RODELL PROPERTIES LIMITED

(Registered no. 383326)

Report and Financial Statements Year ended 31 March 2007

Rodell Properties Limited Report and Financial Statements Contents

Page Company information Directors' report Statement of directors' responsibilities Chartered accountants' report Profit and loss account Balance sheet Notes to the financial statements 1 2 3 4 5 6 7

Rodell Properties Limited Company Information

Directors

Rosemary Bechler Stuart Hill

Secretary

Peter Facey

Registered office

6 Cynthia Street London N1 9JF

Reporting Accountants

Gotham Erskine LLP Chartered Accountants Friendly House 52 - 58 Tabernacle Street London EC2A 4NJ

Bankers

Co-operative Bank PLC 1 Islington High Street London N1 9TR

Rodell Properties Limited Directors' Report

The directors present their report and financial statements for the year ended 31 March 2007. Statement of Directors' Responsibilities Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements the directors are required to:

select suitable accounting policies and applied them consistently, make judgements and estimates that are reasonable and prudent, state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on a going concern basis (unless it is inappropriate to presume that the Charity will continue in operation).

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Principal activities The principal activities of the Company are that of property ownership, management and equipment leasing. Directors The directors who served during the year and their beneficial interests in the company's issued share capital were: Ordinary Shares of 1 each 31 March 2007 1 April 2006 10 10 10 10

Rosemary Bechlar Stuart Hill

The report of the directors has been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies. This report was approved, and auhtorised for issue, by the board on .

Peter Facey Secretary

Chartered accountants' independent assurance report to the Directors on the unaudited accounts of Rodell Properties Limited

We have performed certain procedures in respect of the Company's unaudited financial statements for the year ended 31 March 2007 as set out on pages 4 to 9, made enquiries of the Company's Directors and assessed accounting policies adopted by the Directors, in order to gather sufficient evidence for our conclusion in this report. This report is made solely to the Company's Directors, as a body, in accordance with the terms of engagement letter dated 7th December 2007. It has been released to the Directors on the basis that this report shall not be copied, referred to or disclosed, in whole (save for the Directors' own internal purposes or as may be required by law or by a competent regulator) or in part, without our prior written consent. Our work has been undertaken so that we might state to the Directors those matters that we have agreed to state to them in this report and for no other purposes. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company's Directors as a body for our work, for this report or the conclusions we have formed. Respective responsibilities You have confirmed that you have met your duty as set out in the Directors' statement on page 1. You consider that the Company is exempt from the statutory requirement for an audit for the year 2006/07. Our responsibility is to form and express an independent conclusion, based on the work carried out, to you on the financial statements. Scope We conducted our engagement in accordance with the Institute of Chartered Accountants in England & Wales Interim Technical Release AAF 03/06. Our work was based primarily upon enquiry, analytical procedures and assessing accounting policies in Accordance with the Financial Reporting Standards for Smaller Entities. If we considered it to be necessary, we also performed limited examination of evidence relevant to certain balances and disclosures in the financial statements in the financial statements. The terms of our engagement exclude any requirement to carry out comprehensive assessment of the risks of material misstatement, a consideration of fraud, laws, regulations and internal controls, and we have not done so. We are not required to, and we do not, express an audit opinion on these financial statements. Conclusion Based on our work, nothing come to our attention to refute the Directors' confirmation that in accordance with the Companies Act 1985 the financial statements give a true and fair view of the state of the Company's affairs as at 31 March 2007 and of its surplus for the year then ended and have been properly prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2005).

Gotham Erskine LLP Chartered Accountants Friendly House 52 - 58 Tabernacle Street London EC2A 4NJ Date:

Rodell Properties Limited Profit and Loss Account Year ended 31 March 2007

Notes

2007 163,388 (51,497)

2006 164,861 (70,091) 94,770 (6,616) 88,154 (17,106) 71,048

Turnover Administrative expenses Operating profit Interest payable Profit on ordinary activities before taxation Tax on profit on ordinary activities Profit on ordinary activities after taxation

111,891 (6,181) 105,710

3 12

(20,933) 84,777

The annexed notes form part of these financial statements 4

Rodell Properties Limited Balance Sheet as at 31 March 2007

Notes Fixed assets Tangible assets Investments 4 5 2007 1,782,559 237,799 2,020,358 2006 1,787,663 237,799 2,025,462

Current assets Debtors Cash at bank and in hand

53,643 393,436 447,079

55,376 366,442 421,818

Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year

(141,647) 305,432 2,325,790

(120,993) 300,825 2,326,287

(1,756)

(3,324)

Net assets Capital and reserves Called up share capital Investment & Property Realisation Reserve Revaluation reserve General Reserve Shareholders' funds

2,324,034

2,322,963

9 10 11 12

60 1,956,381 633,518 (265,925) 2,324,034

60 1,956,381 633,518 (266,996) 2,322,963

The Directors are satisfied that the Company is entitled to exemption under Section 249A(1) of the Companies Act 1985 and that no member or members have requested an audit pursuant to section 249B(2) of the Act. The directors acknowledge their responsibilities for: (i) ensuring that the Company keeps proper accounting records which comply with Section 221 of the Companies Act 1985; and (ii) preparing accounts which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of Section 226 of the Companies Act 1985, and which otherwise comply with the requirements of this Act relating to accounts, so far as applicable to the Company. The financial statements have been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2005). They were approved, and authorised for issue, by the Board on and signed on its behalf by:-

Stuart Hill Director The annexed notes form part of these financial statements 5

Rodell Properties Limited Notes to the Financial Statements Year ended 31 March 2007
1 Accounting policies Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention as modified by the revaluation of and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2005). Cash Flow The financial statement do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement under the Financial Reporting Standard or Smaller Entities (effective January 2005). Turnover Turnover comprises of rents receivable and investment income. Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful live on the following bases: Building improvements Fixtures and fittings Office and computer equipment - 10% of cost - 10% of cost - 25% of cost

Operating profit The operating profit is stated after charging: Depreciation of tangible fixed assets During the year, no director received any emoluments (2006 -nil).

2007

2006

5,104

5,377

Taxation

2007 20,933 20,933

2006 17,255 (149) 17,106

UK corporation tax on profit of the year - 19% Adjustment to previous year Tax on profit on ordinary activities

The Company was taxed on its investement and rental income at an effective rate of 19% (2006: 19%).

Rodell Properties Limited Notes to the Financial Statements Year ended 31 March 2007
4 Tangible fixed assets Land, buildings & improvement Cost or valuation At 1 April 2006 and 31 March 2007 Depreciation At 1 April 2006 Charge for the year At 31 March 2007 Net book value At 31 March 2007 At 31 March 2006 1,808,642 Furniture fittings & equipment 31,904

Total 1,840,546

20,979 5,104 26,083

31,904 31,904

52,883 5,104 57,987

1,782,559 1,787,663

Nil Nil

1,782,559 1,787,663

Cost or valuation of freehold properties at 31 March 2007 is as follows: 1,175,124 633,518 1,808,642

At cost Surplus on valuation

A valuation of the freeholds was carried out by Baker Lambie, Chartered Surveyors of Myddleton Square, London EC1, in February 2001.

Investments Investment in government securities Cost At 1 April 2006 and 31 March 2007 2007 Listed investments at market value 267,711 237,799 2006 235,413

Rodell Properties Limited Notes to the Financial Statements Year ended 31 March 2007
6 Debtors 2007 17,207 1,929 30,401 4,106 53,643 2006 6,613 1,720 42,937 4,106 55,376

Trade debtors Prepayments and accrued interest Inter company account ACT recoverable (after one year)

Creditors: amounts falling due within one year

2007 90,664 1,568 20,932 3,089 5,394 20,000 141,647

2006 90,664 1,382 17,255 5,918 5,774 120,993

Loan Current portion of long term loan (note 8) Corporation tax Social security and other taxes Trade & other creditors Proposed dividends

The loan from New Politics Network is unsecured and interest is payable annually at 2% above base rate. The loan is repayable on demand.

Creditors: amounts falling due after one year

2007 1,756

2006 3,324

Long term loan

The long term loan represents the liability to settle the payment received from a new lessor upon the termination of a photocopier lease in 2005.

Share capital Authorised 100 Ordinary Shares of 1 each

2007 100

2006 100

Allotted, called up and fully paid 60 Ordinary Shares of 1 each 60

60

Rodell Properties Limited Notes to the Financial Statements Year ended 31 March 2007
10 Investment & Property Realisation Reserve 2007 1,871,097 113,038 (2,838) (20,705) 1,047 (5,258) 1,956,381

Surplus on sale of freehold properties 1981 to 1990 Net surplus on sale of securities 1983 to 2001 Deficit on maturity of securities 2001-02 Deficit on maturity of securities 2001-02 Surplus on maturity of securities 2003-04 Deficit on maturity of securities 2004-05 At 31 March 2007

11 Freehold Revaluation Reserve Surplus on revaluation of properties in February 2001 633,518

12 Reserves - Profit and loss account

2007 (266,996) 84,777 (83,706) (265,925)

2006 (263,347) 71,048 (74,697) (266,996)

At 1 April 2006 Profit for the year Dividends At 31 March 2007

13 Related parties a) New Politics Network - a company limited by guarantee New Politics Network, a Company incorporated in England and Wales, has directors in common with the Company. The Company recharged office costs to New Politics Network totalling 5,563 and were invoiced management fees of 14,704 for services provided by the executives of New Politics Network. Interest of 3,190 was charged on a loan (note 7). At the year end, New Politics Network owed the company 30,401and was owed 90,664 (2006: 90,664) for the loan. b) New Politics Network - an unincorporated association New Politics Network an unincorporated association was charged office costs totalling 3,087 (2006: 8,137) and were invoiced management fees of 14,441 (2006: 28,950) for services provided by the executives of New Politics Network in the six month period to 30 September 2006. Interest of 2,994 (2006: 5,938) was charged on a loan (note 7). At 30 September 2006 the activities, assets and liabilities of New Politics Network were transferred to New Politics Network a company limited by guarantee but the beneficial ownership of the shares in the Company remained with the unincorporated association.

Rodell Properties Limited Detailed Profit and Loss Account Year ended 31 March 2007
for the information of the directors only 2007 Turnover Overheads and rental outgoings Operating profit Interest payable Profit before tax 1 2 163,388 (51,497) 111,891 (6,181) 105,710 2006 164,861 (70,091) 94,770 (6,616) 88,154

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Rodell Properties Limited Schedule to the Profit and Loss Account Year ended 31 March 2007
for the information of the directors only 2007 1 Turnover Rental and Recharge Income Investment Income - government stock Bank interest receivable Other interest receivable 2 Rental Outgoings Management fees Printing and stationery Rates Water Cleaning Leased telecom line Repairs and maintenance Depreciation - freehold properties Sub total Administrative expenses Charitable donations Accountancy Bank charges Light and heat Security and services Insurances Photocopier Sundry Depreciation - equipment IT Maintenance Sub Total Total 137,740 12,580 13,025 43 163,388 2006 139,265 12,580 12,947 69 164,861

29,145 1,834 3,430 137 2,496 1,252 731 5,104 44,129

28,950 900 3,260 141 2,764 1,062 150 5,104 42,331

2,800 376 83 541 559 1,959 571 479 7,368 51,497

21,420 2,400 287 4 448 371 1,468 413 273 676 27,760 70,091

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