This is the second financial review of North field associations. It is based on five year financial forecasts submitted to the Housing Corporation, together with some of the conclusions and trends we have picked out of the reviews we have performed on associations. Unlike last year's review it does not contain data from the audited accounts up to March 2003, utilising instead the forecasts for the outturns included in the five year forecasts submitted to the Housing Corporation.

It is hoped that associations will find the review useful and informative -- providing data and benchmarking information, as well as identifying trends and areas of regulatory focus, and at an earlier stage in the annual cycle than last year. With it barely being 6 months since the publication of last year's review, there is some repetition, but where this is so comment and analysis has been curtailed.