Financial statements

The Group has had another successful year and continues to
strengthen its financial position. Overall the Group invested £32.5m (2010: £28.6m) in acquiring or building new
housing during the year, funded by new bank borrowings of £5.4m, reflecting the Group’s buoyant development programme.

The Group has had another successful year and continues to strengthen its financial position. Group turnover was £51.2m and Group Historic Cost Surplus was £4.3m.Overall, the Group invested £28.6m in acquiring or building new housing during the year, and received grants of £9.4m. The Group’s housing assets stood at a valuation of £361.1m at 31st March 2010.

The Group has had another successful year and continues to strengthen its financial position. Overall, the Group invested £17m in acquiring or building new housing during the year.