Interim Results

Off-Plan Fund Limited (The)
28 June 2007


For Immediate Release                                              28 June 2007





                           The Off-plan Fund Limited

             Interim Results for the six months ending 31 March 2007


The Off-plan Fund Limited, which specialises in providing forward finance to UK
housebuilders, is pleased to announce its interim results for the period to 31
March 2007.


The Fund is managed by Development Capital Management (Jersey) Limited.

Copies of the Financial Statements are currently being printed and will be sent 
to shareholders shortly.  They may also be obtained free of charge from 
Development Capital Management Limited, 84 Grosvenor Street, London, W1K 3JZ.



List of Contacts

Development Capital Management
Roger Hornett
Andy Gardiner
020 7355 7600


Numis Securities
Iain McDonald
Bruce Garrow
020 7260 1000


Buchanan Communications
Charles Ryland
Isabel Podda
020 7466 5000


Chairman's Statement

The key events in the six months to 31 March 2007 for the Fund were the
investments in two sites in the Home Counties, the exchange of half of the units
at the Oldham Place site in Liverpool and the exit from the investment in
Nottingham. This was followed shortly after the period end by a capital increase
and share issue to Elsina, a company ultimately owned by the Tchenguiz family
trust.


Portfolio

At the period end the Fund held contracts in respect of 113 units in Liverpool
and the Home Counties and owned six units in Leicester. Of the 51 contracts in
Liverpool 26 have been assigned to end buyers and 8 are under offer. Marketing
of the units at Tring and Hayes has yet to commence. The independent Red Book
valuation for the entire property portfolio at the end of March was £23.1m.


At Oldham Place in Liverpool, building work has now commenced with the
foundations underway and the site on track for completion in December 2008. At
the period end the 26 units which have been sold had a sales value of £4.2m and
8 units worth £1.2m are under offer. The expected return on all these units
before costs is estimated to be £293,000 on a deposit of £217,000. A number of
offers on the remaining 17 units have been received by the Manager. However none
of these have as yet been at sufficiently attractive prices, which we expect to 
rise as the development progresses.


In the rental sector Liverpool continues to perform well, as the appetite for
city centre living continues to expand. The impact of higher capital values in
the purchase market has lead to potential first time buyers renting for longer
periods prior to purchasing and rental values remain buoyant, especially below
the £1,000pcm segment.


At the time of writing, all of the six units the Fund owns at Wimbledon House in
Leicester have now been let. Given the current weak sales conditions in
Leicester, particularly for buy-to-let apartments, the Fund intends to hold and
let for the foreseeable future. The stock has been financed from the Fund's cash
reserves and may be refinanced should the need arise.


Towards the end of the period the Fund made two further investments both in the
Home Counties. The first in Tring, Hertfordshire is a development consisting of
38 new-build two bedroom apartments over

a total of 26,860 square feet with parking. A number of units may fall under the
s106 affordable housing requirement and the Fund has arranged the right to
rescind any of these contracts should it wish to.


The site is located near Brook Street; within half a mile of Tring town centre,
approximately 15 miles north of Watford and 40 minutes commute by train into
London Euston station. Aging stock in Tring remains the limiting factor in the
rental market and the Manager anticipates that the Brook Street

development will offer a product appealing to both buyers and tenants alike.


The agreed purchase price is £218 per square foot (a total of £5.9m) on
completion, a discount of 27.1% to the Red Book valuation provided by
independent valuers, Douglas Duff, of £299 per square foot (£8.0m). Construction
at the site is expected to commence over the summer and take 12 to 18 months.


The second investment with the same developer is at a proposed development in
Hayes, Middlesex. The Fund has agreed to purchase 31 apartments with parking,
comprising 18,063 square feet. The site has good commuting links being close to
the M4, M40 and Heathrow Airport together with easy rail and underground links
to central London.


The rental market in the area remains strong. Continual demand for all property
types being driven by high profile companies located in several business parks
nearby and by the ongoing development of terminal 5 at Heathrow.


The agreement, conditional upon the Developer obtaining planning permission, is
for the Fund to pay £253 per square foot (£4.6m) on completion. This represents
a discount of 31.6% to the Red Book valuation of £393 per square foot (£7.1m)
also provided by Douglas Duff. Construction of the development is expected to
commence later in the year, once all preconditions are satisfied, and take 18
months.


Performance

The NAV over the six months has reported a moderate increase to 84.6p from 83.4p
as the sales from Oldham Place exchanged, hampered a little from the declining
Red Book valuation on the units in Leicester. The Red Book based portfolio
valuation, which gives investors a better indication of the value inherent in
the portfolio from the discounted purchase prices has risen 13% from 88.1p to
99.3p at the period end due to the significant discounts achieved on the units
purchased at Tring and Hayes. It is disappointing to note the lack of movement
in the Fund's share price, particularly following the faith shown by Elsina in
increasing its holding to 20%.

Market

The UK residential property market continued to show resilience in the six month
period despite the two 25 basis point increases in interest rates to 5.25% in
November and January. A further rise to 5.50% since the end of the period has
also yet to make itself felt, although there are signs particularly in the
mortgage market, that demand may be tailing off.


The market in the early part of 2007 remained robust, with the Land Registry
reporting year on year growth of 8.3% for the end of March, nearly twice the
growth reported at the same time a year ago and average monthly volumes rose 10%
year on year to 96,994 for the period ending February 2007 (the latest available
figures). Prices in London continue to outstrip growth seen elsewhere and at end
March were 11.6% ahead, with strong demand both from abroad and the 'City'. All
regions reported positive growth, with the East Midlands and the North East the
weakest at 4.7% and 5.7% respectively. This gap appears to be widening as London
and the South East continue to grow whilst other regions slip back in line with
the forecast average for 2007.


Buy-to let-demand remains solid, despite average rental yields falling to 6.0%
at the end of December 2006, with RICS reporting tenant demand up 30% in the 3
months to the end of January. Buy-to-let loans now represent 11% of all mortgage
lending and are expected to continue to grow strongly according to Mintel, who
forecast the number of landlords doubling over the next three years. This is
likely to be driven more by fundamentals, as at current interest rate levels
buy-to-let mortgages are no longer self-financing.


The immediate outlook is a little uncertain in the light of the muddled
introduction of Home Information Packs (HIPs). Many observers believe this has
led to a dash both to buy and to sell ahead of the original June 1st deadline,
forcing prices to levels which may not be sustainable. With the postponement of
HIPs until August for properties with four or more bedrooms only, the effect on
stock currently in the market

remains to be seen.

The other uncertainty is obviously the impact of recent interest rate increases,
which take between 12 and 18 months to have any meaningful impact on demand.
Whilst fundamental demand continues to

exceed supply, such uncertainty should not become an issue.


Capital Increase

Shortly after the period end the Fund issued a further 1,858,850 shares at a
price of 95p per share, increasing the number of issued shares by 20%. The issue
price compared with the end of December 2006 Red Book NAV of 87p and the
prevailing share price of 84p.


The issue was made exclusively to Elsina Limited, a company owned by the
trustees for the Tchenguiz Family and advised by Consensus Business Group (CBG).
The new shares increase Elsina's holding from 4.3% to 20.3% of the Fund, and the
Board has agreed to accepting a representative from CBG on to the Board.


In addition to the capital increase CBG bring a number of complementary areas of
activity particularly the group's involvement in mortgage provision, estate
agency and ground rents.


Outlook

The Manager currently has a sizable number of new investments at varying stages
of analysis and is working hard to bring these to fruition. The closer
relationship with CBG should add to the Fund's offering to both developers and
end buyers and can only increase the Fund's opportunities. Over the period a
number of developers have been including the financing model offered by the Fund
as an integral part of their site appraisal and we would hope that as the
results of these appear further investment can be committed.


Graham Berry

Chairman

June 2007







Consolidated Balance Sheet

As at 31 March 2007

                                     As at      As at      As at
                                     31 March   31 March   30 September
                                     2007       2006       2006
Non-current assets             Notes £          £          £
Quoted investments             4     5,666,608  7,351,126  5,941,738
Property contracts yet to      4     172,806    362,905    336,602
complete
Investment property            4     971,000    -          1,025,000
                                     6,810,414  7,714,031  7,303,340

Current assets
Debtors                              530,815    127,835    366,419
Cash and cash equivalents            593,145    147,350    136,200
                                     1,122,635  275,185    502,619
Creditors - amounts falling due
within one year
Other payables                       (73,978)   (79,243)   (54,826)

Net current assets                   1,049,982  195,942    447,793

Total net assets                     7,860,396  7,909,973  7,751,133

Equity
Stated capital                       8,739,246  8,739,246  8,739,246

Realised capital reserve             128,456    2,232      (108,348)
Unrealised capital reserve           (60,856)   (18,489)   (51,719)
Investment property                  -          -          42,107
revaluation reserve
Issue costs reserve                  (609,232)  (609,232)  (609,232)
Revenue reserve                      (337,218)  (203,784)  (260,921)

Total shareholders' funds (all 7     7,859,071  7,909,973  7,751,133
equity)

Net asset value per share            84.57      85.11      83.40
(pence)



The financial statements were approved by the Board of Directors on 26 June 2007
and signed on its behalf by:

Graham Berry


Consolidated Income Statement

For the six months ended 31 March 2007

                       Six months ended            Six months ended           Year ended
                       31 March 2007               31 March 2006              30 September 2006
                       Revenue   Capital Total     Revenue  Capital  Total    Revenue   Capital   Total
                 Notes £         £       £         £        £        £        £         £         £
Realised gains/        -         238,645 238,645   -        -        -        -         (109,308) (109,308)
(losses) on
property
contracts yet to
complete
Deficit on             (11,893)  -       (11,893)  -        -        -        -         -         -
investment
property
Realised losses        -         (1,841) (1,841)   -        -        -        -         -         -
on investments
Unrealised             -         (9,137) (9,137)   -        (30,943) (30,943) -         (65,445)  (65,445)
losses on
investments
Income                 145,995   -       145,995   109,433  -        109,433  269,039   -         269,039
Investment             (74,228)  -       (74,228)  (41,298) -        (41,298) (119,196) -         (119,196)
management fee
Other expenses         (136,171) -       (136,171) (75,219) -        (75,219) (214,064) -         (214,064)
Net (loss)/gain        (76,297)  227,667 149,999   (7,084)  (30,943) (38,027) (64,221)  (174,753) (238,974)
on ordinary
activities
before
finance costs
and taxation
Net (loss)/gain  2     (76,297)  227,667 149,999   (7,084)  (30,943) (38,027) (64,221)  (174,753) (238,974)
for the period
before and after
taxation
(Loss)/gain per        (0.82)    2.45    1.63      (0.11)   (0.49)   (0.60)   (0.82)    (2.23)    (3.05)
share (pence)


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 Company has no recognised gains or losses other than those disclosed in
the Income Statement and Reconciliation of Movements in Shareholders' Funds.


Consolidated Cash Flow Statement

For the six months ended 31 March 2007



                                   For the six For the six For the six
                                   months      months      months ended
                                   ended       ended
                                   31 March    31 March    30 September
                                   2007        2006        2006
Cash flows from operating
activities
Investment income received         244,863     (17,612)    96,408
Rental income received             1,371       -           -
Deposit interest received          6,792       44,350      46,185
Investment management fees paid    (74,228)    (41,298)    (119,196)
Secretarial fees paid              (19,513)    (1,691)     (3,651)
Other cash payments                (132,066)   (42,088)    (190,818)
Net cash inflow/(outflow) from     27,219      (58,339)    (171,072)
operating activities

Capital expenditure and investment
activities

Deposits and acquisition costs     -           -           (1,258,442)
relating to property
Proceeds from sale of property     183,777     -           -
contracts
Purchase of investments            (905,749)   (6,252,812) (6,253,664)
Sale of investments                1,151,698   149,492     1,510,369
Net cash inflow/(outflow) from     429,726     (6,103,320) (6,001,737)
investment activities

Net cash inflow/(outflow) before   456,945     (6,161,659) (6,172,809)
financing

Financing
Issue of shares                    -           6,769,246   6,769,246
Expenses of share issue            -           (609,232)   (609,232)
Net cash inflow from financing     -           6,160,014   6,160,014
Increase/(decrease) in cash        456,945     (1,645)     (12,795)


Consolidated Statement of Total Recognised Gains and Losses

As at 31 March 2007

                                         As at    As at     As at
                                         31 March 31 March  30
                                         2007     2006      September
                                                            2006
                                         £        £         £
Gain/(loss) for the financial period     149,999  (38,027)  (238,974)
(Loss)/gain on revaluation of investment (42,107) -         42,107
properties
Total gains and losses recognised since  107,892  (38,027)  (196,867)
last annual report



The Group has no other recognised gains or losses that are not shown in the
income statement.




Reconciliation of Movements in Shareholders' Funds
For the six months ended 31 March 2007



                   Stated    Capital   Investment  Issue     Revenue   Total
                   caital    reserves              costs     reserve
                                       property    reserve
                                       revaluation
                                       reserve
                   £         £         £           £         £         £

For the six months ended 31 March 2007

At 1 October 2006  8,739,246 (160,067) 42,107      (609,232) (260,921) 7,751,133
Revaluation of     -         -         (42,107)    -         (11,893)  (54,000)

investment
property
Gain/(loss) for    -         227,667   -           -         (64,404)  163,263
the period
At 31 March 2007   8,739,246 67,600    -           (609,232) (337,218) 7,860,396

For the six months ended 31 March 2006
At 1 October 2005  1,970,000 14,686    -           -         (196,700) 1,787,986
Issue of shares    6,769,246 -         -           -         -         6,769,246
Expenses of share  -         -         -           (609,232) -         (609,232)
issue
Loss for the       -         (30,943)  -           -         (7,084)   (38,027)
period
At 31 March 2006   8,739,246 (16,257)  -           (609,232) (203,784) 7,909,973

For the year ended 30 September 2006
At 1 October 2005  1,970,000 14,686                          (196,700) 1,787,986
Issue of shares    6,769,246                                           6,769,246
Expenses of share                                  (609,232)           (609,232)
issue
(Loss)/gain for              (174,753) 42,107                (64,221)  (196,867)
the year
At 30 September    8,739,246 (160,067) 42,107      (609,232) (260,921) 7,751,133
2006


The accompanying notes are an integral part of the financial statements.


Notes to the Consolidated Financial Statements

For the six months ended 31 March 2007


1 Accounting policies

The financial statements have been prepared under the historical cost
convention, as mdified 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 2003 and amended in December 2005. For the
accounting period beginning on 1 October 2004 the Company had the option to
prepare its financial statements in accordance with International Financial
Reporting Standards (IFRS), as adopted by the International Accounting Standards
Board (IASB). The Board has 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.


(a) Basis of consolidation

The financial statements incorporate the financial statements of the Company and
entities controlled by the Company (its subsidiaries) made up to 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
its 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.


(b) Income

Interest income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate applicable, which is the rate
that exactly discounts estimated future cash receipts through the expected life
of the financial asset to that asset's net carrying amount. Interest receivable
on cash and short-term deposits is accrued to the end of the financial year.


(c) Rental income

Rental income from investment properties is based on a short term tenancy
agreement and is recognised in the period earned. Property operating costs are
expensed as incurred including any element of expenditure not recovered from
tenants.


(d) Quoted investments

Purchases of investments are recognised on a trade date basis and included in
the balance sheet at fair value. Sales of investments are also recognised on a
trade date basis. Proceeds are measured at fair value, which is regarded as the
proceeds of any sale less any transaction costs. The fair value of the financial
instruments is based on their quoted bid prices at the balance sheet date,
without any deduction for any estimated future selling costs. Changes in the
value of investments and gains and losses on disposal are recognised in the
income statement as 'gains/losses on investments' and are allocated to realised/
unrealised capital reserves as appropriate.


(e) Property contracts yet to complete

The Company 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 Company 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. The
Directors are of the opinion that it is inappropriate to account for these
contracts using fair value accounting methods because their fair value cannot be
estimated with sufficient reliability. Realised gains and losses arising on the
disposal of these contracts are taken to the realised capital reserve.


(f) Investment property

Investment properties are measured initially at cost, and subsequently
remeasured to market value, reflecting market conditions at the balance sheet
date. Gains or losses arising from the changes in fair values of investment
properties are included in the consolidated statement of recognised gains and
losses, as movements on the investment property revaluation reserve. Deficits
arising from valuations are eliminated against any revaluation reserves in
respect of that property with any excess, to the extent that it represents an
impairment, being charged to the profit and loss account.


2 Returns per share

The revenue return per share is based on the net loss for the period of £76,297
(March 2006: (£7,084); September 2006: (£64,221)) and on 9,294,248 shares (March
2006: 6,356,500; September 2006: 7,829,398), being the weighted average number
of shares in issue.

The capital return per share is based on the net gain for the period of £227,667
(March 2006: loss of £30,943; September 2006: loss of £174,753) and on 9,294,248
shares (March 2006: 6,356,500; September 2006: 7,829,398), being the weighted
average number of shares in issue.

3 Management fee

                             Six months     Six months     Year ended
                             ended          ended          30 September
                             31 March 2007  31 March 2006  2006
                             £              £              £
Management fee               74,228         41,298         119,196


The management fee paid to Development Capital Management (Jersey) Limited (DCM)
is 2% per annum of the net asset value of the fixed income portfolio held by the
Company, plus any cash amount of deposits paid and outstanding in respect of
property contracts yet to complete. The management agreement between the Company
and DCM is terminable by either party on 12 months notice.


4 Quoted Investments
                                Six months     Six months     Six months
                                ended          ended          ended
                                31 March 2007  31 March 2006  30 September
                                                              2006
                                £              £              £
Opening valuation               5,941,738      1,280,973      1,280,973
Opening unrealised appreciation 51,719         (13,116)       (13,116)
Opening book cost               5,993,457      1,267,857      1,267,857
Movements during the period:
Purchases                       895,425        6,253,664      6,253,664
Sales - proceeds                (1,148,640)    (150,344)      (1,510,369)
Amortisation of fixed income    (10,938)       (2,224)        (17,085)
book costs
Sales - realised gains          (1,841)        662            (610)
Closing book cost               5,727,463      7,369,615      5,993,457
Closing unrealised appreciation (60,855)       (18,489)       (51,719)
Closing valuation               5,666,608      7,351,126      5,941,738

                                Six months     Six months     Six months
                                ended          ended          ended
                                31 March 2007  31 March 2006  30 September
                                                              2006
                                £              £              £
Property contracts yet to
complete
Opening book cost               336,602        362,905        362,905
Movements during the period
Purchases                       5,875          -              336,602
Reclassification to Investment  -              -              (58,689)
Properties
Sales - proceeds                (169,671)                     (194,908)
Sales - realised losses                                       (109,308)
Closing book cost               172,806        362,905        336,602

The book costs above refer to Oldham Place, Liverpool (51 apartments).


The table below summarises the costs incurred to date with these contracts and
applies the 'Red Book' valuation, prepared by independant valuers at 31 March
2007, of the underlying properties as a basis of valuation for these contracts.
The 'Red Book' value may not represent the 'fair value' of the contracts as
explained in the 'market price risk' section of note 8.

                       Waterfront Oldham     Yeading    Brook      Total
                       Plaza      Place      Lane Hayes Street
                                                        Tring

                       £          £          £          £          £
Deposits paid          217,906    336,602    -          -          554,508
Legal and acquisition  86,310     -          2,938      2,938      92,185
costs
Proceeds on disposal   (194,908)  (169,671)  -          -          (364,579)
Loss on disposal       (109,308)  -          -          -          (109,308)
Book cost as at 31     -          166,931    2,938      2,938      172,806
March 2007
Outstanding completion            3,135,000                        3,135,000
payments
Total historic cost               3,301,931  2,938      2,938      3,307,806

Red Book' valuation    NA         8,250,000  7,100,000  6,780,889  22,130,889
Approximate completion NA         Dec 2008   Jun 2009   Dec 2008
date


Investment property
                       31 March 2007   31 March 2006   30 Sept 2006
                       £               £               £
Opening book cost      982,893         -               -
Movements during the   -               -               -
period:
Reclassification from  -               -               58,689
properties yet to
complete
Completion payment     -               -               924,204
Closing book cost      982,893         -               982,893
Closing unrealised     (11,893)        -               42,107
appreciation
Closing valuation      971,000         -               1,025,000


5 Stated Capital
                                31 March    31 March    30 Sept
                                2007        2006        2006
Authorised:
The Company is a no par value
('NPV') company

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:
Founder shares                  2           2           2
Participating shares            9,294,248   9,294,248   9,294,248



Post balance sheet events

On 17 April 2007, 1,858,850 participating shares were issued at 95p raising
proceeds of £1,765,908.



6 Transaction costs

There were no transaction costs charged to the Company during the period. A
one-off

fee, including brokerage costs, is charged by the custodian to the Manager.



7 Net asset value per share

                     Net asset value
                  attributable per share
                31 March 2007 31 March 2006 30 September 2006
                p             p             p
Participating   84.56         85.11         83.40
shares

                     Net asset value
                31 March 2007 31 March 2006 30 September 2006
                £             £             £
                7,860,396     7,909,973     7,751,133


8 Financial instruments

The Company'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 property contracts yet to complete are not 'financial
instruments' but appropriate disclosures have been given below. The main risks
the Company faces from its financial instruments are (i) market price risk,
being the risk that the value of investment holdings will fluctuate as a result
of changes in market prices caused by factors other than interest rate or
currency movement, (ii) credit risk, (iii) interest rate risk and (iv) liquidity
risk. The Board regularly reviews and agrees 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.


Market price risk

Market price risk arises mainly from uncertainty about future prices of
financial instruments used in the Company's operations. It represents the
potential loss the Company might suffer through holding market positions as a
consequence of price movements. It is the Board's policy to hold a broad spread
of fixed interest investments in the portfolio in order to reduce risk arising
from factors specific to a particular location or sector. The Manager monitors
market prices throughout the year and reports to the Board, which meets
regularly in order to review investment strategy.

The contracts are highly leveraged such that small changes in the values of the
underlying properties can generate large changes in the unrealised values of the
contracts. By way of an example the change in value of a contract using a 5%
deposit could be affected by approximately twenty times the change in value of
the underlying asset.

It is the Board's policy to value each of the property contracts yet to complete
at the lower of cost and net realisable value as set out in note 1(d). This
eliminates to a significant degree the effect of market movements in the
underlying property on the value of the contracts. The total purchase price
including acquisition costs, of the 51 contracts is £6,649,702 and the Red Book
valuation of the properties as at 31 March 2007 is £8,250,000. Should the
Company complete on all the contracts and subsequent Red Book valuations fall by
more than 19%, the Company would then be exposed to any further falls in the
market, as the net realisable values would then be below cost.


Credit risk

As part of the fixed interest portfolio the Company 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 Company expects to place any such funds on
a short-term basis only and spread these over a number of different providers.
The deposits in respect of the property contracts yet to complete are held in
escrow with the developers' solicitors. This money is only released to the
developer on satisfactory completion of the property. Should a developer default
on the contract the deposit and any interest earned would be returned to the
Company.


Interest rate risk

Financial Assets

The interest rate risk profile of financial assets at the balance sheet date was
as follows:


Fixed Interest

                         31 March 2007 31 March 2006 30 September 2006
                         £             £             £
Financial Assets         5,666,608     7,351,126     5,941,738
Property contracts yet
to complete
                         5,666,608     7,351,126     5,941,738

Floating Rate
                         31 March 2007 31 March 2006 30 September 2006
                         £             £             £
Financial Assets         593,145       147,350       136,200
Property contracts yet
to complete
                         593,145       147,350       136,200

Non-Interest Bearing
                         31 March 2007 31 March 2006 30 September 2006
                         £             £             £
Financial Assets         172,806       340,933       366,602
Property contracts yet
to complete
                         172,806       340,933       366,602


All short-term debtors and creditors have been excluded from this disclosure.


The fixed interest assets have a weighted average maturity of 1.2 years (31
March 2006: 1.7 years; 30 September 2006: 1.4 years) and a weighted average
yield of 5.1% (31 March 2006: 5.2%; 30 September 2006: 5.1%) per annum.

The floating rate assets consist of cash deposits on call earning interest at
the prevailing market rates.

Changes in interest rates will impact on the value of fixed interest securities
and future cash flows from floating rate holdings. It will have no impact on the
property contracts yet to complete.


Liquidity risk

The Company's assets mainly comprise cash balances and readily realisable
securities, which can be sold to meet funding commitments if necessary. They
also comprise property contracts yet to complete, which are illiquid. The Board
has the ability to sell on the property contracts yet to complete. However,
should they decide not to, if for example there was insufficient liquidity in
the market, the Company would be liable to pay the remaining commitments set out
in the contracts which is currently £2,948,120.


Contingent liability

The company has entered into conditional contracts to purchase 68 units at sites
in Tring and Hayes. When these conditions are met, deposits totalling £467,337
will become due with a further £8,879,390 due on completion.






                      This information is provided by RNS
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