general meeting at which audited financial statements are laid and to authorise the Directors to fix 
their remuneration. 
3.  THAT Nishith Malde be re-appointed as a Director of the Company in accordance with the Articles of Association of the Company. 
4.  THAT Stephen Wicks be re-appointed as a Director of the Company in accordance with the Articles of Association of the Company. 
SPECIAL BUSINESS
5.  As an ordinary resolution: 
   THAT in substitution for all existing authorities, the Directors be and they are hereby generally and unconditionally authorised 
pursuant to Section 551 of the Companies Act 2006 (‘the Act’) to exercise all the powers of the Company to allot, grant rights to 
subscribe for, or to convert any security into, offer or otherwise deal with or dispose of shares in the Company up to a maximum 
aggregate nominal amount of £1,829,995 or 10% of the current issued share capital from time to time to such persons, at such 
times and generally on such terms and conditions as the Directors (subject to the Articles of Association of the Company from 
time to time) in their absolute discretion may determine during the period commencing on the date of the passing of this resolution 
and expiring (unless previously renewed, varied or revoked by the Company in general meeting) 15 months from the date of the 
passing of this resolution or, if earlier, on the conclusion of the next Annual General Meeting of the Company save that the Company 
may make an offer or agreement which would or might require relevant securities to be allotted after the expiry of this authority 
and the Directors may allot relevant securities pursuant to such an offer or agreement as if the authorities hereby conferred had 
not expired. 
6.  As a special resolution: 
   THAT in substitution for all existing authorities and subject to the passing of resolution 5 above, the Directors be and they are 
hereby empowered, pursuant to Section 570 of the Companies Act 2006 (‘the Act’) to allot equity securities (within the meaning 
of Section 560 of the Act) for cash pursuant to the authority conferred by resolution 5 above as if Section 561(1) of the Act did not 
apply to any such allotment provided that this power shall be limited: 
 (a)  to the allotment of equity securities where the equity securities respectively attributable to the interests of all relevant 
shareholders are proportionate (as nearly as may be) to the respective numbers of shares held by them on the record date 
for such allotment subject only to such exclusions or other arrangements as the Directors may consider necessary or expedient 
to deal with fractional entitlements or legal or practical problems under the laws of, or the requirements of any regulatory 
body or stock exchange in, any territory; or
 (b)  to the allotment (otherwise than pursuant to sub-paragraph (a) above) of equity securities for cash up to an aggregate nominal 
amount not exceeding £1,829,995 or 10% of the current issued share capital from time to time, and shall expire on the conclusion 
of the next Annual General Meeting of the Company or 15 months after the passing of this resolution, whichever is earlier, save 
that the Company may before such expiry make an offer or agreement which would or might require equity securities to be 
allotted after such expiry and the Directors may allot equity securities in pursuance of such offer or agreement after such 
expiry as if the power conferred hereby had not expired. 
By order of the Board 
NISHITH MALDE 
company SEcrET ary  
22 October 2010  
  
 
 REGISTERED OffICE
 2 Anglo Office Park 
 67 White Lion Road 
 Amersham 
 Buckinghamshire  
HP7 9FB 48
Inland plc
annual report and 
accounts 2010
notice of annual general meeting continued
NOTES
1.  A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy(ies) to attend and vote on his/her behalf. 
A proxy need not be a member of the Company. 
2.  To be effective, the instrument appointing a proxy and any authority under which it is executed (or a notarially certified copy of such 
authority) must be deposited at the offices of the Company’s Registrars, Capita Registrars, PXS, The Registry, 34 Beckenham Road, 
Beckenham, Kent BR3 4TU not later than 10.00 am on 23 November 2010. A form of proxy is enclosed with this notice. Completion 
and return of the form of proxy will not preclude shareholders from attending and voting in person at the meeting.
3.  Copies of all Directors’ service contracts or, where any such contract is not reduced to writing, a memorandum of the terms thereof, 
will be available for inspection at the registered office of the Company during normal business hours on any weekday (Saturdays and 
public holidays excluded) from the date of this notice until the date of the meeting and at the offices of Inland PLC, 2 Anglo Office Park, 
67 White Lion Road, Amersham, Buckinghamshire HP7 9FB for at least 15 minutes prior to and at the meeting. 
4.  As a member of the Company you are entitled to appoint a proxy to exercise all or any of your rights to attend, speak and vote at a 
Annual General Meeting of the Company.
5.  A proxy does not need to be a member of the Company but must attend the meeting to represent you. To appoint as your proxy a person 
other than the Chairman of the meeting, insert their full name in the box on your proxy form. If you sign and return your proxy form with 
no name inserted in the box, the Chairman of the meeting will be deemed to be your proxy. Where you appoint as your proxy someone other 
than the Chairman, you are responsible for ensuring that they attend the meeting and are aware of your voting intentions. If you wish your 
proxy to make any comments on your behalf, you will need to appoint someone other than the Chairman and give them the relevant 
instructions directly.
6.  You may appoint more than one proxy provided each proxy is appointed to exercise rights attached to different shares. In the event of 
a conflict between a blank proxy form and a proxy form which states the number of shares to which it applies, the specific proxy form shall 
be counted first, regardless of whether it was sent or received before or after the blank proxy form, and any remaining shares in respect of 
which you are the registered holder will be apportioned to the blank proxy form. You may not appoint more than one proxy to exercise rights 
attached to any one share. To appoint more than one proxy, you should contact Capita Registrars, PXS, The Registry, 34 Beckenham Road, 
Beckenham, Kent BR3 4TU.
7.  To direct your proxy how to vote on the resolutions mark the appropriate box on your proxy form with an ‘X’. To abstain from voting on a 
resolution, select the relevant ‘Vote withheld’ box. A vote withheld is not a vote in law, which means that the vote will not be counted in 
the calculation of votes for or against the resolution. If no voting indication is given, your proxy will vote or abstain from voting at his or her 
discretion. Your proxy will vote (or abstain from voting) as he or she thinks fit in relation to any other matter which is put before the meeting.
8.  In the case of a member which is a company, your proxy form must be executed under its common seal or signed on its behalf by a duly 
authorised officer of the company or an attorney for the company.
9.  Any power of attorney or any other authority under which your proxy form is signed (or a duly certified copy of such power or authority) 
must be included with your proxy form.
10.  If you submit more than one valid proxy appointment, the appointment received last before the latest time for the receipt of proxies will 
take precedence.
11.  Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, the Company specifies that only those members entered 
on the register of members of the Company at 6.00pm on 23 November 2010 or, in the event that this meeting is adjourned, in the register 
of members as at 6.00pm on the day two days before the date of any adjourned meeting, shall be entitled to attend and vote at the meeting 
in respect of the number of ordinary shares registered in their names at that time. Changes to the entries on the register of members 
by the close of business on 23 November 2010 or, in the event that this meeting is adjourned, in the register of members before the close 
of business on the day two days before the date of the adjourned meeting, shall be disregarded in determining the rights of any person 
to attend or vote at the meeting.
12.  CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the 
Annual General Meeting to be held at 10.00am on 25 November 2010 and any adjournment(s) thereof by using the procedures described 
in the CREST Manual. CREST personal members or other CREST sponsored members, and those CREST members who have appointed 
a voting service provider should refer to their CREST sponsors or voting service provider(s), who will be able to take the appropriate 
action on their behalf. 
  In order for a proxy appointment or instruction made by means of CREST to be valid, the appropriate CREST message (a ‘CREST Proxy 
Instruction’) must be properly authenticated in accordance with Euroclear UK & Ireland Limited’s specifications and must contain the 
information required for such instructions, as described in the CREST Manual. The message must be transmitted so as to be received by 
the Company’s agent, Capita Registrars Limited (CREST Participant ID: RA10), no later than 48 hours before the time appointed for the 
meeting. For this purpose, the time of receipt will be taken to be the time (as determined by the time stamp applied to the message by the 
CREST Application Host) from which the Company’s agent is able to retrieve the message by enquiry to CREST in the manner prescribed 
by CREST. 
  CREST members and, where applicable, their CREST sponsor or voting service provider should note that Euroclear UK & Ireland Limited 
does not make available special procedures in CREST for any particular messages. Normal system timings and limitations will therefore 
apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST 
member is a CREST personal member or sponsored member or has appointed a voting service provider, to procure that his/her CREST 
sponsor or voting service provider takes) such action as shall be necessary to ensure that a message is transmitted by means of the CREST 
system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsor or voting service provider 
are referred in particular to those sections of the CREST Manual concerning practical limitations of the CREST system and timings. corporate statement
Inland plc is a leading brownfield 
regeneration specialist. We specialise in 
buying brownfield sites and enhancing their 
value through obtaining planning permissions 
for residential and mixed‑use developments.
Inland's highly experienced land team has extensive knowledge of the 
complexities of the planning system which in turn enables it to unlock 
added value in property that others cannot.
We recognise the significant impact our activities can have on the environment 
and the communities in which we work.
We believe that managing these activities responsibly brings long term 
benefits to our shareholders as well as our other stakeholders.
at the heart of our business is the principle of sustainability – the need 
to conserve scarce resources for the benefit of future generations.
creative thinking in brownfield development
 Our year
 01 Highlights
 02  Queensgate
 04  Ellis Court
 06  Drayton Garden Village
 08  Chairman's statement
 10  Chief Executive's review
 corporate governance
 12  Directors and advisers
 14  Directors’ report
Financial statements
Group
 19  Report of the independent auditor
 20 Group income statement
 20  Group statement of comprehensive income
 21 Group statement of financial position
 22 Group statement of changes in equity
 23  Group statement of cash flows
 24   Notes to the group financial statements
Financial statements
Company
 41  Report of the independent auditor
 42  Company statement of financial position
 43  Notes to the company financial statements
Other information
 47 Notice of annual general meeting annual report and accounts 2010
Inland plc
2 Anglo Office Park 
67 White Lion Road 
Amersham 
Bucks HP7 9FB
T: 01494 762450 
F: 01494 765897 
E: info@inlandplc.com
www.inlandplc.com
Inland plc annual report and accounts 2010