University of New South Wales
International House Limited
A.C.N. 000 476 933

Directors' 2008 Report to the Company
Annual General Meeting of 16 May 2009

Dear Company Members,

We have had another excellent year at International House.  It was an excellent year in terms of the resident’s contribution and the positive atmosphere in the House and an excellent year in terms of our financial situation.   Though many companies have disappeared or are in serious financial stress, International House continues to outperform.  Our income is less than last year due to a significant drop in distributions and capital gains and a reduction in accommodation income as a result of the shorter academic year.  Despite this our surplus remain strong.   2008 will go down in history as one of the most difficult financial years since the Great Depression.  But life at International House could hardly be better due to the contributions of the residents and staff and our conservative fiscal management.

The residents had a wonderful year full of activities organised by the Residents’ Society, Seniors and many other residents.  The weekly StudyBreaks continue to be popular as were the dinners, harbor cruise and various parties.  It may be a tough world outside but in IH the feelings of friendship and consideration for others is always apparent.

The House has maintained a full occupancy, with strong competition for places.  There are more than two applicants for every vacancy.  The usual mix of International and Australian residents, male and female, graduate and undergraduates was maintained with an increase in residents from European countries.

The House once again traded at a surplus with a net operating profit of $199,428 including an impairment of $346,546.  This is a strong performance as it includes an impairment of $346,546 and as our fees are considerably less than the other UNSW Colleges and one of the most affordable Colleges in Australia.

The Board worked extremely well together assisting the Master and staff as they work hard to improve the quality of the services and control expenses.  In closing I would like to thank the residents, staff and Board of Directors for their contribution and Company members for their support.  Working together we have created one of the finest residential Colleges in Australia.