Directors Report 1

Directors' Report for the Year Ended 28 February 2019
The directors present their report with the financial statements of the Company for the year ended 28 February 2019.
PRINCIPAL ACTIVITIES The Company did not trade in the current year.
DIVIDENDS The directors do not recommend the payment of a dividend (2018: Eni1).
DIRECTORS The directors shown below have held office during the whole of the period from 1 March 2018 to the date of this report.
A W Hicks G J Wilson
The directors in place during the year and also at the date of approval benefit from qualifying third party indemnity provisions provided by the parent undertaking.
POLITICAL DONATIONS AND EXPENDITURE There were no political donations made during the year (2018: Enil).
GOING CONCERN The directors believe that the Company remains a going concern as it has no liabilities and no committed future operating expenses. As a result, the directors continue to adopt going concern basis in preparing the annual financial statements.
The directors have no firm plans with regards to the future of the Company.
EMPLOYMENT POLICIES The Company no longer trades. As a result, the Company no longer employs any staff and thus no employment policies have been presented.
AUDITOR The Company has not traded throughout the year. In accordance with section 480(1)(b) of the Companies Act 2006, the directors have decided not to appoint an auditor.
STATEMENT OF DIRECTORS' RESPONSIBILITIES The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". Under Company law the directors must not approve the financial statements unless they are satisfied that they 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 these financial statements, the directors are required to:
oselect suitable accounting policies and then apply them consistently; omake judgements and accounting estimates that are reasonable and prudent; ostate whether applicable UK Accounting Standards, including FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and oprepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
The directors have also taken advantage of the small companies exemptions provided by section 415B of the Companies Act 2006 not to disclose a strategic report.
ON BEHALF OF THE BOARD:

A W Hicks - Director
Date: 25 November 2019
The notes on page 4 form part of these financial statements
Page 2
Advanced Chorus Application Software Limited (Registered number: 03838526)
Statement of Financial Position at 28 February 2019
2019 2018 Notes ?000 ?000 TOTAL ASSETS LESS CURRENT LIABILITIES
CAPITAL AND RESERVES The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.
The members have not required the Company to obtain an audit of its financial statements for the year ended 28 February 2019 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for: (a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and (b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.
The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
The financial statements were approved by the Board of Directors on 25 November 2019 and were signed on its behalf by:

A W Hicks - Director
?Statement of Comprehensive Income for the Year Ended 28 February 2019 During the financial year and the preceding financial year the Company has not traded and has received no income and incurred no expenditure. Consequently, during those periods the Company has made neither a surplus nor a deficit.

The notes on page 4 form part of these financial statements
Page 3
Advanced Chorus Application Software Limited (Registered number: 03838526)
Notes to the Financial Statements for the Year Ended 28 February 2019
1.STATUTORY INFORMATION
Advanced Chorus Application Software Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.ACCOUNTING POLICIES
Basis of preparing the financial statements Advanced Chorus Application Software Limited is a company incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the contents page and the nature of the company's operations and its principal activities are set out in the directors' report.
These financial statements were prepared in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") as issued in August 2014. The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest ?1,000.
The financial statements have been prepared on the historical cost basis.
As the company has met the Companies Act 2006 definition of a dormant company as at and since the date of transition the accounting policies applied at the date of transition under previous GAAP have been retained as permitted by paragraph 10(m) of chapter 35 of FRS 102. As a result there will be no change to amounts reported at 1 March 2014 until there is any change to those balances or the company undertakes any new transactions.
The financial statements have been prepared on the going concern basis, which the directors believe to be appropriate as the Company has no liabilities and no committed future operating expenses. It is the intention of the directors to have the Company wound up in the future.
3.DIRECTORS' EMOLUMENTS
The directors are also directors of other companies in the Air Newco 6 Group. These directors' services to the Company do not occupy a significant amount of their time and as such the directors do not consider that they have received any remuneration for their incidental services to the Company during the year. The directors are remunerated for their services to this Company by another Group company.
4.CALLED UP SHARE CAPITAL
Allotted, issued and fully paid: Number: Class: Nominal 2019 2018 value: ? ? 10 Ordinary ?0.10 1 1
5.RELATED PARTY DISCLOSURES
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
6.ULTIMATE CONTROLLING PARTY
The immediate parent company is Computer Software Holdings Limited, a company registered in England and Wales.
The parent company of the largest group in which the Company is included in consolidated financial statements is that of Air Newco 1 Societe Anonyme a Responsabilite Limitee, a company registered in Luxembourg.
The consolidated financial statements of Air Newco 1 Societe Anonyme a Responsabilite Limitee are available to the public from 19 Rue De Bitbourg, L-1273, Luxembourg.
The parent company of the smallest group in which the Company is included in consolidated financial statements is that of Air Newco 6 Societe Anonyme a Responsabilite Limitee, a company registered in Luxembourg.
The Ultimate holding company is Vista Fund V Limited Partnership, managed by Vista Equity Partners, which is registered with the SEC as a Registered Investment Advisor under registration number 801-73726.
On the 9 October 2019 the group was acquired by BC Partners incorporated in England and Wales. On the same day 50% of the group was bought by Vista Fund VII Limited Partnership.

Directors Report 2

Directors' Report for the Year Ended 28 February 2018
The directors present their report with the financial statements of the Company for the year ended 28 February 2018.
PRINCIPAL ACTIVITIES The Company did not trade in the current year.
DIVIDENDS The directors do not recommend the payment of a dividend (2017: Enil).
DIRECTORS The directors shown below have held office during the whole of the period from 1 March 2017 to the date of this report.
A W Hicks G J Wilson
The directors in place during the year and also at the date of approval benefit from qualifying third party indemnity provisions provided by the parent undertaking.
POLITICAL DONATIONS AND EXPENDITURE There were no political donations made during the year (2017: Enil).
GOING CONCERN The directors believe that the Company remains a going concern as it has no liabilities and no committed future operating expenses. As a result, the directors continue to adopt going concern basis in preparing the annual financial statements.
The directors have no firm plans with regards to the future of the Company.
EMPLOYMENT POLICIES The Company no longer trades. As a result, the Company no longer employs any staff and thus no employment policies have been presented.
AUDITOR The'Company has not traded throughout the year. In accordance with section 480(1)(b) of the Companies Act 2006, the directors have decided not to appoint an auditor.
STATEMENT OF DIRECTORS' RESPONSIBILITIES The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". Under Company law the directors must not approve the financial statements unless they are satisfied that they 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 these financial statements, the directors are required to:
oselect suitable accounting policies and then apply them consistently; omake judgements and accounting estimates that are reasonable and prudent; ostate whether applicable UK Accounting Standards, including FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and oprepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
The directors have also taken advantage of the small companies exemptions provided by section 415B of the Companies Act 2006 not to disclose a strategic report.
ON BEHALF OF THE BOARD: 11/V A W Hicks- Director
Date: 19 September 2018

Page 2 Advanced Chorus Application Software Limited (Registered number: 03838526)

Statement of Financial Position 2018-02-28 00:00:00

2018.0

2017.0 Notes 0.0 E000 TOTAL ASSETS LESS CURRENT LIABILITIES
CAPITAL AND RESERVES The Company is entitled to exemption from audit under Section 480 of the Companies Act 2006 for the year ended 28 February 2018.
The members have not required the Company to obtain an audit of its financial statements for the year ended 28 February 2018 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for: (a). ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and (b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.
The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
The financial statements were approved by the Board of Directors on 19 September 2018 and were signed on its behalf by:

A W Hicks - Director

Directors Report 3

Directors' Report for the Year Ended 28 February 2017
The directors present their report with the financial statements of the Company for the year ended 28 February 2017.
PRINCIPAL ACTIVITIES The Company did not trade in the current year.
REVIEW OF BUSINESS On the 19 March 2015 the entire issued and to be issued share capital of Advanced Computer Software Group Limited (previously Advanced Computer Software Group Plc) ("ACS") (the ultimate holding company at that time) was acquired (the Acquisition), by Air Bidco Limited ("Bidco"). Bidco is ultimately owned by Vista Equity Partners Fund V, L.P, which is managed by Vista Equity Partners ("Vista").
The Acquisition was implemented by means of a scheme of arrangement (the Scheme) pursuant to Part 26 of the Companies Act 2006. Shareholders approval of the Acquisition and the Scheme was given at a Court and general meeting of ACS held on 25 February 2015 and the Scheme was sanctioned by the High Court on 16 March 2015. ACS shares were suspended from trading on the AIM on 18 March 2015, immediately prior to the date of the Acquisition.
DIVIDENDS The directors do not recommend the payment of a dividend (2016: Enil).
DIRECTORS The directors shown below have held office during the whole of the period from 1 March 2016 to the date of this report.
A W Hicks G J Wilson
The directors in place during the year and also at the date of approval benefit from qualifying third party indemnity provisions provided by the parent undertaking.
POLITICAL DONATIONS AND EXPENDITURE There were no political donations made during the year (2016: Enil).
GOING CONCERN The directors believe that the Company remains a going concern as it has no liabilities and no committed future operating expenses. As a result, the directors continue to adopt going concern basis in preparing the annual financial statements.
The directors have no firm plans with regards to the future of the Company.
EMPLOYMENT POLICIES The Company no longer trades. As a result, the Company no longer employs any staff and thus no employment policies have been presented.
AUDITOR The Company has not traded throughout the year. In accordance with section 480(1)(b) of the Companies Act 2006, the directors have decided not to appoint an auditor.
STATEMENT OF DIRECTORS' RESPONSIBILITIES The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". Under Company law the directors must not approve the financial statements unless they are satisfied that they 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 these financial statements, the directors are required to:
oselect suitable accounting policies and then apply them consistently; omake judgements and accounting estimates that are reasonable and prudent; ostate whether applicable UK Accounting Standards, including FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and oprepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

Page 2
Advanced Chorus Application Software Limited (Registered number: 03838526)
Directors' Report for the Year Ended 28 February 2017
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
The directors have also taken advantage of the small companies exemptions provided by section 4146 of the Companies Act 2006 not to disclose a strategic report.
ON BEHALF OF. E BOARD-

A W Hicks - Director
2017-10-16 00:00:00

Page 3
Advanced Chorus Application Software Limited (Registered number: 03838526)
Statement of Financial Position as at 28 February 2017
2017 2016 Notes ?000 ?000 TOTAL ASSETS LESS CURRENT LIABILITIES
CAPITAL AND RESERVES The Company is entitled to exemption from audit under Section 480 of the Companies Act 2006 for the year ended 28 February 2017.
The members have not required the Company to obtain an audit of its financial statements for the year ended 28 February 2017 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for: (a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and (b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.
The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
The financial statements were approved by the Board of Directors on 16 October 2017 and were signed on its behalf by:

A W Hicks - Director

Directors Report 4

Directors' Report for the Year Ended 29 February 2016
The directors present their report with the audited financial statements of the Company for the year ended 29 February 2016.
PRINCIPAL ACTIVITIES The Company did not trade in the current year.
REVIEW OF BUSINESS The Company did not trade in the current year.
On the 19 March 2015 the entire issued and to be issued share capital of Advanced Computer Software Group Limited (previously Advanced Computer Software Group Plc) ("ACS") (the ultimate holding company at that time) was acquired (the Acquisition), by Air Bidco Limited ("Bidco"). Bidco is ultimately owned by Vista Equity Partners Fund V, L.P, which is managed by Vista Equity Partners (Vista).
The Acquisition was implemented by means of a scheme of arrangement (the Scheme) pursuant to Part 26 of the Companies Act 2006. Shareholders approval of the Acquisition and the Scheme was given at a Court and general meeting of ACS held on 25 February 2015 and the Scheme was sanctioned by the High Court on 16 March 2015. ACS shares were suspended from trading on the AIM on 18 March 2015, immediately prior to the date of the Acquisition.
DIRECTORS The directors who have held office during the period from 1 March 2015 to the date of this report are as follows:
B Firth - resigned 31 March 2015 P Gibson - resigned 9 September 2015 V Murria - resigned 18 May 2015 B Bolin - appointed 24 June 2015- resigned 17 December 2015 A W Hicks - appointed 17 December 2015 G J Wilson - appointed 9 September*2015
The directors in place during the year and also at the date of approval benefit from qualifying third party indemnity provisions provided by the parent undertaking.
POLITICAL DONATIONS AND EXPENDITURE There were no political donations made during the year (2015: Enil).
GOING CONCERN The directors believe that the Company remains a going concern as it has no liabilities and no committed future operating expenses. As a result, the directors continue to adopt going concern basis in preparing the annual financial statements.
The directors have no firm plans with regards to the future of the Company.
EMPLOYMENT POLICIES The Company no longer trades. As a result, the Company no longer employs any staff and thus no employment policies have been presented.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.
INDEPENDENT AUDITORS In accordance with section 519 of the Companies Act 2006, KPMG LLP ceased to hold office as auditors on the 30 September 2015. Pursuant to Section 485 of the Companies Act 2006 by ordinary resolution of the members PricewaterhouseCoopers LLP have been appointed as auditors of the company. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. ON BEHALF OF THE BOARD:

A W Hicks - Director
2016-06-27 00:00:00

Page 2 Advanced Chorus Application Software Limited (Registered number: 03838526)
Directors Responsibilities Statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations_
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Under Company law the directors must not approve the financial statements unless they are satisfied that they 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 these financial statements, the directors are required to:
oselect suitable accounting policies and then apply them consistently; omake judgements and accounting estimates that are reasonable and prudent; ostate whether applicable UK Accounting Standards, including FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and oprepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

Page 3 Independent auditors' report to the members of Advanced Chorus Application Software Limited (Registered number: 03838526)
REPORT ON THE FINANCIAL STATEMENTS

Our opinion
In our opinion, Advanced Chorus Application Software Limited's financial statements (the "financial statements"):
?give a true and fair view of the state of the company's affairs as at 29 February 2016 and of its result for the year then ended; ?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ?have been prepared in accordance with the requirements of the Companies Act 2006.

What we have audited
The financial statements, included within the Directors' Report and Financial Statements (the "Annual Report"), comprise:
?the statement of financial position as at 29 February 2016; ?the statement of comprehensive income for the year then ended; ?the statement of changes in equity for the year then ended; and ?the notes to the financial statements, which include a summary of significant accounting policies and other explanatorytnformation.
The financial reporting framework that has been applied in the preparation of the financial statements is United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law (United Kingdom Generally Accepted Accounting Practice).
In applying the financial reporting framework, the directors have made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events.

OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent withthe financial statements.
OTHER MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
Adequacy of accounting records and information and explanations received Under the Companies Act 2006 we are required to report to you if, in our opinion:
we have not received all the information and explanations we require for our audit; or adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by US; Or . the financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility.

Directors' remuneration
Under the Companies Act 2006 we are required to report to you if, in our opinion, certain disclosures of directors' remuneration specified by law are not made. We have no exceptions to report arising from this responsibility.

Entitlement to exemptions
Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled to: prepare financial statements in accordance with the small companies regime; and take advantage of the small companies exemption from preparing a strategic report. We have no exceptions to report arising from this responsibility.

Page 4
Independent auditors' report to the, members of Advanced Chorus Application Software Limited (Registered number: 03838526)
RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS AND THE AUDIT

Our responsibilities and those of the directors
As explained more fully in the Directors Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) ("ISAs (UK & Ireland)"). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and only for the parent company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

What an audit of financial statements involves
We conducted our audit in accordance with ISAs (UK & Ireland). An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of:
?whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; ?the reasonableness of significant accounting estimates made by the directors; and ?the overall presentation of the financial statements.
We primarily focus our work in these areas by assessing the directors' judgements against available evidence, forming our own judgements, and evaluating the disclosures in the financial statements.
We test and examine information, using sampling and other auditing techniques, to the extent we consider necessary to provide a reasonable basis for us to draw conclusions. We obtain audit evidence through testing the effectiveness of controls, substantive procedures or a combination of both.
In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the 'course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Alex Hookway (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Uxbridge 2016-06-01 00:00:00

Page 5
Advanced Chorus Application Software Limited (Registered number: 03838526)

Directors Report 5

The directors present their strategic report for the year ended 28 February 2015.
PRINCIPAL ACTIVITIES The Company did not trade in the current year.
REVIEW OF BUSINESS The Company did not trade in the current year.
On 9 February 2015, the Company had a capital reduction, transferring all but ?1 of its share capital and its entire share premium reserve account to distributable reserves. See note 10 for more details.
On 25 November 2014, the independent Directors of Advanced Computer Software Group sLimited (formerly Advanced Computer Software Group plc) ("ACS"), the Company's ultimate parent company and controlling party at that date, announced that they had reached agreement on the terms of a recommended cash offer made by Air Bidco Limited, a wholly owned subsidiary of Vista Equity Partners Fund V, L.P ("Vista"), for the entire issued and to be issued share capital of ACS (the Acquisition). The Acquisition was implemented by means of a scheme of arrangement (the Scheme) pursuant to Part 26 of the Companies Act 2006.
Shareholders' approval of the Acquisition and the Scheme was given at a Court and general meeting of ACS held on 25 February 2015. The Scheme was sanctioned by the High Court on 16 March 2015 and ACS shares.were suspended from trading on the AIM (a market of the London Stock Exchange) on 18 March 2015. The Acquisition became effective on 19 March 2015 and ACS shares were delisted from AIM.
PRINCIPAL RISKS AND UNCERTAINTIES The Company no longer trades. As a result, the Company no longer considers potential risks and uncertainties and management mitigating actions.
FUTURE DEVELOPMENTS The Company. no longer trades. As a result, the Company no longer considers potential future developments. It is the intention of the directors to have the Company wound up in the future.
PERFORMANCE MEASUREMENT The Company no longer trades. As a result, the Company no longer requires the measurement of performance and related key performance indicators.
ON BEHALF OF THE BOARD:

P Gibs 'rector
Date:

Page 2
Advanced Chorus Application Software Limited (Registered number: 03838526)
Directors Report for the Year Ended 28 February 2015
The directors present their report with the financial statements of the Company for the year ended 28 February 2015.
Reporting requirements on the Company's principal activities and future developments, its principal risks and uncertainties and its key performance can be found in the Strategic report on page 2.
DIVIDENDS During the year the Company made a dividend in specie of ?8,459,000 (2014: Enil).
EVENTS SINCE THE END OF THE YEAR Information relating to events since the end of the year is given in the notes to the financial statements.
DIRECTORS Unless otherwise stated, the directors shown below have held office during the whole of the period from 1 March 2014 to the date of this report.
B Firth (resigned 31 March 2015) P Gibson V Murria (resigned 18 May 2015) B Bolin (appointed 24 June 2015)
The directors in place during the period benefit from qualifying third party indemnity provisions provided by the parent undertaking.
POLITICAL DONATIONS AND EXPENDITURE There were no political donations made during the period (2014: Enil).
GOING CONCERN As detailed in the Strategic Report, the directors believe that the Company remains a going concern as it has no liabilities and no committed future operating expenses. As a result, the directors continue to adopt going concern basis in preparing the annual financial statements.
The directors have no firm plans with regards to the future of the Company.
EMPLOYMENT POLICIES The Company no longer trades. As a result, the Company no longer employs any staff and thus no employment policies have been presented.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditor is unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
AUDITOR Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and KPMG LLP will therefore continue in office.
ON BEHALF OF THE BOARD:

P Gibs
Date:

Page 3
Advanced Chorus Application Software Limited (Registered mnnber: 03838526)
Directors' Responsibilities Statement for the Year Ended 28 February 2015
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice).
Under Company law the directors must not approve the financial statements unless they are satisfied that they 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 these financial statements, the directors are required to:
oselect suitable accounting policies and then apply them consistently; omake judgements and estimates that are reasonable and prudent; ostate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and oprepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Page 4 Report of the Independent Auditors to the Members of Advanced Chorus Application Software Limited
We have audited the financial statements of Advanced Chorus Application Software Limited for the year ended 28 February 2015 on pages 6 to 12. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our' audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www.frc.orcLuk/auditscooeukprivate.
Opinion on financial statements In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 28 February 2015 and of its result for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception .We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by US; Or the financial statements are not in agreement with the accounting records and returns; or 'certain disclosures of directors' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit.
L-r7 John Bennett (Senior Statutory Auditor) for and on behalf of KPMG LLP Arlington Business Park Reading Berkshire RG7 4SD
Date:

t-1/41 ty

Page 5 Advanced Chorus Application Software Limited (Registered number: 03838526)

Directors Report 6

The directors present their strategic report for the year ended 28 February 2014.
PRINCIPAL ACTIVITIES The principal activity of the Company during the year under review was that of the provision of computer consultancy and the development, marketing and sale of computer software.
REVIEW OF BUSINESS The results for the period and financial position of the company are shown in the financial statements.
The Company reported turnover of ?2,522,000 for the 8 month period (2013: ?3,550,000 for a 10 month period).
The Company made a loss after tax for the period of ?2,352,000 (2013: ?51,000), after recognising a loss of ?2,764,000 from the impairment of goodwill.
The average number of employees employed by the company in the year was 33 (2013: 37).
Acquisition of the business On 7 March 2013 the Company (as part of a Group) was acquired by Advanced Computer Software Group plc (ACS).
On the 1 November 2013, the Company sold its trade and assets to a group company, Advanced Business Software and Solutions Limited, at a market value of ?8,460,000. The net assets at the date of transfer were ?8,460,000, resulting in neither a profit nor loss on sale of its operations.
Please see note 5 for further details.
As of the 1 November 2013, the Company is dormant.
PRINCIPAL RISKS AND UNCERTAINTIES During the period, the Company sold its trade and assets to a Group company. As a result, the Company no longer considers potential risks and uncertainties and management mitigating actions.
FUTURE DEVELOPMENTS During the period, the Company sold its trade and assets to a Group company. As a result, the Company no longer considers potential future developments.
PERFORMANCE MEASUREMENT During the period, the Company sold its trade and assets to a Group company. As a result, the Company no longer requires the measurement of performance and related key performance indicators. The analysis of the performance of the trade previously associated with the Company will be detailed in the acquiring Group company's financial statements.
ON BEHALF OF THE BOARD:

B Firth - Director

Date: 'Lck

Page 2 Advanced Chorus Application Software Limited (Registered number: 03838526)
Directors' Report for the Year Ended 28 February 2014
The directors present their report and the audited financial statements of the company for the year ended 28 February 2014.
CHANGE OF NAME The company passed a special resolution on 7 March 2013, changing its name from IRIS Chorus Application Software Limited to Advanced Chorus Application Software Limited.
DIVIDENDS No dividends were declared or paid in the current year or previous period.
DIRECTORS The directors who have held office during the period from 1 March 2013 to the date of this report are as follows:
N Roberts - resigned 7 March 2013 B Firth - appointed 7 March 2013 K Crompton - resigned 7 March 2013 R I Preedy - resigned 7 March 2013 P Gibson - appointed 7 March 2013 V Murria - appointed 7 March 2013
The directors in place during the period benefit from qualifying third party indemnity provisions provided by the parent undertaking.
The directors holding office at 28 February 2014 did not hold any beneficial interest in the issued share capital of the company at 1 March 2013 or 28 February 2014.
POLITICAL DONATIONS AND EXPENDITURE There were no political donations made during the period (2013: Enil).
GOING CONCERN Notwithstanding the sale of the trade and assets to a group company, as detailed in the Strategic Report, the directors believe that the Company remains a going concern as it has no liabilities and no committed future operating expenses. As a result, the directors continue to adopt going concern basis in preparing the annual financial statements.
The Directors have no firm plans with regards to the future of the Company.
EMPLOYMENT POLICIES During the period, the Company sold its trade and assets to a Group company. As a result, the Company no longer employs any staff and thus no employment policies have been presented.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditor is unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
AUDITOR Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and KPMG LLP will therefore continue in office.

ax3 Date: ON BEHALF OF THE BOARD:

B Firth - Director
Page 3
Advanced Chorus Application Software Limited (Registered number: 03838526)
Directors' Responsibilities Statement for the Year Ended 28 February 2014
The directors are responsible for preparing the Directors Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice).
Under Company law the directors must not approve the financial statements unless they are satisfied that they 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 these financial statements, the directors are required to:
oselect suitable accounting policies and then apply them consistently; omake judgements and estimates that are reasonable and prudent; ostate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and oprepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Page 4
Report of the Independent Auditors to the Members of Advanced Chorus Application Software Limited
We have audited the financial statements of Advanced Chorus Application Software Limited for the year ended 28 February 2014 on pages six to fourteen. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www.frc.org.uk/auditscopeukprivate.
Opinion on financial statements In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 28 February 2014 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception . We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of directors' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit.

Paul Gres m (Senior Statutory Auditor) for and on behalf of KPMG LLP Arlington Business Park Reading Berkshire RG7 4SD Date: 2? SZ"e, 20 14

Page 5 Advanced Chorus Application Software Limited (Registered number: 03838526)

Directors Report 7

Report of the Directors for the Period 1 May 2012 to 28 February 2013
The directors present their report and the audited financial statements of the company for the 10 month penod ended 28 February 2013
CHANGE OF NAME The company passed a special resolution on 7 March 2013 changing its name from Ins Chorus Application Software Limited to Advanced Chorus Application Software Limited
PRINCIPAL ACTIVITY The pnnapal activity of the company in the penod under review was that of the provision of computer consultancy and the development, marketing and sale of computer software
GOING CONCERN The Company has considerable financial resources together with long contracts with a number of UK based customers and suppliers As a consequence, the Directors believe that the Company is well placed to manage its business risks successfully despite the current economic outlook
On 7 March 2013 the Group was acquired by Advanced Computer Software Group plc (ACS) and the Company guaranteed bank borrowings of a fellow group undertaking The banking facility is structured as ?55m term loan and ?50m revolving credit facility both falling due for repayment in September 2016 The Directors have reviewed the cashflow forecasts of ACS and consider there to be sufficient resources to allow ACS to meet as obligations for the foreseeable future (being a penod of not less than twelve months from the date of signing the financial statements) Therefore the Directors continue to adopt the going concern basis in prepanng the annual financial statements
REVIEW OF BUSINESS The results for the penod and financial position of the company are shown in the financial statements
The company continued to yield strong profit margins, with gross profit of ?3,126,518 (2012 ?3,989,167) and operating profit of ?636,173 (2012 ?667,256) which represents 18% of sales revenue The contract retention rate is in excess of 95% The average number of employees employed by the company in the year was 37 (2012 45)
PRINCIPAL RISKS AND UNCERTAINTIES The main nsks are a decline in customer demand, market place complacency and increasing business failures in its current subscribed customer base, and the overall economy
These nsks are managed by not only providing value added services to the company's subscribers but also by maintaining strong relationships with them
FUTURE PROSPECTS The directors believe that there is considerable scope for expansion of the core business within the UK market
DIVIDENDS No dividends were distributed for the 10 month penod ended 28 February 2013(2012 ?nil)
EVENTS SINCE THE END OF THE PERIOD Information relating to events since the end of the penod is given in the notes to the financial statements
DIRECTORS N Roberts (resigned 7 March 2013) K Crompton (resigned 7 March 2013) RI Preedy (resigned 7 March 2013)
Other changes in directors holding office are as follows
V Muma (appointed 7 March 2013) B Firth (appointed 7 March 2013) P Gibson (appointed 7 March 2013)
The directors in place dunng the penod benefit from qualifying third party indemnity provisions provided by the parent undertaking
The directors holding office at 28 February 2013 did not hold any beneficial interest in the issued share capital of the company at 1 May 2012 0r28 February 2013

Page 2

Advanced Chorus Application Software Limited (Registered number: 03838526) Previously known as Iris Chorus Application Software Limited
Report of the Directors for the Period 1 May 2012 to 28 February 2013
FINANCIAL RISK FACTORS Credit Risk The company has moderate concentrations of credit nsk The company has policies in place to ensure that sales of services are made to clients with an appropnate credit history Cash and cash equivalents are held with reputable institutions One customer, Argos, amounts to 28% of turnover and stnct settlement discounts are in place to manage credit exposure
Interest Risk The company earns interest on its cash, however there are daily sweep arrangements in place moving all cash to the immediate parent company, CSG Alnico Limited An intermediate parent company, CSG Moo Limited, has borrowings through a combination of short and long term fixed and vanable rate instruments CSG Bidco Limited manages its interest nsk through interest rate hedge instruments
Foreign Exchange Risk No matenal part of the company operates outsides of the United Kingdom transacting yielding minimal exposure to foreign exchange nsk arising from currency exposures
Concentration Risk Dunng the 10 month penod ended 28 February 2013, no income from a single customer exceeded 28% (2012 25%) of the company's turnover The customer with the highest percentage concentration by turnover for the year was Argos Limited 28% (2012 Argos Limited 25%) The concentration nsk from Argos is mitigated by the signing of long-term contracts where possible
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE DIRECTORS' REPORT AND THE FINANCIAL STATEMENTS The directors are responsible for prepanng the Directors' Report and the financial statements in accordance with applicable law and regulations
Company law requires the directors to prepare financial statements for each financial year Under that law they have elected to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practicekincluding [FRS 101 Reduced Disclosure Framework] [FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland]]
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit and loss of the company for that penod In prepanng these financial statements, the directors are required to
- select suitable accounting policies and then apply them consistently - make judgements and estimates that are reasonable and prudent - state whether applicable UK Accounting Standards have been followed, subject to any matenal departures disclosed and explained in the financial statements, and - prepare the financial statements on the going concern basis unless it is inappropnate to presume that the company will continue in business
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregulanbes
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information
AUDITORS It is proposed that KPMG LLP will be appointed auditors of the company, replacing KPMG Audit Plc The resolution for this change will be proposed at the Annual General meeting
ON BEHALF OF THE BOARD

B Firth Director
2013-06-26 00:00:00

Page 3

Report of the Independent Auditors to the Members of Advanced Chorus Application Software Limited
We have audited the financial statements of Advanced Chorus Application Software Limited for the 10 month penod ended 28 February 2013 set out on pages five to twelve The financial reporting framework that has been applied in their preparation is applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed
Respective responsibilities of directors and auditor As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view Our responsibility is to audit, and express an opinion on, the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors
Scope of the audit of the financial statements A descnpbon of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www frc org uk/auditscopeukpnvate
Opinion on financial statements In our opinion the financial statements - give a true and fair view of the state of the company's affairs as at 28 February 2013 and of its loss for the penod then ended, - have been properly prepared in accordance with UK Generally Accepted Accounting Practice, and - have been prepared in accordance with the requirements of the Companies Act 2006
Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial penod for which the financial statements are prepared is consistent with the financial statements
Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us, or - the financial statements are not in agreement with the accounting records and returns, or - certain disclosures of directors' remuneration specified by law are not made, or - we have not received all the information and explanations we require for our audit
lawn_

Paul Gresham (Senior Statutory Auditor) for and on behalf of KPMG Audit Plc Arlington Business Park Reading Berkshire RG7 4SD
2013-06-27 00:00:00

Page 4
Advanced Chorus Application Software Limited (Registered number: 03838526) Previously known as Ins Chorus Application Software Limited

Directors Report 8

Report of the Directors for the Year Ended 30 April 2012
The directors present their report and the audited financial statements of the company for the year ended 30 Apnl 2012
PRINCIPAL ACTIVITY The principal activity of the company in the year under review was that of the provision of computer consultancy and the development, marketing and sale of computer software
GOING CONCERN The company's business activities and pnnapal risks and uncertainties are detailed below Liquidity is managed at CSG Bidos Limited level using long-term group bank facilities Having considered these nsks and the current uncertain economic environment, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence as a trading company for the foreseeable future Accordingly they continue to adopt the going concern basis in prepanng the annual report and accounts
REVIEW OF BUSINESS On 1 May 2011 the company acquired the trade and assets of the Chorus software business from Computer Software Group Limited at market value of ?11,922000 which is in excess of book value From that date it commenced to service all Chorus customer contracts
The results for the period and financial position of the company are shown in the financial statements
The company continued to yield strong profit margins, with gross profit of ?3,989,167 (2011 End) and operating profit of ?667,256 (2011 End) which represents 15% of sales revenue The contract retention rate is in excess of 89% The number of employees employed by the company in the year was 45 (2011 nil)
PRINCIPAL RISKS AND UNCERTAINTIES The main nsks are a decline in customer demand, market place complacency and Increasing business failures in its current subscribed customer base, and the overall economy
These risks are managed by not only providing value added services to the company's subscribers but also by maintaining strong relationships with them
FUTURE PROSPECTS The directors believe that there is considerable scope for expansion of the core business within the UK market
DIVIDENDS No dividends were distributed for the year ended 30 April 2012 (2011 End)
DIRECTORS The directors shown below have held office during the whole of the penod from 1 May 2011 to the date of this report
N Roberts K Crompton
Other changes in directors holding office are as follows
R I Preedy was appointed as a director after 30 April 2012 but pnor to the date of this report
FINANCIAL RISK FACTORS Credit Risk The company has moderate concentrations of credit nsk The company has policies in place to ensure that sales of services are made to clients with an appropriate credit history Cash and cash equivalents are held with reputable institutions One customer, Argos, amounts to 24% of turnover and stnct settlement discounts are in place to manage credit exposure
Interest Risk The company earns interest on its cash, however there are daily sweep arrangements in place moving all cash balances to the immediate parent company, CSG Woo Limited An intermediate parent company, CSG Bidco Limited, has borrowings through a combination of short and long term fixed and variable rate instruments CSG &deo Limited manages its interest risk through interest rate hedge instruments
Foreign Exchange Risk No material part of the company operates outsides of the United Kingdom transacting yielding minimal exposure to foreign exchange nsk ansing from currency exposures
Concentration Risk Dunng the year ended 30 Apnl 2012, no income from a single customer exceeded 25% of the company's turnover The customer with the highest percentage concentration by turnover for the year was Argos Limited 24% The concentration risk from Argos is mitigated by the signing of long-term contracts where possible

Page 2
Iris Chorus Application Software Limited (formerly Chorus Application Software Limited) (Registered number: 03838526)
Report of the Directors for the Year Ended 30 April 2012
STATEMENT OF DIRECTORS' RESPONSIBILITIES The directors are responsible for prepanng the Report of the Directors and the financial statements in accordance with applicable law and regulations
Company law requires the directors to prepare financial statements for each financial year Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) Under company law the directors must not approve the financial statements unless they are satisfied that they 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 penod In preparing these financial statements, the directors are required to
- select suitable accounting policies and then apply them consistently, make Judgements and accounting estimates that are reasonable and prudent, - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 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 irregulanties
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information
AUDITORS The auditors, Delortte LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting
ON BEHALF OF THE BOARD

R I Preedy Director
2012-10-09 00:00:00

Page 3
Independent Auditor's Report to the Members of Iris Chorus Application Software Limited (formerly Chorus Application Software Limited)
We have audited the financial statements of Iris Chorus Application Software Limited (formerly Chorus Application Software Limited) for the year ended 30 April 2012 which compnse the Profit and Loss Account, the Balance Sheet and the related notes 1 to 20 The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors Report and for no other purpose To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed
Respective responsibilities of directors and auditors As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors
Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error This includes an assessment of whether the accounting policies are appropnate to the company's circumstances and have been consistently applied and adequately disclosed, the reasonableness of significant accounting estimates made by the directors, and the overall presentation of the financial statements In addition, we read all the financial and non-financial information in the Report of the Directors to identify material inconsistencies with the audited financial statements If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report
Opinion on financial statements In our opinion the financial statements - give a true and fair view of the state of the company's affairs as at 30 Apnl 2012 and of its profit for the year then ended, - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and - have been prepared in accordance with the requirements of the Companies Act 2006
Opinion on other matter prescnbed by the Companies Act 2006 In our opinion the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements
Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us, or - the financial statements are not in agreement with the accounting records and returns, or certain disclosures of directors' remuneration specified by law are not made, or we have not received all the information and explanations we require for our audit
zj1?, az,Akcc John Clennett ACA (Senior Statutory Auditor) for and on behalf of Deloitte LIP Chartered Accountants and Statutory Auditor Reading, United Kingdom
Date 9 October 2012

Page 4 Iris Chorus Application Software Limited (formerly Chorus Application Software Limited) (Registered number: 03838526)

Directors Report 9

Report of the Directors for the Year Ended 30 April 2011
The directors present their report with the financial statements of the company for the year ended 30 Apnl 2011
REVIEW OF BUSINESS The accounts for the year ended 30 Apnl 2011 are prepared on a dormant company basis, reflecting the transfer of the company's trade, assets and liabilities (together "The Assets") to Computer Software Group Limited at book value on 31 August 2003 The Directors considered that the transfer may have been void in law, as such a transfer at less than market value constitutes a distnbution, and there were insufficient reserves at the date of the transfer to make such a distnbution
In view of the above, the assets that were subject to the transfer remained the property of the company and consequently had been held on constructive trust by Computer Software Group Limited for the benefit of the company Under a settlement agreement the parties agreed to account to each other for the profits generated by, or liabilities incurred in connection with the assets
DIRECTORS N Roberts has held office dunng the whole of the penod from 1 May 2010 to the date of this report
Other changes in directors holding office are as follows
M Leuw - resigned 1 March 2011 L Velussi - resigned 8 December 2010 K Crompton - appointed 1 March 2011
GOING CONCERN The company's business activities and pnnapal nsks and uncertainties are detailed above Liquidity is managed at Ins Group Software Limited level using long term group bank facilities Having considered these nsks and the current economic environment, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future Accordingly they continue to adopt the going concern basis in prepanng the annual report and accounts
FINANCIAL RISK FACTORS Credit Risk The company has no significant concentrations of credit nsk The company has policies in place to ensure that sales of services are made to clients with an appropriate credit history Cash and cash equivalents are held with reputable institutions
Interest Risk The company earns interest on its cash An intermediate parent company IRIS Software Group Limited ( formerly Software (Bidco) Limited) has borrowings through a combination of short and long term fixed and vanable rate instruments IRIS Software Group Limited manages its interest nsk through two interest rate hedge instruments
Foreign Exchange Risk No material part of the company operates outsides of the United Kingdom transacting yielding minimal exposure to foreign exchange nsk ansing from currency exposures
ON BE OF THE BOARD

N Roberts Director
2011-12-15 00:00:00

Page 2 Iris Chorus Application Software Limited (formerly Chorus Application Software Limited) (Registered number 03838526)

Directors Report 10

Report of the Directors for the Year Ended 30 April 2010
The directors present their report with the financial statements of the company for the year ended 30 Apnl 2010
PRINCIPAL ACTIVITY The principal activity of the company in the year under review was that of a dormant company
GOING CONCERN The company's business activities and principal nsks and uncertainties are detailed below Liquidity is managed at Ins Group Software Limited level using long-term group bank facilities Having considered these risks and the current uncertain economic environment, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future Accordingly they continue to adopt the going concern basis in preparing the annual report and accounts
REVIEW OF BUSINESS The accounts for the year ended 30 April 2010 are prepared on a dormant company basis, reflecting the transfer of the company's trade, assets and liabilities (together "The Assets") to Computer Software Group Limited at book value on 31 August 2003 The Directors considered that the transfer may have been void in law, as such a transfer at less than market value constitutes a distnbunon, and there were insufficient reserves at the date of the transfer to make such a distribution
In view of the above, the assets that were subject to the transfer remained the property of the company and consequently had been held on constructive trust by Computer Software Group Limited for the benefit of the company Under a settlement agreement the parties agreed to account to each other for the profits generated by, or liabilities incurred in connection with the assets
DIVIDENDS Dividends of 06,299 were distributed in the year under review (2009 Dill)
DIRECTORS The directors shown below have held office during the whole of the period from I May 2009 to the date of this report
M Leuw N Roberts L Velussr Other changes in directors holding office are as follows B Firth - resigned 19 October 2009
PRINCIPAL RISKS AND UNCERTAINTIES The main risk facing the company is the underlying performance of its fellow subsidiary companies The directors address this by ensuring all subsidiaries have sufficient resources from within the Ins Software Group to be able to continue trading
STATEMENT OF DIRECTORS' RESPONSIBILITIES The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations
Company law requires the directors to prepare financial statements for each financial year Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) Under company law the directors must not approve the financial statements unless they are satisfied that they 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 these financial statements, the directors are required to
- select suitable accounting policies and then apply them consistently, - make judgements and accounting estimates that are reasonable and prudent, prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business and state whether applicable UK Accounting Standards have been followed

Page 2

Chorus Application Software Limited (Registered number: 03838526)
Report of the Directors for the Year Ended 30 April 2010
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 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
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information
AUDITORS The auditors, Deloitte LLP will be proposed for re-appointment at the forthcoming Annual General Meeting
0 EHALF OF THE BOARD,

N Roberts Director
2010-11-17 00:00:00

Page 3 Report of the Independent Auditors to the Shareholders of Chorus Application Software Limited
We have audited the financial statements of Chorus Application Software Limited for the year ended 30 April 2010 on pages five to nine The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) As the company was exempt from audit under section 477/480 of the Companies Act 2006 in the prior year we have not audited the corresponding amounts for that year
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed
Respective responsibilities of directors and auditors As explained more fully in the Statement of Directors' Responsibilities set out on pages two and three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view Our responsibility is to audit the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors
Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error This includes an assessment of whether the accounting policies are appropnate to the company's circumstances and have been consistently applied and adequately disclosed, the reasonableness of significant accounting estimates made by the directors, and the overall presentation of the financial statements
Opinion on financial statements In our opinion the financial statements - give a true and fair view of the state of the company's affairs as at 30 April 2010 and of its result for the year then ended, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and have been prepared in accordance with the requirements of the Companies Act 2006
Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements
Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us, or - the financial statements are not in agreement with the accounting records and returns, or certain disclosures of directors' remuneration specified by law are not made, or - we have not received all the information and explanations we require for our audit

John Clennett (Senior Statutory Auditor) For and on behalf Delonte LLP Chartered Accountants & Registered Auditors Reading, United Kingdom
2010-11-17 00:00:00

Page 4 Chorus Application Software Limited (Registered number: 03838526)

Directors Report 11

Report of the Directors for the Year Ended 30 April 2009
The directors present their report with the financial statements of the company for the year ended 30 April 2009.
REVIEW OF BUSINESS The accounts for the year ended 30th April 2009 are prepared on a dormant company basis, reflecting the transfer of the company's trade, assets and liabilities (together "The Assets") to Computer Software Group Limited at book value on 31st August 2003. The Directors considered that the transfer may have been void in law, as such a transfer at less than market value constitutes a distribution, and there were insufficient reserves at the date of the transfer to make such a distribution.
In view of the above, the assets that were subject to the transfer remained the property of the company and consequently had been held on constructive trust by Computer Software Group Limited for the benefit of the company. Under a settlement agreement the parties agreed to account to each other for the profits generated by, or liabilities incurred in connection with the assets.
DIRECTORS The directors shown below have held office during the whole of the period from I May 2008 to the date of this report.
M Leuw N Roberts B Firth L Velussi
DIVIDENDS No dividends will be distributed for the year ended 30 April 2009 (2008: EMI).
FINANCIAL RISK FACTORS Credit Risk The company has no significant concentrations of credit risk. The company has policies in place to ensure that sales of services are made to clients with an appropriate credit history. Cash and cash equivalents are held with reputable institutions.
Interest Risk The company earns interest on its cash. An intermediate parent company lris Software Limited (formerly Software (Bidco) Limited) has borrowings through a combination of short and long term fixed and variable rate instruments. Iris Software Group Limited manages its interest risk through two interest rate hedge instruments.
Foreign Exchange Risk No material part of the company operates outsides of the United Kingdom transacting yielding minimal exposure to foreign exchange risk arising from currency exposures.

ON BEHALF THE BOARD:

N Roberts Director

17111 August 2009

Page 2 Chorus Application Software Limited

Directors Report 12

DIRECTORS' REPORT The directors have pleasure in submitting their report and the audited financial statements for the period from 1 March 2007 to 30 April 2008. This report has been prepared in accordance with the special provisions relating to small companies under 5246(4) Companies Act 1985.
PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS
The accounts for the period ended 28 February 2006 were prepared on a dormant company basis, reflecting the transfer of the company's trade, assets and liabilities (together "the Assets") to Computer SoftwareGroup Limited et book value on 31 August 2003. The directors considered that the transfer may have been void in law, as such a transfer at less than market value constitutes a distribution, and there were insufficient reserves at the date of transfer to make such a distribution.
In view of the above, the Assets that were subject to the transfer remained the property of the company and consequently had been held on constructive trust by Computer Software Group Limited for the benefit of the company. Under a settlement agreement the parties agreed to account to each other for the profits generated by, or liabilities incurred in connection with the Assets.
The accounts for the period ended 31 December 2005 were restated on the above basis. The accounts for periods ending 28 February 2007 and 30 April 2008 recorded operating income arising under the settlement agreement. On 12 September 2007, Computer Software Group Limited made a capital contribution of ?471,000 to the reservesof the company in order to strengthen the company's balance sheet. On 30 April 2008 the company's trade, assets and liabilities were transferred to Computer Software Group Limited at book value.
GOING CONCERN
As a result of the hive up of the company's trade and assets, the accounts have been prepared on a basis other than that of a going concem. The directors do not currently expect the company to resume trading in the forseeable future.
RESULTS AND DIVIDENDS The company recorded a profit on ordinary activities after taxation for the period of ?327,494 (period ended 28 February 2007 profit: ?286,419). No dividend has been paid during the period (period ended 28 February 2007: EMI). The directors do not recommend payment of a final dividend,
CHANGE OF ACCOUNTING REFERENCE DATE
During the period, the accounting period end date changed from 28 February to 30 April and therefore these accounts cover the 14 month period from 1 March 2007 to 30 April 20C
DIRECTORS
The directors who held office during the period under review and up to the date of signing of the accounts were as follows:
Martin Leuw (appointed 3 July 2007) Neal Roberts (appointed 3 July 2007) Luca Velussi (appointed 14 March 2008) Barbara Firth Vin Maria (resigned 3 July 2007) Glenn Jackson (resigned 21 May 2007) Neil Cross (resigned 21 May 2007)
AUDITORS
Each of the directors at the date of approval of this report confirms that:
1, so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware ; and
2. the director has taken all steps that he/she ought to have taken as a director to make himself/herseff aware of any relevant audit information and to establish that the company's auditors are aware of that information. This confirmation is given and should be interpreted in accordance with the provision of 5234ZA of the Companies Act 1985. The audito , Deloitte LLP will be proposed for re-appointment in accordance with Section 385 of the Companies Act 1985.
By order of Board

Riding Court House
Berkshire SL3 afT Neal Roberts Director
2009-02-11 00:00:00

4.0 Chorus Application Software Limited
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Annual Report including the financial statements in accordance with applicable law and regulations Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance wth UK GenerallyAccepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
The financial statements are required by law to 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 these financial statements, the directors are required to: ?select suitable accounting policies and then apply them consistently; ?make judgments and estimates that are reasonable and prudent; and ?prepare the financial statements on the going concem basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that its financial statements comply with the Companies Act 1985. They are also responsible forsafeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

5.0 Independent auditors' report to the members of Chorus Application Software Limited
We have audited the financial statements of Chorus Application Software Limited for the period from 1March 2007 to 30 Aphl 2008 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Accounting Policies and the related notes 1 to 10. These financial statements have been prepared under the accounting policies set out therein. This report is made solely to the company's members, as a body, in accordance with section 235 of the Companies Act 1985. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted bylaw, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
The directors' responsibilities for preparing the financial statements in accordance with applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice) are set out in the Statement of Directors' Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and are property prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the information given in the Directors' Report is consistent with the financial statements.
In addition we report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and other transactions is not disclosed. We read the Directors' Report and consider the implications for our report if we become aware of any apparent misstatements within it, Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgments made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion: ?the financial statements give a true and fair view, in accordance with UK Generally Accepted Accounting Practice, of the state of the company's affairs as at 30 April 2008 and of its profit for the period then ended; ?the financial statements have been property prepared in accordance with the Companies Act 1985; and ?the information given in the Directors Report is consistent with the financial statements,
Emphasis of matter - Financial statements prepared on a basis other than that of a going concern
In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosure made in the Statement of Accounting Policies, which explains that the financial statements have been prepared on a basis other than that of a going concern.

Deloitte LLP Chartered Accountants and Registered Auditors Reading, United Kingdom 2009-02-11 00:00:00

6.0
Chorus Application Software Limited PROFIT AND LOSS ACCOUNT for the 14 months ended 30 April 2008 Sheet1 There are no recognised gains or losses other than those shown in the profit and loss account above. All amounts are derived from discontinued operations.

7.0
Chorus Application Software Limited

Directors Report 13

DIRECTORS' REPORT
The directors have pleasure in submitting their annual report and the audited financial statements for the penod from 1 January 2006 to 28 February 2007
This report has been prepared in accordance with the special provisions relating to small companies under S246(4) Companies Act 1985
FIXED ASSETS
In the opinion of the directors the current open market value of the company s interest in land and buildings exceed the book value by approximately El million The company s liability to taxation if land and buildings were sold at that value would approximate ?200000
PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS
The accounts for the penod ended 31 December 2005 were prepared on a dormant company basis reflecting the transfer of the company's trade assets and liabilities (together 'the Assets") to Computer Software Group Limited at book value on 31 August 2003 The directors now consider that the transfer may be void in law as such a transfer at less than market value constitutes a distribution and there were insufficient reserves at the date of transfer to make such a distribution
In view of the above the Assets that were sublect to the transfer remain the property of the company and consequently have been held on constructive trust by Computer Software Group Limited for the benefit of the company Under a settlement agreement the parties have agreed to account to each other for the profits generated by or liabilities incurred in connection with the Assets
The accounts for the period ended 31 December 2005 have been restated on the above basis
RESULTS AND DIVIDENDS
The company recorded a profit on ordinary activities after taxation for the year of ?286 419(2006 profit ?420 306)
No dividend has been paid dunng the year (2006 - nil)
CHANGE OF YEAR END
The accounting year end date changed from 31 December to 28 February and therefore these accounts cover the 14 month penod from 1 January 2006 to 28 February 2007
DIRECTORS AND DIRECTORS INTERESTS
The directors who held office during the period under review and up to the date of signing of the accounts were as follows
Marlin Leuw (appointed 3 July 2007) Neal Roberts (appointed 3 July 2007) Barbara Firth yin Muma (resigned 3 July 2007) Glenn Jackson (resigned 21 May 2007) Neil Cross (resigned 21 May 2007)
No director had any interests in the share capital of the company dunng the period The interests of yin Murna and Barbara Firth in the share capital of Computer Software Group Limited are disclosed in the directors report of that company As at 28 February 2007, Glenn Jackson and Neil Cross had the following interests in the share capital of Computer Software Limited Apart from the interests declared above no directors were interested at any time in the period in the share capital of t e Company or other Group of Companies
The interests of yin Muma and Barbara Firth in share options of Computer Software Group Limited a e disclosed in t e directors report of that company The interests of Glenn Jackson and Neil Cross in share options of Computer Software Limited at 28 February 2007 were as follows Sheet1 2007-02-28 00:00:00
2008-01-01 00:00:00 10p Ordinary Shares Glenn Jackson
203619.0 914 655 914 655 4.0
Chorus Application Software Limited DIRECTORS' REPORT (continued)
AUDITORS
Each of the directors at the date of approval of this report confirms that
I So far as the director is aware there is no relevant audit information of which the company s auditors are unaware and
2 the director has taken all steps that he/she ought to have taken as a director to make himself/herself aware of any relevant audiunformation and to establish company s auditors are aware of that information
This confirmation is given and should be interpreted in accordance with the provision of S234ZA of the Companies Act 1985
During the year under review PKF (UK) LLP resigned as auditors of the Company and Deloitte F. Touche LLP were appointed to fill the casual vacancy Resolutions to appoint Deloitte 8 Touche LLP as auditors of the Company and to authorise the Directors to determine their remuneration will be put to the Annual General Meeting
By order of the Board

Integra House 138-140 Alexandra Road London SW19 7JY
ciAs
Barbara Firth Director
2007-09-14 00:00:00

5.0
STATEMENT OF DIRECTORS RESPONSIBILITIES
The directors are responsible for prepanng the annual report including the financial statements Company law requires the directors to prepare financial statements for each financial year Under that law they have elected to prepare the financial statements in accordance with UK Generally Accepted Accounting Practice (UK GAAP)
financial statements are required by law to 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
epanng these financial statements the directors are required to select suitable accounting policies and then apply them consistently, make Judgments and estimates that are reasonable and prudent state whether applicable accounting standards have been followed and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that its 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

Th In

6.0 Independent auditors report to the members of Chorus Application Software Limited
We have audited the financial statements of Chorus Application Software Limited for the period from 1 January 2006 to 28 February 2007 which comprise the Profit and Loss Account, the statement of total recognised gains and losses the Balance Sheet the statement of accounting policies and the related notes 1 to 11 These financial statements have been prepared under the accounting policies set out therein This report is made solely to the company s members as a body in accordance with section 235 of the Companies Act 1985 Our audit work has been undertaken so that we might state to the company s members those matters we are required to state to them in an auditor's report and for no other purpose To the fullest extent permitted by law we do not accept or assume responsibility to anyone other than the company and the company s members as a body for our audit work for this report or for the opinions we have formed
Respective responsibilities of directors and auditors
The directors' responsibilities for prepanng the financial statements in accordance with applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice) are set out in the Statement of Directors Responsibilities
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and Intematonal Standards on Auditing (UK and Ireland)
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985 We also report to you whether in our opinion the information given in the Directors' Report is consistent with the financial statements
In addition we report to you if in our opinion the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit or if information specified by law regarding directors remuneration and other transactions is not disclosed We read the Directors' Report and consider the implications for our report if we become aware of any apparent misstatements within it Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the finanoal statements It also includes an assessment of the significant estimates and Judgments made by the directors in the preparation of the financial statements and of whether the accounting policies are appropnate to the company s circumstances consistently applied and adequately disclosed
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement whether caused by fraud or other irregulanty or error In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements
Opinion
In our opinion ?the financial statements give a true and fair new in accordance with UK Generally Accepted Accounting Practice, of the state of the company s affairs as at 28 February 2007 and of its profit for the year then ended ?the financial statements have been properly prepared in accordance with the Companies Act 1985 and ?the information given in the Directors' Report is consistent with the financial statements

lvwt_
Deloitte 8. Touche LLP Chartered Accountants and Registered Auditors London 2007-09-14 00:00:00

7.0 Chorus Application Software Limited PROFIT AND LOSS ACCOUNT for the 14 months ended 28 February 2007 Sheet2 The profit and loss account for the year ended 31 December 2005 has been restated for the prior year adjustments set out in note 2
STATEMENT OF TOTAL RECOGNISED GAINS NM LOSSES FOR THE 14 MONTHS ENDED 28 FEBRUARY 2007 Restated
14 month period ended Year ended 31 28 February December 2007 2005

Profit on ordinary activities after taxation 286 419 420 306 Prior year adjustment
792483.0

Total recognised gains since the last annual report
1 078 902 420 306 8.0
Chorus Application Software Limited

Directors Report 14

Directors' report
The directors present their report and financial statements for the year ended 31 December 2005.
Results
The company has not traded during the period.
Directors and their interests
The directors during the period were: N E Cross G T Jackson B A Firth (appointed 9 May 2005) V Murria (appointed 9 May 2005)
The company is a wholly owned subsidiary of Computer Software Group plc registered in England number 4023140. The directors' interests in the share capital of the holding company are disclosed in the financial statements of that company for the period ended 28 February 2006.

BY ORDER OF THE BOARD
8 (A-4.,L,Lici B A Firth 2006-10-30 00:00:00 Sheet1 Statements For the year ended 31 December 2005 the company was entitled to exemption under section 249AA(1) of the Companies Act 1985.
Members have not required the company to obtain an audit in accordance with section 24913(2) of the Companies Act 1985.
The directors acknowledge their responsibility for 1.ensuring the company keeps accounting records which comply with section 221, and 2.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 and loss for the financial year, in accordance with the requirements of section 226, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as applicable to the company.
These accounts were approved by the Board of Directors on 30 October 2006 and signed on their behalf by
8 i11ALA--A4zTh Director Chorus Application Software Limited
Notes to the financial statements At 31 December 2005
Ultimate parent undertaking and controlling party
The directors consider the ultimate parent undertaking and controlling party to be Computer Software Group plc.
The parent undertaking of the group of undertakings for which group financial statements are drawn up and of which the company is a member is Computer Software Group plc. Copies of the financial statements can be

Directors Report 15

Directors' report
The directors present their report and financial statements for the year ended 31 December 2004.
Results
The company has not traded during the period.
Directors and their interests
The directors during the period were: N E Cross G T Jackson
B A Firth and V Murria were appointed as directors on 9 May 2005
The company is a wholly owned subsidiary of Computer Software Group plc registered in England number 4023140. The directors' interests in the share capital of the holding company are disclosed in the financial statements of that company for the period ended 28 February 2005.

BY ORDER OF THE BOARD 6 teites B A Firth 2006-10-30 00:00:00 Sheet1 Statements For the year ended 31 December 2004 the company was entitled to exemption under section 249AA(1) of the Companies Act 1985.
Members have not required the company to obtain an audit in accordance with section 24913(2) of the Companies Act 1985.
The directors acknowledge their responsibility for 1.ensuring the company keeps accounting records which comply with section 221, and 2.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 and loss for the financial year, in accordance with the requirements of section 226, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as applicable to the company.
These accounts were approved by the Board of Directors on 30 October 2006 and signed on their behalf by

Directo Chorus Application Software Limited
Notes to the financial statements At 31 December 2004
Ultimate parent undertaking and controlling party
The directors consider the ultimate parent undertaking and controlling party to be Computer Software Group plc.
The parent undertaking of the group of undertakings for which group financial statements are drawn up and of which the company is a member is Computer Software Group plc. Copies of the financial statements can be

Directors Report 16

Directors' report

The directors present their report and accounts for the year ended 31 December 2003.
Principle activity The principle activity of the company is the design, development, implementation and support of financial and business computer software systems.
Results and dividends The loss for the year, attributable to shareholders amounts to ?60,846 (2002 ? profit ?123,217). The directors do not recommend the payment of a dividend.
Review of the business On 31 May 2003, Computer Software Group plc acquired the share capital of the company. On 31 August 2003, the trading activities and the assets and liabilities (with the exception of land and buildings which were transferred on 31 December 2003) were transferred to Computer Software Group plc. The company has not traded since 31 August 2003.
Fixed assets During the year ?2,864 (2002 -?36,514) was spent on additions to fixed assets. Details of the company's fixed assets are disclosed in note 9 to the accounts.
Directors and their interests The directors at 31 December 2003 and their interests in the share capital of the company were as follows: At 31
At 31 2002 or
2003 of appointment Ordinary shares Ordinary shares
NE Cross 58,243 G T Jackson
By order of the board

B A Firth Secretary
L oL)co

2.0

Chorus Application Software Limited Statement of directors' responsibilities in respect of the accounts
Company law requires the directors to prepare accounts 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 accounts, the directors are required to:
?select suitable accounting policies and then apply them consistently;
?make judgements and estimates that are reasonable and prudent; and
?prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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 accounts 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.

El ERNST & YOUNG 3.0
El ERNST &YOUNG Independent auditors' report to the members of Chorus Application Software Limited

We have audited the company's financial statements for the year ended 31 December 2003 which comprise Profit and Loss Account, Statement of Total Recognised Gains and Losses, Balance Sheet and the related notes 1 to 22. These financial statements have been prepared on the basis of the accounting policies set out therein.
This report is made solely to the company's members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities for directors and auditors
As described in the Statement of Directors' Responsibilities the company's directors are responsible for the preparation of the financial statements in accordance with applicable United Kingdom law and accounting standards.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the Directors' Report is not consistent with the financial statements, if the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and transactions with the company is not disclosed.
We read the Directors' Report and consider the implications for our report if we become aware of any apparent misstatements within it.
Basis of audit opinion
We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view of the state of affairs of the company as at 31 December 2003 and of its loss for the year then ended and have been properly prepared in accordance with the Companies Act 1985.

Ernst & Young LLP Registered Auditor Exeter

._

to bF.-

4.0 El ERNST & YOUNG , Chorus Application Software Limited areetilabfaaibkaVSa'4U4SlatediAva;5:taaciiiticr '

Directors Report 17

DIRECTORS' REPORT

The directors present their report and accounts for the year ended 31 December 2002.
PRINCIPAL ACTIVITY The principal activity of the company is the design, development, implementation and support of financial and business computer software systems.
RESULTS AND DIVIDENDS The profit for the year, attributable to shareholders amounts to ?123,217 (2001 restated - ?53,086). The directors do not recommend the payment of a dividend.
FIXED ASSETS During the year ?36,514 (2001: ?29,288) was spent on additions to fixed assets. Details of the company's fixed assets are disclosed in note 9 to the accounts.
DIRECTORS AND THEIR INTERESTS The directors at 31 December 2002 and their interests in the share capital of the company were as follows:
At 31 December At 31 December 2002 2001 Ordinary shares Ordinary shares Sheet1 AUDITORS A resolution to re-appoint Ernst & Young LLP as the Company's auditor will be put to the forthcoming Annual General Meeting.
By order of the board
K
N A Morris Secretary

3.0
Chorus Application Software Limited STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE ACCOUNTS

Company law requires the directors to prepare accounts 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 accounts, the directors are required to: ?select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; and
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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 accounts 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.

El ERNST &YOUNG 4.0

Ell ERNST &YOUNG

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF CHORUS APPLICATION SOFTWARE LIMITED
We have audited the company's financial statements for the year ended 31 December 2002 which comprise Profit and Loss Account, Statement of Total Recognised Gains and Losses, Balance Sheet, Statement of Cash Flows and the related notes 1 to 21. These financial statements have been prepared on the basis of the accounting policies set out therein.
This report is made solely to the company's members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As described in the Statement of Directors' Responsibilities the company's directors are responsible for the preparation of the financial statements in accordance with applicable United Kingdom law and accounting standards.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the Directors' Report is not consistent with the financial statements, if the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and transactions with the company is not disclosed.
We read the Directors' Report and consider the implications for our report if we become aware of any apparent misstatements within it.
Basis of audit opinion
We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

5.0

MI ERNST &YOUNG

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHORUS APPLICATION SOFTWARE LIMITED (continued)
Opinion
In our opinion the financial statements give a true and fair view of the state of affairs of the company as at 31 December 2002 and of its profit for the year then ended and have been properly prepared in accordance with the Companies Act 1985.

Ernst & Young LLP Registered Auditor Exeter
1 7, -t?a%-3

6.0 12 ERNST &YOUNG Chorus Application Software Limited PROM! AND LOSS ACCOUNT for the year ended 31 December 2002

Sheet2 7.0 El ERNST &YOUNG Chorus Application Software Limited
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the year ended 31 December 2002

Sheet3

8.0

ill ERNST &YOUNG Chorus Application Software Limited

Directors Report 18

DIRECTORS' REPORT

The directors present their report and accounts for the year ended 31 December 2001.
PRINCIPAL ACTIVITY The principal activity of the company is the design, development, implementation and support of financial and business computer software systems.
RESULTS AND DIVIDENDS The profit for the year, attributable to shareholders amounts to ?101,476 (2000 - 13 months loss - ?1,956,553). The directors do not recommend the payment of a dividend.
FIXED ASSETS During the year ?29,288 was spent on additions to fixed assets. Details of the company's fixed assets are disclosed in note 9 to the accounts.
DIRECTORS AND THEIR INTERESTS The directors at 31 December 2001 and their interests in the share capital of the company were as follows:

31 December At 31 December 2001 2000 Ordinary shares Ordinary shares
N E Cross 58,243 58,243 J S Gray 19,170 19,170 D W Williams 19,170 19,170 A Morris 14,912 14,912 R S Downey 14,912 14,912 N

In addition, RN Greenslade was a director until his resignation on 15 May 2001.
AUDITORS On 28 June 2001, Ernst & Young, the Company's auditor, transferred its entire business to Ernst & Young LLP, a limited liability partnership incorporated under the Limited Liability Partnerships Act 2000. The directors consented to treating the appointment of Ernst & Young as extending to Ernst & Young LLP with effect from 28 June 2001.
A resolution to re-appoint Ernst & Young LLP as the Company's auditor will be put to the forthcoming Annual General Meeting.
By order of the board

NA Morris 13. 03 2- Secretary

t

3.0

RNST &YOUNG II Chorus Application Software Limited STATEMENT OF DIRECTORS' RESPONSIBILITIES EV RESPECT OF THE ACCOUNTS

Company law requires the directors to prepare accounts 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 accounts, the directors are required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; and
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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 accounts 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.

4.0
ill ERNST &YOUNG

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF CHORUS APPLICATION SOFTWARE LIMITED
We have audited the company's financial statements for the year ended 31 December 2001 which comprise Profit and Loss Account, Balance Sheet, Cash Flow Statement and the related notes 1 to 21. These financial statements have been prepared on the basis of the accounting policies set out therein.
Respective responsibilities of directors and auditors
As described in the Statement of Directors' Responsibilities the company's directors are responsible for the preparation of the financial statements in accordance with applicable United Kingdom law and accounting standards.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the Directors' Report is not consistent with the financial statements, if the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and transactions with the company is not disclosed.
We read the Directors' Report and consider he implications for our report if we become aware of any apparent misstatements within it.
Basis of audit opinion
We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view of the state of affairs of the company as at 31 December 2001 and of its profit for the year then ended and have been properly prepared in accordance with the Companies Act 1985. 'NC 4- Ernst & Young LLP Registered Auditor Exeter Date t

5.0

Chorus Application Software Limited
PROP11 AND LOSS ACCOUNT for the year ended 31 December 2001

Sheet1 -0.0 There were no recognised gains or losses other than the retained profit for the year of ?101,476 (2000 : loss ?1,956,553).

6.0
Chorus Application Software Limited Sheet2

13 Pirtaicin 2?,1),

7.0 ill ERNST &YOUNG Chorus Application Software Limited
STATEMENT OF CASH FLOWS for the year ended 31 December 2001
Sheet3

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Sheet4

8.0

El ERNST &YOUNG Chorus Application Software Limited
NO1 ES TO THE ACCOUNTS at 31 December 2001

1 ACCOUNTING POLICIES Fundamental accounting concept The accounts have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. This is dependent on the continued support of its bankers and venture capital providers and the ability of the company to operate within the agreed banking facilities. The accounts do not reflect any adjustments which would have to be made should continuing finance not be available.
Accounting convention These accounts are prepared under the historical cost convention and in accordance with applicable accounting standards. Group accounts The accounts present information about the company as an individual undertaking and not about its group. The company is not required to prepare group accounts by virtue of Section 248 of the Companies Act 1985.
Tangible fixed assets and depreciation Tangible fixed assets are stated at cost, less depreciation. Depreciation is calculated to write off the cost less estimated residual value, of each asset on a straight line basis over the period of their estimated useful lives, which are:
Freehold buildings 25 years Freehold property improvements 25 years Computer equipment 2-3 years Furniture and fittings 5 years Motor vehicles 4 years
Where operating software is acquired as an integral part of the acquired asset then it is capitalised and written off over the same period as the appropriate asset. The costs of other software whether developed by the company or purchased from third parties, is written off as incurred.
Finance and operating leases Assets obtained under finance leases are shown as leased assets in the balance sheet and are depreciated over the shorter of the lease term and the useful lives of the equivalent owned assets. Assets obtained under operating leases are not shown in the balance sheet and the rental payments are included as costs in the profit and loss account on a straight line basis over the term of the leases.
Pension costs The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the Scheme.
Deferred taxation Deferred taxation is provided in respect of significant timing differences to the extent that it is probable that such tax will become payable/receivable.

9.0 'RNST&YOUNG i Chorus Application Software Limited
NOTES TO THE ACCOUNTS at 31 December 2001

2 TURNOVER Turnover which is stated net of value added tax, represents amounts invoiced to third parties. Turnover is attributable to one continuing activity, the sale and implementation of business and accounting software packages. Sheet5

10.0

21 ERNST &YOUNG Chorus Application Software Limited
NOTES TO THE ACCOUNTS at 31 December 2001

Sheet6 Sheet7
The average weekly number of people (including directors) employed by the company during the year: Sheet8
ill ERNST&YOUNG Chorus Application Software Limited
NOTES TO THE ACCOUNTS at 31 December 2001

Sheet9 Sheet10

12.0

ill ERNST &YOUNG
Chorus Application Software Limited
NOTES TO THE ACCOUNTS at 31 December 2001

Sheet11

As a result of the transfer of the trade and assets and liabilities of Chorus (Devon) Limited to Chorus Application Software Limited, the value of the company's investment in the subsidiary undertaking fell below the amount at which it was stated in the company's accounting records. Schedule 4 to the Companies Act 1985 requires that the investment be written down accordingly and the amount was charged as a loss in the company's profit and loss account in the 13 month period ended 31 December 2000.
Country of Proportion registration (or of voting incorporation) rights, and Nature of Subsidiary undertakings and operation Holding shares held business
Chorus (Devon) Limited England Ordinary shares 100% Dormant
11 DEBTORS Company Company Sheet12
El ERNST &YOUNG Chorus Application Software Limited
NOTES TO THE ACCOUNTS at 31 December 2001

Sheet13
The bank loans are secured on the freehold property.

14.0 ill ERNST &YOUNG Chorus Application Software Limited NOTES TO THE ACCOUNTS at 31 December 2001

15 OBLIGATIONS UNDER FINANCE LEASES AND HIRE PURCHASE CONTRACTS The maturity of these amounts is as follows: Sheet14

15.0

El ERNST &YOUNG Chorus Application Software Limited
NOTES TO THE ACCOUNTS at 31 December 2001

17 RECONCILIATION OF SHAREHOLDERS' FUNDS AND MOVEMENTS ON RESERVES Profit & Sheet15
18 PENSION COMMITMENTS The company operates a voluntary defined contribution pension scheme for its employees, and contributions are charged to the profit and loss account when due for payment. The amount owed by the company to the scheme at the year end was ? Nil (2000: ?7,714).
19 OTHER FINANCIAL COMMITMENTS At 31 December, the company had annual commitments under non-cancellable operating leases as set out below: 2001 2000
Operating leases which expire: within one year within two to five years after more than five years

14634.0 5,667 12,929
5,667 27,563
20 RELATED PARTIES During the year the company made sales, in the normal course business, to Xtraserve, for ?5,827 plus VAT (2000 : ?14,600 plus VAT). Rob Downey, a director of the company, is also a director of Xtraserve. The contract was for the provision of training and consultancy implementation services. At the balance sheet date the amount due to the company from Xtraserve was ?4,241 plus VAT (2000 : ?14,600 plus VAT).
In February 2002 Chorus commenced renting an office in Xtraserve's premises. The set up costs were ?1,500 with rental costs for February 2002 being ?1,000. Subsequent rentals are set at ?1,300 per month and the notice period for termination is one month.

16.0 21 ERNST &YOUNG Chorus Application Software Limited
NOTES TO THE ACCOUNTS at 31 December 2001

21 NOTES TO THE STATEMENT OF CASHFLOWS (a)Reconciliation of operating profit to net cash inflow/(outflow) from operating activities 2001 2000 (12 months) (13 months) f f
Operating profit/(loss) 264,564 (1,779,956) Depreciation 62,951 165,901 Provision against fixed asset investment - 1,250,000 Profit on sale of tangible fixed assets - (6,059) (Increase)/decrease in debtors (238,748) 148,427 Increase in creditors 221,337 188,871
Net cash inflow/(outflow) from operating activities 310,104 (32,816)

(b)Analysis of cashflows for headings netted in the statement of cashflows 2001 2000 (12 months) (13 months) i ? RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 7,359 6,322 Interest paid (183,524) (175,371) Interest element of finance lease rentals payments (7,548)
(176,165) (176,597)

2001 2000 (12 months) (13 months) f f CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Payment to acquire tangible fixed assets (15,305) (471,976) Receipts from sales of tangible fixed assets 8,358
(15,305) (463,618)

ACQUISITIONS AND DISPOSALS Purchase of subsidiary undertaking - (1,250,000) Net cash acquired upon transfer of assets and liabilities of subsidiary undertaking - (233,202)
- (1,483,202)

17.0

El ERNST &YOUNG Chorus Application Software Limited
NOTES TO THE ACCOUNTS at 31 December 2001

Sheet16

Directors Report 19

DIRECTORS' REPORT

The directors present their report and group accounts from incorporation on 9 September 1999 to 31 December 2000.
PRINCIPAL ACTIVITIES On 30 November 1999, Chorus Application Software Limited purchased the entire share capital of Chorus (Devon) Limited (formerly Datalink Chorus Limited) from Milvus Software Limited.
On 30 November 1999 the trading activities and the assets and liabilities of Chorus (Devon) Limited were transferred to Chorus Application Software Limited.
The principal activity of the group is the design, development, implementation and support of financial and business computer software systems.
RESULTS AND DIVIDENDS The loss for the year, attributable to shareholders amounts to ?1,956,553. The directors do not recommend the payment of a dividend.
FIXED ASSETS During the period ?475,549 was spent on additions to fixed assets. Details of the group's fixed assets are disclosed in note 10 to the accounts.
DIRECTORS AND THEIR INTERESTS The directors at 31 December 2000 and their interests in the share capital of the company were as follows: At 30 November 1999 or subsequent At 31 December date of 2000 appointment Sheet1 AUDITORS A resolution to reappoint Ernst & Young as auditors will be put to the members at the Annual General Meeting.
Ernst & Young has stated that, during 2001, it is intending to transfer its business to a limited liability partnership, incorporated under the Limited Liability Partnerships Act 2000, to be called Ernst & Young LLP. If this happens, it is the current intention of the Directors to use their statutory powers to treat the appointment of Ernst & Young as extending to Ernst & Young LLP.
By order of the board
N A Morris Secretary 2001-04-30 00:00:00

3.0
Chorus Application Software Limited STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE ACCOUNTS

Company law requires the directors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the company and of the group and of the profit or loss of the group for that period. In preparing those accounts, the directors are required to:
? select suitable accounting policies and then apply them consistently;
?make judgements and estimates that are reasonable and prudent; and
?prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the group and to enable them to ensure that the accounts comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

M ERNST &YOUNG 4.0

Ili ERNST &YOUNG

REPORT OF THE AUDITORS to the members of Chorus Application Software Limited

We have audited the accounts on pages 6 to 19, which have been prepared under the historical cost convention and on the basis of the accounting policies set out on page 9.
Respective responsibilities of directors and auditors
As described on page 4, the company's directors are responsible for the preparation of the accounts in accordance with applicable United Kingdom law and accounting standards. It is our responsibility to form an independent opinion, based on our audit, on those accounts and to report our opinion to you. Our responsibilities, as independent auditors, are established in the United Kingdom by Statute, the Auditing Practices Board and by our profession's ethical guidance.
Basis of opinion
We conducted our audit in accordance with Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the accounts. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the accounts, and of whether the accounting policies are appropriate to the group's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the accounts are free front material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the accounts.
Opinion
In our opinion the accounts give a true and fair view of the state of affairs of the company and of the group as at 31 December 2000 and of the loss of the group for the period then ended and have been properly prepared in accordance with the Companies Act 1985.

Ernst & Young Registered Auditor Exeter

al ERNST &YOUNG Chorus Application Software Limited