Consolidated income statement

For the six months ended 31 March 2009

	Six months ended 31 Mar 2009	Restated six months ended 31 Mar 2008
	£ '000	£ '000
Income
Rent receivable	4,254	3,442
Finance income	293	1,221
Other income	361	247
Total income	4,908	4,910

Valuation and impairment adjustments
Net valuation losses on investment properties	(3,084)	(7,637)
Impairment of properties under construction	(600)	(856)
Total valuation and impairment adjustments	(3,684)	(8,493)

Expenses
Investment advisory fee	1,069	1,138
Property management fee	142	104
Direct property expenses	91	105
Administrative fees	53	244
Audit fees	45	50
Professional fees	96	122
Directors' fees	83	76
Other expenses	71	639
Finance costs	2,537	2,556
Total expenses	4,187	5,034
Loss before tax	(2,963)	(8,617)
Taxation	(58)	1,188
Loss after taxation	(3,021)	(7,429)

Earnings per ordinary share (1)
Basic and diluted	(3.8)p	(9.3)p

1. Included in Note 5 is an adjusted earnings per share calculation that adjusts for the impact of deferred tax which, based on the expected manner of realisation of the carrying amount of investment properties, is unlikely to crystallise.