annual report and accounts 2009 Corporate 
statement Inland P l C Is a lead Ing brownf Ield 
regenerat Ion s Pe CIal Ist. 
w e re Cogn Ise the s Ign If ICant 
Im Pa Ct our a Ct Iv It Ies Can have 
on the env Ironment and the 
CommunItIes In whICh we work.
we belIeve that managIng these a CtIvItIes resPonsIbly 
brIngs long term benefIts to our shareholders as well 
as our other stakeholders.
a t the heart of our bus Iness Is the Pr In CIPle of 
sustaInabIlIty – the need to Conserve sC arCe resourCes 
for the benefIt of future generatIons.
 
 01 hIghlIghts 02  ChaIrman’s statement 04  ChIef eXeCutIve’s revIew 06  dIreC tors and advIsers 08  dIreC tors’ rePort 13  rePort of the IndePendent audItor 14 grouP InCome statement 14 grouP statement of ComPrehensIve InCome 15 grouP statement of fInanCIal PosItIon 16 grouP statement of Changes In equIty 17  grouP C ash flow statement 18   notes to the fInanCIal statements 36  rePort of the IndePendent audItor 37  ComP any balanCe sheet 38  notes to the ComP any fInanCIal statements 43 notICe of annual general meetIng  annual report and accounts 2009   Inland plc   01
HigHligHts Financial HigHligHts A revenue £5.22m (2008: £11.01m)
A  operating loss before exceptional costs £3.93m 
(2008: operating profit £0.71m)
A exceptional costs before tax £5.22m (2008: £4.78m)
A pre-tax loss £10.47m (2008: £4.19m)
A Inventories £41.66m (2008: £47.68m)
A net asset value per share 24.90p (2008: 32.88p)
OperatiOnal HigHligHts A 25 plots sold in the year
A acquired raF West drayton with joint venture partner
A  landbank owned (including West drayton) has 
potential for over 2,000 homes and substantial 
commercial development
A deferred payments either completed or renegotiated
A current annual rental income of £726,000
A overheads reduced by 8.3%
A  small pilot scheme of potential build out of some 
of the landbank ready for sales launch
A Further equity raised from shareholders 02   Inland plc   annual report and accounts 2009
We have one of the most 
attractive landbanks in the 
southeast of England and 
are currently reviewing how 
best to achieve the greatest 
return on these assets for 
our shareholders.
cHairman’s 
statement intrOductiOn these results come on the back of a vicious 
downturn in both the general economic climate 
and the housebuilding industry unlike any other 
in recent history. t he effect on the housing market 
has been further exacerbated due to the severe 
constraints in the availability of credit. 
the results for the year ended 30 June 2009 
show an operating loss before exceptional costs 
of £3.93m (2008: operating profit before 
exceptional costs £0.71m) and a loss before tax 
of £10.47m (2008: £4.19m). In line with others 
in the sector, it has been necessary to make 
a substantial writedown in the carrying value 
of our landbank of £3.80m (2008: £4.78m). 
In addition, in the interests of prudence the 
Board has decided to make a full provision 
amounting to £1.43m against the carrying value 
of our associate company which like many 
other housebuilders has also been significantly 
affected by the current downturn in the sector. 
We have also written off a significant amount 
of the deferred tax asset due to the fall in value 
of our site in poole.
OperatiOns the year has been one where we have 
concentrated on preserving cash and as 
a consequence we did not acquire any new 
sites in our own right. our focus has been in 
securing planning consents on the sites in 
our landbank many of which have now been 
obtained on appeal. I am pleased to report 
that during the year we obtained residential 
planning consents on eleven sites for 296 plots 
and 100,000 sq ft of commercial space. 
the varied and attractive nature of our land 
portfolio has meant that although there was 
a general view that no-one was buying land 
with planning consent, we managed to sell 
five sites and two properties during the year 
generating £4.51m of cashflow through the 
most difficult times that the industry has 
had to face, albeit that a number of the 
sales were achieved at values below those 
that had been originally anticipated. 
as reported in the interim statement, the master 
planning process on our joint venture raF 
West drayton has progressed well and we 
anticipate submitting a planning application 
within the next few weeks for approximately 
775 residential units and 65,000 sq ft of 
commercial space that will include a primary 
healthcare centre, a pharmacy and an 80 bed 
care home. the joint venture agreement with 
our partner has been varied whereby in the 
event of a change of control of Inland plc 
prior to receipt of planning consent, our partner 
will be entitled, at any time during the period 
of 60 business days following the date of the 
change of control, to terminate the joint 
venture. In return for agreeing to this variation 
Inland has the ability to charge management 
fees to the joint venture company of up to 
£2.5m. t o date, Inland’s investment 
in the project amounts to £250,000.  annual report and accounts 2009   Inland plc   03
We are no W in a position to move 
the business forW ard from an 
appropriate base and if current 
conditions persist We do not 
envisage further Write do Wns of 
our landbank being required.
our current land portfolio comprises 
approximately 2,080 residential plots and 
290,000 sq ft of commercial space. consent 
has been secured on 690 residential plots. 
the Board believes that on a fully consented 
basis the residential element of our land 
portfolio would have a gross development 
value of approximately £420m, including 
West drayton.
Inland’s original objective was to obtain 
planning consent on the sites it acquired 
before selling them to housebuilders at a profit, 
having added significant value through the 
planning process. In the current climate, in 
order to maximise the value from some of our 
sites the Board is exploring the prospect of 
building out some of the sites either as principals 
or by way of joint ventures. as part of this 
evaluation the Board has selected two sites 
and accordingly we have developed our site in 
Byfleet, surrey as principals and the marketing 
campaign for the 14 two bedroom apartments 
will be launched shortly. the construction of 
this project has been substantially funded by 
way of senior debt provided by a merchant bank 
and secured on the development. We have also 
commenced construction of a showhouse 
complex at Queensgate, Farnborough where 
Inland will develop part of the 370 consented 
plots, again by utilising senior debt finance 
secured against the development. In recent 
weeks there has been a noticeable increase in 
interest from housebuilders in our landbank 
and the Board still expects to sell certain of 
our sites to generate cash where we receive 
offers that match our expectations.
the Board notes that in recent weeks, 
a number of the major housebuilders have 
announced fund raisings in order to facilitate 
further investment in their respective 
businesses including land purchases. 
Financial summary
during the year ended 30 June 2009, the Group 
generated revenue of £5.22m of which £4.51m 
was achieved by way of land sales and £0.71m 
from rental and other income. t he current 
annualised rental income amounts to £726,000 
including £72,000 at ra F West d rayton. 
o verheads have been strictly controlled and 
were reduced by £184,000 over the previous year .
as referred to above, due to deteriorating 
market conditions, we have made a write 
down of £3.80m in the carrying value of our 
land portfolio and we have taken a full provision 
against the carrying value of our investment in 
associate of £1.43m as an exceptional cost.
the Board do not recommend the payment 
of a dividend.
n et assets at 30 June 2009 stood at £40.38m 
(2008: £53.32m) representing 24.9p per share 
at that date. Bank borrowings at the year end 
amounted to £6.57m equating to gearing of 
16.3%. the Group’s revolving credit facility of 
£10m with the royal Bank of scotland expires 
on 15 december 2009 and initial discussions 
have already commenced with the bank and 
the Board has a reasonable expectation for the 
facility to be renewed. a number of our sites 
were purchased on deferred consideration 
terms and we successfully renegotiated the 
terms on four sites so that the payments were 
managed in line with our cash flow. as at the 
date of this report the outstanding deferred 
considerations amounts to £9.50m of which 
£3.50m is due in the current financial year and 
the balance in the following financial year. 
during July 2009, under the authority granted 
at the last annual General Meeting, the Board 
issued 12,665,000 shares at 10p per share 
raising further equity of £1.27m.
Outl OOk there are some signs that whilst weak, the 
market is stabilising and our immediate task 
will be to capitalise on the value of our substantial 
and well located landbank. We are now in a 
position to move the business forward from 
an appropriate base and if current conditions 
persist we do not envisage further write downs 
of our landbank being required. the Board 
remains cautiously optimistic that provided 
conditions do not deteriorate further an early 
return to profitability will now be achieved.
terry rO ydOn chaIrman 04   Inland plc   annual report and accounts 2009
this has been an intensely difficult year 
following the sharp decline in the uK housing 
market and the onslaught of a banking crisis 
that has severely restricted the availability of 
credit to both developers and their customers.
the focus over the last year has been very 
much on control and generation of cash and 
the renegotiation of the timing of deferred 
land payments. some of these renegotiations 
were very demanding but I am pleased to 
say we were successful on all counts and 
outstanding land creditors have been reduced 
from £23.8m at June 2008 to £9.5m at the 
date of these financial statements. this was 
achieved within a landscape where banks were 
not really open for business and as stated in our 
Interim r eport we signed up to a bank facility 
of £10m which fell far short of our original 
expectations. as a result we had to work 
hard to achieve the sale of five sites and two 
properties during the second half of the 
financial year, which helped maintain cash flow. 
as referred to in the c hairman’s statement, the 
revolving credit facility of £10m is due to expire 
on 15 december 2009 and we are already in 
discussions with our bank for its renewal. 
I am confident that the facility will be 
renewed prior to its current expiry date.
our small team of only nine has worked 
tirelessly over the last period under difficult 
circumstances for which I am extremely 
grateful; whilst the focus is on the Group’s 
property assets sometimes it is easy to 
overlook the considerable value of our staff. 
I believe our team is one of the best in our 
industry and we also have a superb compliment 
of consultants working alongside us which 
enable us to achieve attractive planning 
consents in a generally very hostile 
planning environment.
as set out in the chairman’s statement 
considerable effort has gone into the 
preparation of the planning application for  
raF West drayton; our joint venture project. 
over the last twelve months our land director, 
paul Brett has led a team of over 20 consultants 
in the preparation of this very complex planning 
application. the detailed master planning of 
this site has been subject to intense negotiation 
with the planners such that we believe we now 
have broad agreement to our proposals from 
l ondon Borough of Hillingdon and once the 
application has been submitted in october 2009 
we anticipate a consent being granted in 
spring 2010.
cHieF 
executive’s 
review queensgate, f arnborough 
a 24.5 acre site with planning 
permission for 399 residential 
properties and 110,000 sq ft 
of commercial space
31 acre raf West drayton site  annual report and accounts 2009   Inland plc   05
Inland’s stated net asset value does not 
reflect the potential value of this project. 
I believe that this will be a very significant profit 
centre for Inland in the future and thus enhance 
shareholders’ funds.
this project which has been renamed ‘drayton 
Garden Village’ is one of the largest brownfield 
developments in the london area and will have 
considerable ‘green credentials’ including 
combined heat and power, traffic-free home 
zones and spacious amenity areas.
our landbank comprises of 16 sites, all of 
which are within easy reach from london and 
situated in appealing locations. the majority 
of the planning consents are for houses as 
opposed to apartments, which is where the 
demand is stronger. the value of our portfolio 
has been affected significantly due to the 
severe fall in house prices, but thankfully 
we are beginning to see some stabilisation 
in the market.
the focus going forward for the foreseeable 
future will be based on the following strategy:
A  no further land purchases unless we have 
a joint venture partner to underwrite the 
project using our planning skills to maximise 
the project.
A  Joint ventures with major housebuilders 
or investors where development on our 
land is funded by those parties.
A  Maintaining and increasing where possible 
our commercial rental income (currently 
at circa £726,000 per annum).
A  a selective ‘build out’ of some of our 
land bank subject to satisfactory funding 
being available.
despite the difficult market conditions that 
have been experienced the fundamentals of 
our business remain sound, land with planning 
permission in attractive locations remains a 
very scarce commodity.
Most of the major quoted housebuilders have 
recapitalised their balance sheets and we are 
seeing renewed interest in land purchases from 
these parties. under current conditions we are 
optimistic that an early return to profitability 
and asset growth will be achieved.
stepHen wicks chIEf ExEcutIvE
under current conditions We are 
optimistic that an early return to 
profitability and asset gro Wth 
Will be achieved. 06   Inland plc   annual report and accounts 2009
1.  t erry roydon, non-executive chairman (aged 62) 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 r oydon has been a consultant and member of the 
board of d om d evelopment s.a., a major quoted polish residential 
developer, together with a number of non-executive and consultancy 
positions in the u K 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 58) 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 51) 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 (which included acquisitions and disposals) 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.
direct Ors 
and advisers 1 2
3  annual report and accounts 2009   Inland plc   07
4.  Simon Bennett, non-executive director (aged 51) 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 (now citigroup) in 1986. t hereafter, Mr Bennett was 
instrumental in establishing the mid and small cap advisory business 
of c iticorp scrimgeour Vickers which was focused on fast growing 
mid and small cap companies. In June 1990, Mr Bennett joined credit 
l yonnais securities and, following the defection of a team to a rival 
company, became Head of c orporate Finance and Head of the mid and 
small caps team in June 2000.
  In June 2004 Mr Bennett left credit l yonnais, following its acquisition 
by c redit agricole, and established Incremental c apital 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 c orporate 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 nIShIth maldE fca
registered OFFice 
and website 2 anglo office p ark 
67 White lion road 
amersham 
Bucks Hp7 9FB 
www.inlandplc.com
nOminated adviser 
and brOker KBc pEEl hunt lImItEd
111 old Broad street 
london ec2n 1pH
sOlicit Or dorSEy & WhItnEy llp
21 Wilson street 
london ec2M 2td
audit Or Grant thornton uK llp
churchill House 
chalvey road east 
slough 
Berkshire sl1 2ls
banker royal BanK of Scotland
conqueror House 
chivers Way 
Histon 
cambridge cB24 9nl
registrar capIta rEGIStrarS
the registry 
34 Beckenham road 
Beckenham 
Kent Br3 4tu
4 08   Inland plc   annual report and accounts 2009
directors’ report
the directors present their report and the financial statements of the Group and the company for the year ended 30 June 2009.
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 14 and the Group’s financial position at the end of the year is 
set out in the Group statement of Financial p osition on page 15. 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 2 to 3. 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.
t o 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.
regulatIon – changes in legislation, government regulations, planning policies and guidelines may have a detrimental affect to the Group’s business.
Financial risk management oB jectives 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.
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 company’s financial instruments are liquidity risk, interest rate risk, and credit risk. the directors review 
and agree policies for managing each of these risks and they are summarised on the following page.  annual report and accounts 2009   Inland plc   09
Financial risk management oB jectives and policies continued
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 asset is trade receivables. the Group trades with counterparties after having considered their credit rating. 
In certain circumstances the Group may seek additional security.
capItal rIsk ManageMent
the Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns 
for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to 
shareholders, issue new shares or sell assets to reduce debt.
consistent with others in the industry, the Group monitors capital in relation to overall financing. Further information can be found in note 27 
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 2009 were as follows:
      as at 30 June 2009  as at 30 June 2008
      number of  number of number of number of 
      ordinary  deferred ordinary deferred 
      shares shares shares shares
s d Wicks      21,050,009 490 20,125,009 490
n Malde      8,524,000 392 8,174,000 392
t roydon      150,000 — 150,000 —
s Bennett      50,000 — — —
on 9 July 2009, Mr s d Wicks acquired 710,000 ordinary shares and the trustees of his personal pension fund acquired 290,000 ordinary shares 
in the company. on 30 July 2009 the trustees of his personal pension fund acquired a further 85,000 ordinary shares.
on 9 July 2009, 1,000,000 ordinary shares in the company, were acquired by the trustees of Mr n Malde’s personal pension fund.
on 9 July 2009, Mr t roydon acquired 100,000 ordinary shares in the company.
Mr t roydon and Mr s Bennett 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:
        2009 2008 
     salary/fees Benefits pension t otal t otal 
     £000 £000 £000 £000 £000
executive directors     
s d Wicks     290 29 — 319 324
n Malde     242 25 48 315 323
non-executive directors      
t roydon    30 — — 30 30
s Bennett    25 — — 25 25
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.  10   Inland plc   annual report and accounts 2009
directors’ report continued
suBstantial shareholding
as at 5 october 2009, 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 sIca V sIF       22,700,000 12.99
M H dixon       11,100,000 6.35
a K Brett       10,500,000 6.01
Henderson Global Investors limited       10,098,143 5.78
Brookwell limited       9,235,000 5.28
lehman Brothers International (europe)       7,460,000 4.27
unique limited       5,652,329 3.23
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 £17,000 (2008: £19,000). 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. 
p ayment policy and practice the Group’s policy is for all companies within the Group to agree terms and conditions with their suppliers. p ayments are then generally made on 
the basis of this agreement, providing the suppliers conform with the terms and conditions stipulated. at 30 June 2009 the Group had an average 
of 52 days’ (2008: 14 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 c ombined c ode 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.
t he roles of the c hairman and the c hief executive are separate. t he c hairman 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.
audit committee 
the audit committee comprises of t erry 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 2008 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.  annual report and accounts 2009   Inland plc   11
remuneration committee
the remuneration committee consists of simon Bennett (chairman) and t erry roydon. the principal functions of the committee are to determine 
the Group’s policy on the remuneration of the executive d irectors and senior management and to determine the remuneration package of each 
executive director . t he committee also determines the allocation of share options to the executive directors and other employees. t he 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 control
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 (a GM). 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 recently seen an increase in enquiries for land from prospective purchasers which 
should improve the prospects of its potential liquidity. t he Group’s revolving credit facility of £10m with the r oyal Bank of scotland expires 
on 15 december 2009 and initial discussions have already commenced with the bank for the facility to be renewed. the Board has a reasonable 
expectation for the facility to be renewed and has formed a judgement that the Group has adequate resources to continue as a going concern 
for at least the next twelve months from the date of signing the financial statements.
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
A prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business 12   Inland plc   annual report and accounts 2009
directors’ report continued
directors’ responsiBilities continued
the directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position 
of the c ompany and enable them to ensure that the financial statements comply with the c ompanies act 2006. t hey 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. 
l egislation 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 a GM together with the proposed resolutions is contained in the document accompanying this report. the a GM will be held 
on 26 november 2009.
auditor a resolution to re-appoint Grant thornton uK llp as auditor for the ensuing year will be proposed at the a GM in accordance with section 487(2) 
of the companies act 2006.
BY order oF tHe Board
nishith malde coMpany secretary   annual report and accounts 2009   Inland plc   13
report 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 2009 which comprise the Group Income statement, 
the Group statement of c omprehensive Income, the Group statement of Financial position, the Group statement of c hanges in equity, the Group 
statement of cash Flow and the related notes. the financial reporting framework that has been applied in their preparation is applicable law and 
International Financial reporting standards (IFrss) as adopted by the european union.
this report is made solely to the company’s members, as a body, in accordance with sections 495 and 496 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. t o 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 2009 and of its loss 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 a ct 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.
o ther matter We have reported separately on the parent company financial statements of Inland plc for the year ended 30 June 2009. 
j ames rogers
senIor statutory audItor
for and on behalf of grant thornton uk llp
statutory audItor, chartered a ccountants
slough
22 october 2009 14   Inland plc   annual report and accounts 2009
group income statement f or the year ended 30 June 2009
  2009  2008
    before exceptional  Before exceptional 
    exceptional costs  exceptional costs 
    costs (note 5)  costs (note 5)  
   note £000 £000 £000 £000 £000 £000
revenue   5,219 — 5,219 11,006 — 11,006
cost of sales  6 (5,434) (3,798) (9,232) (6,565) (4,783) (11,348)
gross (loss)/profit   (215) (3,798) (4,013) 4,441 (4,783) (342)
administrative expenses  6 (2,024) — (2,024) (2,208) — (2,208)
– loss on investments   (1,689) — (1,689) (1,525) — (1,525)
operating (loss)/profit   (3,928) (3,798) (7,726) 708 (4,783) (4,075)
Finance cost – interest expense  8 (491) — (491) (103) — (103)
Finance cost – notional interest  8 (847) — (847) (1,455) — (1,455)
Finance income – interest receivable and similar income  9 247 — 247 1,427 — 1,427
    (5,019) (3,798) (8,817) 577 (4,783) (4,206)
share of (loss)/profit of associate   (224) — (224) 17 — 17
Impairment of investment in associate   — (1,426) (1,426) — — —
(loss)/profit before tax   (5,243) (5,224) (10,467) 594 (4,783) (4,189)
Income tax   10 137 (2,360) (2,223) 317 — 317
(loss)/profit for the year   (5,106) (7,584) (12,690) 911 (4,783) (3,872)
attributable to:       
equity holders of the company     (12,690)   (3,872)
loss per share for loss attributable to the equity holders  
of the company during the year        
– basic   11   (7.83)p   (2.39)p
group statement oF 
comprehensive income
f or the year ended 30 June 2009
        2009 2008 
       note £000 £000
loss for the year      22 (12,690) (3,872)
other comprehensive income:   
– loss on available-for-sale financial assets      22 (409) (4,397)
other comprehensive income for the year, net of tax       (409) (4,397)
t otal comprehensive income for the year       (13,099) (8,269)
the accompanying accounting policies and notes form part of these financial statements.  annual report and accounts 2009   Inland plc   15
group statement 
oF F inancial position at 30 June 2009
        2009 2008 
       note £000 £000
assets   
non-current assets   
Investment property      12 8,801 8,801
property, plant and equipment      12 81 87
Investments      13 250 825
Investment in associate      13 — 756
available-for-sale financial assets      14 — 3,064
deferred tax      15 4,456 6,741
t otal non-current assets       13,588 20,274
current assets   
Inventories      16 41,656 47,683
t rade and other receivables      17 3,698 4,752
loan to associate      18 2,000 475
listed investments held for trading (carried at fair value through profit and loss)    19 471 842
cash and cash equivalents      20 72 4,600
t otal current assets       47,897 58,352
t otal assets       61,485 78,626
equIty   
capital and reserves attributable to the company’s equity holders   
share capital      21 16,216 16,216
share premium account      22 45,184 45,184
t reasury shares      22 (366) (366)
retained earnings      22 (15,848) (3,317)
other reserves      22 (4,806) (4,397)
t otal equity       40,380 53,320
lIabIlItIes   
current liabilities   
Bank loans and overdrafts       6,566 —
t rade and other payables      23 1,923 2,697
other financial liabilities      24 7,975 14,040
t otal current liabilities       16,464 16,737
non-current liabilities   
other financial liabilities      24 4,641 8,569
t otal non-current liabilities       4,641 8,569
t otal liabilities       21,105 25,306
t otal equity and liabilities       61,485 78,626
the financial statements were approved by the Board of directors on 22 october 2009.
stephen wicks nishith malde chIef executIve fInance dIrector
the accompanying accounting policies and notes form part of these financial statements. 16   Inland plc   annual report and accounts 2009
group statement 
oF changes in eQuity f or the year ended 30 June 2009
    share share t reasury retained other  
    capital premium shares earnings reserves t otal 
    £000 £000 £000 £000 £000 £000
at 30 June 2007   16,216 45,184 — 373 — 61,773
share based payment   — — — 182 — 182
purchase of own shares   — — (366) — — (366)
t ransactions with owners   — — (366) 182 — (184)
loss attributable to shareholders   — — — (3,872) — (3,872)
other comprehensive income:      
– fair value adjustment in respect of available for sale financial assets  — — — — (4,397) (4,397)
t otal comprehensive income for the year   — — — — (4,397) (4,397)
at 30 June 2008   16,216 45,184 (366) (3,317) (4,397) 53,320
share based payment   — — — 159 — 159
t ransactions 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)
t otal comprehensive income for the year   — — — — (409) (409)
at 30 June 2009   16,216 45,184 (366) (15,848) (4,806) 40,380
the accompanying accounting policies and notes form part of these financial statements.  annual report and accounts 2009   Inland plc   17
group cash Flow 
statement f or the year ended 30 June 2009
        2009 2008 
       note £000 £000
cash flows from operating activities   
loss for the year before tax       (10,467) (4,189)
adjustments for:   
– depreciation       12 34 25
– share based compensation       159 182
– fair value adjustment for listed investments       513 1,863
– profit on disposal of tangible fixed assets       (1) —
– loss/(profit) on disposal of listed investments       1,176 (338)
– interest expense       1,338 1,558
– interest and similar income       (247) (1,427)
– share of profit of associate       223 (17)
– impairment of investment in associate       1,426 —
– tax received/(paid)       206 (454)
changes in working capital (excluding the effects of acquisition):   
– decrease/(increase) in inventories       6,027 (8,892)
– increase in trade and other receivables       (634) (202)
– decrease in trade and other payables       (11,644) (5,807)
net cash outflow from operating activities       (11,891) (17,698)
cash flow from investing activities   
Interest received       179 1,115
dividends received       19 302
sale of tangible fixed assets       12 —
purchases of property, plant and equipment      12 (39) (133)
equity investment in associate       — (359)
convertible loan stock in associate       — —
purchase of investments       (422) (15,396)
purchase of own shares       — (366)
sale of investments       1,511 8,859
acquisition of subsidiary, net of cash acquired       — (11,267)
net cash used in investing activities       1,260 (17,245)
cash flow from financing activities   
Interest paid       (463) (91)
Bank loans repaid       — (3,204)
net cash from financing activities       (463) (3,295)
net decrease in cash and cash equivalents       (11,094) (38,238)
net cash and cash equivalents at beginning of period       4,600 42,838
net cash and cash equivalents at the end of the period       (6,494) 4,600
cash and cash equivalents       72 4,600
bank loans and overdraft       (6,566) —
        (6,494) 4,600
the accompanying accounting policies and notes form part of these financial statements. 18   Inland plc   annual report and accounts 2009
notes to the 
Financial statements
f or the year ended 30 June 2009
1. accounting policies 
the principal accounting policies adopted in the preparation of the Group’s IFrs financial statements are set out below.
basIs of preparatIon
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 balance sheet 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 2009.
a new standard, Ias 1 (revised) presentation of Financial statements has become mandatory for reporting periods beginning on 1 January 2009 
or later. the Group has elected to adopt this standard early in its 2009 Group financial statements and its adoption does not affect the financial 
position or profits of the Group but gives rise to additional disclosures. the measurement and recognition of the Group’s assets, liabilities, income 
and expenses is unchanged, however items that were recognised in equity are now recognised in the Group statement of comprehensive Income. 
the first time application of Ias 1 has not resulted in any prior year adjustments of cash flows, net income or balance sheet line items. Ias 1 affects 
the presentation of owner changes in equity and introduces a ‘Group statement of comprehensive Income’. In accordance with the new standard 
the Group does not present a ‘statement of recognised Income and expenses’ but instead a ‘Group statement of changes in equity’ is presented.
standards In Issue but not yet effectIve
A Ias 23 Borrowing costs (revised 2007) (effective 1 January 2009)
A  amendment to Ias 32 Financial Instruments: presentation and Ias 1 presentation of Financial statements – puttable Financial Instruments 
and obligations arising on liquidation (effective 1 January 2009)
A Ias 27 consolidated and separate Financial statements (revised 2008) (effective 1 July 2009)
A amendment to IFrs 2 share-based p ayment – Vesting conditions and cancellations (effective 1 January 2009)
A  amendments to IFrs 1 First-time adoption of International Financial reporting standards and Ias 27 consolidated and separate Financial 
statements – costs of Investment in a subsidiary, Jointly controlled entity or associate (effective 1 January 2009)
A amendment to Ias 39 Financial Instruments: recognition and Measurement – eligible Hedged Items (effective 1 July 2009)
A Group cash-settled share-based p ayment t ransactions – amendment to IFrs 2 (effective 1 January 2010)
A amendment to IFrs 7 Financial Instruments: disclosures – Improving disclosures about Financial Instruments (effective 1 January 2009)
A Improvements to IFrss 2008 (effective 1 January 2009 other than certain amendments effective 1 July 2009) 
A Improvements to IFrss 2009 (various effective dates, earliest of which is 1 July 2009, but mostly 2010)
A IFrs 3 Business combinations (revised 2008) (effective 1 July 2009)
A IFrs 8 operating segments (effective 1 January 2009)
A IFrIc 15 agreements for the construction of real estate (effective 1 January 2009)
A IFrIc 16 Hedges of a net Investment in a Foreign operation (effective 1 october 2008)
A IFrIc 17 distributions of non-cash assets to owners (effective 1 July 2009)
A IFrIc 18 t ransfers of assets from customers (effective prospectively for transfers on or after 1 July 2009)
none of these standards will have an impact on the Group’s financial statements except Ias 23 the effect of which is currently being evaluated. 
basIs of consolIdatIon 
the Group’s financial statements consolidate those of the company and all of its subsidiary undertakings drawn up to 30 June 2009. 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 p osition 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.  annual report and accounts 2009   Inland plc   19
1. accounting policies continued
goIng concern
t he 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 recently seen an increase in enquiries for land from prospective purchasers 
which should improve the prospects of its potential liquidity. the Group’s revolving credit facility of £10m with the royal Bank of scotland expires 
on 15 december 2009 and initial discussions have already commenced with the bank for the facility to be renewed. the Board has a reasonable 
expectation for the facility to be renewed and has formed a judgement that the Group has adequate resources to continue as a going concern for 
at least the next twelve months from the date of signing the financial statements.
assocIates
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 the consolidated equity of the Group. 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 V at 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.
Interest
Interest is recognised using the effective interest method which calculates the amortised cost of a financial asset and allocates the interest income 
over the relevant period. the effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the 
financial asset to the net carrying amount of the financial asset. 
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.
exceptIonal 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.
property, plant and equIpMent 
property, plant and equipment is stated at cost or valuation, net of depreciation and any provision for impairment.  20   Inland plc   annual report and accounts 2009
notes to the 
Financial statements continued
f or the year ended 30 June 2009
1. accounting policies continued
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.
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%
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 fair value 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 either a change in the fair value or 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.
IMpaIrMent testIng of property, plant and equIpMent
t he 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. t hat 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.
t axatIon
current tax is the tax currently payable based on taxable profit for the period.
deferred income taxes are calculated using the liability method on temporary differences. deferred tax is generally provided on the difference 
between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of 
goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting 
profit. t emporary 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.
d eferred tax liabilities are provided in full, with no discounting. d eferred 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.  annual report and accounts 2009   Inland plc   21
1. accounting policies continued
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.
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 p ayMent
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 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 recognised in other comprehensive Income when they are sold or when the 
investment is impaired. In the case of impairment, any loss previously recognised in equity is transferred to other comprehensive Income.
loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. t rade 
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. t he 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. 22   Inland plc   annual report and accounts 2009
notes to the 
Financial statements continued
f or the year ended 30 June 2009
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.
c ash and cash eQuivalents
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 ‘ t reasury shares’ represent the purchase of the company’s own shares and is 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.
A ‘profit and loss reserve’ represents retained profits.
2. Financial risk management fInancIal rIsk factors
the Group’s activities expose it to a variety of financial risks: credit risk, liquidity risk, cash flow risk and fair value interest-rate risk. the Group’s 
overall risk management programmes focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the 
Group’s financial performance.
risk management is carried out centrally under policies approved by the Board of directors.
(a) credIt rIsK
the Group has no significant concentrations of credit risk. It has policies in place to ensure that sales of products and services are made to 
customers with an appropriate credit history.
the Group’s exposure to credit risk is limited to the carrying amount of financial assets recognised at the year end date, as summarised below:
        2009 2008 
        £000 £000
classes of financial assets – carrying amounts  
available-for-sale financial assets       — 3,064
listed investments held for trading       471 842
loan to associate       2,000 475
cash and cash equivalents       72 4,600
t rade and other receivables       3,698 5,538
        6,241 14,519  annual report and accounts 2009   Inland plc   23
2. Financial risk management continued
fInancIal rIsk factors contInued
(a) credIt rIsK contInued
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.
(B) lIQuIdItY rIsK
prudent liquidity risk management implies maintaining sufficient cash balances and ensuring availability of funding through an adequate amount 
of credit facilities. the Group aims to maintain flexibility in funding by keeping credit lines available. the Group also purchases property under 
deferred consideration arrangements.
(c) c asH Flo W and F aIr V alue Interest rate rIsK
the Group’s cash flow interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow 
interest rate risk. all the Group’s borrowings are at variable rates but the Group does not consider the risk to be significant.
(d) prIce rIsK
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 15% has been observed during the year ended 30 June 2009. 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 £71,000 (2008: £508,000). 
equity would have changed by £71,000 (2008: £508,000). 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 inF ormation prIMary reportIng forMat – busIness segMents
at 30 June 2009, 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.
crItIcal accountIng estIMates
the Group makes estimates and assumptions concerning the future. the resulting accounting estimates will, by definition, rarely equal the related 
actual results. the estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and 
liabilities within the next financial year are outlined below.
(a) ValuatIon oF InVentorIes
In applying the Group’s accounting policy for the valuation of inventories the directors are required to assess the expected selling price and costs 
to sell each of the plots or units that constitute the Group’s 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. t he critical judgement in respect of planning consent (see below) further increases the level of 
estimation uncertainty in this area.
(B) IncoMe taxes
the Group recognises tax/deferred tax assets and liabilities for anticipated tax based on estimates of when the tax/deferred tax will be paid or 
recovered. 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 V alue oF derIV atIVes and otHer FInancIal InstruMents
the fair value of instruments that are not traded in an active market is determined by using valuation techniques. the Group uses its judgement 
to select a variety of methods and make assumptions that are mainly based on market conditions existing. 24   Inland plc   annual report and accounts 2009
notes to the 
Financial statements continued
f or the year ended 30 June 2009
4. critical accounting estimates and judgements continued
crItIcal accountIng estIMates contInued
(d) InVestMent propertIes
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) dIscountInG on deFerred consIderatIon oF InVentorIes
the Group discounts deferred consideration of inventories by discounted cash flow method.
crItIcal JudgeMents In applyIng the entIty’s accountIng polIcIes
(a) InVentorIes 
the Group values inventories at the lower of cost and net realisable value. the net realisable value is based on the judgement 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. 
(B) assocIate
the Group has equity accounted for its 15% investment in Howarth Homes plc (Howarth) as an associate, as the company has significant influence 
over Howarth through Board representation and participation in policy making.
5. exceptional costs
the Group conducted a review of the net realisable value of its landbank in view of the deterioration in the uK housing market. Where the 
estimated future net realisable value of the site is less than its carrying value within the balance sheet, the Group has impaired the land value. 
this has resulted in an impairment of £3.798m (2008: £4.783m).
due to the current downturn in the housing market, our associate company, Howarth has suffered significant losses and the directors have taken 
the view that the carrying value of the investment in Howarth, both by way of equity and convertible loan has been permanently impaired and have 
therefore provided £1.426m (2008: £nil) against this investment.
upon the acquisition of p oole Investments plc, the fair value of the consideration was allocated to the assets in the appropriate category. one 
of these categories was deferred tax of £6.23m. as a result of the substantial fall in the housing market the anticipated taxable profit has reduced 
significantly and accordingly £2.36m of deferred tax has been written off as an exceptional cost.
6. expenses By nature        2009 2008 
        £000 £000
depreciation (note 12)       34 25
operating lease rentals       47 40
auditor’s remuneration:  
– audit       33 33
– non-audit (tax services)       9 44
cost of sales        9,232 11,348
other expenses       1,901 2,066
t otal       11,256 13,556
classified as:  
– cost of sales        9,232 11,348
– administrative expenses       2,024 2,208
        11,256 13,556
Included within revenue is rental income from investment property of £667,000 (2008: £389,000).  annual report and accounts 2009   Inland plc   25
7. directors and employees
the employee benefit expense during the year was as follows:
        2009 2008 
        £000 £000
Wages and salaries       1,032 1,120
social security costs       126 138
pension costs – defined contribution plans       71 67
        1,229 1,325
the average number of employees during the year were as follows:
        2009 2008 
        number number
Management       3 4
administration       8 7
        11 11
remuneration in respect of directors was as follows:
        2009 2008 
        £000 £000
emoluments       587 602
Fees       55 51
pension costs – defined contribution plans       48 45
share based payment       136 136
        826 834
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:
        2009 2008 
        £000 £000
emoluments       319 324
share based payment       75 75
        394 399
remuneration in respect of key personnel in addition to the directors was as follows:
        2009 2008 
        £000 £000
emoluments       238 330
pension costs – defined contribution plans       15 15
share based payment       23 42
        276 387 26   Inland plc   annual report and accounts 2009
notes to the 
Financial statements continued
f or the year ended 30 June 2009
8. Finance cost
        2009 2008 
        £000 £000
Interest expense:  
– bank borrowings       491 103
– notional interest on deferred consideration       847 1,455
        1,338 1,558
9. Finance income        2009 2008 
        £000 £000
effective interest on loan stock        7 10
other interest receivable       208 281
Bank interest receivable       13 834
dividends receivable from listed investments       19 302
        247 1,427
10. income tax 
        2009 2008 
        £000 £000
corporation tax charge       — 5
adjustments in respect of prior year       — (206)
t ax credit on associate’s loss       (62) —
deferred tax charge/(credit)       2,285 (571)
deferred tax asset written off after initial recognition in respect of p oole Investments plc    — 400
change in tax rate       — 55
        2,223 (317)
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:
        2009 2008 
        £000 £000
loss before tax       (10,467) (4,189)
loss on ordinary activities multiplied by the standard rate of corporation tax in the uK of 28% (2008: 29.5%)   (2,931) (1,236)
expenses not deductible for tax purposes       19 7
non utilisation of tax losses       2,775 442
change in rate of tax       — 55
other differences       — 17
Initial recognition of poole Investments plc       — 400
previous losses no longer expected to be utilised       2,360 —
losses carried back       — 204
adjustment in respect of prior periods       — (206)
t ax charge/(credit)       2,223 (317)  annual report and accounts 2009   Inland plc   27
11. loss per share
the loss per share is calculated by dividing the loss attributable to equity holders of the company by the weighted average number of ordinary 
shares in issue during the year.
        2009 2008
loss attributable to equity holders of the company (£000)       (12,690) (3,872)
Weighted average number of ordinary shares in issue (000)       162,150 162,150
Basic loss per share in pence       (7.83)p (2.39)p
12. property, plant and eQuipment    Investment  Motor Fixtures and office  
    property  vehicles fittings equipment t otal 
    £000  £000 £000 £000 £000
cost       
at 30 June 2007   —  27 29 31 87
disposals   —  — — (7) (7)
additions   83  34 8 8 50
acquisition of subsidiary   8,718  — — — —
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
depreciation       
at 30 June 2007   —  4 6 12 22
depreciation charge   —  9 8 8 25
disposals   —  — — (4) (4)
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
net book value      
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 & p artners 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. accordingly, 
the property is recorded as an investment property and is valued on an open market basis by the directors at £8,801,000. the investment property 
is not depreciated.
t he historical cost of the investment property at 30 June 2009 as noted in poole Investments plc ’s financial statements is £1,252,000 (2008: £1,252,000).  28   Inland plc   annual report and accounts 2009
notes to the 
Financial statements continued
f or the year ended 30 June 2009
13. investments
      equity in convertible Investment 
      convertible loan at in joint  
     associate loans fair value venture t otal 
     £000 £000 £000 £000 £000
cost or fair value      
at 30 June 2007    385 39 776 — 815
notional interest adjustment    — — 10 — 10
share of profit of associate    12 — — — —
additions    359 — — — —
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
net book value      
at 30 June 2009    — — — 250 250
at 30 June 2008    756 39 786 — 825
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 can be convertible into ordinary shares at the option of Inland plc.
there are two dates when Inland plc could convert the loan stock:
(a) £350,000 of these notes are convertible into 10% on 30 days’ notice between 1 october 2006 to 31 July 2009.
(b) £450,000 of these notes are convertible into 10% on 30 days’ notice between 1 october 2006 to 31 december 2010.
as per the terms of the agreement with Howarth, Inland plc is entitled to receive the full amount invested in these convertible loans, should the 
option to exercise these at the above dates not be taken up. 
due to the current downturn in the housing market, Howarth has suffered significant losses and the directors have taken the view that the carrying 
value of the investment in Howarth, both by way of equity and convertible loan has been permanently impaired and have therefore provided in full 
against the investment.
at 30 June 2009 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 15% ordinary
Investment in associate includes goodwill of £42,000 which has been impaired in full during the year.   annual report and accounts 2009   Inland plc   29
13. investments continued
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   4,051 1,867 1,864 (162) 15
the financial statements of Howarth are prepared to 31 July each year. the Group has used the management accounts of Howarth to 30 June 2009 
to account for its share of results.
14. availaBle-F or-sale Financial assets
         £000
at 1 July 2008        3,064
disposal        (2,320)
provision        (408)
t ransferred to listed investments held for trading        (336)
at 30 June 2009        —
the available-for-sale financial assets have been transferred to listed investments held for trading due to the strategic change in the nature 
of this holding.
15. deFerred tax the net movement on the deferred tax account is as follows:
         £000
at 1 July 2008        6,741
Income statement credit         (2,285)
at 30 June 2009        4,456
the movement in deferred tax assets is as follows:
      accelerated 
       tax  
      depreciation losses other t otal 
      £000 £000 £000 £000
at 1 July 2008     (3) 5,936 808 6,741
previous losses no longer recognised     — (2,360) —  (2,360)
charged/(credited) to income statement     (1) 8 68 75
at 30 June 2009     (4) 3,584 876 4,456
the deferred tax asset is recoverable as follows:
        2009 2008 
        £000 £000
deferred tax asset to be recovered after twelve months       4,456 6,741
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 £8,223,000 (2008: £2,527,000) that can be carried forward 
against future taxable income. 30   Inland plc   annual report and accounts 2009
notes to the 
Financial statements continued
f or the year ended 30 June 2009
16. inventories
        2009 2008 
        £000 £000
stock and work in progress       41,656 47,683
during the year a total of £9,232,000 (2008: £11,348,000) of inventories was included in the Group Income statement as an expense.
t he Group conducted a review of the net realisable value of its carrying values of its land in light of the current deterioration in the uK housing market. 
Where the estimated future 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 exceptional impairment of £3,798,000. Included in the value of inventories above is 
£20.0m (2008: £17.0m) 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 £41.7m (2008: £47.7m).
17. trade and other receivaBles
        2009 2008 
        £000 £000
corporation tax recoverable       — 206
prepayments       92 52
other       3,606 4,494
        3,698 4,752
other receivables includes an amount of £2.7m due from Howarth in respect of a site sold to that company. at 30 June 2008, the Group held a first 
legal charge over the site as security.
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.
all of the Group’s trade and other receivables have been reviewed for indicators of impairment.
18. loan to associate        2009  2008  
        £000 £000
advances to associate       2,000 475
the company has granted a secured rolling facility of up to £2,000,000 to its associate.
19. listed investments held F or trading         £000
at 1 July 2008        842
additions        172
t ransferred from available-for-sale financial assets        336
sales:   
– proceeds        (398)
– realised gains        32
unrealised losses        (513)
at 30 June 2009        471  annual report and accounts 2009   Inland plc   31
20. cash and cash eQuivalents
        2009 2008 
        £000 £000
cash at bank and in hand       72 4,600
the Group has a revolving facility of £10m secured by way of a debenture and legal charges over some of its property assets.
21. share capital        2009 2008 
        £000 £000
authorised  
239,990,000 (2008: 239,990,000) ordinary shares of 10p each       23,999 23,999
1,000 (2008: 1,000) redeemable shares of £1 each       1 1
        24,000 24,000
        2009 2008 
        £000 £000
allotted, issued and fully paid  
162,150,079 (2008: 162,150,059) ordinary shares of 10p each       16,215 16,215
980 (2008: 1,000) redeemable shares of £1 each       1 1
180 (2008: nil) deferred shares of 10p each       — —
        16,216 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 11,350,504; 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 11,350,504.
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.
an employee that held 20 redeemable shares of £1 each left the company on 25 november 2008 and as a result, on 9 december 2008 these shares 
were converted into 20 fully paid ordinary shares of 10p each and 180 fully paid deferred shares of 10p each in accordance with the articles of association. 32   Inland plc   annual report and accounts 2009
notes to the 
Financial statements continued
f or the year ended 30 June 2009
21. share capital continued
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. all issued shares are fully paid.
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  redeemable 
        options shares
expected life of options based on options exercised to date       3 years 5 years
Volatility of share price        30% 30%
dividend yield       0% 0%
risk free interest rate       5.38% 5.38%
share price at date of grant       50p 35p
exercise price       50p 35p
Fair value per option        £0.08 £0.07
the charge calculated for the year ended 30 June 2009 is £159,000 with a corresponding deferred tax asset at that date of £44,000.
Volatility was assessed over the period since the shares have been listed.
a reconciliation of option movements over the year ended 30 June 2009 is shown below:
         exercise 
        number price 
        000s pence
outstanding at 30 June 2008       1,160 50p
lapsed during the year       (300) 50p
outstanding at 30 June 2009       860 50p
exercisable at 30 June 2009       — —
there were no options granted during the year.
at 30 June 2009 outstanding options granted over 10p ordinary shares were as follows:
     option  
     price  dates 
share option scheme    pence number exercisable
company unapproved    50p 860,000 28 March 2010 to 27 March 2017
22. movement on reserves
        profit and 
      share t reasury loss account other 
      premium shares account reserves 
      £000 £000 £000 £000
at 1 July 2008     45,184 (366) (3,317) (4,397)
loss for the year     — — (12,690) —
share based compensation     — — 159 —
loss on available-for-sale financial assets     — — — (409)
at 30 June 2009     45,184 (366) (15,848) (4,806)  annual report and accounts 2009   Inland plc   33
23. trade and other payaBles
        2009 2008 
        £000 £000
t rade payables        819 735
social security and other taxes       195 1,689
accruals and deferred income       909 273
        1,923 2,697
the carrying value of trade and other payables are considered to be a reasonable approximation of fair value. 
24. other Financial liaBilities
        2009 2008 
        £000 £000
deferred purchase consideration on inventories falling due within one year     7,975 14,040
deferred purchase consideration on inventories falling due:  
– between one and two years       4,641 4,179
– between two and three years       — 4,390
        12,616 22,609
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.
25. contingencies
the Group had a contingent liability whereby upon the sale of the investment property, a payment of £550,000 is due to two parties. no provision 
has been made in these financial statements in respect of this contingent liability.
26. 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:
        2009 2008 
        £000 £000
expiring in one year       2 —
expiring after one year and within two years       — 47
expiring after two years and within five years       344 8
        346 55
the rental contract for the office building rented since 28 april 2009 at 2 anglo office p ark, 67 White lion road, amersham has a non-cancellable 
term of five years. 34   Inland plc   annual report and accounts 2009
notes to the 
Financial statements continued
f or the year ended 30 June 2009
27. 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 p osition.
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.
        2009 2008 
        £000 £000
equity       40,380 53,320
less: cash and cash equivalents       (72) (4,600)
capital       40,308 48,720
        2009 2008 
        £000 £000
equity       40,380 53,320
Borrowings       6,566 —
overall financing       46,946 53,320
capital to overall financing       85.9% 91.4%
the Group has honoured its covenant obligations imposed on its bank borrowings. the reduction in the rate of capital to overall financing in 2009 
is primarily a result of increased borrowings and is considered to be at a respectable level.
28. Financial assets and liaBilities
the carrying amounts presented in the statement of Financial p osition relate to the following categories of assets and liabilities:
        2009 2008 
       note £000 £000
financial assets   
available-for-sale financial assets      14 — 3,064
listed investments held for trading      19 471 842
loans and receivables   
loan to associate      18 2,000 475
t rade and other receivables      17 3,698 5,538
cash and cash equivalents      20 72 4,600
        5,770 10,613
financial liabilities   
Financial liabilities designated at fair value through profit or loss:   
– current borrowings       6,566 —
financial liabilities measured at amortised cost   
non-current liabilities:   
– other financial liabilities      24 4,641 8,569
current:   
– trade and other payables      23 1,923 2,697
– other financial liabilities      24 7,975 14,040
        9,898 16,737
the fair values are presented in the related notes.     annual report and accounts 2009   Inland plc   35
28. Financial assets and liaBilities continued
current borrowings are principally bank loans and amounts drawn under a revolving credit facility of £10m. the borrowings are secured against the 
Group’s inventories (see note 16) and the investment property. Interest is charged at between 3% and 6% above lIBor. the revolving credit facility 
is due for renewal by 15 december 2009.
the table below analyses the Group’s financial contractual liabilities into relevant maturity groupings based on the remaining period at the balance 
sheet date to the contractual maturity date. the amounts disclosed are the contractual undiscounted cash flows.
  2009  2008
      bank loans  deferred Bank loans deferred 
      and purchase  and purchase 
      overdrafts consideration overdrafts consideration 
      £000 £000 £000 £000
less than one year     6,566 7,975 — 13,815
Between one and two years     — 5,000 — 10,000
      6,566 12,975 — 23,815
29. related party transactions
as at 30 June 2009 there was an amount due from Howarth amounting to £2,000,000. 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 2009 amounted to £200,000. the amount of 
interest outstanding at the year end was £49,000 and this amount is included in trade and other receivables.
during the year ended 30 June 2008, the Group sold some land to Howarth on an arm’s length basis for £3.65m. at 30 June 2009, £2.7m of this sum 
remained outstanding and by the date of signing these accounts this sum had been reduced to £312.000.
during the year ended 30 June 2009, 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 £796,000.
on 11 april 2008 Howarth contracted to purchase a site for a total consideration of £7.5m of which £3m has been paid to the date of these accounts. 
Inland plc has provided a guarantee for the total consideration.
as part of the placing of shares on 9 July 2009 (as referred to in note 21) the company received the following monies by 30 June 2009 in respect 
of the following directors’ subscriptions:
         £
t roydon         10,000
s d Wicks        100,000
n Malde        100,000
         210,000
this amount is included within trade and other payables.
during the year the Group incurred fees from slr consulting limited (an environmental consultancy) of £114,000 (2008: £161,000) a subsidiary of 
slr Holdings limited. the company is related by the fact that n Malde was a director of slr Holdings limited during the year ended 30 June 2009.
30. joint venture during the year the Group entered into a joint venture with a third party to promote and manage the planning and development or sale of the site in 
West drayton, Middlesex in return for a minimum profit share of 35% of the net profit. the Group will be entitled to charge management fees of up 
to £2.5m which will form part of the profit share. the Group paid £250,000 for an option to purchase the shares of the joint venture company for £1. 
the option may be extended annually for a further period in consideration for the payment of sums specified in the agreement.
the Group’s share of the results and its share of net assets of the joint venture are as follows:
        2009 2008 
        £000 £000
net assets       — —
net result       — —
31. company inF ormation t he c ompany is a public limited company registered in england and Wales. t he 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.  36   Inland plc   annual report and accounts 2009
report 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 2009 which comprise the parent company 
Balance sheet and the related notes. the financial reporting framework that has been applied in their preparation is applicable law and 
united Kingdom accounting standards (united Kingdom Generally accepted accounting practice).
this report is made solely to the company’s members, as a body, in accordance with sections 495 and 496 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. t o 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 2009;
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 a ct 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; or
A the parent company financial statements are not in agreement with the accounting records and returns; or
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.
o ther matter We have reported separately on the Group financial statements of Inland plc for the year ended 30 June 2009.
j ames rogers
senIor statutory audItor
for and on behalf of grant thornton uk llp
statutory audItor, chartered a ccountants
slough
22 october 2009   annual report and accounts 2009   Inland plc   37
company Balance sheet
at 30 June 2009
        2009 2008 
       note £000 £000
fixed assets   
Investments       5 12,421 16,843
deferred tax       95 51
        12,516 16,894
current assets   
debtors      6 48,962 34,662
listed investments       471 842
cash at bank and in hand       — 4,639
        49,433 40,143
creditors: amounts falling due within one year      7 (8,810) (134)
net current assets       40,623 40,009
t otal assets less liabilities       53,139 56,903
capital and reserves   
called up share capital      8 16,216 16,216
share premium      9 45,184 45,184
t reasury shares      9 (366) (366)
profit and loss account      9 (7,895) (4,131)
shareholders’ funds       53,139 56,903
the financial statements on pages 37 to 42 were approved by the Board of directors on 22 october 2009 and signed on its behalf by:
stephen wicks nishith malde dIrector dIrector
the accompanying accounting policies and notes form part of these financial statements. 38   Inland plc   annual report and accounts 2009
notes to the company 
Financial statements
for the year ended 30 June 2009
1. principal accounting policies
basIs of preparatIon
the financial statements have been prepared in accordance with applicable united Kingdom accounting standards and under the historical 
cost convention. the directors have reviewed the principal accounting policies and consider they remain the most appropriate for the company. 
the principal accounting policies of the company have remained unchanged from the previous year.
InvestMents
Investments are included at cost less amounts written off.
equIty settled share-based p ayMent
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. n o adjustment 
is made to any expense recognised in prior periods if share options ultimately exercised are different to that estimated on vesting.
upon exercise of share options the proceeds received net of attributable transaction costs are credited to share capital, and where appropriate 
share premium.
deferred taxatIon
deferred tax is recognised on all timing differences where the transactions or events that give the company an obligation to pay more tax in the 
future or a right to pay less tax in the future, have occurred by the balance sheet date. deferred tax assets are recognised when it is more likely 
than not that they will be recovered. deferred tax is measured using rates of tax that have been enacted or substantively enacted by the balance 
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 £3,923,000 (2008: profit of £4,940,000) has been transferred to reserves.
audItor’s reMuneratIon
the audit fees for the company were £5,000 (2008: £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.  annual report and accounts 2009   Inland plc   39
3. employees
staff costs during the year were as follows:
        2009 2008 
        £000 £000
share based payment       159 182
the average number of employees (including directors) during the year was:  
        2009 2008 
        number number
Management       3 4
administration       8 7
        11 11
4. directors’ remuneration see note 7 of the Group financial statements.
5. investments
     Investments   Investments   
     in Group  listed other than   
     undertakings investments loans loans t otal 
     £000 £000 £000 £000 £000
cost     
at 1 July 2008    12,421 7,460 559 800 21,240
sales proceeds    — (1,113) — — (1,113)
t ransferred to current asset listed investments    — (5,140) — — (5,140)
loss on disposal    — (1,207) — — (1,207)
at 30 June 2009    12,421 — 559 800 13,780
amortisation     
at 1 July 2008    — 4,397 — — 4,397
provision    — 408 — — 408
Impairment of investment in associate    — — 559 800 1,359
t ransferred to current asset listed investments    — (4,805) — — (4,805)
at 30 June 2009    — — 559 800 1,359
net book amount to 30 June 2009    12,421 — — — 12,421
net book amount to 30 June 2008    12,421 3,063 559 800 16,843
the provision against listed investments represents the diminution in value of the assets based on the market prices at the balance sheet date.
due to the current downturn in the housing market, Howarth has suffered significant losses and the directors have taken the view that the carrying 
value of the investment in Howarth, both by way of equity and convertible loan has been permanently impaired and have therefore provided in full 
against the investment.
see note 13 of the Group financial statements for details on the Group undertakings. 40   Inland plc   annual report and accounts 2009
notes to the company 
Financial statements continued
for the year ended 30 June 2009
6. deBtors 
        2009 2008 
        £000 £000
amounts owed by Group undertakings       46,867 34,180
loan to associate       2,000 475
other debtors       95 7
        48,962 34,662
7. creditors: amounts F alling due within one year        2009 2008 
        £000 £000
Bank loans and overdraft       8,114 —
t rade creditors       50 89
amount owed to Group undertakings       58 —
accruals       588 45
        8,810 134
8. share capital        2009 2008 
        £000 £000
authorised  
239,990,000 ordinary shares of 10p each       23,999 23,999
1,000 (2008: £1,000) redeemable shares of £1 each       1 1
        24,000 24,000
        2009 2008 
        £000 £000
allotted, issued and fully paid  
162,150,079 (2008: 162,150,059) ordinary shares of 10p each       16,215 16,215
980 (2008: 1,000) redeemable shares of £1 each       1 1
180 (2008: nil) deferred shares of 10p each       — —
        16,216 16,216
t he redeemable shares are not entitled to receive any dividends and carry one vote per share in general meetings. o n 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 11,350,504; 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 11,350,504.  annual report and accounts 2009   Inland plc   41
8. share capital continued
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.
an employee that held 20 redeemable shares of £1 each left the company on 25 november 2008 and as a result, on 9 december 2009 these 
shares were converted into 20 fully paid ordinary shares of 10p each and 180 fully paid deferred shares of 10p each in accordance with the 
articles of association.
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.
the company operates an unapproved share option scheme. awards under each scheme are made periodically to employees.
t he c ompany has used the Black-scholes-Merton formula to calculate the fair value of outstanding options and redeemable shares. t he assumptions 
applied to the Black-scholes-Merton formula for share options issued and the fair value per option are as follows:
        share redeemable 
         options shares
expected life of options based on options exercised to date       3 years 5 years
Volatility of share price        30% 30%
dividend yield       0% 0%
risk free interest rate       5.38% 5.38%
share price at date of grant       50p 35p
exercise price       50p 35p
Fair value per option        £0.08 £0.07
the charge calculated for the year ended 30 June 2009 is £159,000 with a corresponding deferred tax asset at that date of £44,000.
Volatility was assessed over the period since the shares have been listed.
a reconciliation of option movements over the year ended 30 June 2009 is shown below:
        number exercise 
        000s price
outstanding at 30 June 2008       1,160 50p
lapsed during the year       (300) 50p
outstanding at 30 June 2009       860 50p
exercisable at 30 June 2009       — —
there were no options granted or lapsed during the year.
at 30 June 2009 outstanding options granted over 10p ordinary shares were as follows:
     option   dates 
share option scheme   price number exercisable
company unapproved   50p 860,000 28 March 2010 to 27 March 2017 42   Inland plc   annual report and accounts 2009
notes to the company 
Financial statements continued
for the year ended 30 June 2009
9. reserves
         profit 
       share t reasury and loss  
       premium shares account 
       £000 £000 £000
at 30 June 2008      45,184 (366) (4,131)
retained loss for the year      — — (3,923)
employee share based compensation      — — 159
at 30 June 2009      45,184 (366) (7,895)
10. capital commitments
the company had no outstanding capital commitments at 30 June 2009 or 30 June 2008.
11. contingent liaBilities
there were no contingent liabilities for the company at 30 June 2009 or 30 June 2008.
12. reconciliation oF movements in shareholders’ Funds
        2009 2008 
        £000 £000
loss for the year       (3,923) (4,940)
purchase of own shares       — (366)
share based compensation       159 182
net decrease in shareholders’ funds       (3,764) (5,124)
opening shareholders’ funds       56,903 62,027
closing shareholders’ funds       53,139 56,903  annual report and accounts 2009   Inland plc   43
notice oF annual 
general meeting
notIce Is HereBY GIVen that the annual General Meeting of the company will be held at 11.00am on 26 november 2009 at the offices of 
Inland plc 2 anglo office p ark, 67 White lion road, amersham, Bucks 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 2009 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 t erry roydon be re-appointed as a director of the company in accordance with the articles of association of the company. 
4. tHat simon Bennett 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 £1,748,150 
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 c ompanies 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 £1,748,150 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  registered office:
coMpany secretary   2 anglo office p ark
22 october 2009   67 White lion road
   amersham
   Bucks Hp7 9FB 44   Inland plc   annual report and accounts 2009
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 behalf. a proxy need not be a member 
of the company. 
 2.  t o 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, the registry, 34 Beckenham road, Beckenham, Kent Br3 4tu not later than 11.00am on 24 november 
2009. 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.  c opies 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 l ion r oad, amersham, Bucks Hp7 9FB for at least 15 minutes prior to and at the Meeting. 
 4.  as a member of the c ompany 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 c ompany.
 5.  a proxy does not need to be a member of the company but must attend the meeting to represent you. t o 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. t o appoint more than one proxy, you should contact capita registrars, 
proxy department, the registry, 34 Beckenham road, Beckenham, Kent, Br3 4tu.
 7.  t o direct your proxy how to vote on the resolutions mark the appropriate box on your proxy form with an ‘x’. t o 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 24 november 2009 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. c hanges to the entries on the register of members by the close of business on 24 november 2009 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.  shareholders should note that it is possible that, pursuant to requests made by shareholders of the company under section 527 of the companies act 2006, the 
company may be required to publish on a website a statement setting out any matter relating to: (i) the audit of the company’s accounts (including the auditor’s 
report and the conduct of the audit) that are to be laid before the meeting; or (ii) any circumstance connected with an auditor of the company ceasing to hold office 
since the previous meeting at which annual accounts and reports were laid in accordance with section 437 of the companies act 2006. the company may not require 
the shareholders requesting any such website publication to pay its expenses in complying with sections 527 or 528 of the companies act 2006. Where the company 
is required to place a statement on a website under section 527 of the companies act 2006, it must forward the statement to the company’s auditor not later than 
the time when it makes the statement available on the website. the business which may be dealt with at the meeting includes any statement that the company has 
been required under section 527 of the companies act 2006 to publish on a website.
 13.  any member attending the meeting has the right to ask questions. the company has to answer any questions raised by members at the meeting which relate to the 
business being dealt with at the meeting unless:
	 •	 t o	do	so	w ould	int erf er e	undul y	with	the	pr epar ation	f or	the	meeting	or	inv ol v e	the	discl osur e	of	c onfidential	inf ormation;	
	 •	 the	answ er	has	alr eady	been	giv en	on	a	w ebsit e	in	the	f orm	of	an	answ er	t o	a	ques tion,	or;
	 •	 it	is	undesir abl e	in	the	int er es ts	of	the	Company	or	the	good	or der	of	the	meeting	t o	answ er	the	ques tion.
 14.  under section 338 of the companies act 2006, members meeting the threshold requirements in that section have the right to require the company to give members 
notice of a resolution which may properly be moved and is intended to be moved at that meeting. a resolution can be properly moved unless (i) the resolution would 
not, if passed, be effective (whether by reason of inconsistency with any enactment or the company’s constitution or otherwise); or (ii) the resolution is defamatory 
of any person or is frivolous or vexatious.
 15.  under section 338a of the companies act 2006, members meeting the threshold requirements in that section have the right to require the company to include in the 
business to be dealt with at the Meeting a matter (other than a proposed resolution) which may properly be included in the business unless (i) it is defamatory of any 
person; or (b) it is frivolous or vexatious.
 16.  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 11.00am on 26 november 2009 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 p articipant 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 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.  Inland pl C
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