TIDMOPF 
 
RNS Number : 7169U 
Off-Plan Fund Limited (The) 
30 June 2009 
 

+-------------------------------------+---------------------------------------------+ 
| For Immediate Release               |                                30 June 2009 | 
+-------------------------------------+---------------------------------------------+ 
 
 
THE OFF-PLAN FUND LIMITED 
 
 
Interim Results for the six months ended 31 March 2009 
 
 
The Off-plan Fund Limited ("the Fund" or "the Company") announces its interim 
results for the six months ended 31 March 2009. 
 
 
Chairman's Statement 
 
 
In my new role as Chairman, I am pleased to present the unaudited financial 
statements for the six months ended 31 March 2009. 
 
 
The Fund's annual general meeting was held on 29 April 2009 and all resolutions 
were duly passed, including the resolution in respect of the Fund continuing to 
pursue its existing investment strategy for another 12 months until the next AGM 
when shareholders will have another opportunity to vote on a similar resolution. 
 
 
Performance 
The unaudited net asset value ("NAV") of the Fund at 31 March 2009 was GBP9.1 
million (30 September 2008: GBP9.1 million). The NAV per ordinary share has 
increased to 81.9p at period end from 81.2p at 30 September 2008, largely due to 
the revaluation of the investment properties at The Heart in Walton, described 
in note 5 to the financial statements. 
 
 
In respect of the Fund's share price in March 2009 we commented on the 
significant discount to NAV per share and there has been little improvement in 
the intervening period. 
 
 
Portfolio Review 
The current property portfolio comprises three investments, which are summarised 
below: 
 
 
The Heart, Walton-on-Thames: During the period, the Fund completed the purchase 
of 10 one-bedroom apartments with parking in this major regeneration development 
project for GBP1.65 million, equating to a 24 per cent. discount to the 
prevailing Red Book value. The purchase was in line with the Fund's refocused 
investment strategy of purchasing high quality completed units in the Home 
Counties and inner M25 markets with good rental prospects which can be held and 
let until the sales and mortgage markets improve. 
 
 
In February 2009, one unit was sold for GBP190,000 (a 10 per cent. profit after 
deducting all transaction costs) and further offers have been considered at 
around this level. The other units are all currently let at an average annual 
yield of 6.2 per cent. 
 
 
Canon House, Wallington: The Fund's investment adviser is in regular contact 
with the developer and has recently been made aware that the developer is having 
considerable difficulties with respect to its obligations to its lending bank 
and the freehold owner of the site.  Indeed, the Fund has today been given 
notice that the lending bank, Bank of Scotland Plc, has appointed a receiver 
under the Law of Property Act 1925 in respect of its charge over the developer's 
leasehold interest in the site.  The Fund is in discussions with its advisers 
and the board expects to be in a position to make a further announcement in the 
near future when it has fully ascertained both the Fund's and the related 
parties' rights in respect of the development and the contractual position. 
Construction has yet to commence. 
 
 
Since the period end, the Fund announced that the beneficial owner of the 
developer, Mr Nigel Henry, acquired a large stake in the Fund taking his 
interest in the Fund's shares to 19.4 per cent. 
 
 
Wimbledon House, Leicester: The six apartments are currently let, at an average 
yield of 4.3%, and have been revalued at GBP764,000 (30 September 2008: 
GBP805,000). 
 
 
During the period the Fund rescinded contracts for the purchase of 51 units in a 
development in Oldham Place, Liverpool, further details of which were provided 
in the last annual report. 
 
 
Market 
There appears to have been a material change in sentiment towards the UK 
residential housing market in the three months since the annual report and 
accounts were published and the board believes there is increasing evidence that 
the worst may be behind us. Mortgage approvals have risen in each of the last 
five months, enquiries are at a ten year high and lenders are gradually 
re-introducing more attractive products. 
 
 
Recently, HBOS, the Nationwide and Rightmove all reported average monthly price 
increases for May, allowing the year-on-year rate of house price falls to 
decline and indicating that the peak to trough fall may be nearer 20 per cent. 
than the more pessimistic forecasts of 35 per cent. Leading estate agents are 
currently suggesting that the market is unrecognisable from six months ago and 
that most importantly the media has reported positive signs in the last three 
months. It would appear that London and its surrounding areas, on which the Fund 
has concentrated in the period under review, is leading the recovery. 
 
 
On a more cautionary note the availability of credit, although better than it 
was, remains strained and the level available is a fraction of peak levels. 
Mortgage approvals and lending are increasing but well down on their peak levels 
and the board believes will take a long time to recover fully, particularly as 
fixed rate deals are becoming more expensive. 
 
 
Outlook 
The improving news flow, statistics and signs of returning confidence referred 
to above should clearly have a positive impact on the Fund's existing investment 
property portfolio, particularly The Heart. It may also prove beneficial on 
Wallington if construction does commence in time (with the Fund's long-stop 
completion commitment date of January 2012 in mind) as an improving backdrop can 
only be helpful to the Fund in terms of securing onward sales. 
 
 
Perversely the prevailing optimism in the market may prove restrictive to the 
Fund's investment advisers in terms of sourcing new investment opportunities as 
those previously considered "forced sellers" that fit the Fund's investment 
criteria, i.e. suppliers of new build properties, are either given greater 
leeway by their lending banks or else simply feel they can hold out for better 
deals. Developers in general have slowed down their speed of development to 
allow the market to catch-up and preserve cash, which together with other 
bulk-buyers entering the market, has increased competition. Unfortunately, the 
Fund was unable to add to its portfolio in the months preceding the AGM as there 
was material uncertainty as to whether or not shareholders would vote to 
continue for another 12 months. However with this situation resolved the Fund's 
investment adviser has built up a substantial list of opportunities in the 
Fund's target markets and continues to pursue the most attractive pipeline deals 
that remain available. 
 
 
Whilst we hope to be able to announce further news on investment opportunities 
in due course, our key priority is resolving the Wallington situation, if at all 
possible, in short order. 
 
 
Board 
As previously announced, I am pleased to welcome Donald Reid to the Board and 
would also like to take this opportunity to thank Graham Berry for his 
significant contribution during his tenure as Chairman and wish him well for the 
future. 
 
 
 
 
 
 
Roger King 
Chairman 
29 June 2009 
 
 
 
 
Restated Investing Policy 
In accordance with the requirements of the AIM Rules (as revised on 1 June 
2009), the Company's investing policy (as derived from the original AIM 
admission document dated 1 December 2005) is as follows: 
 
 
  *  to seek to generate long-term capital gains for shareholders through the 
  acquisition, at discounts to their prevailing market values, and onward sale of 
  a diversified portfolio of UK residential properties either before they are 
  built ("off-plan") or where recently built but unsold on completion. 
  *  to hold and seek to rent out properties where market conditions dictate. 
 
 
 
In respect of "off-plan" purchases the Company will put down a deposit with the 
balance payable on completion if no onward sale has been secured, which may take 
the form (wholly or partly) of mortgage finance. The Company will typically 
agree a profit-share on onward sales with the vendor developer, in return for a 
significant discount on the purchase. 
 
 
In respect of the purchase of recently completed properties the Company may 
utilise cash reserves and mortgage finance. 
 
 
There are no borrowing limits in the Company's articles of association. In 
addition to securing mortgage finance on its properties, the Company may also be 
highly geared through the effect of purchasing "off-plan" properties by way of 
initial deposits, with liability to provide completion monies where properties 
are not onsold prior to their completion. 
 
 
The Company's investing policy is constrained by the following investment 
restrictions: 
 
 
  *  deposits on properties in a single development must not exceed 20 per cent. of 
  the value of the gross assets of the Company. 
  *  investment in developments of a single developer must not exceed 30 per cent. of 
  the value of the gross assets of the Company. 
  *  purchases must be at minimum discount of 10 per cent. to a property's market 
  value. 
  *  no investment will be made unless the property acquired is suitable for a 
  letting portfolio. 
  *  no deposit will be paid if, as a result, the total value of deposits in place is 
  more than two-thirds of the value of the gross assets of the Company. 
 
 
 
 
 
Enquiries: 
 
 
Development Capital Management 
Roger Hornett 
Andy Gardiner 
020 7355 7600 
 
 
John East & Partners Limited, a subsidiary of Merchant Securities Plc 
Nominated Adviser 
Bidhi Bhoma/Simon Clements 
020 7628 2200 
Corporate Broking 
Graeme Cull 
020 7628 2200 
 
 
Buchanan Communications 
Charles Ryland 
Isabel Podda 
020 7466 5000 
 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
| Consolidated Income Statement                   |       |            (unaudited)            | 
+-------------------------------------------------+-------+-----------------------------------+ 
|                                                 |       |         Six months ended          | 
+-------------------------------------------------+-------+-----------------------------------+ 
|                                                 |       |          31 March 2009            | 
+-------------------------------------------------+-------+-----------------------------------+ 
|                                                 |       |   Revenue |   Capital |     Total | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
|                                                 |Notes  |       GBP |       GBP |       GBP | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
|                                                 |       |           |           |           | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
| Unrealised gains/(losses) on investment         |       |         - |   209,800 |   209,800 | 
| property                                        |       |           |           |           | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
| Profit on off-plan sales or write back on       |       |         - |         - |         - | 
| rescinded sales                                 |       |           |           |           | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
| Realised losses on property contracts yet to    |       |         - |         - |         - | 
| complete                                        |       |           |           |           | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
| Realised gains on investment property           |       |         - |    18,108 |    18,108 | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
| Realised gains on investments held at fair      |       |         - |     8,907 |     8,907 | 
| value through profit or loss                    |       |           |           |           | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
| Unrealised gains on investments held at fair    |       |         - |    32,132 |   32,132  | 
| value through profit or loss                    |       |           |           |           | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
| Interest income                                 |       |    48,186 |         - |    48,186 | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
| Rental income                                   |       |    33,920 |         - |    33,920 | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
| Investment management fee                       |  4    |  (92,890) |         - |  (92,890) | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
| Rental expenses                                 |       |  (15,177) |         - |  (15,177) | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
| Other expenses                                  |       | (160,710) |         - | (160,710) | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
|                                                 |       |           |           |           | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
| Net (loss)/gain on ordinary activities before   |       | (186,671) |   268,947 |   82,276  | 
| taxation                                        |       |           |           |           | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
|                                                 |       |           |           |           | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
| Taxation                                        |  2    |   (3,243) |         - |   (3,243) | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
|                                                 |       |           |           |           | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
| Net (loss)/gain for the period after taxation   |  3    | (189,914) |   268,947 |    79,033 | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
|                                                 |       |           |           |           | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
| (Loss)/gain per share (pence)                   |       |     (1.7) |       2.4 |       0.7 | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
|                                                 |       |           |           |           | 
+-------------------------------------------------+-------+-----------+-----------+-----------+ 
Notes 
(a) The total column of this statement represents the profit and loss of the 
Company and the Group. 
(b) All items in the above statement derive from continuing operations. 
(c) The Group has no recognised gains or losses other than those disclosed in 
the Consolidated Income Statement. 
 
 
The accompanying notes are an integral part of the financial statements. 
 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|           |(unaudited)  |           |           |(audited)  |           | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|          Six months ended           |            Year ended             | 
+-------------------------------------+-----------------------------------+ 
|            31 March 2008            |        30 September 2008          | 
+-------------------------------------+-----------------------------------+ 
|   Revenue |     Capital |     Total |   Revenue |   Capital |     Total | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|       GBP |         GBP |       GBP |       GBP |       GBP |       GBP | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|           |             |           |           |           |           | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|         - |    (38,000) |  (38,000) |         - | (106,500) | (106,500) | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|         - |           - |         - | (240,870) |         - | (240,870) | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|         - |           - |         - |   (4,113) |         - |   (4,113) | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|         - |           - |         - |         - |         - |         - | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|         - |      11,668 |    11,668 |         - |    11,668 |    11,668 | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|         - |      34,284 |    34,284 |         - |    20,769 |    20,769 | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|   148,280 |           - |   148,280 |   339,315 |         - |   339,315 | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|    18,236 |           - |    18,236 |    36,411 |         - |    36,411 | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|  (93,531) |           - |  (93,531) | (182,477) |         - | (182,477) | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|   (2,095) |           - |   (2,095) |  (11,537) |         - |  (11,537) | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
| (103,518) |           - | (103,518) | (295,060) |         - | (295,060) | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|           |             |           |           |           |           | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|  (32,628) |       7,952 |  (24,676) | (358,331) |  (74,063) | (432,394) | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|           |             |           |           |           |           | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|   (3,537) |           - |   (3,537) |   (6,514) |         - |   (6,514) | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|           |             |           |           |           |           | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|  (36,165) |       7,952 |  (28,213) | (364,845) |  (74,063) | (438,908) | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|           |             |           |           |           |           | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|     (0.3) |         0.1 |     (0.3) |     (3.3) |     (0.6) |     (3.9) | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
|           |             |           |           |           |           | 
+-----------+-------------+-----------+-----------+-----------+-----------+ 
 
 
 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Consolidated Balance Sheet             |       | (unaudited) | (unaudited) |    (audited) | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
|                                        |       |    31 March |   31 March  |           30 | 
|                                        |       |             |             |    September | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
|                                        |       |       2009  |       2008  |        2008  | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
|                                        |Notes  |        GBP  |        GBP  |         GBP  | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
|                                        |       |             |             |              | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Non-current assets                     |       |             |             |              | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Investment property                    |  5    |   2,519,000 |     873,000 |      804,500 | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Investments held at fair value through |  6    |      97,834 |   2,925,713 |    3,012,365 | 
| profit or loss                         |       |             |             |              | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Property contracts yet to complete     |  7    |   1,353,573 |   1,781,927 |    1,508,823 | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Debtors                                |       |           - |     253,532 |            - | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
|                                        |       |   3,970,407 |   5,834,172 |    5,325,688 | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Current assets                         |       |             |             |              | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Debtors                                |       |      18,419 |     279,889 |      533,450 | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Cash in escrow                         |  8    |   3,000,000 |   3,000,000 |    3,000,000 | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Cash and cash equivalents              |       |   2,215,242 |     402,320 |      274,200 | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
|                                        |       |   5,233,661 |   3,682,209 |    3,807,650 | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Creditors - amounts falling due within |       |             |             |              | 
| one year                               |       |             |             |              | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Other payables                         |       |    (69,939) |    (50,590) |     (78,242) | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
|                                        |       |             |             |              | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Net current assets                     |       |   5,163,722 |   3,631,619 |    3,729,408 | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
|                                        |       |             |             |              | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Total net assets                       |       |   9,134,129 |   9,465,791 |    9,055,096 | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
|                                        |       |             |             |              | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Equity                                 |       |             |             |              | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Stated capital                         |  9    |  10,505,154 |  10,505,154 |   10,505,154 | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Capital reserve                        |       |    (46,808) |   (233,740) |    (315,755) | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Issue costs reserve                    |       |   (679,868) |   (679,868) |    (679,868) | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Revenue reserve                        |       |   (644,349) |   (125,755) |    (454,435) | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
|                                        |       |             |             |              | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Total shareholders' funds (all equity) |  10   |   9,134,129 |   9,465,791 |    9,055,096 | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
|                                        |       |             |             |              | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
| Net asset value per share (pence)      |       |        81.9 |        84.9 |         81.2 | 
+----------------------------------------+-------+-------------+-------------+--------------+ 
 
 
The financial statements were approved by the Board of Directors on 29 June 2009 
and signed on its behalf by: 
 
 
 
 
 
 
Donald Reid 
 
 
The accompanying notes are an integral part of the financial statements. 
 
 
 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Consolidated Cash Flow Statement      |      | (unaudited) | (unaudited) |    (audited) | 
+---------------------------------------+------+-------------+-------------+--------------+ 
|                                       |      |  Six months |  Six months |         Year | 
|                                       |      |       ended |       ended |        ended | 
+---------------------------------------+------+-------------+-------------+--------------+ 
|                                       |      |    31 March |    31 March | 30 September | 
|                                       |      |        2009 |        2008 |         2008 | 
+---------------------------------------+------+-------------+-------------+--------------+ 
|                                       |      |        GBP  |        GBP  |         GBP  | 
+---------------------------------------+------+-------------+-------------+--------------+ 
|                                       |      |             |             |              | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Cash flow from operating activities   |      |             |             |              | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Deposits and acquisition costs        |      |           - | (1,628,623) |  (1,502,948) | 
| relating to property contracts        |      |             |             |              | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Cash deposited in escrow              |      |           - | (3,000,000) |  (3,000,000) | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Expenses from sale of property        |      |           - |     (2,290) |      (2,290) | 
| contracts                             |      |             |             |              | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Rental income received                |      |      46,862 |      13,684 |       34,854 | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Deposit interest received             |      |     104,015 |      28,147 |       67,958 | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Investment management fees paid       |      |    (92,890) |    (93,531) |    (182,477) | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Secretarial fees paid                 |      |     (2,343) |     (1,975) |      (4,614) | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Rental expenses                       |      |    (20,925) |     (1,849) |     (13,072) | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Other expenses                        |      |   (174,931) |   (115,370) |    (232,864) | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Net cash outflow from operating       |      |   (140,212) | (4,801,807) |  (4,835,453) | 
| activities                            |      |             |             |              | 
+---------------------------------------+------+-------------+-------------+--------------+ 
|                                       |      |             |             |              | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Taxation paid                         |      |     (3,532) |     (2,239) |      (6,226) | 
+---------------------------------------+------+-------------+-------------+--------------+ 
|                                       |      |             |             |              | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Cash flow from investing activites    |      |             |             |              | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Interest income received              |      |      98,999 |     236,335 |      247,087 | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Purchase of investments               |      |           - | (1,428,060) |  (1,529,299) | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Sale of investments                   |      |   2,984,640 |   4,569,920 |    4,569,920 | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Proceeds from rescission of Oldham    |      |     332,489 |           - |            - | 
| Place                                 |      |             |             |              | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Purchase of investment property       |      | (1,516,634) |           - |            - | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Proceeds from sale of investment      |      |     185,292 |           - |            - | 
| property                              |      |             |             |              | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Net cash inflow from investing        |      |   2,084,786 |   3,378,195 |    3,287,708 | 
| activities                            |      |             |             |              | 
+---------------------------------------+------+-------------+-------------+--------------+ 
|                                       |      |             |             |              | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Increase/(decrease) in cash           |      |   1,941,042 | (1,425,851) |  (1,553,971) | 
+---------------------------------------+------+-------------+-------------+--------------+ 
|                                       |      |             |             |              | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Cash and cash equivalents at the      |      |     274,200 |   1,828,171 |    1,828,171 | 
| start of the period                   |      |             |             |              | 
+---------------------------------------+------+-------------+-------------+--------------+ 
| Cash and cash equivalents at the end  |      |   2,215,242 |     402,320 |      274,200 | 
| of the period                         |      |             |             |              | 
+---------------------------------------+------+-------------+-------------+--------------+ 
|                                       |      |             |             |              | 
+---------------------------------------+------+-------------+-------------+--------------+ 
The accompanying notes are an integral part of the financial statements. 
 
 
 
+------------+-------+------+---------------------+-------------+-----------+-----------+-----------+------------+ 
| Consolidated statement of changes in equity     |             |           |     Issue |           |            | 
+-------------------------------------------------+-------------+-----------+-----------+-----------+------------+ 
|            |       |                            |      Stated |   Capital |     costs |   Revenue |            | 
|            |       |                            |             |           |           |           |            | 
+------------+-------+----------------------------+-------------+-----------+-----------+-----------+------------+ 
|            |       |                            |     capital |  reserves |   reserve |   reserve |      Total | 
+------------+-------+----------------------------+-------------+-----------+-----------+-----------+------------+ 
|            |       |                            |         GBP |       GBP |       GBP |       GBP |        GBP | 
+------------+-------+----------------------------+-------------+-----------+-----------+-----------+------------+ 
| For the six months ended 31 March 2009 (unaudited)            |           |           |           |            | 
+---------------------------------------------------------------+-----------+-----------+-----------+------------+ 
| At 1 October 2008  |                            |  10,505,154 | (315,755) | (679,868) | (454,435) | 9,055,096  | 
+--------------------+----------------------------+-------------+-----------+-----------+-----------+------------+ 
| Revaluation of investment property              |           - |   209,800 |         - |         - |    209,800 | 
+-------------------------------------------------+-------------+-----------+-----------+-----------+------------+ 
| Gain/(loss) for the period                      |           - |    59,147 |         - | (189,914) |  (130,767) | 
+-------------------------------------------------+-------------+-----------+-----------+-----------+------------+ 
|            |       |                            |             |           |           |           |            | 
+------------+-------+----------------------------+-------------+-----------+-----------+-----------+------------+ 
| At 31 March 2009   |                            |  10,505,154 |  (46,808) | (679,868) | (644,349) |  9,134,129 | 
+--------------------+----------------------------+-------------+-----------+-----------+-----------+------------+ 
|            |       |                            |             |           |           |           |            | 
+------------+-------+----------------------------+-------------+-----------+-----------+-----------+------------+ 
| For the six months ended 31 March 2008 (unaudited)            |           |           |           |            | 
+---------------------------------------------------------------+-----------+-----------+-----------+------------+ 
| At 1 October 2007  |                            |  10,505,154 | (241,692) | (679,868) |  (89,590) |  9,494,004 | 
+--------------------+----------------------------+-------------+-----------+-----------+-----------+------------+ 
| Revaluation of investment property              |           - |  (38,000) |         - |         - |   (38,000) | 
+-------------------------------------------------+-------------+-----------+-----------+-----------+------------+ 
| Gain/(loss) for the period                      |           - |    45,952 |         - |  (36,165) |      9,787 | 
+-------------------------------------------------+-------------+-----------+-----------+-----------+------------+ 
|            |       |                            |             |           |           |           |            | 
+------------+-------+----------------------------+-------------+-----------+-----------+-----------+------------+ 
| At 31 March 2008   |                            |  10,505,154 | (233,740) | (679,868) | (125,755) |  9,465,791 | 
+--------------------+----------------------------+-------------+-----------+-----------+-----------+------------+ 
|            |       |                            |             |           |           |           |            | 
+------------+-------+----------------------------+-------------+-----------+-----------+-----------+------------+ 
| For the year ended 30 September 2008 (audited)  |             |           |           |           |            | 
+-------------------------------------------------+-------------+-----------+-----------+-----------+------------+ 
| At 1 October 2007  |                            | 10,505,154  | (241,692) | (679,868) |  (89,590) |  9,494,004 | 
+--------------------+----------------------------+-------------+-----------+-----------+-----------+------------+ 
| Revaluation of investment property              |           - | (106,500) |         - |         - |  (106,500) | 
+-------------------------------------------------+-------------+-----------+-----------+-----------+------------+ 
| Gain/(loss) for the year  |                     |           - |    32,437 |         - | (364,845) |  (332,408) | 
+---------------------------+---------------------+-------------+-----------+-----------+-----------+------------+ 
|            |              |                     |             |           |           |           |            | 
+------------+--------------+---------------------+-------------+-----------+-----------+-----------+------------+ 
| At 30 September 2008      |                     |  10,505,154 | (315,755) | (679,868) | (454,435) |  9,055,096 | 
+---------------------------+---------------------+-------------+-----------+-----------+-----------+------------+ 
|            |              |                     |             |           |           |           |            | 
+------------+-------+------+---------------------+-------------+-----------+-----------+-----------+------------+ 
The accompanying notes are an integral part of the financial statements 
 
 
Notes to the financial statements 
 
 
1. Accounting Policies 
 
 
(a) Basis of preparation 
The consolidated interim financial statements have been prepared under the 
historical cost convention, as modified to include the revaluation of quoted 
investments and investment properties and in accordance with applicable 
Accounting Standards and the Statement of Recommended Practice for "Financial 
Statements of Investment Trust Companies" issued in January 2009. 
 
 
(i) IFRS applied 
For the accounting period beginning on 1 October 2007 the Company has prepared 
its financial statements in accordance with International Financial Reporting 
Standards ("IFRS"), as adopted by the International Accounting Standards Board 
("IASB"). Prior to the period beginning 1 October 2007, the Board had elected to 
continue to adopt UK Generally Accepted Accounting Principles ("UK GAAP") and 
therefore with the new Financial Reporting Standards issued as part of the 
programme to converge UK GAAP with IFRS. The principle differences arising from 
this change to IFRS is that fair value movements are now recognised through the 
income statement whereas these were previously accounted for through reserve 
movements under UK GAAP. All other differences have resulted in presentational 
changes only and have not required the restatement of any prior period numbers. 
 
 
The accounting policies adopted in the preparation of the interim financial 
statements are consistent with those followed in the preparation of the annual 
financial statements for the year ended 30 September 2008. New accounting 
standards have been issued since the year end 30 September 2008 but none of 
these are yet effective. 
 
 
(ii) Going concern 
The Company contracted to purchase 118 off-plan units in a new development in 
Wallington for GBP25 million for which the Red Book valuation at 31 March 2009 
was GBP26.1 million. Due to the on-going delay in the commencement of the 
construction as explained in the Chairman's Statement, which has impacted the 
marketing strategy, none of the units have been sold. Whilst there is clearly 
some uncertainty over the commencement of the development, there is a long-stop 
date of January 2012, by which time the Company will require completed units of 
satisfactory standard to be delivered by the developer or else be entitled to a 
return of its deposits. The Company intends to commence its sales strategy for 
the Wallington development once construction has started. Current market 
conditions, falling house prices and a significant reduction in new mortgage 
approvals give rise to uncertainties concerning the ability of the Company to 
sell the properties and the sales price. 
 
 
If properties prices fall by a further 4 per cent. or more by the date of 
completion of the units (which is expected to be at least 18 months from now) 
from the independent valuation undertaken by CB Richard Ellis as of 31 March 
2009, the Company would only be able to on-sell any remaining unsold units at a 
loss. In this case the Company may choose to acquire and retain some or all 
units with a view to achieving better long term returns through rental, but 
would need to seek financing to do so. Although there can be no certainty that 
such financing would be available, particularly if property values fall even 
further, the Directors anticipate a successful outcome to the project or a 
return of its deposits. 
 
 
These factors, some of which arise in 18 months time or more, indicate the 
existence of material uncertainties which cast significant doubt about the 
ability of the Company to continue as a going concern. Having considered these 
uncertainties, and the options available to the Company, the Directors have a 
reasonable expectation that the Company has adequate resources to continue in 
operation for the foreseeable future. The financial statements do not include 
the adjustments that would result if the company was unable to continue as a 
going concern. 
 
 
(b) Use of estimates and judgments 
The preparation of financial statements requires management to make judgments, 
estimates and assumptions that affect the application of accounting polices and 
the reporting amounts of assets, liabilities, income and expenses. Actual 
results may differ from these estimates. 
 
 
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions 
to accounting estimates are recognised in the period in which the estimate is 
revised and in any future periods affected. 
 
 
The most significant estimates and judgements relate to the determination of 
fair value of investment property and the disclosed fair value of properties 
that are the subject of property contracts yet to complete. The fair values of 
both kinds of properties are determined by independent valuers and are based 
upon a market approach methodology, using assumptions on local markets prices, 
comparable units and transaction levels. 
 
 
(c) Basis of consolidation 
The consolidated interim financial statements incorporate the financial 
statements of the Company and entities controlled by the Company (its 
subsidiaries) made up for the six months ended 31 March. Control exists when the 
Company has the power, directly or indirectly, to govern the financial and 
operating policies of an entity so as to obtain benefits from activities. The 
financial statements of subsidiaries are included in the consolidated financial 
statements from the date that control commences up to the date that control 
ceases. 
 
 
The Company has only one subsidiary, OPF Investment Properties Limited, which it 
acquired during the year ended 30 September 2007. As this subsidiary has not yet 
commenced trading and remained dormant throughout the period, the Company's 
financial statements are materially similar in all respects to the Group's 
financial statements, therefore the Company has presented only consolidated 
financial statements for the six months ended 31 March 2009 and 31 March 2008 
and the year ended 30 September 2008. 
 
 
(d) Revenue recognition 
 
 
(i) Interest income 
Interest receivable on fixed interest securities is recognised in "Interest 
income" using the effective interest method. The effective interest method is a 
way of calculating the amortised cost of a financial asset or a financial 
liability (or groups of financial assets or financial liabilities) and of 
allocating the interest income or interest expense over the relevant period. 
 
 
The effective interest rate is the rate that exactly discounts estimated future 
cash receipts or payments through the expected life of the financial instrument 
or, where appropriate, a shorter period, to the net carrying amount of the 
financial asset or financial liability. When calculating the effective interest 
rate, the Group estimates cash flows considering all contractual terms of the 
financial instrument but not future credit losses. The calculation includes all 
amounts paid or received by the Group that are an integral part of the effective 
interest rate, including transaction costs and all other premiums or discounts. 
 
 
(ii) Profit on off-plan sales 
Profit on off-plan sales is recognised once contracts with onward buyers have 
become unconditional. The profit or loss is calculated in line with the 
profit-share arrangement with each developer based on the difference between the 
amount agreed with the buyer and the Company's purchase price. 
 
 
(iii) Rental income 
Rental income from investment properties is based on a short term tenancy 
agreements and is recognised in the period earned. Property operating costs are 
expensed as incurred including any element of expenditure not recovered from 
tenants. 
 
 
(e) Expenses 
Expenses are charged through the income statement, except for expenses which are 
attributable to the disposal of an investment, which are deducted from the 
disposal proceeds of the investment. In addition, certain expenses associated 
with the acquisition of an investment have been capitalised. 
 
 
(f) Investments 
 
 
(i) General 
Assets are recognised at the trade date of acquisition, and are recognised 
initially at fair value plus any directly attributable transaction costs. 
 
 
The Group does not hold, or intends to hold, any financial instruments for the 
purpose of trading. 
 
 
(ii) Investments at fair value through profit or loss 
An instrument is classified as at fair value through profit or loss if it is 
held as at fair value through profit or loss. Financial instruments are 
designated at fair value through the profit or loss if the Group manages such 
investments and makes purchase and sale decisions based on their fair value. 
Fair value is the amount at which an investment could be exchanged between 
knowledgeable willing parties in an arms length transaction. 
 
 
Purchases of investments are recognised on the trade date, being the date that 
amounts are due for payment. Investments are derecognised when the rights to 
receive cash flows from the investments have expired or the Group has 
transferred substantially all risks and rewards of ownership. Investments are 
initially recognised at fair value being the transaction price. Transaction 
costs for all financial assets carried at fair value through profit and loss are 
expensed as incurred. 
 
 
Subsequent to initial recognition, all financial assets at fair value through 
the profit or loss are measured at fair value. Gains and losses arising from 
changes in fair value are presented in the income statement in the year in which 
they arise. On disposal, realised gains and losses are also recognised in the 
income statement. 
 
 
Fair values of financial instruments traded in active markets are based on 
quoted market prices as at the balance sheet date. The quoted market price used 
for financial assets held by the Group is the current bid price. 
 
 
(iii) Property contracts yet to complete 
The Group has contractual obligations to purchase property that is currently 
being constructed, i.e. it has entered into contracts to purchase the property 
"off-plan". Under these contracts the Group is obliged to purchase these 
properties at a contracted price, but has the right to sell or transfer the 
contract to a third party. The "Property contracts yet to complete" are included 
in the balance sheet at the lower of cost and net realisable value. Cost 
includes legal and other expenses incurred to acquire the contracts. 
 
 
Realised gains and losses arising on the disposal of these contracts are taken 
to the realised capital reserve. 
 
 
(iv) Investment property 
Property that is held for capital appreciation, and that is not occupied by the 
companies in the Group, is classified as investment property. 
 
 
Investment property is measured initially at its cost, including related 
transaction costs. After initial recognition, investment property is carried at 
fair value, although the property may not be revalued in the year of 
acquisition. Changes in fair values are recorded in the income statement. 
 
 
Fair value is based on active market prices, adjusted if necessary for any 
difference in the nature, location or condition of the specific asset. If this 
information is not available, the Group uses alternative valuation methods. The 
valuations are prepared annually by Savills (L&P) Limited for Wimbledon House 
and Edwin Evans Surveyors Limited for The Heart. 
 
 
Realised gains and losses on the disposal of investment property are recognised 
once sale contracts have been exchanged and the purchaser's deposit has been 
received. 
 
 
(g) Cash and cash equivalents 
Cash and cash equivalents comprise current deposits with banks. Cash equivalents 
comprises of current deposits with banks. 
 
 
(h) Taxation 
The taxation charge arises from income tax deducted at source on the net rental 
income. 
 
 
Deferred tax is recognised in respect of all temporary differences that have 
originated but not reversed at the balance sheet date, where transactions or 
events that result in an obligation to pay more tax in the future or right to 
pay less tax in the future have occurred at the balance sheet date. This is 
subject to deferred tax assets only being recognised if it is considered more 
likely than not that there will be suitable profits from which the future 
reversal of the temporary differences can be deducted. 
 
 
(i) Share capital 
 
 
Founder shares 
Founder shares are classified as equity. Founder shares are not eligible for 
participation in Company investments and carry no voting rights at general 
meetings of the Company. 
 
 
(j) Currency 
The results and financial position of the Group are expressed in Pounds 
Sterling, which is the Group's functional currency. 
 
 
2. Taxation 
Under Article 123A of the Income Tax (Jersey) Law 1961, as amended, the Company 
had obtained Jersey exempt company status and is therefore exempt for Jersey 
income tax on non Jersey source income and bank interest (by concession). A 
GBP600 (2008 - GBP600) annual exempt company fee is payable by the Company. From 
January 2009 the exempt company regime no longer applies. The general rate of 
corporation tax for companies resident in Jersey will be 0 per cent. from that 
date onwards. The taxation charge arises from income tax deducted at source on 
the net rental income. UK tax has been deducted at source on all properties at 
the current rate of tax (2008/09 - 20 per cent.; 2007/08 - 22 per cent.). 
 
 
3. Returns per share 
The return per share is based on the net gain for the period of GBP79,033 (31 
March 2008: net loss GBP28,213; 30 September 2008 net loss: GBP438,908) and on 
11,153,098 shares (31 March 2008: 11,153,098; 30 September 2008: 11,153,098), 
being the weighted average number of shares in issue. 
 
 
4. Management fee 
+--------------------------------------+--------------+--------------+--------------+ 
|                                      |   Six months |   Six months |         Year | 
|                                      |        ended |        ended |        ended | 
+--------------------------------------+--------------+--------------+--------------+ 
|                                      |     31 March |     31 March | 30 September | 
|                                      |         2009 |         2008 |         2008 | 
+--------------------------------------+--------------+--------------+--------------+ 
|                                      |         GBP  |         GBP  |         GBP  | 
+--------------------------------------+--------------+--------------+--------------+ 
| Management fee                       |       92,890 |       95,531 |      182,477 | 
+--------------------------------------+--------------+--------------+--------------+ 
 
 
The management fees paid to Development Capital Management (Jersey) Limited are 
two per cent. per annum of the net asset value of the fixed income portfolio 
held by the Company, plus any cash amount paid, and outstanding, in respect of 
property contracts yet to complete and investment property. The management 
agreement between the Company and the Manager is terminable by either party on 
12 months notice. 
 
 
5. Investment property 
+----------------------------------------+--------------+--------------+--------------+ 
|                                        |    Wimbledon |    The Heart |       Total  | 
|                                        |        House |              |              | 
+----------------------------------------+--------------+--------------+--------------+ 
|                                        |         GBP  |         GBP  |         GBP  | 
+----------------------------------------+--------------+--------------+--------------+ 
| Opening book cost                      |      989,183 |            - |      989,183 | 
+----------------------------------------+--------------+--------------+--------------+ 
| Transfer from property contracts yet   |            - |      165,000 |      165,000 | 
| to complete                            |              |              |              | 
+----------------------------------------+--------------+--------------+--------------+ 
| Movements during the period:           |              |              |              | 
+----------------------------------------+--------------+--------------+--------------+ 
| Completion payment                     |            - |    1,506,884 |    1,506,884 | 
+----------------------------------------+--------------+--------------+--------------+ 
| Sales - net proceeds                   |            - |    (185,292) |    (185,292) | 
+----------------------------------------+--------------+--------------+--------------+ 
| Sales - realised gain                  |            - |       18,108 |       18,108 | 
+----------------------------------------+--------------+--------------+--------------+ 
| Closing book cost                      |      989,183 |    1,504,700 |    2,493,883 | 
+----------------------------------------+--------------+--------------+--------------+ 
| Closing                                |    (225,183) |      250,300 |       25,117 | 
| unrealized (depreciation)/appreciation |              |              |              | 
+----------------------------------------+--------------+--------------+--------------+ 
| Closing valuation                      |      764,000 |    1,755,000 |    2,519,000 | 
+----------------------------------------+--------------+--------------+--------------+ 
 
 
Both investment properties were fair valued at the period-end by Savills (L&P) 
Limited for Wimbledon House and Edwin Evans Surveyors Limited for The Heart on a 
market approach basis taking into account transactions and asking prices for 
comparable properties in the relevant location and applying a value adjustment 
where thought appropriate by the valuer. The rental income arising from these 
properties in the period was GBP33,920 (2008 - GBP18,236) with direct expenses 
of GBP15,177 (2008 - GBP2,095). 
 
 
6. Investments held at fair value through profit or loss 
+--------------------------------------+---------------+---------------+---------------+ 
|                                      |      31 March |      31 March |  30 September | 
|                                      |          2009 |          2008 |          2008 | 
+--------------------------------------+---------------+---------------+---------------+ 
|                                      |           GBP |           GBP |          GBP  | 
+--------------------------------------+---------------+---------------+---------------+ 
| Opening valuation                    |     3,012,365 |     5,985,007 |     5,985,007 | 
+--------------------------------------+---------------+---------------+---------------+ 
| Opening unrealised loss              |        32,551 |        53,320 |        53,320 | 
+--------------------------------------+---------------+---------------+---------------+ 
| Opening book cost                    |     3,044,916 |     6,038,327 |     6,038,327 | 
+--------------------------------------+---------------+---------------+---------------+ 
| Movements during the period:         |               |               |               | 
+--------------------------------------+---------------+---------------+---------------+ 
| Purchases                            |             - |     1,378,132 |     1,476,152 | 
+--------------------------------------+---------------+---------------+---------------+ 
| Sales - proceeds                     |   (2,951,762) |   (4,486,169) |   (4,486,169) | 
+--------------------------------------+---------------+---------------+---------------+ 
| Amortisation of fixed income book    |       (3,808) |         2,791 |         4,938 | 
| costs                                |               |               |               | 
+--------------------------------------+---------------+---------------+---------------+ 
| Sales - realised gains               |         8,907 |        11,668 |        11,668 | 
+--------------------------------------+---------------+---------------+---------------+ 
| Closing book cost                    |        98,253 |     2,944,749 |     3,044,916 | 
+--------------------------------------+---------------+---------------+---------------+ 
| Closing unrealized loss              |         (419) |      (19,036) |      (32,551) | 
+--------------------------------------+---------------+---------------+---------------+ 
| Closing fair value                   |        97,834 |     2,925,713 |     3,012,365 | 
+--------------------------------------+---------------+---------------+---------------+ 
 
 
7. Property contracts yet to complete 
+--------------------------------------+---------------+---------------+---------------+ 
|                                      |      31 March |      31 March |  30 September | 
|                                      |          2009 |          2008 |          2008 | 
+--------------------------------------+---------------+---------------+---------------+ 
|                                      |           GBP |           GBP |           GBP | 
+--------------------------------------+---------------+---------------+---------------+ 
| Opening book cost                    |     1,508,823 |       446,078 |       446,078 | 
+--------------------------------------+---------------+---------------+---------------+ 
| Movements during the period:         |               |               |               | 
+--------------------------------------+---------------+---------------+---------------+ 
| Write back of Oldham Place sales     |             - |             - |       430,043 | 
| proceeds recognised in prior year    |               |               |               | 
+--------------------------------------+---------------+---------------+---------------+ 
| Write back of Oldham Place sales     |             - |             - |     (240,870) | 
| realised gain recognised in prior    |               |               |               | 
| year                                 |               |               |               | 
+--------------------------------------+---------------+---------------+---------------+ 
|                                      |             - |             - |       189,173 | 
+--------------------------------------+---------------+---------------+---------------+ 
| Proceeds for rescission of Oldham    |             - |             - |     (332,489) | 
| Place                                |               |               |               | 
+--------------------------------------+---------------+---------------+---------------+ 
| Write off of capitalised costs of    |             - |             - |       (4,113) | 
| Oldham Place                         |               |               |               | 
+--------------------------------------+---------------+---------------+---------------+ 
| Oldham Place deposit refunded        |             - |             - |     (147,429) | 
+--------------------------------------+---------------+---------------+---------------+ 
|                                      |               |               |               | 
+--------------------------------------+---------------+---------------+---------------+ 
| Rescission of Tring and Hayes        |             - |             - |     (304,524) | 
| contracts                            |               |               |               | 
+--------------------------------------+---------------+---------------+---------------+ 
| Purchases                            |         9,750 |     1,335,849 |     1,514,698 | 
+--------------------------------------+---------------+---------------+---------------+ 
| Reclassification of The Heart to     |     (165,000) |             - |             - | 
| Investment property                  |               |               |               | 
+--------------------------------------+---------------+---------------+---------------+ 
| Closing book cost                    |     1,353,573 |     1,781,927 |     1,508,823 | 
+--------------------------------------+---------------+---------------+---------------+ 
 
 
The reclassification shown in the table above shows the reclassification during 
the period of The Heart from "Property contracts yet to complete" to "Investment 
property" on completion of the construction. This has been reclassified at the 
book cost of GBP165,000. 
 
 
The Red Book valuations of the underlying properties, on which the Group holds 
contracts are based primarily upon "The estimated amount for which a property 
should exchange on the date of the date of the valuation, between a willing 
buyer and a willing seller in an arm's-length transaction after proper marketing 
wherein the parties had each acted knowledgeably, prudently and without 
compulsion." This valuation methodology is designed to encapsulate the fair 
value of the properties were they complete and held for investment purposes. The 
Group however holds contracts to purchase these properties once complete and 
therefore is exposed to additional risks such as the risk that the development 
fails to complete or completes in a sub-standard fashion not accounted for in 
the Red Book assumptions. The Group is also exposed to changes in the value of 
properties caused by other economic factors. 
 
 
The table below summarises the costs associated with these contracts and refers 
to the latest update to the original Red Book valuation, prepared by CB Richard 
Ellis for Canon House, Wallington, of the underlying properties as a basis of 
valuation for these contracts. 
 
 
+------------------------------------------------------------------+---------------+ 
|                                                                  |   Canon House | 
+------------------------------------------------------------------+---------------+ 
|                                                                  |          GBP  | 
+------------------------------------------------------------------+---------------+ 
| Deposits paid                                                    |     1,250,000 | 
+------------------------------------------------------------------+---------------+ 
| Legal and acquisition costs                                      |       103,573 | 
+------------------------------------------------------------------+---------------+ 
| Book cost as at 31 March 2009                                    |     1,353,573 | 
+------------------------------------------------------------------+---------------+ 
| Outstanding completion payments                                  |    23,750,000 | 
+------------------------------------------------------------------+---------------+ 
| Total historic cost                                              |    25,103,573 | 
+------------------------------------------------------------------+---------------+ 
| 'Red Book' valuation                                             |    26,068,293 | 
+------------------------------------------------------------------+---------------+ 
 
 
8. Cash in escrow 
The Company holds a deposit of GBP3,000,000 (31 March 2008: GBP3,000,000; 30 
September 2008: GBP3,000,000) with AIB Bank (CI) as a guarantee to HBOS. Under 
the terms of the guarantee a minimum of GBP3,000,000 balance needs to be 
maintained at all times. This guarantee will reduce in line with the sale of 
units at Canon House, Wallington and released on a quarterly basis. 
 
 
9. Stated capital 
The Company is a no par value ('NPV') company 
+---------------------------------------+--------------+--------------+--------------+ 
|                                       |     31 March |     31 March | 30 September | 
|                                       |         2009 |         2008 |         2008 | 
+---------------------------------------+--------------+--------------+--------------+ 
| Authorised:                           |       Number |       Number |       Number | 
+---------------------------------------+--------------+--------------+--------------+ 
| Founder shares                        |           10 |           10 |           10 | 
+---------------------------------------+--------------+--------------+--------------+ 
| 99,999,990 participating shares       |   99,999,990 |   99,999,990 |   99,999,990 | 
+---------------------------------------+--------------+--------------+--------------+ 
|                                       |  100,000,000 |  100,000,000 |  100,000,000 | 
+---------------------------------------+--------------+--------------+--------------+ 
|                                       |              |              |              | 
+---------------------------------------+--------------+--------------+--------------+ 
| Issued and fully paid:                |       Number |       Number |       Number | 
+---------------------------------------+--------------+--------------+--------------+ 
| Founder shares                        |            2 |            2 |            2 | 
+---------------------------------------+--------------+--------------+--------------+ 
| Participating shares                  |   11,153,098 |   11,153,098 |   11,153,098 | 
+---------------------------------------+--------------+--------------+--------------+ 
 
 
All costs associated with the issue of shares have been taken to the issue costs 
reserve. 
 
 
10. Net asset value per share 
+---------------------------------------+--------------+---------------+--+--------------+ 
|                                       |                Net asset value                 | 
+---------------------------------------+------------------------------------------------+ 
|                                       |            attributable per share              | 
+---------------------------------------+------------------------------------------------+ 
|                                       |     31 March |         31 March | 30 September | 
|                                       |        2009  |             2008 |         2008 | 
+---------------------------------------+--------------+------------------+--------------+ 
|                                       |            p |                p |            p | 
+---------------------------------------+--------------+------------------+--------------+ 
| Participating shares                  |         81.9 |             84.9 |         81.2 | 
+---------------------------------------+--------------+------------------+--------------+ 
|                                       |              |                  |              | 
+---------------------------------------+--------------+------------------+--------------+ 
|                                       |                Net asset value                 | 
+---------------------------------------+------------------------------------------------+ 
|                                       |     31 March |      31 March |    30 September | 
|                                       |         2009 |          2008 |            2008 | 
+---------------------------------------+--------------+---------------+-----------------+ 
|                                       |          GBP |           GBP |             GBP | 
+---------------------------------------+--------------+---------------+-----------------+ 
|                                       |    9,134,129 |     9,465,791 |       9,055,096 | 
+---------------------------------------+--------------+---------------+--+--------------+ 
 
 
11. Financial instruments 
The Group's financial instruments comprise fixed interest securities, cash 
balances and debtors and creditors that arise directly from its operations, for 
example, in respect of sales and purchases awaiting settlement, and debtors for 
accrued income. 
 
 The main risks the Group faces from its financial instruments are (i) 
market price risk (comprising interest rate risk and other price risk), (ii) 
liquidity risk, and (iii) credit risk. 
 
 The Board regularly reviews and agrees on policies for managing each of 
these risks. The Manager's policies for managing these risks are summarised 
below and have been applied throughout the period. The numerical disclosures 
exclude short-term debtors and creditors. 
 
 
(i) Market price risk 
Market price risk arises mainly from uncertainty about future prices of 
financial instruments used in the Group's operations. It represents the 
potential loss the Group might suffer through holding market positions as a 
consequence of price movements. 
 
 
The portfolio of fixed interest investments has been reduced to 1 bond during 
the period. 
 
 
The Manager monitors market prices throughout the year and reports to the Board, 
which meets regularly in order to review investment strategy. 
 
 
Interest rate risk 
Interest rate movements may affect: (i) the fair value of the investments in 
fixed interest rate securities, and (ii) the level of income receivable on cash 
deposits. 
 
 
The interest rate profile of the Group excluding short term debtors and 
creditors, as at 31 March 2009 was as follows: 
+--------------------+------------+------------+------------+------------+--------------+ 
|                    |   Weighted |            |            |            |              | 
|                    |    average |            |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
|                    |     period |   Weighted |      Fixed |   Floating | Non-interest | 
|                    |  for which |    average |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
|                    |    rate is |   interest |       rate |       rate |      bearing | 
|                    |      fixed |       rate |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
| 31 March 2009      |      Years |          % |        GBP |        GBP |          GBP | 
+--------------------+------------+------------+------------+------------+--------------+ 
| Assets             |            |            |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
| Fixed interest     |       1.86 |       4.50 |     97,834 |          - |            - | 
| securities         |            |            |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
| Sterling cash      |          - |          - |          - |  5,215,242 |            - | 
| deposit            |            |            |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
| Debtors            |          - |          - |          - |          - |            - | 
+--------------------+------------+------------+------------+------------+--------------+ 
| Total assets       |       1.86 |       4.50 |     97,834 |  5,215,242 |            - | 
+--------------------+------------+------------+------------+------------+--------------+ 
|                    |            |            |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
|                    |   Weighted |            |            |            |              | 
|                    |    average |            |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
|                    |     period |   Weighted |      Fixed |   Floating | Non-interest | 
|                    |  for which |    average |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
|                    |    rate is |   interest |       rate |       rate |      bearing | 
|                    |      fixed |       rate |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
| 31 March 2008      |      Years |          % |        GBP |        GBP |          GBP | 
+--------------------+------------+------------+------------+------------+--------------+ 
| Assets             |            |            |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
| Fixed interest     |       1.00 |       5.00 |  2,925,713 |          - |            - | 
| securities         |            |            |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
| Sterling cash      |          - |          - |          - |  3,402,320 |            - | 
| deposit            |            |            |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
| Debtors            |          - |          - |          - |          - |      253,352 | 
+--------------------+------------+------------+------------+------------+--------------+ 
| Total assets       |       1.00 |       5.00 |  2,925,713 |  3,402,320 |      253,352 | 
+--------------------+------------+------------+------------+------------+--------------+ 
|                    |            |            |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
|                    |   Weighted |            |            |            |              | 
|                    |    average |            |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
|                    |     period |   Weighted |      Fixed |   Floating | Non-interest | 
|                    |  for which |    average |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
|                    |    rate is |   interest |       rate |       rate |      Bearing | 
|                    |      fixed |       rate |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
| 30 September 2008  |      Years |          % |        GBP |        GBP |          GBP | 
+--------------------+------------+------------+------------+------------+--------------+ 
| Assets             |            |            |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
| Fixed interest     |       0.58 |       4.90 |  3,012,365 |          - |            - | 
| securities         |            |            |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
| Sterling cash      |          - |          - |          - |  3,274,200 |            - | 
| deposit            |            |            |            |            |              | 
+--------------------+------------+------------+------------+------------+--------------+ 
| Debtors            |          - |          - |          - |          - |            - | 
+--------------------+------------+------------+------------+------------+--------------+ 
| Total assets       |       0.58 |       4.90 |  3,012,365 |  3,274,200 |            - | 
+--------------------+------------+------------+------------+------------+--------------+ 
 
 
The floating rate assets consist of cash deposits on call earning interest at 
prevailing market rates. 
 
 
Maturity profile 
The following table sets out the carrying amount, by maturity, of the Group's 
financial instruments that are exposed to interest rate risk: 
 
 
+--------------------+------------+------------+------------+------------+------------+ 
|                    |     Within |     Within |     Within |  More than |            | 
+--------------------+------------+------------+------------+------------+------------+ 
|                    |     1 year |  2-3 years |  4-5 years |    5 years |      Total | 
+--------------------+------------+------------+------------+------------+------------+ 
| 31 March 2009      |        GBP |        GBP |        GBP |        GBP |        GBP | 
+--------------------+------------+------------+------------+------------+------------+ 
| Fixed rate         |            |            |            |            |            | 
+--------------------+------------+------------+------------+------------+------------+ 
| Assets             |          - |     97,834 |          - |          - |     97,834 | 
+--------------------+------------+------------+------------+------------+------------+ 
|                    |          - |     97,834 |          - |          - |     97,834 | 
+--------------------+------------+------------+------------+------------+------------+ 
| Floating rate      |            |            |            |            |            | 
+--------------------+------------+------------+------------+------------+------------+ 
| Cash               |  2,135,025 |          - |          - |          - |  2,135,025 | 
+--------------------+------------+------------+------------+------------+------------+ 
| Deposits           |          - |  3,080,217 |          - |          - |  3,080,217 | 
+--------------------+------------+------------+------------+------------+------------+ 
|                    |  2,135,025 |  3,080,217 |          - |          - |  5,215,242 | 
+--------------------+------------+------------+------------+------------+------------+ 
|                    |            |            |            |            |            | 
+--------------------+------------+------------+------------+------------+------------+ 
|                    |     Within |     Within |     Within |  More than |            | 
+--------------------+------------+------------+------------+------------+------------+ 
|                    |     1 year |  2-3 years |  4-5 years |    5 years |      Total | 
+--------------------+------------+------------+------------+------------+------------+ 
| 31 March 2008      |        GBP |        GBP |        GBP |        GBP |        GBP | 
+--------------------+------------+------------+------------+------------+------------+ 
| Fixed rate         |            |            |            |            |            | 
+--------------------+------------+------------+------------+------------+------------+ 
| Assets             |  2,521,480 |    301,255 |    102,978 |          - |  2,925,713 | 
+--------------------+------------+------------+------------+------------+------------+ 
|                    |  2,521,480 |    301,255 |    102,978 |          - |  2,925,713 | 
+--------------------+------------+------------+------------+------------+------------+ 
| Floating rate      |            |            |            |            |            | 
+--------------------+------------+------------+------------+------------+------------+ 
| Cash               |    402,320 |          - |          - |          - |    402,320 | 
+--------------------+------------+------------+------------+------------+------------+ 
| Deposits           |          - |  3,000,000 |          - |          - |  3,000,000 | 
+--------------------+------------+------------+------------+------------+------------+ 
|                    |    402,320 |  3,000,000 |          - |          - |  3,402,320 | 
+--------------------+------------+------------+------------+------------+------------+ 
|                    |            |            |            |            |            | 
+--------------------+------------+------------+------------+------------+------------+ 
| Non-interest       |            |            |            |            |            | 
| bearing            |            |            |            |            |            | 
+--------------------+------------+------------+------------+------------+------------+ 
| Other receivables  |          - |    253,352 |          - |          - |    253,352 | 
+--------------------+------------+------------+------------+------------+------------+ 
|                    |          - |    253,352 |          - |          - |    253,352 | 
+--------------------+------------+------------+------------+------------+------------+ 
|                    |            |            |            |            |            | 
+--------------------+------------+------------+------------+------------+------------+ 
|                    |     Within |     Within |     Within |  More than |            | 
+--------------------+------------+------------+------------+------------+------------+ 
|                    |     1 year |  2-3 years |  4-5 years |    5 years |      Total | 
+--------------------+------------+------------+------------+------------+------------+ 
| 30 September 2008  |        GBP |        GBP |        GBP |        GBP |        GBP | 
+--------------------+------------+------------+------------+------------+------------+ 
| Fixed rate         |            |            |            |            |            | 
+--------------------+------------+------------+------------+------------+------------+ 
| Assets             |  2,512,690 |    298,515 |    201,160 |          - |  3,012,365 | 
+--------------------+------------+------------+------------+------------+------------+ 
|                    |  2,512,690 |    298,515 |    201,160 |          - |  3,012,365 | 
+--------------------+------------+------------+------------+------------+------------+ 
| Floating rate      |            |            |            |            |            | 
+--------------------+------------+------------+------------+------------+------------+ 
| Cash               |    246,200 |          - |          - |          - |    246,200 | 
+--------------------+------------+------------+------------+------------+------------+ 
| Deposits           |          - |  3,028,000 |          - |          - |  3,028,000 | 
+--------------------+------------+------------+------------+------------+------------+ 
|                    |    246,200 |  3,028,000 |          - |          - |  3,274,200 | 
+--------------------+------------+------------+------------+------------+------------+ 
 
 
Interest rate sensitivity 
An increase of 100 basis points in interest rates during the year would have 
increased the net assets attributable to shareholders and changes in net assets 
attributable to shareholders by GBP52,152 (31 March 2008: GBP34,023; 30 
September 2008: GBP32,742). A decrease of 100 basis points would have had an 
equal but opposite effect. 
 
 
(ii) Liquidity risk 
The Group has a commitment to purchase 118 units in Canon House, Wallington at a 
purchase price of GBP25 million, against which the Group has paid a deposit of 
GBP4.25 million. The commitment will be reduced by selling the forward purchase 
contracts, in line with the Group's strategy, once construction starts with any 
shortfall funded by bank financing and the Group's cash balances and readily 
realisable securities, which can be sold to meet funding commitments if 
necessary. As at 31 March 2009 the Group does not have any significant 
liabilities due. 
 
 
(iii) Credit risk 
The Group places funds with third parties and is therefore potentially at risk 
from the failure of any such third party of which it is a creditor. The Group 
expects to place any such funds on a short-term basis only and spread these over 
a number of years. 
 
 Management has a credit policy in place and the exposure to credit risk is 
monitored on an ongoing basis. 
 
 
The Group's principal financial assets are fixed interest securities, other 
receivables and cash and cash equivalents. The maximum exposure of the Group to 
the credit risk is the carrying amount of each class of financial assets. 
 
 
Other receivables are represented mainly by prepayments and other debtors where 
no significant credit risk is recognised. 
 
 
12. Availability of Interim Results 
The interim results are available on the Company's website (www.offplanfund.com) 
and can be obtained in hard copy by request free of charge from Development 
Capital Management Limited, 36 Dover Street, London, W1S 4NH. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IR CKCKPPBKDBAB 
 

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